Source file signed link, expires in 15 minutes
Extracted text 1467
Page 1
ORCHESTRATING ECOSYSTEMS
TO DELIVER GROWTH
Annual Report 2025
PT Bank Mandiri (Persero) Tbk
Page 2
Page 3
ORCHESTRATING
FOREWORD
ECOSYSTEMS TO DELIVER
GROWTH
The year 2025 marked a defining phase in which Bank Mandiri further reinforced its role
as a key driver within the national economic ecosystem. Amid global uncertainty, resilient
domestic fundamentals created space for disciplined, impactful leadership. Bank Mandiri
stands not only as a financial institution, but as a strategic pillar that aligns liquidity,
financing, technology, and trust into a unified orchestration.
The Company’s growth is driven by Wholesale Banking dominance as its core competence,
sustained expansion in the Retail Banking segment, and strategic synergies with Subsidiaries
that strengthen the ecosystem value chain in a comprehensive manner. This orchestration is
realized through strengthened financing to productive and priority sectors, comprehensive
support for MSMEs nationwide, and active participation in government strategic programs
that directly impact the real economy and broader society. Our intermediation role is guided
by a disciplined balance between expansion and quality, between growth and resilience.
While the industry navigates liquidity pressures and evolving risk dynamics, Bank Mandiri
upholds prudence, safeguards asset quality, and maintains strong capital and funding
structures. The growth we pursue is disciplined, measured, and anchored in robust
governance.
Digital transformation serves as the connective backbone of our growth orchestration.
Through integrated platforms, millions of businesses and individuals, including those in
non-urban and remote regions, are connected within an inclusive and productive transaction
network. Our technology is not merely innovation; it is economic infrastructure that expands
access and accelerates value creation.
Our sustainability commitment continues to strengthen. International recognition of our
governance and ESG risk management places Bank Mandiri alongside leading institutions
in the region. We do not only finance growth; we enable a transition toward a greener, more
inclusive, and responsible economy.
For Bank Mandiri, orchestrating ecosystems means aligning the strengths of government,
enterprises, and communities into a shared momentum of progress. This is the essence of
advancing the nation through synergy, growth that reinforces fiscal foundations, empowers
the people’s economy, and builds a more resilient future for Indonesia.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1
Page 4
THEME SUSTAINABILITY
THEME SUSTAINABILITY
2024
LEADING TODAY,
CHAMPIONING
THE FUTURE
2025
In 2024, Bank Mandiri continues to
strengthen its position as a leading
financial institution by accelerating
growth across all potential sectors.
To navigate market dynamics and
ORCHESTRATING intensifying competition, the Bank has
outlined four key strategic focuses:
ECOSYSTEMS TO
expanding wholesale and retail segments,
optimizing digital platforms to enhance
transactional CASA and customer
DELIVER GROWTH engagement, and strengthening synergy
with subsidiaries through cross-selling
and streamlined business processes.
These initiatives are designed to drive
sustainable growth, ensuring resilience,
The year 2025 marked a defining phase in which Bank innovation, and long-term value creation
Mandiri reinforced its role as a key driver within the national for stakeholders while reinforcing Bank
Mandiri’s position as a leading financial
economic ecosystem. Amid global uncertainty, the Bank institution today and in the future.
stands as a strategic pillar integrating liquidity, financing,
technology, and trust into a purposeful orchestration of
growth. Growth is driven by Wholesale Banking dominance
as its core competence, sustained expansion in Retail
Banking, and strategic Subsidiary synergies that strengthen
the ecosystem value chain, realized through financing to
productive and priority sectors, comprehensive MSME
support, and active participation in national strategic
programs. Through disciplined risk management, inclusive
digital transformation, and internationally recognized
sustainability commitments, Bank Mandiri delivers growth
that is measured, high-quality, and resilient, in line with the
spirit of advancing the nation through synergy.
2 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 5
THEME SUSTAINABILITY
2023 2022 2021
THE RESILIENT DIGITAL TRANSFORMATION ENHANCING
INDUSTRY LEADER: WITH EXCELLENT RESULTS DIGITAL BANKING
ALWAYS DELIVER TRANSFORMATION &
ALWAYS AHEAD INNOVATION
Bank Mandiri’s consistency as a frontrunner Bank Mandiri is committed to accelerating Bank Mandiri saw the challenges of the
in keeping up with the times is demonstrated digital transformation in an inclusive and COVID-19 pandemic as a momentum to
by its continued transformation into the efficient way so as to remain in the digital accelerate digital transformation in 2021. The
forefront of establishing a green digital ecosystem’s orbit. In 2022, Bank Mandiri shift in people’s behavior to become more
ecosystem, providing seamless experiences, placed special attention to and be aggressive digitally minded demanded fast, efficient,
and developing a digital lifestyle. Bank Mandiri in working on the digital banking segment safe, and convenient financial services.
continues to accelerate the development to promote digital transformation as a Digitalization had undeniably become one
of innovative digital products with reliable sustainable business by capitalizing on of today’s society’s fundamental needs.
features on Super App Livin’ by Mandiri, Digital opportunities in all sectors and prospective Therefore, Bank Mandiri was fully committed
Super Platform KOPRA By Mandiri including segments. The Bank’s mission to enforce to digital transformation and innovation to be
Branchless Banking which is supported digital innovation does not conclude with able to compete and meet customer needs.
by reliable, available, scalable and secure the introduction of Livin’ and KOPRA. In Bank Mandiri believes that digital technology
Information Technology that is accessible 2022, Bank Mandiri enhanced the features would continue to change Indonesia’s
at all times from anywhere, including while of Livin’ and Kopra and simultaneously banking landscape in the future, along with
travelling overseas. Bank Mandiri is also at introduced a Smart Branch, further solidifying the rapid migration of people’s activities
the forefront in fostering the achievement the Bank’s position as one of the industry to digital channels. This was reflected in
of Sustainable Development Goals through leaders in digitalization through a more the significant increase in the use of digital
Sustainable Banking, Sustainable Operation, thorough corporate transformation. The financial products and services such as
and Sustainability Beyond Banking tireless transformation spirit of Bank Mandiri internet banking and mobile banking. As
practices; with eight major sustainability in digital has yielded excellent results and evidence, the Super App Livin’ by Mandiri and
initiatives. The Bank implements corporate continues to develop new added value, which the Wholesale Digital Super Platform Kopra
strategy by upholding its commitment to have a significant positive influence on the by Mandiri have both been received extremely
implementing best governance practices Bank’s overall performance in 2022. This well by customers and the public in general
which are regularly assessed internally and background has allowed us to present “Digital since their launch in the second semester of
by trusted independent institutions using Transformation with Excellent Results” as the 2021. The strong push for digitalization by
the latest assessment methods. Despite the theme for our 2022 Annual Report. the majority of banks in Indonesia has also
sluggish growth of international trade and driven customer demand for integrated digital
the economy on a national and global scale, financial services, which Bank Mandiri has
Bank Mandiri persevered with a remarkable addressed very well through Livin’ and Kopra
and rewarding performance in an uncertain by Mandiri. With that in mind, strengthening
2023. Bank Mandiri’s total assets grew to and optimizing digital channels have become
Rp2,174 trillion, the largest in Indonesia, increasingly important in building loyalty and
with loans portfolio and net profit growing by growing business. Bank Mandiri believes that
double digits, with practically all performance digital banking penetration would continue
indicators outperformed the national banking to increase in line with Indonesia’s economic
industry average. Bank Mandiri aspires to growth and financially mature customers. For
be declared “The Resilient Industry Leader: this reason, Bank Mandiri brought the theme
Always Deliver, Always Ahead”. “Enhancing Digital Banking Transformation
and Innovation” for its 2021 Annual Report.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 3
Page 6
TABLE OF CONTENTS
TABLE OF CONTENTS
Introduction 1 Group Head and/or Equivalents Strategic Focus for 2026 268
Levels
171
Table of Contents 4 Business Outlook 269
Employee Demographics 176
Thematic 6 Marketing Aspect 270
Employees Competence
Development
178 BMRI Share Performance 2025 271
Shareholders Composition 180 Business Review 272
MAIN HIGHLIGHT Corporate Group Shareholding
Digital Banking 274
Structure
186
Operational Review by Business
Segment
280
Performance Summary 2024 33 Subsidiaries, Sub-Subsidiaries
and/or Associates
188
Financial Highlights And Corporate Banking 286
34
Financial Ratios Shares Listing Chronology 202 Commercial Banking 291
Operational Highlights 39 Shares Listing 204 Institutional Relations 295
Shares Information 41 Bonds Issuance and/or Listing Treasury & International Banking 299
Chronology
206
Share information 43 Retail Banking 304
Sustainable Bonds Interest
Corporate Actions 45 Payment Chronology
209 Head Office 314
Corporate Actions and/Delisting 46 Chronology of Other Issuance Geographic Segment Operations
214 Review
315
Bonds, Sukuk or Convertible and/or Listing of Securities
Bonds Information
46
Public Accountant & Public Subsidiary Performance Overview 318
220
Company Rating 2025 47 Accountant Firm Financial Review 328
Analyst Report 48 Name and Addresses of Statement of Financial Position 329
Supporting Institutions and/or 221
Events Highlights 2025 52 Professions Financial Liabilities 338
Credit Rating Agency 222 Equity 344
Custodian 222 Consolidated Statement
MANAGEMENT
of Profit or Loss and Other 345
REPORT Awards and Certification 223 Comprehensive Income
Information on Bank Mandiri Consolidated Statement of Cash
Board of Commissioners Report 57 233 349
Website Flows
Board of Directors Report 69
Education and/or Training of Solvency and Receivables
Certificate of Accountability by The Board of Commissioners, Collectibility
350
Members of Board of Directors Directors, Committees, Corporate 234
in Respect of PT Bank Mandiri 82 Secretary, Internal Audit Unit and Capital Structure 353
(Persero) Tbk, 2025 Annual Risk Management
Material Commitment for Capital
Report
Goods Investment
356
Certificate of Accountability
MANAGEMENT Capital Investment in Fiscal Year
by Members of Board of
2025
356
Commissioners in Respect of PT 83 DISCUSSION AND
Bank Mandiri (Persero) Tbk, 2025 ANALYSIS Transaction Information Related
Annual Report to Investiment, Expansion,
Economic Review 247 357
Divestment, Merger, Acquisition,
Global Economic Analysis 248 and Restructuring
Indonesian Economic Analysis 249 Commitment and Contingency 359
COMPANY PROFILE
Banking Industry Analysis 250 Comparison of 2025 Target &
Realization
360
Company Identity 85 Analysis of Bank Mandiri Position
in the Banking Industry
252 Material Information and
Associations Memberships 87 Subsequent Events
362
Market Share of Bank Mandiri
Corporate Branding 88 Consolidated Financial Dividend Policy and
364
Company at A Glance 89
Performance Indicators in the 253 Distthousandtion
Banking Industry (Commercial
Employee and/or Management
Milestones 91 Banks) 366
Share Ownership Program
Vision, Mission & Corporate Corporate Strategy 258
96 Realization of Proceeds from
Culture 368
2025 Strategic Focus 261 Public Offerings
Line of Business 100
Focus on Strengthening Information on Material
262
Products and Services 102 Sustainable Business Transactions with Conflicts of
369
Interest and/or Transactions with
Operational Areas 123 Consistent Digital Affiliated/Related Parties
Transformation
263
Structure Organizational 124 Transactions with Related
Asset Quality Well Maintained 264 Parties
372
Profile of The Board of
Commissioners
127 Fee-Based Income Growth
265 Review of Mechanism Policy on
Strategy for 2025 Transactions and Compliance
Profile of The Board of Directors 146 373
Response to Changes in With Related Rules and
Profile of Executives 166 Monetary Policy Direction
266 Regulations
4 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 7
TABLE OF CONTENTS
Regulatory Changes With Corporate Governance Structure Whistleblowing System - Letter
481 747
a Significant Impact on the 374 and Mechanism to CEO
Company
General meeting of Shareholders 489 Implementation of State Property
Changes in Accounting Policies Assets Reporting (LHKPN)
750
and Impacts Implemented in 391 Board of commissioners 523
Shares Buyback and Bonds
2025 Organ and Committees Under the 751
Board of Commissioners
553 Buyback
Bank Soundness Level 392
Funding to Related Parties 752
Secretary to the Board of
Business Continuity Information 393 554
Commissioners Bank Strategic Plan 752
Prime Lending Rate 395
Audit Committee 556 Transparency of Financial and
753
Taxation Aspects 398 Non-Financial Conditions
Remuneration and Nomination
566
Legal Lending Limit and Large Committee Integrated Governance Report 755
Exposures for Commercial Banks
398
Risk Oversight Committee 575 Bad Corporate Governance
Derivatives and Hedging Practices
766
400 Integrated Governance
Facilities
Committee
584 Pernyataan Pelaksanaan Prinsip-
Earnings Asset Quality Report Prinsip Tata Kelola Yang Baik
766
402 Diversity Policy of ohe Board of
and Other Information 598
Commissioners and Directors Manajemen Risiko 767
Human Capital Management 409
Governance in Providing
600
Human Capital Framework 409 Remunerations
ESG
Human Capital Strategy 410 Board of Directors 607 IMPLEMENTATION
Organization Structure of Board of Directors Executive
649 REPORT
Bank Mandiri Human Capital 412 Committees
Management ESG Practices at Bank Mandiri 857
Business Committee 652
Diversities and Equal Environmental Pillars 864
Opportunities
413 Capital & Subsidiaries Committee 654
Social Pillars 876
Human Capital Management
Human Capital Policy Committee 657
414 Governance Pillars 886
Programs in 2025 Information Technology & Digital
Banking Committee
659
Human Capital Development &
437
Management Plans in 2026 Integrated Risk Committee 662 SOCIAL AND
Information Technology 438 Policy & Procedure Committee 664 ENVIRONMENTAL
Information Technology Strategic
RESPONSIBILITY
440 Risk Management Committee 668
Plan Social and Environmental
Credit Policy Committee 670 Responsibility Commitments and 891
Implementation of Information
Technology Strategic Plan 2025
441 Transformation Committee 673 Policies
Information Technology Credit Committee/Rapat Komite
442 Kredit
675
Governance Conformity of the Implementation
Social & Environmental of Corporate Governance
Information Technology Security 444 675 Towards the ASEAN Corporate
908
Responsibility Committee (SERC)
Information Security Governance Scorecard
Management Implementation 447 Corporate Secretary 678
in 2025
OJK Reference Index 916
Investor Relations 694
Principles In The Indonesian
IT HR Development 448 Internal Audit 697 General Guidelines For Corporate 925
Information Technology Plan Governance (PUGKI) 2021
449 Public Accountant 706
2026
Internal Control System 710
Compliance Function 715 FINANCIAL
CORPORATE Implementation of Anti-Money STATEMENTS 2025
GOVERNANCE Laundering, Counter-Terrorism
Financing, and Prevention of The 723
Governance Achievements 2025 451 Weapons of Mass Destruction
Programs Proliferation Financing
Corporate Governance Best
Practice to Elevate Bank 452 Funding to Social and/or Political
Mandiri’s Performance Activities
727
Implementation of Corporate Significant Litigation 728
Governance
453
Information Access and
731
Corporate governance Roadmap 457 Corporate Data
Corporate Governance Code of Conduct 732
Implementation in 2025 & Plans 462
for 2026
Anti-Corruption Program 739
Application of Corporate
Gratification Policy 740
Governance Guidelines to Public 470 Internal Fraud 742
companies
Prevention of Insider Trading 744
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 5
Page 8
BANK MANDIRI’S CONTRIBUTION
IN STRENGTHENING THE NATIONAL
THEMATIC
ECONOMY AND WELLBEING
IMPACT
Reinforce Bank Mandiri’s role in supporting national
fiscal stability and economic growth
Delivers value to shareholders, and also to the broader
economy and community welfare sustainably
Consolidated Net
In 2025, Bank Mandiri recorded
56.3
consolidated net income of Rp56.3
trillion trillion with sustained positive growth,
Dividend Payments
while annual dividend payments
increased to Rp52.8 trillion, bringing
225 trillion
total dividends over the past 25 years
to Rp225 trillion. Tax contributions
People’s Economy reached Rp27 trillion in 2025, with a
1.29
cumulative Rp277 trillion since 2000,
million MSME Borrowers
reinforcing national fiscal strength.
Support for the people’s economy
Disaster Response Initiatives
was reflected in 1.29 million MSME
82 thousand Beneficiaries
borrowers, alongside disaster response
initiatives reaching approximately 82
thousand beneficiaries.
6 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 9
THEMATIC
Dividend Payout Trend (Rp Trllion) Tren Kontthousandsi Pajak (Rp Trillion)***
SYNERGY
TO
52.8
27.0
25.4
24.0
33.0
24.7
18.5
15.8
16.8
10.1
2021 2022 2023 2024 2025
ADVANCING 2021 2022 2023 2024 2025
THE NATION
Rp 225 trillion Rp 277 trillion
Total Dividend* Bank Mandiri Bank Mandiri’s Total Tax Contribution
in the last 25 years (2000 - 2025) in the last 25 years (2000 - 2025)
Rp 56.3 trillion
2025 Consolidated Income
Grew Positive
MSME Financing Trend ** Mandiri Tanggap Bencana
4.88%
ACEH
NORTH SUMATRA
WEST SUMATRA
-1.02%
-0.41%
Mandiri Industry** Industry (ex, Mandiri)**
1.29 million Moving… ~82 thousand
Debitur UMKM menjadi mitra Bank …Impacting
Bank Mandiri’s Assistance Packages
Mandiri dalam Memajukan Negeri Delivered Swiftly and coordinated
Notes:
*) Includes Bank Mandiri’s interim dividend in 2025 amounting to Rp9 trillion;
**) Industry and industry ex. Mandiri figures are based on OJK data as of November 2025;
***) Corporate Income Tax (CIT & WHT), VAT, Property Tax, Local Taxes, and Other Taxes.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 7
Page 10
BANK MANDIRI’S SIGNIFICANT
PARTICIPATION IN VARIOUS NATIONAL
THEMATIC
STRATEGIC PROGRAMS
IMPACT
Reinforce Bank Mandiri’s role as an enabler of national
development
Expand financing access for MSMEs, enhance
community welfare, and stimulate real economic
activity across regions
Driving economic growth to become more inclusive,
sustainable, and aligned with national development
priorities
Throughout 2025, Bank Mandiri
actively participated in various
National Strategic Programs through
the placement of government funds
fully channelled to support the
people’s economy. Under the People
Business Loans (KUR) program, the
Bank expanded financing access to
hundreds of thousands of MSMEs
across Indonesia. Support was also
extended to the Free Nutritious Meal
program and the Koperasi Desa Merah
Putih initiative, reaching millions of
beneficiaries and tens of thousands
of cooperatives.
8 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 11
THEMATIC
GOVERNMENT KREDIT USAHA
FUND PLACEMENT RAKYAT (KUR)
~Rp55 trillion ~360 thousand
fully disbursed into MSMEs financed
People’s Economy under KUR
Loans National
Strategic Programs Rp41 trillion
KUR disbursed in 2025
Addressing Providing
business comprehensive
customer needs FREE HEALTH 3 MILLION solutions for
through by
CHECKUPS HOUSES individuals through
National Strategic Pro- PROGRAM
grams
FREE KOPERASI
NUTRITIOUS MEALS DESA MERAH PUTIH
Supporting the Supporting the
aspirations of ~80 aspirations of ~80
million beneficiaries thousand cooperatives
FLAGSHIP SCHOOLS
&
SCHOOL RENOVATION
Note: BMRI contribution data throughout 2025.
People Business Loans
(KUR) Disbursement
360
80
thousand
41
+7% RP
YoY million
RP Free Medical Check Up Free Nutritious Meal Program
trillion
3 million
RP
55 trillion
Government Fund Placement
House
80 thousand
Koperasi Desa Merah Putih
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 9
Page 12
BANK MANDIRI’S OUTREACH FOR MSMES,
MICRO ENTERPRISES & INDIVIDUALS IS
THEMATIC
EVENLY DISTRIBUTED ACROSS INDONESIA
IMPACT
Expanding access to financing and transactions for
businesses
Increasing financial inclusion through digital services
Encouraging equitable economic growth
Bank Mandiri distributed MSME, Micro, and Individual loans across
Indonesia, covering regions from Sumatra, Kalimantan, Sulawesi, and
Maluku to Papua, Java, Bali, and Nusa Tenggara. This support was
reinforced by an extensive distribution network of branches, ATMs, and
EDC units, alongside digital connectivity reaching tens of millions of Livin’
users and hundreds of thousands of Kopra users.
10 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 13
THEMATIC
BANK MANDIRI MSME, MICRO AND INDIVIDUAL LOANS
SUMATERA & KALIMANTAN SULAWESI & MALUKU SELURUH PAPUA
MSME, Micro and %- Growth MSME, Micro and %- Growth MSME, Micro and %- Growth
Individual Loans Individual Loans Individual Loans
Mandiri : 3.77% Mandiri : 6.31%
Rp96.0 triliun Mandiri : 3.55%
Industry* : 0.21%
Rp30.3 triliun Industry* : -0.21% Rp8.50 triliun Industry* : -4.01%
JAKARTA & BANTEN JAWA & DIY BALI & NUSA TENGGARA
MSME, Micro and %- Growth MSME, Micro and %- Growth MSME, Micro and %- Growth
Individual Loans Individual Loans Individual Loans
Mandiri : 4.62% Mandiri : 7.85%
Rp108 triliun Mandiri : 2.18%
Industry* : -0.15%
Rp106 triliun Industry* : -1.48% Rp18.6 triliun Industry* : -0.19%
NATIONWIDE NETWORK CONNECTED THROUGH
DISTRIBUTION DIGITALIZATION
2.153 Branches 37 Million Livin’ Users
~13 Thousand ATMs ~320 Thousand Kopra Users
~315 Thousand EDC Units 3.1 Million Livin’ Merchant Users
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 11
Page 14
TRUSTED PERFORMANCE
AND RECOGNIZED EXCELLENCE
THEMATIC
IMPACTRECOGNITION
150+ awards and recognitions in 2025
Global recognition across 5 continents
Top-tier ESG and sustainability performance
Market leadership in digital banking innovation
Strong governance and risk management reputation
NATIONAL LEADERSHIP RECOGNITION 2025
ANNUAL REPORT AWARD ESG & SOCIAL IMPACT
1 Place BUMN Listed Financial Sector
st IDX Channel, ESG Awards 2025:
Special Category Award for the
Financial Services Sector
FINANCIAL SECTOR LEADERSHIP KEHATI ESG Awards 2025: Capital
Market Sector, Category: Best Listed
Champion of Growth Bank, KBMI 4
Company
Best Public Company, Sektor Perbankan Katadata SAFE 2025: Highest ESG
Best Bank Supporting Monetary Policy, Score in the Financial Sector and
Bank Indonesia Highest ESG Score in the Gender Pillar
TEMPO Energy Day 2025, Green
Corporate Movement: Green Economy
DIGITAL & CUSTOMER EXCELLENCE Movement Awards
Best Digital Innovation Bank
HUMAN CAPITAL & ORGANIZATION
Best Mobile Banking & Internet
Banking Indonesia Human Capital Awards
Customer Service Quality Awards Employee Experience Awards
PRIMA Digital Payment Awards LinkedIn Top Companies Indonesia
TOTAL NATIONAL AWARDS RECEIVED: 100+ RECOGNITIONS
12 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 15
THEMATIC
GLOBAL RECOGNITION 2025
Best Bank in Indonesia, Euromoney Most DEI Progressive Best Sustainable
Banks (Indonesia)
World’s Best Banks, Forbes
FinanceAsia, Asia’s Best Companies
Top 1,000 World Banks, The Banker 2025: Most Committed to ESG
Best Foreign Exchange Bank, Global (Indonesia), Gold and Most Committed
Finance to DEI (Indonesia)
Best Trade Finance Provider, Global ASEAN Corporate Governance Scorecard
Finance Assessment 2025: Top 5 Public Listed
Companies Indonesia, ASEAN Top 50
Digital Bank of the Year, The Asset Public Listed Companies, and ASEAN
Best Corporate, Investment & Wholesale Asset Class PLCs
Bank, The Asian Banker Indonesia ESG Leadership Awards, BGK
Best Retail Bank & Best Sustainable Bank, Foundation: Leadership AAA, Indonesia’s
FinanceAsia Leader in ESG Transparency
Best International Banking Network, Alpha
Southeast Asia DIGITAL & INNOVATION LEADERSHIP
Best Digital Banking Platform
ESG & SUSTAINABILITY LEADERSHIP Best Digital CX Bank
Peringkat ESG meningkat dari BBB → AA AI & ML Innovation Awards
Kategori Risiko ESG: Negligible Risk (9,5) Transaction Banking Innovation Awards
Skor Corporate Governance Perception
Index (CGPI) sebesar 95,36
HUMAN CAPITAL GLOBAL RECOGNITION
Peningkatan signifikan skor ESG S&P
Global dari 33 → 54 GlobalCCU Awards, Best Corporate
University
Peringkat Perubahan Iklim CDP sebesar B
Brandon Hall Awards, 7 Gold Awards
FinanceAsia Awards 2025: Best
Sustainable Bank (Indonesia), Biggest Akreditasi EFMD CLIP (2025–2030)
Sustainable Impact – Banks (Indonesia),
TOTAL INTERNATIONAL AWARDS RECEIVED: 50+ RECOGNITIONS
GLOBAL CERTIFICATION
EFMD CLIP Accreditation (2025–2030)
Global Corporate University Recognition
International Talent Development Standards
Global Digital & Risk Governance Standards
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 13
Page 16
BANK MANDIRI ATTAINED THE HIGHEST
ESG RATING IN INDONESIA & THE BEST ESG
THEMATIC
RISK RATING IN ASEAN
IMPACT
Strengthens Bank Mandiri’s regional reputation and
credibility
Reflect consistent ESG integration into strategy and
operations
Enhancing investor confidence, expanding access to
sustainable funding, and reinforcing the Bank’s long-
term competitiveness
The Highest ESG Rating
in Indonesia
As of December 2025, Bank Mandiri
achieved the highest ESG rating in
RATING Indonesia with an AA rating, improving
AA
from BB in 2022 and BBB in 2024, reflecting
strengthened governance and sustainability
practices. ESG risk performance also
improved significantly, with the score
ESG Risk
decreased from 30.1 in 2019 to 9.5 in 2025,
9,5 placing the Bank in the Negligible Risk
category and among the best in ASEAN.
14 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 17
THEMATIC
ESG BANK MANDIRI ESG ASSESSMENT TREND
per December 2025
Laggard Average Leader
AA AAA (8.5–10)
AA (7.4–8.5)
BBB A (5.7–7.1)
BBB (4.2–5.7)
BB BB
BB (2.8–4.2)
B (1.4–2.8)
CCC (0–1.4)
2022 2023 2024 2025
Comparison of ESG Scores with Regional Banks (Asean)
A AAA AA AAA AAA
(6.6) (8.2) (8.4) (9.1) (10)
COMPARISON OF ESG SCORES WITH REGIONAL BANKS (ASEAN)
per December 2025
30,1 29,7 29,3 29,0 28,2 27,6
17,5
9,5
2010 2020 2021 2022 2023 2024 2025 (Jan) 2025
The lower the risk, is better
Severe High Medium Low Negligible
40+ 30–40 20–30 10–20 0–10
Comparison of ESG Risk Scores with Regional Banks (Asean)
Low Low Low Low Neg
(19.2) (18.7) (14.6) (14.6) (9.5)
Note:
The score being compared represents the highest score achieved by banks in ASEAN countries..
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 15
Page 18
BANK MANDIRI MAINTAINED
GOOD PERFORMANCE THROUGH
THEMATIC
SUSTAINABLE GROWTH
IMPACT
Reflects a solid and diversified business model
Enhance balance sheet resilience and expansion flexibility
Strengthens capacity to sustainably foster national
economic financing
SUSTAINABLE GROWTH
Total Loans In 2025, Bank Mandiri recorded
sustainable growth with total
1,895 trillion
13.4%
YoY loans reaching Rp1,895 trillion,
Total Deposits
grew 13.4% YoY, while total
deposits increased to Rp2,106
2,106 trillion
23.9%
YoY
trillion, up 23.9% YoY, and CASA
rose to Rp1,431 trillion, grew
CASA
12.6% YoY. Net interest income
1,431 trillion
12.6%
YoY
stood at Rp106 trillion and
non-interest income at Rp48.5
Net Interest Income Maintained Asset Quality
trillion, bringing total income to
Rp155 trillion. This performance
106
NPL
was supported by maintained
Non-Interest Income
trillion
0.96 asset quality with NPL at
0.96%, robust profitability
48.5
ROE
23.2
with ROE at 23.2%, and solid
trillion
capital adequacy with CAR at
Total Income CAR 20.4%, reflecting healthy and
155 trillion 20.4 sustainable growth.
16 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 19
THEMATIC
Consolidated, unless otherwise indicated.
Total Loans (Rp trillion) Total TPF (Rp trillion) Total CASA (Rp trillion)
13.4% 23.9% 12.6%
YoY YoY YoY
2,106
1,895
1,431
1,671
1,699
1,271
1,577
1,172
1,491
1,398
1,095
1,291
1,145
1,202
900
1,050
965
751
2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
Net Interest Income (Rp trillion) Non-Interest Income (Rp trillion) Total Revenue (Rp trillion)
4.38% 14.5% 5.88%
YoY YoY YoY
106
102
155
95.9
48.5
147
139
87.9
126
42.3
40.6
73.1
35.2
107
32.3
62.5
93.6
29.6
2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025 2020 2021 2022 2023 2024 2025
NPL¹ ROE ¹ ² CAR
0.96% 23.2% 20.4%
Note:
1. Bank-Only 2. Using equity tier-1
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 17
Page 20
ASSET QUALITY REMAINS STRONG
WITHOPTIMALPROVISIONINGLEVELS
THEMATIC
IMPACT
Reflects disciplined risk management and effective
credit portfolio oversight
Strengthens balance sheet resilience, sustains
profitability stability, and provides room for healthy
and sustainable expansion
ASSET QUALITY
Bank Mandiri maintained strong
Rasio Loans at Risk (LAR)
asset quality as of December 2025,
6.05 reflected in the Loans at Risk (LAR)
ratio declining to 6.05% from 6.81%
Rasio NPL
in December 2024. The NPL ratio
remained well-managed at 0.96%,
0.96 supported by solid NPL coverage
of 253%, indicating optimal
NPL Coverage provisioning levels. In line with this,
253
the Cost of Credit (CoC) improved
to 0.34%, demonstrating effective
risk management and consistent
Cost of Credit (CoC)
credit discipline.
0.34
18 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 21
THEMATIC
Bank-Only
RASIO LOANS AT RISK/LAR
6.81%
6.05%
December 2024 December 2025
RASIO NPL
0.96%
0.97%
December 2024 December 2025
NPL COVERAGE
304%
253%
December 2024 December 2025
YTD COST OF CREDIT/COC
0.62%
0.34%
December 2024 December 2025
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 19
Page 22
BANK MANDIRI’S DIGITAL CAPABILITIES
FOSTER MILLIONS OF INDONESIAN MSMEs
THEMATIC
IMPACT
Accelerate MSME growth and strengthen the national
business ecosystem
Expands financial inclusion, enhances business
competitiveness, and sustainably expands Indonesia’s
digital economy base
As of December 2025, Kopra
Kopra Users users reached approximately
320
320 thousand, with 85% from the
thousand MSME segment, while transaction
frequency increased to 1.50 billion
85% from the MSME segment with a transaction value of Rp27,675
Transaction Frequency 1.50 billion
trillion. Livin’ users reached around
Transaction Value Rp27,675 trillion 37 million, generating 4.705 billion
transactions with a total value of
Rp4,448 trillion. On the MSME
front, Livin’ Merchant users grew
to 3.1 million, up 31% YoY and
3.1 million
31%
YoY
predominantly located in non-urban
areas at 63%.
predominantly located in non-urban areas at 63%
20 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 23
THEMATIC
Driving Indonesia’s Business Growth Financial Digitalization for the Nation Advancing MSME Eco-system Growth
Registered Users KOPRA Users Registered Users Livin’ Acquisition Registered Users Livin Merchant Users
~320 thousand ~85% ~37 Million ~25 Thousand ~3,1 Million ~63%
▲ 30% YoY In the MSME segment ▲ 27% YoY Per Day ▲ 31% YoY in Non-Urban Areas
Kopra Transaction Kopra Transaction Value Livin’ Transaction Livin’ Transaction Value EDC Transactions/Month
Frequency (Billion) (Rp Trillion) Frequency (Billion) (Rp Trillion) Livin’ Merchant Transactions/Month
27.675
22.703
4.448
2.0X
x
4.705
4.705
1.4X
1,50
x
3.879
1,31
Dec 2024 Dec 2025 Dec 2024 Dec 2025 Dec 2024 Dec 2025
A corporate transaction solution An integrated Super App offering An affordable and convenient
featuring globally standardized Trade transaction, lending, lifestyle, and solution to support MSME business
& Cash Management capabilities investment solutions in one platform activities
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 21
Page 24
ACCELERATING GROWTH THROUGH
DIGITAL INNOVATION AND ECOSYSTEM
THEMATIC
EXPANSION
IMPACT
Digital transformation drives Bank Mandiri’s growth
through ecosystem expansion, enhanced customer
experience, and optimized transaction services
Livin’ by Mandiri (Retail Super App)
The premier digital platform for banking transactions,
payments, investments, and lifestyle services.
A retail banking super app with integrated transaction and
financial services.
Key Features:
Transfer & pembayaran
Investasi & wealth
Lifestyle services
QR payment
Digital onboarding
Users:
37 million
Transaction Frequency:
4.705 billion times
22 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 25
THEMATIC
Kopra by Mandiri
An integrated digital platform
for corporate clients to manage
transactions and cash.
Pengguna Aktif:
320.000
Frekuensi Transaksi:
1.50 billion times
Livin’Merchant
A merchant application to accept digital
payments, monitor transactions, and manage
business operations efficiently.
Pengguna Aktif:
3.1 million
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 23
Page 26
THEMATIC
ATM & CRM Mandiri
ATM network for deposits and withdrawals
and cash transaction services.
Units:
13,000
QRIS Mandiri
National and cross-platform digital
payment method.
Mandiri Debit &
Credit Card
Cashless payment instruments for
domestic and international transactions.
Mandiri Agent
Banking services for the public
through agents.
Agents:
111,035
24 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 27
THEMATIC
Mandiri Cash Management
Company financial management
solutions.
Trade Finance Services
Trade and international transaction
financing facilities.
EDC & Digital Payment
Infrastructure
Digital transaction payment devices.
315,000 thousand EDC
BI-FAST Transfer
Real-time interbank transfer services.
Investment & Wealth Services
Mutual funds, bonds, and digital investment
products.
Digital Financial Products
Digital savings and financing products.
Ecosystem Integration
Integrasi layanan keuangan
dalam ekosistem digital nasional,
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 25
Page 28
CREATING LONG-TERM VALUE THROUGH
SUSTAINABLE FINANCE
THEMATIC
Bank Mandiri integrates sustainability principles into its financing and operations
to create long-term value and support the transition toward a sustainable economy.
Through the expansion of green and social portfolios, environmental impact
management, and responsible business practices, the Bank continues to strengthen
its contribution to sustainable development and national economic growth.
IMPACT
Supporting the transition toward a low-carbon economy
Enhancing environmental efficiency and sustainable
governance
Expanding social and economic impact in an inclusive manner
SUSTAINABLE BANKING
SUSTAINABLE ENVIRONMENTALLY SOCIAL IMPACT
PORTFOLIO FRIENDLY OPERATIONS & INCLUSION
Total Sustainable Portfolio:
US$ 300 million
Green Mortgage (KPR Hijau)
Electric Vehicle Financing
+8% Sustainability bond with allocation for
316
YoY
green and social project financing Livin’ Planet
trillion
US$ 500 million
Green Portfolio: ESG Repo with allocation for green and
social project financing
+11.7%
166
YoY Green Bond Tahap I & II:
trillion
5 trillion
Sustainability Bond Issuance Phase I
Social Portfolio:
+4,1%
5 trillion
150
YoY
trillion
26 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 29
THEMATIC
SUSTAINABLE OPERATION
ENVIRONMENTALLY FRIENDLY OPERATIONS
32
reduction in operational emissions from
31
charging stations
the 2019 baseline
3 Rp 135.2 million
certified green buildings million in tree transaction value on Livin’
10 521
green offices envirnmentally friendly operational vehicles
244 45,32 tCO2e
smart branch of emissions from Livin’ Planet users offset
870
Reduction in financed emissions intensity
solar panels by 12,4 %
IMPACT SOSIAL & INKLUSI
46 female Layered data security system and
enhanced data privacy
at manager level and above
SUSTAINABILITY BEYOND BANKING
SOCIAL IMPACT & INCLUSION
62,7
Corporate Social and Environmental Responsibility Programs (TJSL)
Mandiri Sahabatku
pengguna Livin’ Merchant berada di wilayah
Mandiri Sehat
non-urban
Mandiri Sahabat Difabel
Mandiri Peduli Sekolah
Perluasan akses keuangan bagi UMKM nasional
Integrated Rice Processing Center (SPBT)
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 27
Page 30
ORCHESTRATING GROWTH THROUGH
SUBSIDIARIES’ ECOSYSTEM
THEMATIC
SECURITIES,
BANKING VENTURE CAPITAL,
AND OTHERS
Bank Syariah Indonesia Mandiri Sekuritas
456,192,606 51.47%
6,068,239 99.99%
Bank Mandiri: 51.5% Bank Mandiri 99.9%
Total Assets (Rp Billion) Total Assets (Rp Billion)
2023: 353,628 | 2024: 408,613 2023: 4,434 | 2024: 4,390
Mandiri Taspen Mandiri Capital
73,025,174 51.10%
6,406,076 99.99%
Bank Mandiri 51.5% Bank Mandiri 99.9%
Total Assets (Rp Billion) Total Assets (Rp Billion)
2023: 60,542 | 2024: 66,232 2023: 5,155 | 2024: 5,991
Bank Mandiri Europe Ltd. Mandiri Remittance
4,974,960 100.00%
37,394 100.00%
Bank Mandiri 100% Bank Mandiri 100%
Total Assets (Rp Billion) Total Assets (Rp Billion)
2023: 3,997 | 2024: 4,213 2023: 24 | 2024: 34
28 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 31
THEMATIC
FINANCING INSURANCE
Mandiri Tunas Finance AXA Mandiri
Financial Services
28,008,732 51.00%
43,813,450 51.00%
Bank Mandiri: 51.0% Bank Mandiri 51.0%
Total Assets (Rp Billion) Total Assets (Rp Billion)
2023: 29,727 | 2024: 34,425 2023: 41,018 | 2024: 40,749
Mandiri Utama Finance
18,784,576 99.99%
Bank Mandiri 99.9%
Total Assets (Rp Billion)
2023: 10,629 | 2024: 15,049
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 29
Page 32
SAFEGUARDING STABILITY THROUGH
PRUDENT RISK MANAGEMENT
THEMATIC
IMPACT
Strengthen integrated and accountable risk
governance
Enhances internal control effectiveness, safeguards
risk appetite discipline, and ensures regulatory
compliance
Bank Mandiri applies a proactive and integrated risk management approach based
on Enterprise Risk Management to maintain business stability, asset quality, and
financial resilience. This approach is supported by robust risk governance, a strong
internal control system, and a defined risk appetite framework to ensure sound and
sustainable growth.
Asset Quality Capital Liquidity
NPL Strength
0.96 CAR LDR
Coverage
20.4 89.69
253
Risk Governance
Risk Monitoring System – Enterprise Risk Management (ERM) Framework
Three Lines Model Implementation
Risk Management Committee & Integrated Risk Committee
30 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 33
THEMATIC
RISK TAKING RISK CONTROL INTERNAL AUDIT
FUNCTION FUNCTION FUNCTION
Business Units Risk Management & Internal Audit
Compliance
Responsible for day-to- Provides independent
day risk management and Develops risk policies, assurance on risk
operational control monitors risk exposure, management effectiveness
and ensures regulatory and internal control
compliance
RISK OVERSIGHT RISK POLICY RISK CONTROL INDEPENDENT
ASSURANCE
Board of Commissioners Risk Appetite Framework Integrated Risk Monitoring
& Risk Committees & Risk Management & Internal Control System Internal Audit &
Policy Compliance Review
Strategic risk oversight Continuous monitoring
and governance direction Defines risk tolerance and and risk mitigation Independent evaluation
control parameters of risk management
effectiveness
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 31
Page 34
MAIN HIGHLIGHTS
MAIN HIGHLIGHTS
DELIVERING
STRONG RESULTS,
DRIVING FUTURE
GROWTH
Our 2025 performance stands as a testament
to Bank Mandiri’s enduring strength and
strategic focus. Supported by solid profitability,
healthy capital, and loan growth that continues
to outpace the industry. These achievements
embody our unwavering commitment to
deliver sustainable value today and shape the
foundation for future growth.
32 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 35
PERFORMANCE SUMMARY 2025
MAIN HIGHLIGHTS
5.88% 16.6% 13.4%
YoY YoY YoY
Revenue Total Assets Loans
155
trillion
2,829
trillion
1,895
trillion
23.9%
YoY
Third Party Funds
2,106
trillion
12.6%
YoY
CASA Return On Equity Non-Performing
(ROE) Loan (NPL)
1,431
trillion
23.2% 0.96%
Rasio Loans at Risk Non-Performing
Loan (NPL)
Coverage
6.05% 253%
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 33
Page 36
FINANCIAL HIGHLIGHTS AND
FINANCIAL RATIOS
MAIN HIGHLIGHTS
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Expressed in millions of Rupiah)
Description 2021 2022 2023 2024 2025
ASSETS
Cash 23,948,485 27,212,759 26,431,740 31,665,082 33,857,220
Current Accounts with Bank Indonesia 99,023,492 107,349,158 108,605,322 105,146,044 238,289,478
Current Accounts with Other Banks 25,441,661 47,809,985 36,606,090 46,668,439 60,952,583
Allowance for Impairment Losses (24,043) (20,285) (32,205) (30,755) (27,621)
Placements with Bank Indonesia and other
47,785,191 95,324,112 73,888,157 63,230,054 50,471,834
Banks
Allowance for Impairment Losses (1,675) (3,601) (957) (1,679) (1,586)
Marketable Securities 98,203,174 82,841,009 94,696,116 95,529,548 124,083,270
Allowance for Impairment Losses (99,504) (41,191) (150,275) (51,497) (40,720)
Government Bonds 289,054,774 329,211,764 309,182,971 287,272,659 292,817,548
Other Receivables - Trade Transactions 29,298,268 33,793,264 26,044,553 29,974,117 32,072,111
Allowance for Impairment Losses (1,480,721) (1,604,705) (1,494,653) (1,422,889) (1,432,270)
Securities Purchased Under Agreements to
27,317,000 11,705,989 22,692,928 8,290,138 3,903,777
Resell
Derivative Receivables 1,669,838 2,252,141 1,994,931 7,761,508 7,277,675
Loans and Sharia Receivables/Financing 1,026,224,827 1,172,599,882 1,359,832,195 1,623,216,612 1,849,967,956
Allowance for Impairment Losses (68,588,680) (64,612,645) (53,098,619) (49,354,645) (48,033,747)
Consumer Financing Receivables 19,108,322 23,757,727 32,749,796 41,573,306 40,863,200
Allowance for Impairment Losses (475,015) (610,361) (713,044) (934,353) (1,049,570)
Net Investment Finance Leases 4,823,773 5,872,560 5,489,242 5,757,076 4,153,740
Allowance for Impairment Losses (129,967) (139,173) (70,170) (103,337) (134,987)
Acceptance Receivables 10,273,444 11,781,581 14,793,888 9,313,865 8,088,278
Allowance for Impairment Losses (196,693) (61,963) (122,212) (31,340) (26,015)
Investments in Shares 2,446,988 2,757,594 1,861,487 2,418,734 2,348,308
Allowance for Impairment Losses (14,595) (68,640) (34,123) (1,986) (1,986)
Assets Held for Sale - - - - 253,774
Prepaid Expenses 1,470,251 1,895,503 2,719,789 4,827,723 5,673,038
Prepaid Taxes 2,073,725 1,164,925 436,532 739,015 851,625
Fixed Assets and Right-of-use Assets 49,144,792 56,540,566 82,315,031 90,458,680 103,150,275
Accumulated Depreciation (18,358,475) (21,429,332) (24,337,324) (27,427,835) (31,087,944)
Intangible Assets 10,634,761 5,093,609 13,669,071 15,743,152 17,767,867
Accumulated Amortization (5,523,002) (6,618,431) (7,794,473) (8,698,409) (10,248,709)
Other Assets 23,847,463 28,697,644 39,474,741 38,930,431 42,674,907
Allowance for Other Impairment Losses (1,690,929) (1,725,528) (1,596,320) (1,587,650) (2,824,977)
Deferred Tax Assets - Net 10,354,794 12,045,479 10,179,244 8,353,454 4,654,270
Total Assets 1,725,611,128 1,992,544,687 2,174,219,449 2,427,223,262 2,829,948,026
LIABILITIES
Obligations Due Immediate 5,380,474 4,056,029 4,484,956 5,703,731 4,537,458
Deposits from Customers 1,115,278,713 1,295,575,929 1,351,448,149 1,446,234,957 1,816,897,208
Deposits from Other Banks 12,800,392 14,847,409 17,684,780 27,042,709 20,755,543
Insurance Contract Liabilities 30,657,570 29,710,227 29,194,702 35,487,487 37,850,988
Securities Sold Under Agreements to
5,427,998 24,325,475 36,330,064 90,256,225 39,955,889
Repurchase Liabilities
Derivative Payables 1,018,751 2,126,769 2,113,853 7,336,998 6,841,621
34 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 37
MAIN HIGHLIGHTS
Description 2021 2022 2023 2024 2025
Acceptance Payable 10,273,444 11,781,581 14,793,888 9,136,013 7,919,333
Deferred Tax Liabilities - - - 9,278 27,996
Liabilities Held for Sale - - - - 127,472
Debt Securities Issued - Net 45,138,342 45,774,139 50,317,764 41,141,067 62,205,231
Estimated Losses on Commitment and
2,295,241 2,073,429 1,143,758 1,114,013 895,791
Contingencies
Accrued Expenses 6,526,489 6,493,794 4,799,446 5,466,461 6,168,983
Taxes Payable 2,862,716 3,590,522 2,690,902 3,078,642 3,327,702
Employee Benefit Liabilities 11,205,546 12,607,759 11,894,629 7,160,018 7,899,583
Provisions 413,876 323,365 286,081 264,275 112,537
Other Liabilities 25,276,602 27,336,753 37,399,213 32,656,899 42,339,668
Fund Borrowings 51,398,940 62,840,118 95,445,459 147,915,981 154,672,422
Subordinated Loans and Marketable Securities 637,143 633,333 415,171 403,562 389,779
Total Liabilities 1,326,592,237 1,544,096,631 1,660,442,815 1,860,408,316 2,212,925,204
Description 2021 2022 2023 2024 2025
Temporary Syirkah Funds
Deposits from Customers 175,897,406 195,268,663 225,501,470 252,661,959 288,866,943
Deposits from Other Banks 1,010,203 933,938 780,202 678,306 753,881
Total Temporary Syirkah Funds 176,907,609 196,202,601 226,281,672 253,340,265 289,620,824
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 18,095,274 18,095,274
Treasury Stock (150,895) - - - (403,625)
Differences arising from translation of financial
(88,985) (60,427) (146,299) 10,289 152,018
statements in foreign currencies
Net unrealised (loss)/gain from (decrease)/
increase in fair value of financial assets
1,692,145 (2,768,553) (1,837,760) (2,160,850) 1,146,052
through other comprehensive income - net of
deferred tax
Effective portion of cash flow hedges (370) (3,156) 1,429 (8,885) (11,218)
Net differences in fixed assets revaluation 30,140,345 34,716,693 34,716,693 34,772,745 38,445,684
Net actuarial gain from defined benefit program
1,217,456 1,510,016 1,517,183 1,595,606 1,374,981
- net of deferred tax
Other comprehensive income 85,052 85,052 85,052 85,052 85,052
Difference in transactions with non-controlling
(106,001) (97,202) (97,202) (309,938) (309,938)
parties
Retained earnings 142,587,934 166,986,432 197,303,757 220,050,469 223,509,722
Non-controlling interest in net assets of
17,424,670 22,566,669 26,642,178 29,678,252 33,651,329
consolidated Subsidiaries
TOTAL EQUITY 222,111,282 252,245,455 287,494,962 313,474,681 327,401,998
TOTAL LIABILITIES, TEMPORARY SYIRKAH
1,725,611,128 1,992,544,687 2,174,219,449 2,427,223,262 2,829,948,026
FUNDS AND EQUITY
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 35
Page 38
MAIN HIGHLIGHTS
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME
(Expressed in millions of Rupiah)
Description 2021 2022 2023 2024 2025
Income and Expenses from Operations
Net Interest and Sharia Income 73,062,494 87,903,354 95,886,574 101,756,920 106,210,035
Net Premium Income - Net 1,787,933 2,467,698 2,123,046 2,520,813 550,415
Net Interest, Sharia and Premium Income 74,850,427 90,371,052 98,009,620 104,277,733 106,760,450
Other Operating Income 29,028,020 34,280,703 40,522,846 42,171,015 48,002,435
Allowance for Impairment Losses (20,428,352) (16,096,382) (11,152,853) (11,811,786) (10,359,492)
Reversal of Allowance for Estimated Losses
1,162,993 255,268 918,531 33,829 259,675
on Commitments and Contingencies
Reversal/(Allowance) for Other Impairment
(277,942) (282,073) 85,615 (151,047) (1,231,070)
Losses and operational risk losses
Unrealized Gain/(Loss) from Increase/
(Decrease) in Fair Value of Policyholders 2,824 - - - -
Investment in Unit-Link Contracts
Gains on Sale of Marketable Securities and
3,242,400 899,579 125,295 150,297 463,146
Government Bonds
Other Operating Expenses (49,140,167) (53,260,058) (53,867,491) (58,610,446) (67,584,405)
Income From Operation 38,440,203 56,168,089 74,641,563 76,059,595 76,310,739
Non-Operating Income/(Expense) - Net (81,782) 209,637 43,318 343,891 106,824
Income Before Tax Expense and
38,358,421 56,377,726 74,684,881 76,403,486 76,417,563
Noncontrolling Interest
Tax Expense - Net (7,807,324) (11,425,358) (14,633,011) (15,238,365) (15,071,430)
Net Income for The Year 30,551,097 44,952,368 60,051,870 61,165,121 61,346,133
Items that will not be Reclassified to Profit or
536,055 4,929,043 (15,051) 259,871 3,456,361
Loss
Items that will be Reclassified to Profit or Loss (2,767,231) (4,534,869) 921,140 (278,227) 3,671,427
Other Comprehensive Income/(Expense) for
(2,231,176) 394,174 906,089 (18,356) 7,127,788
the Year
Total Comprehensive Income for the Year 28,319,921 45,346,542 60,957,959 61,146,765 68,473,921
Net income for The Year Attributable to:
Parent Entity 28,028,155 41,170,637 55,060,057 55,782,742 56,293,950
Non-controlling Interests 2,522,942 3,781,731 4,991,813 5,382,379 5,052,183
30,551,097 44,952,368 60,051,870 61,165,121 61,346,133
Total Comprehensive Income for The Year
Attributable to:
Parent Entity 25,638,536 41,604,619 55,916,730 55,740,401 63,192,562
Non-controlling Interests 2,681,385 3,741,923 5,041,229 5,406,364 5,281,359
28,319,921 45,346,542 60,957,959 61,146,765 68,473,921
Basic and Diluted Earnings Per Share
Attributable to Equity Holders of The Parent 601.06 441.26 589.93 597.67 603.23
Entity (full amount of Rupiah)
36 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 39
MAIN HIGHLIGHTS
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in millions of Rupiah)
Description 2021 2022 2023 2024 2025
Net Cash (Used In)/Provided by Operating
129,892,493 99,975,305 (69,803,958) (79,558,278) 206,540,138
Activities
Net Cash Provided by/(Used In) Investing
(132,477,052) (41,889,931) 17,884,187 17,730,695 787,688
Activities
Net Cash Provided by/(Used in) Financing
(3,435,459) 13,329,320 21,778,486 57,849,151 (74,629,896)
Activities
Net (Decrease)/Increase in Cash and Cash
(6,020,018) 71,414,694 (30,141,285) (3,978,432) 132,697,930
Equivalents
Effects of Exchange Rate Changes on Cash
(269,997) 9,843,138 (946,566) 4,214,862 3,210,036
and Cash Equivalents
Reclassification of cash and cash equivalent
- - - - (68,900)
to assets held for sale
Cash and Cash Equivalents at The Beginning
199,921,727 193,631,712 274,889,544 243,801,693 244,038,123
of Year
Cash and Cash Equivalents at The End of Year 193,631,712 274,889,544 243,801,693 244,038,123 379,877,189
FINANCIAL RATIOS (BANK ONLY)
Description 2021 2022 2023 2024 2025
Capital
Capital Adequacy Ratio (CAR) 19.60% 19.46% 21.48% 20.10% 19.36%
CAR into Account Credit and Operational Risk 19.73% 19.57% 21.69% 20.44% 19.90%
CAR including Credit, Operational and Market
19.60% 19.46% 21.48% 20.10% 19.36%
Risk
Fixed Assets to Capital 28.04% 29.47% 23.16% 21.92% 23.23%
Earning Assets
Non-Performing Earnings Assets and Non-
Earnings Assets to Total Earnings and Non- 1.63% 1.11% 0.70% 0.68% 0.69%
Earnings Assets
Non-Performing Earnings Assets to Total
1.60% 1.09% 0.68% 0.67% 0.67%
Earnings Assets
Allowance for Impairment Losses for Financial
5.04% 3.91% 2.87% 2.32% 1.95%
Assets to Earnings Assets
Allowance for Impairment Losses on Earning
62,233,447 55,999,971 43,958,509 39,703,459 37,706,295
Assets fulfilment (in Rupiah Million)
Allowance for Impairment Losses on Non-
332,415 539,972 541,819 649,811 2,020,607
Earning Assets fulfilment (in Rupiah Million)
Gross NPL 2.81% 1.88% 1.02% 0.97% 0.96%
Net NPL 0.41% 0.26% 0.29% 0.33% 0.40%
Ratio of Credit to Total Earning Assets 67.05% 65.08% 70.92% 76.51% 52.40%
Ratio of Core Debtors to Total Loans 31.04% 54.20% 29.97% 26.98% 25.71%
Profitability
Return on Assets (ROA) 2.53% 3.30% 4.03% 3.59% 3.19%
Return on Equity (ROE) 16.24% 22.62% 27.31% 24.19% 23.15%
Net Interest Margin (NIM) 4.73% 5.16% 5.25% 4.93% 4.59%
Operating Expense to Operating Income
67.26% 57.35% 51.88% 56.46% 60.23%
(BOPO)
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 37
Page 40
MAIN HIGHLIGHTS
Description 2021 2022 2023 2024 2025
Profit (Loss) to Total Assets Ratio 1.87% 2.40% 3.03% 2.72% 2.31%
Profit (Loss) to Total Equity Ratio 13.39% 17.84% 21.43% 19.89% 19.67%
Liabilities to Total Assets Ratio 86.00% 86.55% 85.88% 86.30% 88.24%
Liabilities to Equity Ratio 614.41% 643.38% 608.39% 630.12% 750.54%
Fee Based Income to Total Operating Income
31.87% 29.32% 31.30% 29.45% 32.09%
Ratio
Liquidity
Loan to Deposit Ratio (LDR) 80.04% 77.61% 86.75% 98.04% 88.92%
Macroprudential Intermediation Ratio (RIM) 78.35% 75.98% 83.73% 94.83% 84.52%
Liquid Assets to Total Assets Ratio 14.60% 15.13% 11.46% 8.48% 10.34%
Total Liquid Assets to Short-Term Funding
18.76% 19.40% 15.11% 11.55% 13.18%
Ratio
The Ratio of MSMES Loans to Total Loans 8.82% 9.52% 8.90% 10.4% 9.5%
Total CASA (in Rupiah Million) 759,312,828 926,358,185 986,242,957 1,065,573,072 1,186,063,416
Liquidity Coverage Ratio (LCR) 200.56% 191.02% 176.24% 139.21% 137.40%
Net Stable Funding Ratio (NSFR) 126.20% 119.93% 116.59% 107.60% 109.95%
Compliance
Percentage of Violation of Legal Lending Limit
a.1. Related Parties 0.00% 0.00% 0.00% 0.00% 0.00%
a.2. Third Parties 0.00% 0.00% 0.00% 0.00% 0.00%
Percentage of Excess of Legal Lending Limit
b.1. Related Parties 0.00% 0.00% 0.00% 0.00% 0.00%
b.2. Third Parties 0.00% 0.00% 0.00% 0.00% 0.00%
Primary Reserve Requirement Rupiah 3.97% 8.53% 7.32% 5.21% 7.12%
Secondary Reserve Requirement Rupiah 27.57% 21.14% 19.25% 9.17% 14.04%
Reserve Requirement Foreign Currencies 4.10% 4.10% 4.10% 4.10% 4.10%
Reserve Requirement LFR 1.17% 0.87% 0.68% 0.25% 0.00%
Net Open Position 4.27% 9.78% 1.28% 1.00% 1.76%
Other Ratios
LLR / Gross NPL (Coverage Ratio) 261.52% 310.98% 384.36% 303.85% 252.60%
Cost to Income Ratio (CIR) 42.54% 38.19% 34.36% 35.04% 41.23%
Profit Before Tax/Employee (in Rupiah Million) 838.30 1,224.57 1,611.37 1,620.29 1,637.76
38 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 41
OPERATIONAL HIGHLIGHTS
MAIN HIGHLIGHTS
OPERATIONAL PERFORMANCE OF CORPORATE BANKING SEGMENT
(Expressed in millions of Rupiah)
Products 2021 2022 2023 2024 2025
Third Party Funds 219,773,632 313,632,966 299,754,584 329,567,976 404,596,620
Current Accounts 173,563,471 260,843,103 256,481,994 266,264,072 282,753,032
Savings 9,012,168 12,153,395 16,495,482 22,875,714 19,366,211
Deposits 37,197,993 40,636,468 26,777,108 40,428,190 102,477,377
Total Credit 333,835,899 364,163,362 409,857,020 515,387,333 636,601,990
Total Fee Based Income 2,211,409 2,792,542 3,198,531 3,950,298 3,670,328
OPERATIONAL PERFORMANCE OF COMMERCIAL BANKING SEGMENT
(Expressed in millions of Rupiah)
Products 2021 2022 2023 2024 2025
Third Party Funds 107,986,168 134,931,439 149,761,354 161,187,299 196,187,945
Current Accounts 65,553,114 82,519,567 91,227,532 101,979,504 126,426,814
Savings 10,378,976 15,592,192 21,306,778 29,835,214 33,940,255
Time Deposits 32,054,078 36,819,680 37,227,044 29,372,581 35,820,876
Total Loans 173,756,396 196,304,490 237,952,186 292,862,407 328,309,681
Total Fee Based Income 825,498 908,999 973,759 1,209,565 1,400,256
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 39
Page 42
MAIN HIGHLIGHTS
OPERATIONAL PERFORMANCE OF RETAIL BANKING SEGMENT
(Expressed in millions of Rupiah)
Products 2021 2022 2023 2024 2025
Third Party Funds 112,350,935 138,218,684 679,380,210 827,445,924 771,426,420
Current Accounts 68,344,104 84,400,131 115,236,424 121,995,373 142,709,611
Savings 10,970,515 16,721,977 414,655,290 459,185,804 490,273,021
Time Deposits 33,036,317 37,096,576 149,488,496 246,264,747 138,443,789
Total Loans 173,785,473 193,865,007 358,074,141 397,443,310 404,715,061
Total Fee Based Income 825,498 909,000 13,331,310 13,919,400 20,428,739
OPERATIONAL PERFORMANCE OF TREASURY AND INTERNATIONAL BANKING SEGMENT
(Expressed in millions of Rupiah)
Products 2021 2022 2023 2024 2025
Third Party Funds 9,348,764 10,005,241 11,865,642 10,451,047 24,493,033
Current Accounts 4,641,769 5,045,475 4,902,962 5,041,157 7,648,141
Savings 220,714 198,973 190,222 426,607 520,827
Time Deposits 4,486,281 4,760,793 6,772,458 4,983,283 16,324,065
Total Loans 6,609,657 5,801,787 7,162,500 8,748,909 6,360,817
Total Fee Based Income 6,401,909 3,820,246 3,037,317 3,045,202 6,140,680
OPERATIONAL PERFORMANCE OF GOVERNMENT INSTITUTIONAL SEGMENT
(Expressed in millions of Rupiah)
Products 2021 2022 2023 2024 2025
Third Party Funds 73,330,551 64,954,271 97,894,109 102,937,622 272,710,125
Current Accounts 44,423,521 43,783,042 63,703,665 56,424,491 77,838,861
Savings 968,397 871,467 1,062,603 2,216,055 2,110,787
Time Deposits 27,938,633 20,299,762 33,127,841 44,297,076 192,760,477
Total Loans 29,760,884 44,119,013 72,741,580 96,337,445 121,121,113
Total Fee Based Income 449,635 409,243 531,462 588,418 368,383
40 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 43
SHARE INFORMATION
MAIN HIGHLIGHTS
SHARES TRANSACTION PERFORMANCE
Bank Mandiri Shares Price, Volume, and Capitalization 2015-2025
Price per Shares (Rp) Total Shares Market
Transaction Volume
Year Opening Closing Outstanding Capitalization
Highest Lowest (Shares)
(Shares) (Rp Trillion)
2025
Quarter I 5,700 6,175 4,410 5,200 93,333,333,332 11,501,817,700 485.33
Quarter II 5,200 5,525 4,600 4,880 93,333,333,332 9,777,859,100 455.47
Quarter III 4,750 4,970 4,310 4,400 93,333,333,332 10,737,345,400 410.67
Quarter IV 4,380 5,175 4,050 5,100 93,333,333,332 8,985,656,100 476.00
2024
Quarter I 6,050 7,400 6,050 7,250 93,333,333,332 5,884,786,400 676.67
Quarter II 6,900 7,050 5,750 6,150 93,333,333,332 7,275,204,100 574.00
Quarter III 6,250 7,450 6,200 6,925 93,333,333,332 6,287,697,700 646.33
Quarter IV 7,050 7,225 5,675 5,700 93,333,333,332 5,922,091,000 532.00
2023
Quarter I 9,875 10,900 8,950 10,325 46,666,666,666 3,135,250,700 481.88
Quarter II* 10,525 10,525 4,990 5,200 93,333,333,332 4,839,504,200 485.33
Quarter III 5,350 6,100 5,150 6,025 93,333,333,332 5,516,568,700 562.33
Quarter IV 6,050 6,125 5,650 6,050 93,333,333,332 4,306,109,100 564.67
2022
Quarter I 7,050 7,950 7,025 7,900 46,666,666,666 3,142,711,100 368.67
Quarter II 7,875 8,950 7,575 7,925 46,666,666,666 4,082,877,600 369.83
Quarter III 7,600 9,450 7,175 9,425 46,666,666,666 2,198,726,700 439.83
Quarter IV 9,275 10,900 9,225 9,925 46,666,666,666 3,205,615,100 463.17
2021
Quarter I 6,325 7,375 6,150 6,150 46,666,666,666 3,667,738,100 287.00
Quarter II 6,200 6,475 5,650 5,900 46,666,666,666 2,637,732,900 275.33
Quarter III 5,975 6,350 5,675 6,150 46,666,666,666 4,809,424,400 287.00
Quarter IV 6,100 7,350 6,100 7,025 46,666,666,666 2,857,196,200 327.83
2020
Quarter I 7,675 8,000 3,860 4,680 46,666,666,666 3,913,769,100 218.40
Quarter II 4,610 5,275 3,720 4,950 46,666,666,666 4,949,912,800 231.00
Quarter III 4,990 6,350 4,960 4,960 46,666,666,666 3,127,719,800 231.47
Quarter IV 5,200 6,875 4,960 6,325 46,666,666,666 3,545,255,800 295.17
2019
Quarter I 7,375 7,875 6,700 7,450 46,666,666,666 3,037,818,600 347.67
Quarter II 7,425 8,025 7,075 8,025 46,666,666,666 2,667,258,100 374.50
Quarter III 8,000 8,150 6,900 6,975 46,666,666,666 2,600,509,300 325.50
Quarter IV 6,900 7,800 6,350 7,675 46,666,666,666 2,656,448,300 358.17
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 41
Page 44
MAIN HIGHLIGHTS
Bank Mandiri Shares Price, Volume, and Capitalization 2015-2025
Price per Shares (Rp) Total Shares Market
Transaction Volume
Year Opening Closing Outstanding Capitalization
Highest Lowest (Shares)
(Shares) (Rp Trillion)
2018
Quarter I 8,000 9,050 7,675 7,675 46,666,666,666 2,391,994,300 358.17
Quarter II 7,825 8,075 6,500 6,850 46,666,666,666 2,471,927,000 319.67
Quarter III 6,525 7,350 6,300 6,725 46,666,666,666 2,181,434,200 313.83
Quarter IV 6,700 7,700 6,200 7,375 46,666,666,666 2,387,837,400 344.17
2017
Quarter I 11,575 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* 13,500 13,650 6,550 6,725 46,666,666,666 2,135,509,000 313.83
Quarter IV 6,700 8,000 6,600 8,000 46,666,666,666 2,611,076,700 373.33
2016
Quarter I 9,250 10,350 9,100 10,300 23,333,333,333 1,575,788,096 240.33
Quarter II 10,100 10,375 8,700 9,525 23,333,333,333 1,369,132,900 222.25
Quarter III 9,400 11,800 9,400 11,200 23,333,333,333 1,683,095,896 261.33
Quarter IV 11,275 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 12,275 12,275 9,425 10,050 23,333,333,333 1,644,480,096 234.50
Quarter III 10,000 10,400 7,525 7,925 23,333,333,333 1,584,873,000 184.92
Quarter IV 7,975 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 since the stated period.
42 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 45
SHARE PRICE MOVEMENT CHART
MAIN HIGHLIGHTS
BANK MANDIRI STOCK PRICE MOVEMENTS FOR 2024 – 2025
Quarterly Opening, Highest, Lowest, and Closing Prices with Trading Volume in Every (million Shares)
BANK MANDIRI SHARE PRICE PERFORMANCE
8,000 14,000
7,400
7,500
12,000
7,250
7,000
10,000
6,500 6,050
Volume (Million Share)
Price per Share (Rp)
6,000 6,050 8,000
5,500
6.000
5,175
5,000 5,100
4,000
4,500
4,380
4,000 2,000
4,050
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 0
Volume (Million Shares) Opening Shares Price Highest Shares Price
Lowest Shares Price Closing
BANK MANDIRI SHARES TRANSACTION VOLUME FOR 2024 – 2025
12.000
11,501.82
10.000
9,777.86
10,737.35
Volume (Million Shares)
8,985.66
8.000
6.000
7,275.20
6,287.70
5,922.09
4.000
5,884.79
2.000
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 43
Page 46
MAIN HIGHLIGHTS
TRANSACTION VOLUME & CLOSING SHARE PRICE FOR 2024-2025
12.000 8.000
7,250
7.000
10.000
6.000
5,100
Volume (Juta Lembar)
8.000
5.000
Closing (Rp)
6.000 4.000
3.000
4.000
2.000
2.000 1.000
0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 0
Volume (Million Shares) Closing
BANK MANDIRI MARKET CAPITALIZATION FOR 2024-2025
800
700
Market Capitalization (Rp Trillion)
600
646.33
676.67
500
574.00
532.00
485.33
400
476.00
455.47
410.67
300
2000
1000
0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
44 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 47
CORPORATE ACTION
KINERJA
MAIN UTAMA
HIGHLIGHTS
Transfer of All of the Series B shares owned inclusive economic development. This corporate action
by the Republic of Indonesia to PT Biro reflects Bank Mandiri’s commitment to sustainable
Klasifikasi Indonesia (Persero) finance and complies with the Green Bond Principles
and ASEAN Sustainability Bond Standards, as outlined
Based on Government Regulation No. 15 of 2025 in the Bank Mandiri Sustainability Bond Report 2025.
concerning the Additional State Equity Participation
of the Republic of Indonesia into the Share Capital of Buyback Plan of the Company’s shares And
Perusahaan Perseroan (Persero) PT Biro Klasifikasi the Transfer of the Shares Resulted from
Indonesia (BKI) (which, as of 5 June 2025, has changed the Buyback Which Are Kept as the Treasury
its name to PT Danantara Asset Management (DAM)) Stock
for the Establishment of an Operational Holding
(Government Regulation No. 15 of 2025 dated 21 On 25 March 2025, the Annual General Meeting of
March 2025), and Deed No. 121 dated 22 March 2025 Shareholders approved the Company’s Share Buyback
concerning the Capital Participation through In-Kind Plan with a maximum total value of Rp1.17 trillion,
Contribution in a Limited Liability Company made inclusive of related execution costs and in accordance
before Jose Dima Satria, S.H., M.Kn., the Republic of with applicable laws and regulations. The meeting also
Indonesia made an additional state equity participation approved the transfer of treasury shares resulting from
in DAM derived from the transfer of all Series B shares the buyback for the implementation of the Employee,
owned by the Republic of Indonesia in the Bank to DAM, Board of Directors, and Board of Commissioners
totaling 48,533,333,333 Series B shares. Following the Share Ownership Programs, as well as other transfers
transfer of all Series B shares owned by the Republic of approved by the Financial Services Authority (OJK).
Indonesia, the Republic of Indonesia retains one Series The Board of Directors was authorized to execute
A Dwiwarna share and maintains control over the Bank. and/or terminate the buyback process and manage
The recording of the change in share ownership became the transfer of treasury shares in compliance with
effective on 24 March 2025. prevailing regulations and with the approval of the
Series A Dwiwarna Shareholder.
Issuance of Euro Medium Term Notes V of
2025 Issuance of Bank Mandiri Shelf Registration
Sustainability Bonds I Phase I Year 2025
On 24 March 2025, Bank Mandiri issued the fifth Euro
Medium Term Notes (EMTN), with a nominal value of On 19 December 2025, Bank Mandiri issued Continuous
USD800,000,000 (full amount). The bond carries a Sustainability Bond I Bank Mandiri Phase I Year
3-year tenor with a fixed coupon of 4.90% and is listed on 2025 (“Continuous Sustainability Bond I Phase I”)
the Singapore Exchange (SGX). The issuance received with nominal value of Rp5,000,000. Public offering
strong demand from global investors, recording 3.5 of Continuous Sustainability Bond I Bank Mandiri
times oversubscription. Proceeds from the issuance Phase I Year 2025 was effective based on Letter of
were used to strengthen medium-term funding and FSA Capital Market No. S-134/D.04/2025 dated 12
support Bank Mandiri’s sustainable business expansion. December 2025. All funds obtained from the issuance
of this public offering, after omitting issuance cost,
Issuance of Bank Mandiri Shelf Registration will be used entirely on the financing or refinancing of
Environmental Bonds I Phase II Year 2025 Environmental Based Business Activity (hereinafter
abbreviated as KUBL or Kegiatan Usaha Berwawasan
On 25 March 2025, Bank Mandiri issued Continuous Lingkungan) and/or Social Based Business Activity
Green Bond I Bank Mandiri Phase II Year 2025 (hereinafter abbreviated as KUBS or Kegiatan Usaha
(“Continuous Green Bond I Phase II”) with nominal Berwawasan Sosial) as regulated on POJK No. 18
value of Rp5,000,000, which consist of 2 (two) series. Year 2023 concerning Issuance And Requirements of
Continuous Green Bond I Phase II is offered at 100% (one Sustainability Debt and Sukuk Securities.
hundred percent) of the principal amount of bonds. The
proceeds were allocated to finance sustainable projects,
including renewable energy, green infrastructure, and
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 45
Page 48
SUSPENSION AND/OR DELISTING
MAIN HIGHLIGHTS
As of 31 December 2025, Bank Mandiri has never been subjected to stock trading suspension and/or stock delisting
sanctions.
BONDS, SUKUK, OR CONVERSION BONDS
INFORMATION
Nominal Interest Ratings
Bonds Series Due Date
(Rp million) Rate 2024 2025
Rupiah Denominations
A 1,100,000 7.95% – – 30 September 2021
Continuous Bonds I Bank
B 1,500,000 8.50% – – 30 September 2023
Mandiri Phase I Year 2016
C 2,400,000 8.65% idAAA (Pefindo) idAAA (Pefindo) 30 September 2026
A 1,000,000 8.00% – – 15 June 2022
Continuous Bonds I Bank B 3,000,000 8.50% – idAAA (Pefindo) 15 June 2024
Mandiri Phase II Year 2017 C 1,000,000 8.65% idAAA (Pefindo) idAAA (Pefindo) 15 June 2027
D 1,000,000 7.80% – – 15 June 2020
Continuous Bonds II Bank A 350,000 7.75% idAAA (Pefindo) idAAA (Pefindo) 12 May 2025
Mandiri Phase I Year 2020 B 650,000 8.30% idAAA (Pefindo) idAAA (Pefindo) 12 May 2027
Continuous Green Bond I Bank A 1,950,000 5.80% idAAA (Pefindo) idAAA (Pefindo) 4 July 2026
Mandiri Phase I Year 2023 B 3,050,000 6.10% idAAA (Pefindo) idAAA (Pefindo) 4 July 2028
Subordinated Medium Term
– 100,000 6.95% idAA (Pefindo) idAAA (Pefindo) 23 June 2028
2023
Continuous Green Bond II Bank A 500,000 6.35% 5 April 2026
– idAAA (Pefindo)
Mandiri Phase II Year 2025 B 4,500,000 6.65% 25 March 2028
A 1,000,000 4.85% 29 December 2026
Continous Sustainability Bond I
B 2,000,000 5.45% – idAAA (Pefindo) 19 December 2028
Bank Mandiri Phase I Year 2025
C 2,000,000 5.95% 19 December 2030
Foreign Currency Denominations
Euro Medium Term Notes I Baa2 (Moody’s) dan
– USD750,000,000 3.75% - 11 April 2024
2019 BBB- (Fitch Ratings)
Euro Medium Term Notes II Baa2 (Moody’s) dan Baa2 (Moody’s) dan
- USD500,000,000 4.75% 13 May 2025
2020 BBB- (Fitch Ratings) BBB- (Fitch Ratings)
Euro Medium Term Notes III
Baa2 (Moody’s) dan Baa2 (Moody’s) dan
(Bank Mandiri Sustainability - USD300,000,000 2.00% 19 April 2026
BBB- (Fitch Ratings) BBB- (Fitch Ratings)
Bonds 2021) in 2021
Euro Medium Term Notes IV Baa2 (Moody’s) dan Baa2 (Moody’s) dan
- USD300,000,000 5.50% 4 April 2026
2023 BBB- (Fitch Ratings) BBB- (Fitch Ratings)
Euro Medium Term Notes V Baa2 (Moody’s) dan
- USD800,000,000 4.90% - 24 March 2028
2025 BBB- (S&P)
46 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 49
CORPORATE RATING 2025
MAIN HIGHLIGHTS
Rating Agency Ratings Validity
Moody’s (23 October 2025)
Outlook STABLE
LT Counterparty Risk Rating Baa1
1 year
LT Debt Baa2
LT Deposit Baa2
Pefindo (22 September 2025)
Corporate Rating STABLE
1 year
LT General Obligation idAAA
Fitch Rating (20 November 2025)
Outlook STABLE
International LT Rating BBB
International ST Rating F2
National LT Rating AAA(idn) 1 year
National ST Rating F1+(idn)
Viability Rating bbb-
Government Support Rating bbb
Standard & Poor (8 January 2025)
Issuer Credit Rating BBB/STABLE/A-2 1 year
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 47
Page 50
ANALYST REPORT
MAIN HIGHLIGHTS
No. Securities Recommendations Target Resume Date
J.P. Morgan maintains an Underweight rating on Bank
Mandiri following its post–2Q25 model update, citing
weaker non-interest income and elevated operating costs.
The bank lowered its FY25–FY27 EPS estimates by 1–3%,
with FY25–27 earnings now 3–7% below consensus. While
2026 EPS remains broadly unchanged, J.P. Morgan expects
profitability pressure from margin compression and higher
credit costs, with ROE forecast at 17.4% in FY25, gradually
improving to 18.3% by FY27. The price target is kept at
Rp3,600 (Dec-26), based on a Dividend Discount Model
with a normalized ROE of 17% and cost of equity of 16.8%.
1. J.P. Morgan Underweight 3,600 24 October 2025
From a fundamental perspective, J.P. Morgan highlights
growing risks related to liquidity tightness, slowing loan
growth, and emerging asset quality pressures, particularly
among MSME borrowers. Loan growth is expected to
decelerate sharply in 2025, while NIM is projected to
compress by 29 bps to 4.86% before a modest recovery in
2026. Although Bank Mandiri benefits from its scale and
strong payments franchise, rising funding costs, higher
NPLs, and elevated credit costs are expected to weigh on
earnings and valuation. Upside risks include a meaningful
improvement in system liquidity, better-than-expected
asset quality, and stronger fee or trading income recovery.
Macquarie upgrades Bank Mandiri to Outperform from
Neutral, citing its strong positioning as a wholesale-
focused lender amid deteriorating consumer credit trends.
With consumer loan NPLs rising sharply (+25% YoY in
3Q25), Macquarie prefers banks with higher exposure
to corporate, SOE, and medium-commercial segments,
where credit stress remains contained. Bank Mandiri has
the highest wholesale loan mix among major Indonesian
banks, which Macquarie views as a key buffer against
prolonged weakness in retail lending. While near-term
pressures on NIM and costs persist in 2025, these are
expected to stabilise in 2026, allowing loan growth to re-
emerge as the main earnings driver.
2. Macquire Outperform 4,950 17 November 2025
From a valuation perspective, Macquarie raises Bank
Mandiri’s target price by 13% to Rp4,950, based on
an adjusted price-to-book approach that assumes a
sustainable ROE of ~18%. Although Mandiri carries
relatively lower loan loss allowances compared to peers,
its improving corporate asset quality and declining legacy
loan exposure mitigate this risk. The bank’s earnings
estimates are broadly in line with consensus, and
Macquarie sees limited downside risk relative to other
state-owned peers, aside from potential policy-driven
lending and higher cost of capital sensitivity to sovereign
yield movements. Overall, Mandiri is viewed as one of the
better-positioned SOE banks into 2026.
Verdhana highlights the potential deconsolidation of Bank
Syariah Indonesia (BRIS) from Bank Mandiri’s financial
statements following the planned transfer of BRIS’s
golden share from BMRI back to Danantara by end-2025.
If deconsolidation occurs, BRIS would be accounted for
as an associate rather than fully consolidated, resulting
3. Verdhana BUY 6,000 in broadly unchanged headline net profit for BMRI but 28 November 2025
lower reported NIM, given BRIS’s higher margin profile. The
impact on capital adequacy is expected to be limited and
manageable. Verdhana views this move as a simpler and
cleaner resolution that allows Danantara to exercise full
control over BRIS, while improving transparency of BMRI’s
core banking metrics.
48 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 51
MAIN HIGHLIGHTS
No. Securities Recommendations Target Resume Date
Beyond the technical accounting change, Verdhana has
turned more constructive on Bank Mandiri’s medium-
term outlook. The firm expects government programs to
be more effectively executed in 2026, supporting stronger
loan growth, while margin pressures that have persisted
since 2022 are seen as largely priced in, with 4Q25 likely
marking the NIM trough. Verdhana reiterates its Buy rating
on Bank Mandiri with a target price of Rp6,000, based on
a DuPont valuation assuming a CAR-adjusted ROAE of
18.5%. Key risks include macroeconomic deterioration,
tighter liquidity competition, and higher-than-expected
credit costs or operating expenses.
CGSI views Bank Mandiri as one of the key beneficiaries of
Indonesia’s improving banking cycle into 2026, supported
by stronger wholesale loan growth, easing funding costs,
and potential foreign fund inflows. BMRI is positioned to
benefit from the government’s liquidity injections into SOE
banks, which have allowed it to reduce reliance on high-
cost special deposits and improve its cost of funds. Loan
growth is expected to rebound to around 9–10% in 2026,
driven mainly by corporate and commercial segments,
while management remains cautious on consumer
lending amid still-elevated system retail NPLs. CGSI also
highlights Bank Mandiri’s focus on fee-based income and
CGS transactional banking as an additional earnings lever.
4. ADD 5,600 9 December 2025
International
From a valuation perspective, CGSI believes Bank Mandiri
is well placed for a re-rating once foreign investors rotate
back into Indonesian banks. Foreign ownership in BMRI
has declined significantly from peak levels in 2023–24,
leaving room for renewed inflows as policy clarity improves
and earnings growth recovers. CGSI maintains an Add
rating on Bank Mandiri with a target price of Rp5,600,
supported by an attractive FY26 dividend yield of around
8% and a forecast ROE recovery to ~18%. Asset quality is
expected to remain stable, with NPLs around 1.0–1.1% and
manageable credit costs, reinforcing BMRI’s status as one
of CGSI’s top sector picks.
BRI Danareksa expects Bank Mandiri’s earnings to rebound
in FY26, with net profit projected to rise 5.6% yoy to Rp52.3
trillion after a weak FY25 base. The recovery is driven by
stronger loan growth of around 12% yoy, primarily from
the wholesale segment, and a meaningful reduction in
operating expenses as one-off costs in FY25 roll off.
However, competition in wholesale lending is expected
to keep pressure on net interest margins, with FY26
NIM guided at 4.8–5.0%, as lower asset yields may only
be partially offset by easing funding costs. As a result,
earnings growth is volume-led rather than margin-driven.
5. BRI Danareksa BUY 5,500 Despite margin headwinds, BRI Danareksa sees cost 11 December 2025
efficiency as a key earnings buffer, with opex forecast
to decline 7% yoy in FY26 and the cost-to-income ratio
improving sharply to 41.9% from 46.5% in FY25. Asset
quality in the corporate segment is expected to remain
resilient, given exposure to large corporates and export-
oriented sectors, while credit costs are projected to
normalize. BRI Danareksa maintains a Buy rating with a
higher target price of Rp5,500, reflecting a GGM-based
valuation with FY26 ROE of 16.6% and a lower cost of
equity assumption of 11.6%. Key risks include potential
asset quality deterioration and a resurgence in operating
expenses.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 49
Page 52
No. Securities Recommendations Target Resume Date
Bank Mandiri delivered a strong 4Q25 performance, with
MAIN HIGHLIGHTS
net profit of Rp18.6 trillion (+40% qoq, +35% yoy), bringing
FY2025 net profit to Rp56.3 trillion (+1% yoy), exceeding
Citi’s and consensus estimates by 7–11%. The beat was
mainly driven by robust non-interest income growth (+23%
qoq / +21% yoy) and sharply lower provisions (-73% qoq
/ -64% yoy), partly due to a revision in ECL methodology
that reduced credit costs by 20–30bps. Loan growth
accelerated to +13% yoy (or +9% yoy excluding KDMP
loans), led by strong corporate lending, while retail
remained soft. NIM expanded slightly to 4.89% (+6bps
qoq), supported by improved cost of funds (2.49%, -27bps
qoq) following better liquidity and Ministry of Finance
deposit injections. Asset quality remained benign, with
6. Citi Neutral 5,150 5 February 2026
NPL at 1.13% and credit costs at 58bps for FY2025.
Looking ahead to 2026, management guides for 7–9%
loan growth, NIM of 4.6–4.8% (implying 10–30bps
compression), and normalized credit costs of 60–80bps.
Opex growth is expected to remain in low- to mid-single
digits, targeting a cost-to-income ratio of 42–43%, while
capital remains strong with Tier 1 at ~17% and CAR at
~19%, supporting a 65–70% dividend payout ratio. Citi
maintains a Neutral rating with a target price of Rp5,150,
noting that BMRI’s relatively lighter provisioning stance
in 2025 versus peers may limit upside in a still-uncertain
macro environment. The stock is valued at around 1.6x
PBV with ~19% ROE.
CLSA highlights that Bank Mandiri delivered stronger-than-
expected 4Q25 and FY2025 results, but enters 2026 with
less margin for execution errors due to a high earnings
base. FY2025 net profit grew 0.9% yoy, beating both CLSA
and consensus estimates by 8–12%, supported by solid
loan growth (+13.4% yoy including Agrinas), lower opex
growth, and sharply reduced provision expenses following
a change in provisioning methodology. NIM for FY2025
came in at 4.89%, in line with guidance, as improvements
in funding costs were offset by pressure on loan yields,
particularly in the competitive wholesale segment. The
strong end to 2025 leaves headline metrics healthy, but
also sets a tougher comparison for 2026.
7 CLSA OUTPERFORM 6,000 5 February 2026
For 2026, management guides for more moderate loan
growth of 7–9%, NIM compression to 4.6–4.8%, and
normalized credit costs of 60–80bps. CLSA cautions
that continued yield competition, especially in wholesale
lending, alongside potential policy rate cuts, could weigh
on profitability, even as cost discipline improves with
opex growth guided at low- to mid-single digits. While
asset quality remains stable and capital ratios strong,
supporting dividend payouts of 65–70%, CLSA notes that
upside to earnings is more limited compared with prior
years. Nevertheless, CLSA maintains an Outperform rating
with a target price of Rp6,000, viewing current valuation
as attractive at around 1.5x FY26F P/B, despite near-term
execution risks.
Bank Mandiri delivered a solid FY2025 performance, with
PATMI growing 1% yoy and beating both BNI Sekuritas’ and
consensus estimates by around 10%, driven by stronger-
than-expected loan growth and significantly lower credit
costs. The standout quarter was 4Q25, where net profit
surged 40% qoq and 35% yoy to a record Rp18.6 trillion.
Full-year net interest income rose 4.5% yoy, supported by
robust loan expansion, while NIM of 4.9% was in line with
management guidance. Although PPOP declined 2% yoy,
it still exceeded expectations, with 4Q25 PPOP reaching a
record high of Rp26 trillion. Credit costs were exceptionally
low at 60bps for FY2025 (20bps in 4Q25), well below
guidance, aided by provision write-backs.
8 BNI Securities HOLD 5,100 5 February 2026
Loan growth reached 13% yoy (or 10% yoy excluding
Agrinas), broadly in line with guidance. Improvements in
commercial loan yields helped partially offset weaker
corporate yields, though blended loan yields declined
21bps yoy. Looking ahead, management guides for softer
loan growth of 7–9% in 2026, NIM compression of 10–
30bps, and normalization of credit costs to 60–80bps,
which is expected to moderate earnings momentum. BNI
Sekuritas forecasts muted profit growth of 4% yoy in 2026
and maintains a 3M Buy / 12M Hold rating, while raising
its target price to Rp5,100 and revising up 2026 earnings
forecasts by 5%.
50 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 53
No. Securities Recommendations Target Resume Date
Bank Mandiri delivered a strong 4Q25 performance with
MAIN HIGHLIGHTS
net profit of Rp18.6 trillion, up 35% yoy and 40% qoq,
beating Goldman Sachs’ estimates by 43%. The earnings
surprise was driven by better-than-expected cost control,
despite earlier guidance for elevated opex due to one-off
audit-related expenses, and lower credit costs following
enhancements to the ECL collateral model, which reduced
credit costs by an estimated 20–30bps. Net interest
income also exceeded expectations by 5%, supported by
a sharp decline in funding costs after government deposit
injections, which more than offset continued pressure on
loan yields. Loan growth accelerated to 14% yoy, boosted
by government-related project lending, while asset quality
Goldman remained benign with the NPL ratio improving to 1.13%.
9 Neutral 5,450 6 February 2026
Sachs
Looking ahead to 2026, Bank Mandiri guides for loan
growth of 7–9%, NIM of 4.6–4.8%, and credit costs of
60–80bps, reflecting persistent yield competition but
still-solid asset quality. However, Goldman Sachs flags
higher operating expense growth as a key watch point, as
management’s opex guidance implies mid-to-high teens
underlying cost growth despite headline mid-to-low single-
digit guidance. Incorporating higher costs and lower credit
costs, Goldman Sachs revised up its 2026–28 earnings
forecasts and raised its 12-month target price to Rp5,450,
while maintaining a Neutral rating given balanced upside
from earnings recovery and risks from funding, asset
quality, and expense discipline.
Bank Mandiri delivered a strong FY2025 performance
with net profit of Rp56.3 trillion (+1% yoy), in line with
Indo Premier’s estimates but beating market consensus
by around 10%. The earnings outperformance was driven
by robust loan growth of 13% yoy,led by corporate and
commercial segments, and significantly lower credit costs
of 58bps, well below FY25 guidance. Net interest income
rose 4% yoy, while NIM declined 26bps yoy to 4.9% due to
lower loan yields, partly offset by improved cost of funds.
Asset quality remained resilient, with NPL stable at 1.1%,
improving loan-at-risk metrics, and a strong recovery/
write-off ratio of 114%, indicating improving underlying
credit trends.
10 Indo Premier BUY 6,400 6 February 2026
Looking ahead, management guides for more moderate
loan growth of 7–9% in FY26, NIM compression to
4.6–4.8%, and normalized credit costs of 60–80bps as
provisioning returns to more normal levels. Operating
efficiency is expected to improve, with the cost-to-income
ratio guided to normalize at 42–43% in FY26. Indo Premier
maintains a Buy rating on Bank Mandiri with an unchanged
target price of Rp6,400, citing attractive valuation at
around 1.5x FY26F P/B and 7.9x FY26F P/E, supported by
solid ROE near 19–20% and a healthy dividend outlook.
Key risks remain a sudden deterioration in asset quality
and higher-than-expected credit costs.x
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 51
Page 54
EVENT HIGHLIGHTS 2025
MAIN HIGHLIGHTS
JANUARY FEBRUARY
Wirausaha Muda Mandiri 2025 5 February 2025
WMM is Bank Mandiri’s flagship CSR program, Bank Mandiri recorded solid performance for the full
implemented since 2007, aimed at helping the younger year of 2024, successfully posting consolidated net
generation develop entrepreneurial skills. It also profit of Rp55.8 trillion throughout 2024 and deciding
represents one of the initiatives to advance Indonesia’s to distribute dividends amounting to 78% of net profit,
economy. equivalent to Rp43.51 trillion, at the end of 2024.
25 March 2025
Bank Mandiri continues to demonstrate its
commitment and tangible contribution to the national
economy. Through the 2025 Annual General Meeting of
Shareholders, Bank Mandiri determined that 78% of its
2024 consolidated net profit, or Rp43.51 trillion, would
be distributed as dividends to shareholders.
MARCH
APRIL APRIL
22 April 2025 29 April 2025
Bank Mandiri has established a new facility at Pondok Public Expose of the Quarterly Financial Statements of
Pesantren Al-Inaaroh Al-Hikam, located in Buntet PT Bank Mandiri (Persero) Tbk.
Village, West Java, as a manifestation of Bank Mandiri’s
commitment to religion-based social development.
52 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 55
MAIN HIGHLIGHTS
19 May 2025
Mandiri Macro and Market Brief 2Q25 Indonesia
Economic Outlook: Building Resilience in the Midst of
Global Turbulence
Bank Mandiri projects economic growth for 2Q25 at
approximately 4.92%, amid challenges from global
volatility. The policy interest rate is maintained (BI
MAY
Rate at 5.75%), while digitalization and domestic
consumption serve as key growth drivers, alongside a
focus on building resilience amid global uncertainty.
JUNE JULY
22 June 2025 30 July 2025
The Mandiri Jogja Marathon was successfully held Mandiri Sahabat Desa is a program aimed at
in the historic Prambanan Temple area, Yogyakarta, empowering communities in Indonesia in the areas of
attracting 9,200 runners from 17 countries and serving economic development, financial inclusion, and skills
as an event that combines sports, local culture, and enhancement.
tourism by presenting scenic routes and support from
the local community.
AUGUST AUGUST
4 August 2025 18 August 2025
Bank Mandiri held an Extraordinary General Meeting of Bank Mandiri also enlivened the important moment
Shareholders (EGMS) with the agenda of changes to of Indonesia’s Independence Day by combining
the Company’s management, as part of the Company’s entertainment (music concerts), MSMEs, affordable
strategy to strengthen governance and support basic food markets, and social activities under the spirit
transformation as well as sustainable business growth. of #SinergiMemajukanNegeri to provide direct benefits
to the community.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 53
Page 56
MAIN HIGHLIGHTS
SEPTEMBER SEPTEMBER
19 September 2025 29 September 2025
Public Expose of the Second Quarter/2025 Financial Bank Mandiri provided an ambulance to Adhyaksa
Statements of PT Bank Mandiri (Persero) Tbk Hospital Jakarta as part of its CSR Program to support
healthcare facilities and enhance emergency services.
Bank Mandiri recorded solid performance in the second
quarter of 2025, with assets reaching Rp2,524.68 trillion
(up 11.4% yoy) and loans growing by 11% yoy to Rp1,701
trillion. This growth was driven by the productive sector
and MSMEs, with gross NPL maintained at 1.08%.
OCTOBER OCTOBER
19 October 2025 27 October 2025
27th anniversary on 2 October 2025. The event combines Public Expose of the Third Quarter/2025 Financial
running activities with music entertainment, bazaars, Statements of PT Bank Mandiri (Persero) Tbk.
culinary experiences, and various other activities.
Bank Mandiri presented its financial performance by
recording consolidated net profit of Rp37.7 trillion and
loan growth of 11% year on year (YoY), while assets
grew by 10.3% to reach Rp2,563 trillion, driven by labor-
intensive and export sectors, further strengthening the
Company’s role as a driver of the national economy.
20 November 2025
On Progress Bank Mandiri once again reaffirmed its commitment
to supporting the provision of affordable and
adequate housing for Indonesian communities
through collaboration with the Ministry of Housing and
NOVEMBER Settlement Areas (PKP).
54 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 57
MAIN HIGHLIGHTS
DECEMBER DECEMBER
15 December 2025 30 December 2025
Bank Mandiri received an award in the implementation Bank Mandiri supported the provision of Danantara
of monitoring and evaluation of Public Information Temporary Housing (Huntara) as a manifestation of its
Disclosure in 2025 in the State-Owned Enterprises commitment to the nation in ensuring sustainable post-
category. disaster recovery.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 55
Page 58
MANAGEMENT REPORT
MANAGEMENT REPORT
LEADING WITH
PURPOSE, ACTING
WITH IMPACT
2025 is a year of strategic execution. By
orchestrating ecosystems across wholesale,
retail, and subsidiaries, we strengthen our
leadership as the main transaction bank while
supporting national priorities. Our focus is
clear: to lead with vision, act with responsibility,
and create sustainable impact for all
stakeholders.
56 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 59
BOARD OF COMMISSIONERS REPORT
MANAGEMENT REPORT
‘
We exercise our oversight responsibilities with
prudence, objectivity, and independence to ensure that
every strategic policy and decision of the Board of
Directors is executed in a disciplined, measured, and
long-term oriented manner. Amid global and domestic
economic challenges, consistent governance, strong
risk management, and continuous supervision remain
the essential foundations for preserving stability and
sustaining quality growth.
The performance achieved throughout the year reflects
organisational resilience and the effective synergy
between oversight and management functions. With
strengthened foundations and clear strategic direction,
Bank Mandiri continues to serve as a strategic partner of
the Government in ensuring that national programs deliver
tangible impact to the real sector, through optimised
financing across SOE and Government ecosystems,
priority sectors supporting public welfare, as well as
MSME, micro, and individual segments. At the same
time, the Bank reinforces its leadership in advancing
sustainability objectives through responsible financing
that balances growth, asset quality, and benefits to the
environment and communities, thereby remaining at the
forefront of driving resilient, inclusive, and sustainable
economic growth for Indonesia.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 57
Page 60
MANAGEMENT REPORT
ZULKIFLI
ZAINI
President Commissioner/Independent
Commissioner
58 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 61
MANAGEMENT REPORT
Dear Distinguished Shareholders and Slowing global economy led to significant decline in
Stakeholders, energy commodity prices, affecting particularly the
exporting economies. Heightened financial market
With gratitude to God Almighty, the Board of uncertainty also redirected capital flows toward
Commissioners hereby presents its Supervisory Report safe haven assets, strengthening the US dollar and
on the management of the Company for the 2025 pushing gold prices to new highs. These developments
financial year. Amid evolving global and domestic underscored the continued importance of stability in
dynamics throughout the year, PT Bank Mandiri global economic decision-making.
(Persero) Tbk maintained business resilience and
performance stability through disciplined strategy In the national context, Indonesia’s economy
execution and prudent risk management. demonstrated solid resilience. The economy grew
by 5.11% in 2025, up from 5.03% in the previous year,
This Report outlines the Board of Commissioners’ with inflation maintained at 2.92%. A trade surplus of
assessment of the Board of Directors’ performance in US$41.05 billion led to an increasing foreign reserves
carrying out its duties and responsibilities, including the to US$156.5 billion. The Rupiah closed the year at
basis for such evaluation. It also sets out our oversight Rp16,675/USD, while Bank Indonesia gradually reduced
of the formulation and implementation of strategy, the BI Rate to 4.75% to safeguard currency stability
our view on the business prospects prepared by the while sustaining growth momentum.
Board of Directors in consideration of both external
and internal developments, as well as our evaluation Amid these dynamics, the Board of Commissioners
of the implementation of Good Corporate Governance acknowledges the well-coordinated policy response
principles and the effectiveness of the governance of the Government of Indonesia and Bank Indonesia.
organs in performing their supervisory functions The synergy between fiscal and monetary measures
comprehensively. effectively preserved macroeconomic stability while
supporting domestic demand. Economic transformation
GLOBAL AND NATIONAL ECONOMIC efforts have continued through implementation of
CONDITIONS government programs, food and energy security and
downstreaming initiatives to enhance domestic value
The year 2025 unfolded in a global landscape marked creation and national competitiveness.
by heightened uncertainty, shaped by prolonged
geopolitical fragmentation in Europe and the Middle STABILITY AND RESILIENCE OF
East, as well as the United States’ protectionist tariff INDONESIA’S FINANCIAL SERVICES
measures introduced in early Q2 that escalated trade SECTOR
tensions. These developments increased volatility in
global financial markets, reflected in weaker global Throughout 2025, Indonesia’s financial services sector
equity indices, a stronger US dollar, and moderated continue to show stability and resilience amid global
global growth during mid-year. This dynamic formed the and domestic dynamics. Bank Indonesia implements
strategic backdrop requiring prudence and resilience an accommodative monetary policy mix to encourage
across the financial sector. growth while maintaining the stability of the Rupiah,
payment system, and financial system stability
Conditions began to stabilize following the (SSK). Macroprudential policy also continues to be
postponement of tariff implementation and the directed to encourage credit growth and strengthen
reopening of negotiations with trading partners. In its financial inclusion. This synergy is strengthened by
Januari 2026 World Economic Outlook, the IMF revised the Government’s fiscal management through the
global growth upward to 3.3%, with inflation declining acceleration of spending and the implementation of
to 4.1%. The disinflation trend provided room for government programs, thereby encouraging real sector
major central banks, including the Federal Reserve, the activities, increasing consumer confidence, domestic
European Central Bank, the Bank of England, and the consumption, and financing demand.
People’s Bank of China, to gradually reduce policy rates,
easing global pressures toward year-end.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 59
Page 62
MANAGEMENT REPORT
The banking industry recorded credit growth of 9.69% Key Performance Indicators (KPI), both individually and
in 2025, supported by investment loans growing by collectively, and is reported to Shareholders through the
21.06% year-on-year (yoy), consumer loans 6.58% General Meeting of Shareholders.
(yoy), and working capital loans by 4.52% (yoy). Credit
quality remained sound, with NPL ratio (gross) of 2.05%, Overall, the Board of Commissioners considers effective
relatively stable from 2.08% in December 2024, while the performance of duties and responsbilities by the Board
capital adequacy ratio (CAR) remained strong at 25.89%, of Directors throughout 2025. This is evidenced by the
compared with 26.69% in December 2024. Third-party Company’s performance achievement in line with the
funds (DPK) grew by 13.83%, outpacing credit growth, targets set in the Corporate Work Plan and Budget and
driven by current accounts (giro) at 19.1% (yoy), savings other established criteria, with the realisation of the
at 8.2%(yoy), and time deposits at 14.3% (yoy). Liquidity Board of Commissioners’ KPI reaching 103.4% and the
remained ample, with AL/NCD at 126.15% and AL/DPK Board of Directors’ KPI realization reaching 99.89%.
at 28.57%, well above the regulatory thresholds of 50%
and 10%, respectively, and a liquidity coverage ratio Amid prevailing challenges and uncertainties, Bank
(LCR) of 200.97%. Mandiri maintained strong performance, with most
indicators exceeding industry averages. Consolidated
The non-bank financial institution sector demonstrated loans grew by double digits at 13.44% (yoy), while gross
relatively stable performance. Finance companies NPL (bank only) was maintained at 0.96%, compared
recorded moderate receivables growth while with banking industry loan growth of 9.63% and gross
maintaining a sound risk profile. The insurance and NPL of 2.05%.
pension fund industries also reported asset expansion,
supported by strong capitalization well above regulatory The Company also preserved liquidity competitiveness,
minimum requirements. Insurance industry assets grew recording double-digit TPF growth of 23.95% (yoy), well
by 5.95% to IDR 1,201.33 trillion, while pension fund above industry TPF growth of 12.0%. The consolidated
assets increased by 11.35% yoy to IDR 1,679.46 trillion. CASA ratio remained strong at 67.97%, reflecting a solid
and sustainable funding structure.
In the capital market, fundraising activity remained
solid, supported by an expanding investor base and The Board of Commissioners views these
stronger overall equity market performance, although achievements as the result of the Board of Directors’
foreign investor participation remained volatile. consistent implementation of adaptive and agile
strategies, optimization of the Wholesale Banking
Total funds raised reached IDR 274.80 trillion, including core competence ecosystem, proactive capture of
26 IPOs valued at IDR 18.11 trillion. The composite opportunities in potential segments, and acceleration
stock index rose by 22.10% to 8,644.26 from 7,079.91 in of digital transformation across nearly all operational
December 2024, with market capitalization increasing phases. Improved efficiency and business volume
to IDR 15,849 trillion from IDR 12,336 trillion in the growth across segments enabled the Company to close
previous year. The number of investors grew to 20.32 2025 with consolidated income of Rp56.29 trillion,
million, up 36.65% from 14.87 million, including 8.59 increased from Rp55.78 trillion in the previous year.
million equity investors, up 34.65% from 6.38 million.
OVERSIGHT OF THE THE BOARD OF
Overall, the Board of Commissioners assesses that DIRECTORS’ STRATEGY FORMULATION
Indonesia’s financial services sector in 2025 remained AND IMPLEMENTATION
stable and resilient, supported by effective policy
coordination, strong capital structures, and increasing The Board of Commissioners conducts oversight
participation by domestic investors. on the Board of Directors’ strategy formulation and
implementation by monitoring the Bank’s Business
BOARD OF DIRECTORS’ PERFORMANCE Plan (RBB) application align with OJK Regulation No. 5/
ASSESSMENT POJK.03/2016 on Bank Business Plans, which, among
others, covers management policies and strategies.
The Board of Commissioners’ assessment of the Board The Supervisory Report on the implementation of
of Directors’ performance is reflected in the Directors’ RBB is submitted to the Financial Service Authority by
60 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 63
MANAGEMENT REPORT
semester. The Board of Commissioners also submits a and increase the fiscal burden of developing countries
quarterly Supervisory Report on the achievement of the through exchange rate fluctuations. The rapid
Company’s performance and KPIs. expansion of private cryptocurrencies and stablecoins
alongside digitalisation has also not been fully matched
The Supervisory Report on RBB implementation by adequate regulation and supervision.
submitted to OJK, with the Board’s responses to
performance and KPI achievement, includes: While these dynamics may exert pressure on Indonesia,
1. The Board of Commissioners’ assessment of the however consistent anticipative and adaptive monetary
implementation of Bank Mandiri’s Business Plan, and macroprudential policies by Bank Indonesia,
covering both quantitative and qualitative aspects alongside pro-growth fiscal policy and continued
of the realisation of the RBB. investment climate improvements, are expected to
2. The Board’s assessment of factors affecting Bank sustain resilience. In 2026, economic growth, according
Mandiri’s overall performance, particularly capital, to OCE BMRI, is projected to reach 5.18% yoy, higher
earnings, and risk profile, including credit risk, than 5.11% in 2025. Investment growth is expected
market risk, and liquidity risk. to strengthen non-oil and gas exports, maintain the
3. The Board’s assessment of measures taken to trade surplus, and reinforce Rupiah stability. Inflation
improve Bank Mandiri’s performance in the event is projected within 2.5 ± 1%, providing room for Bank
that, based on its evaluation, performance declines Indonesia to maintain or reduce policy rates. Financial
as referred to in point 2 above. sector stability is also projected to remain sound,
supported by strong capital, adequate liquidity, and
These assessments are further complemented by manageable risk profiles.
an evaluation of external factors affecting the Bank’s
performance, ensuring that oversight is conducted in a Taking these dynamics into account, the Board of
comprehensive and balanced manner. Commissioners believes there remains ample room for
Bank Mandiri and its Subsidiaries to grow soundly and
VIEW ON THE COMPANY’S BUSINESS sustainably across business lines. We support the Board
PROSPECTS PREPARED BY THE BOARD OF of Directors’ strategic direction to position Bank Mandiri
DIRECTORS as a strategic partner of the Government in ensuring
effective implementation of national programs and
Despite continued global and domestic uncertainty, directly benefit the real sector and society in general.
the Board of Commissioners concurs with the Board We also encourage continued lending to productive,
of Directors’ confidence and optimism regarding Bank priority, and labour-intensive sectors, including MSMEs
Mandiri’s prospects for the coming year. We observe as key drivers of national growth.
that the global landscape will remain influenced by the
impact of United States protectionist policies, which At the same time, we continue to remind the Board of
have significantly reshaped global trade dynamics and Directors to strengthen risk management, including
economic structures. mitigating risks arising from accelerated digitalisation
and increasing cyber threats. By maintaining balance
Referring to the IMF January 2026 WEO and Bank between business expansion and asset quality, and
Indonesia assessments, global growth is expected building upon its strong performance track record,
to remain under pressure. The continuation of US we remain confident that Bank Mandiri will continue
protectionist tariffs may reduce global trade volumes contributing significantly to the banking industry and
and reinforce bilateral and regional cooperation trends. sustainable national economic growth.
Global growth is projected to moderate due to slower
growth in the US and China, although the European CORPORATE GOVERNANCE
Union, India, Indonesia, and several key trading partners IMPLEMENTATION OVERSIGHT
are expected to remain relatively resilient. Slower
disinflation may limit monetary policy flexibility. On Bank Mandiri has consistently demonstrated a strong
the other hand, elevated government debt and interest commitment in implementing best practices in Good
rates in advanced economies as a consequence of Corporate Governance (GCG) across all operational
fiscal deficits may keep interest rates at high levels stages. This consistency is reflected in the results
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 61
Page 64
MANAGEMENT REPORT
of the Individual Governance Self-Assessment, the Overall, the Board of Commissioners assesses that
Integrated Governance Self-Assessment, as well as Bank Mandiri’s governance implementation in 2025
external assessments through the ASEAN Corporate has been conducted consistently, systematically, and
Governance Scorecard (ACGS) and the Corporate in alignment with regulatory requirements and regional
Governance Perception Index (CGPI) throughout 2025. best practices.
The Individual Governance Self-Assessment was Advisory Mechanism to the Board of Directors
conducted in reference with OJK Regulation No. 17 of
2023 and SEOJK No. 13/SEOJK.03/2017, as refined The Board of Commissioners actively exercises
by OJK Circular Letter No. 14/SEOJK.03/2025 on its oversight function through periodic monitoring
Governance Implementation for Commercial Banks, and and advisory and recommendations to the Board of
was carried out twice a year (June and December). The Directors, supported by the Board Committees. This
Semester I 2025 Self-Assessment resulted in a score mechanism ensures strategic policies and decisions
of 1 (one), which following OJK feedback was adjusted remain aligned with the Company’s prudential principles,
to 2 (two). The Semester II 2025 Self-Assessment sound governance practices, and long-term interests.
resulted in a score of 1 (one), and as of this report, Bank
Mandiri has not yet received feedback from OJK on this The monitoring and advisory are carried out through
assessment. the Board of Commissioners meetings as well as joint
meetings between the Board of Commissioners and
The Integrated Governance Self-Assessment referred to the Board of Directors. Throughout 2025, the Board
OJK Regulation No. 18/POJK.03/2014 and OJK Circular of Commissioners held 31 Internal Meetings, 12 Joint
No. 15/SEOJK.03/2015 on Integrated Governance, Meetings with the Board of Directors, 23 Audit Committee
involving all Financial Services Institutions within Bank meetings, 33 Risk Oversight Committee meetings, 14
Mandiri’s Financial Conglomeration and carried out Remuneration and Nomination Committee meetings,
twice a year (June and December). Both Semester I and and 3 Integrated Governance Committee meetings. The
Semester II 2025 assessments resulted in a score of 1 frequency of these meetings met and exceeded the
(one), indicating that the implementation of integrated minimum requirements of OJK Regulation No. 17/2023
governance across the Financial Conglomeration was on Commercial Banks Governance Implementation.
considered very good.
Risk Management Implementation
In terms of external assessment, Bank Mandiri adopts
the ASEAN Corporate Governance Scorecard (ACGS), Bank Mandiri has implemented proactive risk
which refers to governance principles developed management through policies aligned with Bank
by the Organisation for Economic Co-operation and Indonesia Regulations (PBI), OJK Regulations, Basel
Development (OECD) and endorsed by the ASEAN standards, and other international best practices. These
Capital Market Forum (ACMF).). In 2025, Bank Mandiri policies are periodically reviewed to address evolving
received recognition as one of the ASEAN Top 50 Public business conditions, regulatory developments, Bank’s
Listed Companies (PLCs), Top 5 PLCs in Indonesia, and internal conditions, and social and environmental
ASEAN Asset Class PLCs, based on its fulfilment of impacts.
ACGS parameters.
Bank Mandiri applies Consolidated Risk Management
In addition, Bank Mandiri has participated in the pursuant to PBI No. 8/6/PBI/2006, subsequently
Corporate Governance Perception Index (CGPI) replaced by POJK No. 38/POJK.03/2017, and Integrated
research and rating program for 22 consecutive times Risk Management in reference with POJK No. 17/
since 2004. For the CGPI 2024 rating conducted in 2025, POJK.03/2014 referring to POJK No. 18/POJK.03/2014
Bank Mandiri received the “Most Trusted” predicate on Integrated Governance. The framework is supported
with a score of 95.36. by the Integrated Risk Committee (IRC), comprising
members of the Board of Directors and Company
executives together with Directors and/or executives
62 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 65
MANAGEMENT REPORT
of Subsidiaries, and supported by the Integrated Risk Anti-Corruption Policy and Anti-Fraud Strategy
Management Unit (SKMRT) reporting directly to the Practices
Director of Risk Management.
Bank Mandiri has obtained ISO 37001:2016 Anti-Bribery
The Bank continues to implement Basel II, Basel III, and Management System certification, expanded to cover
Enterprise Risk Management (ERM) in line with OJK Procurement, Vendor Management, and Internal Audit
and BCBS (Basel Committee on Banking Supervision) Process, reflecting its ongoing commitment to corruption
standards, covering Credit Risk, Market Risk, Liquidity prevention. In compliance with OJK Regulation No. 12
Risk, Interest Rate Risk in the Banking Book Position, of 2024 concerning the Implementation of Anti-Fraud
Operational Risk, Capital Management and ICAAP, Strategies for Financial Services Institutions and as
Stress Testing, as well as Recovery Plan and Resolution part of strengthening Internal Control policies, the Bank
Plan. Stress testing is conducted periodically both continues to update regulations and policies in line
individually and in integration with Subsidiaries, based with best practices and regulatory standards, including
on scenarios developed by the Office of Chief Economist, improvements to Standard Operating Procedures
and through participation in regulatory Bottom-up (SOP), Technical Operating Guidelines, and other
Stress Testing to assess regional banking resilience internal regulations. The Bank’s Anti-Fraud Strategy
amid economic slowdown and global uncertainty. encompasses four pillars: Prevention; Detection;
Investigation, Reporting, Sanctions and Legal Process;
Bank Mandiri also updates its Recovery Plan align with and Monitoring, Evaluation and Follow-up, ensuring
OJK Regulation No. 5 of 2024 on the Determination of a robust and adaptive fraud prevention and control
Supervisory Status and Handling of Commercial Bank framework.
Issues, and has established a Resolution Plan pursuant
to LPS Regulation No. 2 of 2024 on Resolution Plans Oversight of Anti-Money Laundering (AML),
for Commercial Banks as an anticipatory measure Counter-Terrorism Financing (CTF), and
should recovery efforts fail to meet minimum regulatory Counter-Proliferation Financing of Weapons of
requirements. Mass Destruction (CPF) Implementation
Overall, the Board of Commissioners assesses that Bank Mandiri has demonstrated a strong commitment
Bank Mandiri has actively conducted identification, to mitigating the risks of money laundering, terrorism
measurement, monitoring, and control of Mandiri financing, and proliferation financing of weapons of mass
Group risks through self-assessment supported by the destruction. Strengthening of risk mitigation is carried
integrated Risk Assessment Consolidation Generator out through active oversight by the Board of Directors
(RACER) System, ensuring consistent and integrated and Board of Commissioners, policies and procedures
risk governance. aligned with national regulations and international
standards, enhancement of systems and internal
Internal Control System Effectiveness controls, optimization of management information
systems, as well as continuous development of human
The Board of Commissioners is granted an authority to capital through ongoing training. The Bank also ensures
approve the Internal Control System (ICS) established that the Board of Directors exercises effective oversight
by the Board of Directors and actively evaluates and implements continuous improvements to enhance
its implementation through the Audit Committee the effectiveness of AML, CTF, and CPF programs.
by reviewing Internal Audit findings to ensure its
effectiveness. Based on assessments conducted The AML, CTF, and CPF programs implementation
throughout 2025, the Board considers that Bank has been carried out effectively and has delivered
Mandiri’s ICS has been adequate and effective. measurable results. This is evidenced by Bank Mandiri’s
Nevertheless, in line with the expansion of business involvement in national strategic programs and its
scale and increasing complexity of challenges, achievement of highest rating in the Financial Integrity
continuous strengthening and enhancement remain Rating on Money Laundering & Terrorism Financing
necessary to ensure the ICS remains relevant and (FIR on ML/TF), as well as in 2025 Effectiveness Index
adaptive. Assessment of the AML–CTF Regime.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 63
Page 66
MANAGEMENT REPORT
Awards received by Bank Mandiri in 2025: The Board further assesses that the Committees’ reports
• Achieved the highest rating in the 2025 FIR on ML/ and recommendations are supported by adequate in-
TF with a score of 9.55 (predicate: “Very Good”) in depth review through meetings, discussions, and site
the Bank Group Based on Core Capital 4 category. visits to obtain clarification from Management. The
Bank Mandiri’s score exceeded the aggregate Committees have demonstrated good communication
score of National Commercial Banks at 8.95 and and coordination in addressing strategic issues within
the aggregate score of all National Reporting the Mandiri Group and in monitoring follow-up of the
Parties (500 reporting entities) at 8.03. Board’s recommendations and decisions. The following
• Achieved the highest rating in the 2025 summarises the activities of each Committee during
Effectiveness Index Assessment of the AML–CTF 2025.
Regime with a score of 8.56 (predicate: “Effective”),
exceeding the national aggregate score of 6.53 The Audit Committee assists the Board of
(predicate: “Fairly Effective”). Commissioners in providing opinions on reports and
other matters submitted by the Board of Directors and
View on the Whistleblowing System in identifying issues requiring the Board’s attention,
Implementation particularly in Financial Reporting, Internal Control,
and Compliance. Throughout 2025, the Committee
Bank Mandiri has established whistleblowing policies conducted Committee meetings, internal and joint
and mechanisms through the Letter to CEO (WBS- discussions with relevant units, reviewed financial
LTC) channel as a Detection pillar to support the reports and disclosures for publication, examined
implementation of the code of ethics and the Anti- reports/proposals from the Board of Directors requiring
Fraud Strategy (SAF). Implemented since 2009, the written approval from the Board of Commissioners,
WBS-LTC Technical Guidelines were last updated on 28 prepared quarterly Committee activity reports, prepared
November 2025 and are managed with the involvement the Evaluation Report on the Provision of Audit Services
of an independent party to ensure a safe environment for Annual Historical Financial Information of Bank
for employees and stakeholders to report concerns. Mandiri, conducted site visits, and performed other
The Bank also conducted Renewal of the Secure activities relevant to its duties.
Socket Layer (SSL) for the Whistleblowing System on
Corruption (WBSTPK) to maintain access to the KPK The Remuneration and Nomination Committee assists
Whistleblowing System (KWS) application, as part of the Board of Commissioners in ensuring nomination
its Anti-Corruption Strategy and support for corruption processes for strategic positions and remuneration
prevention and enforcement efforts. The Board of determination are conducted objectively, effectively, and
Commissioners considers that the implementation of align with OJK rules. In 2025, the Committee provided
the WBS throughout 2025 has been well executed. recommendations and proposed qualified candidates
for the Board of Commissioners and Board of Directors
ASSESSMENT OF THE BOARD OF to be submitted to the GMS, gathered and analysed data
COMMISSIONERS’ COMMITTEES of potential candidates from executive talent one level
below the Board of Directors, and identified individuals
In carrying out its functions of direction, oversight, eligible for Board member positions. The Committee
monitoring, and advisory over the Company’s also supported the formulation of remuneration systems
management, the Board of Commissioners is supported for the Board of Directors and Board of Commissioners,
by 4 (four) Board Committees: the Audit Committee, the including salary/honorarium structures, benefits, and
Remuneration and Nomination Committee, the Risk 2025 fiscal year bonus (tantiem) system.
Oversight Committee, and the Integrated Governance
Committee. The Charters of these Committees are The Risk Oversight Committee assists the Board in
periodically updated to ensure alignment with regulatory ensuring the Bank’s risk management framework,
developments and governance requirements. The Board procedures, and methodologies remain robust and
considers that all four Committees have effectively adequate, enabling business activities to operate
performed their duties in line with the 2025 Work within acceptable risk limits and align with strategic
Plan, and that their recommendations serve as key objectives. During 2025, the Committee conducted
considerations in decision-making regarding proposals meetings, internal discussions and joint discussions
from the Board of Directors as well as in the formulation with relevant units and the Audit Committee, reviewed
of strategic directives and advice. risk management reports, examined proposals from the
Board of Directors requiring Board approval, prepared
quarterly reports, conducted site visits, and carried out
other related activities.
64 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 67
MANAGEMENT REPORT
The Integrated Governance Committee assists the Board of Commissioners in overseeing the implementation of
integrated governance across all Financial Services Institutions within Bank Mandiri’s Financial Conglomeration in
line with the Integrated Governance Guidelines, and oversight of the Board of Directors’ performance. The Committee
provides direction and advices on the implementation of Integrated Governance Guidelines and evaluates and
recommends improvements. These duties are carried out through Committee meetings, internal and cross-unit
discussions, and evaluations of internal control adequacy and integrated risk management.
COMPOSITION CHANGES OF THE BOARD OF COMMISSIONERS
In 2025, through the Annual General Meeting of Shareholders (Annual GMS) and Extraordinary General Meetings
of Shareholders (Extraordinary GMS), changes were made to the composition of the Board of Commissioners, as
summarised below:
Annual GMS dated 25 March 2025
Based on the resolution of the Annual GMS on 25 March 2025, the Meeting approved to:
- Honorably dismissed Mr. M. Chatib Basri as President Commissioner, Ms. Loeke Larasati Agoestina as
Independent Commissioner, Mr. Muliadi Rahardja as Independent Commissioner, Mr. Heru Kristiyana as
Independent Commissioner, Mr. Rionald Silaban as Commissioner, Mr. Faried Utomo as Commissioner, Mr.
Arif Budimanta as Commissioner, and Mr. Tedi Bharata as Commissioner.
- Appointed Mr. Kuswiyoto as President Commissioner/Independent Commissioner, Mr. Zainudin Amali as Vice
President Commissioner/Independent Commissioner, Ms. Mia Amiati as Independent Commissioner, Mr. Luky
Alfirman as Commissioner, and Mr. Yuliot as Commissioner.
Extraordinary GMS dated 4 August 2025
Based on the resolution of the Extraordinary GMS on 4 August 2025, the Meeting approved the appointment of Mr.
Zulkifli Zaini as Independent Commissioner.
Extraordinary GMS dated 19 December 2025
Based on the resolution of the Extraordinary GMS on 19 December 2025, the Meeting approved to:
- Honorably dismissed Mr. Kuswiyoto as President Commissioner/Independent Commissioner and Mr. Zainudin
Amali as Vice President Commissioner/Independent Commissioner.
- Reassigned Mr. Zulkifli Zaini from Independent Commissioner to President Commissioner concurrently serving
as Independent Commissioner, as previously appointed under the EGMS resolution dated 4 August 2025.
- Appointed Mr. Rudy Salahuddin Ramto as Vice President Commissioner and Mr. B. Bintoro Kunto Pardewo as
Independent Commissioner.
As such, the composition of the Board of Commissioners as of 31 December 2025 is as follows:
Name Position
Zulkifli Zaini* President Commissioner/Independent Commissioner
Rudy Salahuddin Ramto* Vice President Commissioner
Bintoro K. Pardewo* Independent Commissioner
Mia Amiati Independent Commissioner
Muhammad Yusuf Ateh Commissioner
Luky Alfirman Commissioner
Yuliot Commissioner
*) Effective upon receiving approval and passing the fit and proper test by OJK
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 65
Page 68
MANAGEMENT REPORT
APPRECIATION
The Board of Commissioners extends its appreciation to the Board of Directors and all Mandirians for the
commitment, integrity, and dedication in carrying out their duties and responsibilities throughout 2025. In a
dynamic and uncertain business environment, the Board of Directors, management, and employees succeeded in
maintaining performance continuity while strengthening the Bank’s business foundations sustainably.
The achievements in 2025 reflect organisational resilience and consistency in strategy execution. The Board of
Commissioners believes that these achievements not only reinforce Bank Mandiri’s position and its contribution
to national economic development, but also affirm the Bank’s readiness to move forward with greater momentum,
capture growth opportunities, and build a stronger and more sustainable future.
Jakarta, March 2026
On Behalf of the Board of Commissioners
Zulkifli Zaini
President Commissioner/Independent Commissioner
66 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 69
BOARD OF COMMISSIONERS
5 6 3 1
1. Zulkifli Zaini 3. Muhammad Yusuf Ateh 5. Luky Alfirman
President Commissioner/ Commissioner Commissioner
Independent Commissioner
2. Rudy Salahuddin 4. Yuliot 6. Mia Amiati
Ramto Commissioner Independent Commissioner
Vice President
Commissioner
Page 70
MANAGEMENT REPORT
2 4 7
7. Bintoro K. Pardewo
Independent Commissioner
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 68
Page 71
BOARD OF DIRECTORS REPORT
MANAGEMENT REPORT
‘
Our 2025 performance reflects consistent strategy execution
and disciplined management. Bank Mandiri recorded total
asset growth of 16.6% reaching Rp2,829.9 trillion and
exceeding the industry average. This growth was driven by
loan expansion focused on productive and priority sectors,
supported by growth in third-party funds with a strong low-
cost funding composition. Accelerated digital transformation
further enhanced operational efficiency and strengthened
non-interest income contribution, enabling the Bank to deliver
consolidated net income of Rp56.3 trillion.
This achievement represents more than financial growth; it
reflects our ability to orchestrate an integrated ecosystem.
By strengthening both wholesale and retail capabilities and
expanding inclusive digital services, Bank Mandiri continues
to reinforce its role as a strategic partner in financing the
real sector and supporting broader economic welfare. This
ecosystem-based approach ensures diversified, high-quality,
and sustainable growth.
At the same time, our sustainability commitment continues
to advance through strengthened governance and disciplined
ESG risk management. The upgrade of our MSCI rating to AA
affirms the quality of our sustainability implementation. The
sustainable portfolio grew by 8% year-on-year to Rp316 trillion,
dominated by the green portfolio amounting to Rp166 trillion,
reflecting a strong position with a market share of over 35%
in Indonesia. For us, ecosystem orchestration is not merely
a business strategy, but a foundation for driving inclusive,
resilient, and sustainable national economic growth.
69 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 72
RIDUAN President Director
Page 73
MANAGEMENT REPORT
Dear Esteemed Shareholders and Stakeholders USD 41.05 billion, contributing to foreign exchange
reserves reaching USD 156.5 billion. The Rupiah
With gratitude to God Almighty, the Board of Directors closed at IDR 16,675 per USD, reflecting global market
presents the Management Report of PT Bank Mandiri dynamics throughout the year.
(Persero) Tbk for the 2025 financial year. This year
marked an important phase for the Company in In responding to these conditions, the Board of
strengthening business fundamentals, accelerating Directors remains confident that strong domestic
transformation, and sustaining growth momentum fundamentals and coordinated policy measures
amid an evolving business landscape. provide a solid foundation for banking sector growth.
Bank Mandiri responded adaptively by strengthening
Throughout 2025, Bank Mandiri delivered commendable liquidity management, safeguarding asset quality,
performance driven by consistent strategy execution, and optimising growth in resilient sectors. Through
disciplined risk management, and the collective disciplined strategy execution and prudent risk
commitment of management and all Mandirians in management, we remain optimistic in sustaining
creating value for customers and stakeholders. In healthy and sustainable performance.
line with our mission to provide reliable, practical,
inclusive, and trusted digital banking solutions as NATIONAL BANKING AND NON-BANK
part of customers’ lifestyles, the Bank continued to FINANCIAL INDUSTRY CONDITIONS
strengthen its capabilities and service ecosystem to
remain responsive to increasingly complex needs. This The national banking sector demonstrated solid
report reflects the Board of Directors’ accountability in resilience throughout 2025 in supporting economic
managing the Bank prudently, adaptively, and with a growth. Bank lending grew by 9.69% year on year to
clear focus on healthy and sustainable growth. IDR 8,590 trillion, mainly driven by investment loans
which increased by 21.06% yoy, as well as consumer
GLOBAL AND NATIONAL ECONOMIC loans which grew by 6.58% yoy, while working capital
CONDITIONS loans expanded by 4.52% yoy. This credit expansion
was supported by growth in Third-Party Funds of
The year 2025 was marked by heightened global 13.83% (yoy, December) to Rp10,059 trillion, reflecting
uncertainty, driven by prolonged geopolitical conflicts sustained public confidence in the banking system.
and unilateral U.S. trade tariff policies that pressured
global market stability. These measures triggered Asset quality and capitalization remained sound. The
volatility and a slowdown in economic activity, gross NPL ratio stood at 2.05% (December), indicating
before easing as negotiation channels reopened. manageable credit risk, while the CAR remained strong
The International Monetary Fund (IMF), in its January at 25.89%, with Loan at Risk (LaR) recorded at 8.77%.
2026 World Economic Outlook (WEO), revised global The combination of moderate loan growth, adequate
growth to 3.3%, with global inflation declining to 4.1%. liquidity, and strong capital buffers provided a solid
In response, several major central banks lowered policy foundation for national financial system stability.
interest rates to ease economic pressures.
The non-bank financial institution sector demonstrated
Amid these dynamics, Indonesia’s economy relatively stable performance. Finance companies
demonstrated resilience, growing by 5.11%, up from recorded moderate receivables growth while
5.03% in the previous year. Growth was supported by maintaining a sound risk profile. The insurance and
stronger performance in the services and manufacturing pension fund industries also reported asset expansion,
sectors, while national inflation remained well controlled supported by strong capitalization well above regulatory
at 2.92%. minimum requirements. Insurance industry assets grew
by 5.95% to IDR 1,201.33 trillion, while pension fund
Economic resilience was underpinned by adaptive and assets increased by 11.35% yoy to IDR 1,679.46 trillion.
pro-growth macroeconomic policies. Bank Indonesia
gradually lowered the BI Rate to 4.75% by the end of In the capital market, fundraising activity remained
2025 to maintain exchange rate stability and support solid, supported by an expanding investor base and
growth momentum. External performance also stronger overall equity market performance, although
remained strong, with the trade surplus increasing to foreign investor participation remained volatile.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 71
Page 74
MANAGEMENT REPORT
Total funds raised reached IDR 274.80 trillion, including Expansion remained balanced with strengthened
26 IPOs valued at IDR 18.11 trillion. The composite consolidated asset quality, as reflected in a consolidated
stock index rose by 22.10% to 8,644.26 from 7,079.91 in NPL ratio of 1.13%, NPL Coverage Ratio of 231%, and
December 2024, with market capitalization increasing Cost of Credit maintained at 0.58%.
to IDR 15,849 trillion from IDR 12,336 trillion in the
previous year. The number of investors grew to 20.32 On the funding side, consolidated Third-Party Funds
million, up 36.65% from 14.87 million, including 8.59 grew 23.9% (yoy) to Rp2,105.8 trillion, supported by
million equity investors, up 34.65% from 6.38 million. low-cost funds reaching Rp1,431.4 trillion (+12.6%)
with a CASA ratio of 68.0%, reflecting strong customer
Overall, these developments indicate that Indonesia’s confidence and a competitive funding structure.
financial services sector has been able to maintain a
balance between growth and stability amid external The combination of healthy loan growth, strong asset
uncertainties. In this context, Bank Mandiri continues to quality, robust liquidity, and digital banking optimisation,
capitalize on industry momentum in a measured manner which improved efficiency and non-interest income,
by strengthening the quality of growth, maintaining ultimately resulted in consolidated net profit of Rp56.3
liquidity resilience, and ensuring adequate capitalization trillion, strengthening Bank Mandiri’s foundation for
to support healthy and sustainable expansion. sustainable growth.
COMPANY PERFORMANCE ANALYSIS Optimizing Digital Capabilities to Support
Nationwide Growth
Throughout 2025, Bank Mandiri demonstrated resilience
in navigating business dynamics and consistently Bank Mandiri continues to accelerate the development
delivered performance above industry averages. As of its digital capabilities to expand service reach across
of December 2025, consolidated total assets grew by Indonesia. Our digital transformation is designed
16.6% (yoy) to Rp2,829.9 trillion from Rp2,427.2 trillion to ensure that millions of customers are connected
in 2024, significantly outperforming the industry growth through reliable, comprehensive, and seamless
of 8.56%, while maintaining its position as the largest services. Through Kopra by Mandiri, Livin’ by Mandiri,
bank in Indonesia by assets. and strengthened Smart Branch and Branchless Banking
initiatives, the Bank delivers integrated solutions for
This growth was supported by healthy and quality both business and individual segments while unlocking
credit expansion. Consolidated loans grew 13.4% (yoy) economic potential across all layers of society.
to Rp1,895.0 trillion from Rp1,670.5 trillion, exceeding
industry growth of 9,63%. Asset quality remained In the business segment, Kopra by Mandiri was utilized
strong, with gross NPL (bank only) at 0.96%, well below by more than 318 thousand users as of end-2025, with
the industry average of 2.05%, reflecting disciplined risk approximately 85% originating from MSMEs. Growth in
management and a focus on sustainable growth. user base was accompanied by increasing transaction
volume and value, reflecting broader digital adoption
Wholesale Banking, as the Bank’s core competence, among businesses of various scales.
recorded loans of Rp1,092 trillion, increased 19.6% (yoy),
driven by Corporate loans of Rp764 trillion (+23.1%) and On the retail side, Livin’ by Mandiri reached more than 37
Commercial loans of Rp328 trillion (+12.1%). Growth million users, with an average daily acquisition of over
was primarily supported by financing within the SOE 25 thousand new users. Beyond banking transactions,
and Government ecosystem, which grew approximately the platform supports lending, lifestyle, and investment
25.7% (yoy), reinforcing the Bank’s role in supporting needs, with both transaction frequency and value
national strategic sectors. increasing throughout 2025.
In the Retail segment, total loans reached Rp404 trillion To advance financial inclusion, Livin’ Merchant provides
(+1.8%), comprising SME loans of Rp85 trillion (-2.1%), an affordable payment solution for MSMEs, with 3
Micro & Payroll loans of Rp195 trillion (+3.97%), and million registered users, 63% of whom are located in
Consumer loans of Rp124 trillion (+1.4%). Subsidiaries non-urban areas. Transaction volume doubled during
contributed Rp411 trillion (+11.4%). Through this 2025, demonstrating that the Bank’s digital services
segment, Bank Mandiri continued to strengthen support have effectively penetrated remote regions across the
for MSMEs and national strategic programs, including country.
the Free Nutritious Meal Program, Koperasi Desa Merah
Putih, 3 Million Houses Program, and Kredit Usaha
Rakyat (KUR).
72 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 75
MANAGEMENT REPORT
These digital capabilities not only expand access In pursuing its vision and mission, Bank Mandiri has
and inclusion but also contribute to interest income established its 2025 strategic focus under the theme
and fee-based income growth, manage an optimal Integrated Strategic Growth and Transformational
CASA ratio, and maintain competitive funding costs. Leadership Driven by Orchestrating the Ecosystem. This
By strengthening value chains across wholesale and strategic focus is directed toward strengthening Bank
retail ecosystems, we remain committed to executing Mandiri’s position as the bank of choice in fulfilling
Bank Mandiri’s digital roadmap in a disciplined and ecosystem-based transaction and financing needs,
measurable manner to sustain long-term growth. while enhancing the Bank’s competitiveness and long-
term resilience.
STRATEGY AND STRATEGIC POLICIES
The strategic focus is translated into three Strategic
Strategy and Strategic Policies Objectives for 2025 as follows:
1. Becoming the “Main Transaction Bank” for both
The formulation of Bank Mandiri’s strategy is aligned wholesale and retail customers, where Bank
with the national development agenda as outlined in Mandiri aims to dominate transaction market
the Government’s Medium-Term Development Plan, share by providing high-quality products and
which aims to promote sustainable economic growth, services, supported by a strong relationship
enhance the quality of human capital, and strengthen management framework for principals, merchants,
overall societal welfare. In line with this direction, Bank and individuals.
Mandiri has established its Corporate Plan 2025–2029 2. Establishing itself as the “Leader in Low Cost
vision: “To Become the Best Financial Institution in Funding”, positioning Bank Mandiri as the preferred
Southeast Asia”. bank for transactions and the primary operational
account for customers.
To realize this vision, Bank Mandiri has defined its 3. Becoming the “Largest Lender” in wholesale and
mission: “Providing integrated and innovative financial retail lending based on an ecosystem approach
solutions based on technology with excellent service, while maintaining an optimal yield level
focused on customer satisfaction, financial inclusion,
and increasing value for shareholders, to drive Role of the Board of Directors in Strategy
Indonesia’s economic growth to be competitive on a Formulation
global level”.
The Board of Directors plays a central role in formulating
As a national financial institution with comprehensive Bank Mandiri’s strategies and strategic policies by
capabilities across both wholesale and retail segments, ensuring alignment with the Bank’s vision, mission, and
Bank Mandiri continues to strengthen its role as the long-term direction as stipulated in the Corporate Plan
primary financial partner for corporations, State- and the Bank Business Plan (RBB). In carrying out this
Owned Enterprises (SOEs), financial institutions, role, the Board of Directors actively engages in strategic
government entities, and businesses of various scales. communication and discussions with shareholders and
Business development is carried out through an across all levels of the organization to ensure alignment
ecosystem-based approach to optimize value chain in execution.
potential and foster sustainable growth. At the same
time, Bank Mandiri consistently expands access to The strategy formulation process is conducted
financing and capacity-building initiatives for Micro, comprehensively by considering the Bank’s internal
Small, and Medium Enterprises (MSMEs) as the conditions, banking industry dynamics, macroeconomic
backbone of the national economy, including through developments, regulatory landscape, as well as various
the enhancement of productive financing, service risk factors and opportunities that may affect the
digitalization, and integration of MSMEs within the Company’s performance. The Board of Directors,
wholesale and retail customer ecosystem. The Bank together with the Board of Commissioners, also takes
also continues to develop comprehensive, technology- into account external developments that need to be
driven retail banking solutions through strengthened anticipated to ensure that strategies remain relevant
digital capabilities, wealth management services, and and effectively implemented. The agreed strategies
productive micro segments, while enhancing Mandiri are subsequently formalized in the Bank Business Plan
Group synergy and reinforcing corporate fundamentals (RBB) and further elaborated in the Sustainable Finance
through human capital development, technology Action Plan (RAKB).
and operational transformation, implementation of
Environmental, Social & Governance (ESG) principles,
and disciplined and prudent risk management.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 73
Page 76
MANAGEMENT REPORT
The preparation and implementation of the RAKB reflecting effective management of earning assets and
reflect the Bank’s response to the increasing emphasis funding structure.
on Environmental, Social & Governance (ESG) aspects,
as well as its commitment to supporting the national On asset quality, the consistent application of prudent
development agenda and the achievement of the lending principles and regular monitoring resulted in
Sustainable Development Goals (SDGs). The Board an improvement of the gross NPL ratio (bank only) to
of Directors ensures that sustainability initiatives go 0.96% at year-end 2025, declining 1 bps from 0.97%
beyond regulatory compliance and are fully integrated in 2024, and outperforming the RKAP 2025 target of
into business decision-making and overall risk 1.05%. This performance underscores disciplined risk
management. management and sustainable growth quality.
Furthermore, the Board of Directors, together with the
Board of Commissioners, establishes key performance CHALLENGES AND MITIGATION MEASURES
parameters and indicators for all strategic programs
set forth in the RBB and RAKB. These performance The year 2025 marked by challenges including limited
measures are determined in accordance with good long-term funding sources, global trade tariff tensions,
corporate governance principles, aligned with the and the strengthening US dollar, which contributed to
Company’s core values, and supported by objective and tight industry liquidity and pressure on asset quality.
measurable reward and consequence mechanisms. Nevertheless, these conditions were effectively
Through this approach, strategy implementation can be managed by Bank Mandiri, as reflected in the stable
monitored and evaluated periodically to ensure optimal CASA ratio, LDR, and sound gross NPL levels.
target achievement and sustainable value creation for
all stakeholders. As part of mitigation efforts, Bank Mandiri consistently
maintained prudent Allowance for Impairment Losses
Process Undertaken by the Board of Directors to to anticipate potential deterioration in credit quality. The
Ensure Strategy Implementation Bank also implemented action plans for debtors with
potential downgrades in collectibility and continues to
Under the direction and supervision of the Board of implement intensive recovery efforts. This proactive
Commissioners, the Board of Directors coordinates and measured approach enabled the Bank to maintain
the implementation of all strategic programs through performance stability while reinforcing resilience
a structured governance framework. Authority is against future risks.
delegated in accordance with the respective roles
and responsibilities of each unit, while monitoring is BUSINESS PROSPECT ANALYSIS
conducted periodically through Board of Directors
meetings and Executive Committee forums involving The January 2026 WEO stated that global economic
Division and Department Heads. This approach ensures growth in 2026 is projected at 3.3%, relatively stable
that all initiatives remain aligned with the approved compared with 2025. Growth is supported by increased
business strategy, risk appetite, and policies, thereby investment in technology sectors, including artificial
enabling disciplined, adaptive, and measurable strategy intelligence, particularly in North America and Asia,
execution. alongside more adaptive fiscal and monetary policies
across major economies. Global inflation is expected
COMPARISON OF REALISATION AND to decline from 4.1% in 2025 to 3.8% in 2026, creating
TARGETS potential for advanced economy central banks, including
the Federal Reserve, to continue policy rate reductions.
In 2025, Bank Mandiri once again delivered positive
performance, exceeding the targets set in the RKAP. Indonesia’s key trading partners, including China,
Total assets (bank only) reached Rp2,228.1 trillion, Singapore, Malaysia, South Korea, Vietnam, and the
growing 18.7% (yoy) from Rp1,877.3 trillion in 2024, and Philippines, are projected to record moderate growth
surpassing the 2025 RKAP target of Rp2,133.3 trillion. in the range of 2.0%–8.0%, while the US economy is
forecast to grow 2.4% in 2026, higher than 2.1% in the
Net profit (bank only) amounted to Rp51.5 trillion, previous year.
increasing 0.8% (yoy) from Rp51.1 trillion in the previous
year, surpassing the 2025 RKAP target of Rp51.4 trillion. Indonesia’s economy is projected to remain resilient,
This achievement was primarily supported by Net growing within the range of 5.10%–5.40% (yoy),
Interest Income of Rp78.3 trillion, growing 3.3% (yoy), supported by strong domestic consumption, rising
74 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 77
MANAGEMENT REPORT
investment, and increasingly coordinated fiscal and strengthening of internal controls, optimization
monetary policies. Higher investment is expected of management information systems, as well as
to support non-oil-gas exports, strengthen the trade continuous development of human capital through
balance, and reinforce Rupiah stability. Inflation is ongoing training. In addition, to improve effectiveness
projected to remain controlled within the range of 2.5% and strengthen the risk-based approach, in 2025 Bank
±1%, providing Bank Indonesia with flexibility to maintain Mandiri also undertook a reorganization by establishing
or reduce policy rates. The financial services sector is an independent AML & CFT Group unit.
also expected to remain stable, supported by strong
capitalization, adequate liquidity, and manageable risk
profiles. In addition to strengthening its internal capabilities,
Bank Mandiri takes an active role in national strategic
Within this context, Bank Mandiri views its business programs through its participation in studies, research,
prospects positively. By strengthening established surveys, as well as AML, CTF, and CPF-related
strategic focus, maintaining disciplined risk initiatives organized by regulators and law enforcement
management, and prioritizing quality growth, the authorities. The consistent implementation of these
Bank remains confident in maintaining and enhancing programs has resulted in external recognition. In 2025,
business scale sustainably, transforming challenges Bank Mandiri achieved the highest rating with a score
into value-creating opportunities for all stakeholders. of 9.55 in the Financial Integrity Rating on Money
Laundering & Terrorism Financing and the highest
GOOD CORPORATE GOVERNANCE rating with a score of 8.56 in the AML–CTF Regime
IMPLEMENTATION Effectiveness Index.
In carrying out its duties and responsibilities, and Bank Soundness Level
in ensuring the application of best management
practices amid evolving business dynamics, the In 2025, Bank Mandiri conducted a self-assessment of
Board of Directors conducted 58 (fifty-eight) meetings its Bank Soundness Level (TKB) in reference with POJK
throughout 2025, consisting of 55 (fifty-five) Board of No. 4/POJK.03/2016 using the Risk-Based Bank Rating
Directors meetings and 3 (three) joint meetings with approach. As of 31 December 2025, the Bank achieved
the Board of Commissioners. These forums served as Composite Rating 1 (PK-1), indicating a very healthy
key mechanisms to ensure decision-making quality, condition and strong capacity to withstand adverse
effective strategy implementation, and strengthened business and external factors. The assessment covered
internal oversight. risk profile, governance implementation, profitability,
and capital adequacy, all of which were rated very good,
Bank Mandiri also actively participated in external with any identified weaknesses manageable within
governance assessments to obtain constructive normal business operations.
feedback. Evaluations were conducted by The
Indonesian Institute for Corporate Governance (IICG) Assessment of the Board of Directors’
through the Corporate Governance Perception Index Committees
(CGPI) and by the ASEAN Capital Market Forum (ACMF)
through the ASEAN Corporate Governance Scorecard In performing its management function, the Board of
(ACGS). The Bank continues to enhance its GCG Directors is supported by 12 Executive Committees.
implementation in a structured and sustainable manner Throughout 2025, these Committees effectively
in line with its established roadmap. carried out their duties and responsibilities, supporting
strategic decision-making and ensuring that policy
Implementation of Anti-Money Laundering implementation remained aligned with the Bank’s
(AML), Counter-Terrorism Financing (CTF), and strategy and governance framework.
Counter-Proliferation Financing of Weapons of
Mass Destruction (CPF) Programs CHANGES IN THE COMPOSITION OF THE
BOARD OF DIRECTORS
Bank Mandiri continues to demonstrate its commitment
to mitigating financial crime risks by strengthening In 2025, based on the resolutions of the Annual
the implementation of Anti-Money Laundering (AML), General Meeting of Shareholders (Annual GMS) and
Counter-Terrorism Financing (CTF), and Counter- the Extraordinary General Meeting of Shareholders
Proliferation Financing of Weapons of Mass Destruction (Extraordinary GMS), changes occurred in the Board of
(CPF) programs. Risk mitigation efforts are enhanced Directors’ composition, summarised as follows:
through the refinement of policies and procedures,
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 75
Page 78
MANAGEMENT REPORT
Annual GMS 25 March 2025
Referring to the resolutions of the Annual GMS held on 25 March 2025, the Meeting approved the following:
- Ratification of the honorable dismissal of Mr. Aquarius Rudianto as Director of Network and Retail Banking,
Mr. Rohan Hafas as Director of Institutional Relations, and Mr. Agus Dwi Handaya as Director of Compliance
and HR.
- Honorable dismissal of Ms. Alexandra Askandar as Vice President Director, Mr. Sigit Prastowo as Director of
Finance and Strategy, and Mr. Toni Eko Boy Subari as Director of Operations.
- Reassignment of Mr. Riduan from Director of Corporate Banking to Vice President Director; Ms. Eka Fitria from
Director of Treasury and International Banking to Director of Human Capital and Compliance; and Mr. Danis
Subyantoro from Director of Risk Management to Director of Risk Management.
- Appointment of the following members of the Board of Directors: Mr. Jan Winston as Director of Network and
Retail Funding, Ms. Novita Widya Anggraini as Director of Finance and Strategy, Mr. Ari Rizaldi as Director of
Treasury and International Banking, Mr. Mochamad Rizaldi as Director of Corporate Banking, Mr. Saptari as
Director of Consumer Banking, and Mr. Toni Eko Boy Subari as Director of Operations.
The appointments and reassignments became effective upon obtaining approval and passing the fit and proper
test conducted by the OJK.
Extraordinary GMS 4 August 2025
Based on the resolutions of the Extraordinary GMS held on 4 August 2025, the Meeting approved the following:
- Honorable dismissal of Mr. Darmawan Junaidi as President Director and Mr. Toni Eko Boy Subari as Director
of Operations.
- Reassignment of Mr. Riduan from Vice President Director to President Director, and Mr. Timothy Utama from
Director of Information Technology to Director of Operations.
- Appointment of Mr. Henry Panjaitan as Vice President Director and Mr. Sunarto as Director of Information
Technology.
Extraordinary GMS dated 19 December 2025
- Honorably dismissed Mr. Kuswiyoto as President Commissioner/Independent Commissioner and Mr. Zainudin
Amali as Vice President Commissioner/Independent Commissioner.
- Reassigned Mr. Zulkifli Zaini from his previous role as Independent Commissioner to President Commissioner
concurrently serving as Independent Commissioner, as appointed based on the resolution of the Extraordinary
GMS dated 4 August 2025, with the term of office continuing the remaining tenure in accordance with relevant
GMS appointment resolution.
- Appointed Mr. Rudy Salahuddin Ramto as Vice President Commissioner and Mr. B. Bintoro Kunto Pardewo as
Independent Commissioner.
As such, the composition of the Board of Directors as of 31 December 2025 was as follows:
Nama Jabatan
Riduan President Director
Henry Panjaitan Vice President Director
Danis Subyantoro Risk Management Director
Timothy Utama Operations Director
Eka Fitria Human Capital and Compliance Director
Totok Priyambodo Commercial Banking Director
Ari Rizaldi Treasury and International Banking Director
Mochamad Rizaldi Corporate Banking Director
Saptari Consumer Banking Director
Novita Widya Anggraini Finance and Strategy Director
76 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 79
MANAGEMENT REPORT
Nama Jabatan
Jan Winston Network and Retail Funding Director
Sunarto Information Technology Director
ENVIRONMENTAL, SOCIAL, AND were located in non-urban areas, equivalent to 1.9
GOVERNANCE MANAGEMENT million users. The Bank’s Social and Environmental
Responsibility programs are also directed toward
Bank Mandiri consistently strengthened its underserved communities, aligned with the Sustainable
commitment to sustainable finance principles under Development Goals.
its 2024–2028 Sustainability Framework, aspiring to
become “Indonesia’s Sustainability Champion for a Through this integrated approach, Bank Mandiri remains
Better Future.” The implementation of ESG initiatives committed to strengthening sustainability performance
throughout 2025 demonstrated measurable progress while generating long-term positive impact for society,
and received recognition from leading global rating the environment, and the national economy.
agencies.
Social and Environmental Responsibility
Bank Mandiri’s MSCI ESG rating improved by two
notches from BBB to AA (Leader category), reflecting Bank Mandiri’s Social and Environmental Responsibility
strengthened governance, transparency, risk (TJSL) initiatives are structured around four main pillars:
management, and ESG integration across business Environmental, Economic, Legal and Governance,
processes and operations. Moreover, Sustainalytics and Social, in alignment with the Minister of SOE
ESG Risk Rating classified Bank Mandiri within the Regulation No. PER-05/MBU/04/2021 on SOE Social
“Negligible Risk” category with a score of 9.8, indicating and Environmental Responsibility Programs. This
robust ESG risk management, where lower scores framework ensures that TJSL programs are focused,
represent stronger sustainability performance. measurable, and aligned with national development
priorities.
These achievements were driven by three core
sustainability pillars: Sustainable Banking, Sustainable In 2025, Bank Mandiri realized total TJSL disbursement
Operation, and Sustainability Beyond Banking. of Rp251.1 billion, relatively in line with the previous year.
Of this amount, Rp138.4 billion or 55.1% was allocated
Under Sustainable Banking, the sustainable portfolio to the Social Pillar; Rp111.4 billion or 44.4% to the
grew 8% to Rp316 trillion. The green portfolio increased Environmental and Economic Pillars; and Rp1.3 billion
11.7% to Rp166 trillion, while the social portfolio grew or approximately 0.5% to the Legal and Governance
4.1% to Rp150 trillion, with NPL quality remaining sound. Pillar.
Bank Mandiri maintained its leadership position in green
portfolio market share at over 35% among the three Throughout the year, the Bank implemented 1,174
largest national banks. Beyond wholesale financing, the TJSL programs, comprising 553 programs under
Bank expanded sustainable retail financing products, the Social Pillar, 258 under the Economic Pillar, 346
including Green Mortgage and electric vehicle financing. under the Environmental Pillar, and 17 under the Legal
and Governance Pillar. These initiatives reflect the
On Sustainable Operation, the Bank successfully Bank’s continued commitment to delivering tangible
reduced operational emissions by 32% compared to and sustainable impact for communities and the
2019 baseline through green building initiative, electric environment.
and hybrid vehicle utilization, solar panel installation,
and other carbon-neutral initiatives. Sustainability HUMAN CAPITAL MANAGEMENT AND
commitment is also reflected in an inclusive workplace DEVELOPMENT
culture, with 46% of managerial above positions held by
female. Governance enhancement continues through Bank Mandiri positions Human Capital as a primary
strengthened data protection and cybersecurity enabler in achieving its 2025 Strategic Focus,
frameworks to safeguard customers and operational Integrated Strategic Growth and Transformational
resilience. Leadership Driven by Orchestrating the Ecosystem.
Human Capital management is directed toward
Through Sustainability Beyond Banking, Bank Mandiri strengthening leadership capabilities, accelerating
advanced financial inclusion, particularly for MSMEs. business transformation, and ensuring alignment
As of December 2025, 62.7% of Livin’ Merchant users between human capital strategy and corporate strategy.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 77
Page 80
This approach supports the three 2025 Strategic Objectives: dominating transaction banking, leading in low-cost
funding, and maintaining the position as the largest lender, by ensuring that every Mandirian evolves collectively as
MANAGEMENT REPORT
part of a cohesive and adaptive organization.
In 2025, Bank Mandiri employed a total of 38,732 employees, comprising 18,444 male and 20,288 female, with
the majority holding undergraduate to postgraduate degrees, S-1 to S-3. To enhance competencies, the Bank
implemented 6 (six) development programs delivered through 12,260 batches, with total participation of 735,067
employees and a cumulative training duration of 3,535,976 hours. Total competency development expenditure in
2025 amounted to Rp326.4 billion.
Beyond technical and leadership development, the Bank also strengthened mindset and behavioral development
through the internalization of the AKHLAK core values (Trustworthy, Competent, Harmonious, Loyal, Adaptive, and
Collaborative). This initiative is designed to cultivate resilient Mandirians as Strategic Business Leaders and to
realize Bank Mandiri’s Employee Value Proposition (EVP): Learn, Synergize, Grow, and Contribute to Indonesia.
APPRECIATION
On behalf of the Board of Directors, we extend our sincere appreciation to the Board of Commissioners for their
guidance, counsel, and oversight in the management of the Company. We also express our gratitude to our
shareholders and customers for their continued trust, which has enabled Bank Mandiri to sustain significant and
consistent growth while delivering commendable operational and financial performance amid a dynamic and
challenging environment. Our appreciation also goes to regulators and all stakeholders for their constructive
support and collaboration throughout 2025.
We convey our highest appreciation to all employees for their dedication, professionalism, and collaborative
spirit that form the foundation of Bank Mandiri’s strength. The strong performance achieved this year reflects
the collective commitment of all Mandirians and serves as a core platform for advancing with greater clarity and
resilience. With this spirit, we remain committed to realizing our vision of becoming “The Best Financial Institution
in Southeast Asia,” while delivering tangible contribution to creating sustainable prosperity and a better future for
generations to come.
Finally, to all of our customers and business partners, it is a privilege for the entire Bank Mandiri family to serve and
support your journey. We will continue to provide relevant, innovative, and trusted financial solutions in line with the
evolving scale of business and dynamic lifestyles.
Jakarta, March 2026
On Behalf of the Board of Directors
Riduan
President Director
78 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 81
BOARD OF DIRECTORS
11 9 6 10 3 2
.1 Riduan .3 Timothy Utama .5 Danis Subyantoro
President Director Director of Operations Director of Risk Management
.2 Henry Panjaitan .4 Eka Fitria .6 Totok Priyambodo
Vice President Director Director of Human Capital Director of Commercial
and Compliance Banking
Page 82
MANAGEMENT REPORT
1 5 4 7 8 12
.7 Mochamad Rizaldi .9 Ari Rizaldi .11 Jan Winston Tambunan
Director of Corporate Director of Treasury and Director of Network
Banking International Banking and Retail Funding
.8 Saptari .10 Novita Widya Anggraini .12 Sunarto
Director of Consumer Director of Finance Director of Information
Banking and Strategy Technology
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 80
Page 83
MANAGEMENT REPORT
81 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 84
STATEMENT LETTER OF THE MEMBERS OF THE BOARD OF
DIRECTORS AND THE BOARD OF COMMISSIONERS REGARDING
RESPONSIBILITY FOR THE ANNUAL REPORT FOR FISCAL YEAR
2025 OF PT BANK MANDIRI (PERSERO) TBK
We, the undersigned, hereby declare that all information in the 2025 Annual Report of PT Bank Mandiri (Persero)
Tbk has been fully disclosed and we assume full responsibility for the accuracy of the contents of the Company’s
Annual Report.
This statement is made truthfully.
Jakarta, March 2026
BOARD OF DIRECTORS
Riduan Henry Panjaitan Timothy Utama
President Director Vice President Director Director of Operations
Eka Fitria Danis Subyantoro Totok Priyambodo
Director of Human Capital Director of Risk Management Director of Commercial Banking
and Compliance
Mochamad Rizaldi Saptari Ari Rizaldi
Director of Corporate Banking Director of Consumer Banking Director of Treasury and
International Banking
Novita Widya Anggraini Jan Winston Tambunan Sunarto
Director of Finance and Strategy Director of Network Director of Information Technology
and Retail Funding
Page 85
STATEMENT LETTER OF THE MEMBERS OF THE BOARD OF
DIRECTORS AND THE BOARD OF COMMISSIONERS REGARDING
MANAGEMENT REPORT
RESPONSIBILITY FOR THE ANNUAL REPORT FOR FISCAL YEAR
2025 OF PT BANK MANDIRI (PERSERO) TBK
We, the undersigned, hereby declare that all information in the 2025 Annual Report of PT Bank Mandiri (Persero)
Tbk has been fully disclosed and we assume full responsibility for the accuracy of the contents of the Company’s
Annual Report.
This statement is made truthfully.
Jakarta, March 2026
BOARD OF COMMISSIONERS
Zulkifli Zaini
President Commissioner/
Independent Commissioner
Rudy Salahuddin Ramto Mia Amiati Bintoro K. Pardewo
Vice President Commissioner Independent Commissioner Independent Commissioner
Muhammad Yusuf Ateh Luky Alfirman Yuliot
Commissioner Commissioner Commissioner
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 83
Page 86
COMPANY
PROFIL PROFILE
PERUSAHAAN
COMPANY PROFILE
BUILDING TRUST,
CREATING
SUSTAINABLE
VALUE
Bank Mandiri continues to grow as a strong
and trusted institution, grounded in stability and
integrity. With our scale, digital strength, and
presence across the nation, we serve not only
as Indonesia’s leading bank, but as a reliable
partner for individuals, businesses, and the
government in realizing shared and lasting
prosperity.
84 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 87
COMPANY PROFILE
COMPANY PROFILE
Company Name Authorized Capital
PT Bank Mandiri (Persero) Tbk. Rp16,000,000,000,000 (sixteen trillion Rupiah)
consisted of 1 (one) Dwiwarna Series es 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 es share, each having a nominal value of
Rp125,- (one hundred and twenty five Rupiah).
Short Name
Bank Mandiri
Issued and Fully Paid-up Capital
From the authorized capital, 93,333,333,332
(ninety-three billion three hundred thirty-three
million three hundred thirty-three thousand
three hundred thirty-two) shares have been
Product Updates
subscribed and fully paid-up with a total
Banking nominal value of Rp 11,666,666,666,500 (eleven
trillion six hundred sixty-six billion six hundred
sixtysix million six hundred sixty-six thousand
and five hundred Rupiah) consisted of 1 (one)
Dwiwarna Series es A share with a nominal
value of Rp125,- (one hundred and twenty five
Establishment Rupiah) and 93,333,333,331 (ninety-three billion
02 October 1998 three hundred thirty-three million three hundred
thirty-three thousand three hundred thirty-one)
B Series es share.
Legal Basis of Establishment
Ownership
Deed No. 10 dated 2 October 1998, made before
Sutjipto, S.H., a Notary, and has been approved
by the Minister of Justice of the Republic of
Indonesia No. C2-16561. HT.01.01.Th.98 dated
2 October 1998, and has been announced in
the State Gazette of the Republic of Indonesia
Number 97 dated 4 December 1998, and its
Supplement No. 6859.
Stock Code SWIFT code
BMRI BMRIIDJA
Listing on Indonesia Stock Exchange
14 July 2003
Dwiwarna Series A Share
Republic of Indonesia: 0.00% Number of Employees
Series B Common Shares 38,732 Personnel as of December 2025
PT Danantara Asset Management (Persero): 52%
Indonesia Investment Authority: 8%
Website
Publik: 40% www.bankmandiri.co.id
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 85
Page 88
COMPANY PROFILE
Call Center Subsidiaries
• 14000; (021) 52997777 (for overseas › PT Bank Syariah Indonesia Tbk (BSI)
customer) › PT Bank Mandiri Taspen
• (021) 52997788 (for priority customer) (Bank Mantap)
› Bank Mandiri (Europe) Limited
(BMEL)
› PT Mandiri Tunas Finance (MTF)
› PT Mandiri Utama Finance (MUF)
Corporate Secretary › PT AXA Mandiri Financial Services
(AXA Mandiri)
Adhika Vista
› PT Mandiri Sekuritas (Mansek)
› PT Mandiri Capital Indonesia (MCI)
http://www.bankmandiri.co.id
› Mandiri International Remittance
Sdn. Bhd.(MIR)
corporate.communication@
bankmandiri.co.id
Sub-Subsidiaries
(termasuk 1 Entitas Cicit)
Office Network Data › PT Mandiri Manajemen Investasi
(MMI)
› 1 Head Office › Mandiri Securities Pte Ltd (MSPL)
› 9 Subsidiaries › PT Mitra Transaksi Indonesia (MTI)
› 3 Sub-Subsidiaries › Mandiri Investment Management
› 1 Sub-Subsidiary Pte. Ltd.(MIMS)
› 139 Branch Offices
› 2,014 Sub-Branch Offices
› 12,972 ATM/CRM
› 7 Overseas Branch Office
Contact Address
consisted of 5 overseas branches
and 2 subsidiaries
› Corporate Secretary
› corporate.communication@
bankmandiri.co.id
Head Office Address
› Investor Relation
Menara Mandiri 1
› ir@bankmandiri.co.id
Jl. Jenderal Sudirman Kav.54-55
Jakarta 12190 Indonesia
› Customer Care
62-21 5265045 › mandiricare@bankmandiri.co.id
› +62 811 8414 000 (MITA)
Social Media
@bankmandiri @Bank Mandiri
@bankmandiri
@mandiricare @Mandiri Care
@livinpoin @Livin’poin
@mandiricard @mandiri kartu kredit
86 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 89
ASSOCIATIONS MEMBERSHIPS
COMPANY PROFILE
No. Associations Position Scopes
1. Asosiasi Emiten Indonesia (AEI) (Members/Board) National
2. Forum Komunikasi direktur Kepatuhan Perbankan (FKDKP) Member National
3. Perhimpunan Bank Nasional (Perbanas) Board of Management National
4. Himpunan Bank Milik Negara (Himbara) Board of Management National
5. Ikatan Bankir Indonesia (IBI) Member National
6. Lembaga Alternatif Penyelesaian Sektor Jasa Keuangan (LAPS SJK) Member National
7. Bank Association for Risk Management (BARA) Member National
8. World Economic Forum (WEF) Board of Management International
9. APEC Business Advisory Council (ABAC) Member Asia Pasifik
10. Perkumpulan Chief Information Officer Indonesia (ICIO) Member National
11. Forum Human Capital Indonesia (FHCI) Board of Management National
12. Indonesia Foreign Exchange Market Committee (IFEMC) Board of Management National
13. Inisiatif Keuangan Berkelanjutan Indonesia (IKBI) Board of Management National
Association Cambiste International - Financial Markets Association (ACI FMA)
14. Board of Management National
Indonesia
Board of Management &
15. Himpunan Pedagang Surat Utang (HIMDASUN) National
Member
Board of Management &
16. Forum Komunikasi Kearsipan Perbankan (FKKP) National
Member
Board of Management &
17. Asosiasi Arsiparis Indonesia (AAI) National
Member
Board of Management &
18. Indonesia Contact Center Association (ICCA) National
Member
19. International Council of Museums (ICOM) Internal Membership Internasional
20. Asosiasi Museum Indonesia (AMI) Member National
Board of Management &
21. Asosiasi Museum Daerah (AMIDA) National
Member
22. International Chamber of Commerce (ICC) Indonesia Member Internasional
23. Asosiasi Bank Agen Penjual Efek Reksa Dana Indonesia (ABAPERDI) Board of Management National
24. Asosiasi Bank Kustodi Indonesia Board of Management National
25. Asosiasi Wali Amanat Indonesia Board of Management National
26. Forum Human Capital Perbankan Indonesia Board of Management National
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 87
Page 90
CORPORATE BRANDING
The brand identity of Bank Mandiri consists of symbol, fonts, colours and tagline. Each lemen tis elaborated as
follows:
Leading Trustworthy, Grow with You.
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, Series ous (respect) and resistance to challenges
(reliable). It symbolizes professionalism, strong foundation,
loyal, trustworthy and high honour.
Philosophy of the Tagline
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 finansial wealth in Asia that puts forward the
nature of agility, progressive, forward looking, excellence,
flexible, and resilient in addressing future challenges.
Page 91
COMPANY AT A GLANCE
PT Bank Mandiri (Persero) Tbk. hereinafter referred operations on 1 August 1999. The Bank’s Parent Entity
to as Bank Mandiri was established on 2 October is the Government of the Republic of Indonesia through
1998 in the Republic of Indonesia under notary deed the Ministry of State-Owned Enterprises which is the
of Sutjipto, S.H., No. 10 in conjunction to Government Ministry within the Indonesian Government in charge of
regulation No. 75 Year 1998 dated 1 October 1998. The fostering state-owned enterprises.
Deed of Establishment was ratified by the Minister of
Justice of the Republic of Indonesia in Decree No.C2- The Articles of Association of Bank Mandiri have been
16561.HT.01.01.Th.98 dated 2 October 1998, and amended several times, as lastly amended based on the
was announced on the State Gazette of the Republic Deed No. 07 dated 03 April 2024, made before Utiek R.
of Indonesia No. 97 dated 4 December 1998 and Abdurachman, S.H., M.Kn., Notary in Jakarta.
Supplement No. 6859.
The amendment has been ratified by the Minister of
Bank Mandiri was established through the merger of Law and Human Rights of the Republic of Indonesia
PT Bank Bumi Daya (Persero) (BBD), PT Bank Dagang in accordance with the letter of receipt of notification
Negara (Persero) (BDN), PT Bank Ekspor Impor Indonesia No. AHU-AH.01.03-0085149 and decree AHU-0022201.
(Persero) (Exim Bank) and PT Bank Pembangunan AH.01.02. Tahun 2024 dated 07 April 2024 and
Indonesia (Persero) (Bapindo) (hereinafter collectively registered in the Company Register No. AHU-0072626.
referred to as Merged Bank). Pursuant to Clause 3 of AH.01.11.Tahun 2024 dated 05 April 2024.
the Articles of Association of Bank Mandiri, the scope
of activities of Bank Mandiri is to conduct business in
the banking sector in accordance with the prevailing
laws and regulations. Bank Mandiri commenced its
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 89
Page 92
COMPANY PROFILE
INFORMATION ON BUSINESS MERGER
PAt the end of February 1998, the Government of the On the effective date of the merger:
Republic of Indonesia (hereinafter referred to as the • All assets and liabilities of the Merged Banks were
Government) announced a plan to restructure the transferred to Bank Mandiri as the Surviving Bank;
Merged Bank. In connection with the restructuring plan,
the Government established Bank Mandiri in October • All operations and business activities of the
1998 by carrying out equity investment and transferring Merged Banks were transferred and operated by
shares to the Merged Bank. The difference between the Bank Mandiri;
transfer price and book value of shares at restructuring • • Bank Mandiri received an additional paid-
period was not calculated due to impracticality. All in capital at Rp1,000,000 (one million Rupiah)
losses incurred during the restructuring period were (full value) or equivalent to 1 (one) share of the
recognized in the Recapitalization Program. remaining shares owned by the Government in
each Merged Banks. On such effective date, the
The restructuring plan was designed to incorporate the Merged Banks were legally dissolved without
Merged Banks’ business into Bank Mandiri in July 1999 any liquidation process and Bank Mandiri as the
and Bank Mandiri’s recapitalization. The structurization Surviving Bank received all rights and liabilities of
of the Merged Bank into Bank Mandiri also includes: the Merged Banks.
• Restructuring of loan; INFORMATION OF NAME CHANGE
• Restructuring of non-credit assets; In line with the brief history, Bank Mandiri has not
• Rationalization of domestic and overseas branch changed its name since its inception to date. However,
offices; the Bank has made changes to its original status of a
• Rationalization of human resource. company from private company to a public company
hence the Company name became PT Bank Mandiri
Under the notarial deed made by Sutjipto, S.H., No. (Persero) Tbk. The amendment was effective as of
100 dated 24 July 1999, the Merged Banks were 19 April 2004 in accordance with the Decree of Senior
legally incorporated into Bank Mandiri. The Deed of Deputy Governor of Bank Indonesia No. 6/11/KEP.
Merger was ratified by the Minister of Justice of the DGS/2004 dated 19 April 2004.
Republic of Indonesia under the Decree No. C-13.781.
HT.01.04.TH.99 dated 29 July 1999 and approved by
Bank Indonesia Governor under the Decree No. 1/9/
KEP.GBI/1999, dated 29 July 1999. Such merger was
deemed valid by the Head of Department of Industry
and Trade of South Jakarta through Decree No.
09031827089 dated 31 July 1999 that was an effective
date of the merger.
90 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | LAPORAN TAHUNAN 2025
Page 93
MILESTONES
COMPANY PROFILE
1824-1998
The establishment Established In July 1999, 4 Bank Mandiri Became a turning point
1998
1999
2003
2005
of Bank Mandiri on 2 October (four) State-Owned conducted the period by launching
began with the 1998, Bank Banks, Bank Ekspor Initial Public Transformation Phase 1 to
extensive journey Mandiri was part Impor Indonesia, Offering (IPO). 2010, to become the bank
of 4 (four) State- of a banking Bank Dagang of excellent at the regional
Owned Banks, restructuring Negara, Bank Bumi level (regional champion).
namely Bank program Daya, and Bank Transformation was
Ekspor Impor implemented by Pembangunan carried out with 4 (four)
Indonesia, Bank the Government Indonesia were main strategies, which are
Dagang Negara, of Indonesia. merged into one cultural implementation,
Bank Bumi entity called Bank aggressive control of
Daya, and Bank Mandiri. non-performing loans,
Pembangunan improving business
Indonesia. growth that exceeds
market growth averages,
and developing and
managing alliance
programs between
directorates.
2006 & 2007
2008-2009
Bank Mandiri Bank Mandiri The last phase of • Bank Mandiri Continued
2010
2011
2012
implemented the implemented Transformation conducted a rights transformation
“Back on Track” Transformation “Shaping the End issue by issuing in 2012 was
Transformation Program Phase Game” which had 2,336,838,591 carried out
Program as part 2 “Outperform been implemented shares at a price through Business
of Transformation the Market” since 2005, where of Rp5,000 per Transformation,
Phase 1 which which focused Bank Mandiri aimed share. which focused on 3
focused on on business to become the (three) main areas,
reconstructing the expansion to ensure leading regional • The initial namely Wholesale
fundamentals of significant growth bank through stage of the Transaction,
Bank Mandiri. in various business consolidation implementation Retail Deposit and
segments and of the financial of the Advanced Payment and Retail
achieve the level services business Transformation Financing.
of profitability that and prioritize of 2010-2014.
exceeds the market opportunities for Bank Mandiri
average target. non-organic growth had revitalized
strategies. Through its vision of
this transformation becoming the
process, Bank “most admired
Mandiri had and progressive
consistently Indonesian
managed to improve Financial
its performance Institution”.
as reflected in
improvements of
various financial
indicators.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 91
Page 94
COMPANY PROFILE
Bank Mandiri The new chapter Bank Mandiri Bank Mandiri • Bank Mandiri
2015
2016
2017
2018
2014
successfully in Transformation carried out began implemented the
carried out Phase 3 to become several implementing new culture in
the second “The Best Bank in corporate the Corporate early 2018. The
phase of the ASEAN 2020.” The actions such as Plan Restart application of new
transformation Transformation the issuance of which was culture has enabled
and prepared Phase 3 (three) sustainability announced the Bank to reach
to implement would bring Bank bonds, Asset in September 11th place out of
Corporate Plan Mandiri to be Backed 2016. As a 500 world’s best
2015- 2020. regional players Securities in result, Bank companies in terms
that is ready to the form of Mandiri’s annual of work environment
compete in the Participation net profit grew or “The World Best
ASEAN market to Letters (EBA- significantly by Employers 2018” by
provide the best SP) and the 49.5%. Forbes Magazine
financial services total asset version.
for all customers value of • Bank Mandiri issued
and the community Rp1,000 trillion. the Bank Mandiri
as well as to be the Sustainable Bonds
pride of Indonesia Phase III Year 2018
as the ASEAN best of Rp3 trillion. The
financial institution. Bank also issued
Bank Mandiri
Medium Term Notes
I in 2018 with the
total of Rp500 billion.
Bank Mandiri Bank Mandiri • Launching of Livin’ • Bank Mandiri refined the Livin’ by
2021
2022
2020
2019
issued Euro issued Bank Mandiri application by launching
Medium Term Mandiri Bonds the Livin’ Sukha feature as a one-
Notes (EMTN) II Phase I 2020 stop solution for all your lifestyle,
with a par value of with a nominal which provides easy transactions in
USD750,000,000 value of • Launching of Kopra customers’ daily lives.
(full amount) on Rp1,000,000.
the Singapore • Bank Mandiri’s share price reached
Exchange (SGX). an All-time high level of Rp 10,900 per
This is the highest share on 6 December 2022 and as of
Global Bond 30 December 2022 posted a growth of
transaction made • Issuance of Bank 41.3% YoY.
by an Indonesian Mandiri first
bank hitherto. Sustainability Bond • Bank Mandiri has exercised equity
with a nominal investment addition to PT Bank
value of USD300 Syariah Indonesia Tbk amounted to
million. Rp2.8 trillion to support business and
operations activities, as well as to
foster Indonesia’s sharia economy.
• Execution of the first Environmental,
Social, and Governance (ESG)
Repurchase Agreement (Repo)
transaction in Indonesia with a nominal
value of USD500.
92 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 95
COMPANY PROFILE
• Bank Mandiri realized a solid performance by achieveing • Digital transformation continues to be carried out, this is
2023
Third-Party Funds (TPF) of Rp1,242.15 trillion (bank done with the launch of the new Livin’ Sukha 2.0 feature
only), grew 4.11% YoY. This achievement was driven by which provides a more interesting experience in accessing
an increase in low-cost funds which reached 6.46% YoY entertainment content and daily lifestyle transactions. As
(bank only) with the composition of low-cost funds or of October 2023, Livin’ by Mandiri has been downloaded 34
current account and saving account (CASA) reaching million times, with its transaction value reaching Rp2,600
79.40%, the highest since Bank Mandiri was established. trillion or an increase of 36% year on year.
• Bank Mandiri held the mandiri ESG Festival by launching • Bank Mandiri also presents a new innovation Kopra beyond
digital carbon insetting, the first pre-paid recycle card, borders in meeting the needs of corporate customers
and NZE Operational 2030 commitment. abroad, to ensure convenience access to an integrated
digital financial for the customer ecosystem. As of August
• For 25 years, Bank Mandiri has consistently contributed 2023, a total of 677 transactions totaling Rp12.466 trillion
to the people of Indonesia. Bank Mandiri’s commitment have been managed by Bank Mandiri. Kopra by Mandiri’s
to continue to provide the best service and performance growth also increased 133% year-on-year (yoy) to 146,000
has received appreciation from various parties, including users within one year
LinkedIn Top Companies 2023 as the Best Place to
Work to Develop a Career in Indonesia, Forbes World’s • Bank Mandiri became the market leader in disbursing green
Best Bank 2023 as the Number 1 State-Owned Bank in financing of Rp115 trillion, up 9.5% year on year (YoY). This
Indonesia, and AIBP Innovation Awards 2023 from the is a tangible form of the implementation of sustainable
ASEAN Innovation Business Platform. 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).
• Bank Mandiri has once again made breakthroughs • Bank Mandiri recorded positive performance with a 14.9%
2024
in digital service innovation to meet the increasingly YoY growth in third-party funds (TPF) during 2024, reaching
diverse needs of society with high mobility. This is Rp1667.5 trillion. The Bank also successfully maintained
achieved through its contactless products: Mandiri its current account and savings account (CASA) ratio at
Debit Contactless, Mandiri Kredit Contactless, and 73.85%. Meanwhile, the Company’s asset quality remained
Tap to Pay. These products can be used with the “Tap” strong, with a non-performing loan (NPL) ratio at 0.97%.
method on EDC machines.
• As part of its efforts to optimize business in the
• Bank Mandiri has successfully achieved outstanding international arena, Bank Mandiri has launched the Livin’ by
performance throughout 2024, as evidenced by its Mandiri Timor-Leste application, reflecting its commitment
consolidated net profit of Rp42 trillion as of the third to meeting the financial transaction service needs of
quarter, marking a 7.56% year-on-year (YoY) increase. customers in Timor-Leste. The presence of Livin’ by Mandiri
Timor-Leste is expected to serve as a digital financial
solution for all segments of society in Timor-Leste.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 93
Page 96
COMPANY PROFILE
• In March 2025, the Government of Indonesia
2025
transferred its 52% shareholding to PT Danantara
Asset Management (Persero), while retaining
control through the Series A Dwiwarna share.
• Throughout 2025, Bank Mandiri recorded
consolidated assets of Rp2,839 trillion, representing
a 16.5% year-on-year (yoy) increase, positioning
Bank Mandiri as the largest bank by assets in
Indonesia.
• On 25 March 2025, Bank Mandiri issued Continuous
Green Bond I Bank Mandiri Phase II Year 2025 with
nominal value of Rp5,000,000, which consist of 2
(two) series.
94 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 97
COMPANY PROFILE ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 95
Page 98
VISION, MISSION & CORPORATE CULTURE
COMPANY PROFILE
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
Indonesia’s Best, ASEAN’s
Prominent
2020-2024
To Be Your Preferred Financial
Partner
2025-2029
The Best Financial Institution in
Southeast Asia
Vision Guided by the purpose of “Spirit to Prosper the Nation,”
Bank Mandiri’s long-term vision for 2025–2029 is
the Best Financial Institution in Southeast Asia. This
“The Best Financial aspiration reflects Bank Mandiri’s commitment to
becoming the best for all stakeholders, delivering
Institution in excellence to customers, employees, shareholders,
community and environment, as well as maintaining
Southeast Asia” strong credibility with regulators. Bank Mandiri is
committed to providing best-in-class customer service
recognized at the regional level, while continuously
strengthening its role as a catalyst for national
economic growth.
96 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 99
COMPANY PROFILE
Mission
Providing integrated and innovative financial solutions based on technology with excellent service,
focused on customer satisfaction, financial inclusion, and increasing value for shareholders, to
drive Indonesia’s economic growth to be competitive on a global level”
To support its vision, Bank Mandiri strives to effectively facilitate the interests of all stakeholders as follows:
Customers Community and Environment
Bank Mandiri is committed to Bank Mandiri is committed to Net
being a trusted financial partner Zero Emission and sustainable social
by providing innovative solutions, initiatives to support the environment,
enhancing services to lead the society, and sound corporate
market, and remaining relevant in management.
the financial industry.
Employees Regulator
Bank Mandiri is dedicated to creating Bank Mandiri upholds superior
an inspiring and progressive work governance and prudent principles
environment, supported by targeted to become a trusted institution in
development programs to foster the eyes of regulators, with stable
employee growth and maximize performance and satisfactory ratings.
contributions.
Shareholders
Bank Mandiri is committed to creating Review of Vision and Mission by the
sustainable value for shareholders Board of Commissioners and Board of
through healthy growth, focusing Directors
on RoE, PBV, and increasing market
capitalization, establishing itself as To ensure the alignment of Bank Mandiri’s
a symbol of credibility and financial
Vision and Mission with its ongoing operations,
strength in the banking industry.
the Bank routinely reviews its Vision and
Mission. The Bank’s Vision and Mission have
been discussed and approved by the Board of
Directors and the Board of Commissioners.
The new Vision and Mission have been
formulated alongside the development of Bank
Mandiri’s Corporate Plan for 2025-2029, which
continues to emphasize the Bank’s primary
purpose, “Spirit to Prosper the Nation.” These
new Vision and Mission statements have also
been incorporated into the Bank’s Business
Plan for the 2025-2028 period.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 97
Page 100
COMPANY PROFILE
Corporate Culture
Bank Mandiri has a reputation as an organization
with an optimal ecosystem for talent to grow. The
consistent implementation of the AKHLAK Core
Values (Trustworthy, Competent, Harmonious, Loyal,
Adaptive, & Collaborative) serves as the foundation
for Human Resources management through
integrated Human Capital strategies and initiatives,
in order to shape Mandirians as Strategic Business
Leaders with integrity and global competitiveness.
This approach is aligned with Bank Mandiri’s role as
a State-Owned Enterprise (SOE) that drives national
economic growth and accelerates social welfare.
Cultural strengthening is carried out to instill the
mindset and behavior of every employee as part
of their daily work, based on the implementation
of the AKHLAK Core Values. This is done to create
resilient Mandirians 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 2. Synergy
Provide understanding to Provide understanding to work
acquire/strengthen differed new together and collaborate for the
knowledge, behaviours, skills or benefit of the company for the
values. achievement of the Vision and
Mission.
3. Grow 4. Contribute to Indonesia
Provide understanding to develop Provide understanding to have
personally and professionally. a contribution and contribution,
as well as provide meaning and
benefits for Indonesia.
98 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 101
COMPANY PROFILE
Akhlak Core Values and Bank Mandiri’s Unique Characteristics:
Since 2020, every State-Owned Enterprise (SOE) is required to
implement the core value called AKHLAK, in accordance with the Furthermore, in order to continuously
Circular of the Minister of SOEs No. SE 7/MB/07/2020 dated 1 July strengthen the implementation of the
2020 concerning the Core Values of Human Resources of State- AKHLAK Core Values, Bank Mandiri has
developed a framework that represents
Owned Enterprises.
the unique characteristics of all Bank
Mandiri employees, known as Mandirian
Uphold the trust given DNA (M-DNA). These specific values
and behaviors are actualized through
“Trustworthy” value code of conduct: the collective movement Bergerak
• Deliver on agreements and commitments Berdampak, in order to shape Mandirians
• Responsible for the duties, decisions and actions
manah performed
who always deliver and always stay
• Firmly upholding the moral and ethical values ahead in realizing Bank Mandiri’s vision
and aspirations.
Continue to learn and develop capabilities 1. Think Big & Deliver Beyond
Expectation
“Competent” value code of conduct:
Mandirian employees possess
• Improving self-competence to overcome ever-changing
challenges broad perspectives and ambitious
ompeten • Helping others learn goals to create significant
• Complete tasks of the highest quality impacts and deliver extraordinary
contributions
Care for each other and respect differences. 2. Start from The End
Mandirian employees design
“Harmonious” value code of conduct: strategies with the ultimate goals,
• Respect everyone regardless of background
ensuring efforts are both strategic
• Fond to help others
armonis • Building a favourable work environment and tactical
3. Create Our Own Game
Mandirian employees craft
Dedicated and to first put the interests of the unique strategies based on core
nation and the country. competence, delivering innovative
“Loyal” value code of conduct: solutions that stand out and are
• Maintaining the good name of fellow employees, leaders, difficult to replicate
SOEs, and the Nation
4. Fast, Detail & Don’t Want to Fail
oyal • Willing to sacrifice to achieve greater goals
Mandirian employees execute
• Be obedient to the leadership as long as it does not
conflict with law and ethics with speed and precision to deliver
outputs of exceptional quality
Continue to innovate & be enthusiastic in 5. Go to Z
Mandirian employees demonstrate
enforcing or overcoming change.
resilience and commitment in fulfilling
“Adaptive” value code of conduct: responsibilities, ensuring achievement
• Quickly adjust to perform better and the sustainability of execution
• Constantly make improvements following technological
daptif developments
impacts
• Act proactively
Build synergistic cooperation.
“Collaborative” value code of conduct:
• Provide opportunities for various parties to contribute
• Open to working together to generate added value
• Drive the utilization of multiple resources for a common
olaboratif goal
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 99
Page 102
BUSINESS LINES
COMPANY PROFILE
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 6. Investing funds to, borrowing fund from, or
current accounts, term deposits, deposit lending fund to other bank(s), both by means
certificates, savings, and/or other equivalent of letters, telecommunication facilities, or a
forms; sight draft, check, or other means;
2. Lending; 7. Receiving payment from the collection of
commercial papers and make calculation with
3. Issuing promissory note; or between the third party;
4. Purchasing, selling, or guaranteeing on own- 8. Providing place to store securities and
risk or for the interest of and upon orders of valuable items;
the customers;
a. Bills of exchange including drafts and 9. Providing custodial service for the interest of
acceptance by the bank which validity other parties under contract;
periods are no more than the customary
in the trade of the intended bills; 10. Investing funds of one customer to another
b. Promissory note and other commercial customer in the form of securities not listed
papers which validity periods are no more on the Stock Exchange;
than the customary in the trade of the
intended bills; 11. Implementing factoring, credit card business,
c. State treasury papers and government and trustee activities;
guarantee instruments;
d. Bank Indonesia Certificates; 12. Financing and/or performing other activities
e. Bonds; based on sharia principles, in accordance with
f. Term commercial papers in accordance the provisions stipulated by the authorities;
with the laws and legislations; and and
g. Other securities in accordance with the
laws and legislations. 13. Carrying out other activities commonly
performed by banks provided that such
5. Money transfer for self- interest or customers’ activities comply with laws and regulations.
interest;
100 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 103
COMPANY PROFILE
Supporting Business Activities
1. Activities in foreign exchange by fulfilling 4. Acting as founder of a pension fund and
provisions stipulated by the authorized; pension fund administrators according to
provisions in legislation pension fund; and
2. Conduct capital participation in bank or other
company in the financial sector, such as 5. Buy collateral, all or both in part, by auction
leasing, venture capital, securities companies, or by other ways in which the debtor does
insurance, and institutions clearing settlement not fulfill its obligations to Bank Mandiri,
and institutions clearing settlement and with the provision of collateral purchased
authorized; is mandatory cashed as soon as possible.
3. Temporary capital participation activities All business activities under the Articles of
to overcome the consequences of credit Association have been carried out, both directly
failure or financing failure based on principle by the Company and through the Subsidiaries.
sharia, provided that they must be withdrawn
participation, by fulfilling the provisions
determined by the authorities;
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 101
Page 104
PRODUCTS AND SERVICES
COMPANY PROFILE
INDIVIDUAL
Bank Mandiri’s business activities include various deposit products, loan
products, and various services described as follows:
SAVINGS
Mandiri Savings
Mandiri Savings is a deposit product intended for individual business owners as well as business
entities, designed to support business operations with a choice of 13 currencies, offering
transaction convenience through the Business Debit card and internet/mobile banking (Livin’ by
Mandiri/Kopra).
Foreign Currency Saving
Foreign Currency Saving is a savings product in foreign currency for individuals that provided
benefits and convenience in making transactions as well as investing to meet customer needs.
Mandiri Foreign Currency Saving is available in 8 (eight) types of foreign currencies, namely USD,
JPY, EUR, SGD, AUD, CHF, GBP, and HKD with various benefits in the form of competitive currency
exchange rates and easy transactions at Livin’ by Mandiri.
Mandiri Tabungan Rencana (Saving Plan)
Mandiri Tabungan Rencana (Saving Plan) is a savings product for planning purposes equipped
with free insurance coverage to ensure savings plans.
Multicurrency Savings
Multicurrency Savings is a deposit in foreign currency for individuals, consisting of 2 (two) types
of accounts, namely Main Account and Sub Account, where charges are only applied to the Main
Account. Multicurrency Savings is available in 15 currencies USD, SGD, JPY, EUR, CHF, GBP, AUD
HKD, THB, MYR, SAR, CNY, CAD, NZD dan KRW. Multicurrency Savings also offers convenience and
comfort for customers as it can be opened online through Livin’ by Mandiri.
Tabungan Investor (Investment Saving)
Mandiri Investor Savings is an account used by customers to hold funds intended for use in the
investment transaction process at Securities Companies.
Tabunganku
TabunganKu is a savings product for Individuals, with simple and convenient requirements and
jointly organized by banks in Indonesia. It aims to foster saving culture and improve the community
welfare.
Tabungan Branchless Banking
Individual savings account in Indonesian Rupiah that utilizes technology and information facilities
provided by branchless banking agents (Mandiri Agents) in collaboration with Bank Mandiri,
enabling the entire community to access banking services easily (financial inclusivity).
102 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 105
COMPANY
PROFIL PROFILE
PERUSAHAAN
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), Juneor 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
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 Deposito
Rupiah provides convenience and security in investing with competitive interest rates and various
other facilities.
Time Deposit in Foreign Currency
Time deposit product in foreign currency, where withdrawals can only be made within a specified
period according to the agreement between the customer and the bank. The opening and closure of
Mandiri Foreign Currency Deposit can be done at all Bank Mandiri branches and via Livin’ by Mandiri
(for USD only). Mandiri Foreign Currency Deposit provides convenience, security, and investment
benefits with competitive interest rates and various other advantages.
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).
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 103
Page 106
LOANS
COMPANY PROFILE
Mandiri Multipurpose Loans • Mandiri KPR Multiguna
Mandiri Multipurpose Loan (KSM) is an unsecured Consumer loans provided by the bank to in-
loan provided to (prospective) borrowers with dividuals by using residence/shop house/
income or to specific target markets to finance office house/apartment used for consumer
various needs, such as education, weddings, needs.
healthcare, home renovation, and other family-
related expenses. • Mandiri KPR Multiguna Take Over
A feature of Mandiri KPR Multiguna is in the
Auto Loans form of the takeover of similar loans with-
Mandiri KKB is an auto loan product by Bank Mandiri Mandiri KPR Multiguna from other banks or
for individual customers to help them in the vehicle companies that have been running for a cer-
finance purchasing or refinancing for consumptive tain period of time, with a maximum credit
needs. limit according to the Bank’s calculation.
• Mandiri Regular Auto Loans • Mandiri KPR Multiguna Top Up
A credit facility for financing new or second ve- A feature of Mandiri KPR Multipurpose is the
hicle purchase. The types of vehicles that can addition of a credit limit to the Mandiri KPR
be financed include passenger cars, commer- Multipurpose credit facility that has been
cial cars, and motorcycle. running for a certain time (existing) which is
used for consumptive purposes.
• Mandiri Multipurpose Auto Loans
Refinancing your (or spouse) vehicle for con-
CREDIT CARDS
sumptive purpose. The type of collateral ac-
cepted are passenger car and motorcycle.
Travel
Mortgage Loans • Mandiri Signature
Consumer loans provided by the Bank to individuals Credit card products with various benefits
to finance the purchase of residential houses/shop for travel needs, airport lounge and other
houses (ruko)/office houses (rukan)/residential attractive programs.
flats (apartments) in new or used condition through
developer or non-developer. • Mandiri Traveloka
Credit card products that provide more
• Mandiri KPR Take Over benefits for customers to purchase flights,
One of the features of Mandiri KPR is in the hotels, and experience in Traveloka and get
form of credit takeovers that are similar to Traveloka Points for every transaction.
Mandiri KPR products from other banks, with
a maximum credit limit equal to the last out-
Automotive
standing at the original bank or the new credit
limit according to bank calculations. • Mandiri MyPertamina
Credit card products for the daily needs
• Mandiri KPR Top Up of customers that provide more benefits,
Feature of Mandiri KPR, which is the addition especially at merchant category Automotive
of credit limit to existing Mandiri KPR with fixed and fuel.
loan tenure or additional loan tenure so that the
additional limit can be used to meet other ne-
cessities.
104 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 107
COMPANY PROFILE
Golf
Prioritas
• Mandiri Golf Signature/Platinum
Credit card products are specially presented to the • Mandiri World Prioritas
golf enthusiast with special promos at various golf Credit card products that were given specifically
courses and merchants. to Bank Mandiri Priority Banking customers,
with benefit privilege in travel, shopping, etc.
Lifestyle • Mandiri Kartu Kredit World Elite
• Mandiri Lippo Malls Credit card products that were given specifically
Credit card product that suits the lifestyle and to Bank Mandiri Private Banking customers, with
daily needs of customers, along with various other benefit provided the best service facilities and
benefits at Lippo Malls Indonesia rewards for customers.
Corporate
• Mandiri Platinum
Credit card products for customers with modern • Mandiri Corporate
lifestyle, whether for dining, shopping or other Credit card product issued for company
lifestyle needs. transaction needs, such as business trips,
operational spending, and make it easy for
• Mandiri Fengshui companies to monitor budget usage.
Credit card products with special design of fengshui
element, giving benefits to support cardholder • Mandiri SME
lifestyle, traveling, and overseas transaction. Credit card product issued for the operational
transaction and business travel needs of
• Mandiri Shopee a company, providing convenience for the
Credit card products for online transactions and company to control every transaction made by
offering benefits such as Koin Shopee for every employees.
transaction.
• Mandiri Kartu Kredit Pemerintah
• Mandiri JCB Precious Credit card product issued for meet the
Credit card product offers customers with the transaction needs of Ministry and Government
main benefit Japan Theme especially for traveling Agency work units, providing ease in transaction
and overseas transactions. control and security.
• Mandiri Kartu Kredit SKYZ • Mandiri Kartu Kredit Pemerintah Domestik /
Credit card product to support lifestyle and daily Kartu Kredit Indonesia
needs transaction. Credit card product that issued for central and
regional government work units, functioning
• Mandiri Plus as a payment tool the operational spending
Credit card product to support lifestyle and daily and business travel needs of work units based
needs transaction. on applicable ministry regulations through the
National Payment Gateway (GPN).
• Mandiri Livin’ Everyday
Virtual credit card (cardless) for daily needs
transactions.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 105
Page 108
COMPANY PROFILE
Special Design
Mandiri Tzu Chi Mandiri Special Design
Automotive
collaboration with Buddha Tzu Chi Mandiri Signature Credit Card with a special
Foundation, offering benefits to support design in collaboration with HOG Indomobil,
lifestyle and enabling donations through the Ducati Official Club Indonesia and others,
Buddha Tzu Chi Foundation. with benefits to support the members’
lifestyle.
Mandiri Duta Bio Energi Card
Mandiri Fengshui credit card with a special
design in collaboration with Duta Bio Energi
Chi Kung Foundation, offering benefits to
support lifestyle Duta Bio Energi Chi Kung
Foundation members.
106 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 109
COMPANY PROFILE
Mandiri Signature Mandiri Holywings
Buttonscarves
Mandiri Signature credit card with a special Mandiri Plus and Signature credit cards with
design in collaboration with Buttonscarves special design Holywings, offering lifestyle
created for a more refined and exclusive benefits for Holywings members.
lifestyle.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 107
Page 110
COMPANY PROFILE
INVESTMENT AND INSURANCE
Mutual Funds Retail Government Securities
(SBN)
• Money Market Mutual Funds
Investment products that only invest in • Retail Government Bonds (ORI)
domestic money market instruments Government Securities (SBN)
and/or debt securities with a maturity of instruments offered to individuals
less than one year. or persons of Indonesian citizens
• Fixed Income Mutual Funds through Distribution Partners in the
Investment products with a minimum Primary Market that can be traded in
placement of 80% in debt securities. the Secondary Market with capital gain
• Balanced Mutual Funds potential.
Investment products with a maximum • Retail Government Sukuk
fund placement of 79% in stocks and/or Government Sharia Securities (SBSN)
bonds and/or money markets. instruments issued by the Government
• Equity Mutual Funds of the Republic of Indonesia through
Investment products with a minimum SBSN Issuing Companies, based on
placement of 80% in equity securities. Sharia principles offered to individuals
• Protected Mutual Funds or persons of Indonesian citizens in the
Investment products that provide Primary Market that can be traded after
protection for the initial investment minimum holding period.
(principal) at maturity through the • Savings Sukuk
portfolio management mechanism. Government Sharia Securities which
• Index Mutual Funds are investment savings of individuals
Investment products that are managed to of Indonesian citizens offered in Rupiah
get investment results similar to an index currency, issued without bond, and
used as a reference. cannot be traded and transferred.
• Mutual Funds Limited Participation • Sukuk Bond Retail
Investment Products that collect funds Government Bonds sold to individuals
from professional financiers which are or persons of Indonesian citizens
then invested by the Investment Manager through Distribution Partners in the
in a portfolio of securities based on real Domestic Primary Market that cannot
sector activities. be traded in the Secondary Market.
Discretionary Fund Referral Retail Brokerage
Discretionary Fund is a service for managing a
Bank Mandiri offers Referral Retail
portfolio of securities and/or funds conducted
Brokerage service through a partnership
by an investment manager for one (1) specific
with the Bank’s Securities Partners. This
client, whereby under an agreement on the
service provides access to capital market
management of a portfolio of securities and/
transactions and instrument options to
or funds for the individual interest of the
diversify and grow customer portfolios.
client, the investment manager is granted full
discretionary authority by the client to manage
the portfolio of securities and/or funds.
108 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 111
COMPANY PROFILE
Insurance – AXA Mandiri
In general, AXA Mandiri is currently offered • Providing unit link insurance products on life
several business solutions categories in the insurance protection with investment part;
form of life insurance for the customers of
Bank Mandiri including Bank Mandiri Group • Providing insurance protection for credit card
which are Bank Syariah Indonesia, Mandiri holders, savings customers, consumer loan
Tunas Finance etc, which are: customers as well as micro credit customers
of Bank Mandiri and Bank Mandiri subsidiar-
• Providing traditional insurance products ies; and
that provide protection for life, critical ill-
ness as well as health coverage. In addi- • Providing Corporate Solution insurance prod-
tion, provide insurance endowment prod- ucts for the company employees.
uct to help customer prepare the financials
plan on child education and pension;
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 109
Page 112
DIGITAL BANKING
COMPANY PROFILE
Livin’ by Mandiri
Livin’ by Mandiri is a financial super app that delivers
comprehensive banking services seamlessly through
smartphones. Livin’ by Mandiri provides a holistic digital
banking experience supported by beyond-banking
capabilities, service excellence, and seamless ecosystem
integration. The platform now offers more than 150
features designed to meet both the financial and non-
financial needs of customers. Key functionalities include
digital account opening in over 120 countries, cardless
cash deposits and withdrawals, e-wallet integration,
smart payment options, BI-FAST instant transfers, QR
payments and digital receipts, Tap to Pay and QRIS
Tap, PayLater services, foreign exchange and cross-
border transfers, investment product purchases, and a
comprehensive suite of retail lending solutions. These launches, thereby offering a comprehensive and
capabilities are further complemented by lifestyle and value-driven lifestyle experience for customers.
engagement platforms such as Livin’ Sukha and Livin’
Loyalty, as well as new offerings including loans secured Mandiri e-Money
by time deposits, secondary bond transactions, insurance Mandiri e-Money is a chip-based Electronic Money
referrals, and e-money top-up services, collectively solution issued by Bank Mandiri, designed as a
designed to enhance transaction convenience and secure alternative to cash for various payment
elevate the overall customer experience. transactions. It serves as a convenient payment
method for services such as toll roads, parking
Livin’ Merchant facilities, TransJakarta, trains, grocery stores, and
Livin’ Merchant is Bank Mandiri’s integrated Point of Sale various other merchants.
(POS) application with no subscription fee, designed
to support the digitalization of business operators’ Mandiri Paylater
operations, particularly MSMEs. This platform provides Mandiri Paylater is a loan facility provided by Bank
an end-to-end solution covering sales recording, stock Mandiri to support payments for QR and Virtual
and catalog management, automatic transaction Account (VA) transactions across all merchants, as
reports, as well as multi-outlet management within a well as item payments at Livin’ Sukha merchants.
single application. Livin’ Merchant also supports various The service offers flexible repayment tenors of 1,
payment methods, including cash, QRIS, and cards, with 3, 6, 9, or 12 months and can be applied for digitally
real-time and on-demand fund disbursement. Equipped through the Livin’ by Mandiri application.
with sector-specific solutions such as F&B, access to
stock purchases from selected distributors, and working Mandiri Direct Debit
capital advance facilities, this platform plays a role in Mandiri Direct Debit is a service that streamlines
improving operational efficiency, expanding business the acceptance of Mandiri Credit Card
growth opportunities, and promoting digital literacy and transactions, whether at merchants e-commerce
inclusion among MSMEs in Indonesia. in collaboration with Bank Mandiri. This service
delivers a seamless transaction experience
Livin’ Sukha through an integrated payment flow.
Livin’ Sukha stands out as a key feature within Livin’
by Mandiri, designed to cater to customers’ diverse Mandiri Chat Banking
lifestyle needs. Leveraging Bank Mandiri’s extensive Mandiri Chat Banking is a communication
customer ecosystem and collaborations with more than service connecting Bank Mandiri with customers
170 curated partners, Livin’ Sukha provides integrated through our official WhatsApp business account
access to a wide range of lifestyle services, including at +6281184140000. This service facilitates
travel, entertainment, healthcare, shopping, and food and the exchange of information, notifications, and
beverage ordering. Livin’ Sukha also delivers engaging interactions through live chat between Bank
entertainment and educational content through articles, Mandiri and its customers. Additionally, customers
live streaming, and reels, while serving as a preferred can inquire about Bank Mandiri’s products and
platform for major concerts and flagship product services by using the same WhatsApp number.
110 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 113
COMPANY PROFILE
Network. Mandiri EDC supports contactless payments
using QR codes, QRIS Tap, and smartphone with NFC,
while also providing e-money top-up services.
Mandiri ATM Deposit-Withdrawal
Mandiri ATM Deposit-Withdrawal is a type of ATM
machine that provides a range of banking transaction
services, including cash deposit, cash withdrawal,
interbank transfers, as well as payment and purchase
transactions for Bank Mandiri customers. All other
banking transaction services available at Mandiri
ATMs can also be accessed through Mandiri ATM
Setor Tarik machines.
Mandiri E-Commerce
Mandiri e-Commerce is a card payment acceptance
Mandiri Chat Banking also provides balance inquiries, service for online merchants partnering with Bank
transaction history checks, and debit card blocking Mandiri, supporting transactions using Mandiri Cards
services. as well as cards issued by other banks. The service
provides a seamless and integrated payment flow
Mandiri ATM within the transaction process, eliminating the need
Mandiri ATM provides customers with convenient to access separate banking channels. Customers
access to their accounts, allowing for various actions can transact using Mandiri Cards or other bank cards
such as cash transactions, balance inquiries, transfers, connected to international payment networks.
and payments using Mandiri Cards. Mandiri ATMs
are integrated with both domestic and international Mandiri QRIS
payment networks, facilitating transactions with cards Mandiri QRIS is a QR Code–based payment
from other banks. Furthermore, Bank Mandiri has acceptance service for Bank Mandiri merchants,
upgraded its ATMs to accommodate cash deposit and supporting cashless transactions through server-
withdrawal transactions. based electronic money and other funding sources.
The QR Code is standardized by Bank Indonesia and
Mandiri Customer Service Machine (CSM) the Indonesian Payment System Association (ASPI),
Mandiri Customer Service Machine (CSM), fully thereby it enables an interoperability transaction
integrated with the Livin’ by Mandiri, represents Bank with Livin’ by Mandiri or other apps of the Bank and/
Mandiri’s cutting-edge digital banking service It offers or Non-Banks (fintech) registered and approved by
convenient card issuance and replacement services, Bank Indonesia. Mandiri QRIS expands access to
allowing customers to change card types, replace convenient and inclusive digital payment solutions,
damaged cards, or address lost cards. Additionally, while enhancing the ease of cashless transactions for
customers can efficiently open new accounts through merchants.
these machines. The CSM enables self-service
transactions with simplified steps, eliminating the Mandiri Application Programming Interface
necessity for form filling. It operates 24/7, ensuring Mandiri Application Programming Interface (API)
fast and efficient service without the need to wait at provided easy access to banking products and services
the branch. for players of the digital ecosystem integrated into
the Partner application to take advantage of banking
Mandiri EDC services conveniently and safely.
Electronic Data Capture (EDC) machine provisioning
service available at shops/merchants that cooperate
with Bank Mandiri. Mandiri EDC facilitate purchasing
and payment transactions through contact and
contactless methods using Mandiri Cards or other
Banks electronically through the Domestic Network,
International Payment Network, and the Bank Mandiri
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 111
Page 114
BUSINESS
COMPANY PROFILE
KOPRA by Mandiri is a wholesale super digital platform that serves as a
single hub for financial information and transaction activities for wholesale
segment customers. Through this platform, Bank Mandiri provides integrated
solutions encompassing Cash Management, Supply Chain Financing,
Guarantee, as well as Trade Finance, all of which can be accessed within a
single globally standardised digital ecosystem.
To accommodate the diverse operational needs of customers, KOPRA can be
accessed through the following two connectivity channels:
Kopra Portal
A front-end digital service variant in the form of a single sign-on portal that enables customers to access all KOPRA
services through an integrated web-based interface. This channel is available for all solutions offered within the
KOPRA platform, ranging from Cash Management, Supply Chain Financing, Guarantee, and Trade, to transactional
information services.
Kopra Host-to-Host (H2H)
A service variant based on integration between the customer’s internal system and Bank Mandiri’s system. Through
this channel, all transaction instructions in the context of Cash Management, Supply Chain Financing, Trade Finance,
as well as transactional information services can be transmitted automatically and in real time without manual
intervention. Kopra H2H is the preferred solution for large corporate customers with high transaction volumes and
complex system integration requirements.
Through both channels above, corporate customers can leverage the following suite of solutions:
CASHMANAGEMENT
CASH MANAGEMENT
KOPRA Cash Management solutions are designed to support corporate payment needs can be managed within a single
corporate customers in managing the entire cash flow cycle integrated digital ecosystem through the KOPRA platform.
efficiently and in an integrated manner. These solutions
encompass five main clusters, namely collections, payments, 3. Liquidity Management: Liquidity Management and
liquidity management, physical cash services, as well as Optimization
transaction information and monitoring services.
KOPRA Liquidity Management solutions provide three
1. Collections: Funds Collection and Identification cash management approaches that can be tailored to
the account structure and operational needs of corporate
Mandiri Bill Collection customers.
A service for identifying and reconciling bill payments
using a unique number as the payment reference for Mandiri Smart Account
the payer. This service enables corporate customers A transactional virtual account (VA) service with budget
to monitor payment status accurately and efficiently or limit settings per VA. Funds from all VAs are centralised
without manual processes. into a single master account with an accurate and flexible
budgeting scheme, enabling structured and centralised
Mandiri Auto Debit optimisation of interest income.
from the customer’s account to the company’s account
based on predefined agreements. This service supports Cash Concentration
structured recurring billing while reducing the risk of A liquidity management product based on real accounts
delayed payments. with active physical fund movements between accounts,
available as a feature in the Kopra Portal. Customers
2. Payments: Payments and Disbursement can select three operational modes based on their
needs: pooling (sweeping funds to the master account),
Payment Services disbursement (transferring funds from the master
A comprehensive payment solution covering transfers to account), and range balance (maintaining balances within
counterparties through both domestic and international a predefined range).
methods, payroll processing, tax payments, utility
payments, and purchases of Pertamina products. All
112 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 115
COMPANY PROFILE
Notional Pooling minimises operational risks in managing customers’
A liquidity management product based on real accounts physical cash.
without physical fund movements between accounts.
Balances across all accounts are aggregated notionally 5. Information and Monitoring Services: Transaction
for centralised interest optimisation, while maintaining Information Services
operational independence of each account. Supporting services that provide comprehensive visibility
over account activities and transactions accurately and
Kopra Investment in real time.
A deposit investment management service through the
KOPRA platform, covering account opening, monitoring, Online Notification
early withdrawal, as well as setting and modifying A real-time notification service for transaction activities
deposit rollover instructions. This service enables and fund movements in customer accounts. This service
customers’ idle cash to be managed more productively is accessible through the Kopra Host-to-Host (H2H)
in a structured manner. channel.
4. Physical Cash Services Mandiri Electronic Banking Statement (MEBS)
A service providing financial information in the form of
Kopra Layanan Antar Jemput Uang (LAJU) electronic bank statements to support reconciliation and
A cash pick-up and delivery service for customers to and financial reporting needs of corporate customers. This
from the bank, with all request and processing conducted service is accessible through both the Kopra Portal and
digitally through the KOPRA platform. This service Kopra Host-to-Host (H2H).
SUPPLY CHAIN FINANCING
Bank Mandiri’s Supply Chain Financing solutions facilitate Mandiri Distributor Financing (Account Payable Financing)
financing within customers’ supply chain ecosystems,
covering relationships between principals, distributors, A financing facility provided by the Bank to distributors of
and suppliers, from invoice creation and acceptance to a principal that has entered into a cooperation agreement
financing application and settlement. These solutions with the Bank. This facility is intended to finance or defer
can be accessed through the Kopra Portal or Kopra Host- payments for payables arising from the purchase or
to-Host (H2H), depending on customers’ operational distribution of goods or services from the principal.
needs and system integration requirements.
Mandiri Supplier Financing (Account Receivable Financing)
The key advantages of KOPRA Supply Chain Financing A financing facility provided to suppliers that are business
solutions include: partners of the Bank’s principal customers, in the form of
• Transaction security through a certified system with receivables purchase. This enables suppliers to receive
an authorization matrix applied to every transaction. accelerated payments prior to the invoice due date.
• Ease of monitoring limits and transactions in real
time, supported by transaction data storage and
reporting capabilities.
• Process efficiency in billing, payment initiation, and
financing applications, which can be conducted
anytime and anywhere.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 113
Page 116
COMPANY PROFILE
TRADE SERVICE & FINANCE
Bank Mandiri’s Trade solutions are designed to
support the seamless execution of customers’
trade activities, both domestic and international,
through comprehensive services covering
document handling, trade payment instruments,
and financing. All Trade Finance solutions can
be accessed through the Kopra Portal as well as
Kopra Host-to-Host (H2H), in accordance with
customers’ integration requirements.
1. EXPORT
Bank Mandiri provides export services and
financing solutions to support exporters
in managing liquidity from order receipt,
document preparation, and document
presentation to the acceleration of export
proceeds. Bank Mandiri’s Trade Specialists
across Indonesia also assist customers in
executing international trade transactions
through various payment methods, including
Letter of Credit (LC), Documentary Collection,
and Open Account.
Export Services
• Outward Documentary Collection: A
service for collecting shipping documents
from customers to importers without
a Letter of Credit, in export or domestic Export Financing
trade transactions, to obtain payment or
acceptance. • Pre-Export Financing: Trade financing
• Letter of Credit Advising: A service for provided to exporters to support preparation
notifying customers of received LCs (an for export shipments (pre-shipment
irrevocable written undertaking by a bank) financing), based on either LC or non-LC
or their amendments, including assurance transactions.
of payment to the beneficiary upon • Export Bill Purchase: A short-term trade
submission of documents compliant with financing facility that accelerates exporters’
the LC terms and conditions. receivables by providing advances with
• Letter of Credit Confirmation: As a recourse against export bills, for both LC and
Confirming Bank, Bank Mandiri adds its non-LC transactions.
payment undertaking to an LC issued • Forfaiting: A transaction involving the
by another bank, provided that the purchase of receivables between Bank
documents submitted comply with the LC Mandiri and customers or correspondent
terms and conditions.
114 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 117
COMPANY PROFILE
Import Services
• Inward Documentary Collection: A
service for receiving and delivering
shipping documents to customers as
buyers in import or domestic trade
transactions, ensuring that document
release is carried out in accordance with
the instructions of the remitting bank.
• Banker’s Acceptance (Avalist) –
Inward Documentary Collection: An
unconditional commitment from the
Bank to guarantee payment of time/
usance documents at maturity, arising
from bills of exchange, promissory
notes, or inward documentary
collections with documents released
against acceptance (D/A).
• Issuance of Import Letter of Credit:
An irrevocable written payment
undertaking issued by Bank Mandiri to
the seller, subject to presentation of
documents that comply with the terms
and conditions of the Letter of Credit.
• Shipping Guarantee: A solution that
enables the early release of goods from
the port even when original shipping
documents have not yet been received,
based on a commitment issued by
Bank Mandiri to the shipping company.
banks based on deferred trade documents This helps reduce the risk of cargo
under an LC, at a discounted price without damage and additional charges such as
recourse. detention, demurrage, and storage.
2. IMPORT Import Financing
Bank Mandiri provides solutions that enable • Trust Receipt: Post-import or post-
customers to purchase goods more securely shipment trade financing that enables
through document-based payment mechanisms. customers, as buyers, to settle payment
These solutions offer flexibility for customers obligations under Letters of Credit (LC)
to negotiate payment terms while maintaining at maturity.
credibility with suppliers. In addition to facilitating • Deferred Payment: Post-import or
the issuance of Letters of Credit (LC), Bank post-shipment financing that enables
Mandiri also provides financing support for import customers to settle payment obligations
purchases as well as domestic trade transactions. arising from open account transactions
or inward documentary collections at
maturity.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 115
Page 118
COMPANY PROFILE
3. DOMESTIC TRADE
Differences in industrial, agricultural, and infrastructure capacities across regions make domestic trade
an important mechanism in meeting national demand, stabilizing the supply of goods, and maintaining
competitive pricing. Bank Mandiri’s domestic trade solutions provide payment certainty, protection against
default risk, and ease in managing transaction documentation.
Domestic Letter of Credit (SKBDN)
An irrevocable written undertaking issued by the Bank at the request of a customer for domestic trade
transactions. The Bank guarantees payment to the beneficiary, provided that the documents presented
comply with the terms and conditions of the SKBDN and its amendments. Services include issuance,
advising, amendment, document examination, and payment settlement.
Domestic Trade Financing Solutions
1. Account Receivable Financing:
• Receivables Financing: Trade financing provided to sellers to support preparation for goods delivery
and to accelerate payment collection from buyers for the sale of goods or services in domestic
trade transactions. This includes Purchase Order Financing and Invoice Financing.
• Bill Purchase: Trade financing in the form of accelerated receivables for sellers based on bills,
116 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 119
COMPANY PROFILE
applicable to both SKBDN and non-SKBDN transactions.
• SKBDN Forfaiting: A transaction involving the purchase of receivables between Bank Mandiri
and customers or correspondent banks based on deferred trade documents under SKBDN, at
a discounted price without recourse.
2. Account Payable Financing:
• Trust Receipt: Post-shipment trade financing based on SKBDN provided to customers as
buyers, to settle their obligations under SKBDN at maturity.
• Deferred Payment: Post-shipment financing product to settle customers’ obligations as buyers
arising from domestic open account transactions or SKBDN issued by other banks.
4. BANK GUARANTEE
Bank Mandiri’s Bank Guarantee is a guarantee issuance service in which the Bank undertakes to pay a
specified amount to the beneficiary if the customer fails to fulfil its obligations in accordance with the
agreed terms or contract. Bank Guarantees can be issued through the Kopra Portal or Kopra Host-to-
Host (H2H), depending on customer needs and system integration arrangements.
The key advantages of Bank Mandiri’s Bank Guarantee services include:
• Online issuance through the Kopra Portal or Kopra Host-to-Host (H2H).
• A wide network of issuing branches across Indonesia.
• Flexibility in collecting guarantee documents at branches different from the issuing branch.
• Same day service standards.
• A wide range of guarantee coverage options tailored to customer needs.
• Bank Guarantee confirmation through QR code scanning via the KOPRA mobile app, Mandiri Call
14000, and inquiries through KOPRA by Mandiri.
Bank Mandiri also provides various guarantee deposit schemes with competitive requirements as
part of its support for national development initiatives and the acceleration of budget absorption. In
addition, Bank Mandiri can collaborate with beneficiaries to expedite the Bank Guarantee confirmation
process through system interconnection.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 117
Page 120
COMPANY PROFILE
TREASURY
CASH MANAGEMENT
Cash Transaction/Liquidity • Mandiri Kopra Foreign Exchange
The foreign exchange transaction feature on Kopra
• FX Today by Mandiri offer real-time competitive exchange
A transaction to exchange one currency for another rates.
at an agreed rate, with a settlement date on the
same day as the transaction date.
Hedging Products
• FX Tom
A transaction to exchange one currency for another • FX Forward
at an agreed rate, with a settlement date on the A transaction to exchange one currency for another
following business day after the transaction date. at an agreed rate, with a settlement date more than
two business days after the transaction date.
• FX Spot
A transaction to exchange one currency for another • Par Forward
at an agreed rate, with a settlement date two A Series es of FX forward transactions that have
business days after the transaction. different maturities dates, using a single rate as
agreed upon at the time of transaction date.
• Banknote in Foreign Currency
The Foreign Exchange Transaction in the form • FX Swap
of banknotes that are officially issued by the A foreign exchange transaction for buying or selling
authorized entities of each respective country on a specific date, with a promise to repurchase
and recognized as legal tender in the respective or resell at a future date, with an exchange rate
country. predetermined at the time of the transaction.
• Mandiri Repo (Repurchase Agreement) • FX Option
Transaction to sell or buy securities/bonds, with a Foreign Exchange Transaction is conducted
promise to repurchase or resell it at a predetermined between two parties to buy or sell the right to
time and price. purchase (call) or sell (put) one currency against
another for a specific period, at a predetermined
• Local Currency Settlement (LCS) strike price and premium on the transaction date.
A Foreign Currency transaction with settlement
conducted bilaterally between each participant in • Interest Rate Swap (IRS)
Indonesia and partner country, using the respective Transaction conducted between two parties to
local currency of both countries. exchange interest payment from floating rate to
fixed rate or vice versa without principal payment
• Foreign Exchange at Livin’ and in the same currency.
The foreign exchange transaction feature on Livin’
by Mandiri is available 24 hours a day, 7 days a • Cross Currency Swap (CCS)
week. Transaction conducted between two parties to
exchange principal and interest payment in two
different currencies over an agreed period.
118 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 121
COMPANY PROFILE
• Mandiri Call Spread • Secondary Bonds at Livin’
Variation of option transactions that combines An investment feature in the Livin’ by Mandiri that
two transactions: buying a call option and selling enables customers to buy and sell bonds in the
a call option, with two different strike prices. secondary market.
• Domestic Non-Deliverable Forward (DNDF) • Mandiri Deposit Swap (MDS)
A transaction to exchange one currency for An investment product in the original currency
another at an agreed rate, with settlement more linked to a foreign exchange transaction and the
than two business days after the transaction. placement of funds in the alternate currency at
The settlement of DNDF transactions uses a the near leg. The funds are then converted back
fixing mechanism or without principal payment, into the original currency at the far leg with the
by calculating the difference between the DNDF aim of enhancing the returns of the Fund Product.
transaction rate and the reference rate, on a The tenor, initial conversion exchange rate, final
specified date as agreed upon at the time of conversion exchange rate, and the return from
transaction date. the Mandiri Deposit Swap transaction are agreed
upon at the start of the transaction, based on the
type of original and alternate currencies.
Investment Product
• Mandiri Dual Currency Investment (MDCI)
• Government Bond (SBN) An investment that combines Fund Product
Securities issued by the government in the form transaction (Current Account/Savings/Deposit)
of debt instrument, with interest and principal with the sale of Options by the Customer in a
payment guaranteed by the Republic of Indonesia specific currency.
for the duration of the validity period.
• Mandiri Market Linked Deposit (MMLD)
• Sharia Government Bonds (SBSN) An investment product which combines a Time
Sharia based Securities issued by the government deposit and digital option products with the aim
in the form of debt instrument, with interest and for yield enhancement. Customers will receive
principal payment guaranteed by the Republic of a return based on the number of business days
Indonesia for the duration of the validity period. the reference exchange rate movement remains
within the agreed range. MMLD offers potentially
• Retail Government Bonds higher returns compared to conventional savings
Government Bond (SBN) that issued by products and has the characteristic of placement
Government, intended for retail investor, and principal is protected.
offered in smaller denominations. The maturity
period for retail government securities is limited
to a maximum of six (6) years. The principal
and coupon payments are guaranteed by the
government.
• Corporate Bonds (SBK)
Securities/Bonds issued by companies, including
banks, both government-owned and private
entities in Indonesia, listed on exchanges in
Indonesia or abroad.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 119
Page 122
COMPANY PROFILE
FINANCIAL
CASH INSTITUTION
MANAGEMENT
Custodial Services
1. Types of Custodial Services
Settlement of Securities Transactions Receiving
and or delivering securities transacted by a
customer to a party appointed by the customer.
2. Storage and Administration
• Keeping physical securities in kluis/vault or
scripless securities in securities accounts at
KSEI/BI/Euroclear.
• Administering securities according to the
owner of each customer.
3. Management of Right (Corporate Action)
Managing investor rights with respect to Securities
held at the Custodian, such as interest and principal
on bonds, dividends and distribution of bonus
shares.
4. Trusteeship Services (Proxy)
Acting on behalf of/representing investors
(shareholders/bonds) to attend the GMS (General
Meeting of Shareholders) and RUPO (General
Meeting of Bondholders).
5. Reporting and Information
• Send reports to customer:
- Securities kept at the custodian.
- Transactions conducted by customers
and already settled by the custodian.
• Send information related to securities stored
by customers.
120 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 123
COMPANY PROFILE
Bank Mandiri Custodian Business Line Trust Services
• General Custody • Trustee
Custodian services for securities listed on the IDX, Services provided by the Bank to legal entities undertaking
equity participation shares, valuable documents, an initial public offering (IPO) or other corporate actions,
and others. to hold or receive funds from investors.
• Sub-Registry of Government Bonds (SUN) and • Monitoring Agents
Bank Indonesia Certificates (SBI) Services provided by the Bank to Legal Entity Institutions
Custodian services for the safekeeping and and Government Institutions that will issue bonds/sukuk
settlement of transactions involving Government to be carried out without going through a public offering.
Securities and securities issued by Bank
Indonesia. • Paying Agents
- Services provided by the Bank to:
• Custody Euroclear Legal Institution and Government Institution that
The Bank, as a direct member, provides custodian will issue Bonds/MTNs with a draft in which coupon
services for securities recorded in Euroclear. payment and Bonds/MTNs with a draft in which
coupon payment and Bonds/MTN Notes are made
• Custody for american Depository Receipts without going through KSEI.
(ADR)/Global Depository Receipts (GDR) - Company that makes payment for dividends to their
Program shareholders that do not have Securities Account in a
The Bank acts as the local Custodian for share Custodian or Securities Company.
transactions involving dual/multiple listings.
• Security Agent
• Custody Mutual Fund/Discretionary Fund Services provided by Bank Mandiri to customers who will
Investment administration services for mutual conduct bilateral transactions/multilateral where in the
funds (including KIK EBA, EBA SP, and ETFs) and/ transaction there are collateral items that must be stored
or discretionary funds managed by Investment and managed by the Security Agent as an independent
Managers. party under the Trustee/Security Agreement Agent that
has been signed by the parties.
• Securities Lending & Borrowing
Facilitating the lending of customers’ securities • Escrow Agent
to Exchange Members through KPEI as Services provided by Bank Mandiri to parties who
intermediary. conduct bilateral/multilateral transactions where parties
need an independent party to save and administer funds
the transaction is in accordance with the provisions
agreed by the parties.
• Receiving Bank
Services provided by Bank Mandiri to Legal Entity
Institutions that will exercise Initial Public Offering (IPO)
of shares.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 121
Page 124
OPERATIONAL AREAS
COMPANY PROFILE
REGION III/JAKARTA 1
Jl. Daan Mogot
Jakarta Barat, 11460
Telp: (021) 56961890
REGION I/SUMATRA 1 Fax: (021) 5606252, 56979943
Jl. Pulau Pinang No. 1 REGION IX/KALIMANTAN
Medan, 20111 REGION IV/JAKARTA 2
Jl. Kebon Sirih No. 83 Jl. Jend. Sudirman No. 71
Telp: (061) 43000200 Kota Balikpapan, 76113
Fax: (061) 4153273 Jakarta Pusat, 10340
Telp: (021) 39833036 Telp : (0542) 3001500
Fax: - Fax : -
REGION V/JAKARTA 3
Jl. Jend. Sudirman
Kav. 54-55
Jakarta Selatan, 12190
Telp: (021) 5267337
Fax: (021) 5267371.5267365
REGION II/SUMATRA 2
Jl. Kapten A. Rivai No. 1008
Palembang, 30137
Telp: (0711) 5229300
Fax: -
REGION VI/JAVA 1
Jl. Soekarno Hatta No. 486 REGION VII/JAVA 2
Bandung, 40266 Jl. Pemuda No. 73 REGION XI/BALI AND
Telp: (022) 7506242. 7511878 REGION VIII/JAVA 3
Semarang, 50139 NUSA TENGGARA
Fax: (022) 7505810. Jl. Basuki Rahmat No. 2-4,
Telp: (024) 3520484, Jl. Surapati No. 15-17
Surabaya, 60271
3520486 Denpasar, 80232
Telp: (031) 99205001
Fax: (024) 3520485 Telp: (0361) 236118
Fax: -
Fax: (0361) 224077.
261453. 235924
OFFICE NETWORK PER REGION IN 2025
Other Office Networks
Region Branch Offices Sub Branch Office
ATM and CRM
Region I/Sumatra 1 15 189 1,104
Region II/Sumatra 2 14 203 856
Region III/Kalimantan 1 12 200 1,714
Region IV/Kalimantan 2 11 189 1,548
Region V/Kalimantan 3 8 162 1,470
Region VI/Java 1 9 190 1,203
Region VII/Java 2 11 224 1,202
Region VIII/Java 3 13 238 1,632
Region IX/Kalimantan 12 117 771
Region X/Sulawesi and Maluku 19 163 692
Region XI/Bali and Nusa Tenggara 5 104 525
Region XII/Papua 10 35 255
TOTAL 139 2,014 12,972
122 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 125
COMPANY PROFILE
Overseas Branch Offices
Bank Mandiri Singapore Branch
REGION X/SULAWESI 12 Marina View,
#19-01 Asia Square Tower 2,
DAN MALUKU
Singapore 018961
Jl. R.A. Kartini No. 12-14 Telp : 65-6213-5688/65-6213-5680
Makassar, 90111 Fax : 65-6844-9833/65-6844-9808
Telp: (0411) 3629096. Website : www.bankmandiri.com.sg
3629097. 3634811 SWIFT Code : BMRISGSG
Fax: (0411) 3629095.
3650367 REGION XII/PAPUA Bank Mandiri Hong Kong Branch
Jl. Dr. Sutomo No. 1 7th Floor
Jayapura, 99111 Far East Finance Centre 16 Harcourt Road,
Hong Kong
Telp: (0967) 537081.
Telp : +852-2881-3632
537183-4. 537189 Fax : 852-2529-8131/852-2811-0735
Fax: (0967) 537181 Website : www.bankmandirihk.com
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 Cayman Islands Branch
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 Dili - Timor Leste Branch
25 Rua de Abril No.10 Colmera
Dili-Timor Leste
Telp : +670-331-7777/+6221-526-3769/
+6221-527-1222
Fax : +670-331-7190/+670-3317444/
+6221-252-1652/+6221-526-3572
Bank Mandiri Dili - Timor Plaza - Timor Leste
Branch
Timor Plaza – Unit #/Unidade No. #203; 233;
204; 230; 231; 232
Jl. Nicolau Lobato.
Comoro Dili - Timor Leste
Telp: +670-7307-7777
Bank Mandiri Shanghai Branch
Room 4101, Shanghai Tower No. 501, Yin
Cheng Zhong Road. Pudong New District,
Shanghai 200120,
People’s Republic of China
Telp : +86-21-2033-2603
OFFICE NETWORKS FOR THE PAST 5 (FIVE) YEARS Fax : +86-21-5037-2707
+86-21-5037-2547
Office Types 2021 2022 2023 2024 2025
SWIFT Code: BMRICNSH
Head Office 1 1 1 1 1
Branch Office 137 138 139 139 139 Overseas Subsidiaries
Bank Mandiri (Europe) Limited, London
Overseas Branch Office 7 7 7 7 7 4 Thomas More Square
Sub-Branch Office 2.465 2.225 2.104 2.053 2,014 London E1W 1YW, United Kingdom
Telp : +44-207-553-8688
Other Type of Office:
Fax : +44-207-553-8699
Payment Point - 42 36 25 18 Website : www.bkmandiri.co.uk
Kas Mobile - 77 77 77 98 SWIFT Code: BMRIGB2L
Kas Mobile Mikro - 22 21 21 -
Mandiri International Remittance Sdn. Bhd,
ATM 13.087 13.027 12.906 12.892 12,972 Malaysia
*) In 2021, as per POJK No. 12/POJK.03/2021 dated 30 July 2022 on Commercial Banks, stated that Cash Offices, Payment Wisma MEPRO
Points, Car Cash, and Micro Car Cash networks were classified as Sub-Branch Offices. However, in 2022, in compliance with Ground & Mezzanine Floor 29 & 31 Jl. Sultan
OJK letter No. S-30/PB.11/2022 dated 6 March 2022 concerning APOLO Reporting - Office Network in accordance with Azlan Shah, 51200, Kuala Lumpur.
POJK No. 12/POJK.03/2021 on Commercial Banks, Payment Points, Car Cash, and Micro Car Cash networks are no longer Telp : +603-4045 4988
categorized as Sub-Branch Offices, but instead are only recorded as internal bank data.
Call Center : +6019-261-9200
Website : www.mandiriremittance.com
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 123
Page 126
ORGANIZATIONAL STRUCTURE
COMPANY PROFILE
Board of Commissioners
Audit Committee Risk Oversight Committee
Remuneration & Integrated Governance
Nomination Committee Committee
President Director
Vice President Director
Treasury &
Corporate Commercial Risk
International Operations
Banking Banking Management
Banking
Special
Institutional Corporate Commercial Risk
Asset
Relations Banking Banking Management
Management
Environmental, Government & Corporate Corporate Special Asset Commercial Commercial Wholesale
Corporate
Social & Institutional Treasury Banking Banking Management Banking Banking Market Risk Credit
Risk 1 - 2
Governance 1-2 1-3 4-6 I - III 1-4 5-6 Operations
Transaction SORH Retail Sr. Executive Electronic
Government Corporate Commercial Operational Commercial
Banking Wholesale Collection & Business Channel
Solution Solution Solution Risk Risk 1 - 2
Wholesale Banking Recovery Officer Operations
Sr. Executive Sr. Executive Credit
Government Strategic SME Sr. Executive Cash & Trade
Business Legal Relationship Portfolio
Project Procurement Banking Credit Officer Operations
Officer Officer Risk
Sr. Executive Office of Sr. Executive Sr. Executive Business
Policy &
Relationship Chief Relationship Business Continuity
Procedure
Officer Economist Officer Officer Management
Overseas Sr. Executive Consumer
SORH
Banking Legal Credit Risk
Operations
Network Litigation & Analytics
Financial
SME &
Institutions
Micro Risk
Business
Sr. Executive Data
Treasury Protection &
Officer Fraud Risk
Bank Mandiri BSI MTF
Cayman Island,
Hong Kong,
Singapore & Mandiri
Shanghai Sekuritas MUF
Bank
Bank Mandiri Mantap
Dili - Timor
Leste
BMEL
MIR
124 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 127
COMPANY PROFILE
Board of Directors
Information Social & Assets &
Risk Credit
Credit Policy Technology & Environmental Liabilities
Management Committee/
Committee Digital Banking Responsibility Management
Committee Komite Kredit
Committee Committee Committee
Capital & Policy &
Business Human Capital Integrated Risk Transformation
Subsidiaries Procedure
Committee Policy Committee Committee Committee
Committee Committee
Human Network &
Information Finance & Consumer
Capital & Retail
Technology Strategy Banking
Compliance Funding
Information Internal Corporate
Operations
Technology Audit Relations
Business HC Strategy & Strategy & Micro Wholesale &
Digital Retail IT Wealth Regional CEO Enterprise Corporate
Operations Talent Performance Development & Corporate
Banking Infrastructure Management 1 - 12 Legal Secretary
Center Management Management Agent Banking Center Audit
Digital IT Human
Retail Credit Personal Distribution Digital
Wholesale Applications Capital Accounting Retail Audit
Center Loan Strategy Marketing
Banking Support Services
Enterprise IT Digital Transaction
Customer Mandiri Investor Credit Office of
Data Channel Banking IT Audit
Care University Relations Cards the Board
Analytics Delivery Retail Sales
HC Strategic
IT Retail Deposit Sr. Executive
IT Strategy & Engagement & Investment & Mortgage & Senior
Application Product & Relationship
Architecture Outsource Subsidiaries Auto Loan Investigator
Delivery Solution Officer
Management Management
SORH HC Sr. Executive
Business Corporate
Information CISO Office Performance & Business
Transformation Real Estate
Technology Remuneration Officer
SORH
Sr. Executive Corporate
Compliance Distribution &
IT Officer Transformation
Consumer
SORH Sr. Executive
AML & CFT Corporate Real Estate
Center Officer
Senior
MCI HC Business AMFS
Partner
MMI
Board of Commissioners & Board of Directors & Group Head Functional and Non
Affiliated Entities
Committee under the Board Committee under the Board Structural Executives
Director SEVP Deputy Group Head Subsidiaries Overseas Offices
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 125
Page 128
COMPANY PROFILE
COMPOSITION OF
THE BOARD OF COMMISSIONERS
As of 31 December 2025
CHANGES OF THE BOARD OF COMMISSIONERS COMPOSITION
Pursuant to the resolution of the Annual GMS dated 25 March 2025 and the resolution of the Extraordinary
GMS dated 4 August 2025 and 19 December 2025, the composition of the Board of Commissioners was
amended. To that end, the composition of the Board of Commissioners as of 31 December 2025, is as follows:
• President Commissioner/ Independent : Zulkifli Zaini*
• Vice President Commissioner : Rudy Salahuddin Ramto*
• Commissioner : Muhammad Yusuf Ateh
• Commissioner : Yuliot
• Commissioner : Luky Alfirman*
• Independent Commissioner : Mia Amiati
• Independent Commissioner : Bintoro K. Pardewo*
*)
Effective after successfully obtaining approval and passing the Fit and Proper Test administered by OJK
126 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 129
BOARD OF COMMISSIONERS PROFILES
COMPANY PROFILE
ZULKIFLI ZAINI*
President Commissioner/Commissioner
Independent
Place and Date of Birth
Born in Palembang in 1956
69 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background • President Director at PT Perusahaan Listrik Negara (PLN)
• Master of Business Administration from Washington (2019 – 2021).
University, St Louis USA (1994). • Commissioner at PT Bank Permata (2017 – 2020).
• Bachelor in Civil Engineering from the Institute of Technology • Independent Commissioner at PT Indonesia Infrastructure
Bandung, Indonesia (1980). Finance (2016 – 2018).
• Commissioner at PT Bank Negara Indonesia (Persero) Tbk
Certifications (2015 – 2016).
Banking Risk Management Certification Program Level 7 held • Independent Commissioner at PT Triputra Agro Persada
by the Banking Professional Certification Institute (BNSP/ (2013 – 2019).
LSPP) (2025). • Commissioner at PT Perusahaan Listrik Negara (PLN)
(2013 – 2015).
Legal Basis of Appointment • President Director at PT Bank Mandiri (Persero) Tbk (2010
Period 1: Appointed as Independent Commissioner of Bank – 2013).
Mandiri for the first period pursuant to the Extraordinary GMS • Director of Technology and Operations at PT Bank Mandiri
resolution on 4 August 2025 according to the Deed of the (Persero) Tbk (2010).
Extraordinary GMS No. 02 dated 4 August 2025. He further • Director of Commercial and Business Banking at PT Bank
appointed as President Commissioner/Independent of Bank Mandiri (Persero) Tbk (2010).
Mandiri pursuant to the Extraordinary GMS on 19 December • Director of Commercial Banking at PT Bank Mandiri
2025 according to the Deed of the Extraordinary GMS (Persero) Tbk (2006 – 2010).
Resolution No. 31, dated 19 December 2025. • Director of Distribution Network at PT Bank Mandiri
(Persero) Tbk (2003 – 2006).
Term of Office • Group Head of Retail Risk Management Group (2003).
4 August 2025 until the closing of 2030 Annual GMS (First • Division Head of Government Relationship Management
Period). Group (1999 – 2003).
Concurrent Position Declaration of Independence
No concurrent positions in other companies or institutions. He has declared his independence statement on 26 January
2026.
Professional Background
• President Commissioner/Independent at PT Bank Mandiri Affiliations
(Persero) Tbk (19 December 2025 – present). No affiliations with any members of the Board of Directors,
• Independent Commissioner at PT Bank Mandiri (Persero) Board of Commissioners, nor controlling or principal
Tbk (4 August 2025 – 19 December 2025). shareholders.
• Commissioner at PT Bank Saqu Indonesia (2023 – 2025).
• President Commissioner and Independent Commissioner Shareholding in BMRI
at PT Perkebunan Nasional III (Persero) (2021 – 2025). 22.850.900 shares (0,024483%) as of 31 December 2025.
*)
Effective after successfully obtaining approval and passing the Fit and Proper Test administered by OJK
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 127
Page 130
COMPANY PROFILE
RUDY SALAHUDDIN
RAMTO*
Vice President Commissioner
Place and Date of Birth
Born in Jakarta in 1968
57 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background • Acting Governor of Gorontalo (2024 – 2025).
• Doctor of Engineering Management and Systems • Commissioner of PT Jasa Raharja (2023 – 2024).
Engineering, The George Washington University (2002). • Member of the Board of Supervisors of Perum Percetakan
• Master of Engineering Management, The George Uang Republik Indonesia (2021 – 2023).
Washington University (1995). • Deputy for Digital Economy, Manpower, and Micro,
• Bachelor of Law from Universitas Terbuka (2024). Small, and Medium Enterprises (MSMEs) Coordination,
• Bachelor of Civil Engineering, Universitas Indonesia (1993). Coordinating Ministry for Economic Affairs RI (2020-2024).
• Commissioner of PT Perusahaan Listrik Negara (PLN)
Certifications (Persero) (2020 – 2021).
Level 6 Banking Risk Management Certification Program • Commissioner of PT Sucofindo (Persero) (2016 – 2020).
organized by BNSP/LSPP (2026). • Deputy for Creative Economy, Entrepreneurship, and
Cooperative & SME Competitiveness Coordination,
Legal Basis of Appointment Coordinating Ministry for Economic Affairs RI (2015 –
Period 1: Appointed as Vice President Commissioner of Bank 2020).
Mandiri for the first period pursuant to the Extraordinary GMS • Director of Infrastructure Planning, BKPM RI (2014-2015).
resolution on 19 December 2025 according to the Deed of the • Director of Promotion Development, BKPM RI (2012-2014).
Extraordinary GMS No. 31, dated 19 December 2025. • Director of Service and Area Planning, BKPM RI (2011-
2012).
Term of Office • Director of Exhibitions and Promotion Facilities, BKPM RI
19 December 2025 until the closing of 2030 Annual GMS (First (2010 – 2011).
Period). • President Commissioner of PT Asuransi Tugu Pratama
Indonesia Tbk. (2010 – 2020).
Concurrent Position • Director of Promotion Development, BKPM RI (2007 – 2010.
Secretary of the Ministry of Investment and Downstream/Chief
Secretary of BKPM (2025 – Present). Affiliations
No affiliations with any members of the Board of Directors,
Professional Background Board of Commissioners, nor controlling or principal
• Vice President Commissioner of PT Bank Mandiri (Persero) shareholders.
Tbk. (19 December 2025 – present).
• Commissioner of PT Aneka Tambang (ANTAM), Tbk. Shareholding in BMRI
(2025). Nil as of 31 December 2025.
• Deputy for Industry, Manpower, and Tourism Coordination,
Coordinating Ministry for Economic Affairs RI (2024 –
2025).
*)
Effective after successfully obtaining approval and passing the Fit and Proper Test administered by OJK
128 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 131
COMPANY PROFILE
MUHAMMAD YUSUF
ATEH
Commissioner
Place and Date of Birth
Born in Jakarta in 1964
61 years old as of December 2025
Domicile
Bekasi
Citizenship
Indonesian
Education Background Concurrent Position
• Doctorate in State Administrative from University of Chairman of Financial and Development Supervisory Agency
Indonesia (2020). (BPKP).
• Master of Business Administration (MBA) in Business of
Administration from University of Adelaide (2001). Professional Background
• Diploma 4 in Accounting from State Accounting Academy • Commissioner of PT Bank Mandiri (Persero) Tbk. (15 March
(STAN) (1992). 2021 - present).
• Diploma 3 in Accounting from State Accounting Academy • Chairman of Financial and Development Supervisory
(STAN) (1986). Agency (BPKP) (February 2020 - present).
• Commissioner of PT Perusahaan Listrik Negara (Persero)
Certifications (September 2020 - March 2021).
• Level 6 Banking Risk Management Certification Program • Supervisory Board of Perusahaan Umum (Perum)
organized by BNSP/LSPP (2024). Percetakan Uang of the Republic of Indonesia (May 2019
• Head of Team of Auditor Ranking Certification held by - August 2020).
Supervisory Education and Training Center (BPKP) (2002). • Deputy of Bureaucratic Program and Reformation at the
• Expert Auditor Formation Certification held by Supervisory Ministry of Apparatus Empowerment and Bureaucratic
Education and Training Center (BPKP) (1999). Reformation (October 2013 - February 2020).
• Acting Deputy of Bureaucratic Program and Reformation at
Legal Basis of Appointment the Ministry of Apparatus Empowerment and Bureaucratic
Period 1: Appointed as Independent Commissioner of Bank Reformation (September 2013 - October 2013).
Mandiri for the first period pursuant to the Annual GMS • Deputy of Apparatus Supervisory and Accountability at
resolution on 15 March 2021 according to the Deed of the the Ministry of Apparatus Empowerment and Bureaucratic
Annual GMS No. 13 dated 15 March 2021. Reformation (June 2013 - September 2013).
• Inspector at the Ministry of Apparatus Empowerment and
Term of Office Bureaucratic Reformation (June 2010 - June 2013).
15 March 2021 until the closing of 2026 Annual GMS (First • Head of Performance Accountability Monitoring and
Period). Evaluation of Eastern II Region Apparatus at the Ministry
of Apparatus Empowerment and Bureaucratic Reformation
(February 2006 - June 2010).
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 129
Page 132
COMPANY PROFILE
• Head of Performance Accountability Evaluation of Central • Assistant to Finance and Development Supervisor at
and Eastern Regions Agencies at the Ministry of State Financial and Development Supervisory Agency (BPKP)
Apparatus Empowerment and Bureaucratic Reformation (July 1993 - March 1999).
(August 2004-February 2006).
• Sub-Director of Oversight on Government Accountability Affiliations
Implementation at the Badan Pengawasan Keuangan dan No affiliations with any members of the Board of Directors,
Pembangunan (BPKP) (2002–2004). Board of Commissioners, nor controlling or principal
• Junior Expert Auditor at the Deputy for Oversight on shareholders.
Government Accountability Implementation at the Badan
Pengawasan Keuangan dan Pembangunan (BPKP) (1999– Shareholding in BMRI
2002). 4,244,800 shares (0.0045480%) as of 31 December 2025.
• Associate Financial and Development Supervisor
(Intermediate Level) at the Badan Pengawasan Keuangan
dan Pembangunan (BPKP) (1993–1999).
• Acting Deputy of Bureaucratic Program and Reformation at
the Ministry of Apparatus Empowerment and Bureaucratic
Reformation (September 2013 - October 2013).
• Deputy of Apparatus Supervisory and Accountability at
the Ministry of Apparatus Empowerment and Bureaucratic
Reformation (June 2013 - September 2013).
• Inspector at the Ministry of Apparatus Empowerment and
Bureaucratic Reformation (June 2010 - June 2013).
• Head of Sub Directorate of Accountability Supervisory of
State Agencies at Financial and Development Supervisory
Agency (BPKP) (December 2002 - August 2004).
• Junior Expert Auditor at Deputy Supervisory of Accountability
of Financial and Development Supervisory Agency (BPKP)
(April 1999 - December 2002).
130 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 133
COMPANY PROFILE
YULIOT
Commissioner
Place and Date of Birth
Born in Padang Panjang in 1963
62 years old as of December 2025
Domicile
Bogor
Citizenship
Indonesian
Education Background • Vice Minister of Investment / Deputy Head of Indonesia
• Master of Management (Economics and Management), Investment Coordinating Board (BKPM) (2024).
PPM School of Management (2013). • Deputy for Investment Implementation Control, BKPM
• Bachelor of Socio-Economics, Universitas Andalas (2023 – 2024).
(1987). • Deputy for Investment Climate Development, BKPM (2020
– 2023).
Certifications • Director of Investment Deregulation, Deputy for Investment
Banking Risk Management Certification Program Level 6 held Climate Development, BKPM (2012 – 2020).
by the Banking Professional Certification Institute (BNSP/ • Director of Region II, Deputy for Investment Implementation
LSPP) (2025). Control, BKPM (2007 – 2012).
• Director of Domestic Promotion, Deputy for Investment
Legal Basis of Appointment Promotion, BKPM (2006 – 2007).
Period 1: Appointed as Commissioner of Bank Mandiri for • Head of Planning and Information Bureau, Secretariat
the first period pursuant to the Annual GMS resolution on 25 General, BKPM (2005 – 2006).
March 2025 according to the Deed of the Annual GMS No. 23 • Director of Investment, Indonesia Investment Promotion
dated 25 March 2025. Center (IIPC) in Taiwan, BKPM (2002 – 2005).
• Head of Tertiary Sector Sub-Directorate, BKPM (2002).
Term of Office • Acting Head of Investment Program Sub-Directorate, BKPM
25 March 2025 until the closing of 2030 Annual GMS (First (2000 – 2002).
Period). • Head of Investment Program Development Sub-Directorate,
BKPM (1999 – 2000).
Concurrent Position • Head of Primary Sector Section, BKPM (1999).
Vice Minister of Energy and Mineral Resources (2024 – • Head of Investment Planning Subdivision, BKPM (1998 –
present). 1999).
• Acting Head of Application Assessment Subdivision, BKPM
Professional Background (1992 – 1998).
• Commissioner of PT Bank Mandiri (Persero) Tbk (25 March
2025 - present). Affiliations
• President Commissioner and Independent Commissioner No affiliations with any members of the Board of Directors,
at PT Kawasan Industri Terpadu Batang (2023 – 2025). Board of Commissioners, nor controlling or principal
• Independent Commissioner at PT Kawasan Industri Terpadu shareholders.
Batang (2022 – 2023).
Shareholding in BMRI
Nil as of 31 December 2025.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 131
Page 134
COMPANY PROFILE
LUKY ALFIRMAN*
Commissioner
Place and Date of Birth
Born in Bandung in 1970
55 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background • Director General of Financing and Risk Management at the
• PhD in Economics, University of Colorado. Ministry of Finance of the Republic of Indonesia (2017 –
• Doctor of Economics, University of Colorado (2004). 2022).
• Master of Economics, University of Colorado (2000). • Special Advisor to the Minister of Finance for State Revenue
• Bachelor of Industrial Engineering, Institut Teknologi Policy (2017).
Bandung (1994). • Acting President Director at the Indonesia Endowment Fund
for Education (LPDP) (2017).
Certifications • Head of Policy Analysis and Harmonization Center,
Banking Risk Management Certification Program Level 6 held Secretariat General, Ministry of Finance (2015 – 2017).
by the Banking Professional Certification Institute (BNSP/ • Head of Macroeconomic Policy Center, Fiscal Policy
LSPP) (2025). Agency, Ministry of Finance (2012 – 2015).
• Head of State Budget Policy Center, Fiscal Policy Agency,
Legal Basis of Appointment Ministry of Finance (2011).
Period 1: Appointed as Commissioner of Bank Mandiri for • Head of Transformation Management Sub-Directorate,
the first period pursuant to the Annual GMS resolution on 25 Directorate General of Taxes, Ministry of Finance (2010 –
March 2025 according to the Deed of the Annual GMS No. 23 2011).
dated 25 March 2025. • Head of Tax Service Office (KPP) Pratama Jakarta
Kebayoran Lama, Directorate General of Taxes, Ministry of
Term of Office Finance (2008 – 2010).
25 March 2025 until the closing of 2030 Annual GMS (First • Head of Organization and Procedures Division, Directorate
Period). General of Taxes, Ministry of Finance (2007 – 2008).
• Head of Tax Potential Sub-Directorate, Directorate General
Concurrent Position of Taxes, Ministry of Finance (2006 – 2007).
Director General of Budget, Ministry of Finance of the Republic • Head of Institutional and Reporting Subdivision, Directorate
of Indonesia (2025 – present). General of Taxes, Ministry of Finance (2004 – 2006).
• Lecturer at STIE Perbanas (2007 – 2008).
Professional Background • Lecturer at Universitas Indonesia (2004 – 2011).
• Commissioner at PT Bank Mandiri (Persero) Tbk (March 25, • Lecturer at University of Colorado (2000 – 2004).
2025 – Present). • Lecturer at The Economics Institute (1999 – 2021).
• Director General of Fiscal Balance at the Directorate General
of Fiscal Balance, Ministry of Finance of the Republic of Affiliations
Indonesia (2022 – 2025). No affiliations with any members of the Board of Directors,
• Member of the Board of Commissioners at the Indonesia Board of Commissioners, nor controlling or principal
Deposit Insurance Corporation (LPS), ex-officio Ministry of shareholders.
Finance (2019 – 2025).
• Commissioner at PT Perusahaan Gas Negara (2019 – Shareholding in BMRI
2025). Nil as of 31 December 2025.
132 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 135
COMPANY PROFILE
MIA AMIATI
Independent Commissioner
Place and Date of Birth
Born in Jakarta in 1965
60 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background • Coordinator at the Deputy Attorney General for Civil and
• Honorary Professor in the field of Human Resource State Administrative Affairs (2017 – 2018).
Development from Universitas Airlangga (2024). • Assistant for Civil and State Administrative Affairs at the
• Doctor of Law from Universitas Padjajaran (2004). High Prosecutor’s Office of Central Java (2014 – 2017).
• Master of Law from STIH IBLAM (2000). • Head of District Prosecutor’s Office in Cibinong, West Java
• Bachelor of Law from Universitas Islam Djakarta (1994). (2011 – 2014).
• Bachelor’s degree in Indonesian Literature from Universitas • Head of Administrative Division at the Deputy Attorney
Padjadjaran (1987). General for Supervision (2010 – 2011).
• Assistant for Supervision at the High Prosecutor’s Office of
Certifications Riau Islands (2009 – 2010).
Banking Risk Management Certification Program Level 6 held • Head of Sub-Directorate for Trade Security at the Deputy
by the Banking Professional Certification Institute (BNSP/ Attorney General for Intelligence (2009).
LSPP) (2025). • Head of District Prosecutor’s Office in Metro, Lampung
(2006 – 2009).
Legal Basis of Appointment • Acting Head of Subunit Progress Report at the Deputy
Period 1: Appointed as Independent Commissioner of Bank Attorney General for Intelligence (2002 – 2006).
Mandiri for the first period pursuant to the Annual GMS • Head of Evaluation and Reporting Section at the Sub-
resolution on 25 March 2025 according to the Deed of the Directorate for Trade Security, Directorate of Economy and
Annual GMS No. 23 dated 25 March 2025. Finance (2000 – 2002).
• Head of Assessment Subdivision at the Assessment and
Term of Office Monitoring Division, Secretariat of the Deputy Attorney
25 March 2025 until the closing of 2030 Annual GMS (First General for Intelligence (1999 – 2000).
Period). • Head of Finance Subdivision at the Intelligence Operations
Center (1999).
Concurrent Position • Head of General Affairs Subdivision at the Legal Service
Lecturer at Airlangga University (2014 – present). Center (1996 – 1999).
Professional Background Declaration of Independence
• Independent Commissioner of PT Bank Mandiri (Persero) She has declared his independence statement on 11 July 2025.
Tbk (25 March 2025 - present).
• Chief Prosecutor of East Jawa (2022 – 2025). Affiliations
• Director of Strategic Development Security at the Deputy No affiliations with any members of the Board of Directors,
Attorney General for Intelligence (JAMIntel) at the Attorney Board of Commissioners, nor controlling or principal
General’s Office of the Republic of Indonesia (2021 – 2022). shareholders.
• Chief Prosecutor of Riau (2019 – 2021).
• Deputy Chief Prosecutor of Riau (2018 – 2019). Shareholding in BMRI
Nil as of 31 December 2025.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 133
Page 136
COMPANY PROFILE
BINTORO K.
PARDEWO*
Independent Commissioner
Place and Date of Birth
Born in Blitar in 1969
56 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background Professional Background
• Master of Business Administration, Iowa State University • Independent Commissioner of PT Bank Mandiri (Persero)
(1997) Tbk (19 December 2025 - present).
• Bachelor of Mechanical Engineering, Universitas Indonesia • Commissioner of PT Danareksa (Persero) (2025).
(1994) • Deputy Director of Bank Indonesia (2021 – 2025).
• Executive Analyst of Bank Indonesia (2019 – 2021).
Certifications • Senior Analyst of Bank Indonesia (2013 – 2019).
Level 6 Banking Risk Management Certification Program
organized by BNSP/LSPP (2026). Declaration of Independence
He has declared his independence statement on 10 March
Legal Basis of Appointment 2026.
Period 1: Appointed as Independent Commissioner of Bank
Mandiri for the first period pursuant to the Annual GMS Affiliations
resolution on 19 December 2025 according to the Deed of the No affiliations with any members of the Board of Directors,
Annual GMS No. 31, dated 19 December 2025. Board of Commissioners, nor controlling or principal
shareholders.
Term of Office
19 December 2025 until the closing of 2030 Annual GMS (First Shareholding in BMRI
Period). Nil as of 31 December 2025.
Concurrent Position
No concurrent positions in other companies or institutions.
*)
Effective after successfully obtaining approval and passing the Fit and Proper Test administered by OJK
134 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 137
COMPANY PROFILE
KUSWIYOTO*
President Commissioner/ Commissioner
Independent
Place and Date of Birth
Born in Kediri in 1965
60 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background • Independent Commissioner, PT Kalimantan Sawit Kusuma
• Master of Business Administration (Finance), Washington (2023 – 2025).
University in St. Louis (1997). • Independent Commissioner, PT Mitra Graha Asia Tbk (2022
• Bachelor of Economics (Accounting), Universitas Airlangga – 2024).
(1986). • Independent Commissioner, PT Hassana Boga Sejahtera
Tbk (2022 – 2023).
Certifications • President Director, PT Pegadaian (Persero) (2019 – 2022).
Certification Banking Risk Management Certification Program • Director of Corporate Banking, PT Bank Rakyat Indonesia
(Persero) Tbk (2017 – 2019).
Level 7 held by the Banking Professional Certification Institute
• Director of Risk Management, PT Bank Rakyat Indonesia
(BNSP/LSPP) (2025). (Persero) Tbk (2017).
• Director of Institutional Banking, PT Bank Rakyat Indonesia
Legal Basis of Appointment (Persero) Tbk (2015 – 2017).
Period 1: Appointed for the first time as President • Regional CEO Jakarta I, PT Bank Rakyat Indonesia (Persero)
Commissioner/Independent Commissioner based on the Tbk (2015).
resolution of the Annual GMS dated 25 March 2025 in • Commissioner, PT Bringin Indosejahtera Finance (2013 –
accordance with the Deed of Minutes of the Annual GMS No. 2014).
23 dated 25 March 2025.
Declaration of Independence
Term of Office He has declared his independence statement on 27 May 2025.
25 March 2025 – 19 December 2025.
Affiliations
Concurrent Position No affiliations with any members of the Board of Directors,
No concurrent positions in other companies or institutions. Board of Commissioners, nor controlling or principal
shareholders.
Professional Background
• President Commissioner/Independent Commissioner (25 Shareholding in BMRI
March 2025 – 19 December 2025). Nil as of 31 December 2025.
• Independent Commissioner, PT Samuel International (2023
– 2025).
*)
Tenure was ended based on the Annual GMS dated 19 December 2025
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 135
Page 138
COMPANY PROFILE
ZAINUDIN AMALI*
Vice President Commissioner/
Commissioner Independent
Place and Date of Birth
Born in Gorontalo in 1962
63 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background Professional Background
• Honorary Professor Sport Policy from Universitas Negeri • Vice President Commissioner/Independent of PT Bank
Semarang (Unnes) (2022). Mandiri (Persero) Tbk (7 March 2024 - 19 December 2025).
• Doctor of Political Science from Institut Pemerintahan Dalam • Independent Commissioner of PT Bank Mandiri (Persero)
Negeri (IPDN) (2019). Tbk (14 March 2023 - 7 March 2024).
• Master of Public Policy from Universitas Prof. Dr. Moestopo, • First Vice Chairman of the All-Indonesia Football Association
Jakarta (2016). (PSSI) (2023 - present).
• Bachelor of Accounting from STIE Swadaya (1992). • Lecturer at Semarang State University (2020 - present).
• Associate Degree in Banking and Accounting, Akademi • Lecturer at Surabaya State University (2020 - present).
Perbankan dan Akuntansi Jakarta (1986). • Lecturer at Prof. Dr. Moestopo (Beragama) University (2019
- present).
Certifications • Minister of Youth and Sports, 2019 - March 2023.
Banking Risk Management Certification Program Level 6 held • Chairman of Commission II of the People ‘Representative
by the Banking Professional Certification Institute (BNSP/LSPP) Council 2014 - 2019.
(2024). • Vice Chairman of Commission VII of the People
Representative Council 2009 - 2014.
Legal Basis of Appointment • Member of the People Representative Council (1 October
• Period 1: 2004 - 23 October 2019).
- Appointed as Independent Commissioner of Bank Mandiri • Commissioner at PT Wirabuana Dwijaya Persana (October
for the first period pursuant to the Annual GMS resolution on 2000 - Desember 2020).
21 November 2023 according to the Deed of the Annual GMS • Director at PT Putra Mas (January 2000 - October 2002).
No. 10 dated 21 November 2023. • Commissioner at PT Gitrana Sendiko (November 1996 - April
- Appointed to Vice President Commissioner/Independent 1997).
pursuant to the Annual GMS resolution on 7 March 2024 • Director at PT Surya Terang Agung (Oktober 1996 - October
according to the Deed of the Annual GMS No. 03 dated 7 2003).
March 2024. • Director at PT Makmur Triagung (February 1996 - March
1998).
Term of Office • Staff at PT Supra Dinakarya (June 1993 - October 1996).
14 March 2023 –19 December 2025
Declaration of Independence
Concurrent Position He has declared his independence statement on 27 July 2023.
• First Vice Chairman of the All-Indonesia Football Association
(PSSI) (2023 – present). Shareholding in BMRI
• Lecturer at Semarang State University (2020 - present). Nil as of 31 December 2025.
• Lecturer at Surabaya State University (2020 - present)
• Lecturer at Prof. Dr. Moestopo (Beragama) University (2019
- present).
*)
Tenure was ended based on the Annual GMS dated 19 December 2025
136 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 139
COMPANY PROFILE
M. CHATIB BASRI*
President Commissioner/ Commissioner
Independent
Place and Date of Birth
Born in Jakarta in 1965
60 years old as of December 2024
Domicile
Jakarta
Citizenship
Indonesian
Education Background Professional Background
• Ph.D. in Economics from The Australian National University in Canberra, • Member of the Indonesian National Economic Council (NEC) (November
Australia (2001). 2024 – present))
• Master of Business Administration in Economic Development from The • President Commissioner/Independent of PT Bank Mandiri (Persero) Tbk
Australian National University in Canberra, Australia (1996). (19 February 2020 – 25 March 2025).
• Bachelor of Economics from University of Indonesia (1992). • President Commissioner/Independent of PT XL Axiata Tbk
(2016 – present).
Certifications • Vice President Commissioner/Independent Commissioner of PT Bank
Banking Risk Management Certification Program Level 6 held by the Mandiri (Persero) Tbk (9 December 2019 - 18 February 2020).
Banking Professional Certification Institute (BNSP/LSPP) (2024). • President Commissioner/Independent Commissioner of PT Indonesia
Infrastructure Finance (2016-2019).
Legal Basis of Appointment • Non-Executive Director of Axiata Group Sdn Bhd (2015-2019).
• Period 1: • Senior Partner and Founder of PT Creco Consulting (2015-2019).
• Independent Commissioner of PT Indika Energy Tbk (2015-2019).
- Appointed for the first time as Vice President Commissioner/
• Independent Commissioner of PT Astra International Tbk (2015-2019).
Independent Commissioner based on the resolution of the
• Minister of Finance of the Republic of Indonesia (2013-2014)
Extraordinary GMS dated 9 December 2019 in accordance with
• Head of the Investment Coordinating Board (2012-2013).
the Deed of Minutes of the Extraordinary GMS No. 5 dated 9
• Vice Chairman of the Economic Committee at the National Economic
December 2019. Committee (2010-2012).
- Appointed as President/Independent Commissioner of Bank • Special Advisor of the Minister of Finance at the Ministry of Finance of
Mandiri based on the decision of the Annual GMS dated 19 the Republic of Indonesia (2006-2010).
February 2020 in accordance with the Deed of Minutes of the • Lecturer at the University of Indonesia (1992-present).
Annual GMS No. 56 dated 19 February 2020.
• Period 2: Reappointed as President Commissioner/ Independent of Declaration of Independence
Bank Mandiri based on the resolution of the Annual GMS dated 7 He has declared his independence statement on 3 March 2020.
March 2024 in accordance with the Deed of Minutes of the Annual
GMS No. 03 dated 7 March 2024. Affiliations
No affiliations with any members of the Board of Directors, Board of
Term of Office Commissioners, nor controlling or principal shareholders.
9 December 2019 – 25 March 2025.
Shareholding in BMRI
Concurrent Position Nil as of 25 March 2025.
• President Commissioner/Independent Commissioner at PT XL Axiata
Tbk (2016 - present).
•
Lecturer at the Faculty of Economics and Business, University of
Indonesia (1992 – present).
• Member of the Indonesian National Economic Council (NEC) (November
2024 – present).
*)
Tenure was ended based on the Annual GMS dated 25 March 2025
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 137
Page 140
COMPANY PROFILE
LOEKE LARASATI
AGOESTINA*
Independent Commissioner
Place and Date of Birth
Born in Bandung in 1959
66 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background • Head of Yogyakarta High Prosecutor’s Office at the RI
• Master in Management from the IPWI School of Economics Prosecutor’s Office (2014-2015).
(2001). • Deputy Head of Riau Islands High Prosecutor’s Office (2012-
• Bachelor degree in Law from Parahyangan Catholic University 2014).
(1984). • Coordinator of the Deputy Attorney General for Intelligence at
the RI Prosecutor’s Office (2011-2012).
Certifications • Assistant for Development at the West Java High Prosecutor’s
Level 6 Banking Risk Management Certification Program Office of the RI Prosecutor’s Office (2009-2011).
organized by BNSP/LSPP (2024). • Head of Yogyakarta State Prosecutor’s Office at the Yogyakarta
High Court (2008-2009).
Legal Basis of Appointment • Head of Employee Development Division at JAM Coaching
Period 1: Appointed as Independent Commissioner of Bank at the Attorney General’s Office of the Republic of Indonesia
Mandiri for the first period pursuant to the Annual GMS resolution (2005-2008).
on 19 February 2020 according to the Deed of the Annual GMS No. • Head of the Rangkas Bitung District Prosecutor’s Office at the
56 dated 19 February 2020. Head of the Banten High Prosecutor’s Office (2004-2005).
• Head of Administration Section of the JAMDATUN Secretariat
Term of Office at the Attorney General’s Office of the Republic of Indonesia
19 February 2020 - 25 March 2025. (2002-2004).
• Head of Section of YANKUM 1, Sub-Directorate of Civil Affairs at
Concurrent Position the JAMDATUN Civil Directorate at JAMDATUN, the Indonesian
No concurrent positions in other companies or institutions. Prosecutor’s Office (1996-2002).
• Head of the Sub-Section for the Restoration and Protection
Professional Background of Rights in the Civil and Administrative Section at the West
• Independent Commissioner at PT Bank Mandiri (Persero) Tbk Jakarta District Prosecutor’s Office (1993-1996).
(19 February 2020 – 25 March 2025). • Functional Prosecutors at the West Jakarta District Attorney
• Commissioner of PT Bank Rakyat Indonesia (Persero) Tbk (1990-1993).
(September 2019-February 2020). • Administrative staff at the DKI Jakarta High Court (1987-1990).
• Special Staff V of the Minister of SOE at the Ministry of State-
Owned Enterprises (September 2019- October 2019). Declaration of Independence
• Junior Attorney General for Civil and State Administration, She has declared his independence statement on 4 May 2020.
Attorney General’s Office of the Republic of Indonesia (2017-
2019). Affiliations
• Head of the West Java High Prosecutor’s Office at the RI No affiliations with any members of the Board of Directors, Board
Prosecutor’s Office (September 2017-October 2017). of Commissioners, nor controlling or principal shareholders.
• Head of the Asset Recovery Center at the RI Prosecutor’s Office
(2015-2017). Shareholding in BMRI
Nil as of 25 March 2025.
*)
Tenure was ended based on the Annual GMS dated 25 March 2025
138 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 141
COMPANY PROFILE
HERU KRISTIYANA*
Independent Commissioner
Place and Date of Birth
Born in Salatiga in 1956
69 years old as of December 2025
Domicile
South Tangerang
Citizenship
Indonesian
Education Background • Members of The Board of Commissioners Ex 2 Officio of
• Bachelor degree in Law from Dipenogoro University. (1981). the Financial Services Authority at the Deposit Insurance
• Master of Management from IPWIJA College of Economics Corporation (2017 – 2022)
(Institut Pengembangan Wiraswasta Indonesia Jakarta) • Chief Executive of Banking Supervision Concurrently Serving
(2000). as a Board of Commisioner of the Financial Services Authority
(2017 – 2022)
Certifications • Deputy Commissioner of the Financial Services Authority
Level 7 Banking Risk Management Certification Program (2013 - 2016)
organized by BNSP/LSPP (2024). • Executive Director of Bank Indonesia (2010 – January 2013)
• Director of Bank Indonesia (2007 – 2010).
Legal Basis of Appointment • Deputy Director of Bank Indonesia (2001 -2007).
Period 1: Appointed as Independent Commissioner of Bank • Assistant Director of Bank Indonesia (1994).
• Bank Inspector (1989).
Mandiri for the first period pursuant to the Annual GMS
• Staff Bank Indonesia Ambon (1985).
resolution on 14 March 2023 according to the Deed of the
• Credit Bureau Staff of Bank Indonesia (1983).
Annual GMS No. 11 dated 14 March 2023.
Declaration of Independence
Term of Office
He has declared his independence statement on 6 June 2023.
14 March 2023 – 25 March 2025.
Affiliations
Concurrent Position
No affiliations with any members of the Board of Directors,
• President Director Indonesian Banking Development Agency
Board of Commissioners, nor controlling or principal
(LPPI) (2023 – present)
• Commissioner of PT Sarana Meditama Metropolita Tbk. (2022 shareholders.
– present).
Shareholding in BMRI
Professional Background Nil as of 25 March 2025.
• Independent Commissioner of PT Bank Mandiri (Persero) Tbk
(14 March 2023 – 25 March 2025).
• President Director Indonesian Banking Development Agency
(LPPI) (2023-present)
• Commissioner of PT Sarana Meditama Metropolita Tbk
(2022-present)
*)
Tenure was ended based on the Annual GMS dated 25 March 2025
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 139
Page 142
COMPANY PROFILE
MULIADI RAHARDJA*
Independent Commissioner
Place and Date of Birth
Born in Tangerang in 1959
66 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background • Commissioner of PT Adira Dinamika Multi Finance Tbk (2010
• Master of Business Administration from Massachusetts - 2015).
Institute of Technology (1998). • Director of Operation at PT Bank Danamon Indonesia Tbk
• Bachelor of Accounting from University of Indonesia (1984). (2008 - 2015).
• Director of HR at PT Bank Danamon Indonesia Tbk (2004 -
Certifications 2008).
Level 6 Banking Risk Management Certification Program • Director of Operation and Technology at PT Bank Danamon
organized by BNSP/BSMR (2024). Indonesia Tbk (1999 - 2004).
• Branch Manager, Area Manager, and Regional Office of PT
Legal Basis of Appointment Bank Danamon Indonesia Tbk (1989 - 1999).
Period 1: Appointed as Independent Commissioner of Bank • Deputy Group Head of PT Bank Lippo Tbk (1988 - 1989).
Mandiri for the first period pursuant to the Annual GMS resolution • Finance Director of PT Indopanca Garment (1987 - 1988).
on 10 March 2022 according to the Deed of the Annual GMS No. • Finance Manager of PT Asuransi Lippo Life (1985 - 1987).
12 dated 24 March 2022. • Banking Supervisor of PT Sepatu Bata Indonesia (1984 -
1985).
Term of Office • Senior Consultant at MAS Consultant (1983- 1984).
10 March 2022 – 25 March 2025.
Declaration of Independence
Concurrent Position He has declared his independence statement on 6 April 2022.
No concurrent positions in other companies or institutions.
Affiliations
Professional Background No affiliations with any members of the Board of Directors,
• Independent Commissioner of PT Bank Mandiri (Persero) Board of Commissioners, nor controlling or principal
Tbk (March 2022 - 25 March 2025). shareholders.
• Independent Commissioner of PT XL Axiata Tbk (2017 -
2024). Shareholding in BMRI
• Commissioner of PT Adira Dinamika Multi Finance Tbk (2017 Nil as of 25 March 2025.
- 2022).
• Vice President Director of PT Bank Danamon Indonesia Tbk
(2015 - 2017).
*)
Tenure was ended based on the Annual GMS dated 25 March 2025
140 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 143
COMPANY PROFILE
RIONALD SILABAN*
Commissioner
Place and Date of Birth
Born in Pekanbaru in 1966
59 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background • Commissioner of PT PLN (Persero) (2017-2019).
• Master degree in Law Center from Georgetown University, • Expert Staff of Minister of Finance for Macroeconomics and
Washington DC, USA (1993). International Finance, Ministry of Finance (2016-2018).
• Bachelor degree in Law from University of Indonesia (1989). • Executive Director, SEAVG at World Bank, Washington DC, USA
(2014-2016).
Certifications • Commissioner of PT Indosat Tbk (2014).
Level 7 Banking Risk Management Certification Program organized • Expert Staff of Minister of Finance for Organization, Bureaucracy, and
by BNSP/LSPP (2024). Information Technology, Ministry of Finance (2012-2014).
• Head of Center for Policy Analysis and Harmonization at Secretariat
Legal Basis of Appointment General of the Ministry of Finance (2008-2012).
• Period 1: Appointed as Commissioner of Bank Mandiri for the first • Head of Fiscal Risk Guarantee Center at Fiscal Policy Agency,
period pursuant to the Extraordinary GMS resolution on 28 August Department of Finance (2006-2008).
2019 according to the Deed of the Extraordinary GMS No. 59 dated • Senior Advisor, SEA VG ED Office at World Bank, Washington DC, USA
28 August 2019. (2004-2006).
• Period 2: Reappointed as Commissioner of Bank Mandiri based on • Head of TU Pim Department, General Bureau at the Secretariat
the resolution of the Annual GMS dated 7 March 2024 in accordance General of Department of Finance (2002-2004).
with the Deed of Minutes of the Annual GMS No. 03 dated 7 March • Head of Division/SVP Asset Monitoring at AMI, IBRA (2000-2002).
2024. • Head of Legal Department, Legal and Public Relations Bureau at
General Secretariat, Department of Finance (1998-2000).
• Head of Sub Directorate of Privatization, Directorate of Privatization
Term of Office
at DGTSOE, Department of Finance (1997-1998).
28 August 2019 – 25 March 2025.
Affiliations
Concurrent Position
No affiliations with any members of the Board of Directors, Board of
Director General of State Treasury (2021 – present).
Commissioners, nor controlling or principal shareholders.
Professional Background
Shareholding in BMRI
• Commissioner of PT Bank Mandiri (Persero) Tbk (2019 – 25 March
2025). 5,001,400 saham (0.0053586%) as of 25 Maret 2025.
• 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).
*)
Tenure was ended based on the Annual GMS dated 25 March 2025
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 141
Page 144
COMPANY PROFILE
ARIF BUDIMANTA*
Commissioner
Place and Date of Birth
Born in Medan in 1968
57 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background Professional Background
• Doctorate in Social and Political Sciences from University of • Commissioner of PT Bank Mandiri (Persero) Tbk (19 February
Indonesia (2006). 2020 - 25 March 2025).
• Master of Science in Natural Resource Economics from • Special Staff to the President of the Republic of Indonesia for
University of Indonesia (1996). Economic Affairs (2019 - 2024).
• Bachelor degree in Soil Science from Bogor Agricultural • Management at Paramadina Waqf Foundation (2016-2025).
University (1990). • Commissioner/Board of Directors at Indonesia Eximbank
(2015-2020).
Certifications • Vice Chairman of Indonesian People’s Consultative Assembly
Level 7 Banking Risk Management Certification Program Research Institute (2015-2020).
organized by BNSP/LSPP (2024). • Vice Chairman of National Economy and Industry Committee
(2016-2019).
Legal Basis of Appointment • Member of House of Representatives - RI, Commission XI
Period 1: Appointed as Independent Commissioner of Bank (2009-2014).
Mandiri for the first period pursuant to the Annual GMS
resolution on 19 February 2020 according to the Deed of the Affiliations
Annual GMS No. 56 dated 19 February 2020. No affiliations with any members of the Board of Directors,
Board of Commissioners, nor controlling or principal
Term of Office shareholders.
19 February 2020 – 25 March 2025.
Shareholding in BMRI
Concurrent Position 4,687,600 shares (0.0050224%) as of 25 March 2025.
No concurrent positions in other companies or institutions.
*)
Tenure was ended based on the Annual GMS dated 25 March 2025
142 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 145
COMPANY PROFILE
FARIED UTOMO*
Commissioner
Place and Date of Birth
Born in Jakarta in 1964
61 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background • Head of Secretariat of Final Assessment Team (TPA) Appointment,
• Master degree in Law from University of Indonesia (2003) Transfer, and Dismissal of and in Main High Leadership and
• Bachelor degree in Law from Sebelas Maret University (1988). Intermediate High Leadership Positions at Cabinet Secretariat of the
Republic of Indonesia (2015-2020).
Certifications • Acting Deputy for Administration at Secretariat of Cabinet of the
Level 6 Banking Risk Management Certification Program organized Republic of Indonesia (March 2015-May 2015).
by BNSP/LSPP (2024). • Expert Staff to Cabinet Secretary for Research, Technology,
Communication and Information at Cabinet Secretariat of the
Legal Basis of Appointment Republic of Indonesia (2014-2015).
Period 1: Appointed as Independent Commissioner of Bank Mandiri • Assistant Deputy for Session Materials at Cabinet Secretariat of the
Republic of Indonesia (2011-2014).
for the first period pursuant to the Annual GMS resolution on 19
• Head of State Apparatus Bureau, Regional Government and People’s
February 2020 according to the Deed of the Annual GMS No. 56
Welfare at Secretariat of Cabinet of the Republic of Indonesia (2006-
dated 19 February 2020.
2011).
• Acting Head of Legislative Regulations Bureau at State Secretariat of
Term of Office the Republic of Indonesia (2004-2006).
19 February 2020 - 25 March 2025. • Head of State Apparatus Section at Secretariat of Cabinet of the
Republic of Indonesia (2004-2006).
Concurrent Position • Head of People’s Welfare and Personnel Section at Cabinet
Principal Expert Archivist at the Center for Data and Information Secretariat of the Republic of Indonesia (2001-2004).
Technology, Ministry of State Secretariat of the Republic of Indonesia • Head of Sub Division of People’s Welfare at State Secretariat of the
(July 2024 – present). Republic of Indonesia (1999-2001).
• Head of Sub Division of Research on Draft PUU 7 Regulations at
Professional Background State Secretariat of the Republic of Indonesia (1999-1999).
• Commissioner at PT Bank Mandiri (Persero) Tbk (19 February 2020 • Staff at the Research Subdivision IV of the Law and Legislation
- 25 March 2025). Bureau at the State Secretariat of the Republic of Indonesia (1989-
• Principal Expert Archivist at the Center for Data and Information 1993).
Technology, Ministry of State Secretariat of the Republic of Indonesia
(July 2024 – present) Affiliations
• Deputy for Administration at Cabinet Secretariat of the Republic of No affiliations with any members of the Board of Directors, Board of
Indonesia (2015 - July 2024). Commissioners, nor controlling or principal shareholders.
• Commissioner of PT Pertamina Geothermal Energy (2016-February
2020). Shareholding in BMRI
4,687,600 shares (0.0050224%) as of 25 March 2025.
*)
Tenure was ended based on the Annual GMS dated 25 March 2025
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 143
Page 146
COMPANY PROFILE
TEDI BHARATA*
Commissioner
Place and Date of Birth
Born in Magelang in 1983
42 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background Professional Background
• Master of Public Administration from Columbia University • Commissioner of PT Bank Mandiri (Persero) Tbk (7 March
(2016). 2024 - 25 March 2025).
• Bachelor Degree in Computer Science and Information • Deputy for Human Resources, Technology and Information,
Management System from Pelita Harapan University (2005). KBUMN (2021 – 2025).
• Special Staff V to the Minister of SOEs (2021).
Certifications • VP Office of the Board, PT Indonesia Asahan Aluminum
Level 6 Banking Risk Management Certification Program (2019 - 2021).
organized by BNSP/LSPP (2024). • Head of the Telematics Industry Section, Investment
Coordinating Board (2016 - 2019).
Legal Basis of Appointment • Capstone Project Consultant, Bank of America Merrill Lynch
Period 1: Appointed as Commissioner of Bank Mandiri for the (2016).
first period pursuant to the Annual GMS resolution on 7 March • Special Staff to the Minister of Trade (2014).
2024 according to the Deed of the Annual GMS No. 03 dated 7 • Head of Energy Infrastructure Section, Investment
March 2024. Coordinating Board (2012 - 2014).
• Vice Director at Indonesia Investment Promotion Center –
Term of Office New York (2009-2012).
7 March 2024 – 25 March 2025. • Project Management Staff at PT Siemens Indonesia (2005-
2008).
Concurrent Position
Deputy for Finance and Risk Management at Ministry of State- Affiliations
Owned Enterprises (August 2021 – October 2025). No affiliations with any members of the Board of Directors,
Board of Commissioners, nor controlling or principal
shareholders.
Shareholding in BMRI
30,300 shares (0.0000325%) as of 25 March 2025.
*)
Tenure was ended based on the Annual GMS dated 25 March 2025
144 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 147
COMPANY PROFILE
BOARD OF DIRECTORS COMPOSITION
As of 31 December 2025
CHANGES OF THE BOARD OF DIRECTORS COMPOSITION
Pursuant to the resolution of the Annual GMS dated 25 March 2025 and the resolution of the Extraordinary
GMS dated 4 August 2025 and 19 December 2025 the composition of the Board of Directors was amended. To
that end, the composition of the Board of Directors as of 31 December 2025, is as follows:
• President Director : Riduan
• Vice President Director : Henry Panjaitan
• Director of Operations : Timothy Utama
• Director of Human Capital and Compliance : Eka Fitria
• Director of Risk Management : Danis Subyantoro
• Director of Commercial Banking : Totok Priyambodo
• Director of Corporate Banking : Mochamad Rizaldi
• Director of Consumer Banking : Saptari
• Director of Treasury and International Banking : Ari Rizaldi
• Director of Finance and Strategy : Novita Widya Anggraini
• Director of Network and Retail Funding : Jan Winston Tambunan
• Director of Information Technology : Sunarto
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 145
Page 148
BOARD OF DIRECTORS PROFILES
COMPANY PROFILE
RIDUAN
President Director
Place and Date of Birth
Born in Palembang in 1970
55 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background • Director of Corporate Banking of PT Bank Mandiri (Persero) Tbk
• Master in Management from Sriwijaya University (2007). (2024 - 2025).
• Bachelor of Accounting in Economics from Sriwijaya University • Director of Commercial Banking of PT Bank Mandiri (Persero) Tbk
(1995). (January 2019 - 2024).
• Commissioner of PT Mandiri Sekuritas (2018 - 2019).
Certifications • Middle Corporate Senior Executive Vice President of PT Bank
• Level 7 Risk Management Certification Refresher Program held by Mandiri (Persero) Tbk (2017 - January 2019).
Indonesia Risk Professional Association (IRPA) (2024). • Senior Vice President/Regional CEO II/Sumatra 2 of PT Bank
• Level 7 Risk Management Certification Refresher Program, held by Mandiri (Persero) Tbk (2016 - 2017).
BARa Risk Forum (2023). • Director of Finance and Investment of PT Askes (Persero)/BPJS
• Refreshment Program “Managing Commercial Credit Facing Kesehatan (2013 - 2016).
Potential Recession 2023” held by PT Asta Konsultan Indonesia. • Commissioner of PT Mandiri AXA General Insurance (2012 - 2014).
• Risk Management Certification Level 5 held by the Banking • Senior Vice President (Group Head) of PT Bank Mandiri (Persero)
Professional Certification Institute (LSPP) (2021). Tbk Business Banking I (2011 - 2013).
• Vice President (Commercial Banking Center Manager) of the
Legal Basis of Appointment Regional Office II/Palembang PT Bank Mandiri (Persero) Tbk (2007
• Period 1: Appointed as Director of Bank Mandiri for the first period - 2009).
pursuant to the resolution of the Extraordinary GMS on 7 January • Assistant Vice President (Micro Banking District Center Manager)
2019 in accordance with the Deed of the Extraordinary GMS No. 3 of the Regional Office II/Palembang PT Bank Mandiri (Persero) Tbk.
dated 7 January 2019. (2005 - 2006).
• Period 2: Reappointed as Director of Bank Mandiri pursuant to the • Head of Class 2 Branch (Senior Manager) at Regional Office II/
resolution of the Annual GMS on 14 March 2023 according to the Palembang PT Bank Mandiri (Persero) Tbk (2005).
Deed of the Annual GMS No. 11 dated 14 March 2023. He further • Head of Class 3 Branch (Senior Manager) at Regional Office II/
appointed as President Director of Bank Mandiri pursuant to the Palembang PT Bank Mandiri (Persero) Tbk (2004).
Extraordinary GMS on 4 August 2025 according to the Deed of the • Cash Outlet Manager (Senior Manager) at Regional Office II/
Extraordinary GMS Resolution No.02 dated 4 August 2025. Palembang of PT Bank Mandiri (Persero) Tbk (January 2003 -
December 2003).
Term of Office • Internal Control & Compliance Head at Regional Office II/Palembang
• 7 January 2019 until the closing of 2023 Annual GMS (First Period). PT Bank Mandiri (Persero) Tbk (2000 - 2003).
• 14 March 2023 until the closing of 2028 Annual GMS (Second • Internal Auditor of PT Bank Mandiri (Persero) Tbk (1999 - 2001).
Period). • Internal Auditor (SPI) of PT Bank Dagang Negara (Persero) (1996
- 1999).
Concurrent Position
No concurrent positions in other companies or institutions. Affiliations
No affiliations with any members of the Board of Directors, Board of
Professional Background Commissioners, nor controlling or principal shareholders.
• President Director of PT Bank Mandiri (Persero) Tbk (August 2025
- present). Shareholding in BMRI
14,547,800 shares (0.0155869%) as of 31 December 2025.
146 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 149
COMPANY PROFILE
HENRY PANJAITAN
Vice President Director
Place and Date of Birth
Born in Jakarta in 1969
56 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background Professional Background
• Master in Financial Management from Sriwijaya University • Vice President Director of PT Bank Mandiri (Persero) Tbk
of Indonesia. (August 2025 - present).
• Master of Commerce University of New South Wales. • Director of Business Guarantee of PT Jamkrindo.
• Bachelor in Management from the Padjadjaran University. • Director of Treasury and International of PT Bank BNI.
Certifications Affiliations
• Risk Management Certification Alignment program level 7 No affiliations with any members of the Board of Directors,
held by BSMR (2025). Board of Commissioners, nor controlling or principal
• Guarantee Competency Certification for Guarantee Sub- shareholders.
Area Management held by LSPP (2022).
• Advance Level Dealer held by LSPP (2020). Shareholding in BMRI
163,000 saham (0.0001746%) Posisi 31 Desember 2025.
Legal Basis of Appointment
Period 1: Appointed as Vice President Director of Bank Mandiri
based on the resolution of the Extraordinary GMS on 4 August
2025 according to the Deed of the Extraordinary GMS No. 02
dated 4 August 2025.
Term of Office
4 August 2025 until the closing of 2030 Annual GMS (First
Period).
Concurrent Position
No concurrent positions in other companies or institutions.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 147
Page 150
COMPANY PROFILE
TIMOTHY UTAMA
Director of Operations
Place and Date of Birth
Born in Jakarta in 1965
60 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background Term of Office
Bachelor of Business Administration in Accounting and 15 March 2021 until the closing of 2026 Annual GMS (First
Finance from Texas A&M University, USA (1988). Period).
Certifications Concurrent Position
• Risk Management Certification Level 7 Program held by No concurrent positions in other companies or institutions.
Indonesian Risk Professional Association (IPRA) (2024).
• Risk Management Certification Refreshment Level 7 Professional Background
Program held by LSPP (2023). • Director of Operations of PT Bank Mandiri (Persero) Tbk
• Managing Innovation Certification held by Harvard Business (August 2025 - present).
Schoold, Boston (2023). • Director of Information Technology of PT Bank Mandiri
• Risk Management Certification Refreshment Program held (Persero) Tbk (March 2021 - 2025).
by LSPP (6 June 2022). • Managing Director, Head of Operations and Technology of
• Risk Management Certification Refreshment Program held Citibank (2016 - 2021).
by LSPP (13 July 2020). • Chief Operations and Technology Officer of Singapore
• Leading Innovative Change Certification held by UC Berkeley Exchange (2012 - 2015).
Executive Education (2018). • Director of Operation & Technology of Bank Permata (2010
• Be The Change Certification held by Senn Delaney Culture - 2012).
Shaping, New York (2017). • Head of Wholesale Bank Operations, Global Shared Service
• Citi Country Officer (CCO) Certification Program (pre- Center of Standard Chartered Bank, India (2008 - 2010).
requisite for CEO Position) held by Sanford I Weill Center
for Strategy and Executive Development, New York (2017). Affiliations
• Banking Risk Management Level 5 Certification held by No affiliations with any members of the Board of Directors,
Banking Profession Certification Institute (LSPP) (2012). Board of Commissioners, nor controlling or principal
• Senior Executive Leadership Certification held by Templeton shareholders.
College University of Oxford, United Kingdom (2004).
• Service Excellence Certification: Delivering Value for Profit Shareholding in BMRI
held by Wharton Business School, Philadelphia (2003). 10,334,300 shares (0.0110725%) as of 31 December 2025.
• International Management Program Certification held by
Insead (2000).
Legal Basis of Appointment
Period 1: 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.
148 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 151
COMPANY PROFILE
EKA FITRIA
Director of Human Capital and Compliance
Place and Date of Birth
Born in Medan in 1978
47 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesia
Education Background • Group Head International Banking & Financial Institution of PT
• Master of Business Administration from IE Business School (2010 Bank Mandiri (Persero) Tbk (August 2021 – March 2023).
- 2011). • Deputy Group Head Treasury of PT Bank Mandiri (Persero) Tbk
• Bachelor of Law, International Law from Universitas Padjajaran (October 2020 – August 2021).
(1996 - 2001). • General Manager Hong Kong Branch of PT Bank Mandiri (Persero)
Tbk (April 2017 – September 2020).
Certifications • Department Head Talent Acquisition – Human Capital Services
• Risk Management Certification Alignment Program Level 7 held Group of PT Bank Mandiri (Persero) Tbk (April 2015 – April 2017).
by Indonesia Risk Professional Association (IRPA) (2024). • Department Head Reward & Performance Management of PT
• Risk Management Providing Certification for Level 5 Prospective Bank Mandiri (Persero) Tbk (January 2014 – April 2015).
Board of Directors Members (2023) • Chief Dealer Product Development & Alliance of PT Bank Mandiri
• Level 4 Risk Management Certification Refreshment Program (Persero) Tbk (March 2012 – January 2014).
held by MAISA Education (2022). • Chief Dealer Cash & Liquidity of PT Bank Mandiri (Persero) Tbk
• Banking Risk Management Level 4 Certification held by BNSP (February 2012 – March 2012).
(2021). • Officer Postgraduate Study Program (4 October 2010 – 31
• Treasury Dealer Level Advance certification held by BNSP January 2012).
(2021). • Cash & Liquidity Dealer of PT Bank Mandiri (Persero) Tbk
(February 2008 – October 2010).
Legal Basis of Appointment • Forex Dealer of PT Bank Mandiri (Persero) Tbk (May 2007 -
Period 1: Appointed as Director of Bank Mandiri for the first period based January 2008).
on the resolution of the Annual GMS dated 14 March 2023 pursuant to • Junior PS Money Market Trading of PT Bank Mandiri (Persero)
the Deed of Minutes of the Annual GMS No. 11 on 14 March 2023. Tbk (September 2004 – April 2007).
• Customer Service Officer Medan City Hall of PT Bank Mandiri
Term of Office (Persero) Tbk (April 2004 – August 2004).
14 March 2023 until the closing of the 2028 Annual GMS (First • Officer Development Program of PT Bank Mandiri (Persero) Tbk
Period). (January 2003 – April 2004).
• Associate in Adhyaksa & Co. Lawyers (May 2001 – January
Concurrent Position 2003).
No concurrent positions in other companies or institutions.
Affiliations
Professional Background No affiliations with any members of the Board of Directors, Board
• Director of Human Capital and Compliance Banking of PT Bank of Commissioners, nor controlling or principal shareholders.
Mandiri (Persero) Tbk (March 2025 - present).
• Director of Treasury and International Banking of PT Bank Mandiri Shareholding in BMRI
(Persero) Tbk (14 March 2023 – 2025). 4,293,600 shares (0.0046003%) as of 31 December 2025.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 149
Page 152
COMPANY PROFILE
DANIS SUBYANTORO
Director of Risk Management
Place and Date of Birth
Born in Sragen in 1968
57 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background Professional Background
Bachelor of Agriculture from Universitas Gadjah Mada, • Director of Risk Management at PT Bank Mandiri (Persero)
Indonesia (1993). Tbk (2024 - present).
• Senior Executive Vice President Internal Audit at PT Bank
Certifications Mandiri (Persero) Tbk (2021 - 2024).
• Risk Management Level 7 Certification held by LSPP (2024). • Senior Executive Vice President Wholesale Risk at PT Bank
• IIA Indonesia National Conference 2023 held by Institute of Mandiri (Persero) Tbk (2020 - 2021).
Internal Auditors Indonesia (2023). • Group Head Corporate Risk at PT Bank Mandiri (Persero)
• Risk Management Refreshment Training Level 7 (2023). Tbk (2018 - 2020).
• Risk Management Level 5 Certification held by LSPP (2021).
• Bank Internal Audit Certification for Supervisior Level held Affiliations
by LSPP (2021). Tidak memiliki hubungan afiliasi baik dengan anggota Direksi,
• The Green Bonds and Sustainable Finance Executive anggota Dewan Komisaris lainnya maupun dengan pemegang
Program – Cohort 2 held by IFC, Swedia (2019). saham pengendali dan utama.
• Risk Management Level 3 Certification held by LSPP (2015).
Shareholding in BMRI
Legal Basis of Appointment 348,584 shares (0.0003735%) as of 31 December 2025.
Period 1: Appointed as Director of Bank Mandiri for the first
period pursuant to the Annual GMS resolution on 7 March
2024 according to the Deed of the Annual GMS No. 03 dated
7 March 2024.
Term of Office
7 March 2024 until the closing of 2029 Annual GMS (First
Period).
Concurrent Position
No concurrent positions in other companies or institutions.
150 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 153
COMPANY PROFILE
TOTOK PRIYAMBODO
Director of Commercial Banking
Place and Date of Birth
Born in Surabaya in 1974
51 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background Professional Background
Bachelor of Civil Engineering from Bandung Institute of • Director of Commercial Banking at PT Bank Mandiri
Technology (ITB), Indonesia (1997). (Persero) Tbk (2024 - present).
• SEVP Commercial Banking (2020 - 2024).
Certifications • Group Head Commercial Banking 6 (2019 - 2020).
• Risk Management Level 7 Certification held by LSPP (2024). • Group Head Middle Corporate 6 (2018 - 2019)
• International Risk Management & Wealth Management • Executive Business Officer - B Commercial Banking (2017
Refreshment held by LSPP (2022) - 2018).
• Analystics Project Finance Masterclass held by Moodys, • Group Head Commercial Banking 3 (2017).
Singapore (2020). • Executive Business Officer - B Commercial Banking (2016
• Commercial and Corporate Credit Analysis held by Fitch - 2017).
Learning, London (2018). • Regional Wholesale Head VIII Surabaya, Regional
• Risk Management Level 4 Certification held by LSPP (2015). Commercial Sales Group (2015 - 2016).
• Risk Management Certification held by LSPP (2010). • Commercial Banking Center Manager Surabaya Basuki
Rahmat, Regional Commercial Sales Group (2014 - 2015).
Legal Basis of Appointment • Commercial Banking Manager Batam (2011 - 2014).
Period 1: Appointed as Director of Bank Mandiri for the first • Team Leader Commercial Banking Pekanbaru Floor Batam
period pursuant to the Annual GMS resolution on 7 March (2008 - 2011).
2024 according to the Deed of the Annual GMS No. 03 dated • Senior Relationship Manager Commercial Banking Bandung
7 March 2024. Center (2006 - 2008).
• Credit Analyst Commercial Banking Center Bandung (2004
Term of Office - 2006).
7 March 2024 until the closing of 2029 Annual GMS (First
Period). Affiliations
No affiliations with any members of the Board of Directors,
Concurrent Position Board of Commissioners, nor controlling or principal
No concurrent positions in other companies or institutions. shareholders.
Shareholding in BMRI
370,000 shares (0.0003964%) as of 31 December 2025.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 151
Page 154
COMPANY PROFILE
MOCHAMAD RIZALDI
Director of Corporate Banking
Place and Date of Birth
Born in Jambi in 1981
44 years old as of December 2025
Domicile
Tangerang
Citizenship
Indonesian
Education Background Professional Background
Bachelor of Computer Science and Engineering from Bandung • Director of Corporate Banking of PT Bank Mandiri (Persero)
Institute of Technology (ITB), Indonesia (2004). Tbk (March 2025 – present).
• SEVP Corporate Banking of PT Bank Mandiri (Persero) Tbk
Certifications • Commissioner of PT Mandiri Sekuritas
• Risk Management Certification Level 7 Refreshment • SEVP Special Asset Management of PT Bank Mandiri
Program held by LSPP (2025). (Persero) Tbk.
• Risk Management Certification Level 7 Program held by
LSPP (2024). Affiliations
• Risk Management Certification Level 4 Program (2018). No affiliations with any members of the Board of Directors,
Board of Commissioners, nor controlling or principal
Legal Basis of Appointment shareholders.
Period 1: Appointed as Director of Bank Mandiri for the first
period pursuant to the resolution of the Annual GMS on 25 Shareholding in BMRI
March 2025 in accordance with the Deed of the Annual GMS 403,400 saham (0.0004322%) as of 31 December 2025.
No. 23 dated 25 March 2025.
Periode Menjabat
25 March 2025 until the closing of 2030 Annual GMS (First
Period).
Concurrent Position
No concurrent positions in other companies or institutions.
152 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 155
COMPANY PROFILE
SAPTARI
Director of Consumer Banking
Place and Date of Birth
Born in Bekasi in 1969
56 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background Professional Background
Bachelor of Economic in Accounting from Universitas Gadjah • Director of Consumer Banking of PT Bank Mandiri (Persero)
Mada (1994). Tbk (March 2025 – present).
• SEVP Micro & Consumer Finance of PT Bank Mandiri
Certifications (Persero) Tbk (March 2025 – present).
• Risk Management Level 7 Certification Refreshment • Commissioner of PT Mandiri Tunas Finance.
Program held by LSPP (2025). • Group Head Commercial Banking 1 of PT Bank Mandiri
• Risk Management Level 7 Certification Program held by (Persero) Tbk.
LSPP (2024).
• Risk Management Level 4 Certification Program held by Affiliations
LSPP (2022). No affiliations with any members of the Board of Directors,
Board of Commissioners, nor controlling or principal
Legal Basis of Appointment shareholders.
Period 1: Appointed as Director of Bank Mandiri for the first
period pursuant to the Annual GMS resolution on 25 March Shareholding in BMRI
2025 according to the Deed of the Annual GMS No. 23 dated 121,064 shares (0.0001297%) as of 31 December 2025.
25 March 2025.
Term of Office
25 March 2025 until the closing of 2030 Annual GMS (First
Period).
Concurrent Position
No concurrent positions in other companies or institutions.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 153
Page 156
COMPANY PROFILE
ARI RIZALDI
Director of Treasury & International Banking
Place and Date of Birth
Born in Sanggau in 1970
55 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background Professional Background
Bachelor of Accounting from Andalas University. • Director of Treasury and International Banking of PT Bank
Mandiri (Persero) (March 2025 – present).
Certifications • Director of Treasury & International Banking of PT Bank
• Risk Management Certification Level 7 Program held by Syariah Indonesia (2024 - 2025).
LSPP (2025). • Group Head Treasury of PT Bank Mandiri (Persero) Tbk
• Competency Assessor Certification Program held by LSPP (2020 - 2024).
(2025). • Department Head Strategic Banking Book, Treasury Group
• Risk Management Certification Level 6 Program (2024). of PT Bank Mandiri (Persero) Tbk (2015 - 2019).
Legal Basis of Appointment Affiliations
Period 1: Appointed as Director of Bank Mandiri for the first No affiliations with any members of the Board of Directors,
period pursuant to the Annual GMS resolution on 25 March Board of Commissioners, nor controlling or principal
2025 according to the Deed of the Annual GMS No. 23 dated shareholders.
25 March 2025.
Shareholding in BMRI
Term of Office 183,168 shares (0.0001963%) as of 31 December 2025.
25 March 2025 until the closing of 2030 Annual GMS (First
Period).
Concurrent Position
No concurrent positions in other companies or institutions.
154 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 157
COMPANY PROFILE
NOVITA WIDYA
ANGGRAINI
Director of Finance and Strategy
Place and Date of Birth
Born in Klaten in 1976
49 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background Professional Background
Bachelor of Accounting from Islamic University of Indonesia. • Director of Finance and Strategy of PT Bank Mandiri
(Persero) Tbk (March 2025 – present).
Certifications • Director of Finance of PT Bank Negara Indonesia (Persero)
• Risk Management Certification Refreshment Qualification Tbk.
Level 7: Developing a Risk Appetite Framework • Group Head Strategy & Performance Management of PT
(K.64MRP00.002.1), dated 22 April 2025. Bank Mandiri (Persero) Tbk.
• Certificate of Competence Qualification 7 Field of Bank Risk • Group Head Accounting of PT Bank Mandiri (Persero) Tbk.
Management. No 644002421702402362024, dated 29 April • Department Head Performance Management at Strategy &
2024. Performance Management PT Bank Mandiri (Persero) Tbk.
• Department Head Financial Reporting at Accounting PT
Legal Basis of Appointment Bank Mandiri (Persero) Tbk.
Period 1: Appointed as Director of Bank Mandiri for the first • Team Leader Regulatory Reporting Department at
period pursuant to the resolution of the Annual GMS on 25 Accounting PT Bank Mandiri (Persero) Tbk.
March 2025 in accordance with the Deed of the Annual GMS • Team Leader Statutory Reporting Department at Accounting
No. 23 dated 25 March 2025. PT Bank Mandiri (Persero) Tbk.
• Senior Profesional Staff Regulatory Reporting Department
Term of Office at Accounting PT Bank Mandiri (Persero) Tbk.
25 March 2025 until the closing of 2030 Annual GMS (First
Period). Affiliations
No affiliations with any members of the Board of Directors,
Concurrent Position Board of Commissioners, nor controlling or principal
No concurrent positions in other companies or institutions. shareholders.
Shareholding in BMRI
222,000 shares (0.0002379%) as of 31 December 2025.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 155
Page 158
COMPANY PROFILE
JAN WINSTON
TAMBUNAN
Director of Network & Retail Funding
Place and Date of Birth
Born in Tapanuli in 1968
57 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background Professional Background
Bachelor of Accounting from Putra Bangsa University. • Director of Network & Retail Funding of PT Bank Mandiri
(Persero) Tbk (March 2025 - present).
Certifications • Regional CEO IV/Jakarta 2 of PT Bank Mandiri (Persero)
• Risk Management Certification Level 7 Program held by Tbk.
LSPP (2025). • Priority Banking Manager of PT Bank Mandiri (Persero) Tbk.
• Risk Management Certification Level 6 Program held by • General Manager of PT Bank Mandiri (Persero) Tbk.
LSPP (2024).
Affiliations
Legal Basis of Appointment No affiliations with any members of the Board of Directors,
Period 1: Appointed as Director of Bank Mandiri for the first Board of Commissioners, nor controlling or principal
period pursuant to the resolution of the Annual GMS on 25 shareholders.
March 2025 in accordance with the Deed of the Annual GMS
No. 23 dated on 25 March 2025. Shareholding in BMRI
86,400 shares (0.0000926%) as of 31 December 2025.
Term of Office
25 March 2025 until the closing of 2030 Annual GMS (First
Period).
Concurrent Position
No concurrent positions in other companies or institutions.
156 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 159
COMPANY PROFILE
SUNARTO
Director of Information Technology
Place and Date of Birth
Born in Tanjung Balai in 1982
43 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background Professional Background
• Master of Business Administration (MBA) from Tepper • Director of Information Technology of PT Bank Mandiri
School of Business, Carnegie Mellon University, Pittsburgh, (Persero) Tbk (August 2025 - present).
United States (2013). • Senior Executive Vice President Digital Banking of PT Bank
• Bachelor of Information System from Bina Nusantara Mandiri (Persero) Tbk.
University, Indonesia (2004). • Group Head Digital Banking Product of PT Bank Mandiri
(Persero) Tbk.
Certifications
• Risk Management Certification Level 7 Program held by Affiliations
LSPP (2025). No affiliations with any members of the Board of Directors,
• Risk Management Certification Level 6 Program (2025). Board of Commissioners, nor controlling or principal
• Risk Management Certification Level 5 Program (2024). shareholders.
Legal Basis of Appointment Shareholding in BMRI
Period 1: Appointed as Director of Bank Mandiri for the first 549.600 shares (0,0005889%) as of 31 December 2025.
period pursuant to the resolution of the Extraordinary GMS
on 4 August 2025 in accordance with the Minutes of the
Extraordinary GMS No. 02 dated 4 August 2025.
Term of Office
4 August 2025 until the closing of 2030 Annual GMS (First
Period).
Concurrent Position
No concurrent positions in other companies or institutions.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 157
Page 160
COMPANY PROFILE
DARMAWAN JUNAIDI*
President Director
Place and Date of Birth
Born in Palembang in 1966
59 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background • Acting President Director of PT Semen Indonesia (Persero) Tbk (May
Bachelor of Law from Sriwijaya University, Palembang (1990). 2017 - August 2017).
• Director of Finance and as President Commissioner at PT Semen
Certifications Kupang Indonesia, at the same time (2016 - August 2017).
• Banking Risk Management Certification Qualification 7, organized • Senior Vice President - Group Head of Treasury (Executive Officer in
by the Professional Certification Institute of the Risk Management Funding and Lending) at PT Bank Mandiri (Persero) Tbk (January -
Certification Board (2024). May 2016).
• Treasury Certification Level 7, organized by ACI Financial Markets • Regional Senior Vice President CEO of Bali and Nusa Tenggara
Association Indonesia (2024). (Executive Officer in Funding and Lending) at PT Bank Mandiri
(Persero) Tbk (2015 - 2016).
Legal Basis of Appointment • Senior Vice President - Deputy Group Head of Treasury (Executive
• Period 1: Appointed as Director of Bank Mandiri for the first period Officer in Funding and Lending) at PT Bank Mandiri (Persero) Tbk
pursuant to the Extraordinary GMS on 21 August 2017 according to (2012 - 2015).
the Deed of the Extraordinary GMS No. 25 dated 23 January 2018. He • Vice President - Department of Banking Book Management, Treasury
further appointed as President Director of Bank Mandiri pursuant to Group at PT Bank Mandiri (Persero) Tbk (2011 - 2012).
the Extraordinary GMS on 21 October 2020 according to the Deed of • Vice President - Department Head of Marketing West, Treasury Group
the Annual GMS Resolution No. 16 dated 21 October 2020. at PT Bank Mandiri (Persero) Tbk (2009 - 2011).
• Period 2: Reappointed as President Director of Bank Mandiri at the • Assistant Vice President - Chief Dealer of Marketing II, Treasury Group
Annual GMS dated 10 March 2022 according to the Deed of the at PT Bank Mandiri (Persero) Tbk (2007 - 2009).
Annual GMS No. 12 dated 24 March 2022. • Senior Manager - Professional Staff of Treasury Marketing I, Treasury
Group at PT Bank Mandiri (Persero) Tbk (2005 - 2007).
Term of Office • Treasury Manager of Cayman Islands Branch at Bank Mandiri (1999
21 August 2017 – 4 August 2025. - 2005).
• Professional Staff in Treasury Affairs at PT Bank Bumi Daya (Persero)
Concurrent Position (1997 - 1999).
No concurrent positions in other companies or institutions. • Professional Staff of Internal Control Affairs at PT Bank Bumi Daya
(Persero) (1996 - 1997).
Professional Background • Credit Recovery Officer at PT Bank Bumi Daya (Persero) (1994 - 1996).
• President Director at PT Bank Mandiri (Persero) Tbk. (21 October • Administration of the Head Office at PT Bank Bumi Daya (Persero)
2020 - 4 August 2025). (1992 - 1994).
• Chairman Indonesia Foreign Exchange Market Committee (IFEMC)
(2017 – 2020). Hubungan Afiliasi
• Director of Treasury, International Banking & Special Asset Tidak memiliki hubungan afiliasi baik dengan anggota Direksi, anggota
Management at PT Bank Mandiri (Persero) Tbk. (9 December 2019 Dewan Komisaris lainnya maupun dengan pemegang saham pengendali
- 20 October 2020). dan utama.
• Director of Treasury and International Banking at PT Bank Mandiri
(Persero) Tbk. (21 March 2018 - 9 December 2019). Kepemilikan Saham BMRI
• Treasury Director at PT Bank Mandiri (Persero) Tbk. (August 2017 - 15,013,800 shares (0.0160862%) as of 4 August 2025.
March 2018).
*)
Tenure was ended based on the Extraordinary GMS dated 4 August 2025
158 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 161
COMPANY PROFILE
ALEXANDRA ASKANDAR*
Vice President Director
Place and Date of Birth
Born in Medan in 1972
53 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background Professional Background
• Master of Business Administration (MBA) in Finance from • Vice President Director at PT Bank Mandiri (Persero) Tbk
Boston University, USA (1999). (21 October 2020 - 25 March 2025).
• Bachelor in Economics from the University of Indonesia • Director of Corporate Banking at PT Bank Mandiri (Persero)
(1995). Tbk (December 2019-20 October 2020).
• Institutional Relationship Director at PT Bank Mandiri
Certifications (Persero) Tbk (March 2018-December 2019).
• Risk Management Certification Qualification 7 by the • Senior Executive Vice President of Corporate Banking at PT
Banking Professional Certification Institute (2024). Bank Mandiri (Persero) Tbk (2016-March 2018).
• Equalization of Risk Management Certification Qualification • Commissioner of PT Mandiri Sekuritas (2011- March 2018).
7 by BARa Risk Forum (2024). • Corporate Banking Group Head V Group at PT Bank Mandiri
• Risk Management Refreshment Certification for Directors (Persero) Tbk (2015-2016).
and Executive Officers (LPPI) (2023). • Group Head Syndication, Oil & Gas at PT Bank Mandiri
• Refreshment Program for Risk Management Certification (Persero) Tbk (2009-2015).
by BARa Risk Forum (2022). • Corporate Banking III Group Department Head at PT Bank
• Refreshment Program for Risk Management Certification Mandiri (Persero) Tbk (2007-2009).
by BARa Risk Forum (2020). • Senior Relationship Manager for Corporate Banking Group
• Level 5 Risk Management Certification held by the Banking at Bank Mandiri (2000-2006).
Professional Certification Institute (LSPP) (2018). • Account Manager at the Loan Work Out Division of the
Indonesian Bank Restructuring Agency (1999-2000).
Legal Basis of Appointment • ISO 9000 & 14000 Consultant at PT Surveyor Indonesia
• Period 1: Appointed as Director of Bank Mandiri pursuant (1996-1997).
to the resolution of the Annual GMS on 21 March 2018 • Manager of Finance Division at PT Surveyor Indonesia
according to the Deed of the Annual GMS No. 57 dated 21 (1995-1996).
March 2018. Appointed as Vice President Director of Bank
Mandiri based on the resolution of the Extraordinary GMS on Affiliations
21 October 2020 according to the Deed of the Extraordinary No affiliations with any members of the Board of Directors,
GMS No. 16 dated 21 October 2020. Board of Commissioners, nor controlling or principal
• Period 2: Reappointed as Vice President Director of Bank shareholders.
Mandiri pursuant to the resolution of the Annual GMS on 14
March 2023 according to the Deed of the Annual GMS No. Shareholding in BMRI
11 dated 14 March 2023. 14,519,800 shares (0.0155569 %) as of 25 March 2025.
Term of Office
21 March 2018 – 25 March 2025.
Concurrent Position
No concurrent positions in other companies or institutions.
*)
Tenure was ended based on the Annual GMS dated 25 March 2025
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 159
Page 162
COMPANY PROFILE
AGUS DWI HANDAYA*
Director of Compliance and HR
Place and Date of Birth
Born in Medan in 1970
55 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background Professional Background
• Master of Business Administration in Strategy & Finance from • Compliance and HR Director at PT Bank Mandiri (Persero) Tbk (16
the Nanyang Fellows National Technological University Singapore May 2019 – 25 March 2025).
(2013). • Compliance Director at PT Bank Mandiri (Persero) Tbk (21 March
• Bachelor in Economics/ Accounting from the University of North 2018 - 16 May 2019).
Sumatra (1995). • Senior Executive Vice President of Corporate Transformation &
Finance at PT Bank Mandiri (Persero) Tbk (2017 - 21 March 2018).
Certifications • Group Head Office of the CEO at PT Bank Mandiri (Persero) Tbk
• Risk Management Certification Alignment Program Level 7 for (2016-2017).
Director Position held by Indonesian Risk Professional Association • Director of Finance & Strategy at PT Bank Syariah Mandiri (2015-
(IRPA) (2024). 2016).
• Level 7 Risk Management Certification held by the Banking • Director of Finance & Strategy at PT Bank Syariah Mandiri (2015-
Professional Certification Institute (LSPP) (2023). 2016).
• Level 5 Risk Management Certification held by the Banking • Group Head Strategy & Performance Group at PT Bank Mandiri
Professional Certification Institute (LSPP) (2022). (Persero) Tbk (2013-2014).
• Banking Compliance Certification held by LSPP (2020). • Study Tasks at the Nanyang Fellows National Technological
• Certified Behavior Analyst held by Pinasthika (2018). University Singapore (2012-2013).
• Level 5 Risk Management Certification held by the Banking • Group Head Strategy & Performance Group at PT Bank Mandiri
Professional Certification Institute (LSPP) (2018). (Persero) Tbk (2009-2012).
• Certified Chartered Accountant Indonesia held by the Indonesian • Department Head Strategy & Financial Analysis at PT Bank Mandiri
Institute of Accountants (IAI) (2015). (Persero) Tbk (2007-2009).
• Commercial Controller Head at PT Bank Mandiri (Persero) Tbk
Legal Basis of Appointment (2005-2007).
• Period 1: Appointed as Director of Bank Mandiri for the first period • Senior Strategic Plan at PT Bank Mandiri (Persero) Tbk (2003-2005).
pursuant to the resolution of the Annual GMS on 21 March 2018 • Section Head of Commercial Banking Controller at PT Bank Mandiri
in accordance with the Deed of the Annual GMS No. 57 dated 21 (Persero) Tbk (2001-2003).
March 2018. • Section Head Regional Banking Controllers at PT Bank Mandiri
• Period 2: Reappointed as Director of Bank Mandiri based on the (Persero) Tbk (1999-2001).
resolution of the Annual GMS on 14 March 2023 in accordance with • Branch Officers of Medan Medan City Hall for Small & Corporate
the Deed of the Annual GMS No. 11 dated 14 March 2023. Loans and Medium-Term Loans at Import Export Banks (1996-
1999).
Term of Office
21 March 2018 – 25 March 2025. Hubungan Afiliasi
Tidak memiliki hubungan afiliasi baik dengan anggota Direksi,
Concurrent Position anggota Dewan Komisaris lainnya maupun dengan pemegang saham
No concurrent positions in other companies or institutions. pengendali dan utama.
Kepemilikan Saham BMRI
14,829,800 shares (0.0158891 %) as of 25 March 2025.
*)
Tenure was ended based on the Annual GMS dated 25 March 2025
160 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 163
COMPANY PROFILE
TONI EKO BOY SUBARI*
Director of Operations
Place and Date of Birth
Born in Magetan in 1964
61 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background • PJ Group Head Business Banking III Group Board of Commissioners
Sarjana di bidang Teknologi Industri Pertanian dari Institusi Pertanian Business Banking III Group at PT Bank Mandiri (Persero) Tbk
Bogor (1988). (September 2013-December 2013).
• Executive Business Officer - Category B Board of Commissioners
Certifications PKMK Commercial & Business Banking at PT Bank Mandiri (Persero)
• Refresher Program Level 7 held by Indonesia Risk Professional Tbk (February 2011-August 2013).
Association (IFRA) (2024). • Corporate Banking Manager Medan Board of Commissioners
• Refresher Program Level 7 held by the Banking Professional Corporate Banking Medan at PT Bank Mandiri (Persero) Tbk (2009-
Certification Institute (2023). 2011)
• Refresher Program Level 7: Indonesian Banking in Supporting • Client Service Team Manager Board of Commissioners CST 3 PHS,
Indonesia towards a Low Carbon Economy held by Bankers CARGILL, LONSUM at PT Bank Mandiri (Persero) Tbk (2008-2009).
Association for Risk Management (BARa) (2023). • Senior Recovery Manager Board of Commissioners Loan Workout I at
• Refresher Program: ESG Risk and Mitigation for Sustainability held by PT Bank Mandiri (Persero) Tbk (2006-2007).
the Banking Professional Certification Institute (2023). • Senior Recovery Manager Credit Recovery 2 Loan Workout I at PT
• Level 5 Risk Management Certification held by the Banking Bank Mandiri (Persero) Tbk (September 2005-December 2005).
Professional Certification Institute (LSPP) (2021). • Senior Recovery Manager for Corporate Credit Recovery C at PT Bank
Mandiri (Persero) Tbk (2003-2005).
Legal Basis of Appointment • Credit Recovery Officer Credit Recovery for Corporate Governance
Period 1: Appointed as Director of Bank Mandiri for the first period and Capital Market Recovery at PT Bank Mandiri (Persero) Tbk (2001-
pursuant to the Extraordinary GMS on 21 October 2020 in accordance 2003).
with the Deed of the Extraordinary GMS No. 16 dated 21 October 2020. • Senior Officer Cru: Loan Workout I Group III at PT Bank Mandiri
(Persero) Tbk (2000-2001).
Term of Office • Manager Cru: Loan Workout III Group 1 at PT Bank Mandiri (Persero)
21 October 2020 – 25 March 2025. Tbk (May 2000-October 2000).
• Senior Officer Cru: Loan Workout II at PT Bank Mandiri (Persero) Tbk
Concurrent Position (1999-2000).
No concurrent positions in other companies or institutions. • Head of Medan Middle Branch Team Credit Financing Team (MDN) at
PT Bank Mandiri (Persero) Tbk (1996-1999).
Professional Background • WPT. KTM.MDY Banda Aceh Project Financing Team (BDA) at PT
• Director of Operations at PT Bank Mandiri (Persero) Tbk (21 October Bank Mandiri (Persero) Tbk (1993-1996).
2020 – 25 March 2025). • WDS Tarakan Project Financing Team (TRK) at PT Bank Mandiri
• President Director at Bank Mandiri Syariah (2017-2020). (Persero) Tbk (1990-1993).
• SEVP Special Asset Management at PT Bank Mandiri (Persero) Tbk • Non-Executive Regional Affairs II (UWL II) Credit Team 4 (Textile/
(2016-2017). Clothing) (Upp II) at PT Bank Mandiri (Persero) Tbk (February 1990-
• Regional CEO 1/Sumatera 1 Regional I Medan at PT Bank Mandiri May 1990).
(Persero) Tbk (2015-2016). • Non-Executive Regional Affairs II (UWL II) at PT Bank Mandiri (Persero)
• PJ Regional CEO 1/Sumatera 1 Regional I Medan at PT Bank Mandiri Tbk (1989-1990).
(Persero) Tbk (January 2015-June 2015).
• Group Head Business Banking I Board of Commissioners Business Affiliations
Banking I Group at PT Bank Mandiri (Persero) Tbk (2014-2015). No affiliations with any members of the Board of Directors, Board of
• PJ Group Head Business Banking I Group Board of Commissioners Commissioners, nor controlling or principal shareholders.
Business Banking I Group at PT Bank Mandiri (Persero) Tbk (2013-
2014). Shareholding in BMRI
9,379,900 shares (0.0100499%) as of 25 March 2025.
*)
Tenure was ended based on the Annual GMS dated 25 March 2025
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 161
Page 164
COMPANY PROFILE
ROHAN HAFAS*
Director of Institutional Relations
Place and Date of Birth
Born in Jakarta in 1961
64 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background • Corporate Secretary Division Head at PT Bank Mutiara (2010-
Bachelor of Economics from the University of Indonesia (1987). 2014).
• Operational Director at PT Daria Dharma (2005-2010).
Certifications • Commissioner at PT Bank Perkreditan Rakyat Tridharma (2009-
• Refreshment of Level 7 Risk Management Certification, Banking 2010).
Risk Management (LSPP) (2024). • President Director at PT Deo Gratia Communication (2004-2008).
• Level 7 Risk Management Certification (2023). • Advisor at PT Marga Permata Bumi Property (2004-2005).
• Level 5 Risk Management Certification held by the Banking • Vice President at the Indonesian Banking Restructuring Agency
Professional Certification Institute (LSPP) (2020). (2003-2004).
• Level 4 Risk Management Certification held by the Banking • Vice President Assistant - Group Head Communication Division at
Professional Certification Institute (LSPP) (2020). the Indonesian Banking Restructuring Agency (2002-2003).
• PRISM Brain Mapping Certification (PRISM Practitioner) held by • Senior Manager - Team Leader Communication Division at the
PRISM (2017). Indonesian Banking Restructuring Agency (2002).
• Senior Manager - Team Leader Asset Management Credit Unit in
Legal Basis of Appointment the Indonesian Banking Restructuring Agency (2001-2002).
Period 1: Appointed as Director of Bank Mandiri for the first period • Senior Manager - Senior Officer of Asset Management Credit at
pursuant to the Extraordinary GMS on 21 October 2020 in accordance the Indonesian Banking Restructuring Agency (1998-2000).
with the Deed of the Extraordinary GMS Resolution No. 16 dated 21 • Vice President - Main Branch Manager at PT Bank Subentra (1997-
October 2020. 1998).
• Assistant Vice President - Branch Manager at PT Bank Subentra
Term of Office (1993-1997).
21 October 2020 – 25 March 2025. • Senior Manager - Branch Manager at PT Bank Subentra (1992-
1993).
Concurrent Position • Senior Manager - Marketing Head at PT Bank Subentra (1991-
No concurrent positions in other companies or institutions. 1992).
• Senior Manager - Marketing Head at PT Bank Susila Bakti (1990-
Professional Background 1991).
• Director of Institutional Relations at PT Bank Mandiri (Persero) • Manager - SME Account Officer at PT Bank Susila Bakti (1988-
Tbk (21 October 2020 – 25 March 2025). 1990).
• Chairman of the BUMN Social and Environmental Responsibility • Assistant Manager - Junior Account Officer at PT Bank Susila
Forum (TJSL), Period 2022 - 2025. Bakti (1987-1988).
• Chairman of the BUMN Public Relations Forum for the period
2019-2021. Hubungan Afiliasi
• Senior Executive Vice President of Corporate Relations at PT Bank Tidak memiliki hubungan afiliasi baik dengan anggota Direksi,
Mandiri (Persero) Tbk (20 February 2020-20 October 2020). anggota Dewan Komisaris lainnya maupun dengan pemegang
• Group Head Corporate Secretary Group at PT Bank Mandiri saham pengendali dan utama.
(Persero) Tbk (2014-20 February 2020).
Kepemilikan Saham BMRI
*)
Tenure was ended based on the Annual GMS dated 25 March 2025 9,262,900 shares (0.0099245%) as of 25 March 2025.
162 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 165
COMPANY PROFILE
SIGIT PRASTOWO*
Director of Finance and Strategies
Place and Date of Birth
Born in Cilacap in 1971
54 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background Professional Background
• Bachelor degree in Geography/Regional Planning from • Director of Finance and Strategy at PT Bank Mandiri
Gadjah Mada University (1995). (Persero) Tbk (21 October 2020 – 25 March 2025).
• Master of Management from Gadjah Mada University (1992 • Director of Finance at PT Bank Negara Indonesia (Persero)
Tbk (February 2020-September 2020).
Certifications • Director of Finance at PT Bank DKI (July 2019-February
• Program Penyelarasan Sertifikasi Manajemen Risiko level 2020).
Direksi dari IRPA - Jenjang 7 (2024). • PLT President Director at PT Bank DKI (2018-2019).
• Banking Risk Management Refreshment Program from • Director of Finance at PT Bank DKI (2015-2018).
BARa Risk Forum – Level 7 Refreshment (2023). • Division Leader (Senior Vice President) of Budgeting and
• Banking Risk Management Refreshment Program from Financial Control Division at PT Bank Negara Indonesia
from LSPP & BNSP – Level 5 Refreshment (2023). (Persero) Tbk (2012-2015).
• Advance Level Treasury Dealer Certification held by LSPP & • President Commissioner of PT Inter Motor Sport (2010-
BNSP (2022). 2015).
• Banking Risk Management Refreshment Program from • Deputy Head of the Financial Control Division at PT Bank
from LSPP & BNSP – Level 5 Refreshment (2021). Negara Indonesia (Persero) Tbk. (2009- 2012).
• Banking Risk Management Refreshment Program from the • Leader of the Performance Analysis Group of the Financial
Indonesian Bankers Association - Banking Competency Control Division at PT Bank Negara Indonesia (Persero) Tbk
Center (IBI-BCC) (2020). (2005-2009).
• Advance Level Treasury Dealer Certification held by LSPP & • Personal Assistant to the Deputy President Director of the
BNSP (2019). Communication and Secretariat Division at PT Bank Negara
• Level 5 (Five) Risk Management Certification - Cyber Indonesia (Persero) Tbk. (2003-2005).
Security Awareness in Industry 4.0 held by LSPP (2019). • Credit Analyst and Corporate Credit Marketing Analyst
Communication and Secretarial Division at PT Bank Negara
Legal Basis of Appointment Indonesia (Persero) Tbk (1998-2003).
Period 1: Appointed as Director of Bank Mandiri for the first
period pursuant to the resolution of the Extraordinary GMS Affiliations
on 21 October 2020 in accordance with the Deed of the No affiliations with any members of the Board of Directors,
Extraordinary GMS No. 16 dated 21 October 2020. Board of Commissioners, nor controlling or principal
shareholders.
Term of Office
21 October 2020 – 25 March 2025. Shareholding in BMRI
14,167,500 saham (0.0151795%) as of 25 March 2025.
Concurrent Position
No concurrent positions in other companies or institutions.
*)
Tenure was ended based on the Annual GMS dated 25 March 2025
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 163
Page 166
COMPANY PROFILE
AQUARIUS RUDIANTO*
Director of Network and Retail Banking
Place and Date of Birth
Born in Jakarta in 1967
59 years old as of December 2025
Domicile
Jakarta
Citizenship
Indonesian
Education Background • Group Head Regional Commercial Sales 1 Group at PT Bank Mandiri
Bachelor in Social Science and Political Science from Padjajaran (Persero) Tbk (2010-2014).
University (1990). • Commercial Banking Manager, Regional Commercial Sales 1 Group,
Commercial Banking Center Medan at PT Bank Mandiri (Persero) Tbk
Certifications (2009-2010).
• Risk Management Certification Refreshment (Level 6 & 7) (2023). • Commercial Banking Manager Regional Commercial Sales 1 Group
• Chief Business Development Officer (CBDO) Cohort II 2023, attended Banjarmasin - South Kalimantan at PT Bank Mandiri (Persero) Tbk
by the Ministry of BUMN. (2006-2009).
• Level 5 Risk Management Certification held by the Banking • Assistant Regional Risk Manager, Commercial Credit Risk
Professional Certification Institute (LSPP) (2020). Management Group, Regional Risk Management VIII Denpasar - Bali
at PT Bank Mandiri (Persero) Tbk (2004-2006).
Legal Basis of Appointment • Professional Staff Authority, Retail Credit Risk Management Group,
Period 1: Appointed as Director of Bank Mandiri for the first period Regional Risk management VIII Surabaya at PT Bank Mandiri (Persero)
pursuant to the resolution of the Annual GMS on 19 February 2020 in Tbk (2003-2004).
accordance with the Deed of the Annual GMS No. 56 dated 19 February • Professional Staff (Reorganization), Retail Credit Risk Approval Group
2020. Management VIII Surabaya at PT Bank Mandiri (Persero) Tbk (2001-
2003).
Term of Office • Senior Officer Holders of authority for West Kalimantan Credit
19 February 2020 – 25 March 2025t. Decisions, Commercial Credit Division III at the Pontianak West
Kalimantan Hub at PT Bank Mandiri (Persero) Tbk (2000-2001).
Concurrent Position • Senior Officer, Corporate & Commercial Credit Division Surabaya at PT
No concurrent positions in other companies or institutions. Bank Mandiri (Persero) Tbk (1999-2000).
• Head of Credit Division, Head of Cash for Certain Periods According
Professional Background to Internal Movements of Bank Exim, Cakranegara Branch, Mataram -
• Director of Network and Retail Banking at PT Bank Mandiri (Persero) NTB at PT Bank Export Import (1995-1999).
Tbk (19 February 2020 – 25 March 2025). • Head of Credit Division, Head of Export Import, Head of Cash, Head
• Commissioner at PT Bank Syariah Mandiri (12 February 2020 - 19 of Business Development for Certain Periods According to Internal
February 2020). Movements of Exim Bank Samarinda Branch, East Kalimantan at PT
• Senior Executive Vice President for Business & Networks at PT Bank Bank Export Import (1991-1995).
Mandiri (Persero) Tbk (10 December 2019 - 19 February 2020).
• Commissioner at Mandiri AXA General Insurance (29 March 2019-19 Hubungan Afiliasi
February 2020). Tidak memiliki hubungan afiliasi baik dengan anggota Direksi, anggota
• Senior Executive Vice President (SEVP) Operations at PT Bank Mandiri Dewan Komisaris lainnya maupun dengan pemegang saham pengendali
(Persero) Tbk (2018-2019). dan utama.
• Regional CEO, Regional 3 Jakarta Kota at PT Bank Mandiri (Persero)
Tbk. (2015-2018). Kepemilikan Saham BMRI
10,399,700 shares (0.0111425%) as of 25 March 2025.
*)
Tenure was ended based on the Annual GMS dated 25 March 2025
164 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 167
COMPANY PROFILE ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 165
Page 168
PROFILE OF EXECUTIVES
COMPANY PROFILE
SENIOR EXECUTIVE VICE PRESIDENT
Adi Pranantias Faiz Firdausi
Senior Executive Vice Senior Executive Vice
President/SEVP Internal President/SEVP Special
Audit Asset Management
Place and Date of Birth Place and Date of Birth
Born in Malang in 1967, 58 years old as of December 2025. Born in Serang in 1969, 56 years old as of December 2025.
Citizenship: Indonesian Citizenship: Indonesian
Domicile: Jakarta Domicile: Jakarta
Education Background Education Background
Bachelor of Management Economics from Universitas • Master of Science(MSc) - Finance from University of
Pancasila, Indonesia (1990). Houston Clear Lake Texas (1998).
• Bachelor of Mechanical Engineering from Universitas
Legal Basis of Appointment Trisakti (1994).
Serves as SEVP Internal Audit based on the Board of
Directors’ Decree No. KEP.DIR/024/2024 dated 23 April Legal Basis of Appointment
2024. Serves as SEVP Special Asset Management based on the
Board of Directors’ Decree No. KEP.DIR/018/2025 tanggal
Professional Background 10 April 2025.
He joined Bank Mandiri in 1999 as Assistant Manager
Credit Operation & Control. Professional Background
Joined Bank Mandiri in 2003 as Senior Relationship
Shareholding in BMRI Manager: PS – Credit Analyst Corporate Relationship I.
124,232 shares (0.0001331%) as of 31 December 2025.
Shareholding in BMRI
294,500 shares (0.0003155%) as of 31 December 2025.
166 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 169
COMPANY PROFILE
Budi Purwanto Wildan Sanjoyo
Senior Executive Senior Executive Vice
Vice President/ SEVP President/SEVP Risk
Corporate Banking Management
Place and Date of Birth Place and Date of Birth
Born in Jakarta in 1978, 47 years old as of December 2025. Born in Malang in 1981, 44 years old as of December
2025.
Citizenship: Indonesian
Citizenship: Indonesian
Domicile: Jakarta
Domicile: Jakarta
Education Background
• Master MBA from Institut Teknologi Bandung (2004) Education Background
• Bachelor of Electro Engineering from Institut Teknologi Bachelor of Economic Management from STIE Perbanas
Bandung (2001) Surabaya.
Legal Basis of Appointment Legal Basis of Appointment
Serves as SEVP Corporate Banking based on the Board Serves as SEVP Risk Management based on the Board of
of Directors’ Decree No. KEP.DIR/016/2025 dated 10 April Directors’ Decree No. KEP.DIR/020/2024 dated 16 April
2025. 2024.
Professional Background Professional Background
Joined Bank Mandiri in 2004 on Officer Development Joined Bank Mandiri in 2011 as Temporary Assignment
Program Human Resources Group. Officer.
Shareholding in BMRI Shareholding in BMRI
302.300 shares (0,0003239%) as of 31 December 2025. 277,100 shares (0.0002969%) as of 31 December 2025.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 167
Page 170
COMPANY PROFILE
Frans Gunawan M. Wisnu
L. Tobing Trihanggodo
Senior Executive Senior Executive
Vice President/SEVP Vice President/SEVP
Commercial Banking Corporate Relations
Place and Date of Birth Place and Date of Birth
Born in Parbubu in 1970, 55 years old as of December 2025. Born in Jakarta in 1974, 51 years old as of December 2025.
Citizenship: Indonesian Citizenship: Indonesian
Domicile: Jakarta Domicile: Jakarta
Education Background Education Background
Master of Management (MM) from Universitas Indonesia • Master in International Business from Monash University
(2001). (2001)
• Bachelor of Industrial Engineering from Universitas
Legal Basis of Appointment Trisakti (1998)
Serves as SEVP Commercial Banking based on the Board
of Directors’ Decree No. KEP.DIR/021/2024 dated 16 April Legal Basis of Appointment
2024. Serves as SEVP Corporate Relations based on the Board of
Directors’ Decree No. KEP.DIR/064/2024 dated 31 October
Professional Background 2024.
Joined Bank Mandiri in 1996 as Senior Clerk in Region VI
DKI 4 Branch Jakarta Jatinegara. Professional Background
Joined Bank Mandiri in 2005 as Senior Relationship
Shareholding in BMRI Manager: PM-CARD ACQUISITION Consumer Card Group.
1,304,148 shares (0.0013973%) as of 31 December 2025.
Shareholding in BMRI
Nil as of 31 December 2025.
168 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 171
COMPANY PROFILE
Dadang Susilo
Ramadhan P Hardiyantono
Senior Executive Senior Executive
Vice President/ SEVP Vice President/SEVP
Hubungan Kelembagaan Information Technology
Place and Date of Birth Place and Date of Birth
Born in Jakarta in 1967, 58 years old as of December 2025. Born in Yogyakarta in 1969, 56 years old as of December
2025.
Citizenship: Indonesian Citizenship: Indonesian
Domicile: Jakarta Domicile : Jakarta
Education Background Education Background
• Master in Management from Universitas Gadjah Mada Bachelor of Electrical Engineering from the Institute of
(1993). Technology Bandung, Indonesia (1994).
• Bachelor of Civil Engineering from Institut Teknologi
Sepuluh Nopember (1991). Legal Basis of Appointment
Serves as SEVP Information Technology based on the
Legal Basis of Appointment Board of Directors’ Decree No. KEP. DIR/064/2025 dated 2
Serves as SEVP Hubungan Kelembagaan based on the September 2025.
Board of Directors’ Decree No. KEP.DIR/017/2025 tanggal
10 April 2025. Professional Background
Joined Bank Mandiri in 2018 as Department Head IT
Professional Background Network Services Department of IT Infrastructure Group.
Joined Bank Mandiri in 1999 as Officer: CRM - Corporate &
Financial Institution. Shareholding in BMRI
Nil as of 31 December 2025.
Shareholding in BMRI
Nil as of 31 December 2025.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 169
Page 172
COMPANY PROFILE
Laurentius Aris
Budiyanto
Senior Executive
Vice President/SEVP
Operation
Place and Date of Birth
Born in Sleman in 1970, 55 years old as of December 2025.
Citizenship: Indonesian
Domicile: Jakarta
Education Background
Faculty of Economics, Sebelas Maret University.
Legal Basis of Appointment
Serves as SEVP Operation based on the Board of Directors’
Decree No. KEP. DIR/083/2025 dated 28 November 2025.
Professional Background
Joined Bank Mandiri in 1999 as an Assistant Manager (AM),
serving as an Officer at Regional Office X Makassar.
Shareholding in BMRI
Nil as of 31 December 2025.
170 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 173
GROUP HEAD AND/OR
EQUIVALENTS LEVELS
COMPANY PROFILE
WORK UNITS HEAD OF UNITS
Under the Supervision of President Director
Region I /Sumatra 1 I Gede Raka Arimbawa
Region II/Sumatra 2 Ade Arief Mochtar
Region III/Jakarta 1 Dessy Wahyuni
Region IV/Jakarta 2 Ferry Kurnia Budianto
Region V/Jakarta 3 Midian Samosir
Region VI/Java 1 Nila Mayta Dwi Rihandjani
Region VII/Java 2 Iwan Tri Imawan
Region VIII/Java 3 M. Ashidiq Iswara
Region IX/Kalimantan Agus Kurniawan
Region X/Sulawesi & Maluku Nunung Andreas Wisnu
Region XI/Bali & Nusa Tenggara Alexander Jonathan Patty
Region XII/Papua Antonius Budi Setiawan
Wholesale & Corporate Center Audit Group Rahmat Azis
Retail Audit Group Azahari Fikri
IT Audit Group Deni Hendra Permana
Senior Investigator Asep Syaeful Rochm
Enterprise Legal Asa Estheria Vipana
Digital Marketing Group Diah Eka Purwanti
Office of the Board Group Novita Nur Rizk
Corporate Secretary Group Adhika Vista
Senior Executive Relationship Officer -
Under the Supervision of Vice President Director
Environmental, Social, & Governance Group Monica Yoanita Octavia
Government & Institutional 1 Group Muhamad Suryadi
Government & Institutional 2 Group Hendrianto Setiawan
Government Solution Group Aland Rinny Patity
Head of Government Project 1 Sri Dono Indarto
Head of Government Project 3 Yoga Sulistijono
Executive Relationship Officer Ita Setyawati
Executive Relationship Officer Nugrahani Estuning Sari
Treasury & International Banking
Treasury Group Aries Syamsul Arifien
Transaction Banking Wholesale Group Fauziah Anna
Strategic Procurement Group Danang Kuantana Cahya Kusuma
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 171
Page 174
COMPANY PROFILE
WORK UNITS HEAD OF UNITS
Office of Chief Economist Group Andry Asmoro
Overseas Banking Network Group Aries Syamsul Arifien
Financial Institutions Business Group -
Senior Executive Treasury Officer Nina Ardianti
Corporate Banking
Corporate Banking 1 Group Yuli Dwiana Putri Lubis
Corporate Banking 2 Group Erwin Khristianto
Corporate Banking 3 Group Heru Eko Prasetyo
Corporate Banking 4 Group Hamzah Syawaludin
Corporate Banking 5 Group Nina Sukanti Ekawati
Corporate Banking 6 Group Glasnosta Ramadhan
Corporate Solution Group Melissa Edriany Gultom
Special Asset Management I Group Tolopan Robert
Special Asset Management II Group Bambang Saefudin
Special Asset Management III Group Chandra
Retail Collection & Recovery Group Ganjar E. Suganda
Legal Group Ilham Soetansah
Senior Operational Risk Wholesale Banking Jhon R.H. Pangaribuan
Senior Executive Business Officer Corporate Banking Nelly Novelina
Senior Executive Business Officer Corporate Banking Yustian Rifki Alfianto
Senior Executive Relationship Officer Yunus Mulia
Senior Executive Relationship Officer Ivan Ansori
Senior Executive Business Officer M. Ali Said
Senior Executive Business Officer Nur Susilo Wibowo
Senior Executive Legal Litigation Eman Suherman
Commercial Banking
Commercial Banking 1 Group Edwin Ronaldy
Commercial Banking 2 Group Ferdianto Munir
Commercial Banking 3 Group Jeffry Vernando Bustam
Commercial Banking 4 Group Achmad Nu'man Annafis
Commercial Banking 5 Group Joni
Commercial Banking 6 Group Bayu Kristanto
Commercial Solution Group Anggi Mutiara
SME Banking Group Muhammad Machmuddin
Senior Executive Business Officer Commercial Banking Yolanda
172 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 175
COMPANY PROFILE
WORK UNITS HEAD OF UNITS
Senior Executive Business Officer Commercial Banking Freddy Iwan S. Tambunan
Senior Executive Business Officer Commercial Banking Andreas Hot Asi
Senior Executive Business Officer Romy Jhonson Nainggolan
Senior Executive Relationship Officer -
Risk Management
Market Risk Group Bily Arkan
Operational Risk Group Adityo Wicaksono
Credit Portfolio Risk Group Alfanendya Safudi
Policy & Procedure Group Nurul Akhsani Sulistyawati
Consumer Credit Risk & Analytics Group Rommy Syailendra
SME & Micro Risk Group Deru Widyarto
Data Protection & Fraud Risk Group Upik Trisda Leawaty
Corporate Risk 1 Group Eny Kurniasih M. Mukarromah
Corporate Risk 2 Group Yandril
Commercial Risk 1 Group Athur Donald Hutagaol
Commercial Risk 2 Group Estiningsih
Senior Executive Credit Officer - A Aried Riadi Bakri
Senior Executive Credit Officer - B Alvijanti Rahajuningsih
Senior Executive Credit Office - B Andry Yusuf
Senior Executive Credit Officer - B Angky Widyastoto
Senior Executive Credit Office - B Deddy S. Prihantoro
Senior Executive Credit Office - B Dyota Mahoedara
Senior Executive Credit Office - B Erwin Hidayat
Senior Executive Credit Office - B Ferry Tobing
Senior Executive Credit Office - B Herudi Purnama
Senior Executive Credit Office - B I Komang Sugiartha
Senior Executive Credit Office - B Kunto Prabowo
Senior Executive Credit Office - B Masyuda Derita
Senior Executive Credit Office - B Meb Rullyna Maharani
Senior Executive Credit Office - B Pangondian Omarmubarak Pasaribu
Senior Executive Credit Office - B Tjahjadi Harlianto
Operations
Operations -
Wholesale Credit Operations Group Sugiharto
Electronic Channel Operations Group Dimas Ardianto
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 173
Page 176
COMPANY PROFILE
WORK UNITS HEAD OF UNITS
Cash & Trade Operations Group Yuda Nurseta Dewi
Business Operations Center Group Fitri Handayani
Retail Credit Center Group Prasetyo Mahanani
Customer Care Group Asih Samihadi
Head of Business Continuity Management I Made Wahyu Arjaya
Senior Operational Risk Head Operations Dini Isnarti
Information Technology
Digital Retail Banking Group Yanto Masyap
Digital Wholesale Banking Group Yohan Sugiono
Enterprise Data Analytics Group Kurnia Sofia Rosyad
IT Strategy & Architecture Group Fajar Anggoro
Senior Operational Risk Head Information Technology Nurul Kamaril Istiana
Senior Executive IT Officer -
IT Infrastructure Group Riza Hariawan
IT Applications Support Group Eko Herjuno
IT Digital Channel Delivery Group Azda Firmansyah
IT Application Delivery Group Ferry Hidayat
CISO Office Group Abdurachman
Human Capital and Compliance
Human Capital Strategy & Talent Management Group Handi Kurniawan
Human Capital Services Group Sriyani Puspa Kinasih
Mandiri University Group Dindin Rosyidin
Human Capital Engagement & Outsource Management Group Sapri
Human Capital Performance & Remuneration Group Votivia Mardinna
Compliance Group Juliser Sigalingging
Anti Money Laundering & Counter Financing Of Terrorism Group Anzar Mulyantoro
Senior Human Capital Business Partner 1 M Yan Chaidir
Senior Human Capital Business Partner 2 Wienda Rahmawati
Senior Human Capital Business Partner 3 Rasbianto Hidajat
Senior Human Capital Business Partner 4 Virly Hayati
Finance and Strategy
Strategy & Performance Management Group Antonius Kunta Widyatmaka
Accounting Group Herdiana Achdan
Investor Relations Group Laurensius Teiseran
Strategic Investment & Subsidiaries Management Group Indra Soaloon Situmorang
Head of Business Transformation Adhita Jona Warsito
174 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 177
COMPANY PROFILE
WORK UNITS HEAD OF UNITS
Head of Corporate Transformation Minette Rivelina
Senior Operational Risk Head Corporate Center Syafelda Indrayuni
Consumer Banking
Micro Development & Agent Banking Group Bayu Trisno Arief Setiawan
Personal Loan Group Achmad Munasit
Credit Cards Group Agus Hendra Purnama
Mortgage & Auto Loan Group Kurnia Utama Hasibuan
Senior Executive Business Officer -
Network and Retail Funding
Wealth Management Group Ursula Sista Pravesthi
Distribution Strategy Group Ashraf Farahnaz
Transaction Banking Retail Sales Group Erin Young
Retail Deposit Product & Solution Group Abeka Natalia
Corporate Real Estate Group Koga Husin
Senior Operational Risk Head Distribution & Consumer Hendro Subekti
Senior Executive Real Estate Officer -
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 175
Page 178
EMPLOYEE DEMOGRAPHICS
COMPANY PROFILE
EMPLOYEE BY ORGANIZATION LEVEL
2024 2025
Description
Total Total
Senior Executive Vice President (SEVP), Executive Vice
113 34 147 96 25 121
President (EVP), Senior Vice President (SVP)
Vice President (VP), Assistant Vice 2,684 1,512 4,196 2,736 1,548 4,284
Manager* 7,018 6,722 13,740 7,560 7,055 14,615
Staff 8,586 12,101 20,687 7,963 11,660 19,623
Others 104 - 104 89 - 89
Total 18,505 20,369 38,874 18,444 20,288 38,732
*)
Managers are employees with organizational levels of Assistant Manager, Manager, First Senior Manager and Senior Manager
EMPLOYEE BY EDUCATION STATUS
2024 2025
Description
Total Total
Doctoral Degree 12 1 13 7 2 9
Master Degree 1,189 770 1,959 1,214 776 1,990
Bachelor Degree and Equivalent 16,188 18,337 34,495 16,253 18,605 34,858
Diploma 512 973 1,485 437 814 1,251
Senior High School 599 119 718 530 91 621
Junior High School 5 - 5 3 - 3
Primary School - - - - - -
Total 18,505 20,369 38,874 18,444 20,288 38,732
EMPLOYEE BY EMPLOYMENT STATUS
2024 2025
Description
Total Total
Permanent Employee 16,616 17,590 34,206 16,459 17,170 33,629
Non-Permanent Employee (contract) 1,713 2,636 4,349 1,799 2,926 4,725
Trainee 176 143 319 186 192 378
Total 18,505 20,369 38,874 18,444 20,288 38,732
176 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 179
COMPANY PROFILE
EMPLOYEE BY AGE
2024 2025
Description
Total Total
20-24 Years old 1,245 1,714 2,959 1,331 1,917 3,248
25-29 Years old 3,159 3,867 7,026 3,270 3,926 7,196
30-34 Years old 5,325 6,825 12,150 4,537 5,965 10,502
35-39 Years old 4,148 4,128 8,276 4,652 4,619 9,271
40-44 Years old 1,880 1,804 3,684 1,979 1,772 3,751
45-49 Years old 1,055 965 2,020 1,140 1,066 2,206
50-54 Years old 1,418 915 2,333 1,184 854 2,038
>54 Years old 275 151 426 351 169 520
Total 18,505 20,369 38,874 18,444 20,288 38,732
EMPLOYEE BY GENERATION
2024 2025
Description
Total Total
Gen X 3,482 2,826 6,308 3,026 2,464 5,490
Gen Y 10,633 11,974 22,607 10,162 11,110 21,272
Gen Z 4,390 5,569 9,959 5,256 6,714 11,970
Total 18,505 20,369 38,874 18,444 20,288 38,732
EMPLOYEE BY TENURE
2024 2025
Description
Total Total
<3 Years 3,229 3,649 6,878 1,331 1,917 3,248
3-5 Years 1,972 1,789 3,761 3,270 3,926 7,196
6-10 Years 5,231 6,220 6,220 4,537 5,965 10,502
11-15 Years 4,731 5,345 10,076 4,652 4,619 9,271
16-20 Years 1,367 1,497 2,864 1,979 1,772 3,751
21-25 Years 333 828 1,161 1,140 1,066 2,206
26-30 Years 1,284 827 2,111 1,184 854 2,038
>30 Years 358 214 572 351 169 520
Total 18,505 20,369 38,874 18,444 20,288 38,732
EMPLOYEE OF KRIYA MANDIRI PARTICIPANT WITH DISABILITY
2024 2025
Description
Total Total
Kriya Mandiri Participant with Disability 51 16 67 11 3 14
Total 51 16 67 11 3 14
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 177
Page 180
EMPLOYEES COMPETENCE DEVELOPMENT
COMPANY PROFILE
To enhance employee competencies and achieve classification, position, and other relevant factors. The
global competitiveness, Bank Mandiri has implemented program is designed to prepare employees to take on
a series of continuous development initiatives aimed at key management positions within the Bank.
developing exceptional talent. The focus on improving
employee competencies aligns with the importance of Bank Mandiri’s Talent Management and Succession
comprehensive career development. Strategy is structured around the framework, which
comprises five key elements: Technical Capability,
Employee Career Development Leadership Capability, Culture, Learning Agility, and
Purpose. This framework serves as the foundation for
Bank Mandiri’s approach to employee career talent development, ensuring that all five aspects are
development is based on the Talent Management and implemented in a balanced and comprehensive manner.
Succession program, founded on the principle of fair
opportunity. This ensures that every employee has an For a detailed overview of HR development initiatives,
equal chance to grow and advance while considering please refer to the Human Capital Chapter of this
the Bank’s needs, individual capabilities, employee Annual Report.
performance appraisals, employee potential, talent
COMPETENCIES DEVELOPMENT BY PROGRAM
2024 2025
Enhancement Programs
Batch Employee Batch Employee
Leadership Development Program
Officer Development Program 27 827 23 746
Staff Development Program 19 611 31 946
SESPIBANK Program 2 3 1 4
Mandiri People Manager (MPM) Fundamental, Executive, and
5 1,083 - -
Mastery
Mandiri Advanced Leaders (MALP), Mandiri Advanced First
Leaders Program (MAFLP), and Mandiri Executive Leaders 27 574 - -
Program (MAELP) Program
S2 Program 3 51 15 51
Other Leaderships 65 9,670 33 4,079
Technical Development Programs 2,839 168,292 2,783 126,927
E-learning & Podcast 9,071 768,204 9,374 602,324
178 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 181
COMPANY PROFILE
COMPETENCIES DEVELOPMENT BY JOB LEVEL
Number of Training Employee
Employee Level
2024 2025
Commissioner 10 6
Director 12 8
SEVP - SVP 154 167
VP - AVP 4,120 4.199
SM - FAM 13,993 14.908
Operative 19,659 18.695
Non-Operative 55 38
Pension/Terminated 2,032 2.353
Grand Total 40,035 40.374
DAYS AND HOURS SPENT FOR THE TRAINING PROGRAMS (MAN HOUR)
Number of Training Number of Training Duration Average Training Hours per
Employee Level Employee (hours) Employee
2024 2025 2024 2025 2024 2025
Female 20,916 21,233 2,140,788 1,737,030 102.4 81.81
Male 19,119 19,141 2,175,159 1,798,946 113.8 93.98
Grand Total 40,035 40,374 4,315,947 3,535,976 107.8 87.6
Number of Training Number of Training Duration Average Training Hours per
Employee Level Employee (hours) Employee
2024 2025 2024 2025 2024 2025
Commissioner 10 6 179 104 17.9 17.3
Director 12 8 70 196 6.3 24.5
SEVP - SVP 154 167 9.532 8,898 61.9 53.3
VP - AVP 4,120 4,199 533,885 553,580 129.6 131.8
SM - FAM 13,993 14,908 1,947,625 1,829,512 139.2 122.7
Operative 19,659 18,695 1,743,310 1,059,712 88.7 56.7
Non-Operative 55 38 649 446 11.8 11.7
Pension/ Terminated 2,032 2,353 80,698 83,528 39.7 35.5
Grand Total 40,035 40,374 4,315,947 3,535,976 107.8 87.6
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 179
Page 182
SHAREHOLDERS COMPOSITION
COMPANY PROFILE
COMPOSITION OF SHARES OWNERSHIP OF 5% OR MORE
AS OF 1 JANUARY 2025 (INITIAL OPENING OF STOCK TRADING)
Shareholders Number of Shares Shareholding (%)
GOVERNMENT OF THE REPUBLIC OF INDONESIA 48,533,333,333 52.0000000
INDONESIA INVESTMENT AUTHORITY 7,466,666,666 8.0000000
AS OF 31 DECEMBER 2025
Shareholders Number of Shares Shareholding (%)
GOVERNMENT OF THE REPUBLIC OF INDONESIA 1 0.0000000
PT DANANTARA ASSET MANAGEMENT (PERSERO) 48,533,333,333 52.0000000
INDONESIA INVESTMENT AUTHORITY 7,466,666,666 8.0000000
As of 31 December 2025, the majority shareholder of Bank Mandiri is PT Danantara Asset Management (Persero),
holding approximately 52% of the Bank’s Series B shares, acting as the operational holding entity under Daya
Anagata Nusantara Investment Management Agency (Danantara). The Republic of Indonesia, through the Series A
Dwiwarna share, retains special rights over key corporate decisions and remains the ultimate beneficial owner of
Bank Mandiri. The remaining shares are owned by the public, each holding less than 5% of the total shares.
PUBLIC SHAREHOLDING LESS THAN 5%
AS OF 1 JANUARY 2025 (INITIAL OPENING OF STOCK TRADING)
Shareholding Total Shareholders Total Shares Shareholding (%)
NATIONAL
Individual 189,370 2,099,454,902 2.24942
Cooperatives 8 3,273,100 0.00351
Foundations 37 81,101,508 0.08689
Pension Fund 139 874,432,660 0.93689
Insurance 191 1,347,181,456 1.44341
Banks 10 59,071,148 0.06329
Limited Liability Company 343 168,902,348 0.18097
Government Institutions - - -
Mutual Funds 312 1,395,139,793 1.49479
Sub Total 190,411 6,028,556,915 6.45917
FOREIGN
Foreign Individual 305 6,558,908 0.00703
Foreign Business Entity 1,945 31,298,217,509 33.53380
Sub Total 2,250 31,304,776,417 33.54083
TOTAL 192,661 37,333,333,332 40.00000
180 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 183
COMPANY PROFILE
AS OF 31 DECEMBER 2025
Shareholding Total Shareholders Total Shares Shareholding (%)
NATIONAL
Individual 269,084 4,018,962,734 4.30603
Cooperatives 14 5,634,100 0.00604
Foundations 45 87,873,732 0.09415
Pension Fund 142 2,008,064,052 2.15150
Insurance 194 998,505,186 1.06983
Banks 10 138,231,652 0.14811
Limited Liability Company 543 390,884,253 0.41880
Government Institutions - - -
Mutual Funds 302 1,363,835,612 1.46125
Sub Total 270,335 9,011,991,321 9.65570
FOREIGN
Foreign Individual 379 14,798,108 0.01586
Foreign Business Entity 1,581 28,306,543,921 30.32844
Sub Total 1,960 28,321,342,029 30.34430
TOTAL 272,295 37,333,253,350 40.00000
SHAREHOLDERS COMPOSITION PER CLASSIFICATION
AS OF 1 JANUARY 2025 (INITIAL OPENING OF STOCK TRADING)
Shareholding Total Shareholders Total Shares Shareholding (%)
NATIONAL
Government of the Republic of
1 48,533,333,334 52.00000
Indonesia
Individual 189,370 2,099,454,902 2.24942
Cooperatives 9 7,469,939,766 8.00351
Foundations 37 81,101,508 0.08689
Pension Fund 139 874,432,660 0.93689
Insurance 191 1,347,181,456 1.44341
Banks 10 59,071,148 0.06329
Limited Liability Company 343 168,902,348 0.18097
Government Institutions 0 0 0
Mutual Funds 312 1,395,139,793 1.49479
Sub Total 190,412 62,028,556,915 66.45917
FOREIGN
Foreign Individual 305 6,558,908 0.00703
Foreign Business Entity 1,945 31,298,217,509 33.53380
Sub Total 2,250 31,304,776,417 33.54083
Total 192,662 93,333,333,332 100.00000
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 181
Page 184
AS OF 31 DECEMBER 2025
Shareholding Total Shareholders Total Shares Shareholding (%)
NATIONAL
COMPANY PROFILE
Government of the Republic of
1 1 0.00000
Indonesia
Individual 269,084 4,018,962,734 4.30603
Cooperatives 15 7,472,300,766 8.00604
Foundations 45 87,873,732 0.09415
Pension Fund 142 2,008,064,052 2.15150
Insurance 194 998,505,186 1.06983
Banks 10 138,231,652 0.14811
Limited Liability Company 544 48,924,217,568 52.41880
Government Institutions 0 0 0
Mutual Funds 302 1,363,835,612 1.46125
Sub Total 270,337 65,011,991,303 69.65571
FOREIGN
Foreign Individual 379 14,798,108 0.01586
Foreign Business Entity 1,581 28,306,543,921 30.32844
Sub Total 1,960 28,321,342,029 30.34430
Total 272,297 93,333,333,332 100.00000
20 LARGEST SHAREHOLDERS’ COMPOSITION
AS OF 1 JANUARY 2025 (INITIAL OPENING OF STOCK TRADING)
No. Investor Name Status Total Shares Shareholding (%)
Government of the
1. GOVERNMENT OF THE REPUBLIC OF INDONESIA 48,533,333,334 52.0000000
Republic of Indonesia
2. INDONESIA INVESTMENT AUTHORITY Cooperatives 7,466,666,666 8.0000000
3. BBH BOSTON S/A GQG PARTNERS EMERGING MAR Foreign Business Entity 1,354,654,674 1.4514157
4. JPMCB NA RE-NEW WORLD FUND,INC Foreign Business Entity 1,209,130,211 1.2954967
5. JPMSE LUX RE UCITS CLT RE-SCHRODER INTER Foreign Business Entity 940,937,700 1.0081475
6. CITIBANK SINGAPORE S/A GOVERNMENT OF SIN Foreign Business Entity 877,979,628 0.9406925
7. BNYM RE BNYMLB RE EMPLOYEES PROVIDENTFD Foreign Business Entity 849,385,100 0.9100555
8. JPMCB NA RE- EUROPACIFIC GROWTH FUND Foreign Business Entity 842,822,091 0.9030237
9. JPMCB NA RE- VANGUARD TOTAL INTERNATIONAL Foreign Business Entity 621,786,950 0.6662003
10. JPMCB NA RE – VANGUARD EMERGING MARKETS Foreign Business Entity 565,699,750 0.6061069
11. SSB 2Q27 ISHARES CORE MSCI EMERGING MARK Foreign Business Entity 326,024,000 0.3493114
12. SSB 2IB5 OAKMARK INTERNATIONAL FUND -218 Foreign Business Entity 325,114,100 0.3483365
13. BNYMSANV RE BNYM RE PEOPLE'S BANK OF CHI Foreign Business Entity 324,110,900 0.3472617
14. JPMCB NA RE-VANGUARD FIDUCIARY TRUST COM Foreign Business Entity 318,794,836 0.3415659
15. JPMCB NA RE-CAPITAL INCOME BUILDER Foreign Business Entity 294,880,000 0.3159429
16. CITIBANK NEW YORK S/A GOVERNMENT OF NORW Foreign Business Entity 290,339,335 0.3110779
17. HE BANK OF NEW YORK MELLON DR Foreign Business Entity 278,382,440 0.2982669
18. DJS KETENAGAKERJAAN PROGRAM JHT Pension Fund 272,541,024 0.2920082
19. JPMSE LUX RE UCITS CLT RE-JPMORGAN FUNDS Foreign Business Entity 267,307,300 0.2864007
20. NTC-GQG PARTNERS EMERGING MARKETS EQUITY Foreign Business Entity 260,700,350 0.2793218
182 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 185
AS OF 31 DECEMBER 2025
No. Investor Name Status Total Shares Shareholding (%)
Government of the
COMPANY PROFILE
1. GOVERNMENT OF THE REPUBLIC OF INDONESIA 1 0.0000000
Republic of Indonesia
2. PT DANANTARA ASSET MANAGEMENT (PERSERO) Limited Liability 48,533,333,333 52.0000000
3. INDONESIA INVESTMENT AUTHORITY Cooperatives 7,466,666,666 8.0000000
4. BNYM RE BNYMLB RE EMPLOYEES PROVIDENTFD Foreign Business Entity 1,201,894,700 1.2877443
5. DJS KETENAGAKERJAAN PROGRAM JHT Pension Fund 1,193,302,524 1.2785384
6. CITIBANK SINGAPORE S/A GOVERNMENT OF SINGAPORE Foreign Business Entity 845,227,457 0.9056008
7. SSB 2IB5 OAKMARK INTERNATIONAL FUND -218 Foreign Business Entity 796,283,000 0.8531604
8. BBH BOSTON S/A GQG PARTNERS EMERGING MAR Foreign Business Entity 728,783,774 0.7808398
9. JPMCB NA RE-VANGUARD TOTAL INTERNATIONAL Foreign Business Entity 634,867,950 0.6802157
10. JPMCB NA RE - VANGUARD EMERGING MARKETS Foreign Business Entity 585,165,350 0.6269629
11. MORGAN STANLEY AND CO INTL PLC - FIRM AC Foreign Business Entity 439,797,806 0.4712119
12. CITIBANK NEW YORK S/A ISHARES CORE MSCI Foreign Business Entity 380,000,700 0.4071436
13. CITIBANK NEW YORK S/A GOVERNMENT OF NORWAY Foreign Business Entity 369,581,996 0.3959807
14. HSBC BK PLC S/A THE PRUDENTIAL ASSURANCE Foreign Business Entity 347,855,100 0.3727019
15. JPMCB NA RE-VANGUARD FIDUCIARY TRUST COM Foreign Business Entity 328,575,736 0.3520454
16. HSBC-FUND SVS A/C PEOPLES BANK OF CHINA Foreign Business Entity 326,330,000 0.3496393
17. SSB 4545 LAZARD EMERGING MARKETS EQUITY Foreign Business Entity 311,812,684 0.3340850
18. THE BANK OF NEW YORK MELLON DR Foreign Business Entity 275,551,800 0.2952341
19. JPMSE LUX RE UCITS CLT RE-SCHRODER INTER Foreign Business Entity 274,771,500 0.2943980
20. JPMCB NA RE - BLACKROCK INST TR CO N A I Foreign Business Entity 260,185,662 0.2787704
BOARD OF COMMISSIONERS AND BOARD OF DIRECTORS SHAREHOLDING
AS OF 1 JANUARY 2025 (INITIAL OPENING OF STOCK TRADING)
No. Name Position Total Shares Shareholding (%)
BOARD OF COMMISSIONERS
1. M. Chatib Basri* President Commissioner/ Independent 0 0.0000000
Vice President Commissioner/
2. Zainudin Amali 0 0.0000000
Independent
3. Loeke Larasati Agoestina* Independent Commissioner 0 0.0000000
4. Muliadi Rahardja* Independent Commissioner 0 0.0000000
5 Heru Kristiyana* Independent Commissioner 0 0.0000000
6. Rionald Silaban* Commissioner 5,001,400 0.0053586
7. Faried Utomo* Commissioner 4,687,600 0.0050224
8. Arif Budimanta* Commissioner 4,687,600 0.0050224
9. Muhammad Yusuf Ateh Commissioner 4,244,800 0.0045480
10. Tedi Bharata* Commissioner 30,300 0.0000325
BOARD OF DIRECTORS
1. Darmawan Junaidi President Director 15,013,800 0.0160862
2. Alexandra Askandar** Vice President Director 14,519,800 0.0155569
3. Agus Dwi Handaya** Director of Compliance and HR 14,645,000 0.0156911
4. Riduan Director of Corporate Banking 14,547,700 0.0155868
5. Aquarius Rudianto** Director of Network and Retail Banking 10,399,700 0.0111425
6. Toni E. B. Subari Director of Operations 9,379,900 0.0100499
7. Rohan Hafas** Director of Institutional Relations 9,262,900 0.0099245
8. Sigit Prastowo** Director of Finance and Strategy 14,167,500 0.0151795
9. Timothy Utama Director of Information Technology 10,334,300 0.0110725
Director of Treasury and International
10. Eka Fitria 4,293,600 0.0046003
Banking
11. Danis Subyantoro Director of Risk Management 344,800 0.0003694
12. Totok Priyambodo Director of Commercial Banking 370,000 0.0003964
Total 135,930,700 0.1456399
*) No longer served effective as of the Annual GMS 25 March 2025.
**) No longer served effective as of the Annual GMS 25 March 2025.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 183
Page 186
AS OF 31 DECEMBER 2025
COMPANY PROFILE
No. Name Position Total Shares Shareholding (%)
BOARD OF COMMISSIONERS
President Commissioner/
1. Zulkifli Zaini*** 22,850,900 0.0244831
Independent
2. Rudy Salahuddin Ramto*** Vice President Commissioner 0 0.0000000
3. Bintoro K. Pardewo*** Independent Commissioner 0 0.0000000
4. Mia Amiati* Independent Commissioner 0 0.0000000
5. Yuliot* Commissioner 0 0.0000000
6. Luky Alfirman*** Commissioner 0 0.0000000
7. Muhammad Yusuf Ateh Commissioner 4,244,800 0.0045480
BOARD OF DIRECTORS
1. Riduan** President Director 14,547,800 0.0155869
2. Henry Panjaitan** Vice President Director 163,000 0.0001746
3. Totok Priyambodo Director of Commercial Banking 370,000 0.0003964
4. Saptari* Director of Consumer Banking 121,064 0.0001297
5. Mochamad Rizaldi* Director of Corporate Banking 403,400 0.0004322
6. Novita Widya Anggraini* Director of Finance and Strategy 222,000 0.0002379
Director of Human Capital and
7. Eka Fitria 4,293,600 0.0046003
Compliance
8. Sunarto** Director of Information Technology 549,600 0.0005889
Director of Network and Retail
9. Jan Winston Tambunan* 86,400 0.0000926
Funding
10. Timothy Utama Director of Operations 10,334,300 0.0110725
11. Danis Subyantoro Director of Risk Management 348,584 0.0003735
Director of Treasury and International
12. Ari Rizaldi* 183,168 0.0001963
Banking
Total 58,718,616 0.0629129
*)
Serve effective as of the Annual GMS 25 March 2025.
**)
Transfer of position to President Commissioner effective as of the Extraordinary GMS 4 August 2025.
Transfer of position to Director of Operations effective as of the Extraordinary GMS 4 August 2025.
Serve effective as of the Extraordinary GMS 4 August 2025.
***)
Serve effective as of the Extraordinary GMS 19 December 2025.
Percentage of indirect ownership of the Company’s shares by members of Board of Directors and members of Board
of Commissioners at the beginning and end of the financial year, including information on shareholder register for
the interest of indirect ownership of members of Board of Directors and members of Board of Commissioners
At the beginning and end of the 2025 Fiscal Year, there are no members of the Board of Directors and Board of
Commissioners who indirectly have share ownership of the Company, including no shareholder registered in the
register of shareholders of the Company for the benefit of indirect ownership by members of the Board of Directors
and Board of Commissioners.
184 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 187
COMPANY PROFILE
BOARD OF COMMISSIONERS AND BOARD OF DIRECTORS SHARES TRADING
Pursuant to the Regulation of the Financial Services Authority No. 11/POJK.04/2017 on the Board of Commissioners
and Board of Directors Shares Trading Policy, and the Company’s Corporate Secretary Standard Procedure, each
member of the Board of Commissioners and Board of Directors shall inform their shareholding and any change
pertaining to shareholding to the Company no later than 3 (three) days following the trading and must report of such
action to the Financial Services Authority at least 10 (ten) days after the disclosure.
In 2025, 3 (three) trading transactions by the Commissioners and Directors have been reported, as follows:
1 2 3
Name Agus Dwi Handaya Alexandra Askandar Danis Subyantoro
Position Director of Compliance and HR Vice President Director Director of Risk Management
Transaction Purchase Purchase Purchase
Total Shares Before Transaction 14,645,000 14,519,800 344,800
Total Purchases/ Sales 800,000 310,000 3,784
Share Price Rp5,000,- Rp4,870,- Rp4,260,-
Total Shares After Transaction 15,445,000 14,829,800 348,584
Transaction Date 10 February 2025 11 February 2025 7 October 2025
Transaction Purpose Investment Investment Others
CRL.CSC/CMA.569/2025 dated CRL.CSC/CMA.569/2025 dated CRL.CSC/CMA.4745/2025 dated
Reporting
13 February 2025 13 February 2025 7 November 2025
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 185
Page 188
CORPORATE GROUP
SHAREHOLDING STRUCTURE
COMPANY PROFILE
PT Danantara Asset
SOE Regulatory Agency
Management (Persero)
(BP BUMN)
52% 1 Series A share
Sharia Bank Banks Capital Market Financing
51.47% 51.098% 100% 99.99% 99.99% 51% 99.99%
100% 99.93% 99.99%
100%
186 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 189
COMPANY PROFILE
Public
48%
Service (Remittance) Life Insurance
100% 51%
In 2025, Bank Mandiri does not have a Parent Entity and Special
Purpose Vehicle (SPV). However, Bank Mandiri has 4 Joint Venture
Subsidiaries, as follows:
1. BSI (PSP, Mayority)
2. Bank Mantap (PSP, Mayority)
3. MTF (PSP, Mayority)
4. AMFS (PSP, Mayority)
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 187
Page 190
SUBSIDIARIES, SUB-SUBSIDIARIES
AND/OR ASSOCIATES
COMPANY PROFILE
SUBSIDIARIES – BANKING
Shareholding 51.47%
Establishment 2021
Operational Status Operating
PT Bank Syariah Indonesia (Persero) Tbk
Total Assets Rp456,192 (billion)*
Sharia Banking
Company Profile PT Bank Syariah Indonesia (Persero) 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 December 2025, Bank Syariah Indonesia total
assets stood at Rp456.19 trillion, third-party funds reached Rp380.49 trillion, and
total net profit of Rp7.57 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 1,100 outlets more than 5.000 ATM and CRM
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.
188 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 191
COMPANY PROFILE
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
Key Management Board of Commissioners
• President Commissioner: Muhadjir Effendy
• Commissioner: Meidy Ferdiansyah**
• Commissioner: Mochamad Agus Rofiudin
• Commissioner: Kamaruddin Amin
• Independent Commissioner: Felicitas Tallulembang
• Independent Commissioner: Nizar Ahmad Saputra
• Independent Commissioner: Muhammad Syafii Antonio**
• Independent Commissioner: Addin Jauharudin**
Board of Directors
• President Director: Anggoro Eko Cahyo
• Vice President Director: Bob Tyasika Ananta
• Director of Sales & Distribution: Anton Sukarna
• Director of Finance & Strategy: Ade Cahyo Nugroho
• Director of Wholesale Transaction Banking: Zaidan Novari
• Director of Risk Management: Grandhis Helmi Harumansyah
• Director of Retail Banking: Kemas Erwan Husainy
• Director of Information Technology: Muharto Hadi Suprapto
• Director of Treasury & International Banking: Firman Nugraha
• Director of Compliance & Human Capital: Arief Adhi Sanjaya
Sharia Supervisory Board
• Chairman: Prof. Dr. KH. Hasanudin, M.Ag
• Member: Dr.K.H. Mohamad Hidayat, MBA, MH.
• Member: Dr. H. Oni Sahroni, MA
• Member: Dr. KH. Abdul Ghofur Maimoen, M.A.
• Member: Prof. Dr. Jaih Mubarok, SE, M.H, M.Ag
* Audited Financial Statements of Subsidiary
** Effective after obtaining approval from the Financial Services Authority
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 189
Page 192
COMPANY PROFILE
Shareholding 51.098%
Establishment 2008
PT Bank Mandiri Taspen Operational Status Operating
Banking Services Total Assets Rp73,018 (billion)*
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%).
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@bankmandiritaspen.co.id
Website : www.bankmandiritaspen.co.id
190 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 193
Key Management Board of Commissioners
COMPANY PROFILE
• President Commissoner/Independent: Junaidi Hisom**
• Independent Commissioner: Boedi Armanto
• Commissioner: Suhajar Diantoro**
• Independent Commissioner: Prasetio**
• Independent Commissioner: Marjana**
• Independent Commissioner: Suwartini**
• Commissioner: Edi Eko Cahyono**
Board of Directors
• President Director: Panji Irawan**
• Vice President Director: Rudi As Aturridha**
• Director: Rio Lanasier**
• Director: Henrisa Yunan Lubis**
• Director: Rima Cahyani**
• Director: Mahrauza Purnaditya**
• Director: Rizky Olyvia Nasution**
• Director: Noer Fajrieansyah**
* Audited Financial Statements of Subsidiary
** Effective after obtaining approval from the OJK
Shareholding 100.00%
Establishment 1999
Operational Status Operating
Bank Mandiri (Europe) Limited (BMEL) Total Assets Rp4,975 (billion)*
Banking Services
Company Profile Bank Mandiri (Europe) Limitied (BMEL) was established on 2 August 1999 in the UK
(Company registration no. 3793679) and is supervised by the Prudential Regulation
Authority (‘PRA’) and the Financial Conduct Authority (‘FCA’). It is a wholly-owned PT Bank
Mandiri (Persero) Tbk subsidiary. When it was established, it took over the banking business
of the London branch of PT Bank Ekspor Impor Indonesia (Persero), which had been based
in London since 1992.
BMEL’s business activities revolved around the following role: acting as a gateway for foreign
investors in the UK and EU to conduct business in Indonesia and with Indonesian corporates,
providing banking presence for Indonesia-related companies in the UK & EU to conduct
business, and providing synergy business with Mandiri Group, including its subsidiaries
and overseas network. Its main activities are accepting deposit from corporate customer,
include remittances services to these account holder, raise funding from interbank markets,
undertake lending to global corporates with Indonesian related business, and provide trade
finance services.
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 Board of Directors
• Independent Non-Executive Director (NED) & Chairman: Dian Triansyah Djani
• Direktur Independent Non-Executive Director (NED): Geoffrey McDonald
• Direktur Chief Executive dan Executive: Rifki Ega Syahputra**
* Unaudited Financial Statements of Subsidiary
** Still pending approval from BP BUMN as the holder of the Series A Dwiwarna Share.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 191
Page 194
SUBSIDIARIES – MULTI-FINANCE
COMPANY PROFILE
Shareholding 51.00%
Establishment 2009
PT Mandiri Tunas Finance (MTF) Operational Status Operating
Motor Vehicle and Multipurpose Total Assets Rp28,009 (billion)*
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, 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 stood at 49.00%.
192 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 195
COMPANY PROFILE
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.
Address Graha Mandiri Lt. 3A
Jl. Imam Bonjol No. 61 Jakarta, 10310
Telp : (021) 230 5608
Email : corporate.secretary@mtf.co.id
Website : www.mtf.co.id
Key Management Board of Commissioners
• President Commissioner: Nugraha Indra Permadi
• Independent Commissioner: Fendy Eventius Mugni
• Independent Commissioner: Subarna
Board of Directors
• President Director: Pinohadi G. Sumardi
• Director: R. Eryawan Nurhariadi
• Director: William Francis Indra
* Audited Financial Statements of Subsidiary
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 193
Page 196
COMPANY PROFILE
Shareholding 99.99%
Establishment 2015
PT Mandiri Utama Finance (MUF) Operational Status Operating
Customer Financing Services Total Assets Rp18,682 (billion)*
Especially for Motor Vehicle
Profil PT Mandiri Utama Finance (MUF) is a subsidiary of Bank Mandiri engages in financing of goods
Perusahaan 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.years
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 investment
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.
Furthermore, MUF has implemented changes in MUF’s share ownership which have been approved
through the Extraordinary General Meeting of Shareholders (EGMS) in accordance with the deed of
Statement of Decision Outside the General Meeting of Shareholders of PT Mandiri Utama Finance
Number 49 dated 29 November 2024. The change has been recorded in the AHU system of the
Ministry of Law and Human Rights of the Republic of Indonesia in accordance with the Letter of
Receipt of Notification of Changes in Company Data of PT Mandiri Utama Finance number AHU-
AH.01.09-0281917 dated November 29, 2024, so the amount of PT Bank Mandiri (Persero) Tbk’s
share ownership is 4,999,999,999 shares and PT Mandiri Sekuritas is 1 share.
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 Board of Commissioners
Management • President Commissioner: Vacant
• Commissioner: Vacant
• Independent Commissioner: Kusman Yandi
Board of Directors
• President Director: Vacant
• Director: Dapot Parasian Sukoco Sinaga
Sharia Supervisory Board:
• Chairman: Abdul Gofarrozin
• Member: M. Ziyad Ulhaq
* Audited Financial Statements of Subsidiary
194 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 197
SUBSIDIARIES – INSURANCE
COMPANY PROFILE
Shareholding 51.00%
Establishment 2003
PT AXA Mandiri Financial Services
(AXA Mandiri) Operational Status Operating
Life Insurance Total Assets Rp43,425 (billion)*
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.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 195
Page 198
COMPANY PROFILE
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 of 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.Years 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. 85 dated
29 October 2025 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.01.09-0358356 dated 20 November 2025.
In general, AXA Mandiri is currently offered several business solutions categories in the
form of life insurance for the customers of Bank Mandiri including Bank Mandiri Group
which are Bank Syariah Indonesia, Mandiri Tunas Finance etc, which are:
1. Providing traditional insurance products that provide protection for life, critical illness
as well as health coverage. In addition, provide insurance endowment product to help
customer prepare the financials plan on child education and pension;
2. Providing unit link insurance products on life insurance protection with investment
part;
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; and
4. Providing corporate Solution insurance products for the company employees.
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: Didik Mukrianto**
• 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: Uke Giri Utama
• Director: Aayush Poddar
• Director: Atta Alva Wanggai**
Sharia Supervisory Board
• Chairman: Zainut Tauhid Sa’adi
• Member: M. Cholil Nafis
• Member: Amin
* Audited Financial Statements of Subsidiary
** Under Fit and Proper Application to OJK
196 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 199
SUBSIDIARIES – SECURITIES, VENTURE CAPITAL & OTHERS
COMPANY PROFILE
Shareholding 99.99%
Establishment 31 July 2000
Operational Status Operating
PT Mandiri Sekuritas
Total Assets Rp5,998 (billion)*
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 Sekuritas is one of the largest investment banks and most active brokers in the
Indonesian capital market industry. As part of one of the largest financial institutions in
Indonesia, PT Bank Mandiri (Persero) Tbk, Mandiri Sekuritas serves as a trusted partner for
clients/customers in the capital market investment solutions.
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 15 May 2017.
The presence of Mandiri Securities Singapore has made Mandiri Sekuritas the first Indonesian
securities company which has Asia regional business capabilities.
Mandiri Sekuritas operates three business lines, which are Investment Banking, Capital
Market and Retail. On Investment Banking, Mandiri Sekuritas provides securities underwriter
and financial advisory services (underwriter and advisory). On Capital Market, the Company
provides brokerage services in bond and stock transactions in the primary and secondary
markets for institutional clients, while in Retail, it provides the same services (brokerage for
bond and stock trnsactions) for individual customers.
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
Board of Commissioners
Key Management • President Commissioner and Independent Commissioner: Hoesen
• Commissioner: Muhammad Amir Uskara**
Board of Directors
• President Director: Mohamad Oki Ramadhana
• Director: Silva Halim
• Director: Theodora Vinca Natalie Manik
• Director: Harold Jonathan Dharma Tjiptadjaja
• Director: Alex Widi Kristiono
• Director: Juwita Lestari**
• Director: Faisal Rino Bernando**
* Audited Financial Statements of Subsidiary
** Effective upon obtaining approval from the Financial Services Authority (OJK) following the fit and proper test assessment.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 197
Page 200
COMPANY PROFILE
Shareholding 99.99%
Establishment 2015
PT Mandiri Capital Indonesia (MCI) Operational Status Operating
Venture Capital Total Assets Rp6,401 (billion)*
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 activities. On 26 June
2015, the establishment of MCI was approved by the Minister of Justice and Human
Rights under approval No. AHU- 2445684.AH.01.01-year 2015. MCI obtained a business
license for venture capital operations on 10 November 2015 through the Financial
Services Authority’s letter No. KEP-113/D.05/2015, enabling MCI to fully perform its
operational activities.
The majority shareholder of MCI is PT Bank Mandiri (Persero) Tbk holding 99.99%
of shares, with PT Mandiri Sekuritas holding the remaining 0.01%. In conducting
its business, MCI plays a role in creating business synergies and driving innovation
between startups and the Mandiri Group business ecosystem, as well as with State-
Owned Enterprises (SOEs) through capital injection, venture funding, and other forms
of collaboration while remain compliant with regulations governing venture capital
activities.
Address Menara Mandiri II Lt. 10
Jl. Jend. Sudirman. Kav. 54-55, Jakarta 12190
Telp : (021) 5266061
Email : info@mandiri-capital.co.id
Website : www.mandiri-capital.co.id
Key Management Board of Commissioners
• President Commissioner: Laurensius Teiseran
• Independent Commissioner: Alamanda Shantika
Board of Directors
• President Director: Ronald Samuel Simorangkir
• Director: Wisnu Setiadi
* Unaudited Financial Statements of Subsidiary
198 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 201
COMPANY PROFILE
Shareholding 100.00%
Establishment 2009
Mandiri International Operational Status Operating
Remittance Sdn. Bhd. (MIR)
Total Assets Rp37.4 (billion)*
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 regis-
tration 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 ser-
vices 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 savings account, and provide remittance services to 9 other country corridors.
MIR currently has 12 branch offices spread across Peninsula Malaysia including Kuala Lum-
pur, Selangor, Penang, Perak, Melaka, and Johor.
MIR Products and Services:
1. Facilitating the Opening of Savings Accounts for Bank Mandiri
2. Remittance to All Bank in Indonesia
3. Multicorridor Remittance with the destination country:
a. Indonesia
b. Singapura
c. Phillippines
d. Thailand
e. India
f. Nepal
g. Bangladesh
h. Pakistan
i. Hong Kong
j. Vietnam
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
• Director of Operations: Azman Mohd Hashim
• Non-Executive Director: Rolland Setiawan
• Non-Executive Director: Boniangga Anugrah
*Unaudited
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 199
Page 202
COMPANY PROFILE
SUB-SUBSIDIARIES
Bank Mandiri has 4 (four) Sub-Subsidiaries through the ownership by the Subsidiaries.
Total Assets
Operational
Name Core Business Shareholding Establishment (in Domicile
Status
Rp million)
Mandiri Investment Ownership through 2004 Operating 460.611* Jakarta
Manajemen Manager Services Mandiri Sekuritas
Investasi with 99.93% Menara Mandiri II Lt. 15
shareholding Jl. Jend. Sudirman Kav. 54-55
Jakarta, 12190
Telp: (021) 526 3505
Fax: (021) 526 3506
Website: www.mandiri-investasi.co.id
Mandiri Investment Ownership through 2012 Operating 110.846** Singapore
Investment Manager Services Mandiri Investasi
Management with 100.00% 12. Marina View #19-05
Pte. Ltd. shareholding Asia Square Tower 2. Singapore 018961
Telp: +65 65111878
Fax: +65 6844 9729
Email: info@mandiri-investment.com.sg
Website: https://mandiri-investment.com.sg/
Mandiri Investment Banking Ownership through 2015 Operating 241.058** Singapore
Securities Pte. Mandiri Sekuritas
Ltd. with 100.00% Mandiri Securities Pte 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 Services Ownership through 2016 Operating 5,090,706*** Jakarta
Transaksi Provider and Mandiri Capital
Indonesia Payment System with 99.999998% Millennium Centennial Centre
(Yokke) Supporting shareholding Jl. Jend. Sudirman Kav. 25, 17th Floor
Operator Jakarta Selatan, 12920.
Telp: (021) 80628787
Website: www.yokke.co.id
*Audited Consolidated Financial Statements
**Audited Financial Statements
***Unaudited Financial Statements
200 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 203
COMPANY PROFILE
Shareholding 10.00%
Establishment 1997
PT Kustodian Sentral Efek Indonesia
(KSEI) Operational Status Operating
Depository and Settlement Rp4.35 trillion
Total Assets
Institution (LPP) in Indonesia
Capital Market
Company PT Kustodian Sentral Efek Indonesia (KSEI) is a Depository and Settlement Institution (LPP) in Indonesia
Profile 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.
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
Shareholding 6.96%
Establishment 16 May 1974
PT PANN (Persero)
Operational Status Non-Operating
Financing Services for the
Procurement of Commercial Total Assets 983.24
Ships in Indonesia
Company PT PANN (Persero) was established on 16 May 1974 based on the Republic of Indonesia Government
Profile Regulation No. 18 of 1974 concerning the establishment of Persero in the field of National Commercial
Fleet Development. Bank Mandiri’s ownership in PT PANN is a pure participation of Bapindo’s ex-legacy to
fulfill the procurement of Commercial Ships in Indonesia. The Capital Structure and the composition of PT
PANN (Persero) share ownership based on Deed No. 04 of 2021 are: the Government of the Republic of
Indonesia at 93.04%, and Bank Mandiri (ex-Bapindo) at 6.96%. PT PANN is a financing company that also
finances the procurement of Commercial Vessels in Indonesia. The company is engaged in the financing of
national commercial ships which focuses on financing middle-class and lower-class shipping companies
with financing mechanisms in Financial Lease, Purchase on Installment / Buy Installment, Sale and Lease
Back and Factoring. PT PANN (Persero) is in the process of dissolution according to the Minutes of the
Extraordinary General Meeting of Shareholders of PT PANN (Persero) No. 05 dated 11 October 2023. Based
on Government Regulation (PP) No. 43 dated 17 October 17 2024, it has been decided to dissolve PT PANN
(Persero). The Extraordinary General Meeting of Shareholders (EGMS) of PT PANN (Persero) and the Company
remains in the process of liquidation.
Address Jl. Cikini IV No. 11 Jakarta 10350
Telp: (021) 31922003
Website : www.pannmf.co.id
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 201
Page 204
SHARES LISTING
CHRONOLOGY
COMPANY PROFILE
Bank Mandiri has issued only one Series A Dwiwarna Bank Mandiri’s Rights Issue has been effective and also
Share, which is owned by the Republic of Indonesia and obtained approval from the shareholders in accordance
is non-transferable. The shares issued by Bank Mandiri with the decision result of the Extraordinary GMS on 28
consist of the Series A Dwiwarna Share and Series B January 2011.
Registered Ordinary Shares. All Series B Registered
Ordinary Shares offered comprise divestment shares Bank Mandiri has issued 2,336,838,591 shares with pre-
of the Republic of Indonesia, which grant their holders emptive rights with par value of Rp500 (full amount)
equal rights and rank pari passu in all respects with per share determined on 25 January 2011 and trading
the other Series B Registered Ordinary Shares of Bank period starting 14 February 2011 to 21 February 2011
Mandiri that have been issued and fully paid. with an offering price of Rp5,000 (full amount) per
share.
Initial Public Offering
On 14 July 2003, Bank Mandiri conducted an Initial The Government of the Republic of Indonesia as Bank
Public Offering (IPO) of 4,000,000,000 Ordinary Shares Mandiri’s majority shareholder did not exercise their
B Series es with a par value of Rp500 (full amount) right to acquire the Rights Issue, however transferred
per share sold at Rp675 (full amount) per share. The the shares to other public shareholders, hence the
IPO to the public was a divestment of 20.00% of Bank Government’s shareholding percentage composition
Mandiri’s shares owned by the Government. was reduced or diluted from 66.68% prior to the Rights
Issue period to 60.00% following the implementation of
On 14 July 2003, 19,800,000,000 of Bank Mandiri’s the Rights Issue.
Ordinary Shares B Series es have been listed on Jakarta
and Surabaya Stock Exchanges based on the letter of Implementation of the Stock Split
approval from Jakarta Stock Exchange No. S-1187/ Pursuant to the resolutions of the Extraordinary GMS
BEJ.PSJ/07-2003 dated 8 July 2003 and Surabaya dated 21 August 2017 as set forth in the Deed No. 36
Stock Exchange No. JKT-028/LIST/BES/VII/2003 dated dated 24 August 2017, made before Ashoya Ratam SH,
10 July 2003. Mkn, the shareholders of Bank Mandiri, among others,
approved the stock split of the Company from Rp500
Shareholding Divestment by the Government (full amount) per share to Rp250 (full amount) per
On 11 March 2004, the Government divested an share hence the issued capital became 46,666,666,666
additional 10.00% ownership in Bank Mandiri or shares consisting of 1 share of Dwiwarna Series
amounted to 2,000,000,000 Ordinary Shares B Series es es A and 46,666,666,665 shares of Series es B. The
through private placements. implementation of the stock split was effective on 13
September 2017.
Limited Public Offering
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 Chairman
of Bapepam and LK’s Letter No S-807/BL/2011 dated
27 January 2011 stated that the LPO registration with
BANK MANDIRI STOCK SPLIT IN 2017
Shareholders (Number of Outstanding Shares)
Nominal
Description Government Public Total Outstanding Shares
(Rp)
Total % Total %
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
202 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 205
COMPANY PROFILE
The Government further divested 10.00% of its S.H., MLI., M.Kn., the shareholders of Bank Mandiri,
shareholding in Bank Mandiri or 2,000,000,000 Common among others, approved the Bank’s stock split from
Shares B Series es through private placements. This Rp250 (full value) per share to Rp125 (full value) per
action did not increase the number of outstanding share, hence the issued capital becomes a total of
shares in public. The Government also divested 20.00% 93,333,333,332 shares consisting of 1 (one) Series
of its shares in Bank Mandiri as an initial public offering es A Dwiwarna share and 93,333,333,331 Series es B
to the public amounted to 4,000,000,000 shares, hence shares. The Series es A Dwiwarna shares owned by
not increasing the number of outstanding shares. After the Government of the Republic of Indonesia will be
the stock split, the share price of Bank Mandiri share retained 1 (one) share and the rest will be calculated
stood at Rp6,700 from the previous Rp13,400, with a to add Series es B shares owned by the Government
stock split ratio of 1: 2. of the Republic of Indonesia. The stock split will be
effective on 6 April 2023.
Based on the resolution of the Annual GMS dated 14
March 2023 as set forth in the Deed No. 12, dated
16 March 2023, made before Utiek R. Abdurachman
BANK MANDIRI STOCK SPLIT IN 2023
Shareholders (Number of Outstanding Shares)
Nominal
Description Government Public Total Outstanding Shares
(Rp)
Total % Total %
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
TRANSFER OF
SHAREHOLDING BY
GOVERNMENT
As of 31 December 2025, the
majority shareholder of Bank
Mandiri is PT Danantara Asset
Management (Persero), holding
52% of the Bank’s Series B
shares, acting as the operational
holding entity under Daya
Anagata Nusantara Investment
Management Agency (Danantara).
The Republic of Indonesia, through
the Series A Dwiwarna share,
retains special rights over key
corporate decisions and remains
the ultimate beneficial owner
of Bank Mandiri. The remaining
shares are owned by the public,
each holding less than 5% of the
total shares.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 203
Page 206
SHARES LISTING
COMPANY PROFILE
THE ENTIRE SHARES ARE LISTED ON THE INDONESIA STOCK EXCHANGE
Issued and Paid-up Capital
Offering Number of
Nominal
No. Period Description Share Price Issued/Sold Total Offering
(Rp) Amount of Share Total Nominal (Rp)
(Rp) Shares Price (Rp)
1. Before IPO – – – – – 20,000,000,000 10,000,000,000,000 –
14 July Initial Public Series B
2. 500 675 4,000,000,000 20,000,000,000 10,000,000,000,000 13,500,000,000,000
2003 Offering shares
Divestment of
11 March Series B
3. Government 500 1,450 2,000,000,000 20,000,000,000 10,000,000,000,000 29,000,000,000,000
2004 shares
Shares
MSOP I Series B
4. 2004 500 742.50 132,854,872 20,132,854,872 10,066,427,436,000 –
Conversion*) shares
MSOP I Series B
5. 2005 500 742.50 122,862,492 20,255,717,364 10,127,858,682,000 –
Conversion*) shares
MSOP I Series B
6. 2006 500 742.50 71,300,339 20,327,017,703 10,163,508,851,500 –
Conversion*) shares
MSOP I Series B
7. 2006 500 1,190.50 304,199,764 20,631,217,467 10,315,608,733,500 –
Conversion*) shares
204 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 207
COMPANY PROFILE
Issued and Paid-up Capital
Offering Number of
Nominal
No. Period Description Share Price Issued/Sold Total Offering
(Rp) Amount of Share Total Nominal (Rp)
(Rp) Shares Price (Rp)
MSOP I Series B
8. 2007 500 742.50 40,240,621 20,671,458,088 10,335,729,044,000 –
Conversion*) shares
MSOP I Series B
9. 2007 500 1,190.50 343,135 20,671,801,223 10,335,900,611,500 –
Conversion*) shares
MSOP I Series B
10. 2007 500 1,495.08 77,750,519 20,749,551,742 10,374,775,871,000 –
Conversion*) shares
MSOP I Series B
11. 2008 500 742.50 8,107,633 20,757,659,375 10,378,829,687,500 –
Conversion*) shares
MSOP I Series B
12. 2008 500 1,190.50 399,153 20,758,058,528 10,379,029,264,000 –
Conversion*) shares
MSOP I Series B
13. 2008 500 1,495.08 147,589,260 20,905,647,788 10,452,823,894,000 –
Conversion*) shares
MSOP I Series B
14. 2009 500 1,190.50 86,800 20,905,734,588 10,452,867,294,000 –
Conversion*) shares
MSOP I Series B
15. 2009 500 1,495.08 64,382,217 20,970,116,805 10,485,058,402,500 –
Conversion*) shares
MSOP I Series B
16. 2010 500 1,190.50 6,684,845 20,976,801,650 10,488,400,825,000 –
Conversion*) shares
MSOP I Series B
17. 2010 500 1,495.08 19,693,092 20,996,494,742 10,498,247,371,000 –
Conversion*) shares
14
Limited Public
February –
Offering
21 Series B 2,336,838,591
18. through 500 5,000 11,666,666,666,500 116,666,666,666,666 5,000
February shares 23,333,333,333
Pre-emptive
2011
Rights
13
Stock Split
19. September – 250 – – 46,666,666,666 – –
(1:2 ratio)
2017
14 March Stock Split Series B
20. 125 – – 93,333,333,332 – –
2023 (1:2 ratio) shares
*)
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 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 205
Page 208
BONDS ISSUANCE AND/OR LISTING
CHRONOLOGY
COMPANY PROFILE
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 Rp5,000,000,000,000 consisting of 3 (three) Series.
I with total proceed amounting to Rp14 trillion with a The interest of Shelf Registration Bonds I Phase I
tenor of 3 (three) to 10 (ten) years issued gradually is paid quarterly, with the first interest payment on
from 2016 to 2018. In 2020, Bank Mandiri issued Shelf- 30 December 2016. The last interest payment and
Registration Bond II with a total proceed of Rp1 trillion principal repayment, which is the bond’s maturity date,
with a tenor of 5 (five) and 7 (seven) years. In 2023, Bank is 30 September 2021 for Series es-A, 30 September
Mandiri issued Shelf-Registration Green Bonds I with a 2023 for Series es-B, and 30 September 2026 for Series
maximum value of Rp10 trillion which will be issued in es-C. The trustee of Shelf Registration Bonds I Phase I
stages, with the realization of Phase I issuance as of issuance is PT Bank Tabungan Negara (Persero) Tbk.
December 2023 amounted to Rp5 trillion.
Bank Mandiri Shelf Registration Bonds I Phase II
Bank Mandiri Rupiah Subordinated Bonds I Year Year 2017
2009 On 15 June 2017, Bank Mandiri issued Bank Mandiri
To strengthen the capital structure for business Shelf Registration Bonds I Phase II Year 2017 (Shelf
development, on 14 December 2009, Bank Mandiri Registration Bonds I Phase II) with par value of
issued Bank Mandiri Rupiah Subordinated Bonds Rp6,000,000,000,000 consisting of 4 (four) Series es.
I of 2009 (subordinated bond) amounted to
Rp3,500,000,000,000. The proceed from this exercise Shelf Registration Bonds I Phase II Series es A, Series
is allocated as complementary capital (lower tier 2) in es B, and Series es C are offered at a value of 100% (one
accordance with Bank Indonesia regulations. hundred percent) of the principal amount of the bonds.
Bond interest is paid quarterly, with the first interest
The subordinated bonds received an approval from payment on 15 September 2017. The last interest
Bank Indonesia through letter No. 11/III/DPB1/TPB1-1 payment and principal repayment or the bonds’ maturity
dated 14 September 2009 and the effective statement date are 15 June 2022 for Series es-A, 15 June 2024 for
of the Financial Services Authority (formerly the Capital Series es-B, and 15 June 2027 for Series es-C.
Market & Financial Institution Supervisory Agency-
Bapepam and LK) based on a letter from the Chairman The D Series es bonds were offered without any interest
of Bapepam and LK No. S-10414/BL/2009 dated 3 at a price of 79.3146% (seventy-nine point three one four
December 2009. six percent) of the principal amount of the bonds, with a
maturity date of 15 June 2020. The principal payment of
Bank Mandiri has listed the subordinated bonds in the bonds has been paid in full on the maturity date. The
Indonesia Stock Exchange (IDX) on 14 December 2009 trustee of Shelf-Registered Bonds I Phase II issuance is
in accordance with the announcement of Bank Mandiri PT Bank Tabungan Negara (Persero) Tbk.
subordinated bonds registration by IDX dated 11
December 2009. The maturity period of subordinated Bank Mandiri Shelf Registration Bonds I Phase
bonds is 7 (seven) years and have matured on 11 III Year 2018
December 2016, issued without any draft with a fixed On 21 September 2018, Bank Mandiri issued Bank
interest rate of 11.85% per annum. The trustee of Mandiri Shelf Registration Bonds I Phase III Year 2018
subordinated bonds is PT Bank Permata Tbk. (Shelf Registration Bonds I Phase III) with par value of
Rp3,000,000,000,000 consisting of 1 (one) Series es with
a tenor of 5 (five) years. The interest is paid quarterly,
with the first payment made on 12 December 2018.
The last interest payment and principal repayment or
the bonds’ maturity date are 21 September 2023. The
trustee of the Shelf Registration Bonds I Phase III is PT
Bank Permata Tbk.
206 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 209
COMPANY PROFILE
Bank Mandiri Shelf Registration Bonds II Phase I Bank Mandiri Shelf Registration Sustainability
Year 2020 Bonds I Phase I Year 2025
On 12 May 2020, Bank Mandiri issued Bank Mandiri On 19 December 2025, Bank Mandiri issued Bank
Shelf Registration Bonds II Phase I Year 2020 (Shelf Mandiri Shelf-Registration Sustainability Bonds I Phase
Registration Bonds II Phase I) with par value of I Year 2025 (“Sustainability Bonds I Phase I”) with a par
Rp1,000,000,000,000 consisting of 2 (two) Series. The value of Rp5,000,000,000,000 consisting of 3 (three)
interest of Shelf Registration Bonds II Phase I is paid Series es.
quarterly with the first payment made on 12 August
2020. The last interest payment and principal repayment Interest on Sustainability Bonds I Phase I will be paid
or the bonds’ maturity date are 12 May 2025 for Series quarterly with the first interest payment will be made on
es-A and 12 May 2027 for Series es-B. The trustee of the 19 March 2026. The last interest payment and principal
Shelf Registration Bonds II Phase I is PT Bank Permata repayment which is the maturity date of the bonds is 29
Tbk. December 2026 for Series es A, 19 December 2028 for
Series es B, and 19 December 2030 for Series es C. The
Bank Mandiri Shelf Registration Environmental trustee of the issuance of Green Bonds I Phase I is PT
Bonds I Phase I Year 2023 Bank Tabungan Negara (Persero) Tbk.
On 4 July 2023, Bank Mandiri issued Bank Mandiri
Shelf-Registration Green Bonds I Phase I Year The Exchange Where the Bonds are Listed
2023 (“Green Bonds I Phase I”) with a par value of All of Bank Mandiri’s bonds have been listed on the
Rp5,000,000,000,000 consisting of 2 (two) Series es. Indonesia Stock Exchange.
Interest on Green Bonds I Phase I was paid quarterly
with the first interest payment made on 4 October 2023.
The last interest payment and principal repayment
which is the maturity date of the bonds is 4 July 2026
for Series es A and 4 July 2028 for Series es B. The
trustee of the issuance of Green Bonds I Phase I is PT
Bank Negara Indonesia (Persero) Tbk.
Bank Mandiri Shelf Registration Environmental
Bonds I Phase II Year 2025
On 25 March 2025, Bank Mandiri issued Continuous
Green Bond I Bank Mandiri Phase II Year 2025
(“Continuous Green Bond I Phase II”) with nominal value
of Rp5,000,000, which consist of 2 (two) series.
Interest on Green Bonds I Phase II was paid quarterly
with the first interest payment made on 25 June 2025.
The last interest payment and principal repayment
which is the maturity date of the bonds is 5 April 2026
for Series es A and 25 March 2028 for Series es B. The
trustee of the issuance of Green Bonds I Phase I is PT
Bank Tabungan Negara (Persero) Tbk.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 207
Page 210
BONDS ISSUANCE AND/OR LISTING
CHRONOLOGY
COMPANY PROFILE
BONDS ISSUANCE CHRONOLOGY
Electronic Ratings
Bonds Currency Total Bonds Maturity Interest Payment
No. Description Tenor Offering Price Trustee
Distribution (billion) Date Rate Status 2024 2023 2025
Date
1. Bank Mandiri 14 December 7 years Rp 3,500 100% from 11 11.85% Lunas – – – Bank
Rupiah 2009 total bonds December Permata
Subordinated principal 2016
Bonds I Year
2009
2. Bank Mandiri 30 September Series Rp 5,000 100% from Series Series A: Series A idAAA by idAAA Bank
Shelf 2016 A: 5 total bonds A: 30 7.95% and B Pefindo by Tabungan
Registration years principal September Completed Pefindo Negara
Bonds I Phase 2021 Series B:
I Year 2016 Series 8.50% Series C
B: 7 Series Outstanding
years B: 30 Series C:
September 8.65%
Series 2023
C: 10
years Series
C: 30
September
2026
3. Bank Mandiri 15 June Series Rp 6,000 A, B and Series A: Series A: Series A, idAAA by idAAA Bank
Shelf 2017 A: 5 C Series 15 8.00% B and D Pefindo by Tabungan
Registration years 100% from June 2022 Completed Pefindo Negara
Bonds I Phase total bonds Series B:
II Year Series principal Series B: 8.50% Series C
2017*) B: 7 15 Outstanding
years D Series June 2024 Series C:
79.3146% 8.65%
Series from total Series C:
C: 10 bonds 15 Series D:
years principal June 2027 7.80%*
Series Series D:
D: 3 15
years June 2020
4. Bank Mandiri 21 5 years Rp 3,000 100% from 21 8.50% Completed idAAA by idAAA Bank
Shelf September total bonds September Pefindo by Permata
Registration 2018 principal 2023 Pefindo
Bonds I Phase
III Year 2018
5. Bank Mandiri 12 May 2020 Series Rp 1,000 100% from Series A: Series A: Series A idAAA by idAAA Bank
Shelf A: 5 total bonds 12 7.75% Completed Pefindo by Permata
Registration years principal May 2025 Pefindo
Bonds II Phase Series B: Series B
I Year 2020 Series Series B: 8.30% Outstanding
B: 7 12
years May 2027
6. Sustainable 4 July 2023 Series Rp 5,000 100% from Series A: 4 Series A: Outstanding idAAA by idAAA Bank
Green Bond I A: 3 total bonds July 2026 5.80% Pefindo by Negara
Bank Mandiri years principal Pefindo Indonesia
Phase I Year Series B: 4 Series B:
2023 Series July 2028 6.10%
B:
5 years
7. Sustainable 25 March Series Rp 5,000 100% from Series A: 5 Series A: Outstanding – idAAA Bank
Green Bond I 2025 A: 370 total bonds April 2026 6.35% by Tabungan
Bank Mandiri Days principal Pefindo Negara
Phase II Year Series B: 5 Series B:
2025 Series April 2026 6.65%
B:
3 years
8. Bank Mandiri 19 December Series Rp 5,000 100% from Series Series A: Outstanding idAAA by idAAA Bank
Shelf 2025 A: 370 total bonds A: 29 4.85% Pefindo by Tabungan
Registration Days principal December Pefindo Negara
Sustainability 2026 Series B:
Bonds I Phase Series 5.45%
I Year 2025 B: 3 Series
years B: 19 Series C:
December 5.95%
Series 2028
C: 5
years Series
C: 19
December
2030
*Bank Mandiri Shelf Registration Bonds I Phase II Year 2017 Series es D were held without coupons (zero coupon bonds) with an issued value of Rp1 trillion.
208 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 211
SUSTAINABLE BONDS INTEREST
PAYMENT CHRONOLOGY
COMPANY PROFILE
BANK MANDIRI SHELF REGISTRATION BONDS I PHASE I YEAR 2016
Interest Series A Series B Series C
Interest Payment Date 1. 30 December 2016 1. 30 December 2016 1. 30 December 2016
2. 30 March 2017 2. 30 March 2017 2. 30 March 2017
3. 30 June 2017 3. 30 June 2017 3. 30 June 2017
4. 30 September 2017 4. 30 September 2017 4. 30 September 2017
5. 30 December 2017 5. 30 December 2017 5. 30 December 2017
6. 30 Maret 2018 6. 30 March 2018 6. 30 March 2018
7. 30 Juni 2018 7. 30 June 2018 7. 30 June 2018
8. 30 September 2018 8. 30 September 2018 8. 30 September 2018
9. 30 December 2018 9. 30 December 2018 9. 30 December 2018
10. 30 Maret 2020 10. 30 March 2020 10. 30 March 2019
11. 30 Juni 2020 11. 30 June 2020 11. 30 June 2019
12. 30 September 2019 12. 30 September 2019 12. 30 September 2019
13. 30 December 2019 13. 30 December 2019 13. 30 December 2019
14. 30 Maret 2020 14. 30 March 2020 14. 30 March 2020
15. 30 Juni 2020 15. 30 June 2020 15. 30 June 2020
16. 30 September 2020 16. 30 September 2020 16. 30 September 2020
17. 30 December 2020 17. 30 December 2020 17. 30 December 2020
18. 30 Maret 2021 18. 30 March 2021 18. 30 March 2021
19. 30 Juni 2021 19. 30 June 2021 19. 30 June 2021
20. 30 September 2021 20. 30 September 2021 20. 30 September 2021
21. 30 December 2021 21. 30 December 2021
22. 30 March 2022 22. 30 March 2022
23. 30 June 2022 23. 30 June 2022
24. 30 September 2022 24. 30 September 2022
25. 30 December 2022 25. 30 December 2022
26. 30 March 2023 26. 30 March 2023
27. 30 June 2023 27. 30 June 2023
28. 30 September 2023 28. 30 September 2023
29. 30 December 2023
30. 30 March 2024
31. 30 June 2024
32. 30 September 2024
33. 30 December 2024
34. 30 March 2025
35. 30 June 2025
36. 30 September 2025
37. 30 December 2025
Interest Payment Status Completed Completed Completed
38. 30 March 2026
39. 30 June 2026
40. 30 September 2026
Interest Payment Status Not Yet Due
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 209
Page 212
COMPANY PROFILE
BANK MANDIRI SHELF REGISTRATION BONDS I PHASE II YEAR 2017
Interest Series A Series B Series C
Interest Payment Date 1. 15 September 2017 1. 15 September 2017 1. 15 September 2017
2. 15 December 2017 2. 15 December 2017 2. 15 December 2017
3. 15 March 2018 3. 15 March 2018 3. 15 March 2018
4. 15 June 2018 4. 15 June 2018 4. 15 June 2018
5. 15 September 2018 5. 15 September 2018 5. 15 September 2018
6. 15 December 2018 6. 15 December 2018 6. 15 December 2018
7. 15 March 2019 7. 15 March 2019 7. 15 March 2019
8. 15 June 2019 8. 15 June 2019 8. 15 June 2019
9. 15 September 2019 9. 15 September 2019 9. 15 September 2019
10. 15 December 2019 10. 15 December 2019 10. 15 December 2019
11. 15 March 2020 11. 15 March 2020 11. 15 March 2020
12. 15 June 2020 12. 15 June 2020 12. 15 June 2020
13. 15 September 2020 13. 15 September 2020 13. 15 September 2020
14. 15 December 2020 14. 15 December 2020 14. 15 December 2020
15. 15 March 2021 15. 15 March 2021 15. 15 March 2021
16. 15 June 2021 16. 15 June 2021 16. 15 June 2021
17. 15 September 2021 17. 15 September 2021 17. 15 September 2021
18. 15 December 2021 18. 15 December 2021 18. 15 December 2021
19. 15 March 2022 19. 15 March 2022 19. 15 March 2022
20. 15 June 2022 20. 15 June 2022 20. 15 June 2022
21. 15 September 2022 21. 15 September 2022
22. 15 December 2022 22. 15 December 2022
23. 15 March 2023 23. 15 March 2023
24. 15 June 2023 24. 15 June 2023
25. 15 September 2023 25. 15 September 2023
26. 15 December 2023 26. 15 December 2023
27. 15 March 2024 27. 15 March 2024
28. 15 June 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
Interest Payment Status Completed Completed Completed
35. 15 March 2026
36. 15 June 2026
37. 15 September 2026
38. 15 December 2026
39. 15 March 2027
40. 15 June 2027
Interest Payment Status Not Yet Due
210 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 213
COMPANY PROFILE
BANK MANDIRI SHELF REGISTRATION BONDS II PHASE I YEAR 2020
Interest Series A Series B
Interest Payment Date 1. 12 Agustus 2020 1. 12 Agustus 2020
2. 12 November 2020 2. 12 November 2020
3. 12 Februari 2021 3. 12 Februari 2021
4. 12 Mei 2021 4. 12 Mei 2021
5. 12 Agustus 2021 5. 12 Agustus 2021
6. 12 November 2021 6. 12 November 2021
7. 12 Februari 2022 7. 12 Februari 2022
8. 12 Mei 2022 8. 12 Mei 2022
9. 12 Agustus 2022 9. 12 Agustus 2022
10. 12 November 2022 10. 12 November 2022
11. 12 Februari 2023 11. 12 Februari 2023
12. 12 Mei 2023 12. 12 Mei 2023
13. 12 Agustus 2023 13. 12 Agustus 2023
14. 12 November 2023 14. 12 November 2023
15. 12 Februari 2024 15. 12 Februari 2024
16. 12 Mei 2024 16. 12 Mei 2024
17. 12 Agustus 2024 17. 12 Agustus 2024
18. 12 November 2024 18. 12 November 2024
19. 12 Februari 2025 19. 12 Februari 2025
20. 12 Mei 2025 20. 12 Mei 2025
21. 12 Agustus 2025
22. 12 November 2025
Interest Payment Status Completed Completed
23. 12 Februari 2026
24. 12 Mei 2026
25. 12 Agustus 2026
26. 12 November 2026
27. 12 Februari 2027
28. 12 Mei 2027
Interest Payment Status Not yet due
BANK MANDIRI SUSTAINABLE GREEN BOND I PHASE I YEAR 2023
Interest Series A Series B
Interest Payment Date 1. 4 Oktober 2023 1. 4 Oktober 2023
2. 4 Januari 2024 2. 4 Januari 2024
3. 4 April 2024 3. 4 April 2024
4. 4 Juli 2024 4. 4 Juli 2024
5. 4 Oktober 2024 5. 4 Oktober 2024
6. 4 Januari 2025 6. 4 Januari 2025
7. 4 April 2025 7. 4 April 2025
8. 4 Juli 2025 8. 4 Juli 2025
9. 4 Oktober 2025 9. 4 Oktober 2025
Interest Payment Status Completed Completed
10. 4 Januari 2026 10. 4 Januari 2026
11. 4 April 2026 11. 4 April 2026
12. 4 Juli 2026 12. 4 Juli 2026
13. 4 Oktober 2026
14. 4 Januari 2027
15. 4 April 2027
16. 4 Juli 2027
17. 4 Oktober 2027
18. 4 Januari 2028
19. 4 April 2028
20. 4 Juli 2028
Interest Payment Status Not Yet Due Not Yet Due
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 211
Page 214
COMPANY PROFILE
BANK MANDIRI SUSTAINABLE GREEN BOND I PHASE II YEAR 2025
Interest Series A Series B
Interest Payment Date 1. 25 June 2025 1. 25 June 2025
2. 25 September 2025 2. 25 September 2025
3. 25 December 2025 3. 25 December 2025
Interest Payment Status Completed Completed
4. 5 April 2026 4. 25 March 2026
5. 25 June 2026
6. 25 September 2026
7. 25 December 2026
8. 25 March 2027
9. 25 June 2027
10. 25 September 2027
11. 25 December 2027
12. 25 March 2028
Interest Payment Status Not Yet Due Not Yet Due
BANK MANDIRI SHELF REGISTRATION SUSTAINABILITY BONDS I PHASE I YEAR 2025
Interest Series A Series B Series C
Interest Payment Date 1. 19 March 2026 1. 9 March 2026 1. 9 March 2026
2. 19 June 2026 2. 19 June 2026 2. 19 June 2026
3. 19 September 2026 3. 19 September 2026 3. 19 September 2026
4. 29 December 2026. 4. 19 December 2026 4. 19 December 2026
5. 19 March 2027 5. 19 March 2027
6. 19 June 2027 6. 19 June 2027
7. 19 September 2027 7. 19 September 2027
8. 19 December 2027 8. 19 December 2027
9. 19 March 2028 9. 19 March 2028
10. 19 June 2028 10. 19 June 2028
11. 19 September 2028 11. 19 September 2028
12. 19 December 2028 12. 19 December 2028
13. 19 March 2029
14. 19 June 2029
15. 19 September 2029
16. 19 December 2029
17. 19 March 2030
18. 19 June 2030
19. 19 September 2030
20. 19 December 2030
Interest Payment Status Not Yet Due Not Yet Due Not Yet Due
212 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 215
COMPANY PROFILE
[Place Photo-Image - Iklan]
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 213
Page 216
CHRONOLOGY OF OTHER ISSUANCE
AND/OR LISTING OF SECURITIES
COMPANY PROFILE
NEGOTIABLE CERTIFICATES OF DEPOSIT (NCD)
Negotiable Certificates of Deposit (NCD) I 2015
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.
Negotiable Certificates of Deposit (NCD) II 2016
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
Value Payment
Description Issuance Date Tenor Currency Maturity Date Interest Rate
(Rp) Status
NCD PHASE I
NCD I PT Bank Mandiri (Persero) Tbk 25 May 2015 184 Rp 848 25 November 2015 8.00% Completed
Year 2015 Series A Calendar
Day
NCD I PT Bank Mandiri (Persero) Tbk 25 May 2015 276 Rp 440 25 February 2016 8.10% Completed
Year 2015 Series B Calendar
Day
NCD I PT Bank Mandiri (Persero) Tbk 25 May 2015 367 Rp 987 26 May 2016 8.50% Completed
Year 2015 Series C Calendar
Day
NCD I PT Bank Mandiri (Persero) Tbk 25 May 2015 458 Rp 175 25 August 2016 8.65% Completed
Year 2015 Series D Calendar
Day
NCD I PT Bank Mandiri (Persero) Tbk 25 May 2015 550 Rp 150 25 November 2016 8.75% Completed
Year 2015 Series E Calendar
Day
NCD PHASE II
NCD II PT Bank Mandiri (Persero) Tbk 16 December 2016 370 Rp 927 21 December 2017 7.55% Completed
Year 2016 Series A Calendar
Day
NCD II PT Bank Mandiri (Persero) Tbk 16 December 2016 546 Rp 500 15 June 2018 8.00 % Completed
Year 2016 Series B Calendar
Day
NCD II PT Bank Mandiri (Persero) Tbk 16 December 2016 728 Rp 350 14 December 2018 8.20 % Completed
Year 2016 Series C Calendar
Day
NCD II PT Bank Mandiri (Persero) Tbk 16 December 2016 1.092 Rp 885 13 December 2019 8.40 % Completed
Year 2016 Series D Calendar
Day
214 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 217
COMPANY PROFILE
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.
OTHER SECURITIES ISSUANCE CHRONOLOGY
Share
Effective Weighted Maturity Interest Payment
No. Description Issued Date Currency Value Trustee
Date Average Live Date Rate Status
(billion)
1. EBA SP SMF-BMRI 01 26 August 19 August 3 Years Rp 103.5 27 October Fixed Current BRI
Class A Series A1 2016 2016 2029 8.6% per
EBA Code: Annum
SPSSMFMRI01A1
ISIN Code:
IDU0000011A5
2. EBA SP SMF-BMRI 01 26 August 19 August 5 Years Rp 353 27 Fixed Current BRI
Kelas 2016 2016 October 9.1% per
A Seri A2 2029 Annum
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.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 215
Page 218
COMPANY PROFILE
BANK MANDIRI SUBORDINATED MEDIUM Bank Mandiri Subordinated Medium Term Notes
TERM NOTES II Year 2023
On 23 June 2023, Bank Mandiri issued the Bank Mandiri
Bank Mandiri Subordinated Medium Term Notes Subordinated Medium Term Notes (MTN) II Year
I Year 2018 2023 with a par value of Rp100,000,000,000 based on
On 27 July 2018, Bank Mandiri Subordinated Medium Issuance Agreement of Mandiri Subordinated MTN No.
Term Notes (MTN) I Year 2018 (Mandiri Subordinated 17 dated 14 Juni 2023, made before Nanette Cahyanie
MTN) was issued valued at Rp500,000,000,000 based Handari Adi Warsito, SH, Notary in Jakarta, by the
on Issuance Agreement and Appointment of Monitoring Company (as Issuer), PT Bahana Sekuritas, PT BNI
Agent of Mandiri Subordinated MTN No. 65 dated 27 Sekuritas, PT BRI Danareksa Sekuritas, PT CIMB Niaga
July 2018, made before Nanette Cahyanie Handari Sekuritas, PT Mandiri Sekuritas, PT Trimegah Sekuritas
Adi Warsito, SH, Notary in Jakarta, by the Company Indonesia Tbk. (jointly acting as as Arrangers), and
(as Issuer), PT Bahana Sekuritas, PT BCA Sekuritas, PT Bank Negara Indonesia (Persero) Tbk. (acting as
PT BNI Sekuritas, PT Danareksa Sekuritas, PT Mandiri Monitoring Agent). The Bank Mandiri Subordinated
Sekuritas and PT Trimegah Sekuritas Indonesia Tbk MTN II Year 2023 was carried out through private
(jointly acting as Arrangers and Monitoring Agents). placements.
The Mandiri Subordinated MTN was carried out through
private placements. The Bank Mandiri Subordinated MTN II Year 2023 was
issued to fulfill POJK No. 14/POJK.03/2017 regarding
The Mandiri Subordinated MTN was issued to fulfill the Recovery Plan of Systemic Banks, which has
POJK No. 14/POJK.03/2017 regarding the Recovery subsequently been revoked and replaced by POJK No.
Plan of Systemic Banks, which has subsequently 5 of 2024 concerning the Determination of Supervisory
been revoked and replaced by POJK No. 5 of 2024 Status and the Resolution of Issues in Commercial
concerning the Determination of Supervisory Status Banks. On 20 July 2023, Subordinated MTN II has
and the Resolution of Issues in Commercial Banks. obtained the approval from FSA to be treated as
The issuance of MTN has obtained the approval of the supplementary capital components (Tier 2).
Annual GMS dated 21 March 2018.
The Exchange Where the MTNs are Listed
Bank Mandiri’s Subordinated MTNs have been listed at
Indonesia Stock Exchange.
BANK MANDIRI MEDIUM TERM NOTES (MTN) ISSUANCE CHRONOLOGY
Electronic Bonds Ratings
Currency Total Maturity Interest Payment Monitoring
Description Disbursement Tenor
(Billion) Date Rate Status Agents
Date 2023 2024 2025
Bank Mandiri 31 July 2018 5 Years Rp 500 31 July 8.50% per Completed idAA –* –* Bank
Subordinated 2023 annum (Double A) Permata
Medium Term (fixed)
Notes (MTN) I
Year 2018
Bank Mandiri 23 June 2023 5 Years Rp 100 23 June 6.95% per Outstanding IdAA IdAA IdAA PT Bank
Subordinated 2028 annum (Double A) (Double A) (Double Negara
Medium Term (fixed) A) Indonesia
Notes (MTN) II (Persero)
Year 2023 Tbk.
*) Has been paid off in 2023, so no ranking has been conducted
216 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 219
COMPANY PROFILE
BANK MANDIRI SUBORDINATED MEDIUM TERM NOTES (MTN) II YEAR 2023 PAYMENT CHRONOLOGY
Interest Interest Payment Date Interest Payment Status
1. 23 September 2023
2. 23 December 2023
3. 23 March 2024
4. 23 June 2024
5. 23 September 2024 Completed
6. 23 December 2024
7. 23 March 2025
8. 23 June 2025
9. 23 September 2025
10. 31 Januari 2021
11. 31 April 2021
12. 23 June 2026
13. 23 September 2026
14. 23 December 2026
15. 23 March 2027 Not yet due
16. 23 June 2027
17. 23 September 2027
18. 23 December 2027
19. 23 March 2028
20. 23 June 2028
EURO MEDIUM TERM NOTES (EMTN) Euro Medium Term Notes III of 2021
On 19 April 2021, Bank Mandiri issued Euro Medium
Euro Medium Term Notes I of 2019 Term Notes (EMTN), Bank Mandiri Sustainability
On 11 April 2019, Bank Mandiri issued Euro Medium Term Bonds 2021, with a nominal value of US$300,000,000
Notes (EMTN) with a nominal value of US$750,000,000 (full amount) on the Singapore Exchange (SGX). The
(full amount) on the Singapore Exchange (SGX). The interest rate was 2.00% per year with a tenor of 5 years.
interest rate was 3.75% per year with a tenor of 5 years. The bonds were issued at a value of 98.913% of the
The bonds were issued at a value of 98.998% of the principal. Bond interest is paid semi-annually, with the
principal amount. Bond interest is paid semi-annually, first interest payment on 19 October 2021. The last
with the first interest payment on 11 October 2019. The interest payment and principal repayment, which is the
last interest payment and principal repayment, which is bond’s maturity, will be on 19 April 2026. The proceeds
the bond’s maturity, will be on 11 April 2024. from Sustainability Bonds issuance will be used to
finance or re-finance environmental and social projects
Euro Medium Term Notes II of 2020 or activities according to the criteria set out in Bank
On 13 May 2020, Bank Mandiri issued Euro Medium Term Mandiri’s Sustainability Bond Framework.
Notes (EMTN) with a nominal value of US$500,000,000
(full amount) on the Singapore Exchange (SGX). The Euro Medium Term Notes IV of 2023
interest rate was 4.75% per year with a tenor of 5 years. On 4 April 2023, Bank Mandiri issued Euro Medium Term
The bonds were issued at a value of 99.255% of the Notes (EMTN) with a nominal value of US$300,000,000
principal amount. Bond interest is paid semi-annually, (full amount) on the Singapore Exchange (SGX). The
with the first interest payment on 13 November 2020. interest rate was 5.50% per year with a tenor of 3 years.
The last interest payment and principal repayment, The bonds were issued at a value of 98.58% of the
which is the bond’s maturity, will be on 13 May 2025. principal amount. Bond interest is paid semi-annually,
with the first interest payment on 4 October 2023. The
last interest payment and principal repayment, which is
the bond’s maturity, will be on 4 April 2026. The trustee
of the EMTN issuance is the Bank of New York Mellon.
As of 31 December 2023, Bank Mandiri EMTN’s ratings
are Baa2 (Moody’s) and BBB- (Fitch).
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 217
Page 220
COMPANY PROFILE
Euro Medium Term Notes V of 2025
On 24 March 2025, Bank Mandiri issued the fifth Euro Medium Term Notes (EMTN), with a nominal value of
USD800,000,000 (full amount). The bond carries a 3-year tenor with a fixed coupon of 4.90% and is listed on the
Singapore Exchange (SGX). The fifth EMTN is offered at 99.38% of the principal amount of the bonds. The bond
interest is paid on semi-annual basis, with the first interest payment scheduled on 24 September 2025 and the last
interest payment and due date of the bond principal on 24 March 2028, which also the due date of the principal
amount of the bonds. The trustee of the EMTN bond issuance is Bank of New York Mellon.
The Exchange where the EMTNs are Listed
Bank Mandiri’s EMTNs are listed on the Singapore Exchange (SGX).
Nominal Interest Ratings
Bonds Series Due Date
(Rp million) Rate 2023 2024 2025
Euro Medium Term Notes I 2019 – USD750,000,000 3.75% Baa2 (Moody’s) & Baa2 (Moody’s) & Baa2 (Moody’s) & 11 April 2024
BBB- (Fitch) BBB- (Fitch) BBB- (Fitch)
Euro Medium Term Notes II 2020 – USD500,000,000 4.75% Baa2 (Moody’s) & Baa2 (Moody’s) & Baa2 (Moody’s) & 13 May 2025
BBB- (Fitch) BBB- (Fitch) BBB- (Fitch)
Euro Medium Term Notes III (Bank – USD300,000,000 2.00% Baa2 (Moody’s) & Baa2 (Moody’s) & Baa2 (Moody’s) & 19 April 2026
Mandiri Sustainability Bonds 2021) BBB- (Fitch) BBB- (Fitch) BBB- (Fitch)
in 2021
Euro Medium Term Notes IV 2023 – USD300,000,000 5.50% Baa2 (Moody’s) & Baa2 (Moody’s) & Baa2 (Moody’s) & 4 April 2026
BBB- (Fitch) BBB- (Fitch) BBB- (Fitch)
Euro Medium Term Notes V 2025 – USD800,000,000 4.90% – – Baa2 (Moody’s) 24 March 2028
dan BBB- (S&P)
EURO MEDIUM TERM NOTES (EMTN) ISSUANCE CHRONOLOGY
Bank Mandiri Euro Medium Term Notes (EMTN) 2019
Interest Interest Payment Status
Interest Payment Date
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
218 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 221
COMPANY PROFILE
Bank Mandiri Euro Medium Term Notes (EMTN) 2020
Interest Interest Payment Status
Interest Payment Date
1. 13 November 2020
2. 13 May 2021
3. 13 November 2021
4. 13 May 2022
5. 13 November 2022
Completed
6. 13 May 2023
7. 13 November 2023
8. 13 May 2024
9. 13 November 2024
10. 13 May 2025
Bank Mandiri Euro Medium Term Notes (EMTN) 2021 Sustainability Bonds
Interest Interest Payment Status
Interest Payment Date
1. 19 October 2021
2. 19 April 2022
3. 19 October 2022
4. 19 April 2023
5. 19 October 2023 Completed
6. 19 April 2024
7. 19 October 2024
8. 19 April 2025
9. 19 October 2025
10. 19 April 2026 Not Yet Due
Bank Mandiri Euro Medium Term Notes (EMTN) 2023
Interest Interest Payment Status
Interest Payment Date
1. 4 October 2023
2. 4 April 2024
3. 4 October 2024 Completed
4. 4 April 2025
5. 4 October 2025
6. 4 April 2026 Not Yet Due
Bank Mandiri Euro Medium Term Notes (EMTN) 2025
Interest Interest Payment Status
Interest Payment Date
1. 24 March 2025
2. 24 September 2025 Completed
3. 24 March 2026
4. 24 September 2026
5. 24 March 2027
Not Yet Due
6. 24 September 2027
7. 24 March 2028
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 219
Page 222
PUBLIC ACCOUNTANT & PUBLIC
ACCOUNTANT FIRM
COMPANY PROFILE
PUBLIC ACCOUNTANT FIRM (KAP)
Purwanto Susanti dan Surja (formerly Purwantono, Public Accountant: Yovita
Sungkoro & Surja (a member firm of Ernst & Young Service rendered & Other Services:
Global Limited)). • Audit for Consolidated Financial Statements
of PT Bank Mandiri (Persero) Tbk and Its
Indonesia Stock Exchange Building Subsidiaries;
Tower 2, 7th Floor, Jend. Sudirman Street Kav. 52- • Audit for Financial Statements of the Social and
53, Senayan Sub-district, Kebayoran Baru District, Environmental Responsibility Program and the
Administrative City of South Jakarta, Micro and Small Business Funding Program of
DKI Jakarta Province 12190 PT Bank Mandiri (Persero) Tbk; and
Tel : (021) 5289 5000 • Other services.
Fax : (021) 5289 4100
Website : https://www.ey.com/en_id Assignment Period: March 2025 - June 2026
Fees: Rp16,253,571,429 (include OPE and VAT)
220 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 223
NAME AND ADDRESSES OF SUPPORTING
INSTITUTIONS AND/OR PROFESSIONS
COMPANY PROFILE
SHARES TRADING AND LISTING SHARE REGISTRAR
PT Bursa Efek Indonesia PT Datindo Entrycom
Gedung Bursa Efek Indonesia. Tower 1 Jl. Hayam Wuruk No. 28. Jakarta 10120
Jl. Jend. 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 2024 and Secondary Share Administration
Share Registrar Service for the Extraordinary GMS Services for the July 2025 - June 2026 Period
Organization - 4 August 2025
Assignment Period: May 2003 – June 2026
Assignment Period: July 2003 – December 2025 Fees: Rp1,503,808,020
Fees: Rp39,960,000
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 221
Page 224
CREDIT RATING AGENCY
COMPANY PROFILE
PT Pemeringkat Efek Indonesia (Pefindo) Moody’s Investors Service
Equity Tower Lt.30 71 Robinson Road
Sudirman Central Business District, Lot.9 #05-01 / 02
Jl. Jend. Sudirman Kav.52-53 Singapore 068895
Jakarta 12190, Indonesia Tel : 65 6398 8300
Tel : +62 21 509 68469 Fax : 65 6398 8301
Fax : +62 21 509 68468 Website : www.moodys.com/indonesia
Website : www.pefindo.com Email : clientservices@moodys.com
Email :-
Service rendered:
Service rendered: Corporates Ratings Assignment
Corporates Ratings, Ratings for Bank Mandiri
Sustainable Bonds I. Assignment Period: 2002 – December 2028
Assignment Period: March 2006 – December 2030
PT Fitch Ratings Indonesia Standard & Poor’s Global Ratings
DBS Bank Tower, 24th Floor, Suite 2403 12 Marina Boulevard
Jl. Prof. Dr. Satrio Kav 3-5 Jakarta 12940, Indonesia Level 23, MBFC Tower 3
Tel : +62 21 2988 6808 Singapore 018982
Website : www.fitchratings.com/region/indonesia Tel : +65 6239 6317
Email :- Website : www.spglobal.com/ratings
Email : ratings.request@spglobal.com
Service rendered:
Corporates Ratings Assignment Service rendered:
Corporates Ratings Assignment
Assignment Period: 2002 – August 2027
Assignment Period: 2002 – November 2027
CUSTODIAN
PT Kustodian Sentral Efek Indonesia
Gedung Bursa Efek Indonesia. Tower 1. Lantai 5 Service rendered:
Jl. Jend. Sudirman Kav. 52-53 Annual Fee Year 2025, Bond and Subordinated MTN
Jakarta 12190. Indonesia Interest Payment.
Tel : (021) 5152855
Fax : (021) 52991199 Assignment Period: January 2025 – December 2025
Website : www.ksei.co.id Fees: Rp376,285,370
Email : helpdesk@ksei.co.id
222 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 225
AWARDS AND CERTIFICATION
COMPANY PROFILE
LIVIN’ by Mandiri
The Asian Banker The Digital Banker – Global Transaction
Banking Innovation Awards
Best Mobile Banking Service: Livin’ by Mandiri
1. Best Digital Ecosystem & Platform Best Digital Payment Initiative
Initiative in Indonesia: Livin’ Sukha The Digital Banker – Global Retail
2. Best Green Financial Lifestyle Initiative in Banking Innovation Awards
Indonesia: Livin’ Planet
1. Best Lending Product of the Year – Livin’
Alpha South East Asia Auto & Livin’ Mortgage
Best Transactional Banking Online Platform 2. Best Bank for Millennials
(Indonesia): Kopra by Mandiri & Livin’ by 3. Best Lifestyle App: Livin’ Sukha
Mandiri
Global Finance - Digital Bank Awards
Best Transactional Banking Online Platform
(Indonesia): Kopra by Mandiri & Livin’ by
Mandiri
KOPRA by Mandiri
Global Finance - Trade Finance Provider Global Finance - Treasury & Cash
Awards Management Awards
Best Trade Finance Provider in Indonesia 1. Best Bank for Cash Management in
The Asset Triple A - Digital Awards Indonesia
2. Best Open Banking Treasury Solution
Best Payment Project
The Digital Banker - Global Transaction
The Digital Banker - Digital CX Awards Banking Innovation Awards
1. Best Wholesale/Transaction Bank for 1. Best Bank for Cash Management -
Digital CX – Indonesia Indonesia
2. Outstanding Digital CX - Cash 2. Best Bank for Trade Finance- Indonesia
Management Platform 3. Best Bank for Supply Chain Finance -
Finance Asia Awards Indonesia
Best Corporate Bank - Large Corp & MNCs
Corporate Treasurer Awards
Asian Banking & Finance - Wholesale 1. Best Bank for Payment Solutions
2. Best Cash Management Bank
Awards
3. Best for Asset/Liquidity Solutions
Indonesia Domestic Cash Management Bank 4. Best Bank for Digital Solutions
of the Year
Alpha Southeast Asia Awards - Financial
Institution Awards
1. Best Cash Management in Indonesia
2. Best Transactional Banking Online
Platform (Indonesia): Kopra by Mandiri
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 223
Page 226
Digital Awards 2025
COMPANY PROFILE
The Digital Banker – Digital CX Awards
1. Best Digital Bank for CX – Indonesia
2. Best Digital Bank for CX – South East
Asia (Highly Acclaimed)
Finance Asia
1. Best Strategic Initiatives – Bank
2. Most Innovative Use of Technology
The Asset Triple A – Digital Awards
Digital Bank of the Year
Asian Business Review - Asian Experience
Awards
Livin Merchant Customer Experience of the Year
Asian Business Review - Indonesia
AIBP Enterprise Innovation Awards Technology Awards
Digital Transformation project: Livin’ Technology Excellence Award for Digital –
Merchant Banking
The Digital Banker – Global Retail Banking Euromoney - Transaction Banking Awards
Innovation Awards Best Transaction Bank in Indonesia
Best SME Mobile Banking App: Livin’ The Banker
Merchant
Transaction Bank of the Year for Asia-Pacific
The Asian Banker
Global Finance – Best Digital Bank Awards
The best merchant service in Indonesia: Livin’
Merchant 1. Best Consumer Digital Bank in Indonesia
2. Most Innovative Digital Bank in Indonesia
3. Best in Transformation in Indonesia
4. Best in Transformation in Asia Pacific
Bankwide - Awards 2025
The Digital Banker - Global Transaction
Banking Innovation Awards
1. Best Bank for Transaction Banking
Global Finance - Best Bank Awards Services- Indonesia
2. Best Bank for Transaction Banking
Best Bank in Indonesia
Services- South-East Asia
Finance Asia
1. Best Retail Bank
2. Best Bank
Alpha South East Asia
Best Retail Bank
Euromoney
Best Bank
The Digital Banker (Digital CX Awards)
1. Best SME Bank for Digital CX - Indonesia
2. Best SME Bank for Digital CX - Southeast
Asia
Alpha Southeast Asia (Best Financial
Institution)
Best SME Bank in Indonesia
224 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 227
COMPANY PROFILE
Awards / Certification
Date Awarder Description
Awards Category
Inspiring Distinguished Award on Outstanding
16 January 2025
Newsmaker of The Leadership in Corporate Banking IDN Times
Year 2024 Transformation
1st Runner Up Marketing & Security
Marketing & APICTA Awards
22 January 2025 Solutions in Asia Pacific Region
Security Solutions 2024
1. Best Digital Banking Platform in
8th Transaction Indonesia 2024 Alpha Southeast
12 February 2025
Banking Award 2. Best International Banking Asia
Network 2024.
Indonesia 20
Popular CIO & CTO
Awards The Iconomics
2025 & Digital Indonesia 20 Popular CIO & CTO Media supported
Forum “Digital Awards 2025 by Axia Research
Disruption: New and RRI
Rules in the New
Era AI”.
14 February 2025 6th Anniversary
Indonesia 20
Popular Digital
The Iconomics
Products Award
Indonesia Top Digital Innovation Media supported
2025 & Digital
Award 2025 by Axia Research
Forum “Digital
and RRI
Disruption: New
Rules in the New
Era Al”
Indonesia Best Digital Awards 2025
Digital Sustainability in Conventional Bank for Business Plus Idea Komunika
18 February 2025
Awards 2025 Process Automation and Sustainable and JAKTV
Business Model
World’s Best Companies 2025 Asia
21 February 2025 Time TIME
Pacific
1. Sectoral: Financial Sector Big
Cap Investortrust.id with
Best Stock Awards
2. SOEs & Subsidiaries: Financial PT Infovesta Utama
25 February 2025 Sector Big Cap
Best Foreign Global Finance
Best Foreign Exchange Bank 2025 in
Exchange (FX) Bank 2025 GW Platt FX
Indonesia
2025 Award
Regional Office
1. Implementation of Government
of the Directorate
Credit Cards (KKP) with the
DJPb NTT Award General of Treasury
6 March 2025 Highest Transaction Value
2024 (DJPb) of East
2. Best Internet Banking/Cash
Nusa Tenggara
Management System (CMS) 1.
Province (NTT).
Best Foreign
Country and Territory Winners –
7 March 2025 Exchange (FX) Bank Global Finance
Indonesia
2025
The Most Innovative Digitalization of
Indonesia Digital Conventional Bank 2025 for Digital
10 March 2025 Innovation Awards Service Acceleration to Improve Wartaekonomi.co.id
2025 Financial Inclusion, (Category:
Conventional Bank)
25th Best Trade
Best Trade Finance Provider in
12 March 2025 Finance Provider Global Finance
Indonesia
2025
Redefining
Standards:
Indonesia Best Bank Industry for
Championing
14 March 2025 Strengthening Wholesale Ecosystem industry.co.id
Industry 4.0 and
and Sustainable Credit Expansion.
Embracing the
Digital Revolution”
The Asset Triple A 1. Digital Bank of the Year
19 March 2025 The Asset
Digital Awards 2. Best Corporate Payment Project
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 225
Page 228
Awards / Certification
Date Awarder Description
COMPANY PROFILE
Awards Category
1. The Best Super APP in Indonesia
(Livin By Mandiri)
2. The Most Innovative Banking
Super APP (Livin' by Mandiri)
3. The Leading Innovative
Corporate Internet Banking
(Kopra by Mandiri)
4. The 2nd BEST Mobile Banking
Conventional Bank
5. THE 2nd BEST Saving Account
Conventional Bank
6. The 2nd BEST Internet Banking
14th Infobank- Conventional Bank
Isentia Digital Brand 7. The 3rd BEST Mortgage Loan Infobank
Awards 2025 Conventional
8. The 2nd HIGHEST Digital Index
in Internet Banking Conventional
Bank
9. The 2nd HIGHEST Digital Index
in Mobile Banking Conventional
Bank
10. The 3rd HIGHEST Digital Index in
20 March 2025 Savings Account Conventional
Bank
11. The 3rd HIGHEST Digital Index
in Mortgage Loan Conventional
Bank
1. Internet Banking Application
(Mandiri Online)
2. Bank ATM
3. Commercial Bank
4. E-Money Card
5. Credit Card
6. Wealth Management Institution
7. Mobile Banking App (Livin’ By
Most Trusted Brand Mandiri) Investortrust.id with
Awards 2025 8. Corporate Banking Services PT Infovesta Utama
Products
9. Mortgage Products from the
bank
10. Microcredit Products from the
bank
11. SME Banking Solutions Products
12. Conventional Bank Accounts
13. SMS Banking
LinkedIn Top Top 1 2025 LinkedIn Top Companies
9 April 2025 LinkedIn
Companies 2025
1. Best First–Time Manager
Programme: Gold
2. Best Rewards & Recognition
Programme: Gold
3. Best Graduate Training
Programme: Gold
4. Best Campus Recruitment
Strategy: Gold
5. Best Management Training
Programme: Gold
6. Best Employee Engagement
Employee
Initiatives: Gold Human Recources.
17 April 2025 Experience Awards
7. Best Holistic Leadership net
2025 Indonesia
Development Strategy: Gold
8. Most Innovative Leadership
Development Programme: Gold
9. Best Talent Sourcing &
Attraction Strategy: Silver
10. Overall Leadership: BANK
MANDIRI
11. Overall Engagement: BANK
MANDIRI
12. Employee Experience Champion
of the year: BANK MANDIRI
226 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 229
Awards / Certification
Date Awarder Description
COMPANY PROFILE
Awards Category
1. Best Digital for CX (South-East
Asia)
2. Best SME Bank for Digital CX
(South-East Asia)
3. Outstanding Digital CX (Cash
The Digital Banker: Management Platform)
thedigitalbanker.
28 April 2025 Digital CX Awards 4. Best Digital Bank for CX
com
2025 (Indonesia)
5. Best Wholesale/Transaction
Bank for Digital CX (Indonesia)
6. Best Use of AI for CX (Indonesia
7. Best SME Bank for Digital CX
(Indonesia)
1. Trusted Diamond (Company
with high transparency in
The Best Corporate
emissions reporting).
Transparency and
2. Trusted Green (Company with Investortrust.id
Emission Reduction
full transparency in emissions
Awards 2025
calculation and demonstrated
emissions reduction).
29 April 2025 The Seven CSR
Award 2025 serta
CSR Brand Equity
Summit 2025: 7th Indonesia CSR Brand Equity
theiconomics.com
Developing Brand Awards 2025 In Bank Category
Company's with
Goverement's CSR
Goals
Indonesia
Corporate Social
and Environment
Responsibility
The Best Corporate Social
Awards 2025:
Responsibility Award 2025 for Driving
Driving Impactful
Community Resilience through Wartaekonomi.co.id
Change, Elevating
Inclusive Socioeconomic Support
Business through
Programs (Category: Financials)
Sustainability and
Responsibility for
30 April 2025 People, Planet, and
Prosperity
Indonesia
Human Capital The Best Human Capital 2025 for
Awards 2025: Maintaining Business Growth through
Empowering Talent Employee Mindset and Capabilities
Wartaekonomi.co.id
and Innovation Development (Category: Conventional
to Navigate the Bank)
Workforce in AI
Transformation
Forbes 2025 The First SOE Bank of Forbes World's
3 May 2025 Forbes
World's Best Banks Best Bank 2025 version
Bank Mandiri received
international recognition through
the achievement of the Bronze
Award for Best Corporate
Bronze Award: University – Business Impact
Global Council at the GlobalCCU Awards. This
GlobalCCU Awards
12 May 2025 Best Corporate University – Business of Corporate accolade reflects Bank Mandiri’s
2025
impact. Universities success in managing a Corporate
University that delivers tangible
business impact through the
development of human capital
capabilities aligned with the
Bank’s corporate strategy.
Bank Mandiri successfully
obtained the re-accreditation
of CLIP Accreditation from
the European Foundation for
EFMD Corporate
Management Development
Reaccreditation for 5 years (2025- Learning
27 May 2025 CLIP Accreditation (EFMD) for the next five years.
2030) Improvement
This achievement serves as
Process
a testament to the global
recognition of the quality of
Mandiri University Group in talent
development.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 227
Page 230
Awards / Certification
COMPANY PROFILE
Date Awarder Description
Awards Category
• Diamond Throphy
– 20 Consecutive
Years in Service
Excellence
• Golden Throphy
– 5 Consecutive
Years in Digital Bank Service
May 2025 Conventional Bank
Channel Excellence Awards
• 1st Place –
Priority Banking
• 1st Place – Mobile
Banking
• 1st Place –
Chatbot
World’s Best 105th World’s Best Companies 2025
5 June 2025 Companies 2025 Asia Pacific Bloomberg Technoz
Asia Pacific
Marketing Research 1st Best Overall Priority Banking – Marketing Research
7 June 2025
Indonesia Conventional Bank 2025 Indonesia
The Best The Best Margins Big Cap
10 June 2025 Investortrust Investortrust Companies 2025 investortrust.id
Companies 2025
1. Learning & Development (L&D) -
Excellent Rating
HR Execellence 2. HR Digitization & People
16 June 2025 SWA
Awards Analytic - Excellent Rating
3. Wellbeing Management -
Excellent Rating
1. Best Bank
2. Best Retail Bank
3. Best Corporate Bank - Large
Corps & MNCs
4. Best Strategic Initiative - Banks
5. Most Innovative Use of
Technology - Banks
FinanceAsia Award
17 June 2025 6. Best Custodian Bank - Highly Finance Asia
2025
Acclaimed (FI)
7. Best Sustainable Bank
8. Best Sustainable Impact - Banks
9. Most DEI Progressive - Banks
10. Best CEO
11. Best Managed Company
12. Best Investor Relations
MID-YEAR
OUTLOOK 22nd INFOBANK-MRI BANKING
2025: UNLOCK SERVICE EXCELLENCE
24 June 2025 Infobank
OPPORTUNITIES APPRECIATION 2025
IN AN UNCERTAIN
YEAR
1. Best Retail Bank
2. Best SME Bank in Indonesia
3. Best Cash Management in
Indonesia
4. Best Transactional Banking
Alpha Southeast
Online Platform (Indonesia): Alpha Southeast
30 June 2025 Asia: 19th Financial
Kopra by Mandiri & Livin’ by Asia
Institution Awards
Mandiri
5. Special Marquee Awards
Category – Best International
Banking Division in Southeast
Asia
• Diamond
Predicate –
Regular Banking
• Diamond
Predicate –
Platinum Credit Service Quality
June 2025 Conventional Bank
Card Award
• Diamond
Predicate – Gold
Credit Card
• Golden Predicate
– Priority Banking
1. CEO of The Year Bisnis
Bisnis Indonesia
1 July 2025 Indonesia Awards 2025 Bisnis Indonesia
Awards (BIA) 2025
2. Best Bank Persero
228 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 231
Awards / Certification
COMPANY PROFILE
Date Awarder Description
Awards Category
1. ABF Wholesale Category
- Indonesia Domestic Cash
Management Bank of the
Asian Banking & Year
Asian Banking &
3 July 2025 Finance: Wholesale - Indonesia Data
Finance
Banking Awards Governance Bank of the
Year
- Indonesia Domestic Trade
Finance Bank of the Year
Top 1.000 World 115th Top 1.000 World Banks 2025
16 July 2025 The Banker
Banks 2025
Yayasan
Yayasan
Keanekaragaman
Capital Market Sector, Listed company Keanekaragaman
1 August 2025 Hayati Indonesia
category (Issuer) Hayati Indonesia
(KEHATI) ESG
(KEHATI)
Award 2025
1. Best Bank for Cash
Management in Indonesia
2. Best Bank for Supply Chain
Financein Indonesia
3. Best Bank for Trade Finance in
Global Transaction
Indonesia
Banking Innovation The Digital Banker
4. Best Bank for Transaction
Awards 2025
7 August 2025 BankingServices in Indonesia
5. Best Bank for Transaction
BankingServices in South East
Asia
6. Best Digital Payments Initiative.
Cloudera Data
Analytics, ML, and AI Advantages
Impact Awards Cloudera
(DIA) 2025
Gold Awards:
- Best Corporate Learning Bank Mandiri received seven
University Gold Awards at the international
- Best Extended Enterprise Brandon Hall Group Excellence
Learning Program Awards 2025. This achievement
- Best Learning Leader underscores Bank Mandiri’s
Brandon Hall - Best Learning Program strong commitment to delivering
15 August 2025 Brandon Hall Group
Awards 2025 Supporting a Change world-class standards in learning,
Transformation Business innovation, corporate university
Strategy management, and human capital
- Best Learning Strategy development.
- Best Results of a Learning
Program
- Best Use of Video for Learning
• PUJK with the
Most Active
Educational
Activities
• PUJK with Financial Services
22 August 2025 Banking
the Most Authority (OJK)
Extensive
Literacy
Ambassador
Outreach
Euromoney Award
24 August 2025 Best Bank in Indonesia Euromoney
for Excellence 2025
1. Best KEJAR Implementation
Bank in commemoration of
Indonesian Savings Day
Financial Services
Hari Indonesia 2. Best KEJAR Implementation
Authority (OJK)
25 August 2025 Menabung (HIM) Special Education Unit
2025 3. One of the most active PUJKs
with Financial Literacy Programs
4. One of the most active PUJKs
with OJK Peduli Formation.
Enterprise ASEAN Innovation
Best Transformation Project for Open
9 September 2025 Innovation Awards Business Platfom
Category in Indonesia
2025 (AIBP)
Sustainability
Action for The
Katadata ESG Index
15 September 2025 Future Economy Katadata ESG Awards
(KESGI)
(SAFE) 2025
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 229
Page 232
COMPANY PROFILE
Awards / Certification
Date Awarder Description
Awards Category
Indonesia Most
1ST WINNER - Most Reputable SWA Magazine and
16 September 2025 Reputable
Companies Award 2025 Business Digest
Companies 2025
Bisnis Indonesia
Champion of
18 September 2025 Kelompok Bank Modal Inti (KBMI) 4 Financial Award
Growth Bank
(BIFA) 2025
Indonesia Customer Experience of
Asian Experience
25 September 2025 The Year – Banking Asian Experience
Awards 2025
1. Indonesia Most Reputable
Companies 2025
Indonesia Most
2. Indonesia Most Reputable SWA Media Group &
25 September 2025 Reputable
Companies Champions 2025 Business Digest
Companies 2025
3. Indonesia Original Brand
Champions 2025.
Global Finance - Best Cash Management in Indonesia
30 September 2025 Treasury & Cash & Treasury Open Banking Solution Global Finance
Management
• Platinum
Award - Best
Contact
Center
Operations
• Platinum
Award – Best
Technology
Innovation
• Platinum Indonesia Contact
September 2025 Banking
Award – Best Center Association
Employee
Engagement
• Platinum
Award – Best
Customer
Experience
• Gold Award
– Best Sales
Contribution
Outstanding Efforts Creating
Indonesia Most
Sustainable and Employee-Centered
Excellent Company Warta Ekonomi
Working Culture (Life Insurance
Awards 2025
Category)
1 October 2025
Indonesia Corporate
Communication 1st Place - Media Relations
ICCS Summit
& Sustainabilty Management
Summit
20 Most Innovative 3rd Indonesia 20 Most Innovative CFO
The Iconomics
CFO Awards 2025 Awards 2025
9 October 2025 Indonesia Best
Best Customer Service Reputation in
Financial Awards The Iconomics
Bank KBMI 4 Category
2025
IDX Channel Grand Prize in the Financial Sector,
10 October 2025 Anugerah Inovasi Sustainability Category (Mandiri IDX Channel
Indonesia 2025 Looping for Life)
Ministry of
Gerakan Orang Population
High Commitment and Tangible
15 October 2025 Tua Asuh Cegah and Family
Contributions
Stunting (GENTING) Development/
BKKBN
1. The Most Caring Company in
INDONESIA’S Social issue in Banking Industry
BEST CORPORATE 2. The Most Caring Company in
16 October 2025 SUSTAINABILITY Economy & Well Being Issue in SWA Media Group
INITIATIVES 2025 Banking Industry
(Journalist Voice) 3. The Most Creative & Impactful
Company in Banking Industry
Global Finance -
18 October 2025 Best Bank in Indonesia Global Finance
Best Bank Awards
230 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 233
COMPANY PROFILE
Awards / Certification
Date Awarder Description
Awards Category
1. Diamond Awards – Best Issuing
Bank (All Features)
2. Diamond Awards – The Highest
PT Rintis Sejahtera
Transaction in Digital Channels
PRIMA Awards (RINTIS) bekerja
3. Best Issuing Digital Payment
2025 sama dengan Biro
23 October 2025 Channels
Riset Infobank
4. Best System Availability
5. Best Claim Rate Awards – QRIS
Performance
Anugerah Liputan6 CSR Innovation: Driving Innovative
Liputan6
2025 Awareness
Platinum Star Awards: Big Cap &
24 October 2025 ESG Awards 2025 Investortrust
Green Bonds Issuer
The Finance Golden Top 20 Financial Institution
The Finance
Star Award 2025
Kategori Bank Beraset 500 Triliun ke
Top 20 Financial
28 October 2025 Atas berpredikat "Sangat Bagus" The Finance
Institution 2025
The Finance Best Best CFO 2025 Bank Category
The Finance
CFO 2025
1. Best Bank for Payment Solutions
2. Best Cash Management
3. Best Asset/Liquidity Solutions
4. Best Bank for Digital Solutions
Corporate Treasurer 5. Best for FX/Hedging Solutions.
30 October 2025
Awards 2025
Highly Commended for Category
1. Best Trade/Supply Chain
Finance Bank
2. Best Transaction Bank
Indonesia Best The Best Public Company 2025 in
31 October 2025 Public Company Bank Industry for Extravagant Demand Warta Ekonomi
Awards 2025 on Transaction (Industry : Banks)
Most Active
Organizer in
GEBER PK (Joint
3 November 2025 Banking Bank Indonesia
Movement
for Consumer
Protection)
Future Initiative Inclusive Economy and Empowerment
5 November 2025 Human Initiative
Forum 2025
Anugerah Lembaga Best Self-Monitoring Commercial Indosiar & Lembaga
8 November 2025
Sensor Film 2025 Advertisement Sensor Film
Bank Mandiri received two Gold
Awards and five Silver Awards
at the Operational Excellence
Conference (OPEXCON) 2025 in
Operational 1. Gold Award: the Services Industry category.
Excellence - 2 Gold This achievement underscores
13 November 2025 Conference & - 5 Silver SHIFT Indonesia the success of Bank Mandiri’s
Award (OPEXCON) commitment to accelerating
2025 2. Services Category sustainable operational
transformation that drives
efficiency, enhances service
quality, and creates value for
stakeholders.
1. AGEN MANDIRI – Category:
AGEN LAKU PANDAI &
Predicate: EXCELLENT
Rating: 1st WINNER
2. LIVIN' BY MANDIRI – Category:
INDONESIA MOBILE BANKING APPs &
CUSTOMER Predicate: EXCELLENT
SERVICE 3. BANK MANDIRI – Category:
14 November 2025 SWA
QUALITY AWARD CONTACT CENTER BANK
2025 (ICSQ AWARD UMUM & Predicate: EXCELLENT
2025) 4. KARTU KREDIT BANK MANDIRI
– Category: KARTU KREDIT &
Predicate: EXCELLENT
5. BANK MANDIRI – Category:
COMMERCIAL BANKS &
Predicate: VERY GOOD.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 231
Page 234
Awards / Certification
COMPANY PROFILE
Date Awarder Description
Awards Category
Anugerah
Anugerah Penggerak Green Economy iNews Media Group
Penggerak
(IMG)
20 November 2025 Nusantara 2025
ESG Appreciation
Social & Circular Economy Category
2025
detikcom Awards Bank with Digital Innovation
25 November 2025 detik.com
2025 Supporting Export Services
1. Category of Banking Supporting
Conventional Monetary Control
for the Country - Best Foreign
Exchange Monetary Control
Partner Bank
2. Category of Banking Supporting
PUVA Development for the
Bank Indonesia
28 November 2025 Country - Best Primary Dealer in Bank Indonesia
Award 2025
Fulfilling Obligations
3. Category of Best BI-Fast
Participants - KBMI 3 & 4 Banks
4. Best Sustainable Finance Driver
Bank - KBMI 3 & 4 Banks
5. Best Economic Driver
Intermediation Contributor Bank.
World’s 100
Best Corporate,
Indonesia’s Best Corporate, The Asian Banker
1 December 2025 Investment and
Investment and Wholesale Bank 2025 (TAB) Global
Wholesale Banks
Ranking 2025
Disway Awards Popular General Banking Financial
3 December 2025 Disway
2025 Services Categories
KNKG, OJK,
Ministry of Finance,
Coordinating
Annual Report
8 December 2025 1st Place: SOE Go Public Financial Ministry for
Award
Economic Affairs,
Ministry of Home
Affairs, IDX, and IAI
1. Top Performing Bank for
Economic Empowerment
2. Best CEO for Business Growth
CNBC Indonesia and Strategic Transformation
12 December 2025 CNBC Indonesia
Awards 2025 3. Digital Transformation Leader
of the Year
4. Special Award Best in Class
Banking GCG.
19th Annual
Alpha Southeast
Special Marquee Awards Category – Alpha Southeast
12 December 2025 Asia Transaction
Best International Banking Network Asia
Banking Awards
2025
232 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 235
INFORMATION ON BANK
MANDIRI WEBSITE
COMPANY PROFILE
In compliance with POJK No. 8/POJK.04/2015 7. Annual GMS and/or EGMS Invitations.
regarding the websites of issuers or public companies, 8. Annual GMS and/or EGMS Resolutions.
Bank Mandiri official website http:// www.bankmandiri. 9. Disclosure for Media and Analyst Briefing.
co.id. has been updated with various latest information 10. Charter of the Board of Commissioners, Directors,
related to the company. In addition to disclosing general Committee and Internal Audit Unit.
information, the company’s website also discloses 11. Code of Conduct.
more specific information as follows:
1. Group Structure of Bank Mandiri. Bank Mandiri website is updated with an informative and
2. Bank Mandiri stock ownership information. interactive feature to help customers find information
3. Board of Directors and Board of Commissioners about Bank Mandiri, particularly regarding products and
Profile. services. Website menu is grouped as follows:
4. Financial performance analysis.
5. Annual and quarterly financial statement in the last
5 years or more.
6. Annual report within past 5 years or more
(downloadable).
http://www.bankmandiri.co.id
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 233
Page 236
EDUCATION AND/OR TRAINING OF
THE BOARD OF COMMISSIONERS,
COMPANY PROFILE
DIRECTORS, COMMITTEES,
CORPORATE SECRETARY, INTERNAL
AUDIT UNIT AND RISK MANAGEMENT
COMPETENCE DEVELOPMENT FOR THE BOARD OF COMMISSIONERS
Name Position Training/Seminar Organizers Location Date
Zulkifli Zaini President Risk Management
Commissioner/ Refreshment Program
Independent (Qualification Level 7) -
Development of the Risk LPPI Jakarta 18 August 2025
Appetite Framework,
Enhancement of Risk
Culture
Board of Commissioners
Bank Mandiri Surabaya 13 December 2025
Retreat
Rudy Vice President
Salahuddin Commissioner/
- - - -
Ramto Independent
Commissioner
Mia Amiati Independent PSAK 109 and Financial
Bank Mandiri Jakarta 14 April 2025
Commissioner Statements
2025 RKAP, 2025–2027
RBB, and 2024 Financial Bank Mandiri Jakarta 17 April 2025
Performance
Corporate Plan 2025 -
Bank Mandiri Jakarta 23 April 2025
2029
234 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 237
Name Position Training/Seminar Organizers Location Date
Risk Management
COMPANY PROFILE
Framework and ESG Bank Mandiri Jakarta 2 May 2025
Implementation
Briefing for Risk
Management LPPI Jakarta 6-7 May 2025
Certification Level 6
GCG, APU PPT &
PPPSPM, and Integrated Bank Mandiri Jakarta 7 May 2025
Governance
Mandiri Leadership
Bank Mandiri Semarang 22-23 May 2025
Forum
Risk Management
Certification Examination Mandiri University Jakarta 26 May 2025
– Level 6
Level 6 Qualification
in Banking Risk
BNSP Jakarta 30 June 2025
Management (Non-
Tiered)
GCG Briefing IICG Jakarta 16 July 2025
Board of Commissioners
Bank Mandiri Surabaya 13 December 2025
Retreat
Muhammad Commissioner Risk Management
Yusuf Ateh Certification Level 6 LPPI Jakarta 5 January 2025
Refreshment
Risk Management
Refreshment
(Qualification Level
6) – Analysis of Risk Mandiri University Jakarta 7 January 2025
Coverage Based on the
Bank’s Vision, Mission,
and Business Strategy
Briefing on Risk
Management LPPI Jakarta 24 May 2025
Certification Level 6
Risk Management
Certification Examination LPPI Jakarta 3 June 2025
– Level 6
Yuliot Commissioner PSAK 109 and Financial
Bank Mandiri Jakarta 14 April 2025
Statements
2025 RKAP, 2025–2027
RBB, and 2024 Financial Bank Mandiri Jakarta 17 April 2025
Performance
Corporate Plan 2025 -
Bank Mandiri Jakarta 23 April 2025
2029
Risk Management
Framework and ESG Bank Mandiri Jakarta 2 May 2025
Implementation
Briefing for Risk
Management LPPI Jakarta 6-7 May 2025
Certification Level 6
GCG, APU PPT &
PPPSPM, and Integrated Bank Mandiri Jakarta 7 May 2025
Governance
Risk Management
LSPP Jakarta 16 May 2025
Certification Level 6
GCG Briefing IICG Jakarta 16 July 2025
Board of Commissioners
Bank Mandiri Surabaya 13 December 2025
Retreat
Luky Alfirman Commissioner 2025 RKAP, 2025–2027
RBB, and 2024 Financial Bank Mandiri Jakarta 17 April 2025
Performance
Corporate Plan 2025 -
Bank Mandiri Jakarta 23 April 2025
2029
Risk Management
Framework and ESG Bank Mandiri Jakarta 2 May 2025
Implementation
Briefing for Risk
Management LPPI Jakarta 10 & 18 May 2025
Certification Level 6
Risk Management
LSPP Jakarta 20 May 2025
Certification Level 6
GCG Briefing IICG Jakarta 16 July 2025
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 235
Page 238
Name Position Training/Seminar Organizers Location Date
Board of Commissioners
Bank Mandiri Surabaya 13 December 2025
Retreat
Bintoro K. Independent
COMPANY PROFILE
- - - -
Pardewo Commissioner
Kuswiyoto* President PSAK 109 and Financial
Bank Mandiri Jakarta 14 April 2025
Commissioner/ Statements
Independent
2025 RKAP, 2025–2027
RBB, and 2024 Financial Bank Mandiri Jakarta 17 April 2025
Performance
Briefing for Risk
Management PT Gagas Prima Solusi Jakarta 17 April 2025
Certification Level 7
Corporate Plan 2025 -
Bank Mandiri Jakarta 23 April 2025
2029
Risk Management
Framework and ESG Bank Mandiri Jakarta 2 May 2025
Implementation
Risk Management
LSPP Jakarta 6 May 2025
Certification Level 7
Mandiri Leadership
Bank Mandiri Semarang 22-23 May 2025
Forum
Board of Commissioners
Bank Mandiri Surabaya 13 December 2025
Retreat
Zainudin Vice President Risk Management
Amali* Commissioner/ Certification Level 6 LPPI Jakarta 5 January 2025
Independent Refreshment
Cambridge Judge
Global Megatrends For
Business Executive UK 10-12 February 2025
Leaders
Education
Mandiri Strategic
Thinking Initiatives Mandiri University Jakarta 12 March 2025
Program
Mandiri Leadership
Bank Mandiri Jakarta 22-23 May 2025
Forum
Board of Commissioners
Bank Mandiri Surabaya 13 December 2025
Retreat
M, Chatib President Risk Management
Basri** Commissioner/ Certification Level 6 and LPPI Jakarta 5 January 2025
Independent 7 Refreshment
World Economic Forum
WEF Davos Swiss 20-24 Januay 2025
Annual Meeting 2025
Rionald Commissioner Risk Management
Silaban** Certification Level 6 and LPPI Jakarta 5 January 2025
7 Refreshment
Faried Utomo** Commissioner Risk Management
Certification Level 6 and LPPI Jakarta 5 January 2025
7 Refreshment
Arif Commissioner Risk Management
Budimanta** Certification Level 6 and LPPI Jakarta 5 January 2025
7 Refreshment
Executive Training Luar Harvard Business
Negeri “Agribusiness School Executive Boston - USA 10-17 January 2025
Seminar” Education
Loeke Larasati Independent Risk Management
Agoestina** Commissioner Certification Level 6 and LPPI Jakarta 5 January 2025
7 Refreshment
Muliadi Independent Risk Management
Rahardja** Commissioner Certification Level 6 and LPPI Jakarta 5 January 2025
7 Refreshment
Heru Independent Risk Management
Kristiyana** Commissioner Certification Level 6 and LPPI Jakarta 5 January 2025
7 Refreshment
Tedi Bharata** Commissioner Risk Management
Certification Level 6 and LPPI Jakarta 5 January 2025
7 Refreshment
*) Tenure was ended based on the Extraordinary GMS dated 19 December 2025.
**) Tenure was ended based on the Annual GMS dated 25 March 2025.
236 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 239
COMPETENCE DEVELOPMENT FOR THE BOARD OF DIRECTORS
Name Position Training/Seminar Organizers Location Date
Riduan President Director One Orchestrated Mandiri
COMPANY PROFILE
to Elevate Dominace
Bank Mandiri Semarang 22-23 May 2025
becoming The Undisputed
Industry Leader
Creativating Militancy
and Strategic Foresight Bank Mandiri Denpasar 12-15 June 2025
Executive Leadership
Banking Risk
Management
LPPI Jakarta 20 October 2025
Refreshment
(Qualification Level 7)
Henry Vice President Banking Risk
Panjaitan Director Management
LSPP Jakarta 30 August 2025
Refreshment
(Qualification Level 7)
Eka Fitria Director of One Orchestrated Mandiri
Human Capital & to Elevate Dominace
Bank Mandiri Semarang 22-23 May 2025
Compliance becoming The Undisputed
Industry Leader
Creativating Militancy
and Strategic Foresight Bank Mandiri Denpasar 12-15 June 2025
Executive Leadership
Mochamad Director of Risk Management
Rizaldi Corporate Banking Refreshment Program
GPS & Partners -
(Qualification Level 7) - Jakarta 20 March 2025
Consulting Group
Development of the Risk
Appetite Framework
One Orchestrated Mandiri
to Elevate Dominace
Bank Mandiri Semarang 22-23 May 2025
becoming The Undisputed
Industry Leader
Creativating Militancy
and Strategic Foresight Bank Mandiri Denpasar 12-15 June 2025
Executive Leadership
Jan Winston Director of Network One Orchestrated Mandiri
Tambunan & Retail Funding to Elevate Dominace
Bank Mandiri Semarang 22-23 May 2025
becoming The Undisputed
Industry Leader
Creativating Militancy
and Strategic Foresight Bank Mandiri Denpasar 12-15 June 2025
Executive Leadership
Level 6 Qualification
in Banking Risk LSPP Jakarta 30 June 2025
Management
Timothy Utama Director of One Orchestrated Mandiri
Operations to Elevate Dominace
Bank Mandiri Semarang 22-23 May 2025
becoming The Undisputed
Industry Leader
Creativating Militancy
and Strategic Foresight Bank Mandiri Denpasar 12-15 June 2025
Executive Leadership
Risk Management
Refreshment Program
GPS & Partners -
(Qualification Level 7) - Jakarta 15 July 2025
Consulting Group
Development of the Risk
Appetite Framework
Novita Widya Director of Finance Risk Management
Anggraini & Strategy Refreshment Program
GPS & Partners -
(Qualification Level 7) - Jakarta 22 April 2025
Consulting Group
Development of the Risk
Appetite Framework
One Orchestrated Mandiri
to Elevate Dominace
Bank Mandiri Semarang 22-23 May 2025
becoming The Undisputed
Industry Leader
Creativating Militancy
and Strategic Foresight Bank Mandiri Denpasar 12-15 June 2025
Executive Leadership
Sunarto Director of Level 6 Qualification
Information in Banking Risk LSPP Jakarta 5 May 2025
Technology Management
One Orchestrated Mandiri
to Elevate Dominace
Bank Mandiri Semarang 22-23 May 2025
becoming The Undisputed
Industry Leader
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 237
Page 240
Name Position Training/Seminar Organizers Location Date
Creativating Militancy
and Strategic Foresight Bank Mandiri Denpasar 12-15 June 2025
Executive Leadership
COMPANY PROFILE
Level 7 Qualification
in Banking Risk LSPP Jakarta 15 September 2025
Management
Ari Rizaldi Director of Treasury Competency Assessor LSPP Jakarta 28 February 2025
& International
Banking One Orchestrated Mandiri
to Elevate Dominace
Bank Mandiri Semarang 22-23 May 2025
becoming The Undisputed
Industry Leader
Creativating Militancy
and Strategic Foresight Bank Mandiri Denpasar 12-15 June 2025
Executive Leadership
Banking Risk
Management
JMS Education Jakarta 31 October 2025
Refreshment
(Qualification Level 7)
Danis Director of Risk One Orchestrated Mandiri
Subyantoro Management to Elevate Dominace
Bank Mandiri Semarang 22-23 May 2025
becoming The Undisputed
Industry Leader
Creativating Militancy
and Strategic Foresight Bank Mandiri Denpasar 12-15 June 2025
Executive Leadership
Totok Director of One Orchestrated Mandiri
Priyambodo Commercial to Elevate Dominace
Bank Mandiri Semarang 22-23 May 2025
Banking becoming The Undisputed
Industry Leader
Creativating Militancy
and Strategic Foresight Bank Mandiri Denpasar 12-15 June 2025
Executive Leadership
Saptari Director of Risk Management
Consumer Banking Refreshment Program
GPS & Partners -
(Qualification Level 7) - Jakarta 20 March 2025
Consulting Group
Development of the Risk
Appetite Framework
One Orchestrated Mandiri
to Elevate Dominace
Bank Mandiri Semarang 22-23 May 2025
becoming The Undisputed
Industry Leader
Creativating Militancy
and Strategic Foresight Bank Mandiri Denpasar 12-15 June 2025
Executive Leadership
COMPETENCE DEVELOPMENT FOR THE AUDIT COMMITTEE
Name Position Training/Seminar Organizers Location Date
Zulkifli Zaini Chairman
Trainings are presented in
concurrently a
the BOC Training List
Member
Mia Amiati Member Trainings are presented in
the BOC Training List
Bintoro K. Member
- - - -
Pardewo
Rasyid Darajat Member Risk Management
Certification Level 6 LPPI Jakarta 5 January 2025
Refreshment
Workshop Business and IAI (ikatan Akuntan
Online 24-26 September 2025
Financial Modeling Indonesia)
Board of Commissioners
Bank Mandiri Surabaya 13 December 2025
Retreat
Workshop Carbon IAI (ikatan
Online 22-23 December 2025
Emmision Akuntan Indonesia)
Rubi Pertama Member Risk Management
Certification Level 6 LPPI Jakarta 5 January 2025
Refreshment
Workshop Business and IAI (ikatan Akuntan
Online 24-26 September 2025
Financial Modeling Indonesia)
Workshop Internal
IAI (ikatan
Control Over Financial Online 30-31 October 2025
Akuntan Indonesia)
Reporting (ICoFR)
238 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 241
Name Position Training/Seminar Organizers Location Date
Board of Commissioners
Bank Mandiri Surabaya 13 December 2025
Retreat
COMPANY PROFILE
COMPETENCE DEVELOPMENT FOR THE REMUNERATION & NOMINATION COMMITTEE
Name Position Training/Seminar Organizers Location Date
Zulkifli Zaini Chairman
Trainings are presented in
concurrently a
the BOC Training List
Member
Rudy Member
Salahuddin - - - -
Ramto
Mia Amiati Member Trainings are presented in
the BOC Training List
Muhammad Member Trainings are presented in
Yusuf Ateh the BOC Training List
Luky Alfirman Member Trainings are presented in
the BOC Training List
Yuliot Member Trainings are presented in
the BOC Training List
Bintoro K. Member
- - - -
Pardewo
Votivia Secretary
Mandiri Strategic
Mardinna (ex-officio)
Thinking Initiatives Mandiri University Jakarta 10-11 March 2025
concurrently a
(MSTI)
Member
Sosialisasi Bincang PMS
Mandiri University Jakarta 19 March 2025
2025
E-Learning Mandatory
Strategi Anti Fraud & Bank Mandiri Online 13 June 2025
Pelindungan Data Pribadi
Forum Human
Capital Mandiri Group Mandiri University Jakarta 18 June 2025
Terintegrasi
Mandiri Leaders Connect Mandiri University Jakarta 3 July 2025
COMPETENCE DEVELOPMENT FOR THE RISK MONITORING COMMITTEE
Name Position Training/Seminar Organizers Location Date
Mia Amiati Chairman
Trainings are presented in
concurrently a
the BOC Training List
Member
Zulkifli Zaini Member Trainings are presented in
the BOC Training List
Rudy Member
Salahuddin - - - -
Ramto
Muhammad Member Trainings are presented in
Yusuf Ateh the BOC Training List
Luky Alfirman Member Trainings are presented in
the BOC Training List
Yuliot Member Trainings are presented in
the BOC Training List
Bintoro K. Member
- - - -
Pardewo
Caroline Halim Member Risk Management
Certification Level 7 LPPI Jakarta 5 January 2025
Refreshment
Board of Commissioners
Bank Mandiri Surabaya 13 December 2025
Retreat
Taufik Hidayat Member Risk Management
Certification Level 7 LPPI Jakarta 5 January 2025
Refreshment
Board of Commissioners
Bank Mandiri Surabaya 13 December 2025
Retreat
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 239
Page 242
COMPETENCE DEVELOPMENT FOR THE INTEGRATED GOVERNANCE COMMITTEE
Name Position Training/Seminar Organizers Location Date
Mia Amiati Chairman
COMPANY PROFILE
Trainings are presented in
concurrently a
the BOC Training List
Member
Zulkifli Zaini Member Trainings are presented in
the BOC Training List
Bintoro K. Member
- - - -
Pardewo
Rasyid Darajat Member Risk Management
Certification Level 7 LPPI Jakarta 5 January 2025
Refreshment
Workshop Business and IAI (ikatan Akuntan
Online 24-26 September 2025
Financial Modeling Indonesia)
Board of Commissioners
Bank Mandiri Surabaya 13 December 2025
Retreat
Taufik Hidayat Member Risk Management
Certification Level 7 LPPI Jakarta 5 January 2025
Refreshment
Board of Commissioners
Bank Mandiri Surabaya 13 December 2025
Retreat
Agus Retmono Representative
Member of PT AXA Indonesia Insurance
DAI Bali 21 - 23 May 2025
Mandiri Financial Summit 2025
Services
The Forum 2025:
Navigating Geopolitical
AAMAI Yogyakarta 6 - 8 August 2025
Threads and opportunities
in the Insurance Industrty
Risk & Governance
OJK Online 19 August 2025
Summit 2025
Professional
IntiPesan Jakarta 17-18 September 2025
Commissioner Batch 17
KKNI 6C Training for 25 - 26 September
ADPI Jakarta
Supervisory Board DPLK 2025
Sertifikasi KKNI 6C Dewan
LSPDP Jakarta 2 October 2025
Pengawas DPLK
Risk Beyond +
Masterclass: Engineering
ERMA Bali 3 - 5 December 2025
Momentum, Building a
Resillient Risk DNA
Fendy Eventius Representative GRC Roles in Enhancing
Mugni Member of PT Investor Trust & Financial OJK Institute Online 25 February 2025
Mandiri Tunas Sector Stability
Finance
Sustainability Accounting
and Reporting in the OJK Institute Online 6 March 2025
Financial Services
Islamic Financial Product
Innovation: The Role of
OJK Institute Online 13 March 2025
Halal Ethics in Expanding
Market Penetration
Exploring the Future of
Indonesia’s Gold Market:
OJK Institute Online 17 April 2025
The Strategic Role of
Bullion Banks
National Seminar:
Will Trade War Create APPI Jakarta 6 May 2025
Financial Turmoil?
The Strategic Role of
the Financial Services
Industry in Driving OJK Institute Jakarta 8 May 2025
Regional Economic
Development
Customer Experience :
Strategies for Sucsess in OJK Institute Jakarta 22 May 2025
Digital Era
The Diorama of
Indonesia’s Sustainable OJK Institute Online 3 June 2025
Finance
Secure Transaction
Strategies for Crypto
Assets and Digital
Finance: Personal Data OJK Institute Jakarta 19 June 2025
Protection and the Impact
of Biometric Technology
in Indonesia
240 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 243
Name Position Training/Seminar Organizers Location Date
Idea Talks Volume 9 :
Banking Digitalisation OJK Institute Online 23 June 2025
from Two Perspectives
COMPANY PROFILE
Breaking the Chain of
Scams: Synergy and
Strategies for Consumer OJK Institute Online 26 June 2025
Protection in the Financial
Sector
Agentic in in Finance: A
new era of autonomous OJK Institute Jakarta 3 July 2025
decision-making
International Seminar
Global, ASEAN and
APPI Bali 11 July 2025
Indonesia Challenge to
Indonesia Economy
Building The Global
Suistanable Islamic OJK Institute Jakarta 24 July 2025
Finance Ecosystem
The Role of the Financial
Services Industry in
Supporting National
OJK Institute Jakarta 31 July 2025
Strategic Projects: The
Development of 3 Million
Homes
Mid Year - Capital Market
Review 2025: Evaluation
of Market Performance OJK Institute Jakarta 7 August 2025
and Forward Investment
Strategy
Geopolitical Dynamics
and National Resilience:
OJK Institute Jakarta 14 August 2025
Strategies to Strengthen
Indonesia’s Economy
Strategies to Enhance
Competitiveness and
Deepen Sharia Banking OJK Institute Jakarta 28 August 2025
and Sharia Capital
Markets
MSMEs Going Global:
Strategies to Scale Up
Businesses to Penetrate OJK Institute Jakarta 9 September 2025
National and International
Markets
Latest Trends in Money
Laundering Methods and
Schemes: Strategies for OJK Institute Online 18 September 2025
Identification, Mitigation,
and Law Enforcement
Generative AI
Transformation:
Opportunity for Generative
Engine Optimization OJK Institute Jakarta 25 September 2025
(GEO) in Shifting the
Dominance of Search
Engine Optimization (SEO)
Risk Appetite & Risk
Culture: Key Pillars in
Strengthening Risk OJK Institute Online 9 October 2025
Management in the
Financial Sector
Qualified Risk Oversight 17 and 18 October
IKAI Indonesia Jakarta
Professional 2025
Kusman Yandi Representative National Seminar on the
Member of Mandiri Direction of OJK Policy in
Utama Finance 2025 and the Economic APPI Jakarta 4 February 2025
Growth Strategy of the
New Government
“Understanding Financial
Statements and Financial
IKAI Jakarta 25 June 2025
Information Analysis”
Workshop
Internasional "Global
Asean & Indonesia
APPI Bali 11 July 2025
Challenges to Indonesia
Economy" Workshop
Boedi Armanto Representative The Role of GRC in
Member of PT Enhancing Investor Otoritas Jasa
Online 25 February 2025
Mandiri Taspen Confidence and Financial Keuangan (OJK)
Sector Stability
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 241
Page 244
Name Position Training/Seminar Organizers Location Date
Risk Management
BARa Online 23 May 2025
Refresher Program
Strengthening Operations,
COMPANY PROFILE
Transaction Security, and
Digital Banking Activation Bank Mandiri Taspen Jakarta 28 May 2025
through IT and Operations
Perspectives
Risk Beyond 2025 ERMA Denpasar 4-5 December 2025
Alamanda Representative
Shantika Member of PT PT Ous Nusantara Jakarta Design Center,
Inspirational Talk 11 August 2025
Mandiri Capital Indonesia Jakarta
Indonesia
Envision Transformation, PT AXA Financial
AXA Tower, Jakarta 3 September 2025
Culture, & Strategy Indonesia
Felicitas Representative Board Forum Q4
Tallulembang Member of PT Tahun 2024 Sharing
Bank Syariah Session: Innovation
Indonesia and Collaboration to
Strengthen Business
Resilience Speakers:
- Maruarar Sirait Menteri Gedung The Tower,
IBI 30 June 2025
Perumahan dan Jakarta
Kawasan Permukiman
Republik Indonesia
- gnesjz Kemalawarta
Office of the President
- PT Sinar Mas Land
(Property)
Board Forum Q1
Tahun 2025 Sharing
Session: From Barriers
To Breakthroughs
“Navigating Business
Growth Amidts Economic
Dynamics” Speakers: BSU Virtual 14 November 2025
- M. Chatib Basri, Anggota
Dewan Ekonomi
Nasional
- Solihin Jusuf Kalla, Chief
Executive Ifficer, Kalla
Group.
Strengthening the
Strategic Role of the
Board of Commissioners
- Banking Ethics in Public
Companies
- Banking Digitalization BSU Virtual 18 November 2025
- Governance & Good
Corporate Governance
(GCG)
- ESG & Climate Risk
Management
The Role of Leaders in
Digital Banking Business BSU Virtual 14 November 2025
Transformation in 2025
Risk Management
BSU Virtual 18 November 2025
Refreshment Level 6
Year-End Dialogue
between the Board of
Commissioners of the Ballroom Hotel The
OJK 4 Desember 2025
Otoritas Jasa Keuangan Ritz Carlton Jakarta
(OJK) and the Financial
Services Industry
Mohamad Representative
Workshop Akad dan
Hidayat Member of PT Padang Room 1 Lt.1
Kesesuaian Syariah CDG and BBG 28 April 2025
Bank Syariah Hotel Westin Jakarta
Produk Bank Emas BSI.
Indonesia
Seminar Perasuransian Bali Nusa Dua
Dewan Asuransi
Indonesia Insurance Convention Center, 21-22 May 2025
Indonesia
Summit 2025. Nusa Dua Bali
Custom of General
Business English BSU and English Today DPS Room 5 June 2025
(Elementary Level).
BSU, Pembicara Alan
Training Top Executive
Liew Young Wee- Auditorium lt.6 The
Learning Program (TELP) 13 June 2025
Head of Bullion UOB Tower
Series 1 in 2025
Singapore
Custom of General
BSU dan English
Business English DPS Room 19 June 2025
Today
(Elementary Level).
242 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 245
Name Position Training/Seminar Organizers Location Date
Custom of General
BSU and English
Business English DPS Room 26 June 2025
Today
(Elementary Level).
Custom of General
BSU and English
COMPANY PROFILE
Business English DPS Room 24 July 2025
Today
(Elementary Level).
Custom of General
BSU and English
Business English DPS Room 31 July 2025
Today
(Elementary Level).
Workshop Produk
Hotel Mason Pine &
Wholesale secara CFS 11-13 September 2025
Forest Hill Bandung
menyeluruh.
Pre-Ijtima’ Sanawi (Annual
Meeting) Workshop of the
Sharia Supervisory Board Hotel Millenium Sirih
DSN MUI 24-25 September 2025
(DPS) X 2025 for the Tanah Abang
Sharia Commercial Banks
and Sharia Business Units
Ijtima' Sanawi (Annual Hotel Mercure
DSN MUI 26-27 September 2025
Meeting) DPS XXI in 2025. Kemayoran
Custom of General
BSU and English
Business English DPS Room 2 October 2025
Today
(Elementary Level).
Custom of General
BSU and English
Business English DPS Room 16 October 2025
Today
(Elementary Level).
Training Palm Oil Industry
Mandiri University
Focus Mastery Batch 2 BSU 20-21 October 2025
Medan
in 2025.
Custom of General
BSU and English
Business English DPS Room 23 October 2025
Today
(Elementary Level).
Custom of General
Business English BSU DPS Room 13 November 2025
(Elementary Level).
Top Executive Learning
Program "Peran Leader
dalam Transformasi BSU Hybrid 14 November 2025
Bisnis Digital Banking"
Tahun 2025.
Speaker: Jahja
Setiatmadja (President
Commissioner of Bank
Central Asia). Risk
Management Certification
27 - 28 November
Level 5 Training Program BSU DPS Room
2025
for Lecturer Members
– Representative of
PT Mandiri Sekuritas
(Professional Education
Program)
Hosen Representative Advanced Professional Perkumpulan Wakil
Member of PT Education of Investment Manajer Investasi Jakarta, Indonesia 22 January 2025
Mandiri Sekuritas Manager Representatives Indonesia
Annual Meeting of
Financial Services
the Financial Services Jakarta, Indonesia 11 February 2025
Authority (OJK)
Industry 2025 (PTIJK)
Indonesia Capital Market
Executives (ICME) Self Regulatory
Shanghai, China 7 - 11 May 2025
Capacity Building and Organization
Networking 2025
Strategy & Strategic
Planning: Creating
Oxford Management 15 – 19 September
Tomorrow’s Organisation Wina, Austria
Centre 2025
out of Today’s
Organisation
COMPETENCE DEVELOPMENT FOR CORPORATE SECRETARY
Name Position Training/Seminar Organizers Location Date
M. Ashidiq Corporate Socialization of PMS
Mandiri University Jakarta 19 March 2025
Iswara Secretary 2025 Discussion
Mandatory E-Learning
PT Bank Mandiri
Anti-Fraud Strategy & E-Learning 16 May 2025
(Persero) Tbk
Personal Data Protection
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 243
Page 246
Name Position Training/Seminar Organizers Location Date
E-Learning Mandatory
PT Bank Mandiri
Driving Sustainability E-Learning 18 June 2025
(Persero) Tbk
Champion
Mandatory E-Learning
COMPANY PROFILE
PT Bank Mandiri
Cyber Risk Awareness E-Learning 10 July 2025
(Persero) Tbk
2025
Mandatory E-Learning
on Customer Protection PT Bank Mandiri
E-Learning 13 August 2025
and Handling Customer (Persero) Tbk
Complaints
Compliance Test 2025: PT Bank Mandiri
E-Learning 19 September 2025
Level L2 (Persero) Tbk
Risk Management
Certification Mandiri University Jakarta 13 November 2025
Refreshment Level 6
Revision of DHE SDA
Regulations & the Role of Mandiri University Jakarta 19 December 2025
Banks for Exporters
Adhika Vista Corporate Industry Rating & Outlook
Secretary 2025 Workshop and Loan
Mandiri University Jakarta 10 March 2025
Portfolio Guideline 2025
Socialization
Socialization of PMS
Mandiri University Jakarta 19 March 2025
2025 Discussion
Mandatory E-Learning
PT Bank Mandiri
Anti-Fraud Strategy & E-Learning 15 May 2025
(Persero) Tbk
Personal Data Protection
Level 5 Risk Management
Certification Mandiri University Jakarta 26 June 2025
Refreshment
Mandatory E-Learning
PT Bank Mandiri
Cyber Risk Awareness E-Learning 3 July 2025
(Persero) Tbk
2025
Communication Summit
2025 Accelerating
Impact Through Mandiri University Jakarta 16 July 2025
Communication
Excellence
Mandatory E-Learning
on Customer Protection PT Bank Mandiri
E-Learning 14 August 2025
and Handling Customer (Persero) Tbk
Complaints
Compliance Test 2025: PT Bank Mandiri
E-Learning 17 September 2025
Level L3+ and L3 (Persero) Tbk
Innovators Journey Eps PT Bank Mandiri
E-Learning 9 December 2025
1: Building Foundation (Persero) Tbk
PENGEMBANGAN KOMPETENSI AUDIT INTERNAL DAN MANAJEMEN RISIKO
Name Position Training/Seminar Organizers Location Date
Alfanendya Group Head Credit Mandiri Strategic Thinking
Mandiri University Jakarta 13-14 March 2025
Safudi Portfolio Risk Initiatives
Risk Management
Certification Refreshment
Level 6:
Developing the Structure,
Mandiri University Virtual Zoom 22 April 2025
Responsibilities, and
Procedures for Bank
Risk Management (Risk
Governance)
Mandiri Leaders Connect Mandiri University Jakarta 03 July 2025
Compliance Forum Mandiri University Jakarta 12 August 2025
Risk Live Asia 2025 Risk Net Singapore 24-25 September 2025
Chief Audit
2025 IIA Indonesia Institute of Internal
Adi Pranantias Executive/SEVP Jakarta 28 August 2025
Nasional Conference Auditors
Internal Audit
Banking Risk Management Lembaga
Training Program Pengembangan Jakarta 20 October 2025
Qualification 6 Perbankan Indonesia
Chief Auditor Mandiri Strategic Thinking
Azahari Fikri Mandiri University Jakarta 14 March 2025
Retail Audit Group Initiatives (MSTI)
244 ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH | ANNUAL REPORT 2025
Page 247
Name Position Training/Seminar Organizers Location Date
E-Learning Strategi Anti
Fraud & Personal Data Mandiri University Jakarta 8 May 2025
Protection
E-Learning Cyber Risk
COMPANY PROFILE
Mandiri University Jakarta 2 July 2025
Awareness 2025
E-Learning on Customer
Protection and Handling Mandiri University Jakarta 6 August 2025
Customer Complaints
Compliance Test 2025:
Mandiri University Jakarta 19 September 2025
Level L2
Rahmat Azis Chief Auditor Branch Performance
Mandiri Utama
Wholesale & Financial Report as Audit Jakarta 26 February 2025
Finance
Corporate Center Analysis
Audit Group
Lembaga
Level 5 Risk Management
Pengembangan Jakarta 22 April 2025
Training and Certification
Perbankan Indonesia
Workshop on
“Understanding Financial Ikatan Komite Audit
Jakarta 25 June 2025
Statements and Financial Indonesia
Information Analysis”
Internal Audit Conference
on “Shifting Horizon
for Internal Auditors: Yayasan Pendidikan
Yogyakarta 2-4 July 2025
Navigating Emerging Internal Audit
Risks, Governance and
Opportunities in 2025”
Investigation “Digital
Forensic, Incident Mandiri Utama
Jakarta 27 August 2025
Response and Request for Finance
Explanation”
Awareness ISO 37001: Mandiri Utama
Jakarta 28 October 2025
2016 - SMAP Finance
Deni Hendra Chief Auditor IT Mandiri Strategic Thinking 11 March 2025
Mandiri University Jakarta
Permana Audit Group Initiatives (MSTI)
Refreshment SMR Levels 20 March 2025
Mandiri University Jakarta
6 and 7
E-Learning Anti Fraud
Strategy & Personal Data Mandiri University Jakarta 16 May 2025
Protection
E-Learning Cyber Risk 13 July 2025
Mandiri University Jakarta
Awareness 2025
Compliance Test 2025: 19 September 2025
Mandiri University Jakarta
Level L2
Onboarding & Capability
Asep Syaeful Senior Investigator 10 February 2025
Building For New Regional Mandiri University Jakarta
Rochman Head
Leaders
Refreshment SMR Levels 20 March 2025
Mandiri University Jakarta
6 and 7
Refreshment & Asia Anti Fraud 22 April 2025
Bali
Recertification of CAFM Management
Level 7 Risk Management 4 June 2025
Mandiri University Jakarta
Certification
Shifting Horizon For
Internal Auditors:
3 July 2025
Navigating Emerging Mandiri University Yogyakarta
Risks, Governance and
Opportunities in 2025
E-Learning Cyber Risk
Mandiri University Jakarta 4 July 2025
Awareness 2025
Adityo Operational Risk Leadership Forum Mandiri University Semarang 21-24 May 2025
Wicaksono
Mastercard Asia Pacific
Master Card Bali 7-10 May 2025
Fraud Advisory Council
Leadership Forum Mandiri University Semarang 21-24 May 2025
Group Head Mandiri Strategic Thinking
Bily Arkan Bank Mandiri Jakarta 11 March 2025
Market Risk Initiative (MSTI) Executive
Leadership Assessment
BUMN Jakarta 14 March 2025
Standar KBUMN in 2025
Refreshment Sertifikasi
Manajemen Risiko Mandiri University Jakarta 22 April 2025
Kualifikasi 6
Chief Risk Officer School
BUMN Jakarta 7 August 2025
Program 2025
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER GROWTH 245
Page 248
MANAGEMENT DISCUSSION AND ANALYSIS
MANAGEMENT DISCUSSION
AND ANALYSIS
STRENGTHENING
LEADERSHIP
THROUGH
PERFORMANCE
AND INTEGRATED
ECOSYSTEMS
Bank Mandiri has maintained its dominant position in the
industry through consistent growth in assets, loans, and
third-party funds, outperforming the national banking sector
average, supported by strong operational efficiency and
solid profitability. This advantage is further strengthened by
disciplined cost management and sustained asset quality.
With continuous digitalization, product innovation, and a
focus on strengthening customer ecosystems, Bank Mandiri
remains on an optimistic path to reinforce its position as
a market leader and a key driver of growth in Indonesia’s
banking industry.
246 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 249
ECONOMIC REVIEW
MANAGEMENT DISCUSSION AND ANALYSIS
The year 2025 was shaped by a complex global
economic and geopolitical landscape. Global
economic growth remained moderate, with
an uneven recovery amid trade fragmentation
pressures, rising geopolitical risks, and a phase of
monetary policy rate cuts across many countries.
Domestically, Indonesia’s economy demonstrated
resilience, supported by macroeconomic stability,
a resilient external sector, and responsive fiscal
and monetary policies. With inflation under control,
external stability maintained, and a responsive policy
mix in place, 2025 reflected a phase of economic
consolidation for Indonesia, aimed at sustaining
growth amid a still challenging global environment.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 247
Page 250
GLOBAL ECONOMIC
ANALYSIS
MANAGEMENT DISCUSSION AND ANALYSIS
Overall, global economic growth in 2025 remained moderate. The
World Economic Outlook released by the International Monetary In the third quarter of 2025, Indonesia’s
Fund in October 2025, as well as the OECD Economic Outlook – economy continued to show resilient
Interim Report published in September 2025, projected global growth despite a moderation in
economic growth at around 3.2% throughout 2025. Nevertheless, momentum. Economic growth reached
global economic performance during the year reflected an uneven 5.04% year-on-year in 3Q25, slowing
recovery. The World Bank also noted that global growth in 2025 from 5.12% year-on-year in 2Q25,
continued to face downside risks, particularly related to rising reflecting a normalization of economic
trade fragmentation and heightened geopolitical uncertainty. activity following the period of elevated
spending in the first half of 2025.
Growth was primarily supported by
The impact of trade policies in advanced economies, particularly higher government spending, which
the United States, emerged as one of the main sources of global expanded by 5.49% year-on-year,
uncertainty in 2025. The increasingly protectionist stance of U.S. as well as an improvement in net
trade policy disrupted global trade performance, amid persistently export performance, while household
volatile international trade dynamics throughout the year. At the consumption and investment
same time, geopolitical tensions remained elevated, notably the moderated. Household consumption
Russia–Ukraine conflict, Iran and Israel War, and the ongoing grew by 4.89% year-on-year, lower
trade tensions between the United States and China. than in the previous quarter, in line with
easing seasonal spending, particularly
These global dynamics kept the pace of global economic growth in food and beverages as well as
on a relatively slower trajectory compared with the pre-pandemic transportation and communication.
period.
Meanwhile, investment (gross
fixed capital formation) slowed to
Throughout 2025, global inflation gradually began to decelerate. 5.04% year-on-year, reflecting the
Several advanced economies continued to experience relatively normalization of capital formation
elevated inflationary pressures, particularly from the services after strong growth in 2Q25,
sector and import-related costs, prompting central banks to although investment in machinery
adopt a more cautious stance in easing monetary policy. and equipment continued to post
double-digit growth. On the external
The US economy continued to record resilient but uneven growth. front, exports increased sharply by
Weakening labor market conditions in the United States during 9.91% year-on-year, while imports
2025 increased market expectations for further room to cut the decelerated to 1.18% year-on-year,
Federal Funds Rate (FFR). However, concerns over rising inflation resulting in a higher contribution of net
stemming from the implementation of the US reciprocal tariffs exports to overall economic growth.
limit the scope for additional FFR cuts.
Inflation in Indonesia throughout 2025
remained within Bank Indonesia’s
Meanwhile, in China, fiscal policy support and economic target corridor of 2.5% ± 1%, despite
stabilization measures helped improve economic activity in the showing an uptick toward the end of
second half of 2025, although their overall impact on the global the year. Inflation rose to 2.92% year-
economic recovery remained limited. on-year in December 2025, up from
2.72% year-on-year in November 2025
Amid rising uncertainty in the global economy and financial and higher than the 2024 realization of
markets throughout 2025, capital flows to emerging market 1.57% year-on-year. On a month-to-
economies became more volatile, contributing to heightened month basis, December 2025 inflation
financial market volatility. Consequently, these global dynamics stood at 0.64%, driven by increased
underscored the need for more vigilant and coordinated policy
responses to safeguard economic stability in an increasingly
challenging global environment.
248 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 251
INDONESIAN ECONOMIC
ANALYSIS
MANAGEMENT DISCUSSION AND ANALYSIS
year-end consumption as well as higher volatile food On the liquidity front, BI reduced outstanding Bank
prices due to supply disruptions and seasonal factors. Indonesia Rupiah Securities (SRBI) and introduced
Commodities that contributed most to inflation in 2025 additional measures, including remuneration on excess
included gold jewelry, in line with rising global gold reserves and the strengthening of the Macroprudential
prices, as well as red chili, fresh fish, and rice, which were Liquidity Policy (KLM), to encourage further declines in
affected by weather-related dynamics. Core inflation also lending rates.
strengthened gradually, reflecting improving momentum
in domestic consumption. From a financial system stability perspective, the
Financial Services Authority (OJK) and the Financial
On the external front, Indonesia’s current account System Stability Committee (KSSK) reported that the
balance for full-year 2025 is projected to record a small financial system remained resilient throughout 2025.
deficit, improving compared with the 2023–2024 period. OJK noted that capital adequacy, liquidity, and Non-
As of September 2025, Indonesia’s current account still Performing Loan (NPL) ratios were relatively well
posted a surplus of USD1.1 billion. This positive outcome contained. However, OJK also emphasized the need for
was supported by a 39.2% year-on-year increase in intensive supervision of the banking sector’s foreign
the goods trade surplus to USD39.7 billion. These exchange exposures, higher-risk corporate financing,
developments indicate that, despite elevated global as well as the importance of maintaining strong
geopolitical uncertainty, Indonesia’s external stability governance and investor protection. KSSK underscored
has remained resilient. the importance of inter-agency synergy to safeguard
Financial System Stability (SSK) while continuing to
Amid declining global commodity prices and increasing support economic recovery.
challenges on the revenue side, Indonesia’s 2025
state budget (APBN) was managed prudently during Overall, Indonesia’s economy throughout 2025 faced
the government transition period. The Government several key challenges, including escalating global trade
maintained a balance between fiscal consolidation and tensions and ongoing geopolitical conflicts worldwide.
support for priority programs by keeping the fiscal deficit
at a controlled level of 2.92% of GDP. Fiscal spending These developments contributed to a slowdown
was managed selectively, alongside strengthened in the global economy and a decline in commodity
policy coordination with Bank Indonesia, including prices, which posed risks to Indonesia’s export
the placement of excess budget balances (SAL) in the performance. At the same time, heightened financial
banking system to help support economic growth. market volatility triggered capital outflows and exerted
depreciation pressure on the rupiah. On the other hand,
the acceleration of government programs, economic
Throughout 2025, Bank Indonesia (BI) pursued an stimulus measures, and supportive accommodative
expansionary monetary policy by cutting its policy monetary policies helped sustain domestic demand
rate by a total of 125 basis points to 4.75% to support and played an important role in preserving the resilience
economic growth. In December, BI decided to keep the and sustainability of Indonesia’s economic growth
BI-Rate unchanged at 4.75%, with the Deposit Facility throughout 2025 and into the period ahead.
rate at 3.75% and the Lending Facility rate at 5.50%.
This decision reflected BI’s focus on maintaining rupiah
exchange rate stability amid rising global uncertainty,
while ensuring that the transmission of earlier monetary
easing continued to operate effectively. To support
exchange rate stability, BI strengthened its interventions
in the offshore NDF market and the onshore spot market,
and conducted purchases of government bonds (SBN) in
the secondary market.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 249
Page 252
BANKING INDUSTRY ANALYSIS
MANAGEMENT DISCUSSION AND ANALYSIS
Amid the dynamic challenges in
both global and national economies COMMERCIAL BANKS ASSETS COMMERCIAL BANKS LOANS
throughout 2025, Indonesia’s
Assets (Rp Bio) Assets YoY (%) Credit (Rp Bio) Credit YoY (%)
banking industry continued to
demonstrate solid performance.
Total assets of commercial banks 10.16
9.87
11.35 10.38 10.46
recorded positive annual growth 7.74
of 8.61% year-on-year, reaching 8.61
5.89 5.89
Rp13,220 trillion as of October 2025. 5.24
With a stable risk profile and
13,220
10,281
11,296
11,961
12,666
8,315
5,769
6,424
7,090
7,832
adequate liquidity, banking
intermediation also continued to
2021 2022 2023 2024 2025* 2021 2022 2023 2024 2025*
perform well. As of November 2025,
commercial bank lending grew by
*) as of October 2025 *) as of November 2025
7.74% year-on-year to Rp8,314 Source: SPI-OJK Oct 2025 Source: Press Release November 2025 –
trillion. By type of use, investment OJK. BI, and KSSK
loans recorded the strongest
expansion at 15.72% as of October
2025, followed by consumer loans,
which moderated to 7.03%, while LDR (%) NPL (%)
working capital loans further
decelerated to 2.39% year-on-year. 88.62
84.00
By segment, corporate lending 83.83
expanded by 11.53%, while loans 78.78
3.00
to Micro, Small, and Medium 77.13 2.44
2.19
2.21
2.08
Enterprises (MSMEs) contracted
slightly by 0.11% year-on-year.
Banking system liquidity remained
sound, as reflected in the decline 2021 2022 2023 2024 2025* 2021 2022 2023 2024 2025*
of Loan-to-Deposit Ratio (LDR) to
84.00% as of November 2025. *) as of November 2025 *) as of November 2025
Source: Press Release November 2025 – Source: Press Release November 2025 –
OJK. BI, and KSSK OJK. BI, and KSSK
Positive loan growth was
accompanied by well-maintained
LAR (%) COMMERCIAL BANKS TPF
credit quality. As of November
2025, commercial banks’ gross TPF (Rp T) TPF YoY (%)
and net Non-Performing Loan
(NPL) ratios stood at 2.21% and 19.48
12.21
12.03
0.86%, respectively. The Loan at
14.05 9.02
Risk (LaR) ratio also remained at a
10.94
manageable level of 9.22%. 9.28
9.22 4.48
3.73
9,899
7,479
8,154
8,458
8,837
2021 2022 2023 2024 2025* 2021 2022 2023 2024 2025*
*) as of November 2025 *) as of November 2025
Source: Press Release November 2025 – Source: Press Release November 2025 –
OJK. BI, and KSSK OJK. BI, and KSSK
250 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 253
MANAGEMENT DISCUSSION AND ANALYSIS
On the funding side, Third-Party
CAR (%) COMMERCIAL BANKS NET PROFIT Funds (TPF) grew by 12.03%
AFTER TAX year-on-year to Rp9,899 trillion.
Net Profit After Tax (Rp T) TPF YoY (%)
This improved banking liquidity
27.65 condition, reflected in the relatively
sound liquidity indicators. As of
26.68
26.15 43.94 November 2025, the Liquid Assets
25.67 25.66 33.89
to Non-Core Deposits (AL/NCD)
20.57
ratio reached 131.49% and the
3.84
4.48 Liquid Assets to Third-Party Funds
(AL/TPF) ratio stands at 29.67%,
both well above their respective
131
202
243
255
140
thresholds of 50% and 10%.
2021 2022 2023 2024 2025* 2021 2022 2023 2024 2025*
Liquidity Coverage Ratio (LCR)
remained strong at 210.38%.
*) as of November 2025 *) as of June 2025
Source: Press Release November 2025 – Source: SPI-OJK June 2025
OJK. BI, and KSSK From a capital standpoint, the
Capital Adequacy Ratio (CAR) of
commercial banks remained high
at 26.15%. This reflects the strong
ROA (%) NIM (%) resilience of the banking sector and
serves as a solid risk-mitigation
foundation in navigating global
2.74
2.69
4.81
uncertainty.
2.43 4.71
2.53
1.84 4.62
From a profitability perspective,
4.51 4.58 commercial banks recorded a net
profit after tax of Rp131 trillion as
of September 2025, grew 3.84% yoy
2021 2022 2023 2024 2025* 2021 2022 2023 2024 2025*
compared with the same period
last year. Profitability, as reflected
by the Return on Assets (ROA)
*) as of September 2025 *) as of September 2025 ratio, remained positive at 2.53%,
Source: Press Release November 2025 – Source: Press Release November 2025
OJK. BI, and KSSK – OJK. BI, and KSSK while Net Interest Margin (NIM)
reached 4.58% in September 2025.
These indicated sound, strong,
BOPO (%)
and efficient banking industry
continuous results. However,
operating expenses to operating
income ratio (BOPO) edged up to
85.65
85.65% as of September 2025.
83.58
81.34
78.92
78.65
2021 2022 2023 2024 2025*
*) as of June 2025
Source: Press Release November 2025 –
OJK. BI, and KSSK
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 251
Page 254
ANALYSIS OF BANK MANDIRI
POSITION IN THE BANKING INDUSTRY
MANAGEMENT DISCUSSION AND ANALYSIS
Overall, Bank Mandiri’s performance in 2025 delivered growth that was significantly higher than the national banking
industry average, particularly in assets and loan disbursement. Bank Mandiri’s assets grew by 16.6%, far above the
industry’s 9.51% while loans increased by 13.4% compared with the industry average of 9.63%. Third-Party Funds
(TPF) also recorded strong growth at 23.95%, reflecting solid customer confidence despite continued tight liquidity
competition in the market.
From a funding structure perspective, Bank Mandiri’s low-cost funds (CASA) grew 12.6%, indicating the Bank’s
ability to maintain an efficient cost of funds amid increasing global and domestic interest rate trends. On the
other hand, Bank Mandiri’s interest expenses grew substantially at 17.6%, reflecting the effects of monetary policy
normalisation and competition in deposit rates.
Comparison of Consolidated Financial Performance Growth of Bank Mandiri (as of December 2025) vs the Banking Industry
(Commercial Banks) as December 2025 (yoy)
Banking Industry Bank Mandiri
Performance
(Commercial Banks) (Consolidated)
Assets 9,51% 16,6%
Loans 9,63% 13,4%
Third Party Funds 13,83% 23,9%
Low-Cost Funds 13,6% 12,6%
Interest Income * 4,56% 8,71%
Interest Expenses ** 5,04% 17,6%
Net Interest Income *** 4,09% 2,38%
Fee Based Income 10,6% 15,0%
Total Operating Income **** 6,24% 6,03%
Total Non-Interest Operating Income ***** 46,1% 11,9%
Operating Profit 0,00% 0,33%
Net Profit 2,74% 0,92%
Source: OJK Integrated Financial Services Sector Data and Metadata Portal & Press Release as of December 2025, Bank Mandiri’s Published Report
as of December 2025
*) includes interest income and sharia income;
**) includes interest expenses and sharia expenses;
***) includes interest income and expenses, sharia income and expenses, premium income, and claim expenses;
****) the total of Net Interest Income and Fee-Based Income;
*****) includes allowance for impairment losses costs.
In terms of Net Interest Income (NII), Bank Mandiri recorded growth of 2.38%, slightly below the industry trend
of 4,09%. However, this was offset by stronger Fee-Based Income growth of 15.0%, indicating a more robust
diversification of non-interest revenue. This reflects positive progress in the Bank’s strategy to enhance transaction-
based income and digital financial services.
Operational efficiency remained a challenge. Operating expenses excluding interest increased by 11.9%, reflecting
pressure on profitability. However, Bank Mandiri continued to deliver positive growth, with net profit and net profit
grew by 0.33% and 0.92%, respectively. This indicates that the Bank’s performance remained comparatively stronger
than the industry, where commercial banks recorded overall net profit growth of only 2.74%
Overall, Bank Mandiri’s 2025 performance reflects positive expansion in both intermediation and fund mobilisation.
Strengthening efficiency and optimising non-interest income will remain key to preserving margins and profitability
amid an economy still adjusting to post-normalisation monetary conditions.
252 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 255
MARKET SHARE OF BANK MANDIRI
CONSOLIDATED FINANCIAL PERFORMANCE
MANAGEMENT DISCUSSION AND ANALYSIS
INDICATORS IN THE BANKING INDUSTRY
(COMMERCIAL BANKS)
ASSETS
From 2023 to 2025, Bank Mandiri consistently
ASSETS GROWTH
recorded asset growth that outperformed the
national banking industry average. As of December Industry Bank Mandiri
2025, Bank Mandiri maintained strong asset
growth at 16.6% yoy, compared with the industry’s
9.51% yoy. This consistent outperformance
11.6%
16.6%
reflects the Bank’s ability to sustain intermediation
9.12%
momentum amid an economic environment still
9.51%
influenced by global and domestic monetary
5.87%
5.91%
policy normalisation.
Subsequently, Bank Mandiri’s assets market share 2023 2024 2025*
increased significantly to 20.7% as of December
BANK MANDIRI ASSETS MARKET SHARE
2025. This growth underscores the effectiveness
of the Bank’s sustainable expansion strategy,
supported by service digitalisation, expansion
20.7%
in the wholesale and retail segments, and solid
liquidity management. With these achievements,
19.5%
Bank Mandiri not only continues to scale its
business, but also strengthens its systemic
18.5%
dominance in Indonesia’s banking industry in the
years ahead.
2023 2024 2025*
Source: OJK as of December 2025, Bank Mandiri Publication
Report as of December 2025
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 253
Page 256
MANAGEMENT DISCUSSION AND ANALYSIS
LOANS
Bank Mandiri’s loan growth during the 2023–
2025 period demonstrated strong performance, LOAN GROWTH
consistently staying above the national banking Industry Bank Mandiri
industry average. As of December 2025, loan
growth remained positive at 13.4%, even as the
19.5%
industry slowed to 9.63%. This performance reflects
the Bank’s success in maintaining an aggressive
16.3%
yet prudent lending strategy, particularly in the
13.4%
10.4%
10.5%
corporate, retail, and productive loan segments,
9.63%
amid a declining-interest-rate environment and
selective credit demand.
2023 2024 2025
The improvement in loan performance is also
LOAN MARKET SHARE
reflected in Bank Mandiri’s loan market share, which
reached 22.1% as of December 2025. This indicates
that over the past two years, Bank Mandiri has
22.1%
successfully expanded its dominance in the national
21.3%
credit market and strengthened its position as the
bank with the largest loan portfolio in Indonesia. The
increase in market share affirms the effectiveness
19.7%
of the Bank’s expansion strategy, which focuses
on quality growth, support for corporate and SOE 2023 2024 2025
ecosystems, and integrated digital financial services
Source: OJK as of December 2025, Bank Mandiri Publication
that broaden access to productive sectors and Report as of December 2025
MSMEs.
THIRD-PARTY FUNDS
Throughout the 2023–2025 period, Bank Mandiri TPF GROWTH
delivered solid Third-Party Funds (TPF) growth Industry Bank Mandiri
that consistently outperformed the national
banking industry average. As of December 2025,
Bank Mandiri recorded annual TPF growth of
23.9%
23.9% yoy, higher than the industry’s 13.83%.
13.8%
This performance reflects the Bank’s ability to
7.73%
mobilise liquidity effectively amid tight interest
5.78%
4.48%
rate competition and dynamic money market
3.73%
conditions. In addition, TPF growth that exceeds
2023 2024 2025
the industry average demonstrates strong
customer confidence and the success of the
Bank’s funding strategy, which leverages digital- TPF MARKET SHARE
based mobilisation and an integrated network
expansion across the wholesale and retail banking
20.9%
ecosystems.
19.2%
Bank Mandiri’s strong TPF performance was
also reflected in its growing market share, which
18.6%
reached 20.9% as of December 2025. This
increase over the past two years reinforces the
2023 2024 2025*
Bank’s position as one of the largest holders of
liquidity in Indonesia’s banking industry. Source: OJK as of December 2025,
Bank Mandiri Publication Report as of December 2025
254 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 257
MANAGEMENT DISCUSSION AND ANALYSIS
CASA RATIO
Throughout the 2023–2025 period, Bank Mandiri
maintained a strong position in mobilising low-cost
CASA GROWTH
funds (CASA), although growth began to moderate
Industry Bank Mandiri
by September 2025 in line with tightening liquidity
conditions in the banking sector. Bank Mandiri’s
total CASA increased from Rp1,271 trillion in 2024
13.6%
to Rp1,431 trillion as of December 2025, recording
12.6%
annual growth of 12.6% yoy.
8.49%
7.05%
Compared with the broader banking industry, Bank
5.06%
3.30%
Mandiri’s CASA growth up to December 2025 was
lower than the industry average of 13.6%. Although, 2023 2024 2025
In nominal terms, Bank Mandiri’s CASA level
indicates strong liquidity, with a stable low-cost
funding ratio that remains a key pillar of the Bank’s
efficient funding structure.
CASA MARKET SHARE
From a market share perspective, Bank Mandiri
remains one of the leading players in CASA, although
its share recorded a slight decrease from 22.7% in
2024 to 22.5% as of December 2025. This decline
22.7%
22.5%
was partly driven by intensifying competition among
22.0%
banks in mobilising low-cost funds, particularly from
digital banks and other financial institutions offering
competitive interest rates for retail deposits.
2023 2024 2025
Overall, Bank Mandiri’s CASA performance remained
Source: OJK as of December 2025, Bank Mandiri Publication
solid and continued to support an efficient Cost of Report as of December 2025
Fund amid shifting customer behaviour and evolving
interest rate dynamics. The Bank’s focus on digital
transformation, enhanced customer experience,
and strengthened payment ecosystems will remain
key factors in sustaining CASA growth in the periods
ahead.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 255
Page 258
MANAGEMENT DISCUSSION AND ANALYSIS
NET PROFIT
During the 2023–2025 period, Bank Mandiri
NET PROFIT GROWTH
recorded fluctuating profitability amid challenging
economic and market conditions. Net profit stood Industry Bank Mandiri
at Rp55.0 trillion in 2023, increased to Rp55.8 trillion
in 2024, and to Rp56.3 trillion in 2025.
33.7%
2.72%
4.88%
The increase of profit in 2025 primarily driven by
20.6%
1.31%
0.92%
lower provision expenses, reflecting improved asset
quality and better credit risk management. Despite 2023 2024 2025*
the decrease, Bank Mandiri’s net profit market share
posted a significant decrease from 21.9% in 2024
to 21.5% in 2025. This indicates that the Bank’s
performance remained comparatively stronger than
the industry, where commercial banks recorded
NET PROFIT MARKET SHARE
overall net profit growth of only 2.74%. In other
words, while profitability pressures were broadly felt
across the banking sector, Bank Mandiri was able to
maintain a dominant position with relatively better
efficiency than its peers.
22.6%
21.5%
21.9%
2023 2024 2025*
Source: OJK as of December 2025, Bank Mandiri Publication
Report as of December 2025
Comparison of Financial Ratios between Bank Mandiri (Bank Only) and the Banking Industry
Banking Industry
Performance Bank Mandiri
(Commercial Banks)
Capital Adequacy Ratio (CAR) 25.89% 19.36%
Non-Performing Loan Gross (Gross NPL) 2.05% 0.96%
Non-Performing Loan Net (Net NPL) 0.79% 0.40%
Return on Assets (ROA) 2.53% 3.19%
Net Interest Margin (NIM) 4.56% 4.59%
Operating Expenses to Operating Income (BOPO) 72.96% 60.23%
Loan to Deposit Ratio (LDR) 85.35% 88.92%
Source: OJK Integrated Financial Services Sector Data and Metadata Portal as of December 2025, Bank Mandiri Publication Report as of
Desember 2025.
256 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 259
MANAGEMENT DISCUSSION AND ANALYSIS
Overall, Bank Mandiri’s financial ratios reflect a The BOPO ratio (Operating Expenses to Operating
highly solid and efficient position compared with the Income) stands out as one of Bank Mandiri’s key
national banking industry average, demonstrating strengths, recorded at 60.23% compared with the
strong risk management, high operating efficiency, industry’s 72.96%. This reflects a very high level of
and above-average profitability. operating efficiency, driven by digitalised business
processes, large economies of scale, and effective cost
From a capital perspective, the Bank’s Capital management.
Adequacy Ratio (CAR) stood at 19.36%, lower
than the industry average of 25.89%. However, this Meanwhile, Bank Mandiri’s Loan to Deposit Ratio (LDR)
level remains well above the regulatory minimum, reached 88.92%, higher than the industry’s 85.35%,
indicating a healthy capital structure and an indicating more aggressive loan disbursement and
optimised leverage strategy to support aggressive efficient utilisation of third-party funds. The ratio
loan expansion. remains well within OJK’s safe limits, reflecting a
balanced position between liquidity and profitability.
In terms of asset quality, Bank Mandiri posted a
significantly stronger risk profile than the industry. Overall, these financial ratios demonstrate that Bank
Gross NPL stood at only 0.96% and Net NPL at Mandiri is in a healthy, efficient, and productive position,
0.40%, far below the industry averages of 2.05% with well-managed risks and strong competitiveness
and 0.79%. This highlights the effectiveness of the within the national banking industry. Bank Mandiri
Bank’s risk management policies and its ability to has proven its ability to maintain strong performance
maintain sound credit quality despite strong loan despite macroeconomic pressures and monetary
growth over the past two years. policy normalisation throughout 2025.
On profitability, Bank Mandiri’s Return on Assets
(ROA) reached 3.19%, higher than the industry’s
2.53%, indicating greater efficiency in generating
earnings from its asset base. The Bank’s Net Interest
Margin (NIM) was 4.59%, slightly higher than the
industry average of 4.56%, reflecting its ability to
maintain net interest margins amid competition and
cost-of-fund pressures.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 257
Page 260
CORPORATE
STRATEGY
MANAGEMENT DISCUSSION AND ANALYSIS
Entering the first year of the 2025–2029
Corporate Plan, Bank Mandiri reinforces
its commitment to achieving the Vision of
becoming “The Best Financial Institution in
Southeast Asia.” 2025 serves as an important
foundation for this five-year journey. Through
focused and collaborative strategic measures,
Bank Mandiri aims to strengthen its position as
a modern, resilient, and highly competitive bank
in the Southeast Asian region, while continuing
to deliver optimal value for customers and
stakeholders.
258 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 261
MANAGEMENT DISCUSSION AND ANALYSIS
Bank Mandiri’s 2025–2029 strategy is built on its and business actors through the development
corporate identity, Vision, Mission, and Purpose, as of ecosystem-based business models aimed at
the foundation of its transformation direction. With the optimizing value chains and supporting sustainable
vision “The Best Financial Institution in Southeast Asia,” growth. Bank Mandiri also expands financing and
the Bank is committed to strengthening its position support for MSMEs by strengthening productive
as a leading regional financial institution through financing, digitalizing services, and integrating them
quality services, competitiveness, and sustainable into customer ecosystems. At the same time, the Bank
performance. The Mission underscores the Bank’s role continues to develop technology-driven retail banking
in providing integrated and innovative technology-based solutions, strengthen Mandiri Group synergies,
financial solutions with excellent service, while focusing enhance human capital development, transform
on customer satisfaction, financial inclusion, and value operational capabilities, implement ESG principles,
creation for shareholders, in order to support Indonesia’s and uphold prudent risk management.
economic growth and enhance its competitiveness at
the global level. As a national financial institution with
strong capabilities in both the wholesale and retail
segments, Bank Mandiri continues to strengthen its
role as a financial partner for corporations, state-owned
enterprises, financial institutions, the government,
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 259
Page 262
MANAGEMENT DISCUSSION AND ANALYSIS
Vision “The Best Financial Institution in Southeast Asia”
Mission “Providing integrated and innovative financial
solutions based on technology with excellent
service, focused on customer satisfaction, financial
inclusion, and increasing value for shareholders,
OUR to drive Indonesia’s economic growth to be
IDENTITY competitive on a global level”.
Purpose "Prosperous spirit."
260 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 263
2025
STRATEGIC FOCUS
MANAGEMENT DISCUSSION AND ANALYSIS
In 2025, Bank Mandiri focuses on strengthening 1. Solidify Wholesale Dominance to Uphold Market
transaction dominance across principal, merchant, and Leadership, strengthening Bank Mandiri’s position
individual segments to build solid low-cost funding, as a market leader in the wholesale segment by
ensuring strong liquidity and maintaining its position consistently driving wholesale credit growth
as the biggest lender while supporting government- above the industry average and maintaining its
sector business acquisitions aligned with the new market share. Enhancing the Bank’s presence in
administration’s programs. To achieve this, the Bank the wholesale segment also expands the customer
develops Leaders as “ecosystem orchestrators” ecosystem base, which in turn becomes a source
capable of managing the entire customer business of growth for the retail segment. Moreover,
ecosystem. Accordingly, the 2025 strategic focus complete domination of the wholesale business is
carries the theme Integrated Strategic Growth and pursued by driving growth in transactional demand
Transformational Leadership Driven by Orchestrating deposits through increased transactional float.
the Ecosystem, outlined in three Strategic Objectives
for 2025. 2. Orchestrate Captive Ecosystem to Scale Up the
Retail Business, leveraging the full potential of
1. To be the “Main Transaction Bank” for both the retail value chain from the captive ecosystem
Wholesale and Retail customers, where Bank of wholesale customers and increasing Bank
Mandiri will dominate the transaction market Mandiri’s market share in every region by
by providing high-quality products and services mastering territorial control. Additionally, retail
supported by a strong relationship management banking serves as an urban leader by offering
framework for principals, merchants, and integrated business solutions, acting as a key
individuals. driver of regional economic growth and financial
inclusion. In terms of fund collection, retail banking
2. To be a leader in low-cost funding, becoming the will focus on retail transaction services to boost
“Leader in Low-Cost Funding.” As the preferred market share in savings accounts and merchant
bank for transactions, Bank Mandiri aims to transactions.
become the primary operational account provider
for its customers. Furthermore, the Bank seeks to 3. Intensify Subsidiaries Synergy to Expand Growth
acquire and retain customers who value quality Pathways, Bank Mandiri also emphasizes creating
service and long-term relationships rather than strong synergy among the entities within the
focusing solely on pricing. Mandiri Group. The goal of this integration is to
build a more efficient, innovative, and leading
3. To be the “Largest Lender” in Wholesale and Retail financial conglomerate. The synergy between
credit within an ecosystem-based framework, business units is expected to enhance shareholder
maintaining an optimal yield level. With access value and provide broader societal benefits by
to low-cost funding, Bank Mandiri can expand offering more integrated products and services
its credit portfolio and strengthen its position as that create a holistic and resilient financial
the leading lender in the market while minimizing ecosystem.
pressure on the NIM.
To achieve these objectives, Bank Mandiri has
formulated strategic pillars derived from the Corporate
Plan 2025–2029 strategies, which include:
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 261
Page 264
FOCUS ON STRENGTHENING
SUSTAINABLE BUSINESS
MANAGEMENT DISCUSSION AND ANALYSIS
Bank Mandiri applies a structured by growth in green financing, social workers, MSMEs, and digital
sustainability framework to support financing, and sustainable financial entrepreneurship initiatives that
its commitment to becoming instruments. support financial inclusion and
Indonesia’s Sustainability strengthen vulnerable groups. The
Champion for a Better Future. Through Sustainable Operation, Bank also builds an inclusive work
The framework is built on three Bank Mandiri continues to reduce culture by advancing diversity,
pillars, Sustainability Beyond its operational carbon footprint equality, and inclusion.
Banking, Sustainable Operation, to support the Net Zero Emission
and Sustainable Banking, ensuring (NZE) Operation by 2030 target.
sustainability is embedded across Initiatives include green building, All initiatives are supported by
the Bank’s business, operations, energy efficiency, electric vehicles, strengthened ESG governance,
and social contributions. renewable energy use, and digital internal capacity building,
carbon tracking, which have and transparent reporting,
Under Sustainable Banking, Bank generated significant emission ensuring accountable delivery
Mandiri advances the transition reductions. of sustainability commitments.
to a low-carbon economy by Sustainability is an integral part of
integrating ESG principles and Under Sustainability Beyond Bank Mandiri’s long-term strategy,
expanding sustainable portfolios Banking, Bank Mandiri expands reinforcing its contribution to
and products. As of December its social impact through inclusive and resilient development.
2025, sustainable financing empowerment programs for
exceeded Rp315 trillion, supported young entrepreneurs, migrant
BECOMING INDONESIA’S SUSTAINABILITY CHAMPION FOR A BETTER FUTURE
VISION
SUSTAINABLE SUSTAINABLE SUSTAINABILITY
BANKING OPERATION BEYOND BANKING
PILLAR
Lead Indonesia’s Transition Net Zero Emission (NZE) Catalyzing Multiple
to Low Carbon Economy Operations by 2030 Growth for Social Impact
to Achieve SDGs
COMMITMENT
1. Integrating ESG Aspect 4. Leading Practice in Data 7. Empowering
in Business Process Privacy & Security Digipreneurship in
(Sustainable Finance 5. Diversity, Equity & Inclusion Society (Indonesia
Framework, Sector Policy 6. Achieving NZE in Migrant Worker, Young
ONGOING Enhancement) Operations by 2030 Entrepreneur, KUR,
INITIATIVES 2. Develop Sustainable Portfolio a. Green Business Mindset Branchless Banking)
& Products/ Services b. Digital Carbon Tracking
(Sustainability/Green Bond, & Monitoring
ESG Repo, Sustainability c. Carbon Neutral
Linked Loan, Green/Social/ Initiatives through Green
Corporate-in-Transition Operational & Carbon
Financing) Offsetting
3. Influencing Key Policy Maker
to Accelerate Indonesian Low
Carbon Economy
8. Strengthening ESG Governance, Capacity Development & Disclosure
ENABLERS
262 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 265
CONSISTENT DIGITAL
TRANSFORMATION
MANAGEMENT DISCUSSION AND ANALYSIS
Bank Mandiri’s 2025 digital transformation roadmap for industry recognition. One of the key improvements
becomes more mature and integrated, centering on is the refreshed homescreen, designed to be more
strengthening its three core platforms, Livin’ by Mandiri, streamlined and intuitive, enhancing simplicity and
Kopra by Mandiri, and Livin’ Merchant, as the Bank’s digital discoverability.
ecosystem anchors. Livin’ aims to grow its indvidual user
base, increase transaction volumes, and deepen account This customer-experience-driven approach is applied
integration. Kopra is positioned as an ecosystem-based not only to the retail segment but is also extended to
digital solution to address the transaction needs of the corporate segment through the strengthening of
both domestic and cross-border customers, while Livin’ Bank Mandiri’s wholesale solutions. Kopra by Mandiri,
Merchant is developed to support financial inclusion and as a solution for corporate customers, not only delivers
MSMEs’ digitalisation of MSMEs. comprehensive services but also provides a best-in-class
transaction experience that continues to be enhanced to
This transformation is supported by front-end and back- address the increasing complexity of business needs.
end automation to enhance cost efficiency and accelerate As a result, Kopra has become the platform of choice for
internal processes. Bank Mandiri also begins leveraging customers, as reflected in its largest transaction market
artificial intelligence, including Generative AI, to deliver share in Indonesia.
personalize recommendations, improve digital marketing
efficiency, and enhance user experience consistently Overall, digitalisation has become the foundation of Bank
across all channels. Mandiri’s business strategy, operational efficiency, and
sustainability. Nevertheless, Bank Mandiri continues
Customer experience is a key pillar, highlighted through to proactively manage the accompanying challenges,
Livin’s interactive features, gamification, and innovations, including technology investment requirements,
which enhance service relevance and open opportunities cybersecurity, and adoption across customer segments.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 263
Page 266
ASSET QUALITY
WELL MAINTAINED
MANAGEMENT DISCUSSION AND ANALYSIS
Bank Mandiri’s asset quality remained solid throughout 2025, with an NPL ratio of 0.96%, which is better than the
industry level of 2.05%. This demonstrates Bank Mandiri’s strong ability to maintain the quality of its credit portfolio,
conduct active credit monitoring, and continuously enhance the recovery of non-performing loans.
On the other hand, the NPL Coverage Ratio, or the provision ratio against non-performing loans, remained at a very
strong level of 252.60%. This level continues to indicate a highly adequate provisioning buffer to anticipate potential
credit risks. The decline in the coverage ratio reflects the relatively stable NPL quality, resulting in a lower need for
additional provisions, as well as the optimization of existing reserves in line with improvements in debtor quality.
NPL RATIO NPL COVERAGE
BANK MANDIRI VS INDUSTRY BANK MANDIRI (BANK ONLY)
NPL Industry (%) NPL Bank mandiri (%) Bank Only NPL Coverage (%)
385
2.24
2.19
2.08
304
271
1.02 1.03
0,97
2023 2024 2025* 2023 2024 2025*
With a consistently low NPL ratio and high coverage level, Bank Mandiri is in a strong position to maintain the
quality of its assets. Disciplined credit risk management, a well-diversified portfolio, and the application of prudent
credit processes have all contributed to the stability of asset quality throughout 2025.
264 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 267
FEE-BASED INCOME
GROWTHSTRATEGY FOR 2025
MANAGEMENT DISCUSSION AND ANALYSIS
Bank Mandiri continues to and settlement activities, including Diversifying non-interest income
strengthen its strategy to grow Fee from non-urban areas. Meanwhile, sources is also a strategic
Based Income (FBI) throughout in the corporate segment, Kopra by focus for Bank Mandiri, pursued
2025 by advancing its digital Mandiri has recorded significant through the development of
transformation and expanding growth in transaction value value-added services across its
its integrated service ecosystem. and volume, further increasing digital ecosystem to ensure that
Growth in commission-based or fee contributions from cash fee income is not concentrated
non-interest income is driven by the management, trade finance, and in a single segment. Supported
Bank’s three core platforms: Livin’ other corporate services. by consistent digital innovation,
by Mandiri for retail customers, Bank Mandiri has been able
Kopra by Mandiri for corporate Bank Mandiri strengthens this to sustain healthy FBI growth
clients, and Livin’ Merchant for strategy by building digital customer momentum throughout 2025, while
merchants and business owners. trust through convenience, security, strengthening a resilient foundation
and a seamless transaction for sustainable revenue amid
Digital channels contributed experience, which in turn drives intensifying industry competition.
approximately Rp7.68 trillion in Fee the two key contributors to FBI
Based Income as of September 2025, growth: transaction frequency and
supported by the strong performance transaction value.
of these platforms. Livin’ by Mandiri
recorded rapid retail activity, with The increasing number of new
around 37 million users, 4.71 billion accounts acquired digitally
transactions, and a cumulative expands the user base and opens
transaction value of Rp4,448 trillion greater potential for future FBI
as of December 2025. growth. At the same time, the
Bank’s large-scale digital model
In the merchant segment, provides operational efficiency,
Livin’ Merchant has onboarded allowing commission income to
approximately 3 million merchants, grow without a significant increase
strengthening fee income from in costs.
non-cash payments, acquiring,
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 265
Page 268
RESPONSE TO CHANGES
IN MONETARY POLICY DIRECTION
MANAGEMENT DISCUSSION AND ANALYSIS
Throughout 2025, Bank Indonesia (BI) has lowered the to encourage lower lending rates and improve policy
BI-Rate by a total of 125 basis points to 4.75%. The transmission to the real sector. Meanwhile, payment
Deposit Facility rate was set at 3.75% and the Lending system policies remained directed toward supporting
Facility rate at 5.50%. This decision was consistent with economic activity through broader digital payment
inflation developments throughout 2025, which remained adoption, strengthening the payment system industry
within the target range of 2.5% ± 1%, as well as BI’s efforts structure, and enhancing the reliability and resilience
to preserve rupiah exchange rate stability amid elevated of the national payment system infrastructure.
global uncertainty. Moreover, the policy stance reflected
BI’s focus on ensuring that the transmission of earlier Amid the trend of declining benchmark interest rates,
monetary easing remained effective, while safeguarding Bank Mandiri’s Prime Lending Rate (Suku Bunga
macroeconomic and financial system stability. Dasar Kredit/SBDK) as of December 2025 remained
unchanged from December 2024. The base lending
In line with its interest rate policy, Bank Indonesia rate for Corporate loans remained at 8.50%, Middle
continued to strengthen its monetary and loans at 10.00%, Small loans at 10.50%, Micro loans
macroprudential policy mix toward the end of 2025 at 13.50%, consumer loans for mortgages/apartments
to enhance liquidity and support credit expansion. BI (KPR/KPA) at 12.50%, and non-mortgage consumer
reduced outstanding monetary operation instruments, loans remained at 12.00%. Accordingly, Bank Mandiri
introduced remuneration on excess reserves, and maintained its existing Prime Lending Rate levels.
reinforced Macroprudential Liquidity Policy (KLM)
Bank Indonesia Bank Mandiri
Interest Rate October December December December
Basic Rupiah Lending Rate
Benchmark 2025 2025 2025 2024
BI-Rate 4.75% 5.75% Corporation 8.50% 8.50%
Deposit Facility 3.75% 5.00% Retail N/A N/A
Loan Facility 5.50% 6.50% Medium 10.00% 10.00%
Small 10.50% 10.50%
Micro 13.50% 13.50%
Mortgage 12.50% 12.50%
Non-Mortgage 12.00% 12.00%
Bank Indonesia (BI) implemented a comprehensive policy mix encompassing monetary, macroprudential, and
payment system policies to maintain stability and support sustainable economic growth, as outlined below:
1. Strengthening pro-market monetary operation strategies To further enhance the effectiveness of interest rate
transmission, increase liquidity, and accelerate deepening of the money and foreign exchange (FX) markets,
BI undertook the following measures:
a. Managing the interest rate structure of monetary instruments and FX swaps in line with monetary
liquidity expansion to accelerate reductions in deposit and lending rates;
b. Increasing liquidity in the money market and banking system through reductions in Bank Indonesia Rupiah
Securities (SRBI) and calibrated purchases of Government Securities (SBN) in the secondary market;
c. Expanding repo underlying instruments in BI’s monetary operations to include other high-quality securities
issued by government-established financial institutions to support public welfare programs;
d. Issuing BI Floating Rate Notes (BI-FRN) and developing Overnight Index Swap (OIS) instruments with
tenors beyond overnight to help establish a transaction-based interest rate structure in the money market;
e. Expanding the investor base for SukBI to include banks and non-bank institutions, including non-residents;
f. Strengthening the role of Primary Dealers to enhance secondary market SRBI transactions and inter-
market repurchase agreement (repo) activity.
266 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 269
RESPON TERHADAP PERUBAHAN ARAH KEBIJAKAN MONETER
MANAGEMENT DISCUSSION AND ANALYSIS
2. Strengthening the rupiah exchange rate 84–94%; (iii) a Loan-to-Value/Financing-to-Value
stabilization strategy BI reinforced rupiah (LTV/FTV) ratio for property loans/financing of
stabilization in line with economic fundamentals up to 100%, and a minimum down payment of
through interventions in both the spot market 0% for motor vehicle loans/financing, effective
and Domestic Non-Deliverable Forward (DNDF) from 1 January to 31 December 2026; (iv) a Net
in the onshore market, as well as Non-Deliverable Open Position Ratio for banks’ foreign funding
Forward (NDF) transactions in offshore markets. (RPLN) capped at 35% of bank capital; and (v) a
These measures were accompanied by secondary- Macroprudential Liquidity Buffer (PLM) of 4% with
market purchases of Government Securities (SBN) repo flexibility of 4%, and Sharia PLM of 2.5% with
to enhance liquidity and maintain financial market repo flexibility of 2.5%.
stability;
5. Enhancing transpazrency of Base Lending
3. Strengthening performance-based and forward- Rate (SBDK) assessments BI strengthened
looking Macroprudential Liquidity Incentives the publication of Base Lending Rate (SBDK)
(KLM) Effective from 1 December 2025, BI assessments, with deeper analysis of sector-
enhanced KLM through: based lending rates aligned with priority sectors
g. Incentives for banks based on commitments covered under the KLM framework.
to channel credit/financing to specific sectors
(lending channel) and to set lending rates 6. Expanding digital innovation and acceptance
aligned with BI’s policy rate (interest rate BI promoted digital payment innovation and
channel); adoption through the Festival of Indonesia’s
h. KLM incentives comprising a lending channel Digital Economy and Finance, in synergy with the
incentive of up to 5% of Third-Party Funds Indonesia Fintech Summit and Expo 2025 (FEKDI
(TPF) and an interest rate channel incentive of & IFSE 2025), including initiatives such as: (i)
up to 0.5% of TPF, with total incentives capped Launch of QRIS Tap In/Tap Out; (ii) Initiation of
at 5.5% of TPF. a cross-border QRIS sandbox between Indonesia
i. Priority sectors eligible for lending channel and South Korea; (iii) Kick-off of capacity building
incentives, including: (i) agriculture, and literacy programs under the Acceleration
manufacturing, and downstream industries; and Expansion of Regional Digitalization Synergy
(ii) services, including the creative economy; (KATALIS P2DD); and (iv) Announcement of
(iii) construction, real estate, and housing; winners of the BI-OJK Hackathon 2025 and QRIS
and/or (iv) MSMEs, cooperatives, inclusion- Jelajah Budaya Indonesia.
oriented and sustainable sectors, in line with
government growth priorities; 7. Strengthening and expanding international
j. Incentive calibration based on adjustments cooperation BI enhanced international cooperation
reflecting realized credit/financing growth in central banking, including payment system
relative to prior commitments; connectivity and local currency transaction
k. Interest rate channel incentives assessed frameworks, as well as facilitating investment and
based on the speed at which banks adjust trade promotion in priority sectors in collaboration
new lending rates in response to BI’s policy with relevant institutions.
rate.
Bank Indonesia continues to strengthen policy
4. Maintaining accommodative macroprudential coordination with the Financial System Stability
policy BI continued to maintain an accommodative Committee (KSSK) to safeguard financial system
stance by preserving: (i) Countercyclical Capital stability. Policy synergy between BI and the Government
Buffer (CCyB) ratio of 0%; (ii) a Macroprudential has also been reinforced to maintain stability and
Intermediation Ratio (RIM) within the range of support economic growth in line with the Government’s
Asta Cita agenda.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 267
Page 270
STRATEGIC
FOCUS FOR 2026
MANAGEMENT DISCUSSION AND ANALYSIS
In 2026, Bank Mandiri strengthens the strategic 4. Excellence in Healthy and Sustainable Growth
direction outlined in the Corporate Plan 2025–2029 Bank Mandiri remains committed to maintaining a
by focusing on enhancing profitability through solid balance between business growth, risk levels, and
business growth to maintain healthy and sustainable capital strength to ensure healthy and sustainable
performance. expansion. This approach is executed through
prudent portfolio management, optimization of
1. Synergy Across Wholesale, Retail, and Subsidiaries capital structure, and adaptive risk management
Bank Mandiri is committed to reinforcing aligned with economic and regulatory
ecosystem synergy across the Wholesale, Retail, developments. As a result, growth will not only
and Subsidiary segments to drive sustainable focus on volume but also on long-term quality and
business growth. The focus is on optimizing resilience.
the value chain between segments to create an
integrated financial ecosystem that enhances
credit distribution, increases third-party funds The breakdown of the 2026 business strategy is as
(DPK), and expands the customer base through follows:
cross-entity product and service collaboration 1) Continuing to drive wholesale credit growth and its
across the Mandiri Group. derivative businesses (ecosystem-based growth)
2) Maintaining adequate liquidity through the growth
2. Acceleration of Transactional Activities and of low-cost funds and strengthening the CASA
Recurring Fee-Based Income ratio to manage the cost of funds
Bank Mandiri will prioritize strengthening 3) Optimizing fee-based income as a key revenue
transactional services by optimizing the Livin’ and driver
Kopra digital platforms and expanding treasury 4) Maintaining optimal Coverage Ratio and Cost of
transaction capabilities. This strategy aims Credit to anticipate asset quality deterioration
to maintain an efficient cost of funds, support 5) Controlling operational expenses
sustainable CASA growth, and ensure healthy 6) Empowering Micro, Small, and Medium Enterprises
liquidity. Strengthened transactional services are (MSMEs).
also designed to boost recurring fee-based income
through enhanced capabilities of Livin’, Kopra,
and other digital channels, as well as treasury
business optimization by expanding forex, bonds,
and client-based transactions to increase volume
and profit margins.
3. Digital Transformation & Efficient Operations
Bank Mandiri will intensify productivity through
end-to-end digitalization, capability enhancement
of employees, and strengthened execution
discipline focused on results and value creation.
This strategy aims to reduce operational
bottlenecks, improve business process stability,
and enhance organizational agility in responding
to market dynamics and challenges. Through
integrated digital transformation and efficiency
improvements across all lines, Bank Mandiri is
committed to building a more adaptive, productive,
and competitive operating model to reinforce the
foundation for sustainable growth.
268 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 271
BUSINESS OUTLOOK
MANAGEMENT DISCUSSION AND ANALYSIS
The outlook for the global economy is expected relatively conducive foundation for business activity
to remain on a moderate growth trajectory going and credit expansion, while still requiring prudent risk
forward. Global economic growth is likely to slow management in response to external factors.
compared with the pre-pandemic period and
continues to be overshadowed by trade policy Stability in Indonesia’s financial services sector is
uncertainty, inflationary pressures that have yet to also expected to be well maintained. Steady economic
fully subside, and geopolitical risks. On the other growth, adequate banking system liquidity, and
hand, investment activity in the technology sector increasingly integrated supervision by the Financial
including the development of artificial intelligence Services Authority (OJK) form the core foundations
(AI) and digital infrastructure has begun to provide of stability. Bank Indonesia continues to balance
growth support in several advanced economies. inflation control and liquidity management, while
Nevertheless, the World Bank has emphasized that OJK strengthens regulatory oversight to minimize
risks to the global economy remain significant should systemic risks through close monitoring of asset
trade tensions escalate or global financial conditions quality and capital adequacy. Digital transformation
tighten further. For the banking sector, these dynamics offers opportunities to enhance efficiency and expand
call for heightened vigilance toward financial market the customer base, although cybersecurity risks must
volatility, exchange rate fluctuations, and shifts in remain a key area of attention. With disciplined risk
global trade performance that may affect revenues management and strong provisioning, Indonesia’s
and commodity-related exposures. financial services sector is well positioned to remain
stable despite external pressures.
Amid these global dynamics, Indonesia’s economy
demonstrated relatively strong resilience throughout Entering 2025, Bank Mandiri possessed several
2025. Statistics Indonesia reported economic growth competitive advantages, including a large asset
of 5.04% yoy in the fourth quarter of 2025, supported base, a strong corporate market share, an expanding
by government spending and improvements in digital platform, and healthy capital ratios. As of
net exports, despite moderation in household December 2025, Bank Mandiri continued to record
consumption and investment. Bank Indonesia positive performance, supported by consolidated
maintained an appropriate mix of monetary and credit growth, a strong CASA position, and a focus on
liquidity policies to support macroeconomic stability accelerating digitalization and sustainable financing.
and facilitate the ongoing, gradual transmission of At the same time, the bank remained vigilant toward
monetary easing. The manufacturing, trade, and export potential risks, particularly the need to maintain
sectors remained key drivers of business activity, asset quality amid credit expansion. With these solid
although external risks such as slowing growth fundamentals, Bank Mandiri’s business outlook
among trading partners and volatility in commodity remains positive, supported by strong, healthy, and
prices continue to warrant close monitoring. Overall, efficient growth potential.
Indonesia’s economic conditions in 2025 provided a
PROJECTIONS OF INDONESIA’S ECONOMY & BANKING INDUSTRY IN 2026
Description IMF World Bank OECD ADB Government Bank Indonesia OJK
GDP 4.9% 4.8% 4.9% 5.0% 5.4% 5.33% - 5.40% -
Inflation 2.6% 2.4% 3.0% 2.0% 2.5% 2.5% ± 1% -
Bank Loans - - - - 8% - 12% -
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 269
Page 272
MARKETING ASPECT
MANAGEMENT DISCUSSION AND ANALYSIS
MARKETING STRATEGY Bank Mandiri also enhances its omnichannel
approach, strengthening digital platforms alongside
Throughout 2025, Bank Mandiri’s marketing strategy physical channels such as branches and Mandiri
becomes more integrated with a strong focus on digital Prioritas. Marketing activation is broadened through
transformation and data-driven personalization. social media, the website, digital campaigns,
The Bank expands customer reach through product ecosystem collaborations, and loyalty programs. For
innovation, improved customer experience, and the corporates and MSMEs, the Bank hosts business
growing strength of digital channels. The marketing matching, industry forums, and partnerships with
direction aims not only to acquire new customers but strategic partners. The synergy of digital, physical,
also to deepen engagement with existing customers, and ecosystem channels creates a more measurable,
increase FBI, and reinforce the Bank’s position as the efficient, and relevant marketing model.
most comprehensive financial and digital ecosystem.
MARKET SHARE
The 2025 strategy emphasizes data-driven marketing,
precise segmentation, and product integration into Bank Mandiri remains one of the largest banks
digital ecosystems and customer supply chains. in Indonesia by assets. With consolidated assets
Product offerings are strengthened through tailored exceeding Rp2,830 trillion, the Bank continues to
bundling for MSMEs, retail, and corporate segments. maintain its scale and strategic position in the national
Livin’ and Kopra are optimised as primary marketing banking industry. As of Desember 2025, Bank Mandiri’s
gateways, enabling automated, real-time acquisition, market share of total assets increased significantly
cross-selling, and retention, delivering higher product to 20.74%, reflecting strong competitiveness among
penetration and more efficient marketing costs. major banks. The Bank’s market share in loans, Third-
Party Funds (TPF), and CASA also reached 17.44%,
Strategic partnerships are expanded with e-commerce 16.65%, dan 18.64%., respectively.
platforms, fintech companies, and SOE ecosystems.
Sustainability-led marketing is also strengthened,
especially for green products such as green financing
and sustainability-linked loans, reinforcing Mandiri’s
role as Indonesia’s Sustainability Champion.
Marketing opportunities in 2025 expand across
three key areas: increasing digital transactions
through Livin’ and Kopra that boost FBI; stronger
MSME financial inclusion supporting KUR, micro
financing, and cash management; and strengthening
of non-interest income from wealth management,
bancassurance, and investment products.
Expansion into digital ecosystems, paylater offerings,
and lifestyle partnerships enables deeper reach into
younger segments (millennials–Gen Z), increasing
long-term customer lifetime value.
270 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 273
BMRI SHARE
PERFORMANCE 2025
MANAGEMENT DISCUSSION AND ANALYSIS
Share Performance of BMRI versus JCI – Trend of Up to December 2025
JCI
22.1% BMRI JCI
BMRI
-10.5%
Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Okt-25 Nov-25 Des-25
Based on last closing price at the period of 30 December 2024-30 December 2025
Throughout 2025, Bank Mandiri’s share price movement reflected varied market dynamics amid evolving global
and domestic sentiment. Against a backdrop of volatility during the year, BMRI began to show more stable
movement in the final quarter. Although its overall performance remained below that of the Jakarta Composite
Index (JCI), Bank Mandiri’s fundamentals remained solid, as reflected in loan growth, sound asset quality, and
strong liquidity. Going forward, BMRI is expected to retain its appeal, supported by an attractive dividend policy,
ongoing digital transformation, and growth opportunities arising from selective financing expansion and the
domestic economic outlook.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 271
Page 274
BUSINESS REVIEW
MANAGEMENT DISCUSSION AND ANALYSIS
Throughout 2025, Bank Mandiri demonstrated a
resilient business model and the successful execution
of its transformation, focusing on strengthening
the Wholesale ecosystem, accelerating digital
banking across all segments, and delivering quality
loan growth. Strong performance in the corporate,
commercial, and institutional segments further
reinforced Bank Mandiri’s position as a leading bank
in financing productive sectors. The increase in digital
transactions and the expansion of technology-based
services also enhanced efficiency and strengthened
customer loyalty in the Retail segment. Supported
by strong capital foundations, well-maintained asset
quality, and expansion strategies that remain adaptive
to economic dynamics, Bank Mandiri continues to
strengthen its role as a key driver of national economic
growth and a leading financial institution in the region.
272 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 275
MANAGEMENT DISCUSSION AND ANALYSIS
Bank Mandiri navigated a dynamic economic digital transactions, and rising Fee-Based Income
environment throughout 2025, marked by both reflect the consistent execution of the Bank’s
challenges and opportunities. Amid shifting strategic initiatives.
macroeconomic conditions and increasingly
intense competition within the banking industry, The micro business and financial inclusion
Bank Mandiri maintained solid performance initiatives of Bank Mandiri also recorded
through a consistent strategy focused on significant progress in 2025. The disbursement of
strengthening digital capabilities, enhancing People’s Business Credit (KUR) and micro loans
service quality, and implementing prudent continued to expand while maintaining sound
risk management. The year 2025 marked an financing quality. In addition, the branchless
important phase in Bank Mandiri’s corporate banking network through Mandiri Agen further
journey to reaffirm its position as a bank with strengthened Bank Mandiri’s role in expanding
strong fundamentals while accelerating progress access to financial services, including in remote
toward its long-term vision of “Becoming the Best areas. These initiatives not only contributed to the
Financial Institution in Southeast Asia.” growth of the micro business segment but also
supported the Government’s agenda to enhance
Within the Wholesale Banking segment, Bank national financial inclusion.
Mandiri successfully sustained loan growth
momentum in priority sectors while maintaining In global markets and treasury management,
asset quality. Both the commercial and corporate Bank Mandiri maintained its position as one of the
segments recorded positive performance, leading banks in foreign exchange transactions
supported by increasingly mature strategies and and international banking services in Indonesia.
the continued integration of the Kopra by Mandiri Effective liquidity management, strengthened
platform. Despite ongoing liquidity pressures diversification of financial market instruments,
and global interest rate volatility, Bank Mandiri and the development of various treasury solutions
was able to maintain a healthy funding structure for corporate customers contributed steadily to
through diversified funding sources, increased the Bank’s overall revenue. The expansion of the
CASA, and stronger synergies with key institutional international network and enhanced trade finance
customers. services also supported the growth of Bank
Mandiri’s international business in 2025.
From the Retail Banking perspective, business
growth was driven by the expanding capabilities Overall, 2025 reaffirmed the resilience of Bank
of Bank Mandiri’s digital banking services. Livin’ Mandiri’s business model while demonstrating
by Mandiri continued to serve as the backbone the effectiveness of the transformation strategy
of customer acquisition and engagement while implemented over the past several years. With
evolving into a more comprehensive financial a solid financial foundation, sustainable growth
services ecosystem. The optimization of data across multiple segments, and increasingly
analytics enabled Bank Mandiri to enhance product strong digital capabilities, Bank Mandiri enters the
penetration, expand its customer base, and drive coming years with positive prospects to achieve
higher-value transactions in the consumer and its long-term strategic targets and strengthen its
Micro, Small and Medium Enterprises (MSME) role as a key driver of national economic growth.
segments. Stable retail loan growth, increasing The Bank remains committed to delivering the
best services to all stakeholders while continuing
to innovate and transform in response to the
evolving challenges ahead.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 273
Page 276
DIGITAL BANKING
MANAGEMENT DISCUSSION AND ANALYSIS
IMPORTANT HIGHLIGHTS
Strong and increasingly dominant digital transaction growth across both the Retail
and Wholesale segments reflects the continued expansion of Bank Mandiri’s digital
activity throughout 2025. This is evident in the increase in transaction volume and
value across Livin’, Livin’ Merchant, and Kopra by Mandiri. These digital channels
have become key contributors to customer acquisition, stronger engagement, and
improved service process efficiency.
Livin’ by Mandiri continues to strengthen its financial and lifestyle ecosystem.
Livin’ Merchant is expanding the QRIS acceptance base and application-based
payment services for micro, small, and retail businesses. Meanwhile, Kopra has
further reinforced its role as a corporate and institutional transaction platform with
features such as supply chain and liquidity management. These three platforms
demonstrate expanding capabilities and increasingly comprehensive digital
solutions while also supporting the growth of Bank Mandiri’s Fee-Based Income
throughout 2025.
Digitalization has enhanced Bank Mandiri’s service quality and operational
efficiency, enabling lower service costs, faster processes, and reduced reliance on
physical networks. Improvements in system stability, security, and user experience
have consistently increased customer satisfaction while further strengthening
Bank Mandiri’s position as a leader in Digital Banking in Indonesia.
RETAIL BANKING PERFORMANCE HIGHLIGHTS
Description 2023 2024 2025
Registered Users (‘000) 22,500 29,300 37,246
Total Livin’ Transaction (Million) 2,819 3,880 4,705
Livin’ Transaction Value (Rp Trillion) 3,264 4,027 4,448
Total Livin’ Fee Based Income (Rp Billion) 2,174 2,624 3,133
REGISTERED USERS (‘000) TOTAL LIVIN’ TRANSACTION
(MILLION)
37,246
4,705
29,300
3,880
22,500
2,819
2023 2024 2025 2023 2024 2025
274 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 277
MANAGEMENT DISCUSSION AND ANALYSIS
LIVIN’ TRANSACTION VALUE TOTAL LIVIN’ FEE BASED INCOME
(RP TRILLION) (RP BILLION)
3,133
4,448
2,624
4,027
2,174
3,264
2023 2024 2025 2023 2024 2025
WHOLESALE BANKING PERFORMANCE HIGHLIGHTS
Description 2023 2024 2025
Kopra Active Users 107,687 117,586 131,882
Total Kopra Transaction (Million) 1,084 1,312 1,498
Kopra Transaction Value (Rp Trillion) 19,100 22,703 27,675
Total Fee Based Income (Rp Billion) 1,937 2,053 2,316
KOPRA ACTIVE USERS TOTAL KOPRA TRANSACTION
(RP MILLION)
131,882
1,498
1,312
117,586
107,687
1,084
2023 2024 2025 2023 2024 2025
KOPRA TRANSACTION VALUE TOTAL FEE BASED INCOME
(RP TRILLION) (RP BILLION)
27,675
2,316
22,703
2,053
19,100
1,937
2023 2024 2025 2023 2024 2025
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 275
Page 278
MANAGEMENT DISCUSSION AND ANALYSIS
DIGITAL BANKING STRATEGY & INNOVATION and Livin’ by Mandiri via the Kopra Bill Reminder feature,
IN 2025 enabling invoices to be sent directly to Livin’ by Mandiri.
In 2025, Bank Mandiri remains committed to In addition, to further expand services for customers,
continuously enriching and enhancing the features of Bank Mandiri has integrated Kopra by Mandiri and
its financial super app Livin’ by Mandiri, Livin’ Merchant, Livin’ by Mandiri by introducing the Kopra to Livin’
and the super platform Kopra by Mandiri. Financing solution. This solution facilitates faster
invoice payment receipts for individual suppliers
For the Livin’ by Mandiri super app, several new whose accounts are directly connected to their Livin’
innovations have been introduced, including: application. The introduction of these two features is
1. Introducing features to expand acquisition reach expected to address customer needs while encouraging
toward the next generation of customers. greater adoption and utilization of both platforms.
2. Introducing features that utilize Artificial
Intelligence (AI) in financial management to DIGITAL BANKING CHALLENGES IN 2025
enhance financial literacy across all customer
segments. Amid increasingly intense competition in the financial
3. Expanding investment product offerings to further industry throughout 2025, Bank Mandiri faced
complete the customer investment journey within various challenges in strengthening and expanding
Livin’. the performance of its Digital Banking services. The
Bank must ensure the reliability of its technology
For Livin’ Merchant, several new innovations include: infrastructure, maintain system stability, and enhance
1. Enabling customer payments to be directly settled the capacity of platforms such as Livin’ to accommodate
into merchant accounts to enhance convenience the growing surge in daily transaction volumes. In this
for business owners. context, one of the key challenges is meeting rising
2. Providing additional revenue opportunities for customer expectations for digital services that are fast,
merchants through payment services for various personalized, and seamless. Delivering a consistent
bill types and digital products. and secure digital experience across all channels
3. Integration with food ordering platforms to enable remains a critical challenge that Bank Mandiri must
more comprehensive transaction recording. continuously address.
4. The addition of a feature that enables merchants to
place orders directly with distributors within Bank In addition, Bank Mandiri also faced the challenge of
Mandiri’s ecosystem. accelerating innovation amid increasing competition
from digital banks, fintech companies, and embedded
In response to evolving customer needs, Bank Mandiri finance platforms. Non-bank competitors have
through the Wholesale segment has established aggressively introduced financial services that are
strategies to strengthen its position as a market leader more convenient, instant, and deeply integrated with
in digital banking services in Indonesia. This strategy digital lifestyles. In response, Bank Mandiri continues
focuses on developing and strengthening a closed-loop to enrich its digital features, accelerate end-to-end
ecosystem through Kopra Partnership, which facilitates customer acquisition and onboarding, and simplify
an integrated ecosystem connecting upstream and credit processes and other financial services to remain
downstream participants. This ecosystem connects relevant and competitive. Internal alignment has also
principals, suppliers, distributors, retailers, and individual been strengthened to support service transformation,
customers through the integration of Kopra by Mandiri including enhancing employees’ digital capabilities and
adjusting business processes to become more agile
and data-driven.
276 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 279
MANAGEMENT DISCUSSION AND ANALYSIS
At the same time, cybersecurity risks have become DIGITAL BANKING PERFORMANCE IN 2025
increasingly significant. With the growing volume of
digital transactions and the expanded use of API-based Retail Segment Digital Banking Performance
technologies and open banking, the risk of cyberattacks
and potential fraud has increased substantially. These In 2025, Bank Mandiri’s Digital Banking performance
challenges have encouraged Bank Mandiri to further showed stronger acceleration as a result of the Bank’s
strengthen fraud detection and prevention systems, digital transformation carried out over the past several
enhance encryption, and expand authentication years. The Livin’ by Mandiri application remains the
capabilities based on biometric technology and primary driver of Digital Banking growth in the Retail
artificial intelligence. In addition, educating customers segment, with the number of users continuing to
on digital security practices has become a crucial increase and reaching more than 37.2 million users,
element in maintaining the integrity of Bank Mandiri’s representing growth of 27% (yoy) as of December
services. 2025. Transaction frequency also increased by 21%
(yoy), while transaction value reached Rp4,448 trillion,
Overall, 2025 has been a period that requires Bank increasing by 10% of 2025. Through Livin’ by Mandiri,
Mandiri to continuously strengthen its technological more than 93% of new account openings at Bank Mandiri
foundation, enhance the quality of the digital customer are now conducted digitally. This rapid growth is driven
experience, and accelerate innovation in response by greater transaction convenience, faster service, and
to intensifying competition and evolving customer consistent feature innovation such as digital account
behavior. Despite these challenges, the evolving opening and integration with other financial products.
landscape also presents significant opportunities for It also reflects the increasing reliance of customers
Bank Mandiri to further reinforce its position as a leader on digital channels as their primary means for daily
in Digital Banking in Indonesia. banking activities.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 277
Page 280
MANAGEMENT DISCUSSION AND ANALYSIS
The digitalization of services implemented by Bank As of December 2025, the transaction value of Kopra
Mandiri has also contributed positively to the growth of by Mandiri reached Rp27,675 trillion, increasing from
commission income from non-cash transactions. Digital Rp22,703 trillion in the previous year. In line with
Fee-Based Income generated through platforms such this increase, the volume of Kopra transactions also
as Livin’ recorded growth of 19% (yoy) as of December increased to 1.498 billion transactions, compared
2025. This increase in commission-based income from to 1.312 billion transactions in 2024. In addition, the
digital channels demonstrates that Bank Mandiri’s number of active Kopra users continued to increase to
Digital Banking has become a sustainable new source 131,882 users, from 117,586 users in 2024. The growth
of revenue growth. in transaction activity also contributed to an increase in
fee based income from Kopra services, which reached
Within the MSME and retail merchant ecosystem, the Rp2,315 billion in 2025, compared to Rp2,053 billion in
continuously growing Livin’ Merchant channel has the previous year.
also made a significant contribution. As of December
2025, the number of registered merchants had reached The growth in transaction volume and frequency in
more than 3 million business operators, or grew by 31% the Wholesale segment has been supported by Bank
year-on-year. This achievement reflects Bank Mandiri’s Mandiri’s ability to deliver services that are increasingly
success in expanding access to digital payment services automated and integrated with customers’ internal
for the small and medium enterprise segment. The systems. Strengthening API banking capabilities
increasingly broad adoption further strengthens Bank enables companies to perform automatic reconciliation,
Mandiri’s integrated payment ecosystem, promotes real-time payments, and instant cash flow monitoring,
financial inclusion, and opens opportunities to increase thereby reducing operational costs and improving
cross-selling of products and services to business financial control. This transformation has contributed to
operators. sustained transaction-based revenue growth amid the
economic dynamics of 2025.
Overall, 2025 demonstrated that Digital Banking has
become one of the key pillars of Bank Mandiri’s growth, From an operational perspective, Bank Mandiri continues
particularly in the Retail segment. The successful to prioritize improvements in reliability, cybersecurity, and
expansion of the user base, increased transaction platform availability. The implementation of biometric
value, and stronger contribution from Fee-Based technology, adaptive authentication, and real-time
Income reaffirm Bank Mandiri’s position as one of transaction risk monitoring helps maintain corporate
the leaders in Digital Banking in Indonesia. With a customer confidence in the stability of Bank Mandiri’s
consistent innovation strategy and a comprehensive digital services. These initiatives are critical given the high
digital ecosystem, Bank Mandiri is well positioned to demand from corporate clients for services that are not
sustain growth and further expand the reach of its only fast but also supported by robust security standards.
digital services.
In addition, Kopra by Mandiri continues to be enhanced
Wholesale Segment Digital Banking Performance to provide a better user experience, focusing on its three
main functions, Cash Management, Value Chain, and
Digital Banking services of Bank Mandiri’s Wholesale Trade, accessible through a single sign-on system. Kopra
segment in 2025 delivered solid performance, further by Mandiri also features a personalized management
strengthening the Bank’s position as the largest dashboard that can be tailored to business needs, along
provider of corporate financial transaction solutions with various additional digital transaction features.
in Indonesia. The utilization of the Wholesale Digital
Super Platform Kopra by Mandiri significantly increased
corporate customer transaction activity. State-Owned
Enterprises (SOEs), large corporations, and commercial
business players increasingly rely on Bank Mandiri’s
digital services to manage cash flows, supplier
payments, payroll, and trade finance transactions in an
end-to-end manner.
278 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 281
MANAGEMENT DISCUSSION AND ANALYSIS
Overall, the Digital Banking performance of Bank Mandiri’s Wholesale segment in 2025 reflects the success of the
Bank’s strategy in strengthening digital capabilities as the foundation of corporate services. With an increasing
number of customers adopting digital transactions and a more comprehensive service ecosystem, Bank Mandiri
has strengthened its competitiveness in the Wholesale segment while also supporting greater efficiency and
productivity among large corporations that serve as its key partners.
The achievements of the Wholesale segment as of December 2025 are as follows:
Trade & Bank
Year Type Cash Management Value Chain
Guarantee
2025 Transaction Nominal Rp26,922 trillion Rp656,7 trillion Rp96,3 trillion
2024 Transaction Nominal Rp18,363 trillion Rp656,2 trillion Rp74,1 trillion
2023 Transaction Nominal Rp18,277 trillion Rp717,2 trillion Rp70,6 trillion
DIGITAL BANKING STRATEGY FOR 2026 ensure that the available services become increasingly
convenient, seamless, and easy for customers to use.
In 2026, Bank Mandiri is committed to continuously
enriching and enhancing its digital service capabilities As part of its commitment to meeting the needs of
through the Livin’ by Mandiri financial super app, Livin’ MSME business customers, Livin’ Merchant will continue
Merchant, and the KOPRA by Mandiri super platform. to be developed by introducing Payment Point Online
Bank (PPOB) services that enable merchants to serve
The development of Livin’ by Mandiri will focus on purchases of various digital products, such as prepaid
providing features and services that are increasingly mobile credit, data packages, electricity tokens, and
relevant to the needs of the public, in order to accelerate other digital services. This development is expected to
adoption and increase the intensity of digital service facilitate the public’s digital transaction needs through a
utilisation by customers. Livin’ by Mandiri will introduce single integrated application, thereby providing a more
various features that support the expansion of customer practical and efficient experience for both merchants
acquisition, particularly to reach the next generation of and consumers. This initiative forms part of Bank
customers. In addition, Livin’ by Mandiri will expand the Mandiri’s strategy to drive fee-based income growth
range of financial products and services available within through increasing transaction volume and diversifying
the platform, including the development of new types of digital services within the merchant ecosystem.
savings products to support the strengthening of low-
cost funds in line with the Bank’s strategic direction, This customer experience-focused approach is not
as well as the addition of more diverse investment only applied to retail segment but is also extended to
instruments in line with the growing investment trends corporate segment through the strengthening of Bank
among the public. Development will also include the Mandiri’s wholesale solutions. Kopra by Mandiri, as
optimisation of user experience, including the utilisation a solution for corporate customers, not only offers
of artificial intelligence to support more personalised comprehensive services but also delivers a best-in-
financial management and enhance customers’ class transaction experience that continues to evolve
financial literacy. in response to the increasing complexity of business
needs. This has positioned Kopra as the platform
From a service perspective, Livin’ by Mandiri will of choice for customers, as reflected in its leading
strengthen its service care capabilities to deliver faster, transaction market share in Indonesia.
easier, and more efficient transaction issue resolution
processes, thereby improving the overall quality of the
service experience. In addition, various enhancements
to existing features will continue to be implemented to
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 279
Page 282
OPERATIONAL REVIEW BY
BUSINESS SEGMENT
MANAGEMENT DISCUSSION AND ANALYSIS
Bank Mandiri organizes its working units into three main groups: business units, support functions, and business
& network units, all of which play roles in carrying out activities within the banking industry. These three main
groups are further divided into several segments and subsegments.
The business units serve as the primary drivers of Bank Mandiri’s business development. The operational segments
within this group consist of two main segments: Wholesale Banking and Retail Banking. Support functions are
responsible for supporting overall business operations. Meanwhile, the business & network units function as the
sales arm responsible for delivering products and services to all Bank Mandiri customer segments. The business
& network units consist of 12 Regional Offices distributed across Indonesia.
OPERATIONAL SEGMENT
Bank Mandiri’s operating segments are illustrated in the following diagram:
CORE SEGMENTS
Wholesale • Corporate Banking
• Commercial Banking
Segment
• Hubungan kelembagaan
• Treasury & International Banking
Retail • Retail Banking
• Consumer/Individual Segment
Segment
• Micro & Business Segment
• Wealth Management
SUPPORTING SEGMENTS The Group’s main operations are managed in the
following regions:
Geographical • Indonesia
• Asia (Singapura, Hong Kong, Timor Leste,
Segments
Shanghai, Malaysia)
• Western Europe (United Kingdom)
• Cayman Islands
BANKING
1. PT Bank Syariah Indonesia Tbk
2. PT Bank Mandiri Taspen
3. Bank Mandiri (Europe) Limited (BMEL)
Subsidiaries MULTI-FINANCE
4. PT Mandiri Tunas Finance (MTF)
5. PT Mandiri Utama Finance (MUF)
INSURANCE
6. PT AXA Mandiri Financial Services
SECURITIES, VENTURE CAPITAL & OTHERS
7. PT Mandiri Sekuritas
8. PT Mandiri Capital Indonesia
9. Mandiri International Remittance Sendirian
Berhad (MIR)
280 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 283
MANAGEMENT DISCUSSION AND ANALYSIS
OPERATING SEGMENT PROFITABILITY
as of December 2025
Growth of Net Profit by Operating Segment Growth of Interest and Sharia Income
by Operating Segment
• Net profit of Bank Mandiri’s operating
segments reached Rp61.35 trillion, • Interest and sharia income of Bank
increased by 0.30% (yoy) in 2025. Mandiri’s Operational segments
• This growth was also supported by grew by 8.71% (yoy) to Rp164.41
the performance of the Commercial trillion in 2025.
Banking and Treasury & International • The Wholesale Banking segment
Banking segments, which grew by remained the largest contributor,
33.92% (yoy) and 106.71% (yoy), increased by Rp16.15 trillion or
respectively, in 2025. 13.24% (yoy) to Rp138.22 trillion.
Key Contributors to the Increase in Interest and
Sharia Income within the Wholesale Banking
Retail Banking Segment
Segment
Interest and sharia income from the
• Corporate Banking: Increased by
Retail Banking segment decreased
Rp3.91 trillion, grew 7.06% (yoy) to
by Rp1.24 trillion or 1.51% (yoy) to
Rp59.37 trillion.
Rp80.77 trillion in 2025.
• Commercial Banking: Increased by
Rp3.88 trillion, grew 13.72% (yoy) to
Rp32.21 trillion.
• Institutional Relations: Increased by
Rp5.16 trillion, grew 40.96% (yoy) to Subsidiaries
Rp17.76 trillion.
• Treasury & International Banking: Interest and sharia income from
Increased by Rp3.19 trillion, grew subsidiaries increased by 8.67% (yoy) to
12.44% (yoy) to Rp28.86 trillion. Rp42.90 trillion in 2025.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 281
Page 284
OPERATING SEGMENT PROFITABILITY 2025 (AS OF 31 DECEMBER 2025)
(In Rp million)
MANAGEMENT DISCUSSION AND ANALYSIS
Corporate Commercial Institutional Retail
Description
Banking Banking Relations Banking
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Interest Income and Sharia Income **) 59,373,177 32,217,560 17,760,180 80,778,570
Interest Expense and Sharia Expense **) (46,396,079) (23,017,853) (13,889,004) (32,043,905)
Net Interest and Sharia Income 12,977,098 9,199,707 3,871,176 48,734,665
Net Premium Income - - - -
Net Interest, Sharia and Premium Income 12,977,098 9,199,707 3,871,176 48,734,665
Other Operating Income:
Fees and Commissions 3,769,678 1,268,385 331,422 9,790,664
Others 415,460 131,871 36,961 5,129,581
Total 4,185,138 1,400,256 368,383 14,920,245
Reversal/(Establishment) Allowance for Impairment
51,962 892,812 (22,498) (6,000,150)
Losses of Financial Assets and Others
Gains on Sale of Marketable Securities and
- - - -
Government Bonds
Other Operating Expenses:
Salaries and Employee Benefits (807,234) (788,253) (304,943) (11,436,883)
General and Administrative Expenses (728,315) (500,306) (430,662) (11,624,781)
Others (1,268,034) (626,797 (525,465) (3,051,794)
Total (2,803,583) (1,915,356) (1,261,070) (26,113,458)
Net Non-Operating Income/(Expenses) - - - -
Tax Expense - - - -
Net Profit 14,410,615 9,577,419 2,955,991 31,541,302
Net Profit Attributable To:
Owners of Parent Entity - - - -
Noncontrolling interests - - - -
Consolidated statement of financial position
Gross Loans 636,601,990 328,309,681 121,121,113 404,715,061
Total Assets 652,205,516 323,724,460 121,527,857 275,626,665
Demand Deposits and Wadiah Demand Deposits (282,753,032) (126,426,814) (77,838,861) (146,377,154)
Saving Deposits and Wadiah Saving Deposits (19,366,211) (33,940,255) (2,110,787) (490,273,021)
Time Deposits (102,477,377) (35,820,876) (192,760,477) (247,976,153)
Total Deposits from Customer (404,596,620) (196,187,945) (272,710,125) (884,626,328)
Total Liabilities (405,878,894) (197,074,237) (274,636,187) (773,224,701)
*) Includes the elimination of internal transfer pricing or reclassification between operating segments and elimination of subsidiaries.
**) Includes components of internal transfer pricing between operating segments.
282 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 285
MANAGEMENT DISCUSSION AND ANALYSIS
Treasury & Subsidiary - Adjustment
Subsidiary - Subsidiary
International Head Office Non-Sharia and Total
Sharia -Insurance
Banking and Insurance Elimination*)
28,869,801 361,314 28,263,075 887,733 13,752,500 (97,851,444) 164,412,466
(30,730,624) (243,428) (9,136,405) - (5,857,940) 103,112,807 (58,202,431)
(1,860,823) 117,886 19,126,670 887,733 7,894,560 5,261,363 106,210,035
- - - 550,415 - - 550,415
(1,860,823) 117,886 19,126,670 1,438,148 7,894,560 5,261,363 106,760,450
459,355 5,133,952 4,607,178 - 2,755,894 (563,114) 27,553,414
5,651,788 4,360,265 3,045,192 189,943 2,984,301 (1,496,341) 20,449,021
6,111,143 9,494,217 7,652,370 189,943 5,740,195 (2,059,455) 48,002,435
(24,217) (600,470) (3,259,129 - (2,369,500) 303 (11,330,887)
- 210,974 243,713 6,187 2,272 - 463,146
(196,522) (3,969,712) (5,496,618 - (3,635,289) - (26,635,454)
(222,624) (6,216,356) (7,451,839) - (3,247,398) - (30,422,281)
(572,818) (2,676,630) (1,030,158) (720,035) (617,733) 562,794 (10,526,670)
(991,964) (12,862,698) (13,978,615) (720,035) (7,500,420) 562,794 (67,584,405)
- 124,559 (23,593) - 5,858 - 106,824
- (11,925,255) (2,193,889) (77,428) (874,858) - (15,071,430)
3,234,139 (15,440,787) 7,567,527 836,815 2,898,107 3,765,005 61,346,133
- - - - - - 5,052,183
- - - - - - 56,293,950
6,360,817 - 314,811,165 - 51,693,319 (13,645,190) 1,849,967,956
333,612,242 521,399,843 456,192,606 43,813,450 137,305,312 (35,459,925) 2,829,948,026
(7,648,141) 1,191,686 (27,790,474) - (504,784) 2,037,984 (666,109,590)
(520,827) - (63,311,121) - (12,392,748) - (621,914,970)
(16,324,065) 106,743,220 - - (42,202,904) 1,945,984 (528,872,648)
(24,493,033) 107,934,906 (91,101,595) - (55,100,436) 3,983,968 (1,816,897,208)
(81,762,620) (233,557,641) (114,099,143) (40,396,844) (112,698,228) 20,403,291 (2,212,925,204)
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 283
Page 286
OPERATING SEGMENT PROFITABILITY 2024 (AS OF 31 DECEMBER 2024)
(In Rp million)
MANAGEMENT DISCUSSION AND ANALYSIS
Corporate Commercial Institutional Retail
Description
Banking Banking Relations Banking
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Interest Income and Sharia Income **) 55,458,085 28,329,824 12,599,521 82,023,216
Interest Expense and Sharia Expense **) (43,095,529) (21,526,623) (9,354,874) (31,421,713)
Net Interest and Sharia Income 12,362,556 6,803,201 3,244,647 50,601,503
Net Premium Income - - - -
Net Interest, Sharia and Premium Income 12,362,556 6,803,201 3,244,647 50,601,503
Other Operating Income:
Fees and Commissions 3,579,720 1,068,987 540,910 7,939,832
Others 370,578 140,578 47,508 5,979,568
Total 3,950,298 1,209,565 588,418 13,919,400
Reversal/(Establishment) Allowance for Impairment
208,039 533,724 22,539 (8,056,279)
Losses of Financial Assets and Others
Gains on Sale of Marketable Securities and
- - - -
Government Bonds
Other Operating Expenses:
Salaries and Employee Benefits (707,702) (582,713) (261,121) (8,550,280)
General and Administrative Expenses (537,990) (337,903) (287,935) (8,794,411)
Others (953,374) (474,356) (283,621) (3,421,039)
Total (2,199,066) (1,394,972) (832,677) (20,765,730)
Net Non-Operating Income/(Expenses) - - - -
Tax Expense - - - -
Net Profit 14,321,827 7,151,518 3,022,927 35,698,894
Net Profit Attributable To:
Owners of Parent Entity - - - -
Noncontrolling interests - - - -
Consolidated statement of financial position
Gross Loans 515,387,333 292,862,407 96,337,445 397,443,310
Total Assets 532,047,351 285,625,155 97,040,404 270,832,653
Demand Deposits and Wadiah Demand Deposits (266,264,072) (101,979,504) (56,424,491) (121,995,373)
Saving Deposits and Wadiah Saving Deposits (22,875,714) (29,835,214) (2,216,055) (459,185,804)
Time Deposits (40,428,190) (29,372,581) (44,297,076) (246,264,747)
Total Deposits from Customer (329,567,976) (161,187,299) (102,937,622) (827,445,924)
Total Liabilities (330,132,708) (162,089,578) (104,667,569) (719,307,812)
*) Includes the elimination of internal transfer pricing or reclassification between operating segments and elimination of subsidiaries.
**) Includes components of internal transfer pricing between operating segments.
284 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 287
MANAGEMENT DISCUSSION AND ANALYSIS
Treasury & Subsidiary - Adjustment
Subsidiary - Subsidiary
International Head Office Non-Sharia and and Total
Sharia -Insurance
Banking Insurance Elimination*)
25,675,744 311,561 25,190,341 366,240 13,922,134 (92,640,639) 151,236,027
(26,435,919) (309,039) (7,889,030) - (5,662,346) 96,215,966 (49,479,107)
(760,175) 2,522 17,301,311 366,240 8,259,788 3,575,327 101,756,920
- - - 2,520,813 - - 2,520,813
(760,175) 2,522 17,301,311 2,887,053 8,259,788 3,575,327 104,277,733
249,408 4,207,616 3,591,648 - 2,876,145 (606,746) 23,447,520
2,795,794 4,640,925 2,674,566 1,163,338 2,552,526 (1,641,886) 18,723,495
3,045,202 8,848,541 6,266,214 1,163,338 5,428,671 (2,248,632) 42,171,015
(19,093) 39,701 (2,822,044) - (1,835,591) - (11,929,004)
- 1,041 147,338 1,016 902 - 150,297
(184,589) (4,397,981) (5,284,069) (461,312) (3,560,996) - (23,990,763)
(163,140) (6,746,929) (5,822,530) (780,922) (3,047,873) - (26,519,633)
(353,631) (398,829) (850,481) (1,154,040) (657,778) 447,099 (8,100,050)
(701,360) (11,543,739) (11,957,080) (2,396,274) (7,266,647) 447,099 (58,610,446)
- 342,689 4,393 - (3,191) - 343,891
- (11,890,259) (2,044,505) (278,899) (1,024,702) - (15,238,365)
1,564,574 (14,199,504) 6,895,627 1,376,234 3,559,230 1,773,794 61,165,121
- - - - - - 5,382,379
- - - - - - 55,782,742
8,748,909 - 275,170,624 - 46,933,649 (9,667,065) 1,623,216,612
288,676,693 403,099,471 408,613,432 41,914,379 131,222,110 (31,848,386) 2,427,223,262
(5,041,157) 670,918 (19,147,079) - (1,094,974) 2,699,723 (568,576,009)
(426,607) - (55,280,067) - (10,372,335) - (580,191,796)
(4,983,283) 104,031,094 - - (37,426,416) 1,274,047 (297,467,152)
(10,451,047) 104,702,012 (74,427,146) - (48,893,725) 3,973,770 (1,446,234,957)
(116,194,603) (186,574,573) (109,666,533) (38,101,669) (109,228,303) 16,783,973 (1,859,179,375)
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 285
Page 288
CORPORATE BANKING
MANAGEMENT DISCUSSION AND ANALYSIS
PERFORMANCE SUMMARY
Rp637 trillion Rp405 trillion
increased by 23.5% THIRD PARTY increased by 19.8%
LOANS
(yoy) FUNDS (yoy)
Rp24 trillion Rp4.2 trillion
increased by 5.9%
increased by 6.5% (yoy)
NET INTEREST FEE BASED with FEE Related Loan reaching Rp2.5
INCOME (yoy) INCOME trillion, increased by 22.0% (yoy)
Rp39.2
trillion
LAR Nominal decreased by12.2%
(yoy)
KEY HIGHLIGHTS
Corporate Banking loan growth strengthened in 2025 with double-digit expansion
and improving asset quality (lower NPL), reflecting a healthier risk profile.
Higher Fee-Based Income indicates stronger capabilities in transaction solutions.
Third-Party Funds were slightly pressured; however, profitability remained well
maintained through a more selective corporate portfolio strategy and a focus on
low-risk priority sectors.
286 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 289
MANAGEMENT DISCUSSION AND ANALYSIS
The Corporate Banking segment focuses on serving the needs of large corporate customers, both in providing
financing for large-scale and long-term projects and in facilitating fund placements. The business activities of
Bank Mandiri’s Corporate Banking are also supported by Mandiri Sekuritas.
The parameters for the customer profile of Bank Mandiri’s Corporate Banking are as follows:
Parameter Corporate Banking
Company Size Companies with Gross Annual Sales (GAS) of more than Rp2 trillion, including their business groups.
Domestik:
Private companies, listed State-Owned Enterprises (SOEs) and their business groups, as well as
business groups or sponsors that are categorized among the leading companies in Indonesia or Asia.
International:
Customer • Deposit customers recorded at branches in Hong Kong, Shanghai, Singapore, and the Cayman
Islands.
• Overseas companies affiliated with Bank Mandiri customers in Indonesia or foreign companies
that meet the criteria to obtain financing in accordance with applicable regulations in Indonesia
and overseas.
Corporate Banking represents a core competency and the primary driver of Bank Mandiri’s performance. Therefore,
amid domestic and international conditions that remain challenging, Bank Mandiri’s Corporate Banking exercises
prudence in extending loans.
COMPETITIVE ADVANTAGES AND INNOVATION CORPORATE BANKING STRATEGY IN 2025
OF CORPORATE BANKING
In addressing challenges while maximizing
Bank Mandiri’s Corporate Banking demonstrates opportunities in 2025, Bank Mandiri’s Corporate
competitive advantages through its ability to deliver Banking has implemented the following Grand Strategy:
comprehensive end-to-end financial solutions for
corporate customers, covering large-scale financing 1. Maintaining the Position as the Largest Lender
needs, transaction services, and integrated liquidity Corporate Banking continues to strengthen Bank
management. Digital innovation also serves as a key Mandiri’s dominance as a leading wholesale bank by
driver, particularly through the strengthening of the driving growth among healthy conglomerates. This
Kopra by Mandiri platform and other digital solutions strategy is balanced with optimal concentration risk
that enhance operational efficiency for customers. In management through portfolio diversification across
addition, a sector-based approach and deeper client various industry sectors, in line with prudential
engagement enable Bank Mandiri to capture financing principles and banking best practices.
opportunities in strategic sectors such as energy,
infrastructure, and manufacturing while maintaining 2. Increasing Low-Cost Funds through Customer
sound asset quality. The combination of strong digital Transaction Acquisition
capabilities, robust funding capacity, and a more Growth in Third-Party Funds (TPF) is focused
proactive service model strengthens the position of on increasing low-cost funds through customer
Bank Mandiri’s Corporate Banking as a key financial transaction acquisition strategies. This is achieved
partner for large enterprises in Indonesia. by optimizing the use of digital channels such as
Livin’ and Kopra to increase floating funding from
customer transactions within Bank Mandiri.
3. Developing the Corporate Banking Customer
Ecosystem
Supported by strong relationships and an extensive
network, further strengthened by Bank Mandiri’s
digital platforms, Corporate Banking is expected
to optimize the full potential of its customer
ecosystem.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 287
Page 290
CORPORATE BANKING PRODUCTIVITY AND REVENUE
MANAGEMENT DISCUSSION AND ANALYSIS
The effective implementation of these strategies plays an important role in driving the productivity and revenue of
Bank Mandiri’s Corporate Banking during 2025, as presented in the following table:
CORPORATE BANKING PERFORMANCE
(In Rp million)
Growth
Uraian 2024 2025
Nominal %
Total Kredit 515,387,333 636,601,990 121,214,658 23.52
Rasio NPL (%) 0.44 0.33 - -0.11
Total Dana Pihak Ketiga 329,567,976 404,596,620 66,910,669 19.81
Total Fee Based Income 3,950,298 4,185,138 234,840 5.94
Total Net interest Income 12,362,556 24,044,128 1,463,648 6.48
The performance of Bank Mandiri’s Corporate Banking On funding side, Total Third Party Funds (TPF) in the
segment showed solid growth as of Desember 2025. Total corporate segment increased by 19.8% (yoy). This
corporate loans increased to Rp636.6 trillion, grew 23.52% reflects the strengthening of the funding structure,
(yoy) compared with the same period in the previous year. growing customer trust, and the Bank’s solid liquidity
This achievement reflects continued strong financing position to support credit expansion. This growth also
demand from large corporations amid the recovery of demonstrates the success of the Bank’s strategy in
national business activity. The growth also indicates Bank diversifying funding sources, particularly through its
Mandiri’s success in expanding relationships with top- financial service ecosystem and the healthy increase in
tier clients and increasing the acquisition of large-scale customer transaction activities.
financing projects across sectors such as infrastructure,
manufacturing, and energy. Fee Based Income recorded growth of 5.94% (yoy),
supported by increased transaction activities in
From the asset quality perspective, the Corporate Syndication, Cash Management, Forex, and other
Banking segment maintained a very healthy level. The wholesale banking services. This demonstrates Bank
NPL ratio declined from 0.44% as of December 2024 Mandiri’s success in accelerating non-interest income
to 0.33% as of December 2025, reflecting borrowers’ from value-added services for corporate customers.
ability to maintain sound risk profiles as well as the On the other hand, Corporate Net Interest Income also
effectiveness of Bank Mandiri’s risk management in increased by 6.48% (yoy), reflecting solid financial
monitoring and controlling the quality of the corporate performance driven by credit expansion and efficient
loan portfolio. Credit quality was further reinforced, management of the cost of funds.
with 96.52% of the portfolio classified under Col 1, while
only 6.16% was categorised as loan at risk, indicating
that credit risk remained at a very low level.
CORPORATE BANKING LOANS BY PRODUCT
(In Rp million)
2024 2025 Growth
Produk
Rp Forex Total Rp Forex Total Rp Forex Total
Investment Loan (IP) 196,647 104,653 301,299 310,234 125,508 435,742 113,587 20,855 134,443
Working Capital Loan
87,515 52,544 104,059 106,579 58,100 164,679 19,064 5,556 60,620
(KMK)
Other 63,234 10,794 110,029 25,746 10,435 36,181 -37,488 -359 -73,848
Total 347,396 167,991 515,387 442,560 194,042 636,602 95,164 26,051 121,215
The loan structure of Bank Mandiri Corporate Banking segment also reflects a financing orientation focused
on Investment Loans and Working Capital Loans as of December 2025. Approximately 68.45% of the portfolio
consisted of Investment Loans, while 25.87% was allocated to Working Capital Loans, and 5.68% comprised other
types of loans. This composition to some extent reflects Bank Mandiri’s significant role as a leading bank in
financing major strategic projects.
By customer type in Bank Mandiri Corporate Banking segment as of December 2025, the portfolio was distributed
288 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 291
between the private sector at 59.15% and SOEs at 40.85%. This portfolio allocation reflects sound diversification
as well as Bank Mandiri’s strong position within the national corporate ecosystem. Meanwhile, by sectoral
MANAGEMENT DISCUSSION AND ANALYSIS
composition, corporate loans were dominated by strategic sectors such as energy & water, construction, and
mining, in line with Bank Mandiri’s focus on supporting the growth of priority national industries.
The performance of Bank Mandiri’s corporate loans as of December 2025 reflects a portfolio that is growing in a
healthy and competitive manner, with a focus on productive sectors supported by disciplined risk management.
The following table presents the outstanding loans to the top 10 largest industry sectors at the end of 2025.
TOP 10 BUSINESS SECTOR OF CORPORATE INDIVIDUAL DEBTORS
(In Rp billion)
No Corporate Debtor Business Sector Outstanding
1 Non-Infrastructure Construction Services 46,697
2 Energy & Water 39,093
3 Copper Mining 16,973
4 Transportation Support Services 19,459
5 Food & Beverage Industry 16,035
6 Palm Oil Plantation & CPO 9,741
7 Finansial Services 11,182
8 Oil & Gas Industry 9,600
9 Infrastructure Construction Services 8,631
10 Metal Industry & Wholesale Trade 9,147
Subtotal Top 10 Industry Sectors 186,558
Other Industry Sectors 450,044
Total 636,602
BUSINESS SECTORS OF DEBTOR GROUP CORPORATION
(In Rp billion)
No Corporate Group Debtor Business Sectors Outstanding
1 Non-Infrastructure Construction Services 46,697
2 Energy & Water, Land Transportation Services 43,675
3 Copper Mining, Oil & Gas Industry, Energy & Water, Gold Mining, Non-Financial Business Services 35,802
Wholesale Trade of Food, Beverages & Tobacco, Energy & Water, Telecommunications, Financial
4 31.984
Services
5 Transportation Supporting Services, Infrastructure Construction Services 28,089
6 Infrastructure Construction Services 27,199
Telecommunications, Coal Industry, Food & Beverage Industry, Energy & Water, Property – Landed
7 21,813
House
8 Infrastructure Construction Services, Financial Services, Automotive Trade, Coal Industry 21,126
9 Food & Beverage Industry, Fertilizer & Pesticide Industry 18,911
10 Pulp & Paper Industry, Transportation Support Services 15,763
Subtotal of Top 10 Corporate Group Industry Sectors 291,059
Other Corporate Group Industry Sectors 345,543
Total 636,602
Overall, the performance of Bank Mandiri’s Corporate Banking segment throughout 2025 reflected strong loan
growth momentum, consistently high asset quality, and an improving ability to generate non-interest income.
Despite pressures on Third-Party Funds and interest margins, the corporate segment remained one of the key
pillars supporting Bank Mandiri’s overall profitability and performance stability.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 289
Page 292
MANAGEMENT DISCUSSION AND ANALYSIS
CORPORATE BANKING BUSINESS OUTLOOK CORPORATE BANKING WORK PLAN FOR 2026
IN 2026
In addressing challenges while maximizing
The business outlook for Bank Mandiri’s Corporate opportunities in the coming year, the Corporate Banking
Banking segment in the coming year is projected to Grand Strategy to be implemented in 2026 is as follows:
remain strong and positive. This outlook is supported
by national economic expansion, increasing corporate Excellence, Sound & Sustainable Growth
financing needs, and Bank Mandiri’s position Corporate Banking will continue to maintain the
as one of the leaders in the Wholesale Banking well-established strategy from 2025, particularly in
segment in Indonesia. Solid corporate loan growth targeting growth within top conglomerates, both SOEs
in 2025 provides a strong foundation for sustained and private corporates, especially those aligned with
performance. In line with the Government’s fiscal policy government programs. The focus will also remain
direction, which continues to focus on infrastructure on attractive and neutral sectors within multi-sector
development, industrial downstreaming, and energy conglomerates to minimize concentration risk.
transition, financing demand from both SOEs and
private corporations is expected to increase, creating Acceleration of Transactions & Recurring Fee Income
significant growth opportunities for Bank Mandiri. Deposit growth (DPK) will be driven by increasing low-
cost funds through a customer transaction acquisition
From an asset quality perspective, the outlook also strategy. This will be achieved by optimizing the
remains favorable. The consistently low NPL ratio in the utilization of digital channels, namely Livin’ by Mandiri
Corporate Banking segment reflects a well-maintained and Kopra by Mandiri, to enhance floating funding from
risk profile and demonstrates Bank Mandiri’s ability to customer transactions at Bank Mandiri.
manage its portfolio prudently. This condition provides
room for selective loan expansion, including financing Synergy of Wholesale & Retail Ecosystems, and PA
for large-scale projects and syndicated financing. In Supported by strong relationships and an extensive
addition, the dominance of corporate loans within the network, further strengthened by Bank Mandiri’s digital
performing loan category and Stage 1 classification platforms, Corporate Banking is expected to optimize
indicates that the Corporate Banking portfolio remains the full potential of its customer ecosystem.
in a healthy position to support further expansion.
Digital Transformation & Operational Efficiency
Bank Mandiri also benefits from the increasingly Corporate Banking will continue to drive the optimization
mature digital transformation of its wholesale services of digital platforms to create an integrated and
through Kopra by Mandiri. The growing digital adoption sustainable transaction ecosystem, thereby enhancing
among corporate customers is expected to strengthen customer convenience and transaction frequency on
commission-based income sources, improve an end-to-end basis, improving operational efficiency,
transaction efficiency, and deepen relationships and accelerating service levels.
with key corporate clients. Going forward, greater
penetration of these digital solutions has the potential
to become a significant driver of Fee-Based Income
growth.
Overall, the business outlook for Bank Mandiri’s
Corporate Banking segment remains positive,
supported by increasing corporate credit demand,
well-maintained portfolio quality, and the acceleration
of wholesale digitalization. With a strategy focused
on financing national priority sectors and optimizing
the corporate customer ecosystem, Bank Mandiri has
strong opportunities to maintain its position as one of
the leading players in corporate financing in Indonesia.
290 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 293
COMMERCIAL BANKING
MANAGEMENT DISCUSSION AND ANALYSIS
PERFORMANCE SUMMARY
Rp328.30 Rp165.7
trillion trillion
LOANS Increased by THIRD-PARTY Increased by
14.09% yoy
FUNDS 18.39% yoy
Rp6.31
trillion
NET PROFIT
Increased by
20.29% yoy
KEY HIGHLIGHTS
Credit and TPF growth in Commercial Banking remained solid, driven
by expansion in priority sectors and increased acquisition of productive
commercial customers.
Fee-Based Income and Net Interest Income increased, reflecting higher
transaction activity and improved profitability within the Commercial Banking
portfolio.
Service quality and digitalization in the Commercial Banking segment continued
to be strengthened, particularly through more competitive integrated cash
management and financing solutions for medium-sized enterprises.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 291
Page 294
MANAGEMENT DISCUSSION AND ANALYSIS
The Commercial Banking segment focuses on serving the needs of medium-scale industry customers with
gross annual sales ranging from more than Rp50 billion to Rp2 trillion. Bank Mandiri’s Commercial Banking also
provides products and services in the form of comprehensive transaction solutions that facilitate customers’
business activities.
The parameters for the customer profile of Bank Mandiri’s Commercial Banking are as follows:
Parameter Commercial Banking
Companies with gross annual sales of more than Rp50 billion up to Rp2 trillion or with a credit limit
Company size
of more than Rp25 billion, including their business groups.
Loans and funds in Overseas Branches managed by GAMs under the Commercial Unit, loans
and funds in Overseas Branches initiated by the Commercial Unit (Non-GAM), Regional-Owned
Nasabah Enterprises (BUMD) including Regional Public Hospitals (RSUD) and Regional Water Utilities
(PDAM), multifinance companies, regional governments, private universities, rural banks (BPR), and
other non-individual fund customers that meet the criteria to be acquired by Commercial Banking.
COMPETITIVE ADVANTAGES AND INNOVATION expanding related business ecosystems. In addition,
OF COMMERCIAL BANKING Bank Mandiri’s Commercial Banking is committed
to continuously improving credit profitability by
Bank Mandiri’s Commercial Banking possesses the maintaining a balanced portfolio composition to ensure
following competitive advantages and innovations: optimal credit yield levels.
• Delivering optimal solutions through
comprehensive product offerings covering assets, From the TPF perspective, Bank Mandiri’s Commercial
liabilities, and transaction services tailored to Banking focuses on increasing the acquisition of new
customer needs and supported by e-channel customers while intensifying engagement with existing
services. customers by enhancing the penetration of Kopra by
• Providing well-structured solutions that are fit and Mandiri and other related programs. Furthermore, Bank
aligned with customer requirements. Mandiri’s Commercial Banking will continue to focus
on increasing low-cost funds (CASA) as part of efforts
COMMERCIAL BANKING STRATEGY IN 2025 to maintain the cost of funds at an optimal level.
In 2025, Bank Mandiri’s Commercial Banking continues COMMERCIAL BANKING PRODUCTIVITY AND
to maintain its position as a Market Leader in Lending REVENUE
by sustaining its credit growth strategy with a focus on
sector expertise. This strategy and focus are aligned The effective implementation of the strategies outlined
with Government programs and the development above plays an important role in driving the productivity
of regional champions that will serve as drivers for and revenue of Bank Mandiri’s Commercial Banking, as
presented below:
COMMERCIAL BANKING PERFORMANCE
(In Rp million)
Growth
Uraian 2024 2025
Nominal %
Total Loans 287,775,568 328,309,681 40,534,113 14.09
NPL Ratio (%) 1.10 0.69 - (0.43)
Total Third-Party Funds 165,712,185 196,187,945 30,475,761 18.39
Total Fee Based Income 1,209,565 1,400,256 190,691 15.77
Total Net Interest Income 7,068,995 9,199,707 2,130,712 30.14
292 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 295
MANAGEMENT DISCUSSION AND ANALYSIS
The performance of Bank Mandiri’s Commercial Non-interest income contribution through Fee-Based
Banking segment as of December 2025 demonstrated Income increased by 15.77% (yoy), reflecting the
solid growth across all key intermediation components. intensified utilisation of transactional services such as
Total loans increased by 14.09% (yoy), from Rp287.78 cash management, trade finance, payroll, and various other
trillion in December 2024 to Rp328.31 trillion in digital solutions for commercial business customers.
2025. This strong increase reflects the strengthening The increase in fees demonstrates Mandiri’s success
demand for financing from commercial customers in accelerating service digitalisation and deepening
in line with improving business activity, particularly customer relationships through value-added services.
in key financing sectors such as medium-scale trade
and manufacturing. The relatively strong loan growth The most notable performance was reflected in Total
also indicates Bank Mandiri’s success in expanding Net Interest Income (NII), which increased significantly
penetration into the mid-corporate and emerging by 30.14% (yoy), from Rp7.07 trillion to Rp9.20 trillion.
business segments, which historically offer more This growth indicates improvements in lending margins,
stable yields. a more optimal composition of earning assets, and a
lower cost of funds in this business segment. The NII
On the funding side, Total Third-Party Funds (TPF) also growth that significantly outpaced loan growth reflects
recorded an increase of 18.39% (yoy), from Rp165.71 improved pricing quality and the effectiveness of
trillion to Rp196.19 trillion. This growth reflects Bank portfolio risk management and profitability strategies.
Mandiri’s strengthened capability in attracting liquidity
from commercial customers through the optimisation Overall, the performance of Bank Mandiri’s Commercial
of business current account and time deposit products. Banking segment in 2025 showed a positive and healthy
The increase in TPF further reinforces the Bank’s trend, supported by loan growth, increased low-cost
funding structure and supports the availability of funds funds, higher Fee-Based Income, and improved interest
for sustainable loan expansion. income margins. This performance reinforces the role of
Bank Mandiri’s Commercial Banking segment as one of
the key drivers of the Bank’s future profitability growth.
COMMERCIAL BANKING SEGMENT LOANS BY PRODUCT
(In Rp million)
2024 2025 Growth
Product
Rp Forex Total Rp Forex Total Rp Forex Total
Investment Non Revolving 139,380 45,803 185,183 160,099 51,595 211,694 14.9% 12.6% 14.3%
Loans (KI) Revolving - - - - - - - - -
Total KI 139,380 45,803 185,183 160,099 51,595 211,694 14.9% 12.6% 14.3%
Working Non Revolving 33,995 2,830 36,825 39,487 2,909 42,396 16.2% 2.8% 15.1%
Capital
Loans (KMK) Revolving 30,658 4,273 34,931 33,886 5,140 39,025 10.5% 20.3% 11.7%
KMK Total 64,654 7,103 71,756 73,372 8,049 81,421 13.5% 13.3% 13.5%
Others Total 29,632 1,205 30,836 34,460 735 35,195 16.3% -39.0% 14.1%
Total 233,665 54,110 287,776 267,931 60,379 328,310 14.7% 11.6% 14.1%
Commercial Banking Bank Mandiri melakukan identifikasi terhadap berbagai industri yang memiliki produktivitas
pembiayaan terbesar, yang sebagian besar berasal dari industri Perkebunan Sawit & CPO sebesar Rp 57,90 triliun.
Tabel berikut menjelaskan penyaluran kredit kepada 10 (sepuluh) sektor industri terbesar untuk nasabah kredit
individual dan nasabah kredit grup pada akhir tahun 2025.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 293
Page 296
MANAGEMENT DISCUSSION AND ANALYSIS
BUSINESS SECTORS OF COMMERCIAL INDIVIDUAL DEBTORS
(In Rp billion)
No Commercial Individual Debtor Business Sectors Outstanding
1 PALM OIL PLANTATION & CPO 57,897
2 WATER TRANSPORTATION SERVICES – FREIGHT 34,504
3 COAL INDUSTRY 24,875
4 FINANCIAL SERVICES 20,701
5 ENERGY & WATER 17,863
6 FOOD & BEVERAGE INDUSTRY 13,465
7 METAL ORE MINING 13,086
8 PULP & PAPER INDUSTRY 11,784
9 PROPERTY – INVESTMENT 9,785
10 TELECOMMUNICATIONS 8,926
Subtotal Top 10 Individual Debtor Business Sectors 212,885
Other Individual Debtor Business Sectors 115,425
Total Outstanding Loans of Individual Debtors 328,310
COMMERCIAL BANKING BUSINESS OUTLOOK IN 2026
In 2026, Bank Mandiri’s Commercial Banking segment is projected to have solid business growth prospects in line
with improving domestic economic activity and increasing financing demand from the medium-sized enterprise
segment. The strong loan growth recorded in 2025 provides a solid foundation for business acceleration in the
following year. Demand for Investment Loans and Working Capital Loans is expected to remain high, supported by
increased production capacity among business players and stable domestic purchasing power.
From a funding perspective, Bank Mandiri has the opportunity to strengthen liquidity in the Commercial Banking
segment through the optimization of cash management solutions and digital onboarding for mid-corporate
customers. The strengthening of transaction ecosystems, integration of wholesale digital platforms with retail
services, and increased utilization of Kopra by Mandiri are expected to attract more low-cost funds while enhancing
customer engagement. This may help mitigate margin pressures while providing opportunities to expand the
commercial segment’s deposit base amid interest rate dynamics.
The outlook for non-interest income is also expected to remain positive in 2026, supported by the potential growth
of digital transaction services. Through sharper segmentation strategies and broader penetration of the supply
chain finance ecosystem, Bank Mandiri has the opportunity to increase Fee-Based Income from these value-
added services. In addition, stronger risk management supported by consistently maintained asset quality will
serve as a foundation for sustainable expansion. Overall, the combination of well-managed loan growth, increased
transaction-based income, and digitalization strategies positions Bank Mandiri’s Commercial Banking segment to
remain competitive in 2026.
COMMERCIAL BANKING WORK PLAN IN 2026
In 2026, Commercial Banking targets loan growth with the following primary focus:
• Strengthening sector expertise and regional champions.
• Reinforcing a selective and prudent lending culture.
Meanwhile, deposit growth in 2026 will be driven through:
• Extensification of New to Bank (NTB) customers, particularly from principal partners.
• Intensification of existing customers through increasing active users of Kopra by Mandiri and digital solutions.
294 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 297
INSTITUTIONAL RELATIONS
MANAGEMENT DISCUSSION AND ANALYSIS
PERFORMANCE SUMMARY
Rp272.71 Rp3.87
trillion trillion
THIRD-PARTY
Grew 164.9% yoy NET INTEREST
FUNDS INCOME Grew 19.31%
Rp4.24
REVENUE trillion
Grew 10.60% yoy
KEY HIGHLIGHTS
Maintaining market leadership of financing at Indonesian Ministry of Finance’s
with 49.30% share in foreign loans and 73.48% share in domestic loans.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 295
Page 298
The Institutional Relations Segment was established INSTITUTIONAL RELATIONS STRATEGY FOR
with the aim of becoming “the primary bank of choice 2025
MANAGEMENT DISCUSSION AND ANALYSIS
for institutional customers” by providing financial
solutions supported by collaboration within the Mandiri The strategy and business focus of the Institutional
Group. This institutional segment fulfills business Relations Segment in 2025 center on growing business
functions, serves as an agent of development. The volumes and other operational revenues through
Segment serves more than 3,160 customers from innovative, tailor-made digital solutions. These efforts
Ministries/Agencies, Public Service Agencies, and aim to support all transactions and customer needs,
non-listed State-Owned Enterprises; over 77,000 value with 90% of customers coming from the government
chain clients from government institutions; more than sector.
1,100,000 government institution payroll clients.
The Institutional Relations Segment also supports
To establish holistic relationships with over 3,160 government-related transactions for the disbursement
institutional customers, the Institutional Relations and receipt of state and non-state budgets, such
Segment offers fund placement (current accounts and as the State Treasury and Budget System (SPAN) of
time deposits), financing facilities (investment and the Ministry of Finance of the Republic of Indonesia,
working capital), state revenue collection solutions (tax, the State Revenue Module (MPNG-2), and the State
customs, and non-tax state revenues) through the SUB- University Admission Selection (SBMPTN).
CA mechanism, as well as other transactional solutions
that support the optimization of public-sector and state- As a collaboration leader and gate opener, the
owned enterprise (SoE) finances, such as disbursement Institutional Relations Segment establishes intensive
mechanisms for affiliated suppliers via SPAN and the oil coordination with representatives or government
& gas monitoring dashboard for SKK Migas. business heads at each regional office of Bank Mandiri.
This ensures a strong focus on managing institutional
The segment also enables data integration with relations customers within their respective regions,
government service systems to enhance the Bank’s enabling the orchestration of business across all lines.
financial services, including the integration of the
Indonesian Overseas Card (KMILN) with the Ministry COMPETITIVE ADVANTAGES AND INNOVATIONS
of Foreign Affairs for customer onboarding through IN INSTITUTIONAL RELATIONS
Livin’, and salary range validation with the Directorate
General of Taxes (DJP) to accelerate and improve The Institutional Relations Segment has innovated by
credit application data quality. Institutional Relations shifting its business focus from a portfolio previously
segment also acts as a collaboration leader for retail dominated by Institutional Customer Fundraising
and other segments, especially in managing more than (DPK) to a balanced emphasis on Loans, achieving the
77,000 value chain government institution customers following milestones:
through payroll packages, bulk pre-approved KSM, bulk • Loan Disbursement increased to Rp121.12
approval for corporate credit cards and ID cards. trillion in December 2025, a 25.73% (yoy) growth
from Rp96.34 trillion in December 2024, while
Through the management of special units, the maintaining excellent credit quality with an NPL
Institutional Relations Segment is also actively ratio of 0%.
supporting government initiatives as a form of the • Third-Party Funds strengthened to Rp272.71 trillion
spirit to prosper the nation. The Institutional Relations in December 2025, a 164.9% (yoy) growth from
Segment actively contributes to government programs, Rp102.94 trillion in December 2024.
including assistance for basic food supplies, Program • Revenue grew 10.60% (yoy) to Rp4.24 trillion as
Keluarga Harapan (PKH), Bantuan Subsidi Upah (BSU), of December 2025, compared to Rp3.83 trillion in
Social Rehabilitation Assistance Program, Rumah December 2024.
Sejahtera Terpadu Program, Natural Disaster & Social • Optimization of working units and partners units
Disaster Social Response Assistance, Education by supporting SME loan disbursement to Rp6.6
Assistance, Makan Bergizi Gratis (MBG) and Urban trillion, with the number of SME and MDAB debtors
Livin’ Program. In its daily operations, the Institutional reaching 13,900.
Relations Segment distributes to 5.08 million • Increased contribution to Consumer Loan,
beneficiaries of the basic necessities program (regular including Personal Loans (KSM), Mortgage Loans
necessities program, Stimulus, BLTS Kesra), 2.68 million (KPR), and Credit Cards, through the optimization
PKH beneficiaries, 3.79 million BSU beneficiaries, of Civil Servant Payroll, with the number of payroll
304,000 beneficiaries of ATENSI anak YAPI, 21,000 accounts growing by 12.5% (yoy) to 1,146,242 CIF
apprenticeship programs, 4,234 beneficiaries of other accounts.
programs (rumah sejahtera terpadu, natural disaster
and social disaster response programs, honorariums
for social rehabilitation), 945,000 beneficiaries of
educational assistance program, as well as 4.810
Satuan Pelayanan Penyediaan Gizi (SPPG).
296 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 299
The Institutional Relations Segment also performs its role as an agent of development and maintaining the
top-of-mind awareness of customers/Bank products, including innovations in digitalization, with the following
MANAGEMENT DISCUSSION AND ANALYSIS
achievements:
• Maintaining a strong market share in defense equipment loans, achieving 49.30% share in foreign financing
and 73.48% share in domestic financing.
PRODUCTIVITY AND REVENUE OF INSTITUTIONAL RELATIONS
The effective implementation of the above strategies serves a vital role in the productivity and revenue of the
Institutional Relations Segment, as detailed below.
INSTITUTIONAL RELATIONS PERFORMANCE
(In Rp million)
Growth
Description 2024 2025
Nominal %
Contribution to the Wholesale Segment
Total Loans 96,337,445 121,121,113 24,783,668 25.73%
NPL Ratio (%) 0,00% 0,00% 0,00% 0.00%
Total Third-Party Funds 102,937,622 272,710,125 169,772,503 164,93%
Total Net interest Income 3,244,647 3,871,176 626,529 19.31%
Total Revenue (NII + FBI) 3,833,065 4,239,559 406,494 10.60%
Contribution Margin 3,022,927 2,955,991 (66,936) -2.21%
Contribution to the Retail Segment
Total Loans 46,019,862 49,176,223 3,156,361 6.86%
Total Third-Party Funds 37,975,079 60,511,823 22,536,744 59.35%
Total Fee Based Income 424,882 545,582 120,700 28.41%
Total Net interest Income 3,201,177 3,966,567 765,390 23.91%
Total Revenue (NII + FBI) 3,626,059 4,512,150 886,091 24.44%
Revenue HBK Environment
Loan disbursement by the Institutional Relations Segment reached Rp121.12 trillion, a 25.73% (yoy) growth
compared to Rp96.34 trillion in 2024. The increase was supported by a gross expansion of Rp63.1 trillion with
composition in Rupiah accounted for 41.0%, with the largest contributions coming from the defense equipment.
2024 Composition 2025 Composition Growth
Description
(Rp Million) (%) (Rp Million) (%) (%)
Current 96,337,445 100.00% 121,121,113 100.00% 25.73%
Of special concern - - - - -
Less current - - - - -
Doubtful - - - - -
Bad - - - - -
Total Loans 96,337,445 100.00% 121,121,113 100.00% 25.73%
NPL 0.00% 0.00% 0.00% 0.00% 0.00%
Amid this credit expansion, the credit quality of the Institutional Relations Segment remains well-maintained with
zero NPL. This is driven by a highly selective financing approach, focusing on government projects/programs
related to the State Budget (APBN). In addition, to maintain credit quality, Bank Mandiri also implements:
a. Periodic and disciplined reviews of collectability and watchlist analysis.
b. Monitoring the fulfillment of credit liabilities before maturity to prevent customers from falling into
collectability two.
c. Ensuring compliance with the terms and conditions in loan agreements.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 297
Page 300
d. Improving business processes by enhancing INSTITUTIONAL RELATIONS WORK PLAN IN
the effectiveness of simultaneous loan renewal 2026
MANAGEMENT DISCUSSION AND ANALYSIS
processes for customers within the same debtor
group and extending loan facilities three months The business focus of the Institutional Relations
prior to maturity. Segment in 2026, based on Bank Mandiri’s 2025–2029
Corporate Plan, includes the following:
The Institutional Relations Segment’s portfolio 1. Driving the growth of funds from Ministries/
rebalancing strategy in loan and institutional banking Agencies and SOEs and orchestrating derivative
has yielded results, with an Average Balance Credit of businesses in the Wholesale and Retail segments
Rp97.5 trillion as of December 2025. through deepening client relationships, optimizing
customer transactions, providing comprehensive
BUSINESS PROSPECTS FOR INSTITUTIONAL financial solutions, and payroll package solutions
RELATIONS IN 2026 for basic salaries and performance allowances.
2. Increasing credit growth for Ministries/Agencies
Given the crucial role of the Institutional Relations and SOEs with a focus on potential, healthy sectors
(Institutional Banking) segment in supporting that can generate business value chains, such as
government, SOEs, and other institutional financing, the the financial, healthcare, defense, and education
business prospects of this segment at Bank Mandiri sectors. This sound credit growth is also supported
are projected to remain strong in 2026. With the right by comprehensive monitoring, credit policies and
strategies, Bank Mandiri can maintain its competitive procedures, and enhanced credit information
edge, seize new opportunities in the institutional systems from upstream to downstream.
market, and effectively navigate challenges. 3. Increasing fee-based income through expanded
collaborations in financial services/transactions,
SOEs serve a significant role in national development, such as custodial banking partnerships, remittance,
and Bank Mandiri consistently fosters close and the distribution and receipt of APBN and Non-
relationships with other SOEs. Large-scale financing APBN funds through e-channel optimization.
will be required for major projects such as infrastructure, 4. Refining relationship models and account
energy, and transportation. As one of Indonesia’s strategies by improving business processes
largest banks, Bank Mandiri has sufficient financing for customers in the Ministries/Agencies and
capabilities to meet the working capital and investment SOEs sectors, particularly in managing derivative
needs of SOEs. businesses in the Wholesale and Retail segments.
5. Leading collaboration for new core business
Public service digitalization, energy transition, segments, Wholesale, and Bank Mandiri
and National Strategic Projects (PSN) are ongoing subsidiaries through bundled product
development initiatives supported by the Indonesian collaborations and payroll package solutions for
government. Through its Institutional Relations customers in the Ministries/Agencies and SOEs
business segment, Bank Mandiri can offer banking sectors.
services such as project financing, treasury, and cash 6. Strengthening organization and risk management
management. Moreover, demand for digital solutions by enhancing the competence and capabilities of
for institutions, such as API banking services and human resources, developing monitoring systems
payment gateways, will continue to grow. In this for Ministries/Agencies and SOEs customers, and
regard, Bank Mandiri can assist government agencies providing assistance from business expertise in
and major institutions in enhancing the efficiency of the Institutional Relations segment.
financial management.
Another factor supporting the positive outlook of Bank
Mandiri’s Institutional Relations business segment in
2026 is the government’s increasing focus, through
SOEs, on sustainable financing (green financing). Bank
Mandiri will undoubtedly capitalize on this momentum
to offer financing solutions for renewable energy
projects, energy efficiency, and green infrastructure.
Furthermore, ongoing fiscal reforms will create
opportunities for new development projects requiring
financial support.
298 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 301
TREASURY &
INTERNATIONAL BANKING
MANAGEMENT DISCUSSION AND ANALYSIS
RINGKASAN KINERJA
Rp24.49 USD8.26
trillion billion
LOANS Increased by OVERSEAS Increased by
BRANCH LOANS
134.3% (yoy) 25.5% (yoy)
USD140
billion
TREASURY
CUSTOMER
Increased by
VOLUME 5.3% (yoy)
KEY HIGHLIGHTS
In 2025, third-party loans in the Treasury & International Banking segment
increased by 22% (yoy) compared with the previous year. The increase in loans
was mainly driven by lending to banks.
Overseas Branch was able to post Fee Based Income of USD78.24 million or
increased by 33.47% compared with the previous year, and Interest Income
Loan of USD462.92 million or grew 3.0% compared with the previous year.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 299
Page 302
Bank Mandiri’s Treasury & International Banking COMPETITIVE ADVANTAGES AND INNOVATION
segment conducts its business activities by engaging OF TREASURY & INTERNATIONAL BANKING
MANAGEMENT DISCUSSION AND ANALYSIS
financial institutions, capital markets, and international
business through the Head Office, branch offices, and Treasury & International Banking of Bank Mandiri
subsidiaries both domestically and overseas. Financial is a key player in the treasury business segment in
institution and capital market activities are managed by Indonesia, with a market share of 17.64% in national
the Financial Institutions Business (FIB) Group. foreign exchange transaction volumes (interbank and
customer transactions). Recognition of the segment’s
Business activities with financial institutions include achievements is also reflected in the various awards
transactions related to trade finance, remittances, received throughout 2025, including Best Partner Bank
insurance company funds, and lending to banks. for the Foreign Exchange Monetary Control category,
Meanwhile, capital market-related activities include Supporting Bank for PUVA Development for the Nation
custodian services, trustee services, and short-term as a Primary Dealer from Bank Indonesia, as well as
lending to securities companies. In addition, foreign awards from Alpha Southeast Asia 2025 for Best FX
exchange transactions, money market activities, Bank for Corporates & Financial Institutions, Best FX
securities trading, and derivatives managed under Bank for Hedging Requirements, and Best Online FX
the trading or banking portfolio are also part of the Platform for end-to-end e-trading & eFX platform.
Treasury & International Banking business activities. In addition, Bank Mandiri received recognition from
These activities form part of the Treasury business and Global Finance as Best FX Bank in Indonesia and from
may be conducted with interbank counterparties or Haymarket for Best FX/Hedging Solutions.
Non-Bank Financial Institution (NBFI) customers.
Treasury & International Banking of Bank Mandiri
Segments included within financial institutions provides treasury transaction services to customers
consist of banks and Non-Bank Financial Institutions across Indonesia through its head office and regional
(NBFIs). Banks include domestic and international treasury offices located in Medan, Palembang, Batam,
banks, excluding Rural Banks (BPR). Meanwhile, Bandung, Semarang, Surabaya, Denpasar, Balikpapan,
NBFIs include private insurance companies and their and Makassar. The Bank also offers electronic channels,
affiliated financial institutions (including insurance namely Mandiri e-FX and Mandiri Cash Management
and reinsurance brokers), Financial Institution Pension (MCM), as solutions for customers to conduct foreign
Funds (DPLK), Employer Pension Funds (DPPK), as well exchange transactions.
as securities companies and investment managers.
Bank Mandiri optimizes its reciprocal cooperation
Bank Mandiri’s Treasury business is managed by the network with 886 correspondent banks across 71
Treasury Group, supported by nine Regional Treasury (seventy-one) countries, resulting in increased
Marketing units and four dealing rooms located across utilization of business partnerships covering treasury,
various regions in Indonesia to meet the needs of both trade finance, remittance, risk sharing, and bilateral
Wholesale and Retail customer segments. Treasury financing. In terms of funding, Bank Mandiri has
activities at Bank Mandiri include foreign exchange secured more than sufficient financing from banks and
transactions, money market operations, fixed income international financial institutions, reflecting strong
securities trading, international banking services, and global confidence in the Bank.
capital market activities, serving financial institutions,
corporate, commercial, and retail customers. On the other hand, to diversify rupiah investment
instruments, Bank Mandiri has expanded its services to
The Treasury & International Banking Directorate also include the buying and selling of corporate securities for
oversees the Overseas Banking Network (OBN) Group, customers. The commitment of Treasury & International
which supervises business synergy between Bank Banking to innovation in 2025 is demonstrated through
Mandiri as the parent entity and its overseas branches the revamp of features in Kopra to enhance customer
and subsidiaries. transaction services via the Kopra super platform,
including shortcuts to destination pages, the My Code
feature on the settlement page, and shortcuts to the
settlement page post-deal. These enhancements aim
to improve customer transaction experience on Kopra,
based on the voice of customers since its launch in
October 2021. As of 2025, the number of users has
reached more than 300 thousand customers, with
transaction volumes amounting to Rp27,675 trillion
and a frequency of 1.5 million transactions.
300 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 303
In terms of regulatory compliance, Bank Mandiri From the overseas branch perspective, Bank Mandiri
consistently meets Bank Indonesia’s requirements on continues to enhance its services through system
MANAGEMENT DISCUSSION AND ANALYSIS
the Minimum Reserve Requirement (GWM). As of 31 upgrades at Overseas Branch Offices, including
December 2025, the realization of rupiah GWM stood at the core banking system, Kopra beyond border
7.12%, above the Bank Indonesia requirement of 3.60%, enhancement, the Collateral Management System, and
while foreign currency GWM was recorded at 4.10%, the implementation of a New Treasury Core System.
exceeding the requirement of 4.00%. Efforts to increase assets through loan disbursement
as well as the expansion of securities and trade asset
TREASURY & INTERNATIONAL BANKING portfolios are also continuously developed. Overseas
STRATEGY IN 2025 Branch Offices proactively establish cooperation with
business units at the Head Office and with counterpart
Bank Mandiri’s Treasury & International Banking has banks to explore business opportunities and extend
prepared various strategies to maximize opportunities loans to eligible customers. Overseas branches will
throughout 2025. These strategic plans aim to also increase participation in international syndication.
position Bank Mandiri as a main transaction bank In addition, they will strengthen treasury transaction
while maintaining low-cost funding and strengthening activities, increase trade service and financing volumes,
its position as the largest lender. Bank Mandiri can develop cross-border supply chain business, expand
optimize its strong liquidity position to provide financing wealth management services, and increase remittance
and funding solutions, such as bank loans, while also transactions, particularly by providing digital services
maintaining an active role as a primary dealer. From a for Indonesian Migrant Workers (PMI).
digital development perspective, Bank Mandiri seeks to
build synergies with other domestic banks through the TREASURY & INTERNATIONAL BANKING
utilization of its infrastructure and digital ecosystem PRODUCTIVITY AND REVENUE
to support its mission of becoming a main transaction
bank. For the Non-Bank Financial Institution (NBFI) Treasury
segment, the Bank will optimize the capabilities of Livin’ As a key player in the foreign exchange market, both
and Kopra as well as the retail and wholesale segments for interbank transactions and customer transactions,
of Bank Mandiri to create a closed-loop ecosystem and Bank Mandiri continues to penetrate the market with
expand solutions across the broader NBFI ecosystem. a more aggressive approach. This strategy aims to
provide customers with a wider range of product
Beyond business development, as digitalization trends options. In addition, Bank Mandiri continues to develop
in banking services continue to increase, the Treasury treasury products based on structured products to
& International Banking segment will continue to enhance yield while providing hedging protection.
innovate to create more efficient work processes and These products have been well received by both the
provide seamless digital services to customers. In wholesale and retail markets.
the capital market segment, the Bank will optimize
the use of the new core custody system, which will be In 2025, total revenue from Treasury Fee-Based Income
integrated with Bank Mandiri’s digital service systems reached Rp7.04 trillion, supported by foreign exchange
to provide an improved user experience, particularly for transaction income of Rp2.76 trillion and securities
retail customers. transaction income of Rp3.47 trillion.
TREASURY PRODUCTIVITY AND REVENUE
(In Rp million)
Growth
Uraian 2024 2025
Nominal %
Total Fee Based Income 4,584,291 7,047,972 2,463,681 53.74
- Forex Transactions 2,050,617 2,768,453 717,836 35.01
- Securities Transactions 1,661,480 3,472,385 1,810,906 108.99
- Others 872,194 807,134 (65,060) -7.46
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 301
Page 304
Financial Institution Business and Overseas Banking Network
The Financial Institution Business (FIB) Group and the Overseas Banking Network (OBN) Group effectively carry
MANAGEMENT DISCUSSION AND ANALYSIS
out business activities, including business development with financial institution customers (banks and non-
banks), both international and domestic. In addition, FIB and OBN supervise and develop the business activities
of seven Overseas Branch Offices (KLN) located in Singapore, Hong Kong, Shanghai, the Cayman Islands, and
Dili–Timor Leste, as well as Bank Mandiri (Europe) Limited and Mandiri International Remittance as subsidiaries.
These entities contribute directly through revenue generation and indirectly as distribution channels and gateways
for Bank Mandiri’s overall business.
Financial Institution Business
In 2025, the FIB segment disbursed loans amounting to Rp6.82 trillion, decreased by 22% (yoy) from Rp8.75 trillion
in the previous year. Meanwhile, CASA collection increased from Rp5.47 trillion in 2024 to Rp8.17 trillion in 2025,
a growth of 49.4% (yoy).
FINANCIAL INSTITUTION BUSINESS PRODUCTIVITY AND REVENUE
(In Rp million)
Growth
Description 2024 2025
Nominal %
Total Third-Party Funds 10,450,550 24,493,033 14,041,983 134.3
CASA 5,467,267 8,169,968 2,701,198 49.4
- Current Accounts 5,040,660 7,468,141 2,606,981 51.7
- Savings 426,607 520,827 94,217 22.1
- Time Deposits 4,983,283 16,324,065 11,340,785 227.6
Total Loans 8,748,909 6,822,461 (1,926,447) -22.0
Total Revenue 1,146,870 2,038,886 829,016 77.8
- Fee Based Income 406,207 1,201,411 795,204 195.8
- Net Interest Income 740,663 837,475 96,812 13.1
Overseas Banking Network
The Overseas Banking Network (OBN) supervises and develops the business activities of seven overseas offices
located in Singapore, Hong Kong, Shanghai, the Cayman Islands, and Dili–Timor Leste, as well as Bank Mandiri
(Europe) Limited and Mandiri International Remittance as subsidiaries. These entities contribute directly through
revenue generation and indirectly serve as distribution channels and gateways for Bank Mandiri’s overall business.
In 2025, third-party funds collected by the overseas offices amounted to USD1.13 million, grew by 13.6% (yoy).
Meanwhile, Fee Based Income was recorded at USD78.24 million, grew by 33.5% (yoy), while Net Interest Income
stood at USD179.06 million, remaining relatively stable with a slight correction of -0.4% (yoy).
OVERSEAS UNIT PRODUCTIVITY AND REVENUE
(In USD thousand)
Growth
Description 2024 2025
USD Thousand %
Total Dana Pihak Ketiga 996,991 1,132,894 135,904 13.6
Total Kredit 6,580,064 8,257,621 1,677,557 25.5
Total Fee Based Income 58,623 78,242 19,619 33.5
Total Net Interest Income 179,853 179,064 (789) -0.4
302 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 305
TREASURY & INTERNATIONAL BANKING TREASURY & INTERNATIONAL BANKING
BUSINESS OUTLOOK IN 2026 WORK PLAN FOR 2026
MANAGEMENT DISCUSSION AND ANALYSIS
In 2026, the business outlook for Bank Mandiri’s Taking into account the global and domestic economic
Treasury & International Banking segment is expected to outlook, Treasury & International Banking of Bank
remain solid, supported by improving banking liquidity Mandiri has prepared a range of strategies to maximize
conditions, exchange rate stability, and increasing emerging opportunities. The strategic initiatives are
corporate demand for more integrated hedging and aimed at providing an extensive one-stop solution for
cash management solutions. The increasingly dynamic counterparties, both at the head office and overseas
domestic financial market, driven by capital inflows offices, as follows:
and expectations of gradual global interest rate easing, • Optimizing Bank Mandiri’s liquidity strength to
provides opportunities for treasury business growth provide financing and funding solutions tailored
across foreign exchange, bonds, and derivatives to customer needs, such as bank loans or
transactions. Bank Mandiri is expected to leverage its syndications. Under this initiative, Bank Mandiri
strong fundamentals to increase market-based income also offers a wide range of liquidity solutions,
contributions, particularly through more customized asset development, transaction enhancement,
treasury products for wholesale and large corporate and synergies across various areas with other
customers. domestic banks in Indonesia, particularly Regional
Development Banks.
On the International Banking side, the recovery of • Maximizing Mandiri’s digital capabilities to
global trade activity and increasing ASEAN economic capture the insurance and pension fund (DPLK)
connectivity serve as positive catalysts for expanding ecosystem by positioning the Bank as the main
trade finance transactions, remittances, and cross- operating account for insurance companies and
border services. Bank Mandiri’s overseas network, DPLK through embedded collection and payment
including its branches and subsidiaries across Asia, solutions, while enhancing reciprocal business
represents a competitive advantage in capturing relationships with these institutions.
opportunities in trade financing and international • Re-sharpening the penetration of capital market
syndication transactions. In addition, the integration business by providing extensive solutions to capital
of global transaction banking services with digital market customers and enhancing seamless digital
wholesale platforms will further strengthen Bank services for both wholesale and retail customers.
Mandiri’s ability to deliver faster, more secure, and • Asset growth at overseas branches through both
tailored cash management solutions for multinational loan disbursement and expansion of securities and
corporations and SOEs. trade asset portfolios. Overseas offices proactively
establish cooperation with business units at the
Overall, Bank Mandiri continues to have significant head office as well as with counterpart banks to
opportunities to increase Treasury and International explore business opportunities and extend credit
Banking income in 2026 through the diversification to managed customers that meet the Bank’s
of money market and foreign exchange products, criteria.
enhancement of advisory capabilities, and deeper • Strengthening treasury transaction activities,
penetration into large customer segments requiring increasing trade financing volumes, developing
cross-border transaction solutions. By strengthening cross-border supply chain business, expanding
risk management capabilities, maximizing digital wealth management services, and enhancing
treasury technology, and expanding international remittance transaction flows.
partnerships, Bank Mandiri is strategically positioned • Creating more efficient working processes and
to capture growth momentum in the financial markets providing seamless digital services to customers.
and global trade in the coming year. • Enhancing other services through the provision of
digital solutions for retail treasury transactions via
the Livin’ by Mandiri application.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 303
Page 306
RETAIL BANKING
MANAGEMENT DISCUSSION AND ANALYSIS
RINGKASAN KINERJA
Rp402.81 Rp771.43
trillion trillion
LOANS Increased by THIRD-PARTY Increased by
FUNDS
4.57% yoy 7.45% yoy
Rp61.61
INTEREST
trillion
INCOME AND Increased by
SHARIA INCOME
1.58% yoy
KEY HIGHLIGHTS
Loan growth in Bank Mandiri’s Retail Banking remained solid, driven by the
KUR and KUM segments which recorded positive expansion while maintaining
relatively stable asset quality.
Third-Party Funds in Retail Banking also remained stable, supported by a
stronger composition of low-cost funds (CASA) through digital onboarding
and increased retail customer transactions.
Revenue continued to grow, supported by higher Fee-Based Income from
digital transactions, investment product distribution, and the strengthening
Livin’ ecosystem.
304 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 307
MANAGEMENT DISCUSSION AND ANALYSIS
Amid the dynamics of the digital banking industry and in the consistent success in optimizing the Livin’ by
increasingly intense competition in financial services, Mandiri super app as an integrated financial services
Bank Mandiri’s Retail Banking segment continued to ecosystem that expands customer engagement and
demonstrate solid performance. The effectiveness of increases daily customer transactions. Enhanced
product development strategies and the optimization analytics capabilities and AI-based personalization
of customer ecosystems were reflected in consistent enable Bank Mandiri to better understand customer
loan growth and improvements in portfolio quality. behavior, offer more relevant products, and manage
Through digital transformation driven by Livin’, service risks with greater precision.
capabilities continued to expand, digital transaction
penetration increased, and Bank Mandiri’s position From an innovation perspective, 2025 marked a
as the preferred bank for retail customers was further significant acceleration of digital transformation
strengthened. through the development of lifestyle ecosystem
features within Livin’, the expansion of Livin’ Merchant
Bank Mandiri successfully reinforced the long-term for MSMEs, and more integrated financing and
growth foundation of the retail segment and maintained investment services. Bank Mandiri also strengthened
its leadership in the domestic market, supported by process innovation through straight-through
an extensive distribution network, continuous service processing for retail loan applications, more seamless
innovation, and a strong focus on customer experience. digital onboarding, and enhanced security through
The business activities managed by Bank Mandiri’s advanced biometric authentication. On the physical
Retail Banking cover several subsegments as follows: network side, branch optimization through the smart
branch and hybrid service concepts has made services
1. Micro Banking is responsible for managing more efficient and adaptive to modern customer
individual customers, cooperatives, and other preferences.
business entities that meet the criteria to obtain
loan limits of up to Rp1 billion, as well as managing In addition, Bank Mandiri maintains its competitive
Branchless Banking Agents. advantage through its large business scale, strong
2. Small Medium Enterprises (SME) is responsible cross-segment synergies, and the ability to deliver
for managing individual customers, cooperatives, comprehensive products ranging from savings
business entities, and legal entities that meet the and payment services to wealth management,
criteria to obtain loan limits of up to Rp25 billion. consumer financing, and MSME services. Through
3. Consumer Loan is responsible for managing the combination of aggressive digitalization and
individual customers, cooperatives, and business strengthened retail business fundamentals. Bank
entities that meet the criteria to obtain consumer Mandiri in 2025 was able to maintain healthy growth
financing for housing and motor vehicle purchases. while enhancing customer experience, positioning it
4. Credit Cards are responsible for managing as one of the most competitive and innovative retail
individual customers and legal entities that meet banking service providers in Indonesia.
the requirements to obtain credit cards.
5. Retail Deposit is responsible for managing savings RETAIL BANKING STRATEGY IN 2025
and time deposits.
6. Wealth Management is responsible for managing To maintain the positive growth trend of the Retail
individual customers through priority banking Banking segment in 2025, Bank Mandiri has
services (including portfolio management) and implemented the following strategies:
developing investment products (Mutual Funds
and Securities) according to customer needs. 1. Growth in Bank Mandiri’s retail loan portfolio
continues to focus on downstream business
COMPETITIVE ADVANTAGES AND INNOVATION potential from wholesale customer ecosystems
OF RETAIL BANKING through synergy between the retail and wholesale
segments, while also supporting government
Bank Mandiri’s Retail Banking continues to strengthen strategic projects. Retail loan customer acquisition
its position as a key player in the retail segment through is optimized through customized offerings
a combination of strong digital capabilities, an extensive aligned with market conditions, leveraging branch
distribution network, and data-driven cross-selling networks to reach customers, and optimizing the
capabilities. A key competitive advantage is reflected Livin’ by Mandiri application to simplify the retail
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 305
Page 308
loan application process (such as KSM, Paylater, a. Optimizing the Livin’ Super App to acquire
KPR, Credit Cards, and Motor Vehicle Loans), business and individual customers,
MANAGEMENT DISCUSSION AND ANALYSIS
accompanied by accelerated credit analysis and increasing activation of daily transaction
seamless risk management processes to facilitate usage through additional features such as
customer access while maintaining loan growth debit card personalization services (issuance,
with sound credit quality. replacement, blocking/unblocking), real-
2. Strengthening Bank Mandiri’s liquidity through time foreign currency transfer features,
accelerated and aggressive customer acquisition, and expanded use cases for Livin’ Sukha,
particularly savings customers, focusing on five Livin’ Investment, and Mandiri Credit Cards
main pipelines: downstream wholesale customer as sources of funds for various payment
ecosystems, regional priority sectors, subsidiary transactions.
ecosystems, global and regional communities, and b. Optimizing merchant and card businesses
strategic partners. The optimization of savings to expand ecosystems through merchant
growth among retail customers focuses on payroll acquisition, integrated solutions within
customers, business customers and wealth business ecosystems, game-changer
customers, as well as digitally savvy individual initiatives such as Livin’ Merchant, digital
customers by creating a closed-loop transaction merchant activation, encouraging cross-
ecosystem through lifestyle community border transactions with competitive
approaches and personalized offerings. This exchange rates, and increasing credit card
enables the Bank to deliver end-to-end financial instalment transactions.
solutions while increasing customer engagement, 4. From the operational perspective, Bank Mandiri
transaction volume, and product holding. continues to strengthen its distribution network
3. Bank Mandiri will continue to optimize transaction through branch transformation, network
volume and usage value through digital platforms optimization, and people development to support
to position itself as the primary transaction bank its role as a business orchestrator.
through several initiatives, including:
RETAIL BANKING PRODUCTIVITY AND REVENUE
The productivity and revenue of Retail Banking in 2025 are as follows:
RETAIL BANKING PERFORMANCE
(In Rp million)
Growth
Description 2024 2025
Nominal %
Total Third-Party Funds 827,445,924 803,534,431 (23,911,493) -2.89
Total Credit 397,399,118 404,715,061 7,315,943 1.84
Total Fee Based Income 13,919,400 14,920,246 1,000,846 7.19
Total Net interest Income 50,243,745 48,736,011 (1,496,734) -2.98
The performance of Bank Mandiri’s Retail Banking segment as of December 2025 showed moderate dynamics
amid challenging market conditions. Total Third-Party Funds (TPF) decreased by Rp23.92 trillion to Rp803.52
trillion, or 2.98% (yoy) compared with 2024, mainly due to interest rate competition and a shift in customer
preferences toward other investment instruments. In contrast, retail loan disbursement recorded positive growth
of Rp7.32 trillion to Rp404.72 trillion, or 1.84% (yoy), indicating that financing demand remained resilient.
306 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 309
From Fee-Based Income perspective, annual performance increased by Rp1,000.85 billion to Rp14.92 trillion, a
growth of 7.19% (yoy) as of December 2025. This reflects the success of Bank Mandiri’s strategy in stimulating
MANAGEMENT DISCUSSION AND ANALYSIS
transaction-based initiatives and commission-based services. Meanwhile, Net Interest Income experienced slight
pressure, declining by 2.98% (yoy) to Rp48.74 trillion as of December 2025, in line with margin normalization
due to funding competition and shifts in the loan portfolio. Overall, Bank Mandiri’s Retail Banking performance
remained solid despite pressures on TPF and margins, with non-interest income serving as a key contributor
supporting revenue growth.
MICRO LOANS
Micro loans, or the Micro Banking segment of Bank Mandiri, consist of Micro Business Loans (KUM), People’s
Business Loans (KUR), and Mandiri Multipurpose Loans (KSM). KUM and KUR are productive financing facilities
that support debtors in expanding their business scale or meeting working capital financing needs. Meanwhile,
KSM provides financing solutions for various customer needs without collateral. The performance of micro loans
by loan type as of December 2024 – December 2025 is as follows:
MICRO LOANS BY LOANS TYPE
(In Rp million)
2024 2025 Growth
Description
Nominal (%) Nominal (%) Nominal (%)
Micro Business Loans (KUM) 26,881,324 14.30 30,812,492 15.76 3,931,168 14.62
People's Business Loans (KUR) 63,913,776 33.99 68,511,187 35.05 4,957,411 7.19
Mandiri Multipurpose Loans (KSM) 97,230,136 51.71 96,165,118 49.19 (1,065,018) -1.10
Total Loans 188,025,236 100.00 195,488,797 100.00 7,463,561 3.97
Bank Mandiri’s Micro Loan performance as of December 2025 recorded solid growth, with total loans increasing by
4.91% (yoy), or approximately Rp7.46 trillion compared with 2024. This growth was primarily driven by significant
expansion in People’s Business Loans (KUR), which increased by 7.19% (yoy), equivalent to an additional Rp4.96
trillion. This also raised its contribution to the total micro loan portfolio from 33.99% to 35.05%. This performance
reflects Bank Mandiri’s success in expanding access to productive financing for the MSME segment, in line with
the Government’s focus on strengthening people-based financing.
Meanwhile, Micro Business Loans (KUM) also recorded positive growth of 14.62% (yoy), and its contribution
to total micro loans increased from 14.30% to 15.76%. On the other hand, Mandiri Multipurpose Loans (KSM)
experienced a slight decrease of 1.10% (yoy), resulting in a decline in its portfolio share from 51.71% to 49.19%,
reflecting more cautious demand for consumer loans amid economic conditions that are still adjusting. Overall,
Bank Mandiri’s micro loan portfolio demonstrated a healthy expansion trend, with the composition increasingly
shifting toward productive lending through strong growth in KUR.
MICRO FUNDS BASED ON THIRD-PARTY FUNDS
(In Rp million)
2024 Desember 2025 Pertumbuhan
Uraian
Nominal (%) Nominal (%) Nominal (%)
Savings Account 55,657,144 92.88% 46,357,487 93.95% (9,299,657) -16.71%
Current Account 343,481 0.57% 306,219 0.62% (37,262) -10.85%
Time Deposits 3,924,057 6.55% 2,679,239 5.43% (1,244,818) -31.72%
Savings Account and
56,000,625 93.45% 46,663,706 94.57% (9,336,919) -16.67%
Current Account
Third-Party Funds 59,924,683 100.00% 49,342,945 100.00% (10,581,738) -17.66%
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 307
Page 310
BRANCHLESS BANKING
MANAGEMENT DISCUSSION AND ANALYSIS
Mandiri Agent recorded consistent and solid performance in supporting Bank Mandiri’s financial inclusion strategy
throughout 2025. The optimization of the agent network remained a key focus in expanding the Bank’s presence in
areas not yet served by branch offices. During the year, the number of agents remained adequate and transaction
activities continued to run well, particularly for key services such as cash deposits, cash withdrawals, account
opening, bill payments, and the distribution of government assistance. This demonstrates that Mandiri Agent has
become an important transaction channel for the micro segment and regional communities.
As of December 2025, total Mandiri Agents stood at 111,035 agents, of which approximately 99% consist of
individual agents and the remaining are legal entity agents. Continuous optimization of Mandiri Agent population
and digitalization of processes have been carried out to enhance Branchless Banking business. The results of these
initiatives are reflected in agent customer transactions in 2025, which reached 73.4 million transactions with a
transaction volume of Rp96,8 trillion (grew 8% yoy). As of 2025, Mandiri Agents serve more than 3,5 million (grew
9.3% yoy) customers, with total funds collected of Rp23.7 trillion (grew 10.9% yoy).
MANDIRI AGENT
2021 2022 2023 2024 2025
162,416 156,191 130,100 110,672 111,035
The Branchless Banking network continues to be strengthened through the implementation of the Mandiri Agent
Application as part of the digitalisation of Branchless Banking agent products and services. Bank Mandiri also
collaborates with the Ministry of SOEs and the Social Affairs Office to position Branchless Banking agents as
distribution agents for social assistance programs, including the Kartu Tani program, the Keluarga Harapan
Program (PKH), the Non-Cash Food Assistance Program (BPNT), as well as Village-Owned Enterprises (BUMDes).
Overall, the performance of Mandiri Agent in 2025 reflects the effectiveness of Bank Mandiri’s Branchless Banking
model in expanding access to financial services, supporting the growth of micro businesses, and contributing to
more equitable economic development. With increasing activity levels and strengthened operational capabilities,
this channel is expected to remain one of the key pillars supporting the expansion of Bank Mandiri’s retail and
micro business in the years ahead.
SMALL AND MEDIUM ENTERPRISES LOANS
The Small and Medium Enterprises (SME) segment provides financial support to businesses by providing Working
Capital Loans and Investment Loans with loan ceilings of up to Rp50 billion. The target market of SME segment
includes small and medium entrepreneurs operating in various potential sectors.
2024 2025 Growth
Description
(Rp million) (%) (Rp million) (%) (Rp million) (%)
Working Capital Loans 34,971,368 40.37% 30,561,073 36.03% (4,410,295) -12.61%
Investment Loans 23,099,002 26.67% 23,656,779 27.89% 557,777 2.41%
KAD 28,546,098 32.96% 30,592,081 36.07% 2,045,983 7.17%
Total SME Loans 86,616,467 100.00% 84,809,934 100.00% (1,806,533) -2.09%
As of December 2025, Bank Mandiri’s SME loan portfolio demonstrated solid fundamentals, with total outstanding
loans reaching approximately Rp84.81 trillion, representing 4.43% of Bank Mandiri’s total consolidated loans.
Credit quality remained well maintained, as reflected by 99.01% of the portfolio classified as Performing Loans.
The sectoral composition of the SME portfolio also shows healthy diversification. The trading sector remains
the largest contributor, followed by household equipment and agriculture, reflecting a financing focus sectors
oriented toward domestic demand, In terms of currency composition, 96.13% of loans are denominated in rupiah,
indicating low foreign exchange risk exposure, in line with Bank Mandiri’s prudential banking strategy for the SME
segment.
308 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 311
From loan type perspective. Working Capital Loans accounted for 36.03% of the portfolio, indicating that SME
customers rely on Bank Mandiri’s financing to support the circulation of their business operational activities.
MANAGEMENT DISCUSSION AND ANALYSIS
Meanwhile, 27.89% is allocated to Investment Loans, reflecting the need for financing to support business
expansion, equipment modernisation, and increased production capacity across key sectors.
Bank Mandiri also continues to strengthen financing penetration into the value chain ecosystem, which as of
December 2025 accounted for 57.34% of the total SME portfolio. This strategy provides more stable asset quality
as financing is channelled to business supply chains with more measurable transaction flows and strong business
relationships. This is reflected in the SME loan composition, where 97.88% of the portfolio was classified under
Stage 1, indicating a low Expected Credit Loss (ECL) and that the majority of the portfolio remains in normal
condition.
Overall, Bank Mandiri’s SME loan portfolio as of December 2025 demonstrated resilient and high-quality
performance, aligned with the Bank’s strategy to strengthen productive sectors of the national economy. With a
very low restructuring rate of only 4.26%, Bank Mandiri has maintained asset quality stability while continuing to
support the growth of small and medium enterprises as one of the key pillars of Indonesia’s economy.
SME LOANS BY ECONOMIC SECTORS
(In Rp million)
2024 2025 Pertumbuhan
Description
Nominal (%) Nominal (%) Nominal (%)
Agriculture, Hunting and Agricultural Facilities 10,347,821 11.95% 10,129,768 11.94% (218,053) -2.11
Mining 6,288,087 7.26% 5,650,994 6.66% (637,093) -10.13
Industrial 5,934,946 6.85% 5,653,623 6.67% (281,323) -4.74
Electricity, Gas and Water 127,268 0.15% 102,165 0.12% (25,103) -19.72
Construction 6,931,635 8.00% 6,341,860 7.48% (589,775) -8.51
Trade, Restaurants and Hotels 25,551,005 29.50% 21,814,944 25.72% (3,736,061) -14.62
Transport, Warehousing and Communications 8,249,855 9.52% 7,810,126 9.21% (439,729) -5.33
Healthcare and Education 2,602,822 3.00% 3,019,208 3.56% 416,386 16.00
Financial Services 2,097,067 2.42% 1,811,356 2.14% (285,711) -13.62
Other 18,485,961 21.34% 22,475,890 26.50% 3,989,929 21.58
Total Loans SME Banking 86,616,467 100.00% 84,809,934 100.00% (1,806,533) -2.09
From the TPF perspective, Bank Mandiri’s SME Banking segment was able to collect funds amounting to Rp306,02
trillion in 2025. Of this amount, low-cost funds such as current accounts and savings accounted for a dominant
portion of approximately 90%.
SME FUNDING BY TYPES
(In Rp million)
2024 2025 Growth
Description
Nominal (%) Nominal (%) Nominal (%)
Current Account and Savings Account 234,309,705 89.94% 279,793,469 91.42% 45,483,764 19,41
Time Deposits 26,210,647 10.06% 26,232,185 8.58% 21,538 0,08
Total SME Funds 260,520,352 100.00% 306,025,654 100.00% 45,505,302 17,47
CONSUMER LOANS
Through consumer loans, Bank Mandiri offers a wide range of financing options, including home ownership
financing, credit cards, and multipurpose loans. To support financing for both new and secondary home ownership,
Bank Mandiri has established partnerships with leading developers at the national and regional levels, as well as
several prominent brokerage agencies across Indonesia.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 309
Page 312
In vehicle financing, Bank Mandiri collaborates with two of its subsidiary entities, Mandiri Tunas Finance (MTF)
and Mandiri Utama Finance (MUF). Through this collaboration, Bank Mandiri customers can apply for financing
MANAGEMENT DISCUSSION AND ANALYSIS
for both two-wheeled and four-wheeled vehicles, whether new or used, as well as vehicle-based multipurpose
loans across Indonesia. In addition, Bank Mandiri continues to actively innovate in its retail credit card products to
capture the potential increase in consumer spending in 2025. Accordingly, Bank Mandiri continues to strengthen
the integration of Mandiri Credit Card services with the Livin’ Super App, enabling customers to conduct digital
transactions more conveniently.
As of December 2025, Bank Mandiri’s consumer loan portfolio reached Rp124.42 trillion, grew by 1.35% (yoy)
compared with Rp122.76 trillion as of December 2024. This reflects strengthening household financing demand
in line with the recovery of the domestic economy. The growth was primarily driven by Mandiri Mortgage Loans
(KPR), which increased by Rp4.38 trillion or 6.69% (yoy) to Rp69.88 trillion as of December 2025. This was followed
by Consumer Loans, which increased by 12.46% (yoy) to Rp21.65 trillion from Rp19.25 trillion in the same period
of the previous year.
CONSUMER OUTSTANDING LOANS PERFORMANCE
(In Rp million)
2024 2025 Growth
Description
Nominal (%) Nominal (%) Nominal (%)
Mortgage Loans 65,491,544 53.34 69,875,533 56.16 4,383,989 6.69
Motor Vehicle Loans 35,004,802 28.51 29,507,581 23.72 (5,497,221) -15.70
Credit cards 19,269,947 15.70 21,650,836 17.40 2,380,889 12.36
Others 3,008,513 2.45 3,382,379 2.72 373,866 12.43
Total Consumer Loans 122,774,806 100.00 124,416,329 100.00 1,641,523 1.34
Overall, the quality of Bank Mandiri’s consumer loan portfolio remained strong, with 92.58% classified as
performing loans, while loans in Category 2 accounted for 4.69%, still within a manageable range and reflecting
prudently managed credit risk.
From a product composition perspective, the consumer loan portfolio continues to be dominated by the Mortgage
Loan (KPR) segment, contributing 56.16%. This reflects stable demand for housing financing and Bank Mandiri’s
strategy to expand penetration in both the primary and secondary property markets. Meanwhile, Motor Vehicle
Loans contributed 23.72%. The share of Credit Cards and other consumer loans further enhances diversification,
creating a more balanced portfolio against economic cycle risks.
The majority of consumer loans are denominated in Rupiah, thereby minimizing foreign exchange risk for both
borrowers and the Bank. In addition, the interest rate structure shows that 74.20% of consumer loans apply a
fixed-rate scheme, providing instalment certainty for customers while ensuring stable interest income for Bank
Mandiri. This composition is particularly important amid the ongoing volatility of global and domestic interest
rates.
From an asset quality perspective, Bank Mandiri has maintained a healthy consumer portfolio, with 93.20% of loans
classified under Stage 1, indicating a very strong risk profile and minimal pressure on asset quality. The proportion
of restructured loans also remained relatively low at only 3.18%, reflecting improved repayment capacity among
borrowers after the pandemic and the effectiveness of underwriting and risk management processes.
Participation of consumer loan customers within the value chain ecosystem has also continued to increase, with
18.90% of the portfolio integrated into this ecosystem. This reinforces Bank Mandiri’s strategy to build more
comprehensive and integrated relationships across the consumer, SME, and Wholesale segments, Such an
approach strengthens customer loyalty while expanding opportunities for cross-selling financing products and
non-credit services.
Overall, the performance of Bank Mandiri’s Consumer Loans as of December 2025 reflects healthy growth
supported by strong asset quality and a solid portfolio structure. The combination of prudent risk management
and integration within the value chain ecosystem provides an important foundation for sustainable growth in
Bank Mandiri’s Retail Banking segment going forward.
310 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 313
RETAIL DEPOSIT
MANAGEMENT DISCUSSION AND ANALYSIS
In fundraising, Bank Mandiri continues to focus on the retail segment, particularly in the acquisition of low-cost
funds (current accounts and savings). The growth of retail low-cost deposits in 2025 showed a positive trend, with
the average balance of current accounts and savings reaching Rp185.37 trillion, increasing by 8.57% compared to
the 2024 average balance of Rp170.34 trillion.
RETAIL DEPOSITS FUNDING BY PRODUCTS
(In Rp million)
2024 2025 Growth
Description
Nominal (%) Nominal (%) Nominal (%)
Demand Deposits and Savings 187,432,302 84.98% 207,664,254 87.02% 20,231,952 10.79%
Time Deposits 33,123,641 15.02% 30,979,894 12.98% -2,143,747 -6.47%
Total 220,555,942,60 100.00% 238,644,148 100.00% 18,088,205 8.20%
Bank Mandiri recorded total retail deposits of Rp238.64 trillion, an increase of 8.20% (yoy) compared to Rp220.55
trillion in 2024.
WEALTH MANAGEMENT
Bank Mandiri recorded solid performance with significant growth in its Wealth Management business throughout
2025, as reflected by the receipt of various awards such as The Best Conventional Bank in Service Excellence 2025
(Priority Banking), Best Wealth Management Bank in Indonesia 2025 (Alpha South East Asia Awards), and Best
Private Bank 2025 (Asian Banking Finance).
Funds Under Management
This performance achievement was reflected in the increase in total funds under management, which grew by 17%
(YoY) to reach Rp391 trillion. The growth in funds under management was supported by an increase in Assets
Under Management (AUM) across various investment products, which rose by 29% (YoY) to Rp213 trillion, in
line with increasing customer interest in diverse and innovative investment product solutions supported by the
strength of the Mandiri ecosystem collaboration. In particular, mutual fund products recorded significant growth,
with AUM increasing to Rp52 trillion, up by 112% (YoY), reaffirming Bank Mandiri as the largest Mutual Fund
Selling Agent in the industry, with the largest AUM portfolio in money market mutual funds (Rp36.1 trillion) and
fixed income mutual funds (Rp12.9 trillion).
Product Variations
Through Mandiri Private and Mandiri Prioritas services, Wealth Management also offers Third-Party Funds products
(Savings, Time Deposits, and Current Accounts) and various credit card product variants tailored to customer
segmentation and needs to support transaction convenience for key customers.
Financing needs can also be met through mortgage, car loan, and Personal Loan products, which are offered
with exclusive benefits for Private and Priority Customers. In addition, to complement customers’ investment
needs, Bank Mandiri’s Wealth Management Group also offers a range of investment products in accordance with
customers’ risk profiles.
To meet customers’ investment needs, Bank Mandiri Wealth Management offers a comprehensive range of
investment products tailored to customers’ preferences and risk profiles as investors:
• Mutual Funds
Supported by 73 mutual fund products from 10 reputable Investment Managers, offering a complete range of
products across various asset class types, including money market, fixed income, balanced, equity, and index
mutual funds, accessible through a network of 273 Mutual Fund Selling Agent branches as well as digital
channels via Livin’ Investasi.
• SBN (Government Securities)
Bank Mandiri also offers Retail Government Securities in the primary market as well as various other Government
Debt Securities products in the secondary market through the Treasury Group to meet the investment needs of
customers seeking potential returns not only from capital gains but also from regular coupon income.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 311
Page 314
• Bancassurance Partnership
Through collaborative partnership with AXA Bank Mandiri continues to strengthen trust and loyalty
MANAGEMENT DISCUSSION AND ANALYSIS
Mandiri, Bank Mandiri provides a range of products among premium segment customers through an
that deliver financial protection against health and integrated approach, customer-centric solutions, and
life risks, as well as support for education funding the excellence of professional financial advisors. This
goals, retirement needs, and customers’ asset approach includes the provision of comprehensive and
protection. end-to-end solutions, ranging from investment products
and protection to financial planning and intergenerational
• Retail Brokerage Referral Services wealth management. One such initiative is a strategic
Wealth Management provides Retail Brokerage collaboration with PwC Indonesia to provide tax, legal,
Referral services through collaboration with Partner and family office planning advisory services for key
Securities Companies, offering customers access customers. The availability of this service represents
to transaction services and investment options in a holistic solution for key customers who require a
the capital market. structured approach to asset management, optimization
of financial strategies, and trusted asset protection
• Foreign Exchange Transactions and Structured planning.
Products
Wealth Management also collaborates with the Network
Treasury Group to provide Foreign Exchange Bank Mandiri also strengthened its Wealth Management
transaction services and derivative product service network by operating 63 Priority outlets and 3
offerings such as Structured Products that offer Private Offices across various cities in Indonesia. In
attractive return potential, including Mandiri 2025, a dedicated facility for Private customers was
Deposit Swap, Mandiri Dual Currency Investment, inaugurated through the Mandiri Private Office in
and Mandiri Market-Linked Deposit. Surabaya, becoming the third location after Jakarta
and Medan, along with the opening of the Kediri Priority
• Alternative Investments Outlet to deliver optimal services for Priority customers.
Wealth Management also offers more specialized These services represent the Bank’s commitment to
investment product variations, such as referral delivering a premium banking experience and enhancing
services for Discretionary Fund Management services in line with customer needs.
(KPD). During the year, KPD – ETF Gold USD was
launched in collaboration with Mandiri Investasi to Bank Mandiri will continue to strengthen its advisory role
meet the more comprehensive investment needs as a strategic partner for customers, accelerate digital
of priority customers. transformation, and place long-term relationships built
on trust as the core foundation of Bank Mandiri’s Wealth
Managed Customers Management services.
The growth in funds under management was also
supported by a significant increase in the number of
managed customers in 2025. The number of Wealth RETAIL BANKING BUSINESS OUTLOOK IN 2026
Management managed customers reached 91 thousand
customers by the end of 2025, an increase of more than Supported by relatively stable macroeconomic
30%. This achievement reflects the continued growth conditions, the business outlook for Bank Mandiri’s
in customer trust in the wealth management solutions Retail Banking segment is expected to remain positive
offered by Bank Mandiri. in 2026. Household consumption, individual credit
demand, and the use of digital financial services are
Digitalization projected to increase in line with Indonesia’s economic
Business adaptation was also undertaken through growth, which is estimated to range between 5,33%–
the digitalization of investment product transactions, 5,40% in 2026. Under these conditions, Bank Mandiri
aimed at expanding the retail investor base and sees opportunities to expand, as public demand for
enabling more integrated management of customer consumer credit products such as credit cards, home
funds. This included the introduction of a new feature in ownership loans (KPR), and transactional banking
Livin’ Investasi, namely Secondary Market Government services continues to grow.
Securities (SBN), complementing the range of
investment products such as Mutual Funds, Retail From the perspective of Indonesia’s banking industry,
SBN, and Equities that had been launched previously. the national credit growth projection of 8% to 12%
The growth of Bank Mandiri’s Wealth Management indicates that the market will continue to expand with
business through digital channels also recorded a sufficient banking liquidity to support such growth. With
significant increase, with the number of Livin’ Investasi its large customer base and extensive network, Bank
users reaching more than 1,6 million throughout 2025. Mandiri is well positioned to capture a significant share
312 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 315
of this growth. This is further supported by the Bank’s 2. Strengthening the Bank’s liquidity through
consistent approach in expanding retail lending while accelerated and aggressive customer acquisition
MANAGEMENT DISCUSSION AND ANALYSIS
maintaining a prudent yet progressive strategy. The growth, particularly in savings customers,
expansion is expected to strengthen further alongside by focusing on five main pipelines, namely
improvements in operational cost efficiency. downstream business from wholesale customers,
leading regional sectors, subsidiary ecosystems,
Digital transformation also serves as a key driver of global and regional communities, and strategic
Bank Mandiri’s positive outlook in 2026. Significant partners. Optimization of savings growth in
increases in transactions through Livin’, Livin’ Merchant, retail customers will focus on maximizing payroll
and the Kopra ecosystem have contributed strongly to customers, business and wealth customers, as well
Fee-Based Income. The growth of non-interest income as digitally savvy individual customers by creating
is important as it helps offset pressure on Net Interest a closed-loop transaction ecosystem based on a
Margin (NIM) resulting from higher costs of funds. With lifestyle community approach and personalized
continued strong digital expansion, the Retail Banking offerings. This approach is expected to provide
segment is expected to become increasingly profitable end-to-end solutions for customers’ financial needs
and efficient, as more customers conduct transactions while increasing customer engagement to drive
through digital channels. higher transaction volumes and product holding.
Nevertheless, Bank Mandiri recognises that several 3. The Bank will also continue to optimize transaction
challenges will need to be carefully managed going volumes and the value of digital platform usage
forward. These include potential pressure on interest among customers to position Bank Mandiri as
margins, competition from fintech companies and the primary transaction bank, through several
other banks, as well as the possibility of slower credit initiatives, including:
demand. Overall, the outlook for Bank Mandiri’s Retail a. Optimization of the Livin’ Super App to acquire
Banking segment in 2026 is expected to remain stable business and individual customers, increase
to positive, supported by economic growth, a strong daily transaction activation through enhanced
digital ecosystem, improving efficiency, and a large personalized debit card service features
customer base. In addition, Bank Mandiri continues to (issuance, replacement, blocking/unblocking),
have significant opportunities to expand across various as well as real-time foreign currency transfer
product and service lines. enhancements with multi-currency options,
and expanded use cases of Livin’ Sukha, Livin’
Investasi, and Mandiri Credit Card as a source
RETAIL BANKING WORK PLAN FOR 2026 of funds for various payment transactions.
b. Optimization of merchant and card businesses
To maintain positive growth trend of retail banking to expand the ecosystem through merchant
business in 2026, Bank Mandiri will implement the acquisition, integrated solutions within
following strategies: business ecosystems, Game Changer: Livin’
Merchant, digital merchant activation, driving
1. Retail loan portfolio growth will continue to focus cross-border transactions with competitive
on downstream business potential within the exchange rates, and increasing credit card
wholesale customer ecosystem through synergy installment transactions.
between the retail and wholesale segments, while
also supporting government strategic projects. 4. From an operational perspective, distribution
Optimization of retail loan customer acquisition network enhancement will be carried out through
will be carried out through customized offerings branch transformation, network optimization, and
aligned with market conditions, leveraging people development to strengthen the Bank’s role
the branch network to reach customers, and as a business orchestrator.
optimizing the Livin’ by Mandiri application to
simplify the retail loan application process (such
as KSM, Paylater, mortgage loans, credit cards, and
motor vehicle loans). This will be accompanied
by accelerated credit analysis processes and
seamless risk management to further enhance
customer convenience while ensuring loan growth
is maintained with sound asset quality.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 313
Page 316
HEAD OFFICE
MANAGEMENT DISCUSSION AND ANALYSIS
The Head Office segment manages assets and liabilities, including those related to the Corporate Banking,
Commercial Banking, Institutional Relations, Retail Banking, and Treasury & International Banking segments.
It also receives allocations of costs for centrally provided services to other segments, as well as income and
expenses that are not allocated to other reporting segments. Nevertheless, the productivity and revenue of the
segments discussed in this Annual Report are recorded separately from the assets and liabilities managed by the
Head Office.
PRODUCTIVITY AND REVENUE OF THE HEAD OFFICE SEGMENT
Information regarding the productivity and revenue of the Head Office is presented in the Segment Profitability
notes within the audited financial statements as part of this Annual Report.
Bank Mandiri’s geographical segments consist of Mandiri Indonesia and Mandiri Overseas Offices (KLN).
The Group’s main operations are managed in Indonesia, Asia (Singapore, Hong Kong, Timor-Leste, Shanghai,
Malaysia), Western Europe (United Kingdom), and the Cayman Islands.
314 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 317
GEOGRAPHIC SEGMENT OPERATIONS
REVIEW
MANAGEMENT DISCUSSION AND ANALYSIS
Mandiri Indonesia
The Mandiri Indonesia geographical segment comprises the Wholesale segment, which includes Corporate,
Commercial, Financial Institution, and Institutional Relations segments; the Retail segment, which includes Small
Medium Enterprise, Micro, Wealth Management, and Individual segments; as well as Subsidiaries, which consist
of Sharia Subsidiaries, Insurance Subsidiaries, and Other Subsidiaries (Non-Sharia and Non-Insurance), as
presented in the discussion of Operating Segments in this Annual Report.
Overseas Offices (KLN)
The explanation of the Overseas Offices (KLN) segment has been presented under the International Banking
segment as well as Subsidiaries – Sharia, Subsidiaries – Insurance, and Other Subsidiaries (Non-Sharia and
Non-Insurance) outside Indonesia, as described in the Operating Segments section of this Annual Report.
PRODUCTIVITY & PROFITABILITY OF GEOGRAPHICAL SEGMENTS
Bank Mandiri’s consolidated interest and sharia income increased by 8.71% to Rp164.41 trillion in 2025, compared
to Rp151.23 trillion in 2024. From a geographical segment perspective, Indonesia remained the main contributor
to consolidated performance, posted an income of Rp103.36 trillion, up 2.60% from the previous year. In line
with this, net profit attributable to owners of the parent entity in the consolidated geographical segment reached
Rp56.29 trillion in 2025, an increase of 0.91% from Rp55.78 trillion in 2024.
GEOGRAPHIC SEGMENT PROFITABILITY 2025 (PER 31 DECEMBER 2025) (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 155,890,757 6,252,511 216,033 2,053,165 164,412,466
Interest and Sharia Expenses (53,078,341) (4,044,589) (132,713) (946,788) (58,202,431)
Interest and Sharia Income - Net 102,812,416 2,207,922 83,320 1,106,377 106,210,035
Premium Income - Net 550,415 - - - 550,415
Interest and Sharia and Premium
103,362,831 2,207,922 83,320 1,106,377 106,760,450
Income - Net
Other Operating Income:
Provision and Commission Income 26,823,814 636,871 - 92,729 27,553,414
Others 20,372,682 62,823 13,339 177 20,449,021
Total 47,196,496 699,694 13,339 92,906 48,002,435
(Provision)/reversal of allowance
for impairment losses on financial (11,066,570) (264,585) 446 (178) (11,330,887)
assets and others
Gain on Sale of Securities and
463,146 - - - 463,146
Government Bonds
Other Operating Expenses:
Salaries and Employee Benefits (26,328,123) (250,574) (43,073) (13,684) (26,635,454)
Other General and Administrative
(40,669,107) (230,339) (27,533) (21,972) (40,948,951)
Expenses
Total (66,997,230) (480,913) (70,606) (35,656) (67,584,405)
Non-Operating Income/ (Expense)
533,562 1,099 - (427,837) 106,824
- Net
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 315
Page 318
MANAGEMENT DISCUSSION AND ANALYSIS
Western Cayman
Description Indonesia Asia Consolidated
Europe Islands
Tax Expense (14,702,559) (364,851) (4,020) - (15,071,430)
Net Profit 58,789,676 1,798,366 22,479 735,612 61,346,133
Net Profit Attributable to
Noncontrolling interests - - - - 5,052,183
Equity holders of the Parent Entity - - - - 56,293,950
Consolidated Statement of Financial Position
Loans 1,712,610,103 97,811,019 1,162,601 38,384,233 1,849,967,956
Total Assets 2,644,515,291 132,087,044 4,974,960 48,370,731 2,829,948,026
Demand Deposits and Wadiah
(656,823,767) (9,215,958) (69,865) - (666,109,590)
Demand Deposits
Saving Deposits and Wadiah Saving
(618,288,173) (3,626,797) - - (621,914,970)
Deposits
Time Deposits (521,905,634) (6,967,014) - - (528,872,648)
Total Deposits from Customers (1,797,017,574) (19,809,769) (69,865) - (1,816,897,208)
Total Liabilities (2,069,001,088) (114,056,311) (4,032,224) (25,835,581) (2,212,925,204)
GEOGRAPHIC SEGMENT PROFITABILITY 2024 (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 143,256,544 5,544,063 212,757 2,222,663 151,236,027
Interest and Sharia Expenses (45,035,523) (3,371,107) (137,362) (935,115) (49,479,107)
Interest and Sharia Income - Net 98,221,021 2,172,956 75,395 1,287,548 101,756,920
Premium Income - Net 2,520,813 - - - 2,520,813
Interest and Sharia and Premium
100,741,834 2,172,956 75,395 1,287,548 104,277,733
Income - Net
Other Operating Income:
Provision and Commission Income 22,913,886 527,229 - 6,405 23,447,520
Others 18,343,628 272,474 9,813 97,580 18,723,495
Total 41,257,514 799,703 9,813 103,985 42,171,015
(Provision)/reversal of allowance
for impairment losses on financial (11,314,308) (615,051) 355 - (11,929,004)
assets and others
Gain on Sale of Securities and
149,256 1,041 - - 150,297
Government Bonds
Other Operating Expenses:
Salaries and Employee Benefits (23,681,058) (254,407) (41,119) (14,179) (23,990,763)
Other General and Administrative
(34,386,919) (185,828) (24,756) (22,180) (34,619,683)
Expenses
Total (58,067,977) (440,235) (65,875) (36,359) (58,610,446)
316 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 319
MANAGEMENT DISCUSSION AND ANALYSIS
Western Cayman
Description Indonesia Asia Consolidated
Europe Islands
Non-Operating Income/ (Expense)
1,014,015 (79,245) - (590,879) 343,891
- Net
Tax Expense (14,919,990) (14,919,990) (3,671) - (15,238,365)
Net Profit 58,860,344 1,524,465 16,017 764,295 61,165,121
Net Profit Attributable to
Noncontrolling interests - - - - 5,382,379
Equity holders of the Parent Entity - - - - 55,782,742
Consolidated Statement of Financial Position
Loans 1,517,435,476 75,116,822 672,234 29,992,080 1,623,216,612
Total Assets 2,275,077,684 106,434,035 4,210,018 41,501,525 2,427,223,262
Demand Deposits and Wadiah
(560,332,344) (8,174,487) (69,178) - (568,576,009)
Demand Deposits
Saving Deposits and Wadiah Saving
(576,968,536) (3,223,260) - - (580,191,796)
Deposits
Time Deposits (292,929,427) (4,537,725) - - (297,467,152)
Total Deposits from Customers (1,430,230,307) (15,935,472) (69,178) - (1,446,234,957)
Total Liabilities (1,751,615,503) (88,871,873) (3,337,396) (16,583,544) (1,860,408,316)
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 317
Page 320
SUBSIDIARY
PERFORMANCE OVERVIEW
MANAGEMENT DISCUSSION AND ANALYSIS
Bank Mandiri’s strong performance in 2025 was significantly
supported by contributions from its subsidiaries.
As of December 2025, subsidiaries collectively recorded
net profit of Rp11.69 trillion, grew 1.72% year-on-year (yoy)
compared with the same period in the previous year. This
contribution increased Bank Mandiri’s share of profit to
Rp6.44 trillion, a growth of 5,64% (yoy).
318 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 321
MANAGEMENT DISCUSSION AND ANALYSIS
Total Assets (Rp Million)** Ownership Percentage
Core Commercial
No. Subsidiary Domicile 31 Des 31 Des
Business Operation 31 Des 2024 31 Des 2025
2024 2025
Banking
PT Bank Syariah Syaria
1 1955 Jakarta 408,613,432 456,192,606 51.47 51.47
Indonesia Tbk Banking
PT Bank Mandiri
2 Taspen (Bank Banking 1970 Jakarta 66,232,344 73,025,174 51.10 51.10
Mantap
Bank Mandiri
3 (Europe) Limited Banking 1999 London 4,213,200 4,974,960 100.00 100.00
(BMEL)*
Multi-Finance
PT Mandiri
Consumer
4 Tunas Finance 1989 Jakarta 34,425,455 28,008,731 51.00 51.00
Financing
(MTF)
PT Mandiri
Consumer
5 Utama Finance 2015 Jakarta 15,191,908 18,784,576 99.99 99.99
Financing
(MUF)
Insurance
PT AXA Mandiri
6 Financial Life Insurance 1991 Jakarta 41,914,379 43,813,450 51.00 51.00
Services
Securities, Venture Capital & Others
PT Mandiri
7 Securities 1992 Jakarta 5,161,354 6,068,239 99.99 99.99
Sekuritas
PT Mandiri
Venture
8 Capital 2015 Jakarta 5,967,873 6,406,076 99.99 99.99
Capital
Indonesia*
Mandiri
International
Remittance Kuala
9 Remittance 2009 33,157 37,556 100.00 100.00
Services Lumpur
Sendirian
Berhad (MIR)*
*) Subsidiary Unaudited Financial Statements
**) Subsidiary Audited Financial Statements
SUBSIDIARY PRODUCTIVITY AND REVENUES IN 2025 (IN RP MILLION)
Business Volume** Growth
No. Subsidiary
2024 2025 Rp %
Banking
Bank Syariah Indonesia (BSI)
1
Total Funding 327,454 380,488 53,034 16.20
Total Lending 278,481 318,844 40,363 14.49
Net Income 7,006 7,568 562 8.02
Bank Mandiri Taspen
2
Total Funding 48,825 55,031 6,206 12.71
Total Lending 46,261 50,531 4,269 9.23
Net Interest Income 3,442 3,666 224 6.51
Fee Based Income 421 420 (1) -0.31
Net Income 1,578 1,581 4 0.22
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 319
Page 322
Business Volume** Growth
No. Subsidiary
2024 2025 Rp %
MANAGEMENT DISCUSSION AND ANALYSIS
3 Bank Mandiri (Europe) Limited (BMEL)*
Earning Assets 3,957 4,869 911 23.03
Net Income 17 22 5 29.85
Multi-Finance
Mandiri Tunas Finance (MTF)
4 Baki Debet 60,642 51,352 (9,290) -15.32
Net Income 1,172 400 (772) -65.87
Mandiri Utama Finance (MUF)
5 Baki Debet 35,111 40,643 5,532 15.76
Net Income 300 400 99 33.08
Insurance
6 AXA Mandiri Financial Services (AMFS)
Insurance Income 3,996 4,224 228 5.70
Net Profit for the Year 1,093 1,227 133 12.20
Securities, Venture Capital & Others
Mandiri Sekuritas - Konsolidasi
7
Trading Volume 747,126 1,175,850 428,725 57.38
Underwriting Volume 27,452 27,820 368 1.34
Net Income Consolidated 278 368 89 32.01
Mandiri Capital Indonesia (MCI) - Konsolidasi*
8 Investment Value*** 1,977 1,945 (32) -0.30
Net Income 103 122 19 31.64
9 Mandiri International Remittance (MIR)*
Frekuensi Transaksi Remittance (‘000) 80.86 86.00 5.14 6.4
Net Income 1.23 0.25 0.98 -79.4
*) Subsidiary Unaudited Financial Statements
**) Subsidiary Audited Financial Statements
***) Total balance sheet investee MCI
Business volume indicators are used by Bank Mandiri to measure the productivity of its subsidiaries.
As of December 31, 2025, Bank Syariah Indonesia (BSI) recorded the largest
fund acquisition at Rp380.48 trillion, grew 16.20% (yoy), and maintained the
largest asset ownership among Bank Mandiri’s subsidiaries. Meanwhile,
fundraised by Bank Mandiri Taspen increased to Rp55.03 trillion, a growth of
12.71% (yoy).
From a profitability perspective, BSI and Bank Mandiri Taspen were the two
subsidiaries that contributed the largest net profits. BSI’s net profit increased
to Rp7.57 trillion, grew 8.02% (yoy). Meanwhile, Bank Mandiri Taspen recorded
net profit of Rp1.58 trillion, grew 0.22% (yoy).
320 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 323
The following section presents a summary of the performance of each Bank Mandiri subsidiary as of December
31, 2025, with explanations organized according to the type of business activity.
MANAGEMENT DISCUSSION AND ANALYSIS
PT BANK SYARIAH INDONESIA TBK
STATEMENT OF FINANCIAL POSITION (IN RP BILLION)
Growth
Description 2024 2025
Rp (%)
Assets 408,613 456,193 47,579 11.64
Liabilities 109,867 114,100 2,648 2.59
Equity 45,042 51,953 6,911 15.34
Bank Syariah Indonesia recorded positive growth in its financial performance as of December 2025 despite
challenging economic conditions. Total assets increased by 11.64% (yoy), reflecting the Bank’s ability to expand
its business base in a measured manner through strengthening its financing portfolio and optimizing sharia-
based products. This moderate asset growth also indicated that expansion was carried out prudently while
maintaining financing quality and adhering to sharia prudential principles. Meanwhile, liabilities grew by 2.59%,
indicating stable growth in Third-Party Funds (TPF) and sustained customer confidence in BSI’s sharia banking
services. BSI’s TPF as of December 2025 reached Rp380.49 trillion, grew by 16.20% (yoy).
On capital, equity increased significantly by 15.34% (yoy), reflecting strong profitability and the Bank’s ability to
strengthen its capital structure to support long-term growth. BSI recorded net profit of Rp7.57 trillion, a growth of
8.02% (yoy) as of December 2025. The increase in equity also reflected stronger risk management and improved
efficiency, which in turn enhanced the Bank’s resilience against economic volatility. Overall performance as of
December 2025 indicated that BSI remained on a healthy trajectory with an increasingly solid financial foundation
to support the growth of sharia banking in the coming years.
STATEMENT OF PROFIT OR LOSS (IN RP BILLION)
Growth
Description 2024 2025
Rp (%)
Operating Income 30,855 35,202 4,347 14.09
Expenses* 21,577 25,194 3,617 16.76
Net Profit/(Loss) 7,006 7,568 562 8.02
*Expenses are profit sharing costs, overhead costs and allowance for impairment losses costs
The increase in financing activities throughout 2025 drove BSI to record solid growth in operating income,
reaching Rp35.20 trillion as of December 2025, or an increase of 14.09% (yoy) compared with the same period in
the previous year. The increase in income reflected BSI’s ability to capture the momentum of growing financing
demand while strengthening the foundation of its core business growth. On the other hand, operating expenses
also increased by 16.76% (yoy) to Rp25.19 trillion, in line with improvements in operational quality and investments
in supporting technology and infrastructure. Despite the higher growth in expenses, BSI’s operating performance
structure continued to demonstrate resilience in maintaining profitability and efficiency.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 321
Page 324
PT BANK MANDIRI TASPEN
MANAGEMENT DISCUSSION AND ANALYSIS
STATEMENT OF FINANCIAL POSITION (IN RP BILLION)
Growth
Description 2024 2025
Rp (%)
Assets 66,232 73,025 6,786 10.25
Liabilities 58,444 63,627 5,179 8.86
Equity 7,788 9,397 1,607 20.63
Bank Mandiri Taspen showed relatively stable performance development as of December 2025. Total assets
increased to Rp73.01 trillion; however, the increase remained moderate compared with the increasingly
competitive demands for business expansion. Meanwhile, liabilities also rose to Rp63.62 trillion, reflecting
additional obligations in line with ongoing funding activities, although without significant structural shifts.
At the same time, equity increased to Rp9.39 trillion, providing additional capacity for the Bank to strengthen its
capital position. Overall, Bank Mandiri Taspen’s performance in 2025 continued to move in a positive direction but
remained within a gradual and cautious growth trajectory, as the company focused on maintaining stability amid
a challenging industry landscape.
STATEMENT OF PROFIT OR LOSS (IN RP BILLION)
Growth
Description 2024 2025
Rp (%)
Operating Income 6,619 6,995 376 5.67
Expenses 4,521 4,741 220 4.87
Net Profit/(Loss) 1,577 1,581 4 0.22
Bank Mandiri Taspen continued to demonstrate competitive performance throughout 2025, with operating income
increased moderately to Rp6.99 trillion as of December 2025, supported by sustained lending activities. Although
operating expenses increased in line with business expansion, the company maintained its cost structure at a
relatively manageable level. Amid these dynamics, net profit stood at Rp1.58 trillion, grew by 0.22% (yoy) compared
with the previous year.
BANK MANDIRI (EUROPE) LIMITED
STATEMENT OF FINANCIAL POSITION (IN RP BILLION)
Growth
Description 2024 2025
Rp (%)
Assets 4,213 4,975 762 18.08
Liabilities 3,340 4,032 692 20.73
Equity 873 943 70 7.96
Bank Mandiri (Europe) Limited posted an increase of total assets by 18.08% (yoy) to Rp4.97 trillion as of December
2025, reflecting cautious expansion amid global market uncertainty. This increase indicated the Bank’s focus on
asset placements that provided returns commensurate with risk, allowing growth to remain sustainable.
Meanwhile, the liabilities and equity positions of Bank Mandiri (Europe) Limited reached Rp4.03 trillion and
Rp942.74 billion, respectively, as of December 2025, increased by 20.73% (yoy) and 7.96% (yoy) compared with
Rp4.21 trillion and Rp873 billion in 2024. The movement in liabilities and equity was driven by an increase in
retained earnings and the depreciation of the rupiah against the USD.
322 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 325
STATEMENT OF PROFIT OR LOSS (IN RP BILLION)
Growth
Description 2024 2025
Rp (%)
MANAGEMENT DISCUSSION AND ANALYSIS
Operating Income 87 97 11 12.41
Expenses 67 72 5 7.19
Net Profit/(Loss) 17 22 5 29.85
Operating income of Bank Mandiri (Europe) Limited increased by 12.41% (yoy), from Rp86.54 billion in 2024 to
Rp97.28 billion in 2025. This development was driven by the Bank’s strategy to reallocate assets into higher-
yield assets such as loans and to optimize liquidity in order to control interest expenses. On the other hand,
through efficiency initiatives implemented by Bank Mandiri (Europe) Limited, the increase in expenses in 2025 was
maintained at 7.19% (yoy), enabling net profit to grow by 29.85% (yoy) in 2025 to Rp22.14 billion.
PT MANDIRI TUNAS FINANCE
STATEMENT OF FINANCIAL POSITION (IN RP BILLION)
Growth
Description 2024 2025
Rp (%)
Aset 34,425 28,008 (6,417) -18.64
Liabiltas 29,561 23,092 (6,469) -21.88
Ekuitas 4,864 4,916 52 1.07
In 2025, Mandiri Tunas Finance (MTF) recorded performance that reflected business adjustments amid changing
conditions in the financing market. Total assets stood at Rp28.81 trillion, declined from Rp34.43 trillion in 2024, in
line with the company’s strategy to adopt a more selective approach in expanding its portfolio. Total liabilities also
decreased to Rp23.09 trillion compared with Rp29.56 trillion in the previous year, indicating gradual adjustments
to funding structure. Meanwhile, equity recorded positive growth of 1.07% (yoy), increased from Rp4.8 trillion in
2024 to Rp4.9 trillion as of December 2025. Overall, these movements reflected the company’s efforts to maintain
a sound financial position amid business consolidation and ongoing industry challenges.
STATEMENT OF PROFIT OR LOSS (IN RP BILLION)
Growth
Description 2024 2025
Rp (%)
Operating Income 5,579 4,635 (944) -16.92
Expenses 4,075 4,121 46 1.13
Net Profit/(Loss) 1,172 400 (772) -65.87
MTF recorded a 16.92% (yoy) decline in operating income in December 2025 from Rp5.58 trillion in December 2024
to Rp4.63 trillion. This decrease reflected the impact of macroeconomic and microeconomic uncertainties. The
decrease in revenue directly affected the company’s profitability, with net profit down by 65.87% (yoy), from Rp1.17
trillion in December 2024 to Rp400 billion in December 2025.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 323
Page 326
PT MANDIRI UTAMA FINANCE
MANAGEMENT DISCUSSION AND ANALYSIS
STATEMENT OF FINANCIAL POSITION (IN RP BILLION)
Growth
Description 2024 2025
Rp (%)
Assets 15,050 18,682 3,633 24.14
Liabilities 13,569 16,800 3,232 23.82
Equity 1,481 1,882 401 27.07
In 2025, Mandiri Tunas Finance (MTF) recorded performance that reflected business adjustments amid changing
conditions in the financing market. Total assets stood at Rp28.81 trillion, declined from Rp34.43 trillion in 2024, in
line with the company’s strategy to adopt a more selective approach in expanding its portfolio. Total liabilities also
decreased to Rp23.09 trillion compared with Rp29.56 trillion in the previous year, indicating gradual adjustments
to funding structure. Meanwhile, equity recorded positive growth of 1.07% (yoy), increased from Rp4.8 trillion in
2024 to Rp4.9 trillion as of December 2025. Overall, these movements reflected the company’s efforts to maintain
a sound financial position amid business consolidation and ongoing industry challenges.
STATEMENT OF PROFIT OR LOSS (IN RP BILLION)
Growth
Description 2024 2025
Rp (%)
Operating Income 3,396 3,674 278 8.18
Expenses 2,983 3,152 169 5.66
Net Profit/(Loss) 300 400 99 33.08
The increase in financing activities throughout 2025 positively contributed to MUF’s profitability performance.
Operating income increased by 8.18% to Rp3.67 trillion in 2025. Meanwhile, MUF recorded net profit of Rp400
billion in December 2025, grew 33.08% (yoy) from Rp300 billion in December 2024.
PT AXA MANDIRI FINANCIAL SERVICES
STATEMENT OF FINANCIAL POSITION (IN RP BILLION)
Growth
Description 2024 2025
Rp (%)
Assets 40,749 43,425 2,676 6.57
Liabilities 37,316 39,811 2,494 6.68
Equity 3,433 3,615 182 5.29
*) Liabilities + Participant Funds
Total assets of AXA Mandiri Financial Services (AMFS) increased by 6.57% (yoy) as of December 2025 to Rp43.43
trillion. The increase was primarily driven by the growth in investment assets.
AMFS liabilities also increased by 6.68% (yoy), from Rp37.32 trillion in 2024 to Rp39.81 trillion as of December
2025. The increase was largely attributable to liabilities to non-unit link policyholders. Meanwhile, equity recorded
an increase of 5.29% (yoy) to Rp3.61 trillion from Rp3.43 trillion in 2024.
324 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 327
STATEMENT OF PROFIT OR LOSS (IN RP BILLION)
Growth
Description 2024 2025
Rp (%)
MANAGEMENT DISCUSSION AND ANALYSIS
Insurance Revenue 3.996 4.224 228 5.70%
Insurance Service Expenses 2.931 3.221 290 9.89%
Net Expenses from Reinsurance
65 67 3 4.27%
Contracts Held
Net Insurance Finance Result 197 142 (55) -27.84%
Other Income 118 214 96 80.99%
Net Profit/(Loss) 1.093 1.227 133 12.20%
On operational perspective, AMFS recorded insurance revenue of Rp4.22 trillion as of December 2025, rose 5.70%
(yoy) compared with Rp3.97 trillion in December 2024. The increase was primarily driven by expected claims that
were higher than actual claims realized, as well as stronger contributions from the company’s health insurance
products. Meanwhile, insurance service expenses increased from Rp2.93 trillion to Rp3.22 trillion, a 9.89% (yoy)
increase. As such, AMFS recorded net profit of Rp1.22 trillion in December 2025, grew 12.20% (yoy) compared with
Rp1.09 trillion in December 2024.
PT MANDIRI SEKURITAS
STATEMENT OF FINANCIAL POSITION (IN RP BILLION)
Growth
Description 2024 2025
Rp (%)
Assets 4,390 5,998 1,608 36.63
Liabilities 2,223 3,486 1,263 56.82
Equity 2,168 2,512 344 15.87
Mandiri Sekuritas recorded notable performance dynamics as of December 2025, with total assets increased
to Rp5.99 trillion, grew 36.63% (yoy) compared with 2024. The asset growth was accompanied by a significant
increase in liabilities, which reached Rp3.48 trillion or grew 56.82% (yoy). Meanwhile, Mandiri Sekuritas’ equity
increased by 15.87% (yoy) to Rp2.5 trillion at the end of 2025.
STATEMENT OF PROFIT OR LOSS (IN RP BILLION)
Growth
Description 2024 2025
Rp (%)
Operating Income 1,581 1,796 215 13.60
Expenses 1,229 1,267 38 3.09
Net Profit/(Loss) 278 367 89 32.01
Mandiri Sekuritas recorded an increase in operating income of 13.60% (yoy), rose from Rp1.58 trillion in 2024
to Rp1.79 trillion in 2025. Operating expenses also increased by 3.09% (yoy) to Rp1.26 trillion in 2025. The
lower growth in operating expenses compared with operating income reflected Mandiri Sekuritas’ effective cost
management efforts. As a result, net profit increased by 32.01% (yoy), from Rp278 billion in 2024 to Rp367 billion
in 2025.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 325
Page 328
PT MANDIRI CAPITAL INDONESIA
MANAGEMENT DISCUSSION AND ANALYSIS
STATEMENT OF FINANCIAL POSITION (IN RP BILLION)
Growth
Description 2024 2025
Rp (%)
Assets 5,991 6,401 410 9.06
Liabilities 1,189 1,477 288 24.20
Equity 4,802 4,924 122 2.66
Mandiri Capital Indonesia (MCI) recorded an increase in total assets to Rp6.40 trillion in December 2025, grew
9.06% (yoy) from Rp5.99 trillion in 2024. MCI’s liabilities increased by 24.20%, rose from Rp1.18 trillion in 2024 to
Rp1.47 trillion in December 2025. Meanwhile, MCI’s equity increased from Rp4.80 trillion in 2024 to Rp4.92 trillion
in December 2025.
STATEMENT OF PROFIT OR LOSS (IN RP BILLION)
Growth
Description 2024 2025
Rp (%)
Operating Income 577 691 114 19.80
Expenses 400 518 118 29.38
Net Profit/(Loss) 103 122 19 31.64
On operating performance, MCI posted net operating income of Rp691 billion in December 2025, rose by 19.80%
(yoy) compared with Rp577 billion in the previous year. Meanwhile, operating expenses increased by 29.38% (yoy)
to Rp518 billion from Rp400 billion in 2024. With this operating performance, MCI recorded net profit of Rp122
billion, grew 31.64% compared with Rp103 billion in the previous year.
326 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 329
PT MANDIRI INTERNATIONAL REMITTANCE SENDIRIAN BERHAD
MANAGEMENT DISCUSSION AND ANALYSIS
STATEMENT OF FINANCIAL POSITION (IN RP BILLION)
Growth
Description 2024 2025
Rp (%)
Assets 34,51 37,39 2.88 8.3
Liabilities 12,11 11,56 (0.55) (4.54)
Equity 22,40 25,83 3,43 15.3
Mandiri International Remittance Sendirian Berhad (MIR) recorded asset growth of 8.3% (yoy) as of December
2025, increased from Rp34.51 billion in 2024 to Rp37.39 billion. This increase was mainly driven by additional
operational infrastructure. Meanwhile, MIR’s liabilities decreased by 4.54% to Rp11.56 billion from Rp12.11 billion
in the previous year. On equity side, MIR recorded equity of Rp25.83 billion in 2025, up 15.3% from Rp22.40 billion
in 2024.
STATEMENT OF PROFIT OR LOSS (IN RP BILLION)
Growth
Description 2024 2025
Rp (%)
Operating Income 19,37 19,48 0,11 0.5
Expenses 18,83 19,05 0,22 1.2
Net Profit/(Loss) 1,23 0,25 (0,98) (79.4)
In 2025, MIR recorded operating income of Rp19.48 billion, or 0.5% higher than Rp19.37 billion in the previous year.
The increase in operating income, combined with higher expenses reaching Rp19.37 billion in 2025, resulted in
MIR’s net profit declined by 79.4% to Rp0.25 billion.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 327
Page 330
FINANCIAL REVIEW
MANAGEMENT DISCUSSION AND ANALYSIS
The consolidated financial statements of PT Bank Mandiri (Persero) Tbk and its Subsidiaries as of 31
December 2025 and 31 December 2024, included in this Annual Report, referred as the basis for the analysis
and discussion of financial performance. For the financial years ended on those dates, the consolidated
financial statements comprise the consolidated statements of financial position, consolidated statements
of profit or loss and other comprehensive income, consolidated statements of changes in equity, and
consolidated statements of cash flows.
The consolidated financial statements of PT Bank Mandiri (Persero) Tbk and its Subsidiaries were audited
by the Public Accounting Firm (KAP) Purwanto Susanti dan Surja (formerly Purwantono, Sungkoro & Surja,
a member firm of Ernst & Young Global Limited), with the audit report signed by the auditor Yovita holding
Public Accountant Practice License No. AP.0242.
The KAP’s opinion stated that the consolidated financial statements of PT Bank Mandiri (Persero) Tbk as
of 31 December 2025 and 2024 present fairly, in all material respects, the consolidated financial position
of the Group, as well as its consolidated financial performance and consolidated cash flows for the years
then ended, in accordance with Financial Accounting Standards in Indonesia.
328 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 331
STATEMENTS OF FINANCIAL POSITION
MANAGEMENT DISCUSSION AND ANALYSIS
The consolidated statement of financial position of Rp289.62 trillion as of December 2025, indicating stable
Bank Mandiri shows consistent growth across all key growth in Sharia funding sources.
performance indicators from 2023 to 2025. Total assets
increased by 16.59% year to date (ytd) from December The Company’s equity increased by 4.44% (ytd) or
2024 to December 2025, with nominal growth amounting Rp13.93 trillion to Rp327.40 trillion as of December 2025,
to Rp402.72 trillion. Total assets reached Rp2,829.95 compared to Rp313.47 trillion in 2024. The increase in
trillion as of December 2025. This reflects significant equity was supported by profit growth and the support of
expansion in a number of strategic assets undertaken by Bank Mandiri’s shareholders.
Bank Mandiri during 2025.
Meanwhile, liabilities grew by 18.95% (ytd) or Rp352.52
trillion to Rp2,212.93 trillion as of December 2025,
compared to Rp1,860.41 trillion in 2024. Temporary
Syirkah Funds increased by 14.32%, or Rp36.28 trillion, to
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(In Rp million)
Growth (2024-2025)
Account Post 2023 2024 2025
Nominal %
Assets 2,174,219,449 2,427,223,262 2,829,948,026 402,724,764 16.59
Liabilities 1,660,442,815 1,860,408,316 2,212,925,204 352,516,888 18.95
Temporary Syirkah Fund 226,281,672 253,340,265 289,620,824 36,280,559 14.32
Equity 287,494,962 313,474,681 327,401,998 13,927,317 4.44
Liabilities, Temporary Syirkah
2,174,219,449 2,427,223,262 2,829,948,026 402,724,764 16.59
Fund and Equity
The growth in Bank Mandiri’s total assets was primarily supported by total financial assets, which reached Rp2,723.02
trillion as of December 2025, an increase of 17.18% compared to Rp2,323.82 trillion in 2024. Meanwhile, total non-
financial assets amounted to Rp106.93 trillion. As such, the proportion of total financial assets to total assets increased
to 96.22%, up from 95.74% in the previous year.
FINANCIAL ASSETS
(In Rp million)
Growth (2025-2024)
Financial Assets 2023 2024 2025
Nominal %
Cash 26,431,740 31,665,082 33,857,220 2,192,138 6.92
Current Accounts with Bank Indonesia 108,605,322 105,146,044 238,289,478 133,143,434 126.63
Current Accounts with Other Banks 36,606,090 46,668,439 60,952,583 14,284,144 30.61
Allowance for Impairment Losses (32,205) (30,755) (27,621) 3,134 -10.19
Net 36,573,885 46,637,684 60,924,962 14,287,278 30.63
Placement with Bank Indonesia and
73,888,157 63,230,054 50,471,834 (12,758,220) -20.18
other Banks
Allowance for Impairment Losses (957) (1,679) (1,586) 93 -5.54
Net 73,887,200 63,228,375 50,470,248 (12,758,127) -20.18
Marketable Securities 94,582,122 95,341,556 124,083,270 28,741,714 30.15
Allowance for Impairment Losses (36,281) 136,495 644,704 508,209 372.33
Net 94,545,841 95,478,051 124,727,974 29,249,923 30.64
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 329
Page 332
Growth (2025-2024)
Financial Assets 2023 2024 2025
Nominal %
MANAGEMENT DISCUSSION AND ANALYSIS
Government Bonds - Net 309,182,971 287,272,659 292,817,548 5,544,889 1.93
Other Receivables - Trading
26,044,553 29,974,117 32,072,111 2,097,994 7.00
Transactions
Allowance for Impairment Losses (1,494,653) (1,422,889) (1,432,270) (9,381) 0.66
Net 24,549,900 28,551,228 30,639,841 2,088,613 7.32
Receivables on Securities Purchased
22,692,928 8,290,138 3,903,777 (4,386,361) -52.91
Under Agreements to Resale
Derivative Receivables 1,994,931 7,761,508 7,277,675 (483,833) -6.23
Loans and Sharia Receivables/Financing 1,359,832,195 1,623,216,612 1,849,967,956 226,751,344 13.97
Allowance for Impairment Losses (53,098,619) (49,354,645) (48,033,747) 1,320,898 -2.68
Net 1,306,733,576 1,573,861,967 1,801,934,209 228,072,242 14.49
Consumer Financing Receivables 32,749,796 41,573,306 40,863,200 (710,106) -1.71
Allowance for Impairment Losses (713,044) (934,353) (1,049,570) (115,217) 12.33
Net 32,036,752 40,638,953 39,813,630 (825,323) -2.03
Net Investment Finance Leases 5,489,242 5,757,076 4,153,740 (1,603,336) -27.85
Allowance for Impairment Losses (70,170) (103,337) (134,987) (31,650) 30.63
Net 5,419,072 5,653,739 4,018,753 (1,634,986) -28.92
Acceptance Receivables 14,793,888 9,313,865 8,088,278 (1,225,587) -13.16
Allowance for Impairment Losses (122,212) (31,340) (26,015) 5,325 -16.99
Net 14,671,676 9,282,525 8,062,263 (1,220,262) -13.15
Investments in Shares 1,861,487 2,418,734 2,348,308 (70,426) -2.91
Allowance for Impairment Losses (34,123) (1,986) (1,986) - 0.00
Net 1,827,364 2,416,748 2,346,322 (70,426) -2.91
Assets held for sale - - 253,774 253,774 100.00
Other Assets (Net)* 22,857,709 17,931,411 23,685,270 5,753,859 32.09
Total Financial Assets 2,082,010,867 2,323,816,112 2,723,022,944 399,206,832 17.18
*) Other assets consist of accrued income, receivables from pledged government bonds, customer transaction receivables, receivables from securities
sold, receivables related to ATM and credit card transactions, and receivables from policyholders.
Cash
As of December 2025, Bank Mandiri recorded cash of Rp33.86 trillion, including cash in Automated Teller Machines
(ATMs) amounting to Rp7.58 trillion. Total cash increased by Rp2.19 trillion or 6.92% (ytd) compared to Rp31.67
trillion in 2024. The increase in cash was driven by higher cash in Rupiah amounting to Rp2.67 trillion to Rp30.65
trillion, while cash in foreign currencies decreased by Rp478.12 billion or 12.96% to Rp3.21 trillion.
Current Accounts with Bank Indonesia
Current accounts with Bank Indonesia increased by Rp133.14 trillion or 126.63% (ytd) to Rp238.29 trillion as of
December 2025, compared to Rp105.15 trillion in December 2024. The increase was supported by growth in Rupiah
and USD balances of 140.19% (ytd) and 36.39% (ytd), respectively. Current accounts with Bank Indonesia in Rupiah
amounted to Rp219.55 trillion and in USD were equivalent to Rp18.74 trillion.
Bank Mandiri (Bank only) as of December 2025 recorded a Rupiah Reserve Requirement (GWM) ratio of 7.12%, a
Foreign Currency GWM ratio of 4.10%, a Macroprudential Liquidity Buffer (PLM) ratio of 14.04%, and a RIM Current
Account ratio of 0.00%. These Rupiah GWM, Foreign Currency GWM, PLM, and RIM Current Account ratios were in
compliance with Bank Indonesia regulations.
Current Accounts with Other Banks
Net current accounts with other banks stood at Rp60.92 trillion as of December 2025, an increase of 30.63% (ytd)
compared to Rp46.64 trillion in 2024. Current accounts with other banks in foreign currencies increased by 31.27%
to Rp60.73 trillion as of December 2025. Based on Bank Indonesia’s collectibility classification, this account is
categorized as current, with adequate allowance for impairment losses (CKPN) amounting to Rp27.62 billion. The
average annual interest rate for this account was 0.00% in Rupiah and 1.84% in foreign currencies.
330 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 333
Placements with Bank Indonesia and Other bank, grew from Rp34.29 trillion in 2024 to Rp58.57
Banks trillion as of December 2025, by the government from
MANAGEMENT DISCUSSION AND ANALYSIS
Bank Mandiri recorded net placements with Bank Rp13.43 trillion to Rp22.50 trillion, and by banks from
Indonesia and other banks of Rp50.47 trillion as of Rp5.55 trillion to Rp8.67 trillion. Meanwhile, Bank
December 2025, a decrease of Rp12.76 trillion or Mandiri’s holdings in securities issued by companies
20.18% compared to Rp63.23 trillion in 2024. The decreased from Rp27.85 trillion to Rp22.49 trillion.
decrease was driven by a 40.43% decline in placements
in Rupiah, while foreign currency placements increased Based on remaining maturity, as of December 2025,
by 1.29%. The average interest rate in Rupiah was 6.12% the majority of Rupiah-denominated marketable
and in foreign currencies was 3.88%. securities were short-term or less than 1 (one) year,
amounted to Rp59.81 trillion or 64.75% of total Rupiah
Marketable Securities marketable securities. Similarly, most foreign currency-
Net marketable securities amounted to Rp124.73 denominated marketable securities were short-term,
trillion as of December 2025, an increase of Rp29.25 amounted to Rp27.25 trillion or 84.15% of total foreign
trillion or 30.64% compared to Rp95.48 trillion in currency marketable securities.
2024. This increase was driven by higher third-party
marketable securities of Rp31.93 trillion or 42.51% Government Bonds
compared to Rp75.12 trillion in the previous year. Bank Mandiri’s net holdings of government bonds
increased by 1.93% (ytd) to Rp292.82 trillion as of
The increase in marketable securities by currency was December 2025, compared to Rp287.27 trillion in
supported by holdings in both foreign currencies and 2024. The increase was driven by higher holdings of
Rupiah. Marketable securities in foreign currencies government bonds in Rupiah, which rose by 2.49%
increased to Rp32.39 trillion and in Rupiah to Rp92.38 from Rp235.67 trillion in 2024 to Rp241.55 trillion
trillion as of December 2025. as of December 2025. The proportion of Rupiah-
denominated government bonds as of December 2025
Based on issuer category, the increase in marketable was 82.49%, up from 82.04% in 2024. The composition
securities holdings was primarily influenced by higher of government bonds as of December 2025 and 2024 is
holdings of marketable securities issued by the central illustrated in the following chart:
GOVERNMENT BONDS COMPOSITIONS
Foreign Currency Rupiah
17.96% 17.51%
2024 2025
82.04% 82.49%
Other Receivables – Trade Transactions
Bank Mandiri recorded a 7.32% (ytd) increase in net other receivables – trade transactions, from Rp28.55 trillion in
December 2024 to Rp30.64 trillion in December 2025. The increase was primarily driven by third parties, which grew
by 9.91% (ytd) from Rp22.92 trillion in 2024 to Rp25.19 trillion in December 2025.
By currency, other receivables – trade transactions in Rupiah increased by 4.91% from Rp18.19 trillion in December
2024 to Rp19.08 trillion in December 2025. Similarly, other receivables – trade transactions in foreign currencies
increased by 10.22% from Rp11.79 trillion in December 2024 to Rp12.99 trillion in December 2025.
By type, the increase in this account was supported by growth in other trade transaction receivables, which rose
by 19.23% (ytd) from Rp20.49 trillion in 2024 to Rp24.43 trillion in December 2025. Meanwhile, Supplier Chain
Financing receivables decreased by 24.43% from Rp3.65 trillion in December 2024 to Rp2.76 trillion in December
2025. Supplier Chain Financing receivables contributed 8.60% of total other receivables – trade transactions in
December 2025, compared to 12.18% in 2024.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 331
Page 334
OTHER RECEIVABLES COMPOSITION - TRADE TRANSACTIONS
MANAGEMENT DISCUSSION AND ANALYSIS
Usance L/C Payable at Sight Supplier Chain Others
Financing Receivables
19.45%
15.21%
2024 12.18% 2025 8.60%
68.37% 76.19%
Securities Purchased under Agreements to Resale
The Bank’s securities purchased under agreements to resale reached Rp3.90 trillion as of December 2025, a
decrease of 52.91% compared to Rp8.29 trillion in 2024. There was no impairment; therefore, no allowance for
impairment losses (CKPN) was established for receivables from securities purchased under agreements to resale.
Derivative Receivables
Derivative receivables stood at Rp7.28 trillion as of December 2025, a decrease of 6.23% (ytd) compared to Rp7.76
trillion in 2024. The change was driven by third parties, which decreased to Rp4.25 trillion from Rp4.81 trillion in
2024, while related parties increased to Rp3.03 trillion compared to Rp2.95 trillion in the previous year.
Loans and Sharia Receivables/Financing
Bank Mandiri’s loans and Sharia receivables/financing amounted to Rp1,849.97 trillion as of December 2025, grew
by 13.97% (ytd) compared to Rp1,623.22 trillion in 2024. By currency, the increase in loans was primarily supported
by Rupiah-denominated loans, which grew by 13.07% to Rp1,512.67 trillion in December 2025 from Rp1,337.84
trillion in December 2024. In proportion, Rupiah-denominated loans remained stable at 81.77% of total loans
compared to 82.42% in 2024.
KREDIT YANG DIBERIKAN DAN PIUTANG/PEMBIAYAAN SYARIAH
BERDASARKAN MATA UANG
Foreign Currency Rupiah
17.58% 18.23%
2024 2025
82,42% 81.77%
By type, the growth in Bank Mandiri’s loans and Sharia receivables/financing was driven by increases in loan and
financing categories. There were three types of loans and financing that contributed significantly to the increase in total
loans and financing, namely investment loans, which increased by Rp172.02 trillion or grew by 34.26% (ytd) to Rp674.05
trillion; syndicated loans, which increased by Rp33.77 trillion or grew by 22.26% (ytd) to Rp185.47 trillion; and consumer
loans, which increased by Rp30.35 trillion or grew by 8.84% (ytd) to Rp373.48 trillion.
In addition to these loan and receivable/financing types, Bank Mandiri also extended working capital loans, government
program loans, employee loans, and export loans. The breakdown of the proportion of each loan and receivable/
financing type of Bank Mandiri as of December 2025 and 2024 is as follows:
332 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 335
PORSI JENIS KREDIT YANG DIBERIKAN DAN PIUTANG/PEMBIAYAAN SYARIAH
Investment Working capital Consumer Syndicate Government Program
MANAGEMENT DISCUSSION AND ANALYSIS
Employee Export
21.14%
20.19%
9.35%
10.03%
5.72% 5.33%
3.01% 2.80%
28.69% 1.17% 23.98% 1.23%
2024 2025
30.93% 36.44%
Loans and Sharia Receivables/Financing by Type 2024 2025
Investment 30.93% 36.44%
Working capital 28.69% 23.98%
Consumer 21.14% 20.19%
Syndicate 9.35% 10.03%
Government programs 5.72% 5.33%
Employee 3.01% 2.80%
Export 1.17% 1.23%
By economic sector, the five largest loans and Sharia receivables/financing as of December 2025 were in the industrial
sector amounting to Rp217.09 trillion, agriculture Rp203.99 trillion, trade, restaurants, and hotels Rp203.65 trillion,
mining Rp157.19 trillion, and transportation, warehousing, and communications Rp153.07 trillion.
Meanwhile, the five largest loans and Sharia receivables/financing by economic sector that recorded the highest
percentage growth in December 2025 compared to December 2024 were electricity, gas, and water, which grew by
57.93%, agriculture 30.51%, social services 30.13%, transportation, warehousing, and communications 20.75%, and
trade, restaurants, and hotels 12.79%.
LOANS AND SHARIA RECEIVABLES/FINANCING BASED ON ECONOMIC SECTOR (IN RP MILLION)
Growth
Description 2024 2025
Nominal %
Industry 198,299,361 217,086,468 18,787,107 9.47
Trading, Restaurants and Hotels 180,565,431 203,653,075 23,087,644 12.79
Agriculture 156,305,561 203,989,473 47,683,912 30.51
Business Services 146,987,732 139,875,667 (7,112,065) -4.84
Mining 145,571,176 157,186,029 11,614,853 7.98
Transportation, Warehousing and Communications 126,768,881 153,068,816 26,299,935 20.75
Construction 99,883,788 138,540,617 32,076,556 30.13
Social Services 106,464,061 108,148,636 8,264,848 8.27
Electricity, Gas and Water 62,035,505 97,973,432 35,937,927 57.93
Others 400,335,116 430,445,743 30,110,627 7.52
Total 1,623,216,612 1,849,967,956 226,751,344 13.97
Allowance for impairment losses (49,354,645) (48,033,747) 1,320,898 -2.68
Net 1,573,861,967 1,801,934,209 228,072,242 14.49
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 333
Page 336
Government Program Loans MSME Loan Disbursement
Bank Mandiri actively supported the disbursement of With regard to Micro, Small, and Medium Enterprises
MANAGEMENT DISCUSSION AND ANALYSIS
government program loans. Several types of these loans (MSMEs) financing, Bank Mandiri also played an active
include investment loans, permanent working capital role in distributing MSME loans with government credit
loans, working capital loans, and subsidized housing guarantees in accordance with the Regulation of the
loans under the Housing Financing Liquidity Facility Minister of Finance No. 71/PMK.08/2020 dated June
(FLPP) program. The Government may provide partial or 23, 2020. The government guarantee was provided
full funding for these programs. through guarantee institutions, namely PT Jaminan
Kredit Indonesia and PT Asuransi Kredit Indonesia. As of
To accelerate the National Economic Recovery in 2020, November 30, 2021, MSME loans under this government
the Bank participated in the disbursement of loans credit guarantee scheme had been distributed to 13,352
under the National Economic Recovery (PEN) program in MSME debtors with total loan disbursement amounting to
accordance with the Regulation of the Minister of Finance Rp2.84 trillion.
No. 70/PMK.05/2020, which was subsequently amended
through Regulation of the Minister of Finance No. 104/ In 2022, the MSME credit guarantee program from the
PMK.05/2020 dated August 6, 2020. The loan distribution Government continued under the Regulation of the
program under PEN was sourced from the placement Minister of Finance No. 28/PMK.08/2022 dated March 30,
of government funds in banks, including Bank Mandiri, 2022. As of December 31, 2022, MSME loans under this
in the form of a 3-month deposit amounting to Rp10 government credit guarantee scheme had been distributed
trillion on June 25, 2020. These government funds were to 3,030 MSME debtors with total loan disbursement
subsequently distributed as loans totaling Rp39.04 trillion amounting to Rp148.66 billion.
until the deposit maturity date on September 25, 2020,
after which the funds were returned to the Government. Loan Restructuring
Bank Mandiri implemented loan restructuring through
Based on the evaluation and proposal submitted by Bank several schemes, including extension of loan tenors,
Mandiri, and in accordance with Regulation of the Minister extension of loan tenors combined with reductions in
of Finance No. 104/PMK.05/2020, the Government lending rates, as well as other restructuring schemes.
implemented the Phase II Government Fund Placement These other restructuring schemes primarily consisted
to banks, including Bank Mandiri, in the form of a 110- of reductions in lending rates, rescheduling of overdue
day deposit amounting to Rp15 trillion on September interest, and extensions of the payment period for overdue
25, 2020. The funds were distributed as loans with interest. As of 31 December 2025, Bank Mandiri had
cumulative disbursement reaching Rp66.63 trillion until restructured loans totaling Rp99.14 trillion, increased by
the deposit maturity date on January 13, 2021. The Phase 11.14% compared with Rp89.20 trillion in 2024.
II Government Fund Placement ended and the funds were
returned to the Government on January 13, 2021. The composition of loan restructuring and its collectibility
as of 31 December 2025 and 31 December 2024 is
As of 31 December 2025, outstanding government program presented in the following chart and table.
loans at Bank Mandiri stood at Rp98.63 trillion, increased by
6.19% compared with Rp92.89 trillion in 2024.
THE COMPOSITION OF LOAN RESTRUCTURING AND ITS COLLECTABILITY
Loan term extension Loan term extension and interest Loan term extension and other
rate decrease restructuring schemes
24.10%
20.51%
4.98%
2024 3.04% 2025
72.87% 74.51%
334 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 337
The composition of loan restructuring and its collectability 2024 2025
Loan term extension 72.87% 74.51%
MANAGEMENT DISCUSSION AND ANALYSIS
Loan term extension and interest rate decrease 3.04% 4.98%
Loan term extension and other restructuring schemes 24.10% 20.51%
The amount of restructured loans by collectibility as of 31 December 2025 and 31 December 2024 was as follows:
LOANS RESTRUCTURING COLLECTABILITY (IN RP MILLION)
Growth
Description 2024 2025
Nominal %
Current 41,451,833 50,358,590 8,906,757 21,49
Special Mention 37,974,541 39,520,940 1,546,399 4,07
Substandard 1,038,071 960,207 (77,864) -7,50
Doubtful 601,245 788,221 186,976 31,10
Loss 8,133,333 7,511,235 (622,098) -7,65
Total 89,199,023 99,139,193 9,940,170 11,14
Consumer Financing Receivables
Through its Subsidiaries, Bank Mandiri recorded consumer financing receivables of Rp40.86 trillion as of December
2025, decreased by Rp0.71 trillion or 1.71% compared with Rp41.57 trillion in 2024. Nevertheless, these Subsidiaries
maintained the capability to manage productive assets amid a financing industry that continued to show positive
development. This was reflected in the collectibility composition of financing receivables, which remained
predominantly current, accounting for 92.96% as of December 2025. Meanwhile, the average effective consumer
interest rates for car and motorcycle financing stood at 16.99% and 32.88%, respectively, as of December 2025.
DETAILS OF CONSUMER FINANCING RECEIVABLES BASED ON BANK INDONESIA COLLECTABILITY (IN RP MILLION)
Growth
Description 2024 2025
Nominal %
Current 38,852,457 37,988,114 (864,343) -2.22
Special Mention 2,174,092 2,065,884 (108,208) -4.98
Substandard 214,525 138,255 (76,270) -35.55
Doubtful 215,860 190,304 (25,556) -11.84
Loss 116,372 480,643 364,271 313.02
Total 41,573,306 40,863,200 (710,106) -1.71
Net Investment in Finance Leases
In addition to carrying out consumer financing activities, Bank Mandiri’s Subsidiaries also recorded net investment in
finance leases amounting to Rp4.15 trillion as of December 2025, decreased by Rp1.60 trillion or 27.85% compared
with Rp5.76 trillion in the previous year. The financing contract tenors provided by the Subsidiaries for motor vehicle
financing generally ranged between 12 months and 60 months.
The collectibility of finance lease receivables remained predominantly in the current category, indicating that
the management of productive assets continued to be maintained effectively by the Subsidiaries. The portion of
finance lease receivables classified as current reached 94.05% as of December 2025 and 92.68% as of December
2024, as illustrated in the following table.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 335
Page 338
COLLECTABILITY OF FINANCE LEASES (IN RP MILLION)
MANAGEMENT DISCUSSION AND ANALYSIS
Growth
Description 2024 2025
Nominal %
Current 5,335,749 3,906,449 (1,429,300) -26.79%
Special Mention 390,418 162,179 (228,239) -58.46%
Substandard 9,340 8,391 (949) -10.16%
Doubtful 12,563 12,117 (446) -3.55%
Loss 9,006 64,604 55,598 617.34%
Total 5,757,076 4,153,740 (1,603,336) -27.85%
The average effective interest rates charged to Equity Investments
consumers for finance leases of cars, heavy equipment, Bank Mandiri recorded a 2.91% decrease in equity
and machinery as of December 2025 were 19.93%, investments, from Rp2.42 trillion in December 2024 to
15.00%, dan 12.75%, respectively. In the previous year, Rp2.35 trillion in December 2025. Of the total amount,
the average effective interest rates were recorded at equity investments in related parties decreased by
18.75%, 11.12%, and 18.01%, respectively. 25.50% (ytd) to Rp0.76 trillion, while those in third
parties increased by 13.65% (ytd) to Rp1.59 trillion as
Acceptance Receivables of December 2025.
Bank Mandiri’s acceptance receivables stood at Rp8.09
trillion as of December 2025, decreased by 13.16% Assets Held for Sale
compared with Rp9.31 trillion in the previous year. The Bank Mandiri recorded assets held for sale amounting to
decline was mainly driven by receivables from debtors, Rp0.25 trillion as of December 2025, representing assets of
which decreased by 15.41% to Rp7.22 trillion compared PT Mandiri Manajemen Investasi (MMI) in connection with
with Rp8.53 trillion in December 2024, while receivables Bank Mandiri’s intention, through its Subsidiary PT Mandiri
from other banks increased by 11.45% to Rp0.87 trillion Sekuritas, to transfer 99.93% of its share ownership in MMI
compared with Rp0.78 trillion in the previous year. to Bank Mandiri’s shareholders within the next 12 months.
Acceptance receivables from related parties and Other Assets
third parties decreased to Rp1.16 trillion and Rp6.93 Total other assets – net reached Rp23.69 trillion as of
trillion, respectively, as of December 2025, compared December 2025, increased by 32.09% compared with
with Rp1.70 trillion and Rp7.62 trillion in the previous Rp17.93 trillion in 2024. The increase in other assets was
year. Likewise, based on currency type, acceptance mainly driven by higher receivables on pledged government
receivables denominated in Rupiah decreased from bonds amounting to Rp1.94 trillion, customer transaction
Rp5.51 trillion in December 2024 to Rp4.01 trillion in receivables amounting to Rp1.77 trillion, receivables from
December 2025, while those denominated in foreign securities sales amounting to Rp1.70 trillion, and accrued
currencies increased from Rp3.80 trillion in December income amounting to Rp1.28 trillion.
2024 to Rp4.08 trillion in December 2025.
NON-FINANCIAL ASSETS
(In Rp million)
Growth (2024-2025)
Description 2023 2024 2025
Nominal %
Prepaid Expenses 2,719,789 4,827,723 5,673,038 845,315 17.51
Taxes Prepaid 436,532 739,015 851,625 112,610 15.24
Fixed Assets - net 57,977,707 63,030,845 72,062,331 9,031,486 14.33
Intangible Assets 5,874,598 7,044,743 7,519,158 474,415 6.73
Other assets - net* 15,020,712 19,411,370 16,164,660 (3,246,710) -16.73
Deferred Tax Assets – net 10,179,244 8,353,454 4,654,270 (3,699,184) -44.28
Total Non-Financial Assets 92,208,582 103,407,150 106,925,082 3,517,932 3.40
*) Other assets other than accrued income, receivables from pledged government bonds, customer transaction receivables, receivables from
pending securities sales, receivables related to ATM and credit card transactions, and receivables from policyholders.
336 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 339
Prepaid Expenses In 2024, net direct ownership of construction in progress
The prepaid expenses account consists of treasury amounted to Rp6.56 trillion, direct ownership of office
MANAGEMENT DISCUSSION AND ANALYSIS
transaction costs, loan transaction costs, government equipment and computer equipment amounted to
guarantee fees, building maintenance expenses, Rp3.03 trillion, buildings amounted to Rp7.76 trillion,
insurance premium expenses, personnel expenses, land amounted to Rp42.20 trillion, and motor vehicles
prepaid rent, system maintenance costs, promotion amounted to Rp29.60 billion. Meanwhile, right-of-use
expenses, professional service fees, third-party labor assets amounted to Rp3.44 trillion.
service expenses, and others.
Intangible Assets
Bank Mandiri recorded prepaid expenses of Rp5.67 Bank Mandiri’s intangible assets – net increased
trillion as of December 2025, grew by 17.51% compared by 6.73% (ytd) to Rp7.52 trillion as of December
with Rp4.82 trillion in 2024. The increase in prepaid 2025, compared with Rp7.04 trillion at the end of
expenses was driven by higher credit transaction costs, the previous year. The increase was driven by the
which rose by 47.13% to Rp1,235.19 billion, treasury growth in acquisition cost, which was higher than the
transaction costs increased by 17.21% to Rp1,569.21 increase in accumulated amortization expense. The
billion, system maintenance costs increased by 80.29% acquisition cost and accumulated amortization of
to Rp395.57 billion, prepaid rent increased by 35.69% intangible assets increased to Rp17.77 trillion and
to Rp441.63 billion, personnel expenses increased by Rp10.25 trillion, respectively. In 2024, the acquisition
15.75% to Rp224.84 billion, professional service fees cost and accumulated amortization of intangible
increased by 206.00% to Rp26.62 billion, and other assets amounted to Rp15.74 trillion and Rp8.70 trillion,
expenses rose by 7.01% to Rp628.09 billion. respectively.
Prepaid Taxes Other Assets
Bank Mandiri recorded prepaid taxes of Rp851.63 billion Bank Mandiri recorded total other assets – net of
as of December 2025, increased by 15.24% compared Rp16.16 trillion as of December 2025, decreased by
with Rp739.02 billion in the previous year. The increase 16.73% compared with Rp19.41 trillion in the previous
in prepaid taxes was driven by a higher contribution from year. The decrease was mainly attributable to the
Subsidiaries. The Subsidiaries’ portion increased by reduction in unit link assets by 100.00% to RpNil billion,
Rp136.65 billion, or 27.37% (ytd), to Rp635.97 billion in deferred insurance acquisition costs declined by
December 2025, while Bank Mandiri’s portion decreased 100.00% to RpNil billion, as well as lower balances in
by Rp24.04 billion, or 10.03% (ytd), to Rp215.66 billion. foreign currency term deposits from export proceeds,
In 2024, prepaid taxes attributable to Bank Mandiri foreclosed collateral, management fee receivables, and
amounted to Rp239.70 billion, while those attributable ijarah receivables.
to Subsidiaries amounted to Rp499.31 billion.
Deferred Tax Assets
Fixed Assets Cumulatively, Bank Mandiri recorded deferred tax assets
Bank Mandiri recorded fixed assets – net of Rp72.06 – net of Rp4.65 trillion as of December 2025, decreased
trillion as of December 2025, increased by Rp9.03 trillion by 44.28% (ytd) compared with Rp8.35 trillion at the end
or 14.33% (ytd) compared with Rp63.03 trillion in 2024. of the previous year. The decrease was mainly driven
The increase in fixed assets was mainly driven by higher by the reduction in the allowance for impairment losses
direct ownership – net of buildings amounting to Rp1.52 (CKPN) on loans and receivables/sharia financing by
trillion or 19.61% (ytd) to Rp9.28 trillion, land amounting Rp3.08 trillion to Rp0.63 trillion, as well as unrealized
to Rp3.74 trillion or 8.87% (ytd) to Rp45.94 trillion, office gains from the increase in the fair value of securities
equipment and computer equipment increased by and government bonds measured at fair value through
Rp3.26 trillion or 107.48% (ytd) to Rp6.29 trillion, and other comprehensive income, which decreased by
motor vehicles increased by Rp2.47 billion or 8.36% to Rp636.04 billion to Rp288.99 billion as of December
Rp32.07 billion. Meanwhile, direct ownership – net of 2025. Meanwhile, the provision for employee service
construction in progress decreased by Rp1.95 trillion, award benefits and reserves for employee bonuses and
or 29.72% (ytd), to Rp4.61 trillion as of December 2025. incentives, leave, and THR increased by Rp178.77 billion
Right-of-use assets were recorded at Rp5.90 trillion, to Rp950.88 billion as of December 2025, compared
increasing by 71.31% (ytd). with Rp772.11 billion at the end of the previous year.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 337
Page 340
FINANCIAL LIABILITIES
MANAGEMENT DISCUSSION AND ANALYSIS
(In Rp million)
Growth (2024-2025)
Financial Liabilities 2023 2024 2025
Nominal %
Obligations Due Immediately 4,484,956 5,703,731 4,537,458 (1,166,273) -20.45
Deposits From Customers 1,351,448,149 1,446,234,957 1,816,897,208 370,662,251 25.63
Deposits From Other Banks 17,684,780 27,042,709 20,755,543 (6,287,166) -23.25
Liabilities To Unit-Linked Policyholders 29,194,702 35,487,487 37,850,988 2,363,501 6.66
Securities Sold Under Agreements to
36,330,064 90,256,225 39,955,889 (50,300,336) -55.73
Repurchase
Derivative Payables 2,113,853 7,336,998 6,841,621 (495,377) -6.75
Acceptance Payables 14,793,888 9,136,013 7,919,333 (1,216,680) -13.32
Deferred Tax Liabilities - 9,278 27,996 18,718 201.75
Liabilities Held for Sale - - 127,472 127,472 100.00
Debt Securities Issued 50,317,764 41,141,067 62,205,231 21,064,164 51.20
Estimated Losses on Commitments and
1,143,758 1,114,013 895,791 (218,222) -19.59
Contingencies
Accrued Expenses 4,799,446 5,466,461 6,168,983 702,522 12.85
Other Liabilities 37,399,213 32,656,899 42,339,668 9,682,769 29.65
Fund Borrowings 95,445,459 147,915,981 154,672,422 6,756,441 4.57
Subordinated Loans and Marketable
415,171 403,562 389,779 (13,783) -3.42
Securities
Total Financial Liabilities 1,645,571,203 1,849,905,381 2,201,457,910 351,680,001 19.01
Obligation Due Immediately
Bank Mandiri recorded obligation due immediately of Rp4.54 trillion as of December 2025, decreased by Rp1.17
trillion or 20.45% compared with Rp5.70 trillion in 2024.
Deposits from Customer
Bank Mandiri customer deposits or third-party funds (TPF) on a consolidated basis consist of demand deposits
and wadiah demand deposits, savings and wadiah savings, as well as time deposits. Total TPF of Bank Mandiri as
of December 2025 reached Rp1,816.90 trillion, rose by 25.63% compared with Rp1,446.23 trillion in the previous
year. The composition of Bank Mandiri’s TPF comprised savings and Wadiah savings of Rp621.91 trillion, demand
deposits and Wadiah demand deposits os Rp666.11 trillion, and time deposits amounting to Rp528.87 trillion.
Of the total TPF, low-cost funding or CASA (including temporary syirkah funds) reached 70.89% or Rp1,288.02 trillion
as of December 2025. This CASA balance increased compared with Rp1,148.77 trillion in 2024. The composition of
TPF and the average customer deposit interest rates per year are presented as follows:
BANK MANDIRI TPF COMPOSITION
Demand Deposits Saving Deposits Time Deposits
and Wadiah Demand and Wadiah Saving
Deposits Deposits
20.57%
29.11%
36.66%
2024 39.31% 2025
40.12%
34.23%
338 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 341
MANAGEMENT DISCUSSION AND ANALYSIS
AVERAGE CUSTOMER DEPOSIT INTEREST RATES
Deposits from Customer Currency 2024 2025
Demand Deposits and Wadiah Rupiah 2.71% 2.65%
Demand Deposits Foreign currency 2.71% 2.82%
Saving Deposits and Wadiah Saving Rupiah 0.48% 0.48%
Deposits Foreign currency 0.17% 0.17%
Rupiah 4.06% 4.36%
Time Deposits
Foreign currency 3.48% 3.68%
Deposits from Other Banks
Deposits from other banks consist of demand deposits, wadiah demand deposits and savings; Inter-Bank Call
Money; and time deposits. Cumulatively, total deposits from other banks amounted to Rp20.76 trillion as of
December 2025, decreasing by 23.25% compared with Rp27.04 trillion in the previous year.
Composition of deposits from other banks as of December 2025 comprised Inter-Bank Call Money at 38.61%,
demand deposits, Wadiah demand deposits, and savings at 29.02%, while time deposits accounted for the largest
portion at 32.37%. Composition of deposits from other banks as of December 2025 and 2024, and average annual
interest rates, is presented in the following chart.
AVERAGE INTEREST RATES ON DEPOSITS FROM OTHER BANKS
Demand Deposits Inter-Bank Call Money Time Deposits
and Wadiah Saving
Deposits
32.37%
29.55%
29.02%
2024 33.61% 2025
36.84%
38.61%
AVERAGE INTEREST RATES ON DEPOSITS FROM OTHER BANKS
Deposits from Other Banks Currency 2024 2025
Demand Deposits and Wadiah Rupiah 2.71% 2.65%
Demand Deposits Asing 2.71% 2.82%
Rupiah 0.47% 0.47%
Saving Deposits
Asing 0.17% 0.17%
Rupiah 6.22% 5.22%
Inter-Bank Call Money
Asing 5.15% 4.29%
Rupiah 3.77% 4.24%
Time Deposits
Asing 3.81% 3.68%
Liabilities to Policyholders under Unit-Linked Contracts
This account represents liabilities of Subsidiary to policyholders under Subsidiary’s insurance contracts.
Cumulatively, insurance contract liabilities amounted to Rp37.85 trillion as of December 2025, rose by 6.66%
compared with Rp35.49 trillion in 2024.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 339
Page 342
Liabilities on Securities Sold under Agreements compared with Rp9.14 trillion in the previous year. The
to Repurchase decrease was driven by lower acceptance liabilities to
MANAGEMENT DISCUSSION AND ANALYSIS
Liabilities from securities sold under agreements to both related parties and third parties, which declined
repurchase was Rp39.96 trillion as of December 2025, by 32.63% (ytd) to Rp1.73 trillion and by 5.78% (ytd) to
decreased by Rp50,30 trillion or 55.73% compared with Rp6.19 trillion, respectively, as of December 2025. In
Rp90.26 trillion in 2024. The decrease was primarily 2024, acceptance liabilities to related parties amounted
driven by a reduction in liabilities from securities sold to Rp2.57 trillion, while those to third parties reached
under agreements to repurchase denominated in Rupiah, Rp6.57 trillion.
which declined by 96.87% to Rp1.80 trillion compared with
Rp57.59 trillion in the previous year. Meanwhile, liabilities Liabilities Held for Sale
from securities sold under agreements to repurchase Bank Mandiri recorded liabilities held for sale amounting
denominated in foreign currencies amounted to Rp38.15 to Rp0.13 trillion as of December 2025, representing
trillion as of December 2025. liabilities of PT Mandiri Manajemen Investasi (MMI) in
connection with Bank Mandiri’s intention, through its
Derivative Liabilities Subsidiary PT Mandiri Sekuritas, to transfer 99.93% of its
Bank Mandiri’s derivative liabilities stood at Rp6.84 share ownership in MMI to Bank Mandiri’s shareholders
trillion as of December 2025, decreased by 6.75% within the next 12 months.
compared with Rp7.34 trillion in 2024. The decrease
was mainly driven by a decline in derivative liabilities to Securities Issued
third parties, which fell by 15.95% to Rp4.37 trillion in Consolidated net securities issued, which have not yet
December 2025 from Rp5.20 trillion in 2024. Meanwhile, matured, reached Rp62.21 trillion as of December 2025,
derivative liabilities to related parties increased by increased by 51.20% compared with Rp41.14 trillion
15.67% to Rp2.47 trillion compared with Rp2.13 trillion in the previous year. Of the total amount, securities
in the previous year. issued denominated in Rupiah amounted to Rp39.03
trillion, while those denominated in foreign currencies
Acceptance Liabilities amounted to Rp23.28 trillion. The composition of
Bank Mandiri recorded acceptance liabilities of Rp7.92 securities issued – net denominated in Rupiah and
trillion as of December 2025, decreased by 13.32% (ytd) foreign currencies is as follows:
Foreign Currencies Rupiah
42.88% 37.36%
2024 2025
57.12% 62.64%
Securities issued by Bank Mandiri, both in Rupiah and foreign currencies, are presented in the following table.
Meanwhile, securities issued by the Subsidiaries are disclosed in the audited financial statements Note No. 30
of this Annual Report or in the respective financial statements and annual reports of each Subsidiary issuing the
securities.
Nominal Rating
Securities Series Interest Due Date
(Rp Million) 2024 2025
Rupiah Denomination
30 September
A 1,100,000 7.95% - -
2021
Bank Mandiri Shelf-
30 September
Registration Bond I B 1,500,000 8.50% - -
2023
Phase I Year 2016
30 September
C 2,400,000 8.65% idAAA (Pefindo) idAAA (Pefindo)
2026
340 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 343
Nominal Rating
Securities Series Interest Due Date
(Rp Million) 2024 2025
MANAGEMENT DISCUSSION AND ANALYSIS
A 1,000,000 8.00% - - 15 June 2022
Bank Mandiri Shelf- B 3,000,000 8.50% - - 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% - - 15 June 2020
Bank Mandiri Shelf-
21 September
Registration Bond I - 3,000,000 8.50% - -
2023
Phase III Year 2018
Bank Mandiri Shelf- A 350,000 7.75% idAAA (Pefindo) idAAA (Pefindo) 12 May 2025
Registration Bond II
Bank Mandiri Phase I B 650,000 8.30% idAAA (Pefindo) idAAA (Pefindo) 12 May 2027
Year 2020
Bank Mandiri A 1,950,000 5.80% idAAA (Pefindo) idAAA (Pefindo) 4 July 2026
Sustainable Green
Bond I Phase I Year B 3,050,000 6.10% idAAA (Pefindo) idAAA (Pefindo) 4 July 2028
2023
29 December
A 1,000,000 4.85% - idAAA (Pefindo)
2026
Bank Mandiri
19 December
Sustainable Bond I B 2,000,000 5.45% - idAAA (Pefindo)
2028
Phase I Year 2025
19 December
C 2,000,000 5.95% idAAA (Pefindo)
2030
Bank Mandiri Green A 500,000 6.35% idAAA (Pefindo) 5 April 2026
Bond I Phase II Year
2025 B 4,500,000 6.35% idAAA (Pefindo) 25 March 2028
Foreign Currency Denomination (full value)
Euro Medium Term
Baa2 (Moody’s) Baa2 (Moody’s)
Notes II (Obligasi Euro
- USD500,000,000 4.75% dan BBB- (Fitch dan BBB (Fitch 13 May 2025
Medium Term Notes)
Ratings) Ratings)
Year 2020
Euro Medium
Term Notes III Baa2 (Moody’s) Baa2 (Moody’s)
(Sustainability Bond - USD300,000,000 2.00% dan BBB- (Fitch dan BBB (Fitch 19 April 2026
Bank Mandiri 2021) Ratings) Ratings)
Year 2021
Euro Medium Term
Baa2 (Moody’s) Baa2 (Moody’s)
Notes IV (Sustainability
- USD300,000,000 5.50% dan BBB- (Fitch dan BBB (Fitch 4 April 2026
Bond Bank Mandiri
Ratings) Ratings)
2023) Year 2023
Euro Medium Term
Baa2 (Moody’s)
Notes V (Sustainability
- USD800,000,000 4.90% - dan BBB (Fitch 24 March 2028
Bond Bank Mandiri
Ratings)
2025) of 2025
Estimated Losses on Commitments and Contingencies
Bank Mandiri recorded estimated losses on commitments and contingencies of Rp895.79 billion as of December
2025, decreased by 19.59% compared with Rp1.11 trillion in the previous year. The decrease was in line with lower
beginning balance of the year, which declined from Rp1.14 trillion to Rp1.11 trillion as of December 2025.
Accrued Expenses
Accrued expenses increased by 12.85%, from Rp5.47 trillion in December 2024 to Rp6.17 trillion in December 2025.
The increase in this account was mainly driven by higher interest expenses, which rose from Rp2.41 trillion in
December 2024 to Rp2.81 trillion in December 2025.
Other Liabilities
As of December 2025, Bank Mandiri recorded other liabilities of Rp42.34 trillion, rose by 29.65% compared with Rp32.66
trillion in 2024. The increase in other liabilities was mainly driven by dividend liabilities, which increased from RpNil trillion
in December 2024 to Rp9.32 trillion in December 2025. In addition, liabilities related to customer transfer transactions
increased to Rp4.70 trillion in December 2025, compared with Rp1.58 trillion in the previous year.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 341
Page 344
Borrowings represented Bank Mandiri Subordinated Medium Term
Borrowings received by Bank Mandiri reached Rp154.67 Notes (MTN) II Year 2023 issued on June 23, 2023,
MANAGEMENT DISCUSSION AND ANALYSIS
trillion as of December 2025, rose by 4.57% compared with a tenor of five years and a fixed interest rate
with Rp147.92 trillion in the previous year. The increase of 6.95% per annum, rated idAA by Pefindo. These
in borrowings was driven by higher borrowings subordinated securities will mature on June 23, 2028.
denominated in foreign currencies, which increased by The Subordinated MTN II can be recognized as a Tier
32.32% (ytd) from Rp97.21 trillion in 2024 to Rp128.63 2 capital component in accordance with approval from
trillion in December 2025. Meanwhile, borrowings the Financial Services Authority through Letter No. SR-
denominated in Rupiah decreased by 48.64% from 51/PB.21/2023 dated July 20, 2023.
Rp50.70 trillion in 2024 to Rp26.04 trillion in December
2025. Bank Mandiri also obtained two-step loans from the
Asian Development Bank through the Ministry of
Subordinated Loans and Marketable Securities Finance of the Republic of Indonesia to finance the
Cumulatively, Bank Mandiri’s subordinated loans Micro Credit Project (PKM). The outstanding balance of
and securities amounted to Rp389.78 billion as of this loan amounted to Rp90.11 billion as of December
December 2025, decreased by 3.42% compared with 2025, with a tenor from January 5, 2005 to July 15,
Rp403.56 billion in 2024. Of this amount, Rp100 billion. 2029.
NON-FINANCIAL LIABILITIES
(In Rp million)
Growth (2024-2025)
Non-Financial Liabilities 2023 2024 2025
Nominal %
Tax Payable 2,690,902 3,078,642 3,327,702 249,060 8.09
Employee Benefits Liabilities 11,894,629 7,160,018 7,899,583 739,565 10.33
Provision 286,081 264,275 112,537 (151,738) -57.42
Total Non-Financial Liabilities 14,871,612 10,502,935 11,339,822 836,887 7.97
Taxes Payable
Taxes payables increased by 8.09% to Rp3.33 trillion as of December 2025, compared with Rp3.08 trillion in 2024.
Employee Benefits Liabilities
Bank Mandiri recorded employee benefits liabilities of Rp7.90 trillion as of December 2025, rose by 10.33%
compared with Rp7.16 trillion in 2024. The increase was driven by higher reserves for bonuses, incentives, leave,
and THR, which increased to Rp3.88 trillion from Rp3.66 trillion in the previous year. In addition, the provision for
employee service award benefits increased from Rp3.49 trillion to Rp4.02 trillion as of December 2025.
Provisions
Provisions stood at Rp112.54 billion as of December 2025, decreased by 57.42% (ytd) compared with Rp264.28
billion in the previous year.
Temporary Syirkah Funds
Bank Mandiri recorded temporary syirkah funds derived from customer deposits and deposits from other banks, as
presented in the following table.
(In Rp million)
Growth (2024-2025)
Temporary Syirkah Funds 2023 2024 2025
Nominal %
Deposits from customers 225,501,470 252,661,959 288,866,943 36,204,984 14.33
Deposits from other Banks 780,202 678,306 753,881 75,575 11.14
Total Temporary Syirkah Funds 226,281,672 253,340,265 289,620,824 36,280,559 14.32
342 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 345
Deposits from Customers
Bank Mandiri’s customer deposits consist of mudharabah demand deposits, mudharabah savings, mudharabah
MANAGEMENT DISCUSSION AND ANALYSIS
time deposits, and mudharabah musytarakah demand deposits. Cumulatively, customer deposits amounted to
Rp288.87 trillion as of December 2025, increasing by 14.33% (ytd) compared with Rp252.66 trillion in the previous
year.
Of the total customer deposits, Mudharabah time deposits accounted for the largest portion at 50.37% as of
December 2025, followed by Mudharabah savings at 34.38%, and Mudharabah demand deposits and Mudharabah
musytarakah demand deposits at 15.24%. In the previous year, the respective portions were 51.54%, 33.74%, and
14.72%.
TEMPORARY SYIRKAH FUNDS – DEPOSITS FROM OTHER BANKS
Demand Deposits – Restricted Investment, Saving Deposits – Restricted Time Deposits – Mudharabah –
Mudharabah Demand Deposits - Investment And Unrestricted Unrestricted Investment
Unrestricted Investment and Mudharabah Investment - Mudharabah
Musytarakah Demand Deposits
50.37%
51.54%
15.24%
2024 14.72% 2025
33.74% 34.38%
Temporary Syirkah Funds – Deposits from Other Banks 2024 2025 (Q3)
Demand Deposits – Restricted Investment, Mudharabah Demand Deposits -
14.72% 15.24%
Unrestricted Investment and Mudharabah Musytarakah Demand Deposits
Saving Deposits – Restricted Investment And Unrestricted Investment -
33.74% 34.38%
Mudharabah
Time Deposits – Mudharabah – Unrestricted Investment 51.54% 50.37%
Deposits from Other Banks
Deposits from other banks consist of mudharabah demand deposits, mudharabah savings, and mudharabah time
deposits. Cumulatively, deposits from other banks remained predominantly composed of mudharabah savings at
81.82% and mudharabah time deposits at 11.24% as of December 2025. In 2024, the composition of these two types of
deposits from other banks was recorded at 79.10% and 13.93%, respectively, as illustrated in the following chart.
TEMPORARY SYIRKAH FUNDS -DEPOSITS FROM OTHER BANKS
Giro mudharabah - investasi tidak terikat Tabungan mudharabah - Investasi Deposito mudharabah - investasi
tidak terikat - tidak terikat
11.24%
13.93%
6.94%
2024 6.97% 2025
79.10% 81.82%
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 343
Page 346
EQUITY
MANAGEMENT DISCUSSION AND ANALYSIS
(In Rp million)
Growth (2024-2025)
Description 2023 2024 2025
Nominal %
Issued and Fully Paid-in Capital 11,666,667 11,666,667 11,666,667 - 0.00
Additional Paid-in Capital/Agio 17,643,264 18,095,274 18,095,274 - 0.00
Treasury shares acquired and held by the
- - (403,625) (403,625) 100.00
Company
Differences Arising from Translation of
(146,299) 10,289 152,018 141,729 1377.48
Financial Statements in Foreign Currencies
(Loss)/Net Unrealized Gain from (Decrease)/
Increase in Fair Value of Marketable Securities
and Government Bonds - Net of Deferred Tax (1,837,760) (2,160,850) 1,146,052 3,306,902 -153.04
Fair Value Through Other Comprehensive
Income
Effective Portion of Cash Flow Hedges 1,429 (8,885) (11,218) (2,333) 26.26
Net Differences in Fixed Assets Revaluation 34,716,693 34,772,745 38,445,684 3,672,939 10.56
Net Actuarial Gain from Defined Benefit
1,517,183 1,595,606 1,374,981 (220,625) -13.83
Program - Net of Deferred Tax
Other Comprehensive Income 85,052 85,052 85,052 - 0.00
Difference In Transactions with Noncontrolling
(97,202) (309,938) (309,938) - 0.00
Parties
Retained Earnings 197,303,757 220,050,469 223,509,722 3,459,253 1.57
Noncontrolling Interests in Net Assets of
26,642,178 29,678,252 33,651,329 3,973,077 13.39
Consolidated Subsidiaries
Total Equity 287,494,962 313,474,681 327,401,998 13,927,317 4.44
Total equity of Bank Mandiri as of December 2025 amounted to Rp327.40 trillion, rose by 4.44% compared with
Rp313.47 trillion in 2024. The increase in equity was mainly supported by higher non-controlling interests in the net
assets of consolidated Subsidiaries, which reached Rp3.97 trillion compared with Rp29.68 trillion in the previous
year.
344 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 347
CONSOLIDATED STATEMENT OF PROFIT
OR LOSS AND OTHER COMPREHENSIVE
MANAGEMENT DISCUSSION AND ANALYSIS
INCOME
Bank Mandiri recorded a 0.30% (ytd) increase in profit for the year to Rp61.35 trillion as of December 2025,
compared to Rp61.16 trillion in 2024. The increase in profit was in line with net interest and Sharia income, which
grew by 4.38% (yoy), supported by the 13.97% (ytd) growth in loans and Sharia receivables/financing in 2025. In
addition, this business expansion was balanced by efficiency in interest and Sharia expenses, as well as improved
management of earning assets.
(In Rp million)
Growth (2024-2025)
Description 2023 2024 2025
Nominal %
Operating Income and Expenses
Net Interest and Sharia Income 95,886,574 101,756,920 106,210,035 4,453,115 4.38
Net Premium Income 2,123,046 2,520,813 550,415 (1,970,398) -78.17
Net Interest, Sharia and Premium Income 98,009,620 104,277,733 106,760,450 2,482,717 2.38
Other Operating Income 40,522,846 42,171,015 48,002,435 5,831,420 13.83
Allowance For Impairment Losses (11,152,853) (11,811,786) (10,359,492) 1,452,294 -12.30
Provision For Impairment Losses on
918,531 33,829 259,675 225,846 667.61
Commitments and Contingencies
Provision for Other Allowances 85,615 (151,047) (1,231,070) (1,080,023) 715.02
Gains On Sale of Marketable Securities and
125,295 150,297 463,146 312,849 208.15
Government Bonds
Other Operating Expenses (53,867,491) (58,610,446) (67,584,405) (8,973,959) 15.31
Income From Operation 74,641,563 76,059,595 76,310,739 251,144 0.33
Non-Operating Income/(Expense) - Net 43,318 343,891 106,824 (237,067) -68.94
Income Before Tax Expense and
74,684,881 76,403,486 76,417,563 14,077 0.02
Noncontrolling Interest
Tax Expense - Net (14,633,011) (15,238,365) (15,071,430) 166,935 -1.10
Income for The Year 60,051,870 61,165,121 61,346,133 181,012 0.30
Items that will not be Reclassified to Profit
(15,051) 259,871 3,456,361 3,196,490 1230.03
or Loss
Items that will be Reclassified to Profit
921,140 (278,227) 3,671,427 3,949,654 -1419.58
or Loss
Other Comprehensive Income/(Expense)
906,089 (18,356) 7,127,788 7,146,144 -38930.83
For the Year – Net of Income Tax
Total Comprehensive Income for the Year 60,957,959 61,146,765 68,473,921 7,327,156 11.98
Net Income Attributable to:
Parent Entity Owner 55,060,057 55,782,742 56,293,950 511,208 0.92
Noncontrolling Interests 4,991,813 5,382,379 5,052,183 (330,196) -6.13
60,051,870 61,165,121 61,346,133 181,012 0.30
Total comprehensive income for the year attributable to:
Parent Entity 55,916,730 55,740,401 63,192,562 7,452,161 13.37
Noncontrolling Interests 5,041,229 5,406,364 5,281,359 (125,005) -2.31
60,957,959 61,146,765 68,473,921 7,327,156 11.98
Basic and Diluted Earnings Per Share
Attributable to Equity Holders of the 589.93 597.67 603.23 5.56 0.93
Parent Entity (full amount of Rupiah)
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 345
Page 348
Interest Income
Interest income amounted to Rp139.65 trillion as of December 2025, increased by 7.72% (ytd) compared to
MANAGEMENT DISCUSSION AND ANALYSIS
Rp129.64 trillion in 2024. The increase was primarily driven by loan disbursement expansion, which grew by 13.97%
(ytd) during the period. This was reflected in interest income from loans amounting to Rp109.87 trillion in 2025, or
grew by 9.75% (yoy) from Rp100.11 trillion in the previous year. In addition, another major source of interest income
was government bonds, which amounted to Rp14.15 trillion in 2025. However, interest income from government
bonds decreased by 6.85% (yoy) from Rp15.19 trillion in 2024.
(In Rp million)
Growth (2024-2025)
Description 2023 2024 2025
Nominal %
Loans 84,335,234 100,107,075 109,869,267 9,762,192 9.75
Government Bonds 16,410,277 15,186,343 14,146,067 (1,040,276) -6.85
Consumer Financing Income 6,285,050 7,092,516 6,624,748 (467,768) -6.60
Placements with Bank Indonesia and Other Banks 3,224,536 3,507,428 3,915,675 408,247 11.64
Marketable Securities 2,742,203 2,419,111 3,501,440 1,082,329 44.74
Others 750,321 1,326,168 1,592,240 266,072 20.06
Total Interest Income 113,747,621 129,638,641 139,649,437 10,010,796 7.72
Sharia Income
Bank Mandiri’s Sharia income amounted to Rp24.76 trillion as of December 2025, increased by 14.66% compared
to Rp21.60 trillion in 2024. The increase in Sharia income was primarily driven by a 27.26% (yoy) increase in profit
sharing from Musyarakah to Rp9.98 trillion and an 8.26% (yoy) increase in net Murabahah and Istishna income to
Rp14.51 trillion in 2025, as shown in the following table.
(In Rp million)
Growth (2024-2025)
Description 2023 2024 2025
Nominal %
Murabahah and Istishna Income 12,700,105 13,404,056 14,510,697 1,106,641 8.26
Musharakah Income Sharing 5,853,512 7,841,528 9,978,945 2,137,417 27.26
Ijarah Income 145,753 192,124 126,119 (66,005) -34.36
Mudharabah Income Sharing 97,479 159,678 147,268 (12,410) -7.77
Total Shariah Income 18,796,849 21,597,386 24,763,029 3,165,643 14.66
Interest Expense
Bank Mandiri’s total interest expense as of December 2025 increased by 17.98% (ytd) to Rp49.07 trillion, compared
to Rp41.59 trillion in the previous year. The increase was primarily driven by higher interest expense on current
accounts, which grew by 7.81% (ytd) to Rp15.93 trillion, and higher interest expense on time deposits, which
increased by 35.45% (ytd) to Rp17.50 trillion.
(In Rp million)
Growth (2024-2025)
Description 2023 2024 2025
Nominal %
Demand Deposits 10,601,021 14,779,962 15,933,820 1,153,858 7.81
Time Deposits 9,480,299 12,920,953 17,501,442 4,580,489 35.45
Fund Borrowings 4,624,638 6,438,445 8,099,951 1,661,506 25.81
Securities Sold with Repurchase Agreement
1,390,571 3,215,029 3,103,782 (111,247) -3.46
(Repo)
Saving Deposits 2,082,251 2,309,256 2,192,927 (116,329) -5.04
Securities Issued 2,484,487 1,925,021 2,225,080 300,059 15.59
Loans and Subordinated Securities 1,461 1,413 9,024 7,611 538.64
Total Interest Expense 30,664,728 41,590,079 49,066,026 7,475,947 17.98
Sharia Expense
Bank Mandiri’s total Sharia expense as of December 2025 increased by 15.81% (ytd) to Rp9.14 trillion, compared
to Rp7.89 trillion in the previous year. The increase was primarily driven by higher Mudharabah deposit expenses,
which rose by 18.95% (ytd) to Rp6.59 trillion. In addition, other Sharia expense components, including Musytarakah
– Mudharabah Musytarakah, Mudharabah savings, issued Sharia securities, and restricted investments, also
increased compared to the previous year. However, financing received declined.
346 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 349
(In Rp million)
Growth (2024-2025)
Description 2023 2024 2025
Nominal %
MANAGEMENT DISCUSSION AND ANALYSIS
Mudharabah Deposits 4,148,029 5,539,667 6,589,557 1,049,890 18.95
Musytarakah - Mudharabah Musytarakah 812,767 1,120,870 1,318,108 197,238 17.60
Mudharabah Savings 466,655 432,774 438,716 5,942 1.37
Accepted Financing 254,035 405,816 213,822 (191,994) -47.31
Sharia Securities Issued 192,366 209,236 362,424 153,188 73.21
Restricted Investments 119,316 180,665 213,778 33,113 18.33
Total Sharia Expenses 5,993,168 7,889,028 9,136,405 1,247,377 15.81
Net Interest and Sharia Income
Bank Mandiri’s net interest and Sharia income as of December 2025 amounted to Rp106.21 trillion, increased by
4.38% (ytd) compared to Rp101.76 trillion in the previous year. The increase was driven by higher interest and Sharia
income from loans and Sharia financing.
Net Premium Income
Bank Mandiri’s net premium income amounted to Rp550.42 billion as of December 2025, a decrease of 78.17%
compared to Rp2.52 trillion in 2024. The decline was due to the impact of the implementation of PSAK 117.
Net Interest, Sharia and Premium Income
Net interest, Sharia and premium income amounted to Rp106.76 trillion as of December 2025, an increase of 2.38%
compared to Rp104.28 trillion in 2024.
Other Operating Income
Bank Mandiri recorded other operating income derived from fee and commission income, fair value through profit
or loss – net income, and other income. Cumulatively, other operating income amounted to Rp48 trillion as of
December 2025, an increase of 13.83% compared to Rp42.17 trillion in 2024.
The increase in other operating income was primarily driven by higher fee and commission income, which rose by
17.51% from Rp23.45 trillion in 2024 to Rp27.55 trillion. Fee and commission income included income from loans
amounting to Rp7.02 trillion and e-channel transactions amounting to Rp5.28 trillion as of December 2025. The
detailed components of fee and commission income are as follows:
(IN RP MILLION)
Growth (2024-2025)
Description 2023 2024 2025
Nominal %
Loans 4,464,991 5,975,365 7,024,918 1,049,553 17.56
E-Channel Transaction 3,891,213 4,426,297 5,275,236 848,939 19.18
Credit card 2,772,976 3,180,165 4,119,616 939,451 29.54
Deposits Transactions 3,000,540 3,148,013 3,301,091 153,078 4.86
Remittances, Clearing and Collections 1,717,102 2,228,007 2,779,749 551,742 24.76
Trade Transactions 1,570,871 1,692,064 1,709,977 17,913 1.06
Marketable Securities 1,274,341 1,100,888 1,502,153 401,265 36.45
Bancassurance and mutual funds 97,000 634,330 620,273 (14,057) -2.22
Financial Advisor 398,818 499,656 311,495 (188,161) -37.66
Custodians and Trustees 277,576 254,452 235,154 (19,298) -7.58
Restructuring Compensation Income (Ta'wid) 32,214 27,467 23,145 (4,322) -15.74
Others 650,768 280,816 650,607 369,791 131.68
Total Provisioning and Commission Revenue 20,148,410 23,447,520 27,553,414 4,105,894 -17.51
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 347
Page 350
Allowance for Impairment Losses trillion in 2024 to Rp67.58 trillion as of December 2025.
Bank Mandiri recorded an allowance for impairment The increase was primarily driven by higher salaries
MANAGEMENT DISCUSSION AND ANALYSIS
losses (CKPN) of Rp10.36 trillion as of December 2025, and allowances, as well as general and administrative
a decrease of 12.30% compared to Rp11.81 trillion in expenses. Salaries and allowances increased by 11.02%
2024. The decrease was in line with the management of (ytd) from Rp23.99 trillion in 2024 to Rp26.64 trillion in
earning assets and the implementation of sound credit December 2025. During the same period, general and
risk management. The decline in CKPN was primarily administrative expenses increased by 14.72% from
driven by lower allowance for impairment losses on Rp26.52 trillion to Rp30.42 trillion.
loans, which decreased from Rp10.34 trillion in 2024 to
Rp8.27 trillion as of December 2025. Operating Income
Bank Mandiri’s operating income increased by 0.33%
Reversal of Allowance for Estimated Losses on (ytd) from Rp76.06 trillion in 2024 to Rp76.31 trillion as
Commitments and Contingencies of December 2025, in line with the increase in interest
The reversal of allowance for estimated losses and Sharia income.
on commitments and contingencies amounted to
Rp259.68 billion as of December 2025, an increase of Income Before Tax and Non-Controlling
667.61% compared to Rp33.83 billion in the previous Interests
year. After accounting for net non-operating expenses of
Rp106.82 billion, Bank Mandiri recorded a 0.02% (ytd)
Establishment for Other Allowances and increase in income before tax and non-controlling
Operational Risk Losses interests from Rp76.40 trillion in 2024 to Rp76.42 trillion
Bank Mandiri recorded an increase in provision for other as of December 2025.
allowances and operational risk losses from Rp151.05
billion in 2024 to Rp1.23 trillion as of December 2025. Income for the Year
The increase in provision was primarily driven by the Bank Mandiri recorded income for the year of Rp61.35
provision for other assets amounting to Rp1.14 trillion trillion as of December 2025, an increase of 0.30% (ytd)
compared to Rp2.90 billion in the previous year. compared to Rp61.17 trillion in 2024.
Gain on Sale of Marketable Securities and Total Comprehensive Income for the Year
Government Bonds Bank Mandiri’s total comprehensive income for the year
Bank Mandiri’s gain on sale of marketable securities amounted to Rp68.47 trillion as of December 2025, an
and government bonds increased by 208.15% (ytd) as increase of 11.98% (ytd) compared to Rp61.15 trillion
of December 2025, from Rp150.30 billion in 2024 to in 2024.
Rp463.15 billion in December 2025.
Basic and Diluted Earnings per Share
Other Operating Expenses Bank Mandiri’s basic and diluted earnings per share
Other operating expenses consist of salaries and amounted to Rp603.23 as of December 2025, an
allowances, general and administrative expenses, and increase of 0.93% (ytd) compared to Rp597.67 in the
other expenses – net. Bank Mandiri recorded a 15.31% previous year. The increase was in line with higher profit
(ytd) increase in other operating expenses from Rp58.61 for the year.
BANK MANDIRI EARNINGS (2023-2025)*
(in Rp trillion)
INCOME BEFORE TAX AND NON INCOME FOR THE YEAR TOTAL COMPREHENSIVE INCOME
CONTROLLING INTEREST FOR THE YEAR
76.42
76.40
61.35
68.47
61.17
61.15
74.68
60.05
60.96
2023 2024 2025 2023 2024 2025 2023 2024 2025
Uraian 2023 2024 2025
Income Before Tax and Noncontrolling Interest 74.68 76.40 76.42
Income for the Year 60.05 61.17 61.35
Total Comprehensive Income for the Year 60.96 61.15 68.47
*) including profit attributable to non-controlling interests
348 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 351
CONSOLIDATED STATEMENT
OF CASH FLOW
MANAGEMENT DISCUSSION AND ANALYSIS
Bank Mandiri recorded cash and cash equivalents of Rp379.88 trillion as of December 2025, an increase of
Rp135.84 trillion or 55.66% compared to Rp244.04 trillion at the end of December 2024.
(IN RP MILLION)
Growth 2024-2025
Description 2023 2024 2025
Nominal %
Net Cash (Used for)/Provided by Operating
(69,803,958) (79,558,278) 206,540,138 286,098,416 -359.61
Activities
Net Cash Provided by/(Used for) Investing
17,884,187 17,730,695 787,688 (16,943,007) -95.56
Activities
Net Cash Provided by Financing Activities 21,778,486 57,849,151 (74,629,896) (132,479,047) -229.01
Net (Decrease)/Increase in Cash and Cash
(30,141,285) (3,978,432) 132,697,930 136,676,362 -3435.43
Equivalents
Effect of Exchange Rate Changes on Cash
(946,566) 4,214,862 3,210,036 (1,004,826) -23.84
and Cash Equivalent
Reclassification of cash and cash
- - (68,900) (68,900) 100.00
equivalents to assets held for sale
Cash and Cash Equivalents, Beginning of
274,889,544 243,801,693 244,038,123 236,430 0.10
The Year
Cash and Cash Equivalents, End of The Year 243,801,693 244,038,123 379,877,189 135,839,066 55.66
Cash Flows from Operating Activities Cash Flows from Financing Activities
Net cash provided by operating activities amounted Bank Mandiri recorded net cash used in financing
to Rp206.54 trillion as of December 2025. This was activities of (Rp74.63) trillion as of December 2025. This
primarily driven by an increase in operating liabilities was used, among others, for repayment of borrowings
and temporary syirkah funds, including time deposits. and liabilities on securities sold under agreements to
In the previous year, Bank Mandiri recorded net cash repurchase. In the same period of the previous year,
used in operating activities of Rp79.56 trillion as of Bank Mandiri recorded net cash provided by financing
December 2024. activities of Rp57.85 trillion.
Cash Flows from Investing Activities Cash and Cash Equivalents at End of Period
Bank Mandiri recorded net cash used in investing Bank Mandiri recorded a net increase in cash and cash
activities of Rp787.69 billion as of December 2025. equivalents of Rp132.70 trillion as of December 2025.
This was attributable, among others, to a decrease in As a result, cash and cash equivalents at the end of
marketable securities, although there was an increase the period increased by Rp135.84 trillion to Rp379.88
in government bonds. In the previous year, Bank Mandiri trillion compared to Rp244.04 trillion in 2024.
recorded net cash provided by investing activities of
Rp17.73 trillion.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 349
Page 352
SOLVENCY AND RECEIVABLES
COLLECTIBILITY
MANAGEMENT DISCUSSION AND ANALYSIS
SOLVENCY
Bank Mandiri’s ability to meet its debt obligations can be assessed from both internal and external perspectives.
From an internal standpoint, measurable indicators include its liquidity and solvency profile. From an external
standpoint, in relation to the MTN and bonds that have been issued, reputable global credit rating agencies such
as Moody’s and Fitch have assigned ratings to Bank Mandiri for its foreign currency MTN issuance listed on the
Singapore Exchange. In addition, Pefindo has assigned ratings to the corporate bonds denominated in Rupiah that
are listed on the Indonesia Stock Exchange, as follows:
Rating Agency Rating Criteria Ratings
International Rating Agencies
Long-Term Counterparty Risk Rating Baa1
Moody’s (as of 23 Oktober 2025) Long-Term Deposit Baa2
Long-Term Debt Baa2
International Long-Term Rating BBB
Fitch Ratings (as of 20 November 2025) National Long Term Rating AAA(idn)
National Short-Term Rating F1+(idn)
Standard & Poor’s (as of 8 Januari 2025) Issuer Credit Rating BBB/STABLE/A-2
National Rating Agencies
PT Pemeringkat Efek Indonesia (as of 22 September 2025) Long Term General Obligation idAAA/Stable
The ratings assigned by both international and national for the next one month. As of December 2025,
credit rating agencies to the securities issued by Bank Bank Mandiri’s liquidity reserves were above the
Mandiri serve as key indicators reflecting the Bank’s safety level.
capacity to meet its obligations on bonds as they • RIM is the ratio comparing loans disbursed and
mature. eligible corporate securities owned to third-party
funds, eligible securities issued by banks, and
Short-Term Debt Payment Ability (Bank eligible borrowings received.
Liquidity) • LCR is the ratio between High Quality Liquid Assets
(HQLA) and the estimated total net cash outflows
The adequacy of Bank Mandiri’s liquidity can be over the next 30 days under a crisis scenario. LCR
observed through several indicators used to measure aims to enhance the Bank’s short-term liquidity
liquidity, such as the Statutory Reserve Requirement resilience under crisis conditions, with a minimum
(GWM) ratio, Macroprudential Liquidity Buffer (PLM), regulatory requirement of 100%.
liquidity reserves, Macroprudential Intermediation • NSFR is the ratio comparing available stable
Ratio (RIM), Liquidity Coverage Ratio (LCR), and Net funding to required stable funding, with a minimum
Stable Funding Ratio (NSFR). regulatory requirement of 100%.
• The Statutory Reserve Requirement (GWM)
is determined by the central bank based on a
percentage of third-party funds collected by
banks, which must be maintained by the Bank in
its current account with Bank Indonesia.
• Bank Mandiri has a limit in the form of a safety
level limit, namely the projected liquidity reserves
350 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 353
MANAGEMENT DISCUSSION AND ANALYSIS
The achievements of the above ratios (Bank only) are as follows:
Liquidity 2023 2024 2025
Rupiah Reserve Requirement 7.32% 5.21% 7.12%
Macroprudential Intermediation Ratio (MIR) 83.73% 94.83% 84.52%
Liquidity Coverage Ratio (LCR) 176.24% 139.21% 137.40%
Net Stable Funding Ratio (NSFR) 116.59% 107.65 % 109.95%
Ability to Repay Long-Term Debt (Bank Solvency) Within the LCP framework, the Bank defines liquidity
Bank Mandiri’s Capital Adequacy Ratio (CAR) reached conditions and funding strategies while considering
19.36% as of December 2025, compared with 20.10% both internal and external circumstances.
in 2024. This ratio indicates that Bank Mandiri’s
solvency remains strong as it exceeds the minimum Ability to Repay Debt Securities Issued
CAR requirement set by the regulator, enabling the Bank Mandiri has issued corporate bonds denominated
Bank to adequately cover credit risk, market risk, and in Rupiah that are listed on the Indonesia Stock
operational risk. Exchange. The Bank has also issued foreign currency
debt securities (US Dollar) in the form of global bonds
Bank Mandiri projects its future liquidity position listed on the Singapore Stock Exchange and offered to
using the liquidity gap methodology, which measures investors outside the United States in accordance with
the maturity mismatch between asset and liability Regulation S under the US Securities Act.
components (including off-balance sheet items).
These components are categorized into time buckets These debt securities have been rated by rating
based on either contractual maturity or behavioral agencies, and periodic reassessments are conducted
maturity. until the securities reach maturity. The quality of these
securities is largely determined by the issuer’s ability to
For the next 12 months, Bank Mandiri expects its repay the principal at maturity and to meet interest or
liquidity position to remain in surplus. Nevertheless, coupon payments throughout the life of the issuance.
alternative funding sources have been prepared should
market liquidity conditions tighten or deviate from The structure of debt securities issued by Bank Mandiri,
projections. both in Rupiah and foreign currencies, along with their
ratings, has been presented in the financial review
In addition, Bank Mandiri conducts periodic liquidity section under securities issued.
risk stress testing to assess the potential impact of
changes in market and internal factors under extreme Bank Profitability
conditions. Based on the results of these stress tests, Bank Mandiri uses Return on Assets (ROA), Return on
the Bank has reported that it would be able to withstand Equity (ROE), Net Interest Margin (NIM), the Operating
a liquidity crisis scenario. Complementing these stress Expense to Operating Income Ratio (BOPO), and the
tests, the Bank also maintains a Liquidity Contingency Cost Efficiency Ratio (CER) to measure the Bank’s
Plan (LCP), which outlines funding and pricing profitability performance. The Bank’s performance
strategies during crisis conditions. These strategies based on these ratios as of December 2025 is presented
include money market borrowings, repo transactions, as follows:
bilateral loans, FX swaps, and wholesale funding.
Earnings 2023 2024 2025
Return on Assets (ROA) 4.03% 3.59% 3.19%
Return on Equity (ROE, Avg Tier 1 Capital) 27.31% 24.19% 23.15%
Net Interest Margin (NIM) 5.25% 4.93% 4.59%
Operating Expenses to Operating Income (BOPO) 51.88% 56.46% 60.23%
Cost Efficiency Ratio (CER) 35.08% 35.85% 42.78%
Cost to Income Ratio (CIR) 34.31% 35.01% 41.19%
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 351
Page 354
MANAGEMENT DISCUSSION AND ANALYSIS
Bank Mandiri expanded its business through loan disbursement while maintaining operational efficiency,
particularly through lower interest and Sharia expenses as well as improved management of productive assets to
support the Bank’s profitability performance. As of December 2025, the Bank recorded ROE and ROA ratios (Bank
only) of 23.15% and 3.19%, respectively, while the NIM ratio stood at 4.59%. These achievements were supported
by operational efficiency reflected in BOPO and CIR ratios of 60.23% and 41.19%, respectively, as of December
2025.
Bank Receivables Collectibility
The collectibility of the Bank’s receivables is measured based on the timeliness of loan repayments. Bank Mandiri
reported the collectibility of receivables from its lending activities (Bank only) as follows:
(IN RP MILLION)
Category 2021 2022 2023 2024 2025
Current 764,469,150 874,645,487 1,027,406,545 1,253,085,593 1,437,664,789
Special Mention 40,525,825 40,549,922 47,381,346 45,084,568 43,945,541
Substandard 1,913,657 1,280,514 2,289,310 1,448,335 1,383,948
Doubtful 4,369,540 5,402,034 4,322,560 2,207,252 2,000,015
Loss 16,835,691 10,761,094 4,387,666 8,953,652 10,983,733
Total Loans 828,113,863 932,639,051 1,085,787,427 1,310,779,400 1,498,239,300
NPL gross*) 23,118,888 17,443,642 10,999,536 12,609,239 14,367,697
NPL (%) 2.81% 1.88% 1.02% 0.97% 0.96%
*) NPL ratio is calculated excluding Loans to Other Banks.
Indonesia’s economy recorded positive growth in 2025 CPA, NAK, and others), followed by credit approval by
with inflation remaining under control amid global the Authorized Credit Decision Makers (through Credit
uncertainty. Under these conditions, Bank Mandiri was Committee meetings) under the four-eyes principle,
able to maintain sustainable loan growth at a relatively involving both the Business Unit and the Credit Risk
high level of 14.3%, above the industry average. The Management Unit independently.
lending performance was accompanied by the Bank’s
ability to maintain a low gross NPL ratio of 0.96% (Bank Meanwhile, for the retail or mass market segment,
only). Bank Mandiri’s growth strategy, which focuses on the credit management process is more automated
prospective debtors based on sectoral potential as well through the use of credit risk scorecards, referring
as the value chain of existing borrowers, contributed to the Risk Acceptance Criteria for each product, and
to improvements in credit quality and efficiency in processed through an automated workflow system
provisioning. (loan factory).
In managing its lending activities, Bank Mandiri has Bank Mandiri monitors credit performance through
established standard procedures. For the wholesale Portfolio Quality Reviews across each segment and
segment, the credit process begins with determining product. For non-performing loan portfolios, collection
target markets based on prospective sectors defined and recovery processes are implemented as part
in the Loan Portfolio Guideline according to Industry of efforts to reduce exposure to problematic credit
Classification (attractive, neutral, selective, and portfolios. The Bank also conducts what-if analysis
cautious). on both wholesale and retail portfolios through stress
testing using various macroeconomic scenarios to
Subsequently, the Bank conducts the selection and anticipate potential changes in national and global
screening of target customers using tools such as economic conditions.
Industry Acceptance Criteria and Name Clearance
to build a high-quality debtor pipeline. The process
continues with a credit risk assessment using a series
of credit risk tools (credit risk rating, spreadsheet,
352 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 355
CAPITAL STRUCTURE
MANAGEMENT DISCUSSION AND ANALYSIS
Capital Structure Management Policy
Bank Mandiri manages its capital structure through the Bank’s capital policy, which includes fulfilling regulatory
capital requirements in a prudent manner, diversifying capital sources to anticipate long-term strategic plans, and
allocating capital efficiently to potential business segments. This also includes placements and investments in
subsidiaries to meet stakeholder expectations, including those of investors and regulators.
In addition, the Bank ensures adequate capital to cover credit risk, market risk, and operational risk in order to
support business expansion under both normal conditions and fluctuating market environments. In calculating
capital adequacy, Bank Mandiri refers to regulations issued by the Financial Services Authority (OJK), including
the following:
• POJK No. 27 of 2022 dated December 28, 2022 regarding the Second Amendment to POJK No. 11/
POJK.03/2016 concerning the Minimum Capital Requirement for Commercial Banks.
• POJK No. 34/POJK.03/2016 dated September 22, 2016 regarding the Amendment to POJK No. 11/
POJK.03/2016 concerning the Minimum Capital Requirement for Commercial Banks.
• SEOJK No. 26/SEOJK.03/2016 concerning Minimum Capital Requirements Based on Risk Profile and the
Fulfillment of Capital Equivalency Maintained Assets.
• SEOJK No. 23/SEOJK.03/2022 concerning the Calculation of Risk-Weighted Assets for Market Risk for
Commercial Banks.
Bank Mandiri also applies the Basel II Standardized Approach for Credit Risk and incorporates external ratings
in calculating Risk-Weighted Assets (RWA). Furthermore, the Bank has gradually conducted simulations for the
Internal Ratings-Based (IRB) Approach. The method used by the Bank to measure market risk is the Basel III
Standardized Approach – Fundamental Review of the Trading Book (FRTB).
Internal measurement currently uses Value at Risk (VaR); however, studies have been conducted in parallel to
implement the Expected Shortfall (ES) method as a replacement for VaR. Meanwhile, operational risk is measured
using the Basel II Basic Indicator Approach.
The Bank’s consolidated Capital Adequacy Ratio as of 31 December 2025 and December 31, 2024, taking into
account credit, operational, and market risks, stood at 20.43% and 20.82%, respectively.
The tables below present calculation results of Risk-Weighted Assets (Credit, Operational, and Market) and Capital
Adequacy Ratio over the last three years (Bank only).
BANK MANDIRI CAPITAL STRUCTURE 2023-2025
(In Rp million)
Capital 2023 2024 2025
Core Capital 209,724,274 229,932,670 238,082,036
Supplemental Capital 12,264,005 14,325,962 15,212,841
Total Capital for Credit Risk, Operational Risk and Market Risk 221,988,279 244,258,632 253,294,877
Credit Risk-Weighted Assets (RWA) 964,706,719 1,132,192,033 1,208,049,003
Operational Risk-Weighted Assets (RWA) 58,720,278 62,675,961 64,518,330
Market Risk-Weighted Assets (RWA) 9,980,215 20,289,449 35,887,720
Total RWA for Credit Risk, Operational Risk and Market Risk 1,033,407,212 1,215,157,443 1,308,455,053
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 353
Page 356
CAPITAL ADEQUACY RATIO
Capital 2023 2024 2025
MANAGEMENT DISCUSSION AND ANALYSIS
CAR for Core Capital 20.29% 18.92% 18.20%
CAR for Credit Risk 23.01% 21.57% 20.97%
CAR for Credit Risk and Operational Risk 21.69% 20.44% 19.90%
CAR for Credit Risk and Market Risk 22.78% 21.19% 20.36%
CAR for Credit Risk, Operational Risk and Market Risk 21.48% 20.10% 19.36%
CAR Minimum Core Capital 6.00% 6.00% 6.00%
CAR Minimum Based on Risk Profile 9.76% 9.69% 9.74%
QUANTITATIVE DISCLOSURE OF CAPITAL STRUCTURE OF COMMERCIAL BANKS (IN RP MILLION)
31-Dec-2024 31-Dec-2025
Capital
Bank Consolidated Bank Consolidated
I. Core Capital (Tier 1) 229,932,670 286,910,930 238,082,036 304,433,779
1. Common Equity Tier 1 (CET 1) 229,932,670 286,910,930 238,082,036 304,433,779
1.1 Paid-in capital (net of Treasury Stock) 11,666,667 11,666,667 11,656,136 11,656,136
1.2 Disclosed Reserves 243,295,646 269,544,562 248,006,219 279,433,797
1.2.1 Additional Factor 246,404,152 273,337,976 249,813,315 281,552,759
1.2.1.1 Other Comprehensive Income 34,566,487 35,192,233 39,663,715 40,340,857
1.2.1.1.1 Excess Differences Arising from Translation of Financial
47,779 388,734 70,023 462,374
Statement
1.2.1.1.2 Potential Gain of the Increase in the Fair Value of
30,754 30,754 1,432,799 1,432,799
Financial Assets Available for Sale
1.2.1.1.3 Surplus of Fixed Assets Revaluate 34,487,954 34,772,745 38,160,893 38,445,684
1.2.1.2 Other Disclosed Reserves 211,837,665 238,145,743 210,149,600 241,211,902
1.2.1.2.1 Agio 19,661,550 18,095,274 19,268,456 17,702,180
1.2.1.2.2 General Reserves 2,333,333 2,333,333 2,333,333 2,333,333
1.2.1.2.3 Previous Year Profit 138,706,819 161,934,394 137,008,085 164,882,439
1.2.1.2.4 Current Year Profit 51,135,963 55,782,742 51,539,726 56,293,950
1.2.1.2.5 Funds for Paid-in Capital - - - -
1.2.1.2.6 Others - - - -
1.2.2 Deduction Factors (3,108,506) (3,793,414) (1,807,096) (2,118,962)
1.2.2.1 Other Comprehensive Income (2,520,758) (2,464,896) (853,292) (489,446)
1.2.2.1.1 Negative Differences Arising from Translation of
(378,445) (378,445) (310,356) (310,356)
Financial Statement
1.2.2.1.2 Potential Losses from the Decrease in the Fair Value of
(2,142,313) (2,086,451) (542,936) (179,090)
Financial Assets Available for Sale
1.2.2.2 Other Disclosed Reserves (587,748) (1,328,518) (953,804) (1,629,516)
1.2.2.2.1 Disagio - - - -
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
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 (587,748) (1,328,518) (953,804) (1,629,516)
1.2.2.2.7 Others - - - -
1.3 Noncontrolling Interests - 25,425,527 - 29,567,115
1.4 Deduction Factor of CET 1 (25,029,643) (19,725,826) (21,580,319) (16,223,269)
1.4.1 Deferred Tax Calculation (5,840,877) (8,342,819) (2,379,429) (4,638,286)
1.4.2 Goodwill - (482,091) - (482,091)
1.4.3 Other Intangible Assets (4,207,868) (6,525,458) (4,209,350) (6,999,873)
1.4.4 Investments in Share (14,980,898) (4,375,458) (14,991,540) (4,103,019)
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
354 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 357
31-Dec-2024 31-Dec-2025
Capital
Bank Consolidated Bank Consolidated
1.4.7.3 Exposures that Give Rise to Credit Risk Due the Settlement
MANAGEMENT DISCUSSION AND ANALYSIS
- - - -
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) 14,325,962 17,374,792 15,212,841 18,461,851
1. Capital Instrument in the Form of Stock or others which Comply
173,562 333,562 112,228 232,228
with Tier 2 Requirements
2. Agio/Disagio - - - -
3. General Provision on Earning Assets (max. 1.25% Credit Risk -
14,152,400 17,041,230 15,100,613 18,229,623
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) 244,258,632 304,285,722 253,294,877 322,895,630
QUANTITATIVE DISCLOSURE OF CAPITAL STRUCTURE OF COMMERCIAL BANKS (IN RP MILLION)
31-Des-2024 31-Dec-2025
Description
Bank Consolidated Bank Consolidated
Risk-Weighted Assets (RWA)
Credit Risk RWA 1,132,192,033 1,363,298,397 1,208,049,003 1,458,369,830
Market Risk RWA 20,289,449 22,445,193 35,887,720 40,275,321
Operational Risk RWA 62,675,961 75,849,894 64,518,330 81,656,177
Total RWA 1,215,157,443 1,461,593,484 1,308,455,053 1,580,301,328
CAR BASED ON RISK PROFILE (%) 9.69% 9.73% 9.74% 9.79%
Capital Allocation for Car Based on Risk Profile
From CET 1 (%) 8.51% 8.54% 8.58% 8.62%
From AT 1 (%) 0.00% 0.00% - -
From Tier 2 (%) 1.18% 1.19% 1.16% 1.17%
Car Ratio
CET 1 Ratio (%) 18.92% 19.63% 18.20% 19.26%
Tier 1 Ratio (%) 18.92% 19.63% 18.20% 19.26%
Tier 2 Ratio (%) 1.18% 1.19% 1.16% 1.17%
Capital Adequacy Ratio (%) 20.10% 20.82% 19.36% 20.43%
CET 1 FOR BUFFER (%) 10.41% 11.09% 9.62% 10.64%
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%
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 355
Page 358
MATERIAL COMMITMENT FOR CAPITAL
GOODS INVESTMENT
MANAGEMENT DISCUSSION AND ANALYSIS
Bank Mandiri did not have any material commitments for capital expenditures as of December 2025. Therefore, the
Bank does not present information related to such commitments, including the following:
1. The name of the party entering into the commitment;
2. The purpose of the commitment;
3. The source of funds prepared to fulfill the commitment;
4. The currency denomination of the commitment; and
5. The measures planned by the Bank to hedge risks arising from related foreign currency positions.
CAPITAL INVESTMENT IN
FISCAL YEAR 2025
Capital Expenditures
Bank Mandiri realizes capital expenditures each year as part of its investment activities, involving the allocation of
funds to acquire assets or investments expected to generate future benefits.
Types and Value of Capital Expenditures
Bank Mandiri’s capital expenditures mainly consist of property and equipment, including land, buildings, office
equipment and computers, motor vehicles, construction in progress, and right-of-use assets, which reached
Rp9.98 trillion as of December 2025. In addition, Bank Mandiri also carried out capital expenditures for intangible
assets, including software and assets under development, amounting to Rp2.05 trillion as of December 2025.
These capital investments were undertaken to support the Bank’s ongoing business expansion.
Capital expenditures for both property and equipment and intangible assets during the periods ended 31 December
2025 and 2024 are presented as follows:
TYPES AND VALUE OF CAPITAL INVESTMENT (IN RP MILLION)
Value of Capital Investment
Types of Capex
2024 2025
Capital Goods - Fixed Assets
Land 242,038 974
Building 266,238 181,860
Supplies, Office Equipment and Computers 768,293 643,049
Motor vehicle 1,705 6,115
Construction in Progress 4,863,277 4,624,306
Right of Use Assets 2,605,544 4,527,969
Total 8,747,095 9,984,273
Capital Goods – Intangible Assets
Software 345,015 642,043
Goodwill - -
Yokke brand assets - -
Construction in Progress 2,057,330 1,405,980
Total 2,402,345 2,048,023
Purpose of Capital Expenditures
Bank Mandiri undertook capital expenditures to support and enhance its overall operational activities.
356 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 359
TRANSACTION INFORMATION RELATED
TO INVESTIMENT, EXPANSION,
MANAGEMENT DISCUSSION AND ANALYSIS
DIVESTMENT, MERGER, ACQUISITION, AND
RESTRUCTURING
Investments
Bank Mandiri makes investments in debt securities issued by both the Government and corporations. The details
of investments in debt securities held by Bank Mandiri as of 31 December 2025 are presented as follows:
(In Rp million)
Value
Types of Securities
2024 2025
Related parties
Measured at Fair Value Through Profit and Loss 3,086,803 3,584,599
Measured at Fair Value Through Other Comprehensive Income 9,409,657 9,341,060
Measured at Amortized Cost of Acquisition 1,839,726 1,786,510
Measured at Cost of Acquisition*) 37,396 40,836
14,373,582 14,753,005
Third parties
Measured at Fair Value Through Profit and Loss 40,740,527 47,262,394
Measured at Fair Value Through Other Comprehensive Income 45,770,978 45,473,051
Measured at Amortized Cost of Acquisition 2,392,705 2,788,589
Measured at Cost of Acquisition *) 1,035,186 1,959,526
89,939,396 97,483,560
Investments in Unit-Link**)
Related Parties:
Measured at Fair Value Through Profit and Loss 2,532,551 2,281,292
Third Parties:
Measured at Fair Value Through Profit and Loss 9,829,626 9,565,413
12,362,177 11,846,705
Total 116,675,155 124,083,270
Add/(Less):
Unamortized Discounts (1,889) 780
Unrealized Gains on Increases in the Fair Value of Marketable Securities 749,286 684,644
Allowance for Impairment Losses (46,349) (40,720)
701,048 644,704
Net 117,376,203 124,727,974
*) 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 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 357
Page 360
MANAGEMENT DISCUSSION AND ANALYSIS
Details of Bank Mandiri’s investments in bonds as of December 2025 and December 31, 2024 are as follows:
(In Rp billion)
Value
Types of Securities
2024 2025
Related Parties
Government Bonds
Measured at Amortized Cost of Acquisition 153,035,870 137,907,775
Measured at Fair Value Through Other Comprehensive Income***) 82,065,670 106,034,349
Measured at Cost of Acquisition*) 22,560,953 15,187,944
Measured at Fair Value Through Profit and Loss 17,761,405 19,407,836
Investment in unit-link **)
Measured at Fair Value Through Profit and Loss 11,848,761 14,279,644
287,272,659 292,817,548
*) Government Bonds owned by Subsidiaries classified in accordance with PSAK No. 410 “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 project-based sukuk,and retail sukuk.
Expansion Divestment
Bank Mandiri continued to expand its business through In 2025, Bank Mandiri did not conduct any share
digital banking services and products to meet the divestment.
needs of both corporate and retail customers. Kopra
by Mandiri serves as a digital solution for national Acquisition
industries by integrating corporations and small
and medium enterprises into a single-access digital In 2025, Bank Mandiri did not conduct any share
ecosystem that offers comprehensive services such as acquisitions in other companies.
Cash Management, Forex, Trade & Guarantee, Supply
Chain Management, Virtual Account, and integrated Debt and Capital Restructuring
financial solutions based on Application Programming
Interface (API). Bank Mandiri tidak melakukan transaksi restrukturisasi
utang dan/atau restrukturisasi modal selama tahun
2025.
Retail digital services include the Livin’ by Mandiri
application, as well as Livin’ Merchant, a cashier or Use of Third-Party Services
Point of Sales (POS) application from Bank Mandiri
designed to help businesses, particularly MSMEs, The use of third-party services to assess the
manage sales and payments. Other digital services fairness of investment, acquisition, divestment, and
include the Mandiri e-money prepaid card and the restructuring transactions is conducted in accordance
Mandiri Intelligent Assistant (MITA), an artificial with prevailing capital market regulations.
intelligence-based information service.
Alongside the development of digital banking services
and products, the Bank’s physical branch network was
streamlined to 139 Branch Offices (KC) and 2,030 Sub-
Branch Offices (KCP).
358 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 361
COMMITMENT AND CONTINGENCY
MANAGEMENT DISCUSSION AND ANALYSIS
Details of Bank Mandiri’s commitment and contingency transactions as of December 2025 are as follows:
(IN RP MILLION)
Value
Description
2024 2025
Commitment
Commitment Liabilities
Unused Loan Facility *)
Related Parties (107,740,421) (128,582,195)
Third Parties (159,489,452) (155,385,582)
Total (267,229,873) (283,967,777)
Outstanding Irrevocable Letters of Credit
Related Parties (9,905,951) (13,182,139)
Third Parties (12,533,712) (10,049,643)
Total (22,439,663) (23,231,782)
Commitment Liabilities – Net (289,669,536) (307,199,559)
Contingency
Contingency Receivables:
Guarantees Received from Other Banks 50,383,762 64,031,673
Interest Income in Progress 10,912,104 12,424,085
Others 34,411 34,471
Total 61,330,277 76,490,229
Contingent Liabilities:
Guarantees are Given in the Form of:
Bank Guarantee
Related Parties (37,567,187) (46,002,464)
Third Parties (100,990,316) (120,037,908)
Total (138,557,503) (166,040,372)
Standby Letter of Credit
Related Parties (5,281,006) (9,819,236)
Third Parties (7,027,683) (8,540,555)
Total (12,308,689) (18,359,791)
Others (4,072,541) (4,796,785)
Total (154,938,733) (189,196,948)
Contingent Liabilities – Net (93,608,456) (112,706,719)
(383,277,992) (419,906,278)
*) Including unused committed and uncommitted loan facilities.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 359
Page 362
COMPARISON OF 2025 TARGET &
REALIZATION
MANAGEMENT DISCUSSION AND ANALYSIS
Comparison of 2025 Financial Targets and Realization
Bank Mandiri recorded positive performance growth, as reflected in consolidated total assets reaching Rp2.829.95
trillion in 2025, increased by 16.59% compared with Rp2,427.22 trillion as of December 2024. This asset achievement
represented 132.66% of the 2025 RKAP target of Rp2,133.31 trillion.
Consolidated net profit attributable to the parent entity amounted to Rp56.30 trillion in 2025, increased by 0.93%
compared with Rp55.78 trillion in 2024. Bank Mandiri’s profit in 2025 represented 109.24% of the 2025 RKAP target
of Rp51.54 trillion.
Bank Mandiri also maintained consistency in managing operational efficiency, reflected in the Cost to Income
Ratio (Bank only), which stood at 41.19% as of December 2025. Through prudent loan disbursement monitored
regularly, Bank Mandiri improved credit quality, with the NPL gross (Bank only) remained at a low level of 0.96%,
representing 91.43% of the 2025 RKAP target of 1.05%.
December 2025
Financial Parameter and Ratio
Target Realization
Total Assets (Rp billion) 2,133,310 2,829,948
Total Loans (Rp billion) 1,468,259 1,497,108
Net Profit (Rp billion) 51,538 56,293
Core Capital (Rp billion) 241,696 238,082
CAR 19.09% 19.36%
ROE 20.56% 23.15%
ROA 3.17% 3.19%
NIM 4.80% 4.59%
BOPO 60.75% 60.23%
CIR 37.80% 41.19%
CASA Ratio 78.42% 68.0%
LDR 92.47% 88.92%
NPL Gross 1.05% 0.96%
NPL Net 0.34% 0.40%
Projection for 2026
Bank Mandiri has set the following targets for 2026:
Parameter and Financial Ratio 2026 Target
Loan Growth 7% - 9%
Cost of Credit (CoC) 0.6% - 0.8%
NIM 4.6% - 4.8%
360 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 363
MANAGEMENT DISCUSSION AND ANALYSIS
Assumptions Used in Preparing the 2026 Projection
Bank Mandiri uses several macroeconomic and microeconomic assumptions in preparing the Bank’s Business
Plan for the 2026 period, as follows:
Macroeconomics Assumptions Projection 2026
Macroeconomics Assumptions
GDP Growth (%) 5.40%
Inflation (%) 2.50%
USD/IDR Exchange Rate (Rp) 16,500
Microeconomic Assumptions
BI Rate (%) 4.50%-4.75%
Loan Growth (%) 9%-11%
Third-Party Funds Growth (%) 8%-10%
Comparison of 2025 Marketing Targets and Realization
Overall, Bank Mandiri’s marketing activities made a positive contribution to business performance. Total TPF of
Bank Mandiri reached Rp1,816.90 trillion as of December 2025, a 15.21% of the target. During the same period,
Bank Mandiri’s loan disbursement reached Rp1,849.97 trillion as of December 2025, or 26.00% of the targeted
amount.
COMPARISON OF 2024 MARKETING TARGETS AND ACTUAL RESULTS
(In Rp billion)
Description Target 2025 (Bank Only) Realization 2025
Third-Party Funds 1,577,052 1,816,900
Loans 1,468,259 1,849,970
Fee Based Income (Rp trillion) 35,375 36.99
Comparison of 2025 Human Capital Development Targets and Realization
Bank Mandiri realized its commitment to human capital development through various training programs and
other competency development initiatives.In 2025, the number of Bank Mandiri employees who participated in
competency development training reached 38,021 active employees and 2,353 retired and terminated employees,
exceeding the target with a realization of 98.16% against the set target of 80% of the total 38,732 active employees.
Meanwhile, the realization of education and training expenses amounted to Rp326.4 billion as of December 2025,
representing 70.9% of the 2025 competency development budget target.
COMPARISON OF TARGET AND REALIZATION OF HR DEVELOPMENT IN 2025
Description Target 2025 Achieved 2025 Achieved 2024 Achieved 2023
Training (employee) 30,986 40,374 40,034 39,517
Training Cost (in Rp Billion) 460.4 326.4 397.1 326.3
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 361
Page 364
MATERIAL INFORMATION AND
SUBSEQUENT EVENTS
MANAGEMENT DISCUSSION AND ANALYSIS
Based on the audited financial statements of Bank • Changes in the Composition of Committees under
Mandiri for the period ended 31 December 2025, the Board of Commissioners
prepared by Management and audited by the Public On 27 January 2026, changes in the composition
Accounting Firm Purwanto Susanti dan Surja (formerly of the Audit Committee, Risk Oversight Committee,
Purwantono, Sungkoro & Surja, a member firm of Ernst Remuneration and Nomination Committee,
& Young Global Limited) with the engagement partner and Integrated Governance Committee were
Yovita, there were events occurring after the statement established, with the revised compositions as
of financial position date of 31 December 2025 up to 31 follows.
January 2026, as presented in the Financial Statements,
as follows. 1. Audit Committee
• Zulkifli Zaini as Chairman concurrently
• Transfer of Bank Mandiri shares owned by PT serving as Member*);
Danantara Asset Management (Persero) to the • Mia Amiati as Member;
State-Owned Enterprises Regulatory Agency • Bintoro K. Pardewo as Member*);
Based on the Share Ownership Certificate No. • Rasyid Darajat as Member (Independent
DE/I/26-0251 dated 7 January 2026 issued by PT Non-Commissioner); and
Datindo Entrycom as the Share Registrar of Bank • Rubi Pertama as Member (Independent
Mandiri, on 7 January 2026 a transfer of ownership Non-Commissioner).
of 485,333,332 Series B Shares of the Company,
or 0.52% (zero point fifty-two percent) of the total 2. Risk Oversight Committee
issued and fully paid shares of the Company owned • Mia Amiati as Chairman concurrently
by PT Danantara Asset Management (Persero) serving as Member;
(“DAM”), was recorded to the State-Owned • Zulkifli Zaini as Member*);
Enterprises Regulatory Agency (“BP BUMN”). As a • Rudy Salahuddin Ramto as Member*);
result, BP BUMN holds 1% (one percent) of Bank • Muhammad Yusuf Ateh as Member;
Mandiri’s shares from the total ownership of the • Yuliot as Member;
State through BP BUMN and DAM in the Company. • Luky Alfirman as Member*);
• Bintoro K. Pardewo as Member*);
• Cessation of Bank Mandiri’s control over Bank • Taufik Hidayat as Member (Independent
Syariah Indonesia Non-Commissioner); and
Based on Letter No. S-55/BP/01/2026 dated 27 • Caroline Halim as Member (Independent
January 2026 from the State-Owned Enterprises Non-Commissioner).
Regulatory Agency (formerly the Ministry of State-
Owned Enterprises) as the representative of the 3. Integrated Governance Committee
Government of the Republic of Indonesia (“BP • Mia Amiati as Chairman concurrently
BUMN”) as the holder of Series A Dwiwarna Shares serving as Member;
in BSI, in relation to governance adjustments over • Zulkifli Zaini as Member*);
the management of BSI, a change to the Articles of • Bintoro K. Pardewo as Member*);
Association (“AoA”) of BSI was conveyed regarding • Taufik Hidayat as Member (Independent
the revocation of the Special Power of Attorney Non-Commissioner);
(Surat Kuasa Khusus/SKK) from BP BUMN to Bank • Rasyid Darajat as Member (Independent
Mandiri. The revocation of the SKK received by Bank Non-Commissioner);
Mandiri on 27 January 2026 resulted in the loss • Representative of the Independent
of Bank Mandiri’s control over BSI in accordance Commissioner of PT Bank Mandiri
with the criteria set out in the applicable financial Taspen**);
accounting standards in Indonesia. • Representative of the Independent
Commissioner of PT Mandiri Sekuritas**);
Bank Mandiri continues to maintain its share • Representative of the Independent
ownership in BSI of 51.47% and retains significant Commissioner of PT AXA Mandiri
influence over BSI. Financial Services**);
• Representative of the Independent
Commissioner of PT Mandiri Tunas
Finance**);
362 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 365
MANAGEMENT DISCUSSION AND ANALYSIS
• Representative of the Independent Commissioner of PT Mandiri Utama Finance**);
• Representative of the Independent Commissioner of PT Mandiri Capital Indonesia**);
• Representative of the Independent Commissioner of PT Bank Syariah Indonesia (Persero) Tbk**);
and
• Sharia Supervisory Board from Subsidiaries.
4. Remuneration and Nomination Committee
• Zulkifli Zaini as Chairman concurrently serving as Member*);
• Rudy Salahuddin Ramto as Member*);
• Muhammad Yusuf Ateh as Member;
• Mia Amiati as Member;
• Yuliot as Member;
• Luky Alfirman as Member*);
• Bintoro K. Pardewo as Member*); and
• SEVP/Group Head Human Capital as Secretary concurrently serving as Member.
*) Effective upon obtaining approval from the Financial Services Authority (OJK) following the Fit and
Proper Test and in accordance with the prevailing laws and regulations.
**) Subject to adjustment based on the respective officials from the relevant Subsidiaries.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 363
Page 366
DIVIDEND POLICY AND
DISTRIBUTION
MANAGEMENT DISCUSSION AND ANALYSIS
Dividend Policy
Bank Mandiri implements its dividend distribution policy in accordance with Law No. 40 of 2007 concerning Limited
Liability Companies and the Bank’s Articles of Association. Under the Law, the entire net profit after allocation for
reserves may be distributed to shareholders as dividends, unless otherwise determined by the General Meeting
of Shareholders (GMS).
Bank Mandiri distributes dividends once a year following the Annual General Meeting of Shareholders (AGMS),
which has the authority to determine and approve dividend distribution. The Bank’s dividend policy is to maintain
a dividend payout ratio of approximately 45% or more of annual net profit, unless otherwise decided by the AGMS
based on various considerations relating to the performance of the relevant year. In this regard, Bank Mandiri
considers several important factors, including the Bank’s financial health, capital adequacy level, and funding
requirements for future business expansion, without prejudice to the authority of the AGMS to determine otherwise
in accordance with the provisions of the Company’s Articles of Association.
In addition, dividend payments derived from net profit are carried out in accordance with the applicable laws and
regulations in Indonesia. Dividends (if any) are paid in cash in Rupiah and in compliance with applicable stock
exchange regulations to ensure timely payment. Bank Mandiri does not have any restrictions (negative covenants)
imposed by third parties that would limit dividend distribution in a manner detrimental to the rights of public
shareholders.
Dividend Announcement and Payment
Bank Mandiri has announced and distributed dividends as approved at the AGMS over the past five years as
presented in the following table:
DIVIDEND ANNOUNCEMENT AND PAYMENT FOR FINANCIAL YEAR 2021-2025
Description 2021 2022 2023 2024 2025
AGMS Resolution AGMS Resolution AGMS Resolution AGMS Resolution AGMS Resolution
Legal Basis dated 15 March dated 10 March dated 14 March dated 7 March dated 25 March
2021 2022 2023 2024 2025
Audited financial Audited financial Audited financial Audited financial Audited financial
Financial Year
statements 2020 statements 2021 statements 2022 statements 2023 statements 2024
Net Profit (Rp billion) 17.119,25 28.028,16 41.170,64 55.060.057 55.782,74
Dividend (Rp billion) 10,271.55 16,816.89 24,702.38 33,036.03 43,510.54
Dividend by Share (Rp) 220 360.64 529.34 353.96 466.18
Dividend Pay Out Ratio 60% 60% 60% 60% 78%
Cash Dividend
15 March 2021 10 March 2022 14 March 2023 7 March 2024 25 March 2025
Announcement Date
Cash Dividend
12 April 2021 6 April 2022 12 April 2023 28 March 2024 23 April 2025
Payment Date
364 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 367
MANAGEMENT DISCUSSION AND ANALYSIS
Dividend Announcement and Payment for b. Dividends for Fiscal Year 2024 were
Fiscal Year 2024 distributed proportionally to each shareholder
Bank Mandiri held its AGMS on March 25, 2025, which whose name was recorded in the Register of
approved and determined the use of consolidated Net Shareholders on the recording date.
Profit attributable to owners of the parent entity for c. The Board of Directors was granted authority
Fiscal Year 2024 amounting to Rp55,782,741,933,254.00 and power, with substitution rights, to:
(fifty-five trillion seven hundred eighty-two billion seven i. Determine the schedule and procedures
hundred forty-one million nine hundred thirty-three for the dividend distribution related to the
thousand two hundred fifty-four Rupiah) as follows: payment of dividends for Fiscal Year 2024
in accordance with applicable regulations.
1. An amount of 78% or Rp43,510,538,707,938.10 ii. Deduct dividend tax in accordance with
(forty-three trillion five hundred ten billion five prevailing tax regulations.
hundred thirty-eight million seven hundred seven iii. Implement other technical matters related
thousand nine hundred thirty-eight Rupiah and ten to the dividend distribution in accordance
cents), equivalent to Rp466.184343305 per share, with applicable provisions.
was determined as Cash Dividend. The payment 2. The remaining 22% or Rp12,272,203,225,315.90
was carried out under the following provisions: (twelve trillion two hundred seventy-two billion
a. The dividend portion for the Government two hundred three million two hundred twenty-five
of the Republic of Indonesia amounting to thousand three hundred fifteen Rupiah and ninety
Rp22,625,480,128,713.50 (twenty-two trillion cents) was allocated as retained earnings.
six hundred twenty-five billion four hundred
eighty million one hundred twenty-eight
thousand seven hundred thirteen Rupiah and
fifty cents) was paid to the account designated
by the Minister of State-Owned Enterprises.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 365
Page 368
STOCK OPTION PROGRAMS FOR
EMPLOYEE AND/OR MANAGEMENT
MANAGEMENT DISCUSSION AND ANALYSIS
Based on the resolution of the Extraordinary GMS dated Subsequently, the Annual GMS on 16 May 2005
29 May 2003, as stated in Notarial Deed of Sutjipto, approved the granting of MSOP Phase 2 (two) totaling
S.H., No. 142 dated 29 May 2003, the shareholders of 312,000,000 share options. The exercise price per
Bank Mandiri also approved the employee and Board of share was Rp1,190.50 (full amount) for exercise in the
Directors share ownership plan through the Employee first year and Rp2,493 (full amount) for exercise in the
Stock Allocation (ESA) Program and the Management second year and thereafter. The nominal value per share
Stock Option Plan (MSOP). The ESA Program consists was Rp500 (full amount). The granting of these share
of a Share Plan Bonus program and a Share Purchase options was recorded under equity – share options at a
at Discount program. Meanwhile, the MSOP program fair value of Rp642.28 (full amount) per share. Options
is intended for members of the Board of Directors and exercised under MSOP Phase 2 (two) amounted to
managerial employees at certain grades or criteria. The 311,713,697 shares, resulting in an increase in issued
costs and discounts under the ESA program are borne and paid-up capital of Rp155,857 and an increase in
by Bank Mandiri, funded from reserves that have been additional paid-in capital of Rp425,233.
established. The management and implementation of
the ESA and MSOP programs are carried out by the The Annual GMS on 22 May 2006 approved the
Board of Directors, while supervision is conducted by granting of MSOP Phase 3 (three) totaling 309,416,215
the Board of Commissioners. share options. The GMS also authorized the Board of
Commissioners to determine the implementation and
On 14 July 2003, the Government of the Republic supervision policy of the MSOP Phase 3 (three) program
of Indonesia divested 4,000,000,000 of its shares, and to report it at the next GMS. The exercise price per
representing 20.00% ownership in Bank Mandiri, share for MSOP Phase 3 (three) was Rp1,495.08 (full
through an Initial Public Offering (IPO). As a follow- amount) with a nominal value of Rp500 (full amount)
up to Government Regulation of the Republic of per share. The granting of these share options was
Indonesia No. 27/2003 dated 2 June 2003 approving recorded under Equity – Share Options at a fair value
the divestment of up to 30.00% of the Government’s of Rp593.89 (full amount) per share. Options exercised
ownership in Bank Mandiri, and based on the decision under MSOP Phase 3 (three) amounted to 309,415,088
of the State-Owned Enterprise Privatization Policy shares, resulting in an increase in issued and paid-
Team No. Kep05/TKP/01/2004 dated 19 January up capital of Rp154,707 and an increase in additional
2004, the Government of the Republic of Indonesia paid-in capital of Rp491,651.
conducted a further divestment of 10.00% ownership
in Bank Mandiri, or 2,000,000,000 Series B ordinary On 27 December 2010, the Bank submitted its initial
shares, on 11 March 2004 through a private placement. registration to the OJK (formerly the Capital Market and
Financial Institution Supervisory Agency (Bapepam
At the time of the IPO on 14 July 2003, Bank Mandiri and LK)) in connection with a Limited Public Offering
granted share purchase options to management (PUT) to the Bank’s shareholders through the issuance
through MSOP Phase 1 (one) amounting to 378,583,785 of Pre-emptive Rights (HMETD) totaling 2,336,838,591
options with an exercise price of Rp742.50 (full amount) Series B shares. This PUT obtained approval from the
per share and a nominal value of Rp500 (full amount) Board of Commissioners through its letter dated 29 April
per share. The granting of these share options was 2010. The Bank also notified Bank Indonesia regarding
recorded under Equity - Share Options at a fair value the PUT through a letter dated 17 September 2010.
of Rp69.71 (full amount) per share. Options exercised The PUT was further enacted through Government
under MSOP Phase 1 (one) amounted to 375,365,957 Regulation of the Republic of Indonesia No. 75 of 2010
shares, resulting in an increase in Issued and Paid- dated 20 November 2010. The PUT received an effective
up Capital of Rp187,683 and an increase in Additional statement from Bapepam and LK through Letter No.
Paid-in Capital of Rp117,193. S-807/BL/2011 dated 27 January 2011, whereby the
366 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 369
MANAGEMENT DISCUSSION AND ANALYSIS
PUT became effective after obtaining approval from a form of appreciation in efforts to maintain and/or
shareholders at the Extraordinary General Meeting of increase long-term share value. The LTI program for
Shareholders held on 28 January 2011. The HMETD of the Board of Directors and Board of Commissioners is
2,336,838,591 shares was traded during the period of granted based on the 2023–2025 performance period.
14–21 February 2011 at an exercise price of Rp5,000 The Performance/Vesting Period is annual (January-
(full amount) per share, resulting in an increase in December) for 3 years (2023–2025). The LTI long-
issued and paid-up capital of Rp1,168,420. term incentive fully vests in the fourth year (2026)
Based on the resolution of the EGMS dated 21 August after the financial statements have been audited by
2017, the shareholders of Bank Mandiri, among others, an independent auditor and the Annual Report has
approved the stock split of Bank Mandiri’s shares been approved/adopted at the GMS. The calculation
from a nominal value of Rp500 (full amount) per share of performance target achievement uses a three-year
to Rp250 (full amount) per share, resulting in issued average (2023–2025) based on the indicators of Total
capital of 46,666,666,666 shares consisting of 1 (one) Shareholder Return (TSR), Return on Equity (RoE), and
Series A Dwiwarna share and 46,666,666,665 Series B Non-Performing Loan (NPL).
shares. The stock split did not result in any changes to
the authorized, issued, and paid-up capital. The stock Meanwhile, the Employee Stock Ownership Program
split became effective on 13 September 2017. (ESOP) is designed to enhance employees’ sense
of belonging, while encouraging them to contribute
As a continuation of the previously distributed ESOP optimally and sustainably over the long term. Shares
and MSOP programs, Bank Mandiri granted similar under this program are granted to eligible employees
programs to employees and Management with based on criteria including individual performance,
established grant and vesting requirements. talent classification, and professional track record.
From 2015 to 2025, Bank Mandiri has distributed a total
Bank Mandiri has a Management Stock Ownership of 130,000,000 shares with vesting periods ranging
Program (MSOP) in the form of a share-based Long Term from three to five years.
Incentive (LTI) measured based on the achievement of
corporate performance targets (Performance Share In 2026, Bank Mandiri will implement a similar share
Plan) for the Board of Directors and non-Independent ownership program for employees and Management in
Board of Commissioners, and in the form of an escrow the following years.
account for Independent Commissioners to provide
motivation to enhance future performance, as well as
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 367
Page 370
REALIZATION OF THE UTILIZATION OF
PROCEEDS FROM PUBLIC OFFERINGS
MANAGEMENT DISCUSSION AND ANALYSIS
On 14 July 2003, Bank Mandiri conducted an Initial On 25 March 2025, Bank Mandiri issued Sustainable
Public Offering (IPO) of 4,000,000,000 Series B ordinary Green Bond I Bank Mandiri Phase II Year 2025 with a
shares, with a nominal value of Rp500 (full amount) nominal value of Rp5,000,000,000,000, consisting of
per share, offered at a price of Rp675 (full amount) per two series: Series A amounting to Rp500,000,000,000
share. The public offering represented a divestment and Series B amounting to Rp4,500,000,000,000. The
of 20.00% of Bank Mandiri’s shares owned by the bonds were listed on the Indonesia Stock Exchange on
Government. 25 March 2025.
On 14 July 2003, a total of 19,800,000,000 Series B All proceeds obtained from the Green Bond Public
ordinary shares of Bank Mandiri were listed on the Offering, after deducting issuance costs, will be fully
Jakarta Stock Exchange and the Surabaya Stock allocated to finance or refinance activities classified
Exchange pursuant to the approval letters from the under Environmentally Sustainable Business Activities
Jakarta Stock Exchange No. S-1187/BEJ.PSJ/07-2003 (KUBL) as stipulated in POJK No. 60 of 2017 concerning
dated 8 July 2003 and the Surabaya Stock Exchange the Issuance and Requirements of Green Bonds and
No. JKT-028/LIST/BES/VII/2003 dated 10 July 2003. Green Sukuk, with at least 70% (seventy percent) of the
proceeds allocated to finance KUBL. The details of the
In addition to the public offering of shares, Bank utilization of proceeds from Sustainable Green Bond I
Mandiri has also conducted public offerings of debt Bank Mandiri Phase II Year 2025 are as follows:
securities or corporate bonds. The latest bond series
issued by Bank Mandiri was the Sustainable Bond I
Bank Mandiri Phase I Year 2025, which was listed on
the Indonesia Stock Exchange on 19 December 2025.
All public offerings, both equity and bond issuances,
have been completed, and the entire proceeds have
been fully utilized and reported in accordance with the
prevailing regulations.
Offering Result Realization Use of
Balance of
Proceeds (Rp
Public Offering Proceeds (as of
Effective Date Maturity Date Offering Price million) as of
Types Net Results 31 December
(Rp million) 31 December
2025)
2025
Sustainable Series A: 5
Green Bond I April 2026
25 March
Bank Mandiri Series B: 25 5,000,000 4,993,160 4,993,160 0
2025
Phase II Year March 2028
2025
368 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 371
INFORMATION ON MATERIAL
TRANSACTIONS WITH CONFLICTS OF
MANAGEMENT DISCUSSION AND ANALYSIS
INTEREST AND/OR TRANSACTIONS WITH
AFFILIATED/RELATED PARTIES
AFFILIATED TRANSACTIONS g. A person identified in point 1(a) has significant
influence over the entity or is a member of the
Bank Mandiri and its Subsidiaries conduct transactions key management personnel of the entity; or
with related parties as defined in PSAK No. 224 h. The entity is controlled, jointly controlled, or
concerning Related Party Disclosures and Financial significantly influenced by the Government,
Services Authority Regulation No. 42/POJK.04/2020 namely the Minister of Finance or a Regional
(POJK 42/2020) dated July 2, 2020 concerning Affiliated Government that acts as a shareholder of the
Transactions and Conflict of Interest Transactions. entity.
A related party is a person or entity that is related to the Article 1 paragraph (1) of POJK 42/2020 defines an
entity preparing its financial statements (the reporting Affiliation as:
entity). Related parties include the following: a. A family relationship due to marriage or lineage
up to the second degree, both horizontally and
1. A person who: vertically;
a. has control or joint control over the reporting b. A relationship between a party and the employees,
entity; directors, or commissioners of that party;
b. has significant influence over the reporting c. A relationship between two companies where
entity; or one or more members of the board of directors or
c. is a member of the key management personnel board of commissioners are the same;
of the reporting entity or of a parent entity of d. A relationship between a company and a party that
the reporting entity. directly or indirectly controls or is controlled by the
company;
2. An entity is related to the reporting entity if any of e. A relationship between two companies that are
the following conditions apply: directly or indirectly controlled by the same party;
a. The entity and the reporting entity are or;
members of the same business group; f. A relationship between a company and its major
b. An entity is an associate or joint venture of the shareholder.
reporting entity;
c. Both entities are joint ventures of the same The definition of an Affiliated Transaction in Article 1
third party; paragraph (3) of POJK 42/2020 refers to any activity
d. One entity is a joint venture of a third entity and/or transaction conducted by a public company or
and the other entity is an associate of the third its controlled company with an Affiliate of the public
entity; company or an Affiliate of members of the board of
e. The entity is a post-employment benefit directors, members of the board of commissioners,
plan for the benefit of employees of either major shareholders, or the Controlling Party, including
the reporting entity or an entity related to the any activity and/or transaction conducted by a public
reporting entity; company or its controlled company for the benefit of
f. The entity is controlled or jointly controlled by an Affiliate of the public company or an Affiliate of
a person identified in point 1; members of the board of directors, members of the
board of commissioners, major shareholders, or the
Controlling Party.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 369
Page 372
MANAGEMENT DISCUSSION AND ANALYSIS
PRESENTATION OF AFFILIATED TRANSACTIONS IN 2025
As of December 2025, there are affiliated transactions that meet the criteria under Article 8 of POJK 42/2020,
including affiliated transactions involving securities, money market instruments, and Repurchase Agreement/
Reverse Repurchase Agreement transactions with several affiliated companies and other SOEs. The affiliated
parties are presented in the following table:
Transaction
Transaction
Affiliated Parties Nature of Affiliated Relations Value
Objects
(Rp million)
Repurchase PT Bank Rakyat SOEs (directly or indirectly controlled by the Government of the 160,895,000
Agreement/ Indonesia (Persero) Republic of Indonesia)
Reverse Tbk
Repurchase
Agreement
Transaction
Repurchase PT Bank Tabungan SOEs (directly or indirectly controlled by the Government of the 6,140,000
Agreement/ Negara (Persero) Tbk Republic of Indonesia)
Reverse
Repurchase
Agreement
Transaction
Money Market PT Bank Syariah SOEs (directly or indirectly controlled by the Government 5,418,250
Transaction Indonesia of the Republic of Indonesia)
(Persero) Tbk
Money Market Bank Mandiri Europe SOEs (directly or indirectly controlled by the Government 2,726,363
Transaction Limited of the Republic of Indonesia)
Money Market PT Bank Rakyat SOEs (directly or indirectly controlled by the Government 583,375
Transaction Indonesia of the Republic of Indonesia)
(Persero) Tbk
Money Market PT Bank Negara SOEs (directly or indirectly controlled by the Government 300,000
Transaction Indonesia (Persero) of the Republic of Indonesia)
Tbk
Statement of the Board of Directors that the Affiliated Transaction Has Followed Arms-Length
Principle
The Board of Directors of Bank Mandiri states that in accordance with the provisions of Article 3 of POJK No.
42/2020, the Affiliated Transaction has followed adequate procedures to ensure that the transaction was carried
out in accordance with generally accepted business practices and has fulfilled the arms-length principle.
The Board of Directors of Bank Mandiri is fully responsible for the accuracy of all information related to the affiliated
transactions as described comprehensively. In accordance with the provisions of Article 10 letter (i) of POJK No.
42/2020, the Board of Directors of Bank Mandiri confirms that after conducting sufficient examination, and to the
best of its knowledge and belief, the transaction does not contain any Conflict of Interest and that all information
contained in this announcement is accurate and that there is no other important and relevant information that
has not been disclosed which would cause the information provided in this announcement to be inaccurate and/
or misleading.
370 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 373
MANAGEMENT DISCUSSION AND ANALYSIS
Role of the Board of Commissioners and the Audit Committee in Ensuring Arms-Length
Principle
The Board of Commissioners of Bank Mandiri states that in accordance with the provisions of Article 3 of POJK
No. 42/2020, the Affiliated Transaction has followed adequate procedures to ensure that the transaction was
carried out in accordance with generally accepted business practices and has fulfilled the arms-length principle.
The Board of Commissioners of Bank Mandiri is fully responsible for the accuracy of all information related to
this affiliated transaction. In accordance with the provisions of Article 10 letter (i) of POJK No. 42/2020, the Board
of Commissioners of Bank Mandiri confirms that after conducting sufficient examination, and to the best of its
knowledge and belief, the transaction does not contain any Conflict of Interest and that all information contained
in this announcement is accurate and that there is no other important and relevant information that has not been
disclosed which would cause the information provided in this announcement to be inaccurate and/or misleading.
The affiliated transaction does not fall within the category of significant transactions as referred to in Article 3
paragraph (2) of POJK No. 17/2020 and therefore does not require shareholder approval through the General
Meeting of Shareholders.
The Board of Directors and the Board of Commissioners of Bank Mandiri are fully responsible for the accuracy
of all information related to this affiliated transaction. In accordance with the provisions of Article 10 letter (i) of
POJK No. 42/2020, the Board of Directors and the Board of Commissioners of Bank Mandiri confirm that after
conducting sufficient examination, and to the best of their knowledge and belief, the transaction does not contain
any Conflict of Interest.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 371
Page 374
TRANSACTIONS WITH RELATED PARTIES
MANAGEMENT DISCUSSION AND ANALYSIS
In the course of its normal business operations, Bank Mandiri conducts significant business transactions with
related parties as follows:
• Related party relationship as the main shareholder
The Government of the Republic of Indonesia through the Ministry.
• Related party relationship arising from ownership and/or management
The nature of transactions with related parties includes equity participation, loans and receivables/sharia financing,
customer deposits, bank guarantees, securities issued, as well as borrowings and subordinated securities.
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
6 PT Bumi Daya Plaza Controlled by Bank Mandiri Pension Fund (since 19 December 2013)
7 PT Pengelola Investama Mandiri Controlled by Bank Mandiri Pension Fund (since 19 December 2013)
8 PT Usaha Gedung Mandiri Controlled by Bank Mandiri Pension Fund (since 19 December 2013)
9 PT Estika Daya Mandiri Controlled by Bank Mandiri Pension Fund 1
PT Asuransi Staco Mandiri (formerly PT
10 Controlled by Bank Mandiri Pension Fund 2
Asuransi Staco 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)
• Related Party Relationship with Government Entities
The nature of transactions with related parties that are government entities includes current accounts
with other banks, placements with other banks, securities, government bonds, other receivables – trading
transactions, receivables from securities purchased under resale agreements, derivative receivables, loans and
receivables/sharia financing, consumer financing receivables, acceptance receivables, equity participation,
customer deposits, deposits from other banks, derivative liabilities, acceptance liabilities, securities issued,
borrowings, borrowings and subordinated securities, temporary syirkah funds, unused credit facilities,
outstanding irrevocable letters of credit, as well as guarantees issued in the form of bank guarantees and
standby letters of credit.
In conducting its business activities, the Group also engages in transactions involving the purchase or use of
services such as telecommunication expenses, electricity expenses, and other costs with related parties that
are government entities.
More detailed information regarding related parties that are government entities can be found in the Audited
Financial Statements, Note No. 56, as attached to this Annual Report.
• Key Management or Employees of Bank Mandiri
Short-term and long-term employee benefits for the Board of Commissioners, Board of Directors, Audit
Committee and Risk Oversight Committee, Sharia Supervisory Board, as well as Senior Executive Vice
Presidents and Senior Vice Presidents for the years ended 31 December 2025 and 2024 amounted to Rp1,24
trillion and Rp2,71 trillion, respectively, or 1,83% and 4,62% of total consolidated other operating expenses.
• Realization of Related Party Transactions
Details of transaction balances with related parties as of 31 December 2025 and 2024 are further described in
Note No. 56 of the Audited Consolidated Financial Statements attached to this Annual Report.
372 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 375
POLICY ON THE REVIEW MECHANISM FOR
TRANSACTIONS AND COMPLIANCE WITH
MANAGEMENT DISCUSSION AND ANALYSIS
RELATED LAWS AND REGULATIONS
Bank Mandiri has established internal policies governing transactions that involve conflicts of interest and/or
transactions with affiliated parties and related parties. In the case of lending transactions containing elements of
affiliation and related-party relationships, such lending transactions are subject to prior approval from the Board
of Commissioners.
The policy on the provision of funds to related parties must not contradict the prevailing general procedures for
credit or fund provisioning and must ensure that such transactions provide reasonable benefits to Bank Mandiri.
In addition, such provisions are required to obtain approval from the Board of Commissioners.
POLICY ON LOAN PROVISION FOR THE
BOARD OF COMMISSIONERS AND THE
BOARD OF DIRECTORS
Bank Mandiri has established internal provisions governing the extension of credit to members of the Board of
Commissioners and the Board of Directors, with due observance of the prudential principle. Such credit facilities
are processed in accordance with the prevailing general credit approval procedures, similar to those applied to
other debtors.
Loans Exceeding the Legal Lending Limit Violation of the Legal Lending Limit
Description
(Rp Million) (LLL) (LLL)
Board of Commissioners 195 Nil Nil
Direksi Board of Directors 35,267 Nil Nil
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 373
Page 376
CHANGES IN LAWS AND REGULATIONS
WITH SIGNIFICANT IMPACT ON THE
MANAGEMENT DISCUSSION AND ANALYSIS
COMPANY
Changes in Laws and Regulations and Their Impact on the Bank
The following are changes in laws and regulations that affected the Bank, along with their impacts and information
on the adjustments undertaken by Bank Mandiri in response to these changes during 2025:
Key Provisions of the New Regulation or
Background of the Issuance of the Impact on Bank
No. Laws & Regulations Significant Changes from the Previous
Regulation or Regulatory Changes Mandiri
Regulation
1 Financial Services This POJK came into effect on the date of • As a follow-up to the Bank Mandiri made
Authority promulgation, 13 December 2024. issuance of Law No. 4 of adjustments to internal
Regulation (POJK) 2023 on the Development and provisions governing
No. 26 of 2024 on This POJK regulates, among others: Strengthening of the Financial equity participation,
the Expansion of a. The expansion of the scope of subsidiaries Sector (P2SK Law), which transfer of receivables,
Banking Business of Commercial Banks conducting business mandates: issuance of Bank
Activities activities on a conventional basis to make a. Adjustment of prevailing Guarantees (BG) and
equity participation in other companies that regulations to support Domestic Letters of
support the banking industry. collaboration between Credit (SKBDN), and
b. The expansion of the scope of subsidiaries Commercial Banks and its role as a KUPVA
of Commercial Banks conducting business non-Financial Services operator.
activities based on Sharia Principles to Institutions (non-LJK) Bank Mandiri is
make equity participation in non-financial through equity participation required to identify
institutions that support the Islamic activities; and documents that
banking industry and note that such b. Expansion of the business utilise Electronic
participation does not contradict Sharia activities of Rural Banks Signatures and
Principles. (BPR) or Sharia Rural Banks subsequently classify
c. Banks are required to include a consent (BPR Syariah) through such documents, with
clause related to the transfer of receivables equity participation in the classification set
in credit or financing agreements between supporting institutions, out in policies and
the Bank and customers. In the event that transfer of bank receivables, procedures governing
the Bank has an existing credit or financing and waqf management for the use of Electronic
agreement that does not yet include a banks operating based on Signatures.
consent clause related to the transfer of Sharia principles.
receivables, the Bank must obtain customer • As a form of OJK support
consent prior to transferring receivables to for industry needs and
another party. regulatory harmonisation in
d. Banks that transfer receivables are not line with recent developments,
allowed to repurchase receivables that adjustments to several
have been transferred. provisions are required, namely:
e. Commercial Banks are required to conduct - The use of electronic
analysis in providing guarantee services. signatures (TTE) as
f. Banks acting as KUPVA operators are a substitute for wet
required to record transactions and retain signatures and the
documents and records related to such implementation of
transactions. electronic agreements;
g. In the event that a Commercial Bank - More principle-based
utilises Electronic Signatures in the regulation on guarantees
provision of its products, the Commercial provided by Commercial
Bank must identify and classify documents Banks to align with current
and/or transactions that may use international standards and
Electronic Signatures. practices;
- Regulation of Foreign
Exchange Trading Business
Activities (KUPVA)
conducted by Banks.
374 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 377
MANAGEMENT DISCUSSION AND ANALYSIS
Key Provisions of the New Regulation or
Background of the Issuance of the Impact on Bank
No. Laws & Regulations Significant Changes from the Previous
Regulation or Regulatory Changes Mandiri
Regulation
2 Circular Letter This PPATK Circular Letter came into effect on This Circular Letter aims to ensure Bank Mandiri has
of the Financial the date of promulgation, 31 October 2024. that Financial Service Providers made adjustments
Transaction (FSPs), in identifying Suspicious
to its internal
Reports and This Circular Letter regulates, among others: Financial Transactions (SFT)
Analysis Center a. The scope of Green Financial Crime (GFC), related to Green Financial Crime provisions governing
(PPATK) No. 8 of covering money laundering offences (GFC), refer to this Circular Letter Suspicious Financial
2024 on Indicators (TPPU) indicated to originate from criminal in the preparation, establishment, Transactions related
of Suspicious activities in the following sectors: and updating of GFC-related to Green Financial
Financial 1. Forestry; SFT indicators for transactions
Transactions 2. Environmental protection; conducted by service users. Crime.
Related to Green 3. Flora and fauna (wildlife); Adequate identification of GFC-
Financial Crime 4. Mineral and energy mining; and related SFT is expected to enhance
5. Marine and fisheries. the quality and quantity of GFC-
b. For the purpose of identifying indicators of related Suspicious Transaction
Suspicious Financial Transactions (SFT), Reports (STRs) submitted to
Banks are required to have or be aware of, PPATK, thereby providing added
at a minimum, the following information: value and supporting efforts
1. Single Customer Identification File (CIF); to prevent and combat Money
2. Information on prospective customers Laundering (TPPU) in Indonesia.
entering into a business relationship,
including the presence of unusual
requests from such prospective
customers;
3. Information on accounts held by
individuals in relation to accounts held
by corporates that are inconsistent
with the purpose of account opening or
constitute unusual transactions;
4. Information on money laundering risks
arising from Green Financial Crime.
3 Financial Services This POJK came into effect on 23 December The implementation of integrated Bank Mandiri
Authority 2024. supervision and financial has submitted an
Regulation (POJK) conglomeration is expected to application to OJK
No. 30 of 2024 This POJK regulates, among others: make a positive contribution to for the establishment
on Financial a. The criteria for Financial Conglomerations supporting the development and of a Financial
Conglomeration that are required to establish a Financial strengthening of a healthy, resilient, Conglomeration
and Financial Conglomeration Holding Company (PIKK); and competitive financial sector in Holding Company
Conglomeration b. Types of PIKK, namely Operational PIKK Indonesia, while also playing a role (PIKK).
Holding Companies and Non-Operational PIKK; in safeguarding financial system
c. Members of a Financial Conglomeration, stability. Integrated supervision
consisting of banks, insurance companies, and financial conglomeration are
securities companies, financing companies, also expected to support inclusive,
infrastructure financing companies, sustainable, and equitable
guarantee institutions, pension funds, national economic growth toward
venture capital companies, pawnshops, the realisation of a prosperous,
information technology–based peer-to- advanced, and dignified Indonesian
peer lending service providers, information society.
technology–based equity crowdfunding
service providers, other Financial Services
Institutions (FSIs), and/or non-FSI entities
supporting the business activities of FSIs
and/or the Financial Conglomeration;
d. Documentation requirements that must be
submitted to OJK upon the establishment
of a PIKK;
e. Capitalisation and ownership of the PIKK;
f. Business activities that may be conducted
by the PIKK;
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 375
Page 378
Key Provisions of the New Regulation or
Background of the Issuance of the Impact on Bank
No. Laws & Regulations Significant Changes from the Previous
Regulation or Regulatory Changes Mandiri
Regulation
MANAGEMENT DISCUSSION AND ANALYSIS
g. Duties and responsibilities of the PIKK in
managing the Financial Conglomeration;
h. The obligation of the PIKK to prepare a
Financial Conglomeration strategic plan
in the form of a Financial Conglomeration
corporate plan;
i. The obligation of the PIKK to prepare and
maintain a Financial Conglomeration
corporate charter signed by the Board of
Directors of all members of the Financial
Conglomeration;
j. The obligation of the PIKK to exercise
control over members of the Financial
Conglomeration, including ownership and
control criteria;
k. Changes in ownership and/or control of
the PIKK and/or members of the Financial
Conglomeration;
l. Governance of the PIKK, including matters
related to the number of Directors and
Commissioners, as well as their duties and
responsibilities;
m. The implementation of fit and proper tests
and re-assessments for key parties within
the Financial Conglomeration;
n. Prohibition of cross-ownership within the
Financial Conglomeration; and
o. The obligation of the PIKK to submit
periodic reports to OJK and incidental
reports when required.
4 Bank Indonesia This PBI came into effect on 1 March 2025. • In promoting sustainable Bank Mandiri is
Regulation (PBI) economic growth, the required to make
No. 3 of 2025 on This PBI regulates, among others: Government has adjusted the adjustments to its
the Amendment a. Changes to the amount and duration of the regulations on export proceeds internal provisions
to Bank Indonesia mandatory placement of Natural Resources foreign exchange to enhance governing Export
Regulation No. 7 of Export Proceeds Foreign Exchange (DHE the effectiveness of policies Proceeds Foreign
2023 concerning SDA), set at 100% for a minimum period on the inflow and placement of Exchange and Import
Export Proceeds of 12 months, except for the oil and gas export proceeds. Payment Foreign
Foreign Exchange sector. • Adjustments to Bank Indonesia Exchange.
and Import b. Placement of DHE SDA in banking Regulation No. 7 of 2023
Payment Foreign instruments, financial instruments issued are required to align with
Exchange by LPEI, and instruments issued by Bank Government Regulation No. 8
Indonesia may not be withdrawn prior to of 2025.
the maturity of the placement instruments.
c. Provisions regarding the voluntary
placement of DHE SDA for exports with an
export value of less than USD250,000.00 or
its equivalent are revoked.
d. Specific arrangements for DHE SDA in the
non-oil and gas sector.
5 Government This Government Regulation came into effect To implement the provisions of Bank Mandiri is
Regulation No. on 27 March 2025. Law No. 1 of 2024 on the Second required to make
17 of 2025 on the Amendment to Law No. 11 of 2008 adjustments to internal
Governance of This Government Regulation regulates, among on Information and Electronic provisions affected
Electronic System others: Transactions, it is necessary to by the issuance of
Operations for Child a. The level of risk of products, services, and establish a Government Regulation this Government
Protection features to children; on the Governance of Electronic Regulation.
b. The obligations of Electronic System System Operations for Child
Operators in providing child protection; Protection.
c. The obligations of Electronic System
Operators;
d. Supervision of Electronic System Operators
by the Minister.
376 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 379
Key Provisions of the New Regulation or
Background of the Issuance of the Impact on Bank
No. Laws & Regulations Significant Changes from the Previous
Regulation or Regulatory Changes Mandiri
Regulation
MANAGEMENT DISCUSSION AND ANALYSIS
6 Financial Services This POJK came into effect on 27 December In order to improve the efficiency Bank Mandiri is
Authority 2025. and effectiveness of information required to make
Regulation (POJK) disclosure in custodian bank adjustments to its
No. 7 of 2025 This POJK regulates, among others: reports, it is necessary to simplify internal provisions
on Reporting by a. The obligations of Custodian Banks to the number of custodian bank governing Custodian
Commercial Banks submit periodic and/or incidental reports, reports submitted to the Financial Bank activities.
as Custodians as well as the types of periodic and/or Services Authority
incidental reports of Custodian Banks;
b. Procedures for the submission of periodic
and/or incidental reports of Custodian
Banks, including corrections to periodic
and/or incidental reports; and
c. Supervision of periodic and/or incidental
reports of Custodian Banks.
7 Regulation of This PADG came into effect on 8 May 2025. The background for the issuance Bank Mandiri is
Members of the of this PADG is the results of an required to observe
Board of Governors This PADG regulates, among others: evaluation of the implementation and comply with the
No. 10 of 2025 on a. If a Bank holds a Foreign Currency Current of Current Account administration provisions related to
the Amendment Account for other purposes, the Bank is at Bank Indonesia, to ensure that the implementation of
to Regulation required to zero out such Foreign Currency the regulation of Foreign Currency Current Accounts at
of Members of Current Account at the end of the day. Current Account administration Bank Indonesia
the Board of b. Examples of ownership of a Bank’s for other purposes supports the
Governors No. Foreign Currency Current Account for settlement of transactions through
24/21/PADG/2022 other purposes include settlement of Bank Foreign Currency Current Accounts
concerning the Indonesia foreign currency securities held by customer banks at Bank
Implementing (SVBI) and Bank Indonesia foreign currency Indonesia
Provisions for sukuk (SUVBI).
Current Accounts at
Bank Indonesia
8. Regulation of This PADG came into effect on 10 June 2025. In order to support the Bank Mandiri is
Members of the effectiveness of monetary policy, required to observe
Board of Governors This PADG regulates, among others: financial system stability, and and comply with the
No. 13 of 2025 on a. Transaction Facility Operators, consisting collaboration in financing the provisions related to
Transaction Facility of Electronic Trading Platform (ETP) national economy, a modern Transaction Facility
Operators Providers, including Intermarket ETP and advanced Money Market Operations, including
Providers, Brokerage Firms, and Systematic and Foreign Exchange Market implementing them in
Internalisers. are required. To achieve this BMRI’s internal policies
b. The functions and obligations of objective, Bank Indonesia
Transaction Facility Operators. has regulated, developed, and
c. Licensing requirements, feature changes supervised the Money Market and
and institutional changes, as well as Foreign Exchange Market as set
the obligations and prohibitions for ETP out in Bank Indonesia Regulation
Providers. No. 6 of 2024 on the Money
d. Obligations and prohibitions for Intermarket Market and Foreign Exchange
ETP Providers. Market.
e. Licensing requirements, feature changes
and institutional changes, as well as the Bank Indonesia’s regulation,
obligations and prohibitions for Brokerage development, and supervision
Firms. on the infrastructure side are
f. Licensing requirements, feature changes, intended to ensure that Financial
as well as the obligations and prohibitions Market Infrastructure, whether
for Systematic Internalisers. systemic or critical in nature,
g. Licensing procedures and is operated in accordance
recommendations for Transaction Facility with the principles of security,
Operators. effectiveness, efficiency, and
h. The application of prudential principles, risk reliability, while taking into
management, and governance. account applicable international
i. Data and information requirements, standards. Furthermore, the
including reporting operation of Financial Market
Infrastructure must also ensure
interconnection, interoperability,
and integration with other
financial market infrastructures.
One of the critical Financial
Market Infrastructures that may
be operated by parties other than
Bank Indonesia is transaction
facilities operated by ETP
Providers, Brokerage Firms, and
Systematic Internalisers.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 377
Page 380
Key Provisions of the New Regulation or
Background of the Issuance of the Impact on Bank
No. Laws & Regulations Significant Changes from the Previous
Regulation or Regulatory Changes Mandiri
Regulation
MANAGEMENT DISCUSSION AND ANALYSIS
In order to accelerate the
deepening of the Money
Market and Foreign Exchange
Market, improvements have
been made to the provisions
governing Transaction Facility
Operators, including the
regulation of intermarket ETP
operations, human capital
development, strengthening of
transaction facility functions,
the use of financial sector
technological innovations, and
the harmonisation of regulations
among Transaction Facility
Operators.
9 Financial Services This SEOJK came into effect on 5 June 2025. This SEOJK was issued to follow Bank Mandiri is
Authority Circular up on the mandate and regulate required to observe
Letter No. 10/ a. The obligation to submit reports the implementation provisions of and comply with the
SEOJK.04/2025 electronically, namely: Article 5 and Article 7 paragraph provisions related
on the Electronic • Reports on share ownership or any (4) of Financial Services Authority to the electronic
Submission of changes in share ownership of Public Regulation No. 4 of 2024 on submission of reports
Reports on Share Companies. Reports on Share Ownership or on share ownership
Ownership or Any • Reports on pledging activities of Any Changes in Share Ownership or any changes in
Changes in Share Public Company shares. of Public Companies and Reports share ownership of
Ownership of b. Provision of electronic reporting systems on Pledging Activities of Public Public Companies
Public Companies by the Central Securities Depository and Company Shares (POJK No. 4 and reports on
and Reports on Settlement Institution. of 2024), specifically to govern pledging activities
Pledging Activities c. Provision of electronic report publication electronic systems for the of Public Company
of Public Company systems by the Stock Exchange. submission and publication of shares, including
Shares reports on share ownership or implementing them
any changes in share ownership, in BMRI’s internal
as well as reports on pledging policies.
activities of Public Company
shares.
10. Regulation of This PADG came into effect on 1 June 2025. In order to support sustainable Bank Mandiri is
Members of economic growth, Bank Indonesia required to observe
the Board of This PADG regulates, among others: encourages the expansion and comply with the
Governors No. 11 a. The adjustment of the Macroprudential of bank lending or financing. provisions related to
of 2025 on the Liquidity Buffer (PLM) to 4% (four Accordingly, Bank Indonesia has the implementation of
Eighth Amendment percent) of Third Party Funds (TPF) strengthened its macroprudential the Macroprudential
to Regulation of of Conventional Commercial Banks in policy by reducing the Intermediation Ratio
Members of the rupiah. Macroprudential Liquidity Buffer and Macroprudential
Board of Governors b. Securities that meet the requirements (PLM) ratio and the Sharia Liquidity Buffer
No. 21/22/ for fulfilling PLM obligations may be PLM ratio, aimed at increasing for Conventional
PADG/2019 on the used in repo transactions and liquidity flexibility in liquidity management Commercial
Macroprudential management transactions based on by banks to encourage the Banks, including
Intermediation Bank Indonesia’s sharia principles (PaSBI expansion of bank lending or implementing them
Ratio and transactions) with Bank Indonesia in financing. In this regard, Bank in BMRI’s internal
Macroprudential open market operations. The use of Indonesia issued Regulation policies.
Liquidity Buffer securities of Conventional Commercial of Members of the Board of
for Conventional Banks in repo and PaSBI transactions Governors No. 11 of 2025 on the
Commercial that may be counted toward PLM Eighth Amendment to Regulation
Banks, Islamic fulfilment is set at a maximum of 4% of Members of the Board of
Commercial (four percent) of TPF of Conventional Governors No. 21/22/PADG/2019
Banks, and Sharia Commercial Banks in rupiah. on the Macroprudential
Business Units Intermediation Ratio and
Macroprudential Liquidity Buffer
for Conventional Commercial
Banks, Islamic Commercial
Banks, and Sharia Business Units
(Eighth Amendment PADG on RIM
and PLM).
378 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 381
Key Provisions of the New Regulation or
Background of the Issuance of the Impact on Bank
No. Laws & Regulations Significant Changes from the Previous
Regulation or Regulatory Changes Mandiri
Regulation
MANAGEMENT DISCUSSION AND ANALYSIS
11. Regulation of This PADG came into effect on 1 June 2025. In supporting sustainable Bank Mandiri is
Members of the economic growth, Bank Indonesia required to observe
Board of Governors This PADG regulates, among others: seeks to encourage bank funding and comply with the
No. 12 of 2025 on a. The adjustment of the countercyclical in line with economic needs while provisions related to
the Amendment parameter from 0% (zero percent) to continuing to observe prudential the implementation
to Regulation of positive 5% (five percent); and principles. Accordingly, Bank of the Bank’s Foreign
Members of the b. An increase in the Foreign Funding Ratio Indonesia has strengthened Funding Ratio,
Board of Governors (RPLN) limit from the previously stipulated macroprudential policy through including implementing
No. 7 of 2024 30% (thirty percent) to 35% (thirty-five adjustments to the countercyclical them in BMRI’s internal
concerning the percent), after taking into account the parameter, thereby increasing policies.
Implementing countercyclical parameter. the limit of the bank’s Foreign
Provisions of the Funding Ratio (RPLN). The increase
Bank’s Foreign in the RPLN limit is expected
Funding Ratio to strengthen bank funding
for liquidity management and
optimise the expansion of lending
or financing. In this regard, Bank
Indonesia issued Regulation of
Members of the Board of Governors
No. 12 of 2025 on the Amendment
to Regulation of Members of the
Board of Governors No. 7 of 2024
concerning the Implementing
Provisions of the Bank’s Foreign
Funding Ratio (PADG Amendment
on RPLN).
12 Financial Services This SEOJK came into effect on 24 June 2025. This SEOJK was prepared Bank Mandiri is
Authority Circular to provide guidance and required to observe
Letter No. 14/ This SEOJK regulates, among others: implementing provisions for and comply with the
SEOJK.03/2025 on a. 16 (sixteen) assessment factors for the governance implementation by provisions related to
the Implementation implementation of governance, namely: Commercial Banks following the the implementation
of Governance for 1. The implementation of the duties, issuance of Financial Services of governance for
Commercial Banks responsibilities, and authorities of the Authority Regulation (POJK) No. Commercial Banks,
Board of Directors; 17 of 2023 on the Implementation including implementing
2. The implementation of the duties, of Governance for Commercial them in BMRI’s internal
responsibilities, and authorities of the Banks on 14 September 2023 policies.
Board of Commissioners; and POJK No. 2 of 2024 on
3. The completeness and performance of the Implementation of Sharia
committee duties; Governance for Islamic Commercial
4. Handling of conflicts of interest; Banks and Sharia Business Units
5. Implementation of the compliance on 16 February 2024.
function;
6. Implementation of the internal audit
function;
7. Implementation of the external audit
function;
8. Implementation of risk management,
including internal control systems;
9. Remuneration;
10. Provision of funds to related parties and
large exposures;
11. Integrity of reporting and information
technology systems;
12. The Bank’s strategic plan;
13. Shareholder aspects;
14. Implementation of anti-fraud strategies,
including anti-bribery;
15. Implementation of sustainable finance,
including the application of social and
environmental responsibility; and
16. Implementation of governance within a
Banking Business Group (KUB.
b. The scope and procedures for the
submission of governance implementation
reports; and
c. Working papers or self-assessment
matrices for governance implementation.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 379
Page 382
Key Provisions of the New Regulation or
Background of the Issuance of the Impact on Bank
No. Laws & Regulations Significant Changes from the Previous
Regulation or Regulatory Changes Mandiri
Regulation
MANAGEMENT DISCUSSION AND ANALYSIS
13 Regulation of This PADG came into effect on 30 June 2025. This Regulation of Members of Bank Mandiri already
Members of the This PADG regulates, among others: the Board of Governors (PADG) has provisions
Board of Governors a. Regulated parties are required to implement was issued as an implementing governing the
of Bank Indonesia Anti-Money Laundering (AML), Counter- regulation derived from Bank implementation of
No. 15 of 2025 on Terrorism Financing (CTF), and Counter- Indonesia Regulation (PBI) No. 10 AML, CTF, and CPF-
the Implementation Proliferation Financing of Weapons of Mass of 2024 on the Implementation WMD; however, these
of Anti-Money Destruction (CPF-WMD) to manage risks of Anti-Money Laundering, provisions need to be
Laundering, of money laundering, terrorism financing, Counter-Terrorism Financing, and reviewed to ensure
and proliferation financing, which at a
Counter-Terrorism Counter-Proliferation Financing of alignment with the
minimum cover Customer Due Diligence
Financing, Weapons of Mass Destruction for requirements of this
(CDD), management of data/information/
and Counter- documents, and reporting related to AML, Parties Regulated and Supervised PADG.
Proliferation CTF, and CPF-WMD. by Bank Indonesia. This PADG
Financing of b. Regulated parties are required to implement forms part of efforts to strengthen
Weapons of Mass a risk management process covering the implementation of anti-money
Destruction for Risk Identification, Risk Assessment, Risk laundering, counter-terrorism
Parties Regulated Understanding, Risk Control, and Risk financing, and counter-proliferation
and Supervised by Mitigation. financing of weapons of mass
Bank Indonesia c. Implementation of CDD through: destruction through implementing
• Identification activities conducted by: provisions that serve as further
1. Direct submission; and/or guidance for enhancing the
2. The use of adequate and prevention of money laundering
accountable technological and/or offences, terrorism financing
electronic means. offences, and proliferation
• Verification of identification activities, financing of weapons of mass
which include: destruction by parties regulated
1. Population data from authorised
and supervised by Bank Indonesia.
authorities related to population
administration and civil registration;
2. Information systems of authorised
authorities related to legal entity
administration and business
licensing; and/or
3. Other relevant and legally valid databases.
d. Reports on the implementation of AML,
CTF, and CPF-WMD, which include:
1. Periodic reports consisting of:
• Reports on the results of risk
identification and risk assessment;
and
• Annual reports on the
implementation of AML, CTF, and
CPF-WMD.
2. Incidental reports consisting of:
• Reports on changes to written
policies and procedures for the
implementation of AML, CTF, and
CPF-WMD;
• Recapitulation reports on
transaction delays.
e. Reports by regulated parties to PPATK,
which include:
1. Suspicious Financial Transaction Reports;
2. Cash Transaction Reports;
3. Fund Transfer Transaction Reports from
and to Overseas;
4. Reports on Blocking and/or Rejection of
Transactions related to the Proliferation
Financing Targeted Persons List (DPPSPM);
5. Nil reports related to DPPSPM; and
6. Other reports to PPATK.
f. Reports by regulated parties in the
implementation of AML, CTF, and CPF-
WMD to the Indonesian National Police,
which include:
1. Reports on Blocking and/or Rejection
of Transactions related to the Terrorism
Financing Targeted Persons List (DTTOT);
2. Nil reports related to DTTOT; and
3. Other reports.
14 Minister of Finance This PMK came into effect on 21 July 2025. This PMK was issued to implement
Regulation No. the direction of the President
49 of 2025 on This PMK regulates, among others: of the Republic of Indonesia in
Procedures for a. Loan schemes; accordance with Presidential
Loans in the b. Criteria for loan recipients; Instruction No. 9 of 2025 on the
Framework of c. Procedures for loan applications submitted Acceleration of the Establishment
Financing Merah by the Chairperson of the Management of Merah Putih Village/Subdistrict
Putih Village/ of Merah Putih Subdistrict Cooperatives Cooperatives.
Subdistrict (KKMP) / Merah Putih Village Cooperatives
Cooperatives (KDMP);
380 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 383
Key Provisions of the New Regulation or
Background of the Issuance of the Impact on Bank
No. Laws & Regulations Significant Changes from the Previous
Regulation or Regulatory Changes Mandiri
Regulation
MANAGEMENT DISCUSSION AND ANALYSIS
d. Procedures for loan disbursement by Banks This initiative aims to promote Bank Mandiri will
to KKMP/KDMP; national self-reliance through incorporate this
e. Repayment of loans by KKMP/KDMP to sustainable food self-sufficiency regulation into its
Banks. and village-based development internal policies
for equitable economic growth, once more detailed
which has led to the establishment implementing
of Merah Putih Village/Subdistrict provisions are issued
Cooperatives. In addition, financing by the Government.
for Merah Putih Village/Subdistrict
Cooperatives is to be carried out
through funding synergies between
the Government and the banking
sector. Accordingly, it is necessary
to establish regulations governing
loan procedures for Merah Putih
Village/Subdistrict Cooperatives.
15 Financial Services This POJK came into effect on 1 July 2025. In order to enhance the efficiency Bank Mandiri has
Authority and effectiveness of conducting made adjustments to
Regulation (POJK) This POJK regulates, among others: General Meetings of Shareholders, its internal provisions
No. 14 of 2025 on a. The procedures and mechanisms General Meetings of Bondholders, governing the
the Conduct of for conducting General Meetings of and General Meetings of conduct of electronic
General Meetings Shareholders (GMS), General Meetings of Sukukholders, it is necessary General Meetings of
of Shareholders, Bondholders (RUPO), and General Meetings to leverage developments in Shareholders.
General Meetings of Sukukholders (RUPSU) in electronic information technology in the
of Bondholders, and form. electronic conduct of such
General Meetings b. Announcement, convening, and timing of meetings.
of Sukukholders in the electronic GMS, RUPO, and RUPSU.
Electronic Form c. Obligations of system providers.
d. Procedures for conducting electronic GMS,
RUPO, and RUPSU.
e. The rights of bondholders and/or
sukukholders and the granting of proxies
electronically in electronic RUPO and/or
RUPSU.
f. Minutes of the GMS, General Meetings
of Bondholders, or General Meetings of
Sukukholders, and summaries of the
minutes of the GMS, General Meetings
of Bondholders, or General Meetings of
Sukukholders.
g. Announcement media and language of
announcements.
16 Financial Services This POJK will come into effect on 8 February • To enhance market discipline Bank Mandiri has
Authority 2026. and reduce information made adjustments
Regulation (POJK) asymmetry, it is necessary to to its publication
No. 18 of 2025 on This POJK regulates, among others: strengthen the transparency reports and financial
Transparency and a. The obligation to prepare, announce, and/ and publication of reports statements in
Publication of Bank or submit Publication Reports for which disclosed by banks in order to accordance with this
Reports the Board of Directors is accountable increase public trust. POJK and has also
and whose duties and responsibilities are • Available bank information adjusted its internal
supervised by the Board of Commissioners, transparency must be provisions accordingly.
comprising: comprehensive, complete,
• Financial Publication Reports and accurate, up-to-date, integral,
financial performance information; timely, and comparable to
• Risk exposure and capital Publication support the strengthening
Reports; of a healthy, resilient, and
• Publication Reports on information or competitive financial services
material facts; sector and to help safeguard
• Base lending rate Publication Reports; financial system stability.
• Sustainability reports; • POJK No. 37/POJK.03/2019 on
• Annual reports on the implementation Transparency and Publication
of integrated governance for Banks of Bank Reports is no longer
acting as financial conglomeration aligned with international
holding companies; standards and legal
• Annual financial statements for Banks developments and therefore
that are Issuers or Public Companies; needs to be replaced.
and
• Other reports in accordance with
prevailing laws and regulations.
b. The obligation to prepare financial
statements in accordance with financial
accounting standards.
c. The appointment of an Executive Officer by
a member of the Bank’s Board of Directors
as the preparer of financial statements.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 381
Page 384
Key Provisions of the New Regulation or
Background of the Issuance of the Impact on Bank
No. Laws & Regulations Significant Changes from the Previous
Regulation or Regulatory Changes Mandiri
Regulation
MANAGEMENT DISCUSSION AND ANALYSIS
17 Financial Services This SEOJK will come into effect on 1 This SEOJK is a follow-up to the Bank Mandiri has
Authority Circular January 2027. mandate of Article 6 paragraph made adjustments to
Letter No. 20/ (2) of Financial Services Authority its internal provisions
SEOJK.08/2025 This SEOJK regulates, among others: Regulation No. 18/POJK.07/2018 governing customer
on the Publication a. The obligation to publish brief procedures on Consumer Complaint Services complaints.
of Complaint for Complaint Services and the handling in the Financial Services Sector
Handling and of complaints received by Financial and Article 81 paragraph (4)
Complaint Service Services Institutions (PUJK) in the of Financial Services Authority
Reports PUJK’s annual report, website, and/or Regulation No. 22 of 2023 on
other media. Consumer and Public Protection
b. The appointment by the PUJK of one in the Financial Services Sector.
member of the Board of Directors
responsible for the publication of There is a need for PUJK to obtain
complaint handling in accordance with guidance in implementing the
the PUJK’s internal policies. publication of brief procedures for
c. The obligation to prepare and submit complaint services and complaint
Complaint Service reports to OJK, handling, as well as the format
comprising: of reports and procedures for
• Reports on the types of products and/ completing complaint service
or services and issues complained of; reports.
• Reports on complaints resolved
during the reporting period;
• Reports on complaint handling that
has become disputes;
• Reports on the causes of complaints;
and
• Reports on negative media coverage
of products and/or services.
d. Submission of Complaint Service reports
on a semi-annual basis, no later than 10
July of the current year and 10 January of
the following year.
e. The appointment by the PUJK of one
member of the Board of Directors
responsible for the preparation and
submission of Complaint Service reports
in accordance with the PUJK’s internal
policies.
18 Financial Services This POJK came into effect on 2 November To encourage the expansion of • Bank Mandiri
Authority 2025. financing by Banks and Non-Bank already has a
Regulation (POJK) Financial Institutions (LKNB), it is unit or function
No. 19 of 2025 on This POJK regulates, among others: necessary to be accompanied by responsible
Facilitating Access a. Forms of facilitating access to MSME provisions that emphasise sound for facilitating
to Financing for financing through: governance and adequate risk access to MSME
Micro, Small, • the establishment of specific policies management in providing access financing.
and Medium for financing to MSMEs; to financing for MSMEs. • Bank Mandiri
Enterprises • the development of special financing shall make
schemes for MSMEs; adjustments to
• acceleration of business processes internal provisions
in the disbursement of financing to governing the
MSMEs; facilitation of
• the determination of fees related to access to MSME
MSME financing that are charged financing.
fairly; and/or • Bank Mandiri shall
• other forms of facilitation. make adjustments
b. The obligation for Banks to have a unit to RBB documents
or function responsible for handling the related to
provision of MSME financing access the planned
facilitation. disbursement
of financing to
MSMEs.
382 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 385
Key Provisions of the New Regulation or
Background of the Issuance of the Impact on Bank
No. Laws & Regulations Significant Changes from the Previous
Regulation or Regulatory Changes Mandiri
Regulation
MANAGEMENT DISCUSSION AND ANALYSIS
19 Law No. 16 of This Law came into effect on 6 October 2025. As part of efforts to optimise • Bank Mandiri
2025 on the Fourth the management of Indonesia’s is required to
Amendment to This Law regulates, among others: State-Owned Enterprises and to adjust its internal
Law No. 19 of 2003 a. The Republic of Indonesia holds a 1% (one undertake efficient institutional provisions to
on State-Owned percent) share in SOEs in the form of Series transformation, the House of reflect the change
Enterprises A Dwiwarna shares through the Head of Representatives of the Republic in nomenclature
BP BUMN and 99% (ninety-nine percent) in of Indonesia (DPR) has officially from the Ministry of
SOEs in the form of Series B shares through enacted Law No. 16 of 2025 on SOEs to BP BUMN.
the Agency. the Fourth Amendment to Law • Members of
b. The change in nomenclature from the No. 19 of 2003 on State-Owned the Board of
Ministry of SOEs to BP BUMN. Enterprises. Directors, Board of
c. Members of the Board of Directors, Board Commissioners,
of Commissioners, and Supervisory Board and employees of
of SOEs are state officials. Bank Mandiri are
d. Members of the Board of Directors of required to submit
Persero SOEs are not required to be State Officials’
Indonesian citizens, as determined by BP Wealth Reports
BUMN. (LHKPN).
e. The Audit Board of the Republic of
Indonesia (BPK) is authorised to conduct
special-purpose audits of SOEs in
accordance with prevailing laws and
regulations.
f. Refinement of provisions related to gender
composition of SOE human resources.
g. SOE employees are state officials.
20 Financial Services This POJK came into effect on 2 October In order to enhance the • Bank Mandiri
Authority 2025. effectiveness and efficiency of shall prepare and
Regulation (POJK) bank reporting and to strengthen submit reports to
No. 22 of 2025 This POJK regulates, among others: technology-based supervision, OJK in accordance
on Reporting a. Periodic reports consisting of reports it is necessary to simplify and with the provisions
by Commercial with daily, monthly, quarterly, semi- digitalise reports submitted to of this POJK.
Banks through annual, and annual data positions. the Financial Services Authority. • Bank Mandiri shall
the Financial b. Periodic reports containing groups of Accordingly, Financial Services make adjustments
information comprising:
Services Authority Authority Regulation No. 63/ to its internal
• financial information;
Reporting System POJK.03/2020 on Reporting provisions related
• risk and capital information;
• product, activity, and business activity by Commercial Banks through to the preparation
information; and the Financial Services Authority and submission of
• core data information. Reporting System needs to be reports to OJK.
c. Incidental reports are required to be replaced.
submitted in accordance with the
submission deadlines as stipulated in
prevailing banking sector regulations.
d. Incidental reports contain groups of
information comprising:
• supervisory information;
• institutional information;
• business activity information; and
• other information.
e. Banks are required to submit, within the
Business Plan:
• reports on planned Bank product
implementation;
• reports on planned outsourcing.
f. Banks are required to submit, within the
Realisation Report of the Business Plan:
• reports on overseas financial product
agency activities;
• periodic bancassurance reports;
• reports on outstanding structured
product transactions;
• reports on the appointment of
expatriates as experts or consultants;
• reports on trust activities;
• reports on problematic outsourcing;
• information on evidence of settlement
of rights and obligations of regional
offices, branch offices, and overseas
offices to customers and/or other
parties in connection with the closure
of regional offices, branch offices, and
overseas offices; and
• information on evidence of settlement
of rights and obligations of sub-
branch offices to customers and/or
other parties in connection with the
closure of sub-branch offices.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 383
Page 386
Key Provisions of the New Regulation or
Background of the Issuance of the Impact on Bank
No. Laws & Regulations Significant Changes from the Previous
Regulation or Regulatory Changes Mandiri
Regulation
MANAGEMENT DISCUSSION AND ANALYSIS
g. Banks shall submit reports on the
implementation of governance within the
annual financial publication report and
financial performance information.
h. Banks shall submit the annual financial
publication report and financial
performance information accompanied
by a management letter.
i. Banks shall submit reports on changes
in the Board of Directors and/or Board
of Commissioners from the Bank’s
controlling shareholders in the form of
legal entities within the report on the
detailed list of related parties.
j. Conventional Commercial Banks
(BUK) are required to submit reports
on temporary changes to the branch
network.
k. Conventional Commercial Banks
(BUK) and Sharia Commercial Banks
(BUS) are required to submit reports
on amendments to the articles of
association.
21 Regulation of This PADG came into effect on 1 December In order to maintain efficient Bank Mandiri shall
Members of the 2025. implementation of transactions make adjustments
Board of Governors and support the achievement of to its internal
No. 19 of 2025 This PADG regulates, among others: monetary operation objectives, provisions related
on Infrastructure a. Facilities used in monetary operation it is necessary to strengthen to the regulation of
and Participation transactions, comprising: the regulation of infrastructure infrastructure used in
in Monetary • Monetary Operation transaction facilities; used in monetary operations Monetary Operations
Operations • Monetary Operation transaction and participation in monetary and participation in
settlement facilities (for securities operations through the issuance monetary operations.
settlement and fund settlement); and of implementing regulations on
• Other facilities as determined by Bank monetary operation infrastructure
Indonesia. and participation.
b. Supporting infrastructure for the
implementation of monetary operation
transactions, comprising:
• Supporting infrastructure for monitoring
transaction data in the money market
and foreign exchange market (managed
by Bank Indonesia in the form of
SISMONTAVAR); and
• Other supporting infrastructure as
determined by Bank Indonesia.
c. SISMONTAVAR is used to obtain data on
foreign exchange transactions against the
rupiah (excluding foreign banknote trading
transactions) conducted between Banks and
between Banks and customers.
d. The use of SISMONTAVAR applies to:
• spot transactions, including today and
tomorrow transactions, with a minimum
value of USD250,000.00 (two hundred
fifty thousand United States dollars) or its
equivalent; and/or
• derivative transactions with a minimum
value of USD1,000,000.00 (one million
United States dollars) or its equivalent.
e. Monetary Operation Participants may
conduct Monetary Operation transactions
directly and/or indirectly through Intermediary
Institutions.
f. Intermediary Institutions consist of
Brokerage Firms or Securities Companies.
384 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 387
Key Provisions of the New Regulation or
Background of the Issuance of the Impact on Bank
No. Laws & Regulations Significant Changes from the Previous
Regulation or Regulatory Changes Mandiri
Regulation
MANAGEMENT DISCUSSION AND ANALYSIS
23 Regulation of This PADG came into effect on 20 October In the implementation of Rupiah Bank Mandiri shall
Members of the 2025. Monetary Operations, both make adjustments
Board of Governors conventional and sharia-based, to its internal
No. 20 of 2025 on This PADG regulates, among others: Bank Indonesia regulates the provisions related to
Rupiah Monetary a. Rupiah Monetary Operations consist of characteristics of Rupiah Monetary the characteristics
Operations Rupiah Open Market Operations (OPT) Operation instruments and the of instruments
(conventional and sharia) and Standing procedures for conducting Rupiah and procedures for
Facilities. Monetary Operations under normal implementing Rupiah
b. OPT may be conducted through Monetary conditions as well as abnormal Monetary Operations
Operations via Bank Indonesia and the and/or force majeure conditions. through the expansion
market. These provisions serve as a of the types of
c. Conventional standing facilities consist of the reference for Monetary Operation securities used in
Lending Facility and Deposit Facility. Participants in conducting Rupiah Rupiah Monetary
d. Sharia standing facilities consist of the Monetary Operation transactions Operation transactions.
Financing Facility and FASBIS. with Bank Indonesia. Furthermore,
e. Bank Indonesia conducts Rupiah OPT Bank Indonesia develops Rupiah
through auction and non-auction Monetary Operation instruments
mechanisms, while Standing Facilities through the expansion of the types
are conducted through non-auction of securities that may be used
mechanisms. in Rupiah Monetary Operation
f. Conventional Rupiah OPT instruments transactions. This expansion is
include SBI, SDBI, SRBI, BI-FRN, conventional intended to align with market
Rupiah term deposit transactions, reverse mechanisms (pro-market)
repo transactions, conventional Rupiah repo in support of money market
transactions, and outright purchases and/ deepening. Accordingly, it is
or sales of Government Securities (SBN) by expected to have a positive impact
Bank Indonesia in the secondary market. on the effectiveness of monetary
g. Sharia Rupiah OPT instruments include SBIS, policy, financial system stability,
SUKBI, sharia reverse repo transactions, and sustainable economic growth.
sharia Rupiah repo transactions, PASBI
transactions, and outright purchases and/
or sales of Government Sharia Securities
(SBSN) by Bank Indonesia in the secondary
market.
24 Regulation of This PADG came into effect on 20 October • In formulating and Bank Mandiri shall
Members of 2025. implementing monetary policy, make adjustments
the Board of Bank Indonesia (BI) conducts to its internal
Governors No. 21 This PADG regulates, among others: monetary control to manage provisions related to
of 2025 on Foreign a. Conventional Foreign Exchange Monetary interest rates, exchange rates, the characteristics
Exchange Monetary Operation instruments, which include: and liquidity, one of which is of instruments
Operations a. Foreign Currency SBBI; through the implementation and procedures
b. SVBI; of foreign exchange monetary for implementing
c. Conventional Foreign Currency Term operations, both conventional Foreign Exchange
Deposit transactions; and sharia-based. Monetary Operations
d. Spot transactions; • In the implementation of foreign in accordance with this
e. Forward transactions; exchange monetary operations, PADG.
f. Swap transactions; Bank Indonesia establishes
g. Hedging Swap transactions with Bank instruments and regulates the
Indonesia; procedures for conducting
h. DNDF transactions; and foreign exchange monetary
i. Non-USD/IDR DNDF Hedging operations as guidance
transactions with Bank Indonesia. for transactions with Bank
b. Provisions governing: Indonesia.
a. The characteristics and mechanisms for
the issuance of instruments/transactions;
b. Announcement of auctions/transactions;
c. Submission of auction/transaction bids;
d. Determination of auction winners/
transaction results;
e. Announcement of auction/transaction
results;
f. Settlement; and/or
g. Settlement sanctions for instruments,
for each Conventional Foreign Exchange
Monetary Operation instrument.
c. Requirements for transaction participants,
transaction underlyings, and hedging
contracts for Conventional Foreign Exchange
Monetary Operation instruments (Hedging
Swap transactions and Non-USD/IDR DNDF
Hedging transactions), namely a minimum
Bank Soundness Rating (TKB) of 3 (three) in
accordance with OJK assessments.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 385
Page 388
Key Provisions of the New Regulation or
Background of the Issuance of the Impact on Bank
No. Laws & Regulations Significant Changes from the Previous
Regulation or Regulatory Changes Mandiri
Regulation
MANAGEMENT DISCUSSION AND ANALYSIS
25 Regulation of This PADG came into effect on 20 October Bank Indonesia has enhanced Bank Mandiri shall
Members of the 2025. the availability of high-quality make adjustments to
Board of Governors securities through the issuance its internal provisions
No. 22 of 2025 on This PADG regulates, among others: of Bank Indonesia Floating governing Short-Term
the Amendment a. Adjustments to the types of securities eligible Rate Notes (BI-FRN) as well as Liquidity Loans (PLJP).
to Regulation of as collateral for Short-Term Liquidity Loans the purchase and sale of other
Members of the (PLJP), namely: high-quality securities. These
Board of Governors a. SBI; high-quality securities may be
No. 21 of 2023 b. SBIS; used as underlying instruments
concerning the c. SDBI; for monetary operations in
Implementing d. SRBI; the money market and foreign
Provisions for e. BI-FRN; exchange market and are therefore
Short-Term f. SukBI; considered to meet the criteria for
Liquidity Loans g. SBN; use as collateral for PLJP.
for Conventional h. Corporate Bonds and/or Corporate
Commercial Banks Sukuk; and
i. Other highly rated securities as
determined by Bank Indonesia.
b. Provisions regarding Bank Indonesia Floating
Rate Notes (BI-FRN), including:
a. the use of high-quality securities as
collateral for PLJP;
b. the treatment of BI-FRN as collateral for
PLJP; and
c. the designation of BI-FRN as collateral
for PLJP.
c. Provisions regarding Highly Rated Securities.
26 Regulation of This PADG came into effect on 20 October Bank Indonesia has strengthened Bank Mandiri shall
Members of 2025. its macroprudential policy make adjustments
the Board of supported by enhanced regulation to its internal
Governors No. 23 This PADG regulates, among others: of credit or financing instruments provisions governing
of 2025 on the a. The addition of types of securities/sharia for Conventional Commercial the Macroprudential
Macroprudential securities that may be included in the Banks (BUK), Sharia Commercial Intermediation
Intermediation calculation of the Macroprudential Liquidity Banks (BUS), and Sharia Business Ratio and the
Ratio and Buffer (PLM/PLM Sharia). Units (UUS), namely the RIM and Macroprudential
Macroprudential b. Bank Indonesia may designate other RIM Sharia instruments, as well as Liquidity Buffer.
Liquidity Buffer securities/sharia securities, along with strengthened regulation of liquidity
for Conventional their criteria or mechanisms, to be included risk limit instruments for BUK and
Commercial Banks, in the calculation of the Macroprudential BUS, namely the PLM and PLM
Sharia Commercial Intermediation Ratio (RIM/RIM Sharia). Sharia instruments. Accordingly,
Banks, and Sharia c. Provisions on corporate securities/corporate refinement of the regulatory
Business Units sharia securities owned by banks that framework governing the RIM is
are being used in repo transactions in the required.
calculation of RIM and RIM Sharia.
27 Financial Services his POJK came into effect on 10 November Account management must be • Bank Mandiri
Authority 2025. conducted with due regard to classifies Current
Regulation (POJK) sound governance to ensure Accounts and
No. 24 of 2025 This POJK regulates, among others: customer protection and prevent Savings Accounts
on Account a. The management of Current Accounts fraud or misuse. Accordingly, into Active
Management at and Savings Accounts, which are standardisation of account Accounts, Inactive
Commercial Banks classified into Active Accounts, Inactive management is required. Accounts, and
Accounts, and Dormant Accounts. Dormant Accounts.
b. Inactive Accounts, defined as accounts • Bank Mandiri has
with no deposit, withdrawal, or balance made adjustments
inquiry activity for more than 360 days. to its internal
c. Dormant Accounts, defined as accounts provisions on the
with no deposit, withdrawal, or balance administration of
inquiry activity for more than 1,800 days. Current Accounts
d. The obligation to notify customers at and Savings
the opening of Current Accounts and Accounts in
Savings Accounts regarding the criteria accordance with the
for account classification, including policy parameters
automatic closure of Current Accounts and procedures
and Savings Accounts. stipulated in this
e. The obligation to provide systems for the POJK.
management of Current Accounts and • Bank Mandiri
Savings Accounts. provides systems
f. The prohibition on charging account to support the
administration fees that result in negative management of
account balances. Current Accounts
and Savings
Accounts.
386 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 389
Key Provisions of the New Regulation or
Background of the Issuance of the Impact on Bank
No. Laws & Regulations Significant Changes from the Previous
Regulation or Regulatory Changes Mandiri
Regulation
MANAGEMENT DISCUSSION AND ANALYSIS
g. The requirement to apply account
classification flagging within the Bank’s
internal systems.
h. The obligation to establish policies and
procedures for the administration of
Current Accounts and Savings Accounts.
i. Supervision of inactive and dormant
accounts where there are indications of
suspicious financial transactions and/or
potential fraud.
28 Financial Services This SEOJK came into effect on 10 November • There is a need for regulations • Bank Mandiri
Authority Circular 2025. governing the implementation is required to
Letter No. 26/ of ILAAP for Banks submit the ILAAP
SEOJK.03/2025 This SEOJK regulates, among others: (Conventional Commercial Implementation
on the Internal a. The obligation to implement the Internal Banks, Sharia Commercial Report, the Foreign
Liquidity Adequacy Liquidity Adequacy Assessment Process Banks, and Sharia Business Currency Liquidity
Assessment (ILAAP) in accordance with the size, Units). Coverage Ratio
Process (ILAAP) for characteristics, and complexity of the • Through the implementation (LCR) Report
Commercial Banks Bank’s business. of ILAAP, Banks ensure that for significant
b. The obligation to prepare and submit liquidity management is currencies, the
ILAAP reports to OJK. aligned with the level of risk Funding Profile
c. The implementation of the Liquidity assumed (risk appetite) and Report, the DCR
Supervisory Review and Evaluation risk tolerance set by the Bank, Customer Report
Process (LSREP). while also taking into account and Profit-Sharing
d. The obligation for Banks to submit the the impact of liquidity risk on Efficient Strategy
results of updates and adjustments to the Bank’s condition. Report for Sharia
ILAAP as requested by OJK. Commercial Banks
e. ILAAP reports, comprising: (BUS) and Sharia
• Semi-annual ILAAP implementation Business Units
reports. (UUS), as well as
• Monthly quantitative ILAAP reports. the Net Stable
• Quarterly quantitative ILAAP reports. Funding Ratio
(SPM) Report,
for the first time
as of the end of
December 2026.
• Bank Mandiri
shall submit the
Intraday Liquidity
Report, for the first
time as of the end
of December 2028.
29 Regulation of This PADG came into effect on 10 November Pursuant to Law No. 4 of Bank Mandiri shall
Members of the 2025. 2023 on the Development and regulate provisions
Board of Governors Strengthening of the Financial concerning
No. 26 of 2025 This PADG regulates, among others: Sector and Government PUVA supporting
on Financial a. PUVA derivative products, comprising Regulation No. 49 of 2024, the institutions in the
Derivatives with PUVA Derivative Contracts, which include: authority for the regulation and form of fund custody
Underlying Assets • Futures contracts; supervision of PUVA Derivatives service providers
in the Form of • Contracts for difference; and has been transferred from the within its internal
Money Market and • Other PUVA Derivative Contracts as Commodity Futures Trading policies.
Foreign Exchange determined by Bank Indonesia, Regulatory Agency (Bappebti)
Market Products with underlying assets in the form of to Bank Indonesia. In exercising
Money Market and/or Foreign Exchange its regulatory and supervisory
Market products. authority over PUVA Derivatives,
b. Types of PUVA Derivative Participants, Bank Indonesia regulates,
comprising: develops, and supervises PUVA
• PUVA Derivative Transaction Derivatives comprehensively
Participants; across products, pricing
• PUVA Supporting Institutions; benchmarks, PUVA participants,
• PUVA Market Professionals; and and the operation of Financial
• Supporting professionals in the Market Infrastructure in PUVA
financial sector in the Money Market Derivative transactions.
and Foreign Exchange Market.
c. Financial Market Infrastructure, comprising:
• PUVA Derivative Transaction Facility
Operators; and
• PUVA Derivative Clearing Institutions.
d. PUVA Derivative Transactions, comprising:
• PUVA Derivative Transactions on PUVA
Derivative Exchanges;
• PUVA Derivative Transactions on
Alternative Trading Systems (SPA); and
• PUVA Derivative Transactions through
the PALN mechanism.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 387
Page 390
Key Provisions of the New Regulation or
Background of the Issuance of the Impact on Bank
No. Laws & Regulations Significant Changes from the Previous
Regulation or Regulatory Changes Mandiri
Regulation
MANAGEMENT DISCUSSION AND ANALYSIS
e. Licensing related to PUVA Derivatives,
comprising:
• Forms of licensing in the form of
business licences, approvals, and
certificates of registration; and
• Licensing mechanisms.
f. The obligation of PUVA Derivative
Transaction Participants to maintain
minimum equity.
g. PUVA Derivative Transaction Participants
intending to make changes to business
activities, institutional changes, or the
opening of branch offices are required to
obtain approval from Bank Indonesia.
h. PUVA Derivative Transaction Participants are
required to submit reports, comprising:
• Periodic reports (daily, monthly, quarterly,
and annual reports); and
• Incidental reports.
30 Bank Indonesia This PBI came into effect on 1 December 2025. • To achieve Bank Indonesia’s Bank Mandiri has
Regulation (PBI) objective of maintaining made adjustments
No. 9 of 2025 on This PBI regulates, among others: financial system stability to its internal
Macroprudential a. The provision of Macroprudential Liquidity in support of sustainable provisions governing
Liquidity Incentive Incentives (KLM) for Banks that carry out: economic growth, Bank the mechanism
Policy • the distribution of Credit or Financing; Indonesia establishes and for granting
and/or implements macroprudential Macroprudential
• other activities that support the policies, including efforts to Liquidity Incentives
distribution of Credit or Financing. encourage balanced, high- (KLM).
b. The calculation of KLM is based on data quality, and sustainable
obtained from bank reports, namely: intermediation to achieve
• reports on commitments to planned optimal Credit or Financing
Credit or Financing distribution; and targets.
• other reports as determined by Bank • To achieve optimal Credit
Indonesia. or Financing targets, Bank
c. Exemptions from the provision of KLM for Indonesia has established a
certain Banks. macroprudential policy in the
d. The calculation of KLM for Banks undertaking form of a macroprudential
strategic and fundamental actions in the liquidity incentive policy for
form of: Banks.
• mergers or consolidations; • The macroprudential
• separation of UUS from BUK; and/or liquidity incentive policy
• changes in business activities, needs to be strengthened by
• carried out in accordance with the regulating a performance-
provisions for calculating the fulfilment of based and forward-looking
Reserve Requirement (GWM) obligations macroprudential liquidity
for Banks. incentive scheme.
e. Recalculation by Bank Indonesia of the
fulfilment of GWM obligations, the fulfilment
of RIM Current Account or Sharia RIM
Current Account obligations, and/or GWM
remuneration for BUK, or GWM incentives in
the form of grants (‘athaya) based on sharia
principles for BUS or UUS.
31 Financial Services This SEOJK came into effect on 9 February In connection with the enactment Bank Mandiri has
Authority Circular 2026. of Financial Services Authority made adjustments
Letter No. 29/ Regulation No. 18 of 2025 on to the reporting
SEOJK.03/2025 This SEOJK regulates, among others: Transparency and Publication of submission periods.
on Transparency a. The obligation for Banks to prepare, Bank Reports, it is necessary to
and Publication announce, and/or submit Publication stipulate implementing provisions
of Reports by Reports in the form of monthly, quarterly, for Conventional Commercial
Conventional semi-annual, and annual Financial Banks through this Financial
Commercial Banks Publication Reports and financial Services Authority Circular Letter.
performance information.
b. Submission of reports:
• Monthly Financial Publication
Reports and financial performance
information, first applicable for the
data position of October 2026.
• Quarterly Financial Publication
Reports and financial performance
information, first applicable for the
data position of September 2026.
• Semi-annual Financial Publication
Reports and financial performance
information, first applicable for the
data position of June 2026.
388 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 391
Key Provisions of the New Regulation or
Background of the Issuance of the Impact on Bank
No. Laws & Regulations Significant Changes from the Previous
Regulation or Regulatory Changes Mandiri
Regulation
MANAGEMENT DISCUSSION AND ANALYSIS
• Annual Financial Publication Reports
and financial performance information,
first applicable for the data position of
December 2026.
c. The obligation to prepare and announce
quarterly and annual Publication Reports
on risk exposure and capital.
d. Submission of reports:
• Quarterly Publication Reports on risk
exposure and capital, first applicable for
the data position of September 2026.
• Annual Publication Reports on risk
exposure and capital, first applicable for
the data position of December 2026.
e. The scope of announcement of the
annual Financial Publication Reports and
financial performance information for
the 2025 financial year shall follow POJK
No. 37/POJK.03/2019 on Transparency
and Publication of Bank Reports and its
implementing provisions.
f. Upon the effectiveness of this SEOJK,
Banks shall continue to announce
Financial Publication Reports and financial
performance information up to the
following data positions:
• September 2026 for the monthly period;
• June 2026 for the quarterly period;
• December 2025 for the semi-annual
period for Banks that are part of a
business group; and
• December 2025 for the annual period,
in accordance with SEOJK No. 9/
SEOJK.03/2020.
g. Upon the effectiveness of this SEOJK,
Banks shall continue to announce
Publication Reports on risk exposure and
capital up to the following data positions:
• June 2026 for the quarterly period; and
• December 2025 for the annual period,
in accordance with SEOJK No. 9/
SEOJK.03/2020.
32 Financial Services This SEOJK came into effect on 28 November This SEOJK was prepared to Bank Mandiri has
Authority Circular 2025. provide more technical guidance made adjustments in
Letter No. 31/ on the implementation of relation to:
SEOJK.03/2025 This SEOJK regulates, among others: Financial Services Authority • Consolidation of
on Reporting by a. The obligation to prepare and submit Regulation (POJK) No. 22 of 2025 reporting; and
Conventional Periodic Reports, consisting of: on Reporting by Commercial • Reporting
Commercial • Daily reports; Banks through the Financial submission
Banks through • Monthly reports; Services Authority Reporting periods.
the Financial • Quarterly reports; System. This SEOJK for
Services Authority • Semi-annual reports; and Conventional Commercial Banks
Reporting System • Annual reports. (APOLO BUK) regulates details,
b. Information groups within Periodic formats, and guidelines for
Reports, comprising: completing Periodic Reports and
• financial information group; Incidental Reports, as well as the
• risk and capital information group; format of submission letters and
• product, activity, and business activity changes to reporting officers in
information group; and charge.
• core data information group.
c. Information groups within Incidental
Reports, comprising:
• supervisory information group;
• institutional information group;
• business activity information group; and
• other information group.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 389
Page 392
Key Provisions of the New Regulation or
Background of the Issuance of the Impact on Bank
No. Laws & Regulations Significant Changes from the Previous
Regulation or Regulatory Changes Mandiri
Regulation
MANAGEMENT DISCUSSION AND ANALYSIS
33 Financial Services This POJK came into effect on 17 December Along with the increasing • Bank Mandiri shall
Authority 2024. complexity of business activities need to apply for
Regulation (POJK) in the financial services sector, access rights as a
No. 28 of 2024 on The key provisions of this regulation include, Financial Services Institutions SIPELAKU user.
the Management among others: (FSIs) are increasingly exposed to • Bank Mandiri shall
of Actors’ Track a. The scope of parties classified as Actors the risk of fraud, which may result need to establish
Record Information and Track Record Users within SIPELAKU; in losses to the financial services policies and
through the Actors b. Requirements for obtaining SIPELAKU industry, the Government, procedures related
Information access rights for Users; and/or the public. To support to SIPELAKU.
System c. Criteria to be considered by Users in strengthened supervision and
(SIPELAKU) accessing and utilising Track Records law enforcement, as well as
within SIPELAKU; to enhance the integrity of the
d. The scope and sources of data and/or financial services sector, it is
information contained in Track Records necessary to provide data and
within SIPELAKU; information on actors’ Track
e. Obligations and prohibitions for Users. Records in the financial services
sector through SIPELAKU.
34 Regulation of This PADG came into effect on 23 January To achieve Bank Indonesia’s • Banks are required
Members of the 2025. objective of maintaining payment to have a fraud
Board of Governors system stability, it is necessary management
No. 1 of 2025 on Key provisions include: to enhance risk management in system, at a
the Amendment • Fraud Management System for BI-FAST the implementation of BI-FAST minimum in the
to Regulation operators, with the addition of a proactive Payment, both at the operator form of a fraud
of Members of risk manager feature. and participant levels, as an detection system
the Board of • Follow-up actions by participants on integrated transaction security at the account and
Governors No. 17 alerts delivered by the operator to ecosystem. transaction levels,
of 2023 on the participants. as a first line of
Implementation of • The obligation for participants to submit defence.
Bank Indonesia– reports on the implementation results of • Bank Mandiri
Fast Payment the proactive risk manager feature to the shall need to
operator when the information (alert) or establish policies
rejection of CTR forwarding constitutes and procedures
a fraud transaction and is not a false related to follow-
positive. up actions on
• The obligation for both sending and information
receiving participants to have fraud (alerts) delivered
management arrangements, at a by the operator.
minimum in the form of a fraud detection
system at the account and transaction
levels, as a first line of defence.
35 Regulation of This PADK came into effect on 2 December There is a need for Financial Bank Mandiri shall
Members of 2025. Services Business Actors (PUJK) prepare or adjust its
the Board of to obtain more comprehensive internal provisions
Commissioners Key provisions include: and standardised guidance on and the formats for
of the Financial a. Provision of product and service the provision of information, providing product and
Services Authority information, consisting of: (1) the disclosure of information for service information
of the Republic of provision of Product and/or Service marketing purposes, and the in accordance with
Indonesia No. 37/ Information Summaries; and (2) the presentation of Product and/or the product and/or
PADK.08/2025 provision of information through Service Information Summaries in service information
on the Provision advertisements. accordance with prevailing laws summary formats
and Disclosure of b. Disclosure of information for the and regulations. and sample
Information for marketing of products and services. advertisements
the Marketing of c. Cooperation between Financial Services stipulated in this
Financial Products Business Actors (PUJK) and third PADK.
and Services parties in the provision and disclosure of
information for the marketing of products
and services.
d. Documentation of product and service
information materials by PUJK.
390 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 393
CHANGES IN ACCOUNTING POLICIES AND
IMPACTS IMPLEMENTED IN 2025
MANAGEMENT DISCUSSION AND ANALYSIS
Changes in accounting policies were made in order to comply with the applicable PSAK relevant to the operations
of the Bank and its Subsidiaries.
PERUBAHAN KEBIJAKAN AKUNTANSI DAN DAMPAKNYA (BERLAKU EFEKTIF PADA TANGGAL 1 JANUARI 2025)
No. Description Quantitative Impact of Changes in Accounting Policies on the Explanation of
of Changes in Financial Statements Consequences and
Accounting Adjustments Implemented
Policies
1. PSAK 117 PSAK 117 adopts a measurement model that provides Updating Bank Mandiri’s
concerning greater transparency regarding gains or losses arising internal accounting policies
“Insurance from insurance contracts, as well as the factors influencing in accordance with the
Contracts”. This changes in those gains or losses. In addition, the disclosure requirements stipulated in
PSAK regulates and presentation of insurance contracts have been enhanced, the amendments.
the accounting particularly with respect to the reconciliation of financial
and reporting statement figures and the distribution of future profits.
of insurance
contracts. The impact of the implementation of the new standards
and the related adjustments or amendments mentioned
above was not material to the Group’s consolidated financial
statements.
2. PSAK 109 This PSAK governs the recognition, measurement, and Updating Bank Mandiri’s
concerning disclosure of financial instruments in relation to the internal accounting policies
“Financial implementation of PSAK 117. in accordance with the
Instruments” requirements stipulated in
The initial implementation of PSAK 117 and PSAK 109 the amendments.
resulted in an increase in net expenses after tax of Rp385.21
billion. However, this impact was not material to the Group’s
consolidated financial statements.
3. Amendments The amendment regarding lack of exchangeability clarifies Updating Bank Mandiri’s
to PSAK 221 the provisions related to circumstances in which a currency internal accounting policies
concerning is not exchangeable and the related disclosures. in accordance with the
“The Effects of requirements stipulated in
Changes in Foreign The impact of the implementation of the new standards the amendments.
Exchange Rates” and the related adjustments or amendments mentioned
above was not material to the Group’s consolidated financial
statements.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 391
Page 394
BANK SOUNDNESS LEVEL
MANAGEMENT DISCUSSION AND ANALYSIS
Bank Mandiri routinely assesses its risks and performance through the self-assessment of the Bank Soundness
Level (TKB) using a risk-based approach (Risk-Based Bank Rating) and in accordance with OJK Regulation No. 4/
POJK.03/2016 on the Assessment of Commercial Bank Soundness. The final result of the TKB self-assessment
is the Composite Rating (PK), which evaluates the following factors:
1. Risk Profile
2. Good Corporate Governance (GCG)
3. Earnings
4. Capital
BANK MANDIRI SOUNDNESS LEVEL AS OF 31 DECEMBER 2025 AND 31 DECEMBER 2024 INDIVIDUALLY (SELF-
ASSESSMENT)
Assessment (Rating)
Assessmen Factors
Per 31 December 2025 Per 31 December 2024
Risk Profile 1 1
Good Corporate Governance (GCG) 1 1
Earnings 1 1
Capital 1 1
Bank Soundness Level Composit Raring PK-1 PK-1
As of 31 December 2025, the results of Bank Mandiri’s Individual Bank Soundness Level Self-Assessment placed
it at Composite Rating 1 (PK-1). This reflects the Bank’s overall very sound condition, indicating its strong ability
to withstand significant negative impacts from changes in business conditions and other external factors. This
assessment is supported by excellent ratings across key evaluation factors, including risk profile, governance
implementation, profitability aspects, and capital adequacy. Any identified weaknesses are generally manageable
within normal business activities.
392 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 395
BUSINESS CONTINUITY
INFORMATION
MANAGEMENT DISCUSSION AND ANALYSIS
Indonesia’s economy recorded positive growth Management Assessment of Matters with
throughout 2025 and is expected to maintain promising Significant Impact on Business Continuity
prospects in 2026, supported by an appropriate Bank Mandiri’s management continuously monitors
mix of fiscal and monetary policies as well as the external developments that may affect the Group’s
Government’s target of achieving 8% economic growth business continuity. Global dynamics such as the
by 2029. Investor confidence in the financial market reciprocal tariffs, geopolitical tensions in several
also improved, as reflected in the growth trend of the regions, and changes in the Federal Reserve’s
IDX Composite Index (IHSG). In addition, investment in benchmark interest rate that may trigger uncertainty
the real sector is projected to strengthen in line with are continuously observed and assessed, and
investor optimism regarding improvements in the subsequently mapped into risk considerations.
domestic investment climate.
Apart from global conditions, Bank Mandiri’s
The optimistic economic outlook, accompanied by management also closely monitors domestic
controlled inflation and a stable Rupiah exchange developments. Economic growth, public purchasing
rate, creates a conducive environment for the banking power, business optimism, Rupiah exchange rate
industry. As one of the companies with large market movements, inflation trends, changes in fiscal and
capitalization and a leader in the national banking monetary regulations, as well as developments in
industry, Bank Mandiri will continue its digital the digital economy and finance remain key areas of
transformation strategy through the Livin’ by Mandiri management focus.
super app and the Kopra wholesale platform to support
the digital economic and financial ecosystem, while To safeguard business continuity, management remains
maintaining a focus on sustainability. focused on improving profitability performance while
maintaining sound risk management. The development
Past performance achievements provide an important of human resource competencies and the strengthening
foundation supporting Bank Mandiri’s growth of digital transformation through platforms such as
prospects in 2026. The Bank’s profitability performance Livin’ by Mandiri and Kopra by Mandiri to support
continued to grow, supported by stronger capital and business activities are also continuously pursued to
solid backing from the controlling shareholder. ensure sustainable growth. In addition, Bank Mandiri
conducts its business operations in full compliance
Bank Mandiri will optimize the momentum of economic with prevailing laws and regulations as part of the
growth through an aggressive credit growth strategy implementation of good governance.
to sustain loan growth above the banking industry
average. Loan disbursement will be directed toward The commitment to improving economic performance
potential productive sectors while supporting is aligned with social and environmental performance.
government economic programs. The issuance of green bonds to finance sustainability
initiatives serves as one of the indicators of
management’s commitment to sustainability.
Management considers that economic performance
must be accompanied by a strong commitment to
social and environmental aspects in order to strengthen
sustainable business growth.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 393
Page 396
MANAGEMENT DISCUSSION AND ANALYSIS
Management continues to strengthen global e. Bank Mandiri is included in the ASEAN Asset Class
sustainability standards (ESG) by executing the Bank’s category in the ASEAN Corporate Governance
three main ESG pillars, namely sustainable banking, Scorecard (ACGS) assessment conducted by the
sustainable operations, and sustainable beyond ASEAN Capital Market Forum (ACMF).
banking. The sustainable banking pillar is realized f. Bank Mandiri is the first KBMI 4 bank in Indonesia
through ESG integration in financial sector, such as to obtain ISO 22301 certification for Business
credit and lending standards, as well as implementing Continuity Management System (BCMS) from
sustainable finance initiatives. the global certification body British Standards
Institution, covering the functions of Payment,
The sustainable operations pillar is strengthene, Settlement, Cash Processing, Treasury, and
among others, by improving technology infrastructure Information Technology.
and digital security, as well as HR competencies g. Recognition of ESG implementation at Bank
development. The sustainable beyond banking pillar is Mandiri, with the Bank’s ESG Risk Rating by
realized through commitments to inclusive financing, Sustainalytics improving to the Negligible Risk
such as micro financing and financial literacy programs category in 2025.
for vulnerable groups. h. Recognition of Bank Mandiri’s performance
through various awards, including:
Assumptions Used by Management in • Asian Experience Awards 2025: Indonesia
Conducting the Assessment Customer Experience of the Year
Bank Mandiri adopts several assumptions as • Euromoney: Awards for Excellence – Best
considerations in assessing business continuity, Bank in Indonesia
including: • The Digital Banker: Global Transaction
a. Stronger economic growth is expected to support Banking Innovation Awards:
greater stability in the financial system. - Best Bank for Cash Management in
b. Bank Mandiri’s internal assessment in determining Indonesia
the Bank’s position within the Indonesian banking - Best Bank for Trade Finance in Indonesia
industry through a Strengths, Weaknesses, - Best Bank for Supply Chain Finance in
Opportunities, and Threats (SWOT) analysis. Indonesia
c. Bank Mandiri’s overall condition remains - Best Bank for Transaction Banking
very sound, with the Bank Health Level rated Services in Indonesia
at Composite Rank 1 (one), reflecting that - Best Bank for Transaction Banking
Bank Mandiri is considered highly capable of Services in Southeast Asia
withstanding significant adverse impacts from • Forbes: 2025 World’s Best Banks – Highest
changes in business conditions and other external Ranked State-Owned Bank in Indonesia
factors. • The Banker: Top 1,000 World Banks 2025 –
d. Bank Mandiri’s capital adequacy remains very Ranked 115th globally.
strong, with a Capital Adequacy Ratio (CAR) (Bank
only) of 19.36% in 2025.
394 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 397
PRIME LENDING RATE
MANAGEMENT DISCUSSION AND ANALYSIS
Disclosure of the Prime Lending Rate (SBDK) refers to OJK Circular Letter No. 9/SEOJK.03/2020 concerning
Transparency and Publication of Conventional Commercial Bank Reports, which requires conventional commercial
banks to report and publish the Prime Lending Rate in Rupiah.
The Prime Lending Rate serves as the basis for determining the lending interest rate that will be charged by the
Bank to customers. The Prime Lending Rate does not yet include the estimated risk premium component, the
amount of which depends on the Bank’s assessment of the risk associated with each debtor or group of debtors.
Therefore, the lending interest rate applied to debtors may not necessarily be the same as the Prime Lending Rate.
Basic Rupiah Lending Rate Based on Business Segment (Effective % per annum)
Year Corporate Consumer Loans
Period Retail Loans Micro Loans
Loans Mortgages Non-Mortgages
March 2025 8.50% N/A 13.50% 12.50% 12.00%
June 2025 8.50% N/A 13.50% 12.50% 12.00%
2025
Sep 2025 8.50% N/A 13.50% 12.50% 12.00%
Dec 2025 8.50% N/A 13.50% 12.50% 12.00%
2024 Dec 2024 8.50% N/A 13.50% 12.50% 12.00%
Deposit Interest Rate
The interest rates for Bank Mandiri’s deposit, savings, and current account products as of 31 December 2025 are
as follows:
DEPOSIT INTEREST RATE AS OF 31 DECEMBER 2025 (IN%)
Tenor (month)
Tier
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 4.00 4.00 4.00 4.00 4.00
≥ USD100 thousand - < USD1 million 4.00 4.00 4.00 4.00 4.00
≥ USD1 million - < USD10 million 4.00 4.00 4.00 4.00 4.00
≥ USD10 million 4.00 4.00 4.00 4.00 4.00
USD Deposits with Prepaid Interest
≤ USD100 thousand 4.00 4.00 4.00 4.00 4.00
≥ USD100 thousand - < USD1 million 4.00 4.00 4.00 4.00 4.00
≥ USD1 million - < USD10 million 4.00 4.00 4.00 4.00 4.00
≥ USD10 million 4.00 4.00 4.00 4.00 4.00
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 395
Page 398
MANAGEMENT DISCUSSION AND ANALYSIS
SAVINGS INTEREST RATE AS OF 31 DECEMBER 2025 (IN%)
Tier Interest
Rupiah 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 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 Investor Savings
0 - < Rp1 million 0.00
Rp1 million - < Rp50 million 0.00
Rp50 million – < Rp500 million 0.05
Rp500 million - < Rp1 billion 0.25
≥ 1 billion 0.40
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 0.90
Term 4-9 Years 1.15
Term 10-14 years 1.40
Term ≥ 15 Years 1.65
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
SiMakmur Savings – Laku Pandai
Rp0 s/d Rp500,000 0.00
Rp500,001 - s/d Rp1,000,000 0.05
> Rp1,000,000 0.10
Foreign Exchange/USD Premium Forex Savings
≤ USD100 0.00
≥ USD100 thousand - < USD10,000 0.10
396 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 399
MANAGEMENT DISCUSSION AND ANALYSIS
Tier Interest
≥ USD10,000 - < USD200,000 0.20
≥ USD200,000 0.20
Business Savings/Investor USD Savings
≤ USD100 0.00
≥ USD100 thousand - < 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 0.00
Rp500.001 - s/d Rp1.000.000 0.00
> Rp1.000.000 0.10
Student Savings
All Tier 0
CURRENT ACCOUNT INTEREST RATE AS OF 31 DECEMBER 2025
Tier Suku Bunga
Rupiah Regular Current Accounts
0 - < Rp10 million 0,00
Rp10 million - < Rp100 million 0,00
Rp100 million - < Rp500 million 0,25
Rp500 million - < Rp1 Billion 0,50
≥ 1 Billion 0,75
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 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 397
Page 400
TAXATION ASPECTS
MANAGEMENT DISCUSSION AND ANALYSIS
Tax Payment Disclosure
Bank Mandiri complies with all applicable laws and regulations in Indonesia, including those related to taxation.
In this regard, Bank Mandiri manages its tax rights and obligations in a transparent and accountable manner in
accordance with prevailing regulations.
Tax Payments
The realisation of tax payments as part of contributing to national development through the fulfilment of tax
obligations as of 31 December 2025 is as follows:
Total (in full Rupiah)
Description
2024 2025
Income Tax Article 25 9,232,433,920,158 10,117,670,013,212
Income Tax Article 21 2,775,850,523,720 2,639,871,151,596
Income Tax Article 22 20,739,308,213 41,627,259,420
Income Tax Article 23 113,550,637,918 139,443,558,482
Income Tax Article 26 2,144,372,163,912 2,628,472,803,656
Income Tax Article 4 paragraph (2) 5,456,200,210,594 6,710,809,747,119
Value Added Tax (VAT) 1,938,625,264,616 1,586,028,310,081
Regional Taxes and Other Taxes 87,826,653,195 144,290,957,061
Total 21,769,598,682,326 24,008,213,800,627
Non-Compliance in Tax Payments
There was no non-compliance in tax payments (NIL) by Bank Mandiri throughout 2025.
LEGAL LENDING LIMIT AND LARGE
EXPOSURE LIMIT FOR COMMERCIAL
BANKS
Legal Lending Limit Report as of 31 December 2025
In accordance with Financial Services Authority Regulation No. 32/POJK.03/2018 dated 26 December 2018, as
last amended by POJK No. 38/POJK.03/2019 concerning amendments to Financial Services Authority Regulation
No. 32/POJK.03/2018 on the Legal Lending Limit (LLL) and Large Exposures for Commercial Banks, we hereby
present the LLL Report as of 31 December 2025 with the following explanation:
1. Based on the balance sheet data as of 31 December 2025 obtained from the Accounting Group, the following
information is noted:
a. The Bank’s capital for the purpose of calculating the LLL amounted to Rp253,092,284 million.
b. The Bank’s Core Capital (Tier 1) for the calculation of the LLL for Non-Related Parties amounted to
Rp237,881,116 million.
2. In accordance with the LLL calculation provisions under Financial Services Authority Regulation of the
Republic of Indonesia No. 38/POJK.03/2019, the Bank’s LLL position as of 31 December 2025 is as follows:
398 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 401
MANAGEMENT DISCUSSION AND ANALYSIS
(In Rp Million)
Tolerance
Description LLL Percentage LLL Limit Fund Provision for Fund Provision
Against the LLL
10% of the Bank’s
LLL for Related Parties 25,309,228 15,938,440 9,370,788
Capital
LLL for Non-Related Parties
25% of the Bank’s
– Individual Borrower / 59,470,279 47,108,449 12,361,830
Core Capital (Tier 1)
Group of Borrowers
LLL for SOEs for 30% of the Bank’s
75,927,685 – 75,927,685
Development Purposes Capital
List of Related Parties List of Largest Debtors Other than Related
Description
Receiving Fund Provisions Parties (Borrowers)
Violation of LLL NIL NIL
Exceeding of LLL NIL NIL
Bank Mandiri confirms that there were no violations and/or exceedances of the Legal Lending Limit (LLL) in relation
to the provision of funds to Related Parties. The LLL calculation was carried out in accordance with Financial
Services Authority Regulation of the Republic of Indonesia No. 32/POJK.03/2018 concerning the Legal Lending
Limit (LLL) and Large Exposures for Commercial Banks, as last amended by POJK No. 38/POJK.03/2019.
LIST OF RELATED PARTIES RECEIVING FUND PROVISIONS AS OF 31 DECEMBER 2025
(INCLUDED IN THE CALCULATION OF THE BANK’S LEGAL LENDING LIMIT FOR RELATED PARTIES)
(In Rp Million)
Fund Provision (Carrying Amount) Fund Placement*
No.
Borrowers Foreign Foreign
Rupiah Total Rupiah
Currency Currency
I. Related Parties - Subsidiaries
1 Axa Mandiri Financial Services PT. 596 – 596 98,109 –
2 Kustodian Sentral Efek Indonesia PT. – – - 3,000 –
3 Mandiri Sekuritas PT. 537 – 537 640,482 –
4 Mandiri Tunas Finance (MTF) 5,611,076 – 5,611,076 290,000 –
5 Bank Syariah Indonesia 595,322 500,297 1,095,619 7,442,650 –
6 Bank Mandiri Taspen Pos 1,571,323 – 1,571,323 1,118,480 –
7 Asuransi Jiwa Inhealth Indonesia 142 – 142 330,000 –
8 Mandiri Utama Finance (MUF) 6,012,925 – 6,012,925 1,274,000 –
9 Mandiri Capital Indonesia 8 – 8 3,358,400 –
10 Mandiri Europe Ltd. – 1,334,019 1,334,019 – 414,227
11 Mandiri International Remittance. – – – – 25,191
12 Mandiri Manajemen Investasi 4 – 4 – –
13 Mitra Transaksi Indonesia 9,161 – 9,161 – –
Total 13,801,094 1,834,316 15,635,410 14,555,121 439,418
II. Related Parties – Individual**
Total 303,030 – 303,030 – –
Total Overall Related Parties 14,104,124 1,834,316 15,938,440 14,555,121 439,418
*) Based on data obtained from the Accounting Group, and equity participation is excluded from the LLL calculation in accordance with Compliance
Group Memorandum No. KPS.CPL/CSS.1223/2022 dated 11 October 2022 regarding the Minutes of Meeting on the Adjustment of the LLL Report.
**) Including fund provisions (carrying amount) secured by specific collateral in the form of current accounts, time deposits, savings, security
deposits, gold, and collateral in the form of securities issued by the Government of the Republic of Indonesia and/or Bank Indonesia amounting to
Rp1,503 million.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 399
Page 402
LIST OF THE 20 LARGEST DEBTORS BASED ON THE LLL REPORT SUBMITTED TO OJK POSITION AS OF 31 DECEMBER 2025
(In Rp Million)
MANAGEMENT DISCUSSION AND ANALYSIS
Fund Tolerance for
Core Capital LLL
Inhouse Provision Fund Provision
No. Group (Tier 1) Percentage LLL Limit
Limit (Carrying Against 25% of
Bank Mandiri (%)
Amount) Core Capital
1 KEMENTERIAN KEUANGAN 237,881116 Excluded from the LLL Calculation
PLN (PERUSAHAAN
2 237,881116 25 59,470,279 53,523,251 47,108,449 12,361,830
LISTRIK NEGARA) GROUP*
3 BANK INDONESIA 237,881116 25 Excluded from the LLL Calculation
4 MEDCO GROUP 237,881116 25 59,470,279 53,523,251 35,038,928 24,431,351
5 SALIM HOLDING GROUP 237,881116 25 59,470,279 53,523,251 33,893,032 25,577,247
6 PELINDO GROUP 237,881116 25 59,470,279 53,523,251 28,387,027 31,083,252
7 ASTRA GROUP 237,881116 25 59,470,279 53,523,251 28,063,472 31,406,807
8 JASA MARGA GROUP 237,881116 25 59,470,279 53,523,251 27,262,718 32,207,561
APP (ASIAN PULP &
9 237,881116 25 59,470,279 53,523,251 23,153,474 36,316,805
PAPER) GROUP
10 SINAR MAS GROUP 237,881116 25 59,470,279 53,523,251 21,923,481 37,546,798
11 WILMAR GROUP 237,881116 25 59,470,279 53,523,251 18,984,548 40,485,731
12 BARITO PACIFIC GROUP 237,881116 25 59,470,279 53,523,251 18,287,185 41,183,094
13 KALLA GROUP* 237,881116 25 59,470,279 53,523,251 16,892,830 42,577,449
14 TRAKINDO GROUP* 237,881116 25 59,470,279 53,523,251 13,133,953 46,336,326
15 CT CORP GROUP 237,881116 25 59,470,279 53,523,251 12,773,796 46,696,483
IMIP (INDONESIA
16 MOROWALI INDUSTRIAL 237,881116 25 59,470,279 53,523,251 12,451,401 47,018,878
PARK) GROUP
PEMBANGUNAN
17 237,881116 25 59,470,279 53,523,251 12,406,761 47,063,518
PERUMAHAN GROUP
18 PERTAMINA GROUP 237,881116 25 59,470,279 53,523,251 12,297,138 47,173,141
19 PTPN 3 HOLDING GROUP 237,881116 25 59,470,279 53,523,251 11,545,724 47,924,555
20 PEGADAIAN GROUP 237,881116 25 59,470,279 53,523,251 11,263,339 48,206,940
*) Including fund provisions (carrying amount) secured by specific collateral (current accounts, time deposits, savings, security deposits, gold, and
securities issued by the Government of the Republic of Indonesia and/or Bank Indonesia) amounting to Rp11,473,934 million.
DERIVATIVES AND
HEDGING FACILITIES
Derivative receivables represent financial assets classified as measured at fair value through profit or loss, while
derivative liabilities represent financial liabilities classified as measured at fair value through profit or loss.
Gains or losses arising from derivative contracts are presented in the consolidated financial statements based on
the Bank’s objective in entering into the transactions, namely for (1) fair value hedges, (2) cash flow hedges, (3)
hedges of net investments in foreign operations, and (4) trading instruments, as follows:
400 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 403
1. Gains or losses from derivative contracts designated and qualifying as fair value hedging instruments, together
with gains or losses arising from changes in the fair value of the hedged assets and liabilities, are recognized
MANAGEMENT DISCUSSION AND ANALYSIS
in profit or loss and may offset each other within the same accounting period. Any differences arising indicate
hedge ineffectiveness and are recognized directly in the consolidated profit or loss for the current year.
2. The effective portion of gains or losses from derivative contracts designated as cash flow hedges is reported
in other comprehensive income. The ineffective portion of the hedge is reported in the consolidated profit or
loss for the current year.
3. Gains or losses from derivative contracts designated as hedges of net investments in foreign operations are
reported in other comprehensive income, to the extent that the hedging transaction is considered effective.
4. 4. Gains or losses from derivative contracts that are not designated as hedging instruments (or derivative
contracts that do not meet the criteria as hedging instruments) are recognized in the consolidated profit or
loss for the current year.
SUMMARY OF DERIVATIVE TRANSACTIONS AS OF 31 DECEMBER 2025
(Dalam Rp Juta)
Fair Value
Transaction Contract Value (absolute Derivative
Derivative Liabilities
equivalent to Rupiah) Receivables
Related Parties
Related exchange rates
Futures-buy contracts United States Dollar 874.635 9.580 166
Others 21.695 - 253
Futures-sell contracts United States Dollar 29.420.840 89.540 17.229
Swap-buy United States Dollar 13.152.040 24.240 33.323
Swap-sell United States Dollar 5.330.970 22.991 3.299
Option-buy United States Dollar 44.605.625 2.727.715 -
Others 570.000 155.912 -
Option-sell United States Dollar 44.605.625 - 2.413.567
Related interest rates
Swap-interest rate Others 20.000 2 -
Total Related Parties 3.029.980 2.467.837
Third Parties
Related exchange rates
Futures-buy contracts United States Dollar 19.270.869 29.376 55.399
Others 7.042.613 10.092 55.302
Futures-sell contracts United States Dollar 3.211.410 8.417 8.216
Others 164.298 245 1.832
Swap-buy United States Dollar 75.510.902 183.993 197.159
Others 1.202.679 6.526 5.090
Swap-sell United States Dollar 77.813.629 185.834 163.430
Others 6.751.612 8.721 9.771
Option-buy United States Dollar 45.345.301 2.508.841 55
Others 1.640.016 409 6.200
Option-sell United States Dollar 46.014.663 1.190 2.807.923
Others 166.750 504 -
Related interest rates
Swap-interest rate United States Dollar 26.050.838 345.029 287.794
Others 30.171.473 956.860 772.445
Bond forward-buy Others 4.625.000 1.658 3.168
Total Third Parties 7.277.675 6.841.621
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 401
Page 404
EARNINGS ASSET QUALITY REPORT
AND OTHER INFORMATION
MANAGEMENT DISCUSSION AND ANALYSIS
ASTATEMENTS OF ASSETS’ QUALITY AND OTHER INFORMATION AS OF 31 DECEMBER 2024 AND 31 DECEMBER 2025
NO. Description 31 DECEMBER 2024 (DIAUDIT)
L DPK KL D
I RELATED PARTIES
Placements with other banks
1 a. Rupiah - - - -
b. Foreign currencies 1,325,822 - - -
Spot and derivative receivables/forward
2 a. Rupiah - - -
b. Foreign currencies - - -
Securities
3 a. Rupiah 745,890 - - -
b. Foreign currencies - - - -
Securities sold with agreement to repurchase (Repo)
4 a. Rupiah - - -
b. Foreign currencies - - -
Securities purchased with agreement to resell (Reverse Repo)
5 a. Rupiah - - -
b. Foreign currencies - - -
6 Acceptances receivables 1,437 - - -
Loans and financing provided
a. Micro, small and medium
- - -
loans (MSME)
i. Rupiah - - -
ii. Foreign currencies - - -
7 b. Non MSME 10,141,851 384 - -
i. Rupiah 9,338,367 384 - -
ii. Foreign currencies 803,484 - - -
c. Restructured loans*) - - -
i. Rupiah - - -
ii. Foreign currencies - - -
8 Investments in shares - 414,227 25,191
9 Other receivables - -
10 Commitments and contingencies
a. Rupiah 979,613 1,066 - -
b. Foreign currencies - - -
II THIRD PARTIES
Placements with other banks
1 a. Rupiah 565,924 - - -
b. Foreign currencies 66,085,059 - - -
402 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 405
MANAGEMENT DISCUSSION AND ANALYSIS
INDIVIDUAL
31 DECEMBER 2025
M TOTAL L DPK KL D M TOTAL
- - - - - - - -
- 1,325,822 823,120 - - - - 823,120
- - - - - - - -
- - - - - - - -
- 745,890 621,512 - - - - 621,512
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- 1,437 - - - - - -
- - - - - - - -
- - - - - - - -
- - - - - - - -
- 10,142,235 14,138,257 42 - - - 14,138,299
- 9,338,751 13,638,132 42 - - - 13,638,174
- 803,484 500,125 - - - - 500,125
- - - - - - -
- - - - - - -
- - - - - - -
- 14,994,540 14,552,122 414,227 25,191 14,991,540
- - - - - - - -
- 980,679 463,625 - - - - 463,625
- - - - - - - -
- 565,924 443,834 - - - - 443,834
- 66,085,059 76,596,601 - - - - 76,596,601
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 403
Page 406
NO. Description 31 DECEMBER 2024 (DIAUDIT)
MANAGEMENT DISCUSSION AND ANALYSIS
L DPK KL D
Spot and derivative
receivables/forward
2
a. Rupiah 7,559,084 - - -
b. Foreign currencies 182,525 - - -
Securities
3 a. Rupiah 122,845,700 - - -
b. Foreign currencies 50,684,467 - - -
Securities sold with agreement
to repurchase (Repo)
4
a. Rupiah 80,499,885 - - -
b. Foreign currencies 9,785,348 - - -
Securities purchased with
agreement to resell (reverse
5 repo)
a. Rupiah 7,166,266 - - -
b. Foreign currencies - - - -
6 Acceptances receivables 9,154,828 5,457 - -
Loans and financing
a. Micro, small and medium
128,086,629 3,643,861 357,927 497,332
loans (MSME)
i. Rupiah 127,038,542 3,643,861 357,927 497,332
ii. Foreign currencies 1,048,087 - - -
7 b. Non MSME 1,114,857,115 41,440,323 1,090,408 1,709,920
i. Rupiah 849,013,943 30,646,682 1,090,408 1,709,920
ii. Foreign currencies 265,843,172 10,793,641 - -
c. Restructured loans*) 31,531,725 35,036,854 420,576 388,192
i. Rupiah 24,964,809 24,243,213 420,576 388,192
ii. Foreign currencies 6,566,916 10,793,641 - -
8 Investments in shares 20,000 - - -
9 Other receivables 29,528,032 101,066 - -
Commitments and
10
contingencies
a. Rupiah 267,619,804 1,460,912 506 1,609
b. Foreign currencies 166,998,266 1,129,953 - -
III OTHER INFORMATION
Value of Bank’s assets
1
pledged as collateral:
a. Tp 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.
404 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 407
INDIVIDUAL
31 DECEMBER 2025
MANAGEMENT DISCUSSION AND ANALYSIS
M TOTAL L DPK KL D M TOTAL
- 7,559,084 7,189,041 - - - - 7,189,041
- 182,525 83,568 - - - - 83,568
8,674 122,854,374 204,002,123 - - - 10,092 204,012,215
- 50,684,467 53,914,350 - - - - 53,914,350
- 80,499,885 27,883,028 - - - - 27,883,028
- 9,785,348 13,885,130 - - - - 13,885,130
- 7,166,266 2,771,530 - - - - 2,771,530
- - - - - - -
- 9,160,285 7,430,688 2,596 - - - 7,433,284
962,727 133,548,476 134,453,442 3,568,918 299,819 326,843 1,422,778 140,071,800
962,727 132,500,389 133,991,241 3,568,918 299,819 326,843 1,422,778 139,609,599
- 1,048,087 462,201 - - - - 462,201
7,990,925 1,167,088,691 1,290,203,728 40,376,581 1,084,129 1,673,172 9,560,955 1,342,898,565
6,602,705 889,063,658 972,913,626 29,038,093 1,084,129 1,673,172 8,403,099 1,013,112,119
1,388,220 278,025,033 317,290,102 11,338,488 - - 1,157,856 329,786,446
6,089,000 73,466,347 32,225,617 36,345,424 507,653 641,494 5,678,936 75,399,124
4,700,876 54,717,666 25,572,665 25,006,936 507,653 641,494 4,521,080 56,249,828
1,388,124 18,748,681 6,652,952 11,338,488 - - 1,157,856 19,149,296
1,955 21,955 23,000 - - - 1,955 24,955
1,264,092 30,893,190 30,082,372 43,337 - - 1,304,386 31,430,095
7,083 269,089,914 270,447,547 1,248,913 1,504 2,160 152,318 271,852,442
- 168,128,219 212,044,647 1,039,968 15,086 - - 213,099,701
- -
- -
- -
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 405
Page 408
ALLOWANCE FOR IMPAIRMENT AND ASSET QUALITY ASSESSMENT (IN RP MILLION)
MANAGEMENT DISCUSSION AND ANALYSIS
NO. Description ALLOWANCE FOR IMPAIRMENT (CKPN)
STAGE 1 STAGE 2
1 Placements with other banks 17,537 -
2 Spot and derivative receivables/forward - -
3 Securities*) 12,102 -
4 Securities sold with agreement to repurchase (Repo) - -
5 Securities purchased with agreement to resell (Reverse Repo) - -
6 Acceptances receivables 25,737 3,751
7 Loans and financing provided*) 9,094,305 16,664,969
8 Investments in shares 30 -
9 Other receivables 44,397 68,290
10 Commitments and contingencies 412,129 672,971
Total 9,606,237 17,409,981
No. Description ALLOWANCE FOR IMPAIRMENT (CKPN)
STAGE 1 STAGE 2
1 Placements with other banks 11,332 -
2 Spot and derivative receivables/forward - -
3 Securities*) 7,996 -
4 Securities sold with agreement to repurchase (Repo) - -
5 Securities purchased with agreement to resell (Reverse Repo) - -
6 Acceptances receivables 15,381 3,702
7 Loans and financing provided*) 7,243,683 16,258,365
8 Investments in shares 30 -
9 Other receivables 46,536 21,289
10 Commitments and contingencies 397,318 465,588
Total 7,722,276 16,748,944
*) The allowance for impairment losses includes the allowance for impairment losses on financial assets measured at fair value through other
comprehensive income, which is recorded in equity.
406 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 409
31 DECEMBER 2024 (AUDITED)
MANAGEMENT DISCUSSION AND ANALYSIS
ALLOWANCE FOR ASSET QUALITY ASSESSMENT (PPKA)
STAGE 3 TOTAL CKPN GENERAL SPECIFIC TOTAL PPKA
- 17,537 567,103 - 567,103
- - 74,915 - 74,915
6,921 19,023 320,716 8,674 329,390
- - 8,635 - 8,635
- - 71,086 - 71,086
- 29,488 91,563 273 91,836
12,581,110 38,340,384 12,530,856 12,528,756 25,059,612
12,597 12,627 145,752 76,685 222,437
1,264,119 1,376,806 295,280 1,269,145 1,564,425
4,863 1,089,963 2,235,013 47,765 2,282,779
13,869,610 40,885,828 16,340,919 13,931,298 30,272,218
31 DESEMBER 2025 (DIAUDIT)
ALLOWANCE FOR ASSET QUALITY ASSESSMENT (PPKA)
STAGE 3 TOTAL CKPN GENERAL SPECIFIC TOTAL PPKA
- 11,332 661,911 - 661,911
- - 71,598 - 71,598
8,262 16,258 416,135 10,092 426,227
- - 9,430 - 9,430
- - 26,411 - 26,411
- 19,083 74,307 130 74,437
12,813,412 36,315,460 14,387,954 14,388,610 28,776,564
12,900 12,930 145,752 76,685 222,437
1,304,386 1,372,211 300,823 1,306,553 1,607,376
6,695 869,601 3,051,797 79,317 3,131,114
14,145,655 38,616,875 19,146,118 15,861,387 35,007,505
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 407
Page 410
HUMAN CAPITAL
MANAGEMENT DISCUSSION AND ANALYSIS
GROWING AS ONE,
LEADING THE ECOSYSTEM FORWARD
In 2025, Bank Mandiri focused on orchestrating growth
across the entire ecosystem by evolving together as
one Mandirian force. Through an integrated human
capital strategy, inclusive culture, and continuous
learning, the Bank empowered every Mandirian to grow
in harmony, connecting purpose with performance to
drive innovation, collaboration, and sustainable value
for Indonesia’s progress.
408 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 411
HUMAN CAPITAL
MANAGEMENT DISCUSSION AND ANALYSIS
HUMAN CAPITAL
MANAGEMENT
Bank Mandiri recognizes Human Capital as a key Human Capital development also supported the three
enabler in achieving the Strategic Focus 2025 of Strategic Objectives of 2025, namely dominating
Integrated Strategic Growth and Transformational transaction banking, leading in low-cost funding,
Leadership Driven by Orchestrating the Ecosystem. and maintaining its position as the largest lender, by
In 2025, the Bank’s Human Capital management was ensuring every Mandirian evolves collectively as part
directed toward building strong leadership capabilities, of one cohesive organization. The Bank emphasized
supporting business transformation, and strengthening continuous learning, talent mobility, and performance
alignment between people and corporate strategy. culture to encourage collaboration across wholesale,
retail, and subsidiaries, reinforcing the spirit of One
Mandirian to deliver sustainable value.
HUMAN CAPITAL
FRAMEWORK
Bank Mandiri’s Human Capital Framework is designed Through Mandiri Corporate University, the Bank
to align people strategy with business priorities and provides an integrated learning ecosystem that
the implementation of the Corporate Plan 2025– combines leadership development, technical and
2029. It emphasizes the development of future-ready digital skill enhancement, and values-based learning.
and transformative leaders who can orchestrate This comprehensive framework ensures that Human
collaboration, innovation, and sustainable performance Capital continues to evolve in harmony with strategic
across ecosystems, while strengthening organizational transformation, empowering every Mandirian to
agility and productivity through digital integration, contribute meaningfully to innovation, operational
competency-based management, and continuous excellence, and long-term growth.
capability building. At the same time, the Bank
cultivates a unified culture that connects all Mandirians
under shared values of integrity, professionalism, and
service excellence.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 409
Page 412
HUMAN CAPITAL
STRATEGY
MANAGEMENT DISCUSSION AND ANALYSIS
THE BEST FINANCIAL INSTITUTION IN SOUTHEAST ASIA
Developing transformative business leaders who are capable of managing risks and
committed to always deliver and always ahead
01 02 03
Strengthening People Mindset
Building World Class Top Elevating Future-Fit Organization
& Groupwide Culture by Ethics &
Leaders Talent Factory & Highly Productive Workforce
Integrity
• Aligning the Bank’s Vision and • Transforming Organizational • Cultivating Outstanding
Strategy to Drive Progressive Structure and Employee Mandirian through
Execution Productivity Internalization of mDNA
• Developing Employee • Realizing Superior Talent Values
Capabilities through “Beyond Performance through • Creating a Positive Employee
Learn Strategic Remuneration Experience and Becoming the
Schemes and PMS Best Place to Work
In supporting the Bank’s 2025 Strategy, Human Capital focused its management on three main strategic
initiatives, namely Capability (Building World-Class Top Leaders Talent Factory), Capacity (Elevating a Future-Fit
Organization and Highly Productive Workforce), and Work Culture (Strengthening People Mindset and Groupwide
Culture through Ethics and Integrity). These three strategic initiatives are further translated into six Human Capital
game plan focuses, as described below:
1. Capability: Aligning the Bank’s vision and strategy to drive progressive execution, as well as developing
employee capabilities through a Beyond Learning approach oriented toward strengthening leadership and
future business readiness.
2. Capacity: Transforming the organizational structure and enhancing employee productivity, as well as realizing
superior talent performance through the implementation of strategic remuneration schemes and a competitive
Performance Management System (PMS).
3. Work Culture: Developing outstanding Mandiri employees through the internalization of mDNA values, and
creating a positive employee experience to strengthen engagement and position Bank Mandiri as an employer
of choice.
BANK MANDIRI HUMAN CAPITAL
ARCHITECTURE
Bank Mandiri Human Capital Architecture consists of 3 (three) key components:
1. M-DNA & AKHLAK
Represents the specific behaviors (unique characteristics) of all Bank Mandiri employees, referred to as
Mandirian DNA (m-DNA). m-DNA reflects the unique characteristics of Mandiri employees as the embodiment
of the core values (Trustworthy, Competent, Harmonious, Loyal, Adaptive, and Collaborative). These specific
behaviors are actualized through the collective movement of Bergerak Berdampak Mandirian to realize
Mandiri employees who always deliver and always ahead in achieving Bank Mandiri’s vision and aspirations.
410 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 413
MANAGEMENT DISCUSSION AND ANALYSIS
2. Employee Value Proposition (EVP) & Culture f. AWARD (Reward – Reward System (Total
The foundation of Mandiri Human Capital Reward)): Competitive and accurate employee
development is driven by the objective of building reward system.
the AKHLAK Mandirian culture and positioning g. ACTUALIZE (Talent and Succession):
Bank Mandiri as a workplace that offers a strong Quality and timely talent and succession
Employee Value Proposition, namely opportunities management system.
to learn, grow, collaborate, and contribute h. ADIEU (Retire and Exit): Employee termination
meaningfully to Bank Mandiri and Indonesia. system and pension plan.
To enhance productivity and support the Bank’s In addition to these three components, Bank
performance growth, this is reinforced through the Mandiri’s employee management is supported by
implementation of an Employee Well-being Policy the strengthening of Human Capital technology
to create a productive, healthy, safe, comfortable, infrastructure. The continuous development of HR
happy, harmonious, and inclusive working systems and technology infrastructure is undertaken
environment. to enhance user-friendliness, thereby driving higher
employee engagement through integrated end-to-end
3. Human Capital Life Cycle employee life cycle management.
The Employee Value Proposition (EVP) is realized
through comprehensive management of all stages EMPLOYEE LIFE CYCLE HUMAN CAPITAL
of the employee lifecycle, encapsulated in the 8A - ECOSYSTEM ENABLERS
“Human Capital Life Cycle.” This process begins
with organizational structure and capacity design,
followed by recruitment, onboarding, recognition,
development, and finally, retirement and exit.
The Human Capital Life Cycle includes:
ADIEU
a. ARCHITECT (Organization Structure and Retire & Exit ARCHITECT
Capacity) – Organization Development: Org. Structure &
Capacity
Organizational development which includes
organizational structure design and position ACTUALIZED
ATTRACT
evaluation, career development, and employee Talent & EMPLOYEE
Recruitment
Succession VALUE
needs planning (capacity planning). PROPOSITION
b. ATTRACT (Recruitment – Human Resource
Fulfillment): A reliable Human Resources
M-DNA
ALIGN
fulfillment system both through internal and Onboarding &
AWARD
external sources, and employee attraction Reward Employee Relation
(strategies to attract employees).
c. ALIGN (Onboarding & Employee Relation APRAISE ADVANCE
– Employee Onboarding and Employment Performance Learning &
Relations System): A friendly system of Development
employee onboarding and relations for
employees and new employees.
d. ADVANCE (Learning and Development):
Training and capability development of
employees to support business needs.
e. APPRAISE (Performance – Individual
Performance Management): Employee
performance appraisal and feedback system
that is accountable and transparent.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 411
Page 414
ORGANIZATION STRUCTURE OF BANK
MANDIRI HUMAN CAPITAL MANAGEMENT
MANAGEMENT DISCUSSION AND ANALYSIS
ORGANIZATIONAL STRUCTURE OF HUMAN CAPITAL & COMPLIANCE DIRECTORATE
HUMAN CAPITAL &
COMPLIANCE
HC ENGAGEMENT & HC PERFORMANCE MANDIRI
COMPLIANCE
OUTSOURCING & REMUNERATION UNIVERSITY SR HCBP 1 SR HCBP 3
MANAGEMENT SR HCBP 2
HC STRATEGY SR HCBP 4
AML & CFT & TALENT MGMT HC SERVICES
Based on this structure, the Human Capital & and Digital Banking & IT), Learning Strategy &
Compliance Directorate consists of: Governance, Faculty & Program Management,
Mandiri University Branding – Communication
• Compliance Group, which manages the functions & Partnership, Learning Budget & Monitoring,
of Compliance Officer, Compliance System, Learning Operations & Process Improvement,
Corporate Governance, Liaison Officer, IT as well as the Job Training Institute (LPK) &
Compliance, and Financial Report Control. Certification.
• Anti-Money Laundering – Counter Financing of • HC Services Group, which manages Talent
Terrorism (AML–CFT) Group, which manages Acquisition, HC Information System, HC
AML–CFT Transaction Monitoring, AML–CFT Operations, Quality Assurance & Effectiveness
Reporting & Liaison, AML–CFT System & Data Improvement, and Improvement Project functions.
Analytics, and AML–CFT Advisory & Business
Strategy functions. • Senior Human Capital Business Partner, consisting
• HC Engagement & Outsource Management Group, of four roles, covering:
which manages Industrial Relations, Outsourcing a. Senior Human Capital Business Partner 1:
Management, Outsourcing Operation & Support, HCBP Network & Retail Funding 1, HCBP
and Pension Fund & Alumni Relations functions. Network & Retail Funding 2, HCBP Operations,
• HC Strategy & Talent Management Group, and HCBP Institutional & ESG.
which manages HC Strategy & Analytics, Talent b. Senior Human Capital Business Partner 2:
Management, HC Digital & Employee Experience, HCBP Consumer Banking Network, HCBP IT &
Culture Activation, HC Communication & Employer Digital Banking, HCBP Retail & Enterprise Risk,
Branding, Leadership Development, Management and HCBP Corporate Relations.
Development, and Emerging Leaders Development c. Senior Human Capital Business Partner 3:
functions. HCBP Commercial Banking, HCBP Corporate
• HC Performance & Remuneration Group, which Banking, HCBP Special Asset Management,
manages Reward Management, Performance & HCBP Subsidiaries & Talent Exchange, and
Incentives, Organization Development, Strategic HCBP Wholesale Risk.
Workforce Program, and Human Capital Policy & d. Senior Human Capital Business Partner 4:
Procedure functions. HCBP Treasury & International Banking, HCBP
• Mandiri University Group, which manages the Finance & Strategy and Internal Audit, and
Academy (comprising Academy Wholesale HCBP HC & Compliance.
Business & Recovery, Treasury & Institutional
Banking, Retail Banking, Business Enabler, Risk,
412 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 415
DIVERSITIES AND EQUAL
OPPORTUNITIES
MANAGEMENT DISCUSSION AND ANALYSIS
In accordance with its human capital management policy, Bank Mandiri consistently demonstrates its commitment
to valuing diversity and ensuring equal opportunities for all employees to advance and grow, without discrimination
based on ethnicity, religion, race, or other differences in Human Capital management. The Bank ensures that Human
Capital management is conducted based on competence, thereby providing equal opportunities for all employees
in terms of career development, competency enhancement, remuneration, and other aspects. This commitment to
equality is reflected in the relatively balanced percentage of female employees, representing 52.38% of the total
workforce. Meanwhile, the proportion of women holding top-level management positions, from Assistant Vice
President to SEVP, reached approximately 35.71% in the 2025 reporting year.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 413
Page 416
HUMAN CAPITAL
MANAGEMENT PROGRAMS IN 2025
MANAGEMENT DISCUSSION AND ANALYSIS
Bank Mandiri implements a robust and consistently applied Human Capital management program to support the
realization of its Corporate Plan and strategic objectives, as outlined below:
INTERNALIZATION OF CORPORATE CULTURE
Bank Mandiri consistently and continuously implements the AKHLAK Core Values through the development of
the unique characteristics of Mandirian DNA (m-DNA) as Ways of Working, which are embodied in Bank Mandiri’s
culture implementation framework.
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
manah
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
ompeten
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
armonis
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
oyal • 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
daptif
• Act proactively
Collaborative - Build synergistic cooperation
“Collaborative” value code of conduct:
• Provide opportunities for various parties to contribute
• Open to working together to generate added value
• Drive the utilization of multiple resources for a common goal
olaboratif
414 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 417
Bank Mandiri Culture Implementation Framework
To strengthen the sustainable implementation of the AKHLAK core values, Bank Mandiri has established a
MANAGEMENT DISCUSSION AND ANALYSIS
framework as the unique characteristics of all its employees, known as Mandirian DNA (m-DNA). m-DNA
represents the embodiment of the core values (Trustworthy, Competent, Harmonious, Loyal, Adaptive, and
Collaborative). These specific behaviors (unique characteristics) are actualized through the collective Bergerak
Berdampak movement to realize Mandiri employees who always deliver and ahead (m-DNA) in achieving Bank
Mandiri’s vision and aspirations.
A
ASI ALW
EA ST AYS
O UTH DEL
IVE
II NS RA
TF ND
E BES AH
EAD
TH
Vision
Think Big Start from Create Our Fast, Detail, Go to Z
& Deliver the End Own Game Dont Want
Unique Beyond to Fail
Characteristics
Expectation
Activation Bergerak Berdampak
Value Core Values
Purpose Lead Indonesia, Prosper the Nation
As part of cultural implementation, Bank Mandiri has established a Culture Squad (CSQ). The CSQ plays a vital
role as the driving force behind cultural internalization by supporting, communicating, and actively participating in
the Company’s culture internalization process. The CSQ also designs, implements, and reports program initiatives
aligned with the specific characteristics of each Work Unit. The CSQ holds the following strategic roles:
• Core Influencer: Acts as the main driving force to oversee and internalize cultural programs within each
work unit, as well as to initiate and develop cultural programs, both bankwide and tailored to the specific
characteristics of each unit.
• Communication Hub: Communicates and ensures effective knowledge transfer of cultural programs, conducts
continuous monitoring of implementation, and ensures that leaders within each work unit consistently apply
Bank Mandiri’s culture.
• Impact-Driven Ownership: Facilitates ongoing change management by actively promoting a culture of
innovation within work units, and partnering with the Culture Activation Department and Mandiri Club to drive
continuous improvements in the implementation of cultural programs at both the unit and bankwide levels.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 415
Page 418
Board of Directors & SEVP (L1)
MANAGEMENT DISCUSSION AND ANALYSIS
CULTURE Serve as role models and the Advisory Board for work culture implementation,
SQUAD CHIEF particularly within their respective supervising Directorates.
CULTURE Group Heads, Regional CEOs, and Equivalent Officials (L2)
SQUAD LEADER Act as role models and conceptual drivers in internalizing the work culture within
their respective units.
Department Heads, Regional Heads, Area Heads, Segment Heads, and
CULTURE
SQUAD CAPTAIN Equivalent Officials (L3)
Initiate the development, communication, implementation, and evaluation of
cultural programs within their respective units.
CULTURE
Officers (L4)
SQUAD
Culture Squad (L4) members serve as agents of change to ensure the consistent
implementation of work culture programs within their respective units.
FLAGSHIP PROGRAMS
The following bankwide flagship programs have been implemented during 2025, as follows:
No. Program Description Purpose
1 Bergerak Refinement of the Bergerak Berdampak A collective movement that delivers tangible
Berdampak cultural program to ensure employees impact for Bank Mandiri and supports the
– Mandirian consistently live the culture and generate development of Mandirian Militants who are
Militancy a significant impact on the Company’s Always Deliver and Always Ahead.
performance. From Mandiri employees who
embody the AKHLAK core values, the unique
characteristics of m-DNA, and the Mandirian
Militant mindset, moving together with fellow
Mandirians forms a collective movement
known as BERGERAK BERDAMPAK.
2 Culture of A culture of “sense of ownership” toward This initiative builds proactive and responsible
Ownership – Bank Mandiri through the Bangga Pakai employee behavior, as well as authentic pride in
Bangga Pakai Mandiri Program, where employees are Bank Mandiri’s products and services, enabling
Mandiri reminded to use, understand, and promote all employees to contribute to business growth.
Mandiri products, thereby fostering emotional
attachment and strengthening their ability to
serve as role models for customers and the
broader community.
3. Culture of Strengthening a culture of innovation that Fostering employees’ strategic capabilities to
Innovation encourages employees to think creatively deliver relevant solutions aligned with customer
in identifying new ways to enhance service needs and to advance competitive digital
quality and improve work process efficiency. service development.
4 Culture of Strengthening a culture of integrity in which Fostering a trusted, transparent, and violation-
Integrity every employee upholds the values of honesty, free work environment, thereby reinforcing Bank
compliance, and ethical conduct across all Mandiri’s reputation, safeguarding customer
work processes, prioritising adherence to trust, and building a sustainable business.
internal and external regulations, as well as
the Know Your Employee (KYE) principles.
5 Well-being A culture that positively contributes to Creating a safe and supportive environment
Culture employee productivity and well-being, in through the Mandiri Well-being Program to
collaboration with Mandiri Club. sustain employee productivity and long-term
well-being.
6 Culture Campaign A campaign strategy to reinforce culture Communicating cultural messages in ways that
Multichannel implementation through multichannel are more accessible and easier for employees to
communication. understand.
416 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 419
No. Program Description Purpose
7 Corporate Culture Training to equip employees with an Building a deeper understanding of the core
MANAGEMENT DISCUSSION AND ANALYSIS
Training understanding of the unique Mandirian DNA values, the unique m-DNA characteristics, and
characteristics and the strengthening of work their implementation at work.
culture, including RWP and behaviour based
on core values.
8 Mandiri The highest recognition from management Enhancing employee engagement, motivation,
Excellence Award for employees and/or work units that and pride.
demonstrate outstanding performance and
exemplify the best Mandirian behaviour. The
award consists of 2 categories: the Mandatory
Award, namely Mandiri Best Employee for
individuals, and the Thematic Award for both
individuals and work units.
9 Mandiri Best An advanced learning program for employees • Enhancing capabilities and strengthening
Employee who receive the award, as culture role models. role as exemplars of culture
Training Program implementation.
10 AKHLAK Bulletin An internal publication forum regarding Providing cultural inspiration and strengthening
updates on AKHLAK culture and various the implementation of AKHLAK values in daily
cultural initiatives from work units. activities.
11 Semangat Pagi Semangat Pagi Mandirian is a regular weekly Enhancing continuous understanding of
Mandirian program held at the beginning of each week, corporate culture.
delivering the latest updates through a LIVE
interactive session on Bank Mandiri’s key
initiatives and priorities. With open access for
all employees, this program aims to maintain
bankwide information alignment while
fostering positive energy across all Mandiri
employees.
12 Mandiri Young A development program for prospective young Developing future leaders with modern
Leader leaders of Bank Mandiri. leadership competencies.
13 Future MIL An acceleration program for high-potential Enhancing managerial and leadership
talents to prepare future leaders. capabilities in a comprehensive manner.
14 My Digital My Digital Academy (MDA) is a talent Through a targeted sourcing approach, MDA
Academy (MDA) acceleration program focused on engagement serves as a leading talent pipeline to prepare
and early recruitment for final-year students a future-ready workforce relevant to the
and fresh graduates from leading universities organisation’s requirements.
in Indonesia. The program is delivered through
IT and Business streams aligned with Bank
Mandiri’s needs.
15 Mission Critical A remuneration scheme for positions with Differentiating remuneration for Mission Critical
Role the most significant impact on financial Roles to encourage motivation for rotation into
performance, risk exposure, and the business functions and to fulfil organisational
implementation of the Bank’s strategic capacity within business functions.
initiatives.
16 Employee Health Enhancement of health facilities for Improving the well-being of employees and
Facilities employees and their family members, their families from preventive to curative
including the extension of eligible age for aspects, ensuring that employee productivity is
employee General Check-Up, an increase in consistently maintained.
the annual limit for employees and family
members, and the provision of free access to
online psychological services.
17 Car Ownership Enhancement of the four-wheel vehicle Increasing long-term employee motivation
Program Auto- ownership program for employees at and engagement, while supporting employee
Loan leadership level through the expansion mobility.
of eligible participants, extension of the
programme tenure, and more attractive
benefits.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 417
Page 420
No. Program Description Purpose
18 Motorcycle A new program for staff-level employees Increasing long-term employee motivation
MANAGEMENT DISCUSSION AND ANALYSIS
Ownership providing two-wheel vehicle ownership with and engagement, while supporting employee
Program Auto- broad eligibility coverage, flexible program mobility.
Loan tenure, and attractive benefits.
19 Hands For Charity A CSR initiative organised by the Human Activities include:
& Sharing (HCS) Capital Services Group, with its main activities • Introducing proper waste sorting based on
centred on sharing through donations as well type
as knowledge, information, experience, and • Introducing various professions within the
other forms of contribution. This initiative community
is conducted in collaboration with SAAJA • Conducting play-and-learn sessions
(Sekolah Alternatif Anak Jalanan). through educational games
• Providing donations to SAAJA and its
students
RECRUITMENT
Bank Mandiri has established several stages in the employee recruitment process, as outlined below:
BANK MANDIRI RECRUITMENT STAGES
Online Profile First Interview Psycometric Final Medical
Registration Screening Test Interview Test
An elimination system is applied at each stage of selection..
Employee recruitment at Bank Mandiri is carried out CR. PL3 is allowed provided the employee has a
through two main channels: internal and external. HIPO Talent Classification in one of those years.
Internal recruitment is conducted through internal 5. Minimum service period of 5 years from the
development programs aimed at filling leadership effective date of employment.
positions, while external recruitment is carried out 6. Maximum age of 45 years at the time of initial
through fresh graduate and experienced hire (pro hire) selection.
channels for both leadership and staff positions. All 7. Attain recommendations from Head of Work Units.
recruitment processes are conducted in accordance 8. Not in the process of audit/ investigation due to
with the Bank’s manpower needs and in compliance violations of employee discipline.
with applicable regulations. 9. Not undergoing any examination and/or
investigation. Not currently under sanction and/or
Internal Recruitment not within the consequence period of any imposed
Internal recruitment is managed by Human Capital sanction.
Services for the Staff Development Program (SDP) 10. Have never participated in the SDP selection in the
positions. The guidelines for implementing the SDP previous year.
are outlined in Bank Mandiri’s internal regulations, as 11. Has not participated in the SDP selection process
detailed below: within the previous 12 (twelve) months.
12. Specifically for security staff-level employees:
1. Officers and Security Officers with the top priority Authorised Staff-Level Employees (P3K) –
of the Authority Holder Employees (P3K). Security/ Security Supervisor.
2. Minimum education of Bachelor degree/
equivalent. In 2025, a total of 816 employees participated in internal
3. Have a professional disposition, namely: speak recruitment, a 41% increase from 579 employees in
with respect, well dressed, well mannered, self- 2024. This increase was driven by the growing need
confidence. to fill leadership positions within work units through
4. Performance Level (PL) and Talent Classification internal pathways, particularly via the SDP program.
(TC) in the past 2 (two) years must be at least PL2/
418 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 421
Description 2023 2024 2025
SDP Recruitment 538 579 816
MANAGEMENT DISCUSSION AND ANALYSIS
In addition to SDP program, Internal recruitment is carried out through rotation, secondment, promotion, and
demotion as part of the employee career development process. The Bank adopts a holistic approach, considering
not only promotions but also capability enhancement, expansion of responsibilities, individual development, and
improved remuneration.
• Rotation refers to the transfer of employees within the same unit or across different units.
• Secondment is a temporary assignment of employees for a specific period.
• Promotion involves moving an employee to a higher-ranking position, either within the same unit or across
different units, where the new role has a higher level of responsibility or job grade.
• Demotion is the transfer of an employee from a higher position to a lower one, aimed at providing coaching
and learning opportunities to help improve productivity in line with the Bank’s business and organizational
need.
BANK MANDIRI EMPLOYEE PROMOTION, DEMOTION AND ROTATION
Description 2023 2024 2025
Promotions (MPC and SPC)* 9.210 10.388 10.360
Demotion 5 14 17
Rotation 13.440 15.525 16.440
*MPC is a Main Promotion Cycle and SPC is a Secondary Promotion Cycle.
External Recruitment
External recruitment is conducted to fill positions within the Officer Development Program (ODP). The
implementation guidelines for the ODP are outlined in Bank Mandiri’s internal policies, as detailed below:
a. Minimum of Bachelor Degree Education Level or equivalent.
b. Candidates from the graduates of universities with the best reputation in Indonesia and overseas set by Bank
Mandiri.
c. Study Programs required by the Bank
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: 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
f. Unmarried and willing to be unmarried during the program.
g. Have no Criminal record from the Police or a record of misconduct from the previous company.
In 2025, total recruitment through the ODP program reached 645 participants, a 22% decrease from 829 participants
in the previous year. In 2025, Bank Mandiri prioritized in fulfilling leadership positions through internal development
programs or the advancement of existing employees. The ODP program continues to be implemented to meet
leadership needs sourced from fresh graduate candidates. Sourcing was conducted through job fairs, campus
hiring initiatives participated in by Bank Mandiri, the “Talent Hunt” program, internship programs, and the use of
an Applicant Tracking System in collaboration with third-party partners.
Description 2024 2025
ODP Recruitment 829 645
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 419
Page 422
CPDK (Special Regional Leadership Candidate) Recruitment
The CPDK recruitment program is specifically designed for fresh graduates who are local talents from their
MANAGEMENT DISCUSSION AND ANALYSIS
respective regions. Employees recruited through the CPDK pathway undergo a comprehensive and intensive
development program that includes both in-class training and on-the-job learning. This program aims to provide
a deep understanding of operational standards and business processes within the work units, ensuring that
employees are well-prepared to perform their roles and responsibilities in their local areas.
Description 2024 2025
CPDK Recruitment 68 63
CPDK employee recruitment was placed across several Bank operating units, including the Southern Sumatra
Region (Regional 2), Kalimantan and surrounding areas (Regional 9), Sulawesi and Maluku (Regional 10), Bali and
Nusa Tenggara (Regional 11), and Papua & West Papua (Regional 12).
Regions Total
Region II/South Sumatra 30
Region IX/Kalimantan 12
Region X/Sulawesi & Maluku 7
Region XI/Bali & Nusa Tenggara 9
Region XII/Papua 5
Grand Total 63
Recruitment of Employees With Disabilities
Bank Mandiri also has a policy to recruit employees with disabilities as part of its commitment to equal employment
opportunities. Currently, employees with disabilities are recruited for positions such as Contact Center staff, Human
Capital staff, and IT staff. The recruitment process for employees with disabilities is carried out by the respective
work units in coordination with Human Capital and involves competent third parties to ensure an appropriate
recruitment process. In addition, recruitment is conducted in collaboration with FHCI (Forum Human Capital
Indonesia), a forum for Human Capital management practitioners within SOEs to interact, learn, and collaborate
in enhancing Human Capital management practices. In 2025, there were 94 employees with disabilities, a 40%
increase compared to 67 employees in 2024, with details as follows.
Description 2024 2025
Total Employee with Disabilities 67 94
Internship Recruitment
The Internship Program aims to equip and develop the competencies of school and university graduates to prepare
them for the professional workplace. Internship participants who demonstrate strong skills and competencies are
considered as potential candidates in Bank Mandiri’s recruitment process. Bank Mandiri’s internship programs
that serve as recruitment pipelines consist of two main types: Kriya Mandiri and Partnership Internship Programs,
which include Magang Generasi Bertalenta (MAGENTA) and the Certified Internship Program under Kampus
Merdeka (MBKM) programs.
Kriya Mandiri is an integrated internship program introduced in 2012 for high school, Diploma (D3), and Bachelor’s
degree (S1) graduates. The program aims to provide participants with knowledge, skills, and hands-on experience
in the banking industry. The learning modules cover various functions, including back-office operations, call center,
customer service, and teller activities. For the contact center position, the Bank also offers a specialized internship
program for participants with disabilities, known as Kriya Mandiri Contact Center, designed for applicants with
a minimum education level of high school. Participants in the program undergo three structured stages: basic,
intermediate, and advanced, conducted comprehensively over a three-year period according to a structured
curriculum.
In 2025, there were 3,029 participants in the Kriya Mandiri program, of which 273 participants were appointed as
permanent employees of Bank Mandiri. This figure represents a 67% decrease compared to 817 participants in
the previous year.
420 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 423
The Partnership Internship Program is implemented by State-Owned Enterprises (SOEs) and the Forum Human
Capital Indonesia (FHCI) for the Magenta Internship Program, as well as by the Ministry of Manpower for the
MANAGEMENT DISCUSSION AND ANALYSIS
National Apprenticeship Program (Kemnaker). The Magenta Internship Program commenced in 2023, while the
National Apprenticeship Program (Kemnaker) began in 2025. This program is intended for fresh graduates from
public and private universities registered with the Ministry of Higher Education, Science, and Technology, at both
Diploma and Bachelor levels, with a maximum graduation period of one year. The six-month internship aims to
enhance work experience and create broader opportunities across various industry sectors. Participants gain
comprehensive and structured knowledge and skills, particularly in the banking sector. In 2025, the internship
program successfully recruited 1,550 participants, with details as follows.
Internship Program 2025
Kemnaker Apprenticeship 1,345
Magenta and General Internship 205
Total 1,550
EMPLOYEE DEVELOPMENT
To enhance employee competencies and strengthen global competitiveness, Bank Mandiri has implemented a
series of continuous development initiatives aimed at building a pool of high-performing and future-ready talents.
The Bank’s focus on competency enhancement is closely linked to its broader commitment to career development
and long-term employee growth.
EMPLOYEE CAREER DEVELOPMENT
Bank Mandiri’s approach to employee career development is guided by the Talent Management and Succession
Program, which is based on the principle of fair opportunity. This ensures that every employee has an equal chance
to grow and progress within the organization, while taking into account the Bank’s needs, individual capabilities,
performance evaluations, potential, talent classification, positions, and other relevant factors. The program is
designed to prepare employees to assume key management positions and contribute effectively to the Bank’s
leadership pipeline.
The Bank’s Talent Management and Succession Strategy is structured around the Framework, which consists of five
key elements: Technical Capability, Leadership Capability, Culture, Learning Agility, and Purpose. This framework
serves as the foundation for talent development, ensuring that all five elements are implemented in a balanced and
holistic manner to produce well-rounded, competent, and purpose-driven leaders.
Learning Agility
Purpose
Super Happy, Super Productive,
Sustainable Business
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 421
Page 424
In preparing top talent to become future leaders in strategic positions, Bank Mandiri implements a structured
approach focused on identifying, developing, and retaining individuals with high leadership potential. This
MANAGEMENT DISCUSSION AND ANALYSIS
approach consists of four main stages, namely:
Talent Identification Talent Profiling Talent Development Strategic People Review
TC Identification Process Talent profiling process Review process of
(Talent Classification) based based on track record, Plan and execute talent development plans and
on performance, Leadership technical capability, development based on implementation to ensure
Characteristics, Ability, leadership capability and capability gaps optimal sustainability of
Agility and Engagement personality aspects succession management.
EMPLOYEE COMPETENCY DEVELOPMENT
Employee competency development at Bank Mandiri is carried out through its corporate university, Mandiri
University. The program operates using a model based on the Strategic Learning Process, which is a comprehensive
learning cycle that begins with analyzing business needs and employee competencies, followed by designing
and implementing learning solutions, and concluding with measuring their impact on business performance
outcomes.
Learning Needs Learning Learning Learning
Diagnosis Design & Delivery Impact
Solutions & Deployment Measurement
Employee development programs managed by Mandiri University are designed to support the implementation of
Bank Mandiri’s Corporate Plan by enhancing employee competencies aligned with the Bank’s vision. To ensure
alignment with the Bank’s strategy, competency development is carried out across leadership, managerial, and
functional areas, particularly in wholesale banking, retail, consumer banking, network IT, digital, and branch
functions, as well as other general areas.
Employee competency development is implemented within Bank Mandiri’s competency framework as outlined in
the Leadership Capability Model (LCM) and Technical Capability Model (TCM).
In technical competencies, in addition to training programs tailored to business and employee needs, Bank Mandiri
continues to focus on Reskilling, Upskilling, and Redeployment in line with the Smart Branch implementation, as
well as strengthening digital capabilities for all employees. Capability development is conducted in a structured
manner to meet business needs, including a top-down approach based on the Bank’s strategic policies
implemented efficiently, with periodic reporting of progress.
Employee development plans are formalized in the Annual People Development Plan (APDP) for each Directorate
according to its specific needs. The APDP is developed systematically, from a learning needs analysis, determining
learning design and solutions in the form of training modules, scheduling program implementation (learning delivery
and deployment), and measuring learning impact. The APDP is developed by Mandiri University in collaboration with
the relevant Work Units and HCBP, with top-down training programs aligned with organizational needs (Thematic
Learning). In addition to top-down programs, Bank Mandiri also plans employee development through a bottom-
up approach based on specific competency gaps (Specific Personal Learning), discussed through development
dialogues with supervisors. This bottom-up program is documented in each employee’s Individual Development
Plan (IDP).
EMPLOYEE DEVELOPMENT FLOW IN CAPABILITY DEVELOPMENT
• Need Analysis • Structure and Plan • Development
• Capability Management
• Corporate & Business • Competency Assessment Implementation • Strategic People Review
• Technical Capability Model
Strategy • Blended Learning: • APDP (Thematic Learning) • Talent Pool
• Leadership & Managerial
• Job Analysis Educate, Engage, Expose, • IDP Specific Personal • Employee Review
Capability Model
• Key Required Capabilities Experience Learning
422 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 425
Mandiri University has established dedicated academies for each business segment of the Bank, enabling
employees in each respective unit to receive training and development specifically tailored to their roles and
MANAGEMENT DISCUSSION AND ANALYSIS
responsibilities. The following academies are available at Bank Mandiri:
Academy Segment
Focus on the development of Corporate Banking, Commercial Banking, Small Medium
Wholesale Banking Academy
Enterprise and Special Asset Management
Retail Banking Academy Focus on the development of Treasury, Internasional Banking and Institutional Relations
Focus on the development of Retail Banking, Consumer Banking and Investment
Operations Academy
Management
Focus on the development of Digital Banking, Information Technology and Enterprise Data
Risk Academy
Management
Digital Banking and Information Focus on the development of Risk Management, Audit & Control Function, Compliance &
Technology Academy Legal
Human Capital and Finance
Focus on the development of Human Capital, Finance and Banking Operations
Academy
Leadership and Management
Focus on leadership and managerial development at Bank Mandiri.
Development Academy
Bank Mandiri’s competency development consists of two main programs: Leadership Development and Technical
Development. Both are structured based on each job family’s core competencies and capability model to support
career growth, strengthen adaptability, embed corporate values, and contribute to the nation progress. The details
of each program are as follows:
a. Leadership Development Program
This program provides a structured and tiered leadership development journey aligned with each employee’s
leadership level. The program consists of three main phases for each level of organizational leadership:
Onboarding, to equip employees stepping into new roles; Equipping, to strengthen specific leadership skills
based on identified gaps; and Developing, to prepare employees for the next leadership level. The program
targets all leadership levels, from officers to directorsat various leadership levels, from officers to directors.
MANDIRI’S LEADERSHIP PIPELINE FRAMEWORK
OBOARDING EQUIPPING DEVELOPING
Onboarding for newly & promoted people Equipping with practical managerial skills Talent acceleration program to enhance
leaders to perform gesture “passion to which refers to leadership capability in capabilities for next level and being
deliver beyond expectation’ empowering team to deliver beyond mDNA Role Model
Leading
Organization Onboarding for MASLP
(BOD & SEVP) Executive Leaders Mandiri Advanced Senior Leaders Program
Leading Functions Strategic Business Leader MASLP
Mandiri People Manager
(Setara GH/L2) MPM Executive for L2 Leading for Impact Mandiri Advanced Senior
Leaders Program
Strategic Business Leader MALP Graduates
Leading Leaders Mandiri People Manager Mandiri Advanced Scholarship
(Setara DH/L3) MPM Mastery for L3 Leading for Impact Leaders Program (for L3)
women Leadership
Program
Leading Teams Mandiri People Manager
MAFLP
(Setara Team MPM Fundamental
Mandiri Advanced
First Leaders Program
Leader)
Managerial
Series Program MYLead
Mandiri Young Leaders
Leading Self ODP/SDP
(Officer) Officer/staff Development Program Graduates Scholarship (for L4)
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 423
Page 426
The tiered programs in the leadership development certification tests, benchmarking, and making
program are as follows: papers as final evaluation material. After
MANAGEMENT DISCUSSION AND ANALYSIS
participating in this program, participants are
• Officer Development Program (ODP) expected to develop more advanced banking
The Officer Development Program (ODP) technical skills, as well as network with official
is a flagship talent development program participants from various other banks in
designed to prepare Mandirian Leaders of Indonesia. In 2025, 4 (four) employees of Bank
the Future with comprehensive banking Mandiri participated in this program.
knowledge, future-ready competencies, and
strategic leadership character. Development • Mandiri People Manager (MPM) Fundamental
is carried out through an experiential learning A development program designed for
journey based on business cases, namely employees at the L4 (Officer) level to equip
WholesaleX, BranchX, and DigitalX, which them with managerial capabilities and
provide in-depth exposure to core banking foundational leadership skills. The curriculum
businesses and hands-on experience through covers the preparation of SMART work plans,
real-case assignments. task management principles based on PDCA,
performance monitoring, as well as effective
Participants also receive mentorship from communication, coordination, and work
Top Management (SEVP and the Board of instruction. Key programs include the Mandiri
Directors) to accelerate the development of Strategic Thinking Initiatives (MSTI) and the
future leaders who are ready to support the Mandiri Sticky Relationship Academy (MSRA)
achievement of Bank Mandiri’s three Strategic for L4. In 2025, a total of 247 employees
Objectives: Main Transaction Bank, Largest participated in the MPM Fundamental
Lender, and Leader in Low-Cost Funding. In program.
2025, a total of 681 prospective employees
across 21 batches participated in the ODP • Mandiri People Manager (MPM) Mastery
development program. A training program for employees at the L3 level
. (equivalent to Department Head) and peers,
• Staff Development Program aimed at enhancing managerial capabilities,
The Staff Development Program (SDP) is leadership skills, and team performance.
a flagship talent development program The curriculum covers strategic leadership,
designed to prepare Mandirian Leaders of change leadership, decision-making, driving
the Future with comprehensive banking improvement and execution excellence, as
knowledge, future-ready competencies, and well as organizational communication and
strategic leadership character. Development prioritizing team objectives. Key programs
is delivered through an experiential learning include the Mandiri Strategic Thinking
journey based on business cases namely Initiatives (MSTI) and the Mandiri Sticky
WholesaleX, BranchX, and DigitalX, which Relationship Academy (MSRA) for L3. In 2025,
provide in-depth exposure to core banking a total of 116 employees participated in the
businesses and hands-on experience through MPM Mastery program.
real-case assignments.
• Mandiri People Manager (MPM) Executive
Participants also receive mentorship from A leadership program designed for employees
Top Management (SEVP and the Board of at the L2 (BOD-2) and BOD-1 levels to prepare
Directors) to accelerate the formation of and accelerate their leadership readiness.
future leaders who are ready to support the The program covers leadership excellence,
achievement of Bank Mandiri’s three Strategic strong business motivation, executive
Objectives: Main Transaction Bank, Largest decision-making, and industry leadership.
Lender, and Leader in Low-Cost Funding. In Key programs include the Mandiri Strategic
2025, a total of 897 employees participated in Thinking Initiatives (MSTI) and the Mandiri
the SDP across 29 batches. Sticky Relationship Academy (MSRA) for L2.
In 2025, a total of 74 employees participated
• SESPIBANK Program in this program.
The Bank Staff and Leadership College
(SESPIBANK) is a development program in • Mandiri Advanced Senior Leaders Program
collaboration with the Indonesian Banking (MASLP)
Development Institute for Bank Mandiri A leadership development program for top
Level L3 leaders to prepare employees to leaders (BOD-1) aimed at strengthening their
the next level. The SESPIBANK curriculum strategic capabilities. The program focuses
consists of classical classes, general banking on enterprise leadership, strategic leadership,
424 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 427
people focus, and digital leadership in • Overseas Master’s Degree Scholarship
alignment with the Bank’s needs and strategy. Program
MANAGEMENT DISCUSSION AND ANALYSIS
an overseas Master’s Degree scholarship
• Mandiri Advanced Leaders Program (MALP) program aimed at enhancing participants’
A Leadership Development Program for top global exposure, networking skills, and
talent at the BOD-2 level to prepare them for knowledge relevant to Bank Mandiri’s needs.
promotion to the next level. The development In 2025, a total of 35 employees pursued
focus includes intrapreneurship, leadership their Master’s studies at Top 15 universities
agility, people focus, strategic leadership, and worldwide. Fields of study include Digital
the Bank’s strategy. Through this program, Business, Advanced Finance, Technology, and
participants are expected to develop strong Enablers (Human Resources and Law).
interpersonal strategic leadership capabilities,
lead the organization strategically, and b. Technical Development Program
become future-ready leaders. A program to enhance employees’ technical
competencies in alignment with the business
• Mandiri Advanced First Leaders Program segments being managed. The technical capability
(MAFLP) development program is delivered through both
A leadership development program designed thematic and specific approaches, aimed at
to prepare new emerging talents at the BOD- strengthening employees’ knowledge and skills
3 level for the next level of leadership. The across business units, including wholesale
program focuses on strengthening strategic banking, retail banking, risk management, IT and
leadership, enterprise leadership, and digital banking, as well as other areas such as
influence leadership capabilities. banking operations, finance, and human resources.
Employee training and development are conducted
• Executive Development Program (EDP) using a Blended Learning Solution (BLS), which
An Executive Program designed to combines the following learning methods:
prepare the Board of Directors, Board of • 10% Learning by taught (classroom, virtual
Commissioners, and commissioners to learning, e-learning)
navigate global challenges, emerging • 20% Learning from others (development
industries, macroeconomic conditions, and dialogue, mentoring)
banking dynamics. The training materials • 70% Learning by doing, including projects, on-
cover strategic leadership, macroeconomics, the-job training, and job rotation
digital banking transformation, and business
leadership. As of December 2025, the technical program
modules were attended by 126,927 participants.
• Master’s Degree Scholarship Program Several technical programs conducted during
The Master’s Degree Scholarship Program is a 2025 are as follows:
development initiative for selected top talents • Strategic Business Leaders (SBL) Program
to pursue formal postgraduate education, To realize Bank Mandiri’s aspiration to
either overseas or domestically. become an Undisputed Industry Leader, one
of the focuses carried out by Bank Mandiri
• Mandiri Executive Scholarship for is to develop Mandirian’s capabilities as
Postgraduate (MESP) strategic business leaders. The purpose of
A domestic Master’s Degree scholarship the Strategic Business Leaders program is to
program aimed at enhancing the knowledge equip all L3 Level employees, particularly Bank
and skills of top talent employees at the BOD- Mandiri Leaders at the head office and regions
2 level. The program focuses on developing with the skills and capabilities to be able to
future skills required to support the Bank’s lead in implementing the corporate strategy
long-term strategy. in achieving market dominance by creating
own game in their work units. In 2025, this
program was attended by 666 employees.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 425
Page 428
MANAGEMENT DISCUSSION AND ANALYSIS
Strategic Strong Winning Intensive Group Project Active Learning:
Leadership Camp Ecosystem Mentoring Assignment Online + Offline
Build participants’ Strengthening the role of Build a discussion forum Building capabilities Building capabilities
understanding of RCEO, Regional Head & between mentors and through real practice through subject matter
Branch Manager profiles Area Head to become an participants in preparing based on case from RCEO experts related to
covering 5 aspects of ecosystem driving BM’s branch business plans and in currently managed leaderships and technical
strategic business leader success quick win implementation branches capability
HOW? HOW? HOW? HOW? HOW?
Briefing of the president Equip Mentor debriefing Group Mentoring Individual Assignment 4+4
director and directors class for mentors to be Based on cluster Sharing case study, Leaderships session and
on the expectations of able to act as a learning unggulan tiap region branch business plan technical virtual class
the profile of a strategic ecosystem in order yang dilaksanakan tiap & quick wins Group based on curriculum of
business leader to create a winning minggu Assignment Creating strategic business leaders
ecosystem breakthru by cluster from branch manager
program
• Wholesale RM Coverage Program
Wholesale RM Coverage is a program to develop RM Wholesale capabilities to support the Wholesale
Banking business and Value Chain for employees to be able to provide end to end transaction solutions
to customers. become ecosystem enablers and maintain relationships with customers both at head
office and regions through training programs. In 2025, this program was attended by 6,589 employees.
• Digital Talent Readiness for Future
Digital Talent Readiness for Future is a digital talent program for Bank Mandiri employees, which is
implemented through 2 programs to improve the digital capabilities of Bank-wide employees as Digital
Leaders, such as IT Bootcamp and Mandirian Go Digital. In 2025, this program was attended by 268
employees.
COMPETENCIES DEVELOPMENT BY PROGRAM
2024 2025
Development Program
Batch Employee Batch Employee
Leadership Development Program
Officer Development Program 27 827 23 746
Staff Development Program 19 611 31 946
SESPIBANK Program 2 3 1 4
Mandiri People Manager (MPM) Fundamental, Executive, and
5 1,083 - -
Mastery
Mandiri Advanced Leaders (MALP), Mandiri Advanced First Leaders
Program (MAFLP), and Mandiri Executive Leaders Program (MAELP) 27 574 - -
Program
S2 Program 3 51 15 51
Other Leaderships 65 9.670 33 4,079
Technical Development Program 2.839 168.292 2,783 126,927
E-learning & Podcast 9.071 768.204 9,374 602,324
426 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 429
COMPETENCY DEVELOPMENT BASED ON POSITION LEVEL
MANAGEMENT DISCUSSION AND ANALYSIS
Bank Mandiri consistently upholds the principle of equality in its employee competency development programs,
providing equal opportunities for all employees to enhance their potential. In 2025, a total of 38,021 active
employees participated in training programs, representing 98.3% of total active employees, consisting of 18,141
male employees and 19,880 female employees. The number of employees who participated in training as of
December 2025 increased by 1.0% compared to 2024, when 38,003 employees took part in training programs.
COMPETENCY DEVELOPMENT BY POSITION LEVEL IN 2024-2025
Total Training
No. Employee Levels
2024 2025
1. Commissioner 10 6
2. Director 12 8
3. SEVP - SVP 154 167
4. VP - AVP 4,120 4,199
5. SM - FAM 13,993 14,908
6. Officer 19,659 18,695
7. Non Officer 55 38
8. Pension/Terminate 2,032 2,353
Grand Total 40,035 40,374
TOTAL DAYS AND HOURS OF TRAINING (MAN HOUR) BY GENDER IN 2024-2025
Total Training Duration Average Training Hours
Total Training Employee
Gender (hours) per Employee
2024 2025 2024 2025 2024 2025
Female 20,916 21,233 2.140.788 1.737.030 102.4 81.81
Male 19,119 19,141 2.175.159 1.798.946 113.8 93.98
Grand Total 40,035 40,374 4.315.947 3.535.976 107.8 87.6
TOTAL DAYS AND HOURS OF TRAINING (MAN HOUR) BY EMPLOYEE LEVELS IN 2024-2025
Total Training Duration Average Training Hours
Total Training Employee
No. Employee Levels (hours) per Employee
2024 2025 2024 2025 2024 2025
1. Commissioner 10 6 179 104 17.9 17.3
2. Director 12 8 70 196 6.3 24.5
3. SEVP - SVP 154 167 9.532 8.898 61.9 53.3
4. VP - AVP 4,120 4,199 533.885 553.580 129.6 131.8
5. SM - FAM 13,993 14,908 1.947.625 1.829.512 139.2 122.7
6. Officer 19,659 18,695 1.743.310 1.059.712 88.7 56.7
7. Non Officer 55 38 649 446 11.8 11.7
8. Terminate 2,032 2,353 80.698 83.528 39.7 35.5
Grand Total 40,035 40,374 4.315.947 3.535.976 107.8 87.6
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 427
Page 430
EMPLOYEE ONBOARDING SYSTEM and implement the Bank’s norms including the
Bank’s work culture and core values.
MANAGEMENT DISCUSSION AND ANALYSIS
All new Bank Mandiri employees, whether joining 3. Clarification
through the New Hire program or promoted under New The Bank ensures that employees understand and
Promote (Onboarding for New at Level), are required to aware on the duties and responsibilities of their
undergo an onboarding process to gain the knowledge, new job and the expected performance results.
skills, and behaviors needed as Mandiri employees. 4. Connection
The Bank ensures that employees can maintain
To foster digital transformation, the Bank introduced good and positive relationships between
an interactive gamification-based onboarding system employees
covering 10 learning topics over a three-month period,
accessible entirely online. Onboarding for New Hire
The Onboarding for New Hire Program is designed to
The General Principles of the implementation of help new employees adapt to their work environment
employee onboarding are as follows: and quickly understand the expected behaviors
1. Compliance and responsibilities within their assigned units. The
The Bank prepares employees to understand the onboarding process begins as soon as new hires join
basics of the provisions and policies applicable at their respective units and consists of two main stages:
the Bank. Pre-Arrival and Arrival, each comprising two integrated
2. Culture processes as described below:
The Bank prepares employees to be able to accept
Pre-arrival Arrival
Prior to work After work
commencing commencing
ACCOMODATING ASSIMILATING ACCELERATING
The process to prepare for The process to make The process where employees
employee arrival (pre arrival) to employees quickly understand have adapted to their
speed up employees to catch what to expect from their environment and have been
up with their work and make work and adapt to their able to innovate and work more
employees feel accepted by their environment. effectively and productively.
work environment.
The objectives of Onboarding for New Hire are as follows:
1. Accelerate the process of employees’ comprehension of their work so as to increase Speed to Productivity,
which begins by providing facilities and infrastructure that can support work explanation on Job Description
and Goals.
2. Introducing Bank Mandiri Culture in order to gain an understanding of aligned values for employees to quickly
adapt to their work environment (attach to new culture).
3. Introducing the applicable provisions and systems for employees to attain risk awareness thereby able to
measure and manage the risks encountered during their work.
4. Building a Resilient Independent spirit with a pattern of Resilient Learners who are willing to learn proactively
from various sources (build proactive learner).
428 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 431
The supporting facilities provided during Onboarding 4. Understand the conditions & objectives of the unit
for New Hire are as follows: to be led
MANAGEMENT DISCUSSION AND ANALYSIS
1. Welcome Kit Onboarding 5. Understand the preparation of a New Unit strategic
A package that contains equipment to support plan (including Quick Win & improvement)
the performance and general information about
Bank Mandiri provided to New Hire. The Welcome
Kit Onboarding is given to increase understanding EMPLOYEE COMPETENCE DEVELOPMENT
of Bank Mandiri and the productivity and work EVALUATION
motivation of New Hire.
2. Buddy System To ensure continuous improvement in employee
During Onboarding, New Hire will be accompanied competency development, Mandiri University regularly
by a Buddy. The Buddy’s role in implementing the evaluates training content, instructor quality, and
Onboarding Program is very important, particularly learning methods. This comprehensive and ongoing
in introducing the work environment thereby able evaluation ensures that all training programs remain
to speed up the New Hire adaptation process. A relevant, effective, and aligned with the Bank’s evolving
Buddy must have an adequate understanding business needs. The evaluation process is as the
related to the work unit and Bank Mandiri as its following phases:
function is to always be able to provide positive
and precise information to New Hire. • Level 1 (L1) is an evaluation to assess participants’
3. Onboarding Mission Checklist reactions to the implementation of learning carried
The Mission Checklist is a guide to onboarding out using the Net Promoter Score (NPS) method,
activities to assist New Hire in the process of which includes the suitability of the material, the
adapting to the work environment during the ability of teachers to deliver the material, and the
Onboarding implementation. availability of learning facilities.
• Level 2 (L2) is an evaluation to assess the level
Onboarding for New at Level of understanding of participants during learning
Bank Mandiri conducts the Onboarding for New at using written examination methods (theory) and
Level Program to help newly promoted employees practical exams.
adapt quickly to their new work environment and • Level 3 (L3) is an evaluation to assess the
understand their new roles. The program is intended for implementation of learning materials and changes
employees joining through the New Promote pathway in behavior before and after learning with the
and aims to help them understand job descriptions, multirater method, namely asking for opinions/
set performance objectives, and become familiar with assessments from employees, supervisors,
the Bank’s corporate culture, Code of Conduct, and colleagues, subordinates of employees who are
Business Ethics. the training participants. This evaluation is carried
out at least 3 (three) months after learning.
Stages of Onboarding for New at Level program: • Level 4 (L4) is an evaluation to assess the impact
1. Onboarding Development Dialog of learning on the resulting performance. This
2. Onboarding Briefing evaluation uses the performance assessment
3. Onboarding Learning method and is carried out at least 3 (three) months
4. Mid-Review after learning period.
5. Evaluation of Probation Period
In 2025, Bank Mandiri conducted 12,260 training
The objectives of the Onboarding for New at Level batches through various learning platforms, including
Program are as follows: in-person sessions, virtual classrooms, and e-learning.
1. Understand leadership & bank-wide expectations A total of 821 classroom training modules and 9,374
2. Understand specific missions & responsibilities e-learning modules were delivered, with participation
3. Integrity Reminder & Awareness from 753,067 attendees.
For the training in 2025, Bank Mandiri has carried out an evaluation of its employee competency development
programs, summarized in the following table:
Evaluation Type Results
Net Promoter Score (NPS) The average training participant satisfaction score reached +85.00 on a scale of -100 to +100
Level 1, Reaction The average evaluation score was 5.64 on a scale of 1–6
Level 2, Learning The average level of participant understanding reached 85.59 on a scale of 0–100
Level 3, Behaviour The average evaluation score was 5.02 on a scale of 1–6
The average impact of training on employee performance reached 40.93%, or categorized
Level 4, Performance
as having a significant impact
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 429
Page 432
EMPLOYEE COMPETENCE DEVELOPMENT COSTS
MANAGEMENT DISCUSSION AND ANALYSIS
In 2025, Bank Mandiri allocated Rp326.4 billion for employee competency development, a decrease from Rp397.1
billion in 2024. The following table presents the details of Bank Mandiri’s employee competency development
expenses.
No. Employee Development Cost Realization 2025 2022 2023 2024 2025
Program (Rp Million) Budget Realization Realization Realization Realization
1 Executive Development Program 4,100 3,681 5,800 2,015 30
2 Leadership Development Program 195,700 88,702 176,135 212,065 215,323
3 Culture Development Program 1,660 3,695 1,342 398 -
4 Pre-Retirement 10,881 8,896 1,882 6,878 1,301
5 Strategic & Technical Skill Program 232,759 241,305 151,436 163,660 102,708
6 Elearning 15,300 17,467 15,343 12,108 7,023
Total 460,400 363,746 351,938 397,124 326,385
KNOWLEDGE MANAGEMENT
Bank Mandiri implements knowledge management to ensure that both explicit and tacit knowledge from employees
and the organization can be effectively captured, documented, and shared. This initiative aims to preserve and
enhance the Bank’s competitive advantage. The activities include a series of ongoing processes, as follows:
Acquire Knowledge
Gaining and updating knowledge activities
Apply Knowledge
Store Knowledge
Applying knowledge into daily works and Knowledge
sharing best practices in the platforms Management Storing knowledge in the platforms
Process provided by the Bank.
provided by the Bank
Share Knowledge
Sharing knowledge attained among others through the
platforms provided by the Bank to employees.
Mandirian Learning Community
Bank Mandiri established the Mandirian Learning Community (KMP) as part of its knowledge management
initiatives. This community of practice consists of Bank employees who share similar professions, expertise, or
interests, with the aim of exchanging knowledge and best practices in specific areas. Through these exchanges,
the community fosters innovation, generates new ideas, and improves existing work practices. The knowledge
and practices produced by the Mandirian Learning Community are curated, stored, and redistributed through the
Bank’s internal platforms to be adopted and applied across the organization.
Currently, the following are several Mandirian Learners Community that specifically address certain fields:
• KMP Smart Branch Knowledge (SBK) Corner is a community of general bankers to share knowledge,
experience, and best practices in Smart Branch.
• KMP Legal Warrior is a community of legal officers and employees of Bank Mandiri with legal education
backgrounds to discuss legal knowledge and practice.
• KMP KOPRA Community Network (KoCoNet) is a community of Bank Mandiri employees who have an interest
in sharing knowledge and experience related to KOPRA.
430 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 433
• KMP Data Quality is Bank Mandiri’s data inputer room for contributions beyond core responsibilities to
community that has the same interest/concern be considered in performance evaluation, encourages
MANAGEMENT DISCUSSION AND ANALYSIS
regarding efforts to improve data accuracy. employees to go the extra mile, and ensures continued
• KMP Let’s Grow is a community consisting of focus on employee development. KPI determination is
Bank Mandiri’s learning partners and facilitators discussed and mutually agreed upon by the employee
who have an interest in increasing knowledge and the Employee Manager during the development
and competencies related to the learning process dialogue at the Goal Setting stage, serving as the basis
strategy. for the Final Performance Review.
• KMP Mandiri Facilitator Squad is a community
of Bank Mandiri facilitators who are expected The employee performance evaluation process at Bank
to improve the knowledge, skills of community Mandiri consists of three stages, refined to support the
members in carrying out their role as a facilitator. achievement of the Bank’s aspirations:
• KMP Mandiri Xperience is a Bank Mandiri employee
community that develops new innovations to 1. Goal Setting at the beginning of the year through a
enhance employee work efficiency. development dialogue between the employee and
the direct supervisor (Employee Manager).
Mandirian Learning Community Platform 2. Mid-Year Review conducted mid-year to realign
Bank Mandiri uses MY Learn as one of KMP’s platforms with the Bank’s business conditions, provide
for the community members to be able to connect, feedback, and monitor performance achievement
and build relationships with each other, facilitate during the first semester.
community related activities and data management 3. Final Performance Review as the year-end
related activities. evaluation, where employees conduct a self-
assessment of their achievements. The self-
EMPLOYEE PERFORMANCE APPRAISAL assessment is then discussed, reviewed,
and validated by the Employee Manager and
Bank Mandiri continues to drive every employee to subsequently calibrated by the Employee
“Think Big & Deliver Beyond Expectations” in achieving Manager’s Manager.
the Bank’s aspirations. At the same time, the Bank strives
to implement individual performance assessments The roles involved in the employee performance
that accurately map employee contributions, foster evaluation process are illustrated in the following
motivation, build optimal engagement, and identify diagram.
capability gaps to determine the most appropriate
development programs. The components of Individual KPI consist of three
parts: Core Responsibilities Objectives, Value-Added
The Employee Performance Evaluation System is Objectives, and Capability Development Objectives.
based on the achievement of agreed Key Performance This structure allows employee contributions beyond
Indicators (KPIs) (Achievement) and implementation of their main responsibilities to be recognized in
behaviors aligned with core values and core behaviors performance assessments, encouraging all employees
(Attitude). Performance elements assessed consist of to go the extra mile while continuing to focus on
two components: process and result. Process reflects personal growth. The KPI setting process is discussed
how targets are achieved, while Result reflects the and agreed upon between the employee and the
employee’s actual achievement against the targets. Employee Manager through a development dialogue
during the Goal Setting stage, which serves as the
Performance evaluation results are categorized into basis for the Final Performance Review.
five ratings:
1. Beyond Expectations, indicating outstanding or The performance appraisal process of Bank Mandiri
exceptional performance. employees consists of 3 (three) stages that has been
2. Exceed Expectations, indicating highly satisfactory refined to foster the Bank’s aspiration achievements,
performance. as follows:
3. Meet Expectations, indicating performance that 1. Goal Setting
meets expectations. Bank Mandiri employees first set goals at the
4. Below Expectations, indicating the need for beginning of the year through development
improvement to enhance performance. dialogue between employees and Employee
5. Required Significant Attitude Improvement, Manager.
indicating performance that does not meet 2. Mid-Year Review
expected standards. Mid-Year Review is carried out by employees in
the middle of the year to readjust to the Bank’s
Individual KPI components are divided into three areas: business conditions, as a tool to give feedback
Main Work Targets, Value-Added Work Targets, and and monitor on the employees’ performance
Capability Development Targets. This structure provides throughout Semester 1.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 431
Page 434
3. Final Performance Review
At the end of the year, a final appraisal is conducted in which employees are given the opportunity to conduct
MANAGEMENT DISCUSSION AND ANALYSIS
a self-assessment of their achievements. The results of the self-assessment are further discussed, reviewed,
and validated by the Employee Manager to be further calibrated by the Employee Manager’s Manager. The
parties engage in the employee performance appraisal are described in the following chart.
WHICH PARTIES PLAY A ROLE IN INDIVIDUAL ASSESSMENT
1 Employee
Employee carries out a self- 2 Employee Manager
Direct supervisor provides final scores and initial
assessment. performance level.
3 Employee Manager’s Manager
Employee Manager’s Manager provides final performance
4 Matrix Manager
Head of Work Unit as a Mentor for the system or segment
level (PL) by taking into account the normal distribution. of employee assigned in the region for several positions.
Employee Manager will receive inputs/ reviews/ comments
and Matrix Manager in determining the employee
performance assessment.
In 2025, approximately 38,000 employees participated in the performance appraisal process. The results serve
as key considerations in determining compensation, talent classification, promotion decisions, and employee
development. The continuous improvement of the performance appraisal system is expected to further enhance
employee performance and ensure proper recognition of their contributions.
EMPLOYEE ENGAGEMENT
To maintain employees’ emotional engagement with the Company, Bank Mandiri implements various well-being
initiatives to encourage optimal productivity. These enhancements are provided in both material and non-material
forms. The following outlines several employee engagement programs carried out by Bank Mandiri.
Employee Remuneration
In fostering a work environment that supports employee growth and motivation, Bank Mandiri places employee
well-being as a key priority. Employee remuneration at Bank Mandiri is based on the total reward principle,
whereby employees receive comprehensive compensation in both financial and non-financial forms. The Bank
strives to maintain competitive remuneration aligned with its remuneration strategy to support the achievement
of business objectives.
432 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 435
The remuneration system is designed to be fair and Retirement Program
transparent through a performance-based approach. Bank Mandiri has a retirement program that includes
MANAGEMENT DISCUSSION AND ANALYSIS
In addition to job level considerations, remuneration is both a pension fund and pre-retirement training. The
determined based on individual performance (merit- pension fund is managed by a dedicated Pension
based increase) and job risk, ensuring that the entire Fund established by the Bank, comprising defined
process is free from gender discrimination. contribution and defined benefit schemes originating
from the pension funds of the merged banks.
Bank Mandiri ensures that all employees receive wages
in accordance with prevailing regulations, including As a form of appreciation for employees’ dedication,
compliance with the Regional Minimum Wage (UMR) Bank Mandiri provides pre-retirement training to help
in each operational area and the provision of additional employees maintain well-being and remain productive
cost-of-living allowances in certain regions. The entry- after retirement. The training covers topics such as
level salary standard at Bank Mandiri is set higher than entrepreneurship, health, and psychology. In 2025,
the highest UMR in Indonesia and applies across all pre-retirement training was conducted in 38 batches,
operational locations, with a 1:1 salary ratio between attended by a total of 840 employees who are expected
male and female employees. This demonstrates to retire within the next 2 years. .
that remuneration is determined based on fair living
standards without gender-based discrimination, while Awards
also reflecting competitive compensation to attract top Bank Mandiri strengthens employee engagement by
talent and enhance employee engagement. recognizing outstanding performance through the
Mandiri Excellence Award (MEA). This annual program
Allowances is held regularly with the following award categories:
Bank Mandiri provides allowances as part of its efforts
to retain employee loyalty and promote productivity. • Mandatory Award
These allowances are granted in various forms and Mandiri Best Employee (MBE) is the highest
serve different purposes to support employees’ work form of recognition granted by management
and well-being. Allowances are provided based on to outstanding employees who consistently
employment status (permanent, contract, trainee), job demonstrate excellent performance and embody
level, type of work, work location, and other criteria the Company’s culture, reflected through behaviors
aligned with the Bank’s strategy. aligned with the Company’s Core Values and the
unique m-DNA characteristics. This award aims
Maternity and Paternity Leave Policy to enhance employee motivation and engagement,
Bank Mandiri provides maternity leave for female encouraging them to continue delivering their best
employees in accordance with applicable regulations, contributions. In 2025, a total of 118 employees
while paternity leave for male employees whose and 14 employees from Subsidiaries received the
spouses give birth is granted beyond statutory MBE award.
requirements. During the leave period, employees
continue to receive all their rights in accordance with • Thematic Award
prevailing laws and regulations. After the leave period This award recognizes Business Units or
ends, employees are entitled to return to their previous Employees who have contributed significantly
positions. and achieved excellence in supporting bank-wide
initiatives. These initiatives include executing
In the 2025 reporting year, a total of 1,345 employees corporate strategies, driving business growth
took maternity and paternity leave, consisting of 835 and sustainability, fostering a resilient learning
female employees and 512 male employees. This mindset, and implementing the company culture.
represents a 5.2% decrease compared to the previous Details are as follows:
year, when 1,420 employees (900 female and 520 male)
took leave. Of this total, 100% of employees returned to a. Best Business Strategy Execution
work after their leave period ended. Appreciation for Work Units that achieve the
best performance through the implementation
In addition, 100% of employees who took parental leave of strategies that support Bank Mandiri’s
in the previous year also returned to Bank Mandiri business. Sub-categories include wholesale
after their leave. The high return rate after parental and retail business segments, as well
leave reflects Bank Mandiri’s commitment to being an as Branch Units for Best Business Case
‘employer of choice’ and providing strong support for Execution, Best Ecosystem Development, and
the development of its female employees. Best Ecosystem Acquisition.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 433
Page 436
b. Mandiri Best Service MANDIRI SERVICE AWARD
Appreciation for individuals (Frontliners) and
MANAGEMENT DISCUSSION AND ANALYSIS
work units (Branches/Areas/Regions), with Mandiri Service Award (MSA) 2025 is an appreciation
the assessment process focused on service program recognizing both individuals and work units,
contributions that drive sustainable business with the assessment process focused on service
performance. In 2025, the contribution of excellence that contributes to sustainable business
Frontliners and Branches to wholesale, retail, performance. The main activities of MSA 2025 consist
and investment product achievements, as of two categories:
well as efforts to increase market share,
became one of the enhanced evaluation a. Individual Category: National Frontliner
parameters compared to the previous year. Championship
The award consists of two sub-categories: The National Frontliner Championship (NFC)
• National Frontliner Championship, is a nationwide competition for Bank Mandiri
divided into the following sub-categories: frontliners, covering the categories of General
Conventional Branch (Customer Service, Banker, Customer Service, Teller, Security, and RM
Teller, Security), Smart Branch (General Priority Banking. NFC 2025 was held on 06–07
Banker), and Priority Outlet (Relationship November 2025, with 60 top frontliners selected to
Manager Priority Banking), with a total compete at the national level from approximately
of 19 winners. Of these, 15 employees 18,000 frontliners across Indonesia.
will receive recognition at the Mandiri
Excellence Award (MEA) 2025. During the competition, participants demonstrate
• Branch Service Award, divided into the their capabilities through a series of assessments,
following sub-categories: Branch, Priority including a knowledge test, digital mindset test,
Outlet, and Area, with a total of 41 winning sales advisory test, and individual presentation
units (24 branches, 12 areas, 2 priority test. The highest-scoring winners also undergo a
outlets, and 3 regions). Of these, 10 units 360-degree validation process to ensure that the
will receive recognition at the Mandiri competition results are aligned with the quality of
Excellence Award (MEA) 2025. service implemented in their respective work units.
Through this platform, Bank Mandiri aims b. Work Unit Category: Branch Service Award
to motivate all individuals and work units The Branch Service Award (BSA) is an appreciation
to further enhance awareness in delivering program for work units, covering the categories of
remarkable customer experiences that Branch (conventional branch and smart branch),
positively impact the Bank’s market share and Priority Outlet, Best Area in each Region, and Best
reinforce its position as the Preferred Financial Region nationally.
Partner for Customers.
The BSA 2025 assessment for all categories is
c. Mandiri Innovation eXperience (MIX) based on survey results conducted by an external
This award recognizes Mandiri employees surveyor and validated against the respective unit’s
who successfully deliver validated solutions business contribution performance throughout
with the most valuable impact to address 2025.
Bank Mandiri’s strategic challenges (big rock
problems). Evaluation parameters include Through MSA 2025, Bank Mandiri expects that
problem identification, solution design, all individuals and work units will be further
market and business relevance, unique value motivated to enhance their awareness in building
propositions, and performance during the a remarkable customer experience that positively
pitching session. In 2025, two teams were contributes to Bank Mandiri’s market share and
recognized: Ide Livin Signature as 1st Place consistently positions the Bank as the Financial
and Ide Connexion as 2nd Place. Partner of Choice for its customers.
434 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 437
MANAGEMENT DISCUSSION AND ANALYSIS
Bank Mandiri provides dedicated lactation rooms to
enhance employee engagement and well-being, supporting
breastfeeding employees at the Head Office, regional
offices, and branch offices. These rooms are designed to
be comfortable, clean, and private, equipped with essential
facilities such as seating, cooling storage for breast milk,
and other necessary amenities. This initiative ensures that
breastfeeding employees have a supportive and adequate
nR ooms space to meet their needs.
Lact atio
EMPLOYEE ENGAGEMENT SURVEY
In 2025, Bank Mandiri conducted an employee engagement survey with 89.01% response rate, resulting
in a score of 90.48%, an increase from the 2024 score of 89.93%. This survey, carried out by an independent
consultant, measured various aspects, including organization, leadership, career development, relationships and
communication, compensation benefits, job alignment, opportunities for contribution, and teamwork.
Employee Turnover
Bank Mandiri monitors the employee resignation rate annually as part of its efforts to measure employee
engagement. This assessment helps the Bank understand the profile of employees who resign and the reasons
behind their decisions, enabling the development of more effective employee engagement programs. The trend of
Bank Mandiri’s employee resignation rate from 2022 to 2025 is presented in the following table.
BANK MANDIRI’S RESIGNATION RATE TREND 2022-2024
Year Total Resignation (person) Total Employee (person) Percentage
2025 1,367 38,732 3.53%
2024 1,024 38,847 2.63%
2023 1,044 38,940 2.68%
2022 1,102 38,176 2.89%
In 2025, Bank Mandiri recorded a total of 1,261 employees leaving the organization, resulting in an employee
turnover rate of 3.27%.
EMPLOYEE RESIGNATION TREND
Keterangan 2022 2023 2024 2025
Total resignation (person) 1,840 2,048 2,411 2,868
Total employees at year end (person) 38,176 38,940 38,847 38,732
Turnover percentage (%) 4.82% 5.26% 6.21% 7.40%
INDUSTRIAL RELATIONS
To create a comfortable, open, and progressive work environment, Bank Mandiri manages industrial relations in
accordance with Law No. 13 of 2003 on Manpower, as amended by Law No. 6 of 2023, which ratifies Government
Regulation in Lieu of Law No. 2 of 2022 on Job Creation. The Bank applies this policy to build constructive relations
with employees through the following approaches:
1. Fostering Harmonious Industrial Relations: The Bank builds and maintains well-managed industrial relations
with active participation from employees, the Bank Employee Union, and recognized employee organizations.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 435
Page 438
2. Enhancing Employee Engagement: The Bank The first CLA covered the period from 2004 to 2006.
implements activities and programs designed As of today, as part of fostering harmonious industrial
MANAGEMENT DISCUSSION AND ANALYSIS
to effectively increase employee engagement, relations, Bank Mandiri has reached its 10th CLA,
positively influencing attitudes, behaviors, and effective for the 2023-2025 period. It has been registered
overall performance, thus contributing to the and approved by the Ministry of Manpower of the
Bank’s success. Republic of Indonesia, as documented in the Decision
of the Director General of Industrial Relations and Social
The Bank’s industrial relations are founded on the Security No. KEP.4/HI.00.01/00.0000.231228008/
principle of mutual respect, trust, and cooperation B/I/2024, dated 10 January 2024.
among Bank Mandiri, its employees, and the Employee
Union. This shared commitment aims to ensure Internal and External Regulations
business continuity, growth, and the improvement of Bank Mandiri consistently adheres to all applicable
employee welfare. regulations, both external and internal. This includes
the updated Operational Policy (Human Resources),
To support these industrial relations objectives, the approved on 7 February 2025, and the most recent
Bank provides several mechanisms, including: Human Resources Standard Guidelines, revised in
November 2025.
Employee Unions
Bank Mandiri has 1 (one) labor union, known as Serikat Bipartite Cooperation Institute
Pegawai Bank Mandiri (SPBM), which was established The Bipartite Cooperation Institution (LKS Bipartit) at
in 2000 and is officially registered with the Ministry Bank Mandiri was established in 2005 and is registered
of Manpower and Transmigration of the Republic of with the South Jakarta Office of Manpower and
Indonesia under No. KEP.804/M/BW/2000 and listed Transmigration.
with the Ministry under No. 45/V/P/V/2001.
Pursuant to the mandate of Law No. 13/2003 and the
SPBM serves as a platform for employees to voice their terms of the 2023-2025 CLA, Bank Mandiri and the
aspirations, which are then conveyed to Management Employee Union regularly hold LKS Bipartite meetings.
through forums regulated under the Manpower Law. This forum serves as a platform for communication
The union’s primary objective is to foster a harmonious and consultation on matters related to industrial
industrial relationship between Management and relations. During these meetings, Bank Mandiri shares
employees. updates on Human Capital policies and key areas of
business development aligned with the Bank’s vision
The provisions UU No. 21/2000 have been ratified and and mission. The Employee Union is also given the
are incorporated into Bank Mandiri’s Collective Labor opportunity to provide suggestions, feedback, and
Agreement, emphasizing that no one is permitted communicate employee aspirations to management.
to obstruct or coerce employees to form or refrain
from forming, to serve or refrain from serving as Complaints Handling
administrators, to join or refrain from joining, or to To foster a positive and conducive work environment,
participate or refrain from participating in labor union Bank Mandiri is committed to comprehensively
activities. managing employee concerns through effective
communication forums. Bank Mandiri provides various
Collective Labor Agreement platforms that employees can use to voice their
Bank Mandiri has established a Collective Labor concerns, which are promptly addressed by the Bank.
Agreement (CLA) in line with the Manpower Law. As By maintaining open and effective communication
stipulated in Article 116 of Law No. 13 of 2003, the CLA is channels, the Bank aims to strengthen employee
prepared jointly by Bank Mandiri and employee’s union relations, resolve issues promptly, and enhance overall
through negotiations to reach mutual agreement. The workplace harmony.
CLA outlines employee aspirations, working conditions,
and the rights and obligations of both parties in Industrial Relations Dispute Resolution
compliance with applicable laws and regulations. In resolving industrial relations disputes, Bank Mandiri
refers to Law No. 2 of 2004 on Industrial Relations
In line with Pasal 123 UU Ketenagakerjaan (Labor Law), Dispute Settlement, prioritizing open communication to
The CLA is valid for maximum 2 (two) years from the date reach mutually beneficial agreements. This approach
of signing and may be extended for a maximum of one fosters a calm working atmosphere, maintains
additional year, with only a single extension allowed. harmonious industrial relations, and ultimately
enhances employee productivity.
436 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 439
HUMAN CAPITAL MANAGEMENT
OUTLOOK IN 2026
MANAGEMENT DISCUSSION AND ANALYSIS
In 2026, Bank Mandiri’s human capital strategy will The 2026 plan will continue to use a blended learning
continue to focus on aligning employee development model that combines various learning methods for
with the corporate plan and business objectives to drive optimal results, including face-to-face classroom
sustainable growth. The main objectives of this plan sessions, virtual learning, and e-learning modules
are to build a strong talent base, develop high-quality tailored to specific training needs. It will prioritize
leaders, and foster a culture of continuous learning learning through development dialogue, mentoring,
and innovation throughout the organization. To achieve and coaching sessions. It will also focus on direct
these objectives, the human capital development plan experience through on-the-job training, job rotation,
is structured around three main strategic pillars: and assignment-based projects, enabling employees to
a. Capability Enabler aims to strengthen existing apply new skills in real situations. In 2026, Bank Mandiri
competencies to drive current performance will continue to expand the digital learning initiatives
productivity while also building relevant upcoming that began in previous years. This includes enhancing
competencies to anticipate and optimize the digital learning platform, introducing interactive
opportunities amid future business challenges. content and gamification, and integrating a knowledge
b. Learning-to-Business Alignment aims to ensure management system to collect and share best practices.
that all development and training programs The Bank will also strengthen its knowledge-sharing
implemented will have a positive impact on the framework through the establishment of communities
business, particularly in achieving business targets of practice, where employees can collaborate, exchange
in line with the established strategy. ideas, and drive innovation in specific business areas.
c. Learning Experience Design aims to build a learning The 2026 human capital development and management
mindset and learning culture for all employees, while plan is designed to support Bank Mandiri’s strategic
also providing a learning experience that enhances vision of becoming a market leader by investing in its
employee engagement. By having a strong learning most important asset, namely Mandirians. By focusing
mindset, learning culture, and learning experience, on capability enhancement, alignment of learning
employees will subsequently take the initiative to with business needs, and the delivery of an excellent
build their competencies independently. learning experience, the Bank aims to shape a skilled,
adaptive, and engaged workforce capable of driving
Based on these three strategic pillars, Bank Mandiri superior business performance and sustainable long-
has prepared a series of employee development term growth.
programs and initiatives for 2026. The development
focus is directed at enhancing leadership and technical
competencies, covering:
a. Leadership Development: Creating future leaders
through programs designed to build strategic
business insight, improve decision-making skills,
and strengthen people management capabilities.
b. Technical Competency Enhancement:
Strengthening core technical skills across various
business segments, with a focus on wholesale
banking, digital innovation, information technology,
and risk management.
c. Digital Talent Development: Expanding employees’
digital capabilities to support the Bank’s digital
transformation agenda, including initiatives for
upskilling, reskilling, and building expertise in new
technologies.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 437
Page 440
INFORMATION
TECHNOLOGY
MANAGEMENT DISCUSSION AND ANALYSIS
In driving sustainable business growth, Bank Mandiri continues
to strengthen the role of information technology to support
the Company’s digital strategy. Development initiatives are
focused on enhancing the capabilities of key digital channels
such as Livin’ by Mandiri, Livin’ Merchant, and Kopra by Mandiri,
which serve as the main service and transaction platforms for
customers. These efforts are supported by improvements in
system capacity and reliability to ensure that services remain
always on and always secure. In delivering these developments,
Bank Mandiri is also strengthened by internal capabilities in
managing and executing IT initiatives effectively.
In line with its mission to deliver To support comprehensive In addition to strengthening
innovative digital services, Bank governance implementation, technology, Bank Mandiri also
Mandiri implements Information Bank Mandiri also strengthens ensures the readiness of its IT human
Technology Governance principles its IT security framework to resources through continuous
to ensure alignment between ensure adequate protection of competency development. Training
technology development and the infrastructure and data through and certification programs
Bank’s business strategy. This the application of layered security are conducted to support the
governance framework functions controls, enhanced monitoring enhancement of technical
to maintain orderly processes, of cyber threats, and the regular capabilities, risk management
ensure effective implementation, conduct of security evaluations. expertise, and mastery of emerging
and manage risks related to IT IT security is implemented technologies. The development of
operations. As part of implementing systematically to mitigate risks IT human capital capabilities forms
sound IT Governance, Bank Mandiri and maintain service continuity. an important part of maintaining
has established the IT & Digital All processes are carried out with effective technology management
Banking Committee (ITDC), which due regard to applicable regulatory and ensuring the sustainability
performs the role of an IT Steering requirements and industry best of digital initiatives across the
Committee and serves as a cross- practices. organization.
functional forum to support
decision-making related to IT
initiatives.
438 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 441
MANAGEMENT DISCUSSION AND ANALYSIS ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 439
Page 442
INFORMATION TECHNOLOGY STRATEGIC
PLAN & IMPLEMENTATION
MANAGEMENT DISCUSSION AND ANALYSIS
In 2025, Bank Mandiri continued to execute its Information Technology Strategic Plan (RSTI) in a disciplined and
consistent manner, aligned with the Corporate Plan 2025–2029 as outlined in the IT Strategy & Execution Plan
2025–2029, with the IT Vision defined as follows:
Strengthened IT capabilities in
all disciplines through center of
excellence to accelerate sustainable
business growth by leveraging
wholesale ecosystem and its value
chain.
The IT Vision will be executed through the IT Mission, which is translated into Business Focus areas, Enablers, and
People, with the following explanations:
BUSINESS FOCUS
Business Focus represents programs aimed at developing IT and digital capabilities to support the Bank’s business
objectives. On a continuous basis, Bank Mandiri will further enhance Kopra’s capabilities to address the needs
of the wholesale segment and support integrated global market expansion. In the retail segment, Bank Mandiri
continues to innovate to meet the diverse needs of customers, including the merchant/SME and wealth segments,
to strengthen its dominance in urban areas through the development of Livin’ by Mandiri and Livin’ Merchant. In
addition, to optimize the potential of the Mandiri Group, Bank Mandiri continues to promote synergies between the
Parent Company and its Subsidiaries.
ENABLERS
Enablers represent programs focused on the development and implementation of initiatives to enhance
system capabilities and ensure the availability of IT services in supporting the Bank’s business. Bank Mandiri
continuously develops its capabilities through the adoption of advanced technologies to ensure systems that
are reliable, secure, and efficient. In line with this, Bank Mandiri accelerates business growth and productivity
through the implementation of Artificial Intelligence (AI) across various use cases in accordance with the Bank’s
needs to enhance efficiency and strengthen risk management. In addition, Bank Mandiri ensures the readiness
of internal processes to support the implementation of these initiatives while driving improvements in operations
and enterprise systems to achieve greater effectiveness and efficiency.
PEOPLE
People represents programs aimed at fostering the comprehensive development of internal capabilities to enhance
the quality of the Bank’s IT and digital services. The development of IT and digital resources is also undertaken to
ensure the effective execution of all initiatives under the Business Focus and Enablers, including accommodating
the business needs of the conglomeration ecosystem as well as sector solutions.
440 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 443
IMPLEMENTATION OF INFORMATION
TECHNOLOGY STRATEGIC PLAN 2025
MANAGEMENT DISCUSSION AND ANALYSIS
In 2025, Bank Mandiri’s IT function executed the implement Artificial Intelligence across various
Information Technology Strategic Plan 2025–2029 use cases in line with the Bank’s needs, such
through strategic programs aimed at optimizing as enhancing customer experience, optimizing
the Bank’s business potential, enhancing system business value, strengthening risk management,
capabilities, ensuring the availability of IT services, and improving operational efficiency. These
as well as fulfilling capacity requirements and implementations are realized through the
strengthening IT and digital resources. These initiatives development of AI-based solutions, including
are implemented based on Business Focus areas, personalized campaigns, smart pricing tools, a
Enablers, and People, with the following explanations: risk command center, coding assistants, content
creation, and transaction risk scoring. Furthermore,
a. BUSINESS FOCUS Bank Mandiri ensures the readiness of internal
On a continuous basis, the Bank has undertaken processes to support the implementation of
and continues to implement initiatives to enhance these initiatives while promoting automation and
the capabilities of Bank Mandiri’s digital channels, optimization of operational processes. Ongoing
namely Livin’ by Mandiri, Livin’ Merchant, and developments are carried out to support business
Kopra by Mandiri. Among these initiatives, the growth and operational excellence, including
Bank has enhanced the capabilities of Livin’ initiatives undertaken to comply with regulatory
by Mandiri through the implementation of and principal requirements.
secondary bond investment features, as well as
the implementation of real-time and on-demand c. PEOPLE
settlement capabilities in Livin’ Merchant by In order to enhance the quality of IT and digital
Mandiri. The Bank has also expanded its digital services, Bank Mandiri continues to promote
ecosystem through ongoing system integration the comprehensive development of internal
with clients. In addition, the Bank continues to capabilities to reduce dependence on third parties.
develop system capabilities and digital solutions The development of IT and digital resources is
in line with customer needs, both for corporate also carried out to ensure adequate capacity and
and government clients. Furthermore, to enhance capability in executing all initiatives under the
customer experience and broaden service reach, Business Focus and Enablers.
the Bank continues to optimize the development
of branch delivery system capabilities and the
implementation of self-service machines.
b. ENABLERS
The Bank has undertaken initiatives to enhance
technology capabilities, optimize the potential
of technology utilization, and improve systems
supporting internal processes. Various
improvements are implemented on an ongoing
basis, particularly in strengthening capabilities
across IT infrastructure, applications, and security
aspects, including improvements to enhance
availability across channels and payment systems,
as well as strengthening security operations. In
addition, Bank Mandiri continues to explore and
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 441
Page 444
INFORMATION TECHNOLOGY
GOVERNANCE
MANAGEMENT DISCUSSION AND ANALYSIS
In executing IT initiatives, Bank Mandiri places strong This includes, among others, the process of
emphasis on Information Technology Governance preparing the IT Strategic Plan, planning IT
as the fundamental foundation for IT operations. strategic initiatives, managing IT standards,
Accordingly, Bank Mandiri’s IT governance is supported and managing IT Architecture.
by a governance structure comprising committees b. IT Development
and cross-functional forums that facilitate strategic Elaborating the regulation of processes related
decision-making. It also includes the implementation of to the design, development, testing, and
IT policies as guiding references for IT implementation implementation of information technology–
processes, which are regularly evaluated, while based solutions. This includes, among
ensuring the quality of IT support through compliance others, the development of IT initiatives, the
with applicable national regulatory requirements development framework (SDLC), and the use
and the adoption of international best practices. By of IT service providers.
delivering reliable and secure technology services, c. IT Operational
Bank Mandiri implements an IT governance framework Elaborating the regulation of processes
with the following explanations: to maintain the continuity of IT services
in supporting the Bank’s operations and
1. Governance Structure business activities. This includes, among
As part of implementing sound IT Governance, others, System Operations Management,
Bank Mandiri has established the IT & Digital System Maintenance, Service Management,
Banking Committee (ITDC), which performs the Capacity Management, and the Provision of IT
function of an IT Steering Committee with a scope Services by the Bank.
of authority that includes matters related to IT d. IT Security
strategy and IT policies. In addition, several cross- Elaborating the regulation of the
functional forums have been established to support implementation of information technology
decision-making related to IT initiatives. These security and cybersecurity, including the
include the Project & Change Steering Committee, minimum requirements for safeguarding
which decides on the planning and development data and information technology, as well as
of IT initiatives in the form of projects, including end-to-end security controls. The security
requests for changes in development scope; the mechanisms established are based on a
Data Governance Body, which makes decisions cybersecurity framework.
on data governance from strategic to operational
levels; the Release Control Board (RCB), which With regard to the adequacy of policies on data
determines the implementation of migration to management and privacy protection, the Bank has
the production environment; and the Enterprise accommodated these aspects within the end-to-
Architecture Forum, which decides on IT solutions end data management framework and personal
and architectural designs at the early stages of IT data processing arrangements. Furthermore,
initiative development. Bank Mandiri continuously updates its internal IT-
related policies by taking into account regulatory
2. IT Policy developments to ensure the adequacy of policies,
Policies governing the implementation of standards, and procedures governing the
Information Technology (IT) to support the Bank’s implementation of IT.
strategy are regulated in an end-to-end manner,
with the following scope:
a. IT Planning
Elaborating the regulation of processes
related to the formulation of objectives,
strategies, architectures, and initiatives
involving the use of information technology
to support operations and business growth.
442 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 445
MANAGEMENT DISCUSSION AND ANALYSIS
In addition, Bank Mandiri’s IT function continues to maintain the quality of IT services through the application
of standard best practices in quality management, such as:
ISO 9001:2015 for Operation and Development of Data Center, DRC & IT Infrastructure
ISO 20000-1:2018 for IT Service Management ISO 27001 for Provision and Development of
Infrastructure and Operational DC, DRC, and
Command Center
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 443
Page 446
INFORMATION TECHNOLOGY
SECURITY
MANAGEMENT DISCUSSION AND ANALYSIS
Amid increasing technological complexity and 1. People
stringent regulatory requirements, Bank Mandiri Bank Mandiri continues to strengthen the
continues to strengthen its management of data People aspect of information security through
security and protection against cyber threats. The security awareness programs and human capital
Bank implements various proactive measures such as development. Through the security awareness
process automation, the enforcement of strict security program, the Bank fosters a culture of information
policies, periodic system updates, and regular training security among all employees by conducting
for all employees. The risk management unit plays a annual security awareness certification for
role in identifying and mitigating cyber risks, ensuring all staff members across all levels, both in
compliance with regulations and best practices, while domestic and overseas offices. The program is
also enhancing employee awareness through various complemented by regular security awareness
educational platforms. In addition, the Bank conducts campaigns delivered through newsletters, posters,
capacity planning to maintain service availability and phishing drills. Security awareness campaign
and prepares incident handling procedures that are materials in the form of posters are also shared
tested periodically. To further strengthen the quality of with all Bank Mandiri partner companies and all
information security, Bank Mandiri implements a layered entities within the Mandiri Group as a reference for
IT security strategy in accordance with regulatory implementing security awareness initiatives within
requirements and aligned with international standards their respective organizations. Several campaign
(ISO 27001) and best practices (NIST Cybersecurity topics that have been conducted include data
Framework, COBIT Framework, PCI Security Standard), protection, maintaining data confidentiality, the
as well as other relevant frameworks. All of these latest cyber attack trends, methods to identify and
initiatives are integrated into an information security avoid phishing, and online transaction security.
management system that focuses on three main In addition, security awareness for customers is
pillars: People, Process, and Technology, ensuring that enhanced through educational programs delivered
the Bank remains resilient, innovative, and competitive. across the Bank’s official channels, such as its
website, social media platforms (Instagram,
The implementation of strategy and development of Facebook, Twitter), and other dedicated channels.
a layered information security management system
are structured into three main areas, namely People, At the same time, Bank Mandiri continuously
Process, and Technology, with the following brief enhances the competencies of its human
explanations: resources through training and certification
programs for employees, including but not
limited to CISSP (Certified Information Systems
Security Professional), Offensive Security Certified
444 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 447
MANAGEMENT DISCUSSION AND ANALYSIS
Process strengthening is also carried out through
the formulation and implementation of Security
Policies and Procedures that are periodically
reviewed and aligned with regulatory requirements
(BI and OJK) as well as international standards such
as ISO 27001, the NIST Cybersecurity Framework,
CIS Benchmark, and the PCI Security Standard.
These information security policies and provisions
are also communicated to all entities within the
Mandiri Group as references for implementation
in strengthening information security governance,
taking into account the complexity of systems
within each respective entity.
In its cybersecurity operations, Bank Mandiri
relies on a Security Operation Center (SOC)
that operates 24/7 to conduct monitoring,
detection, and mitigation of threats through threat
intelligence and threat hunting activities. Incident
Professional (OSCP), and Certified Network response capabilities are further strengthened
Defender (CND). In addition, product-based training through the Computer Security Incident Response
is conducted to deepen expertise in the Bank’s Team (CSIRT), which is registered with BSSN,
security systems, as well as training programs with incident handling mechanisms covering
for vendor and contractor personnel who support identification, isolation, eradication, and recovery,
operational activities. Soft skill development is in accordance with SEOJK No. 29/SEOJK.03/2022.
also provided through training programs covering
leadership mindset, strategic thinking, creative Bank Mandiri’s strong commitment to monitoring
thinking, design thinking, problem solving, information security is reflected in the direct
presentation skills, and negotiation skills. All involvement of the Board of Commissioners and
training programs are delivered through both onsite the Board of Directors in this area through the
and online (virtual) methods via public platforms Risk Oversight Committee, Audit Committee, and
to ensure optimal enhancement of capacity and Integrated Governance Committee, which convene
capability. regularly. Agenda items discussed in these
committee meetings include the achievement of
2. Process ESG aspects related to Privacy and Data Security,
Bank Mandiri strengthens the Process aspect the effectiveness of layered security systems,
in managing information security through the and compliance with Mandiri Group’s security
implementation of comprehensive and layered standards. Updates on cyber resilience across
governance mechanisms. The application of the the Mandiri Group, including the fulfilment of
Three Lines of Defense (3LoD) ensures a clear Mandiri Group’s information security standards,
division of roles, starting from the CISO Office are also discussed, covering control measures
Group as the first line, which is responsible for implemented to anticipate and safeguard against
security architecture design, policy development, cyber attacks, which are treated as non-negotiable
as well as 24/7 monitoring and incident response requirements.
operations; SOR IT as the 1.5 line, which conducts
testing of the effectiveness of operational controls;
the Operational Risk Group as the second line,
which establishes the bank-wide risk management
framework; and Internal Audit as the third line,
which performs independent assurance functions.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 445
Page 448
MANAGEMENT DISCUSSION AND ANALYSIS
In order to maintain and evaluate cyber resilience 3. Technology
and security, as well as to strengthen readiness Bank Mandiri maximizes the implementation of
in incident response processes, Bank Mandiri industry-leading security solutions in safeguarding
periodically conducts cyber resilience and digital information and assets through the
security testing in accordance with applicable adoption of a layered architecture and best-in-
regulations (SEOJK No. 29/SEOJK.03/2022 on class technologies, including:
Cyber Resilience and Security for Commercial a. Applications accessed by customers
Banks), including: and employees, such as Multi-Factor
1. Penetration Testing: Testing conducted Authentication (MFA) and Web Application
based on vulnerability analysis of devices Firewall (WAF).
and applications supporting operational and b. Network, such as firewalls equipped with
business activities. Intrusion Prevention System (IPS) and
2. Phishing Drill: A simulation of social Network Access Control (NAC).
engineering attacks on employees in the c. Endpoints (personal computers/laptops
form of phishing emails, aimed at testing and servers), such as Endpoint Detection &
employees’ readiness to respond to phishing Response (EDR), antivirus and antimalware,
emails securely. as well as security patches.
3. Adversarial Attack Simulation Exercise d. Access management, such as Identity Access
(AASE): A real-life hacker attack simulation Management (IAM) and Privileged Access
conducted by independent consultants to Management (PAM), complemented by
identify potential security gaps within Bank Privileged Threat Analysis (PTA).
Mandiri’s IT operations. e. Data protection, such as the implementation
4. Cyber Range Exercise: Cybersecurity testing of encryption and Data Loss Prevention (DLP).
based on hands-on scenario simulations
within an isolated environment, aimed at As part of its commitment to continuous
enhancing technical skills through real- improvement, Bank Mandiri consistently
life experience in detecting, analyzing, and enhances its IT security capabilities through
responding to cyber threats. strategic investments across all layers of
security, further strengthened by the utilization
In addition, to anticipate information security of artificial intelligence (AI) and machine learning
risks arising from third parties (supply chain) that technologies.
collaborate with the Bank, Bank Mandiri regularly
conducts vendor security assessments on third-
party organizations covering people, process, and
technology aspects, in accordance with the scope
of their involvement and engagement with Bank
Mandiri. These reviews are carried out through
several methods, including questionnaires,
interviews, and/or site visits.
All of these processes collectively form a robust
and measurable information security governance
system that is aligned with industry standards and
regulatory requirements.
446 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 449
INFORMATION SECURITY MANAGEMENT
IMPLEMENTATION IN 2025
MANAGEMENT DISCUSSION AND ANALYSIS
With the enactment of Law No. 17 of 2022 on Personal Data Protection, Bank Mandiri has designed and
implemented programs to strengthen information security as part of its efforts to safeguard Personal Data. The
Bank implements systems and technologies such as Data Loss Prevention and data encryption, referring to best
practices in initiatives to enhance data security, particularly for personal data.
In addressing and strengthening data security against cyber threats, Bank Mandiri implements various strategic
measures to respond to risks such as malware, ransomware, and data theft through the enforcement of strict
security policies, regular software updates, security training for employees, and process automation to minimize
human error and technological vulnerabilities. In response to evolving regulatory pressures, the Bank has
established a dedicated team to monitor regulatory developments, strengthen monitoring and reporting systems,
and ensure timely compliance. The complexity of technology integration is addressed through careful planning
in system development, migration, and integration, as well as enhanced coordination between IT teams and
business units. Meanwhile, challenges related to resource constraints are managed through optimized budget
allocation, collaboration with technology service providers or fintech partners, and strengthened recruitment and
training of IT personnel to meet increasingly dynamic technology needs.
Bank Mandiri recognizes the critical role of cyber resilience and security in supporting the digitalization of
reliable and trusted banking services for customers. As part of its continuous improvement efforts to strengthen
customer trust and safeguard its reputation, Bank Mandiri implements information security management
based on regulatory requirements and global standard operations aligned with international standards and
best practices, supported by relevant certifications. These certifications demonstrate the Bank’s consistency in
exploring potential, developing transformative innovations in services, digitalization, and products such as Livin’,
Kopra, and Smart Branch, while continuously prioritizing security and service quality to meet customer needs.
Several certifications and accreditations obtained and implemented by Bank Mandiri include:
a. ISO 27001:2022 Information security services provisioned by Security Operation Center to manage cyber
security threats in banking systems and cyber operations.
b. ISO 27001:2022 Provision of application development and IT Operations related to Livin & Kopra by Mandiri.
c. ISO 27001:2022 The Provision of Infrastructure and Operational Data Center and Disaster Recovery Center
d. ISO/IEC 17025:2017 Digital Forensics Laboratory CISO Office Group.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 447
Page 450
IT HR DEVELOPMENT
MANAGEMENT DISCUSSION AND ANALYSIS
In 2025, Bank Mandiri’s Information Technology Directorate continued to strengthen the
capabilities of its Information Technology Human Resources through the implementation
of a structured and measurable Annual People Development Plan (APDP), aligned with Bank
Mandiri’s digital transformation strategy. The 2025 APDP is focused on ensuring the readiness
of IT human resources to support system reliability, accelerate the delivery of digital solutions,
and create sustainable business value.
The development of IT human resource capabilities in 2025 is implemented through two main
programs, namely the Strategic Capability Development Program and Essential Training, which
complement each other in building specialized competencies while ensuring that minimum
competency standards are consistently met. Further details on these two programs are as
follows:
1. The Strategic Capability Development Program is focused on strengthening advanced
capabilities across all IT domains, ranging from digital product, planning, development,
operations, security, to technology and innovation. This program is implemented to ensure
the adequacy and capability of IT and digital resources in executing all IT initiatives on an
end-to-end basis.
2. Essential Training is conducted as the foundational program for IT competency
development that is mandatory and bankwide. The program includes basic and regulatory
training, enhancement of awareness regarding operational and security risks, as well as
strengthening capabilities that support IT operations. Essential Training ensures that all IT
employees possess the fundamental knowledge and skills relevant to evolving business
and regulatory requirements.
Throughout 2025, development programs were conducted across all employee levels through
a combination of offline, online, and e-learning methods to effectively and efficiently address
learning needs. Several training programs and certifications implemented to support the
development of IT employees include Cyber Range Exercise, Certified Ethical Hacker, Fullstack
Developer Program, Project Governance & Risk Awareness, Site Reliability Engineering (SRE)
Foundation, Agile Leadership Transformation, Project Management (PMP), and others.
448 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 451
INFORMATION TECHNOLOGY PLAN 2026
MANAGEMENT DISCUSSION AND ANALYSIS
In supporting the acceleration of the Bank’s business growth, IT development in 2026 will continue to be guided
by the IT Strategic Plan and will focus on developing relevant and adaptive digital solutions for all customer
segments through the enhancement of KOPRA, Livin’ by Mandiri, and Livin’ Merchant. In addition, Bank Mandiri
consistently ensures system reliability through the fulfilment of IT RASS aspects (Reliability, Availability, Scalability,
and Security), including the modernization of IT infrastructure and the strengthening of cybersecurity systems.
At the same time, the Bank optimizes the utilization of emerging technologies to create a seamless customer
experience, enhance operational efficiency, and implement better risk management.
In order to enhance the quality of IT and digital services, Bank Mandiri continues to promote the comprehensive
development of internal capabilities. The development of IT and digital resources is also undertaken to ensure the
end-to-end execution of all initiatives. On an ongoing basis, Bank Mandiri strengthens the capabilities of its IT
human resources through the preparation of the Annual People Development Plan (APDP) for 2026. Through APDP
2026, Bank Mandiri continues to build reliable and adaptive IT talent that is prepared to respond to technological
dynamics, while ensuring that the IT function can contribute optimally to supporting the achievement of the
Bank’s business strategy and digital transformation.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 449
Page 452
TATA KELOLA PERUSAHAAN
CORPORATE GOVERNANCE
INTEGRITY
THAT SUSTAINS
LEADERSHIP
Our governance framework is the foundation of
sustainable success. By ensuring transparency,
accountability, and compliance with global
standards, we safeguard stakeholder
confidence. Strong governance not only
protects value, but also reinforces Bank
Mandiri’s role as a leader whose influence
endures through integrity.
Page 453
GOVERNANCE ACHIEVEMENTS 2025
PERUSAHAAN
KELOLA GOVERNANCE
AWARDS
CORPORATE
TATA
In this event, Bank Mandiri received In 2025, Bank Mandiri received an
three awards as ASEAN Top 50 Public award for its corporate governance
Listed Companies (PLCs), Top 5 PLCs implementation assessment based
Indonesia, and ASEAN Asset Class on the ASEAN Corporate Governance
PLCs. Scorecard (ACGS) standards at
the ASEAN Corporate Governance
This achievement reflects Bank Conference & Awards 2025, which
Mandiri’s commitment to continuously was held in Kuala Lumpur, Malaysia
implementing strong corporate on 24 July 2025.
governance practices while upholding
transparency and accountability.
In 2025, 5 (five) Subsidiaries
within Bank Mandiri’s Financial
Conglomeration received the
› In 2025, Bank Mandiri also “Most Trusted” predicate and two
received other awards for Subsidiaries within Bank Mandiri’s
its corporate governance Financial Conglomeration
implementation, including the received the “Trusted” predicate in
GCG Rating by The Indonesian the Corporate Governance Perception
Institute for Corporate Index (CGPI) ranking.
Directorship (IICD) at the 16th
IICD Corporate Governance
Conference and Awards 2025,
where Bank Mandiri received In 2025, Bank Mandiri further
awards in the “Best Overall” strengthened its recognition for good
and Top Big 50 Capitalization corporate governance implementation
categories. by receiving the Special Award
“Best in Class Banking GCG” at the
› Bank Mandiri also participated CNBC Indonesia Awards 2025. This
in the Corporate Governance award reflects the Bank’s ongoing
Perception Index (CGPI) commitment to implementing
ranking program organized transparent, accountable, and integrity-
by The Indonesian Institute driven governance practices.
for Corporate Governance
(IICG). In 2025, Bank Mandiri
successfully maintained the
“Most Trusted” predicate for the
19th consecutive time.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 451
Page 454
CORPORATE GOVERNANCE BEST
PRACTICE TO ELEVATE BANK MANDIRI’S
CORPORATE GOVERNANCE
PERFORMANCE
Bank Mandiri delivered solid performance in 2025, supported by core business growth, stronger transaction
activities. and disciplined risk management. The Bank maintained a balanced approach across profitability, asset
quality, and capital strength, providing a strong foundation for selective and sustainable expansion.
+5.88% +16.6% +13.4%
YoY YoY YoY
Revenue Total Assets Loans
155
trillion
2,829
trillion
1,895
trillion
+23.9% +12.6%
YoY YoY
Third Party Funds Casa Return On Equity
(ROE)
2,106
trillion
1,431
trillion
23.2%
Loans at Risk Ratio Non-Performing Loan Non-Performing
(NPL) Coverage Loan (NPL)
6.05% 253% 0.96%
452 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 455
COMMITMENT TO CORPORATE
GOVERNANCE
CORPORATE GOVERNANCE
Bank Mandiri’s commitment to good corporate technology governance by prioritizing cybersecurity,
governance (GCG) forms the foundation of its data privacy, and technological reliability, key pillars
sustainable growth and long-term value creation. supporting its role as a digital financial orchestrator. At
The Bank consistently upholds governance practices the same time, the Bank embeds environmental, social,
rooted in ethical conduct, accountability, transparency, and governance (ESG) principles into its strategy
and sustainability, ensuring that integrity guides every and operations, ensuring that sustainability and risk
aspect of its operations and decision-making. These management are integral to all business activities.
principles reflect the belief that responsible governance
is essential to maintaining trust, driving performance, This holistic governance approach reflects Bank
and strengthening the Bank’s leadership as Indonesia’s Mandiri’s aspiration to lead with integrity, uphold
premier financial institution. transparency in all engagements, and create
lasting value for stakeholders. Through continuous
In alignment with the Corporate Plan 2025–2029, improvement, the Bank remains steadfast in ensuring
Bank Mandiri continues to strengthen its governance that its governance practices align with global
framework through enhanced internal control and best standards and regulatory expectations, while
integrated risk management, enabling prudent and reinforcing a culture where governance principles are
effective decisions across the organization. The deeply embedded in the way the organization operates.
Bank also reinforces its commitment to information
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 453
Page 456
CORPORATE GOVERNANCE LEGAL
REFERENCES
CORPORATE GOVERNANCE
The legal basis of corporate governance implementation in Bank Mandiri refers to the applicable Laws and
Regulations including the Financial Services Authority Regulations, these include the following:
No. Regulations
1. Law of the Republic of Indonesia No. 40 of 2007 concerning Limited Liability Companies as amended with Law No. 6 of 2023 on the
Stipulation of Government Regulations in Lieu of Law No. 2 of 2022 concerning Job Creation into Law.
2. Law of the Republic of Indonesia No. 10 of 1998 as amended by Law No. 4 of 2023 on the Development and Strengthening of the
Financial Sector (“Law P2SK”)
3. Law of the Republic of Indonesia No. 8 of 1995 concerning Capital Market as amended by Law of the Republic of Indonesia No. 4 of 2023
on Financial Sector Development and Strengthening.
4. Regulation of the Financial Services Authority (POJK) and Financial Services Authority Circular (SEOJK), as follows:
- POJK No. 9 of 2023 concerning the Use of Public Accountant Services and Public Accountant offices in Financial Services
Activities.
- POJK No. 17 of 2023 concerning the Implementation of Governance for Commercial Banks (POJK Governance).
- POJK No. 17/POJK.03/2014 concerning Implementation of Integrated Risk Management for Financial Conglomerates.
- POJK No.18/POJK.03/2014 concerning Implementation of Integrated Governance for Financial Conglomerates.
- POJK No. 33/POJK.04/2014 on the Board of Directors and Board of Commissioners of Issuers or Public Companies.
- POJK No. 34/POJK.04/2014 on the Nomination and Remuneration Committee for Issuers or Public Companies.
- POJK No. 35/POJK.04/2014 on Corporate Secretary of Issuers or Public Companies.
- POJK No. 21/POJK.04/2015 on Implementation of Corporate Governance Guidelines for Public Company.
- POJK No. 31/POJK.04/2015 concerning Disclosure of Material Information or Facts by Issuers or Public Companies.
- POJK No. 55/POJK.04/2015 concerning the Establishment and Working Implementation Guidelines for Audit Committee.
- POJK No. 56/POJK.04/2015 concerning the Establishment and Guidelines for Drafting an Internal Audit Unit Charter.
- POJK No. 27/POJK.03/2016 concerning Fit and Proper Test for the Main Parties of Financial Services Institutions.
- POJK No. 37/POJK.03/2019 concerning Transparency and Publication of Bank Reports
- POJK No. 15/POJK.04/2020 concerning the Plan and Holding of the General Meeting of Shareholders of a Public Companies.
- POJK No. 4 of 2024 concerning Reports on Ownership or Any Changes in Ownership of Shares in Public Companies and Reports
on Activities of Pledging Shares in Public Companies.
- Financial Services Authority Regulation (POJK) No. 14 of 2025 on the Implementation of Electronic General Meetings of
Shareholders, Bondholders’ Meetings, and Sukukholders’ Meetings.
- SEOJK No. 15/SEOJK.03/2015 concerning Implementation of Integrated Governance for Financial Conglomerates.
- SEOJK No. 32/SEOJK.04/2015 on Guidelines for the Governance of Public Companies.
- SEOJK No. 14/SEOJK.03/2025 concerning Implementation of Governance for Commercial Banks
- SEOJK No. 18/SEOJK.03/2023 concerning Procedures for Rendering the Services of Public Accountants and Public Accounting
Firms in Financial Services Activities.
Bank Mandiri also applies the following Governance implementation guidelines:
1. SOE Minister Regulation No. PER-2/MBU/03/2023 regarding Governance Guidelines and Significant Corporate
Activities of the State-Owned Enterprises.
2. Corporate Governance Principles developed by the Organization for Economic Cooperation and Development
(OECD).
3. Indonesian Corporate Governance Guideline developed by the National Committee on Governance Policies
(Komite Nasional Kebijakan Governance/KNKG).
4. Principles for Enhancing Corporate Governance issued by Basel Committee on Banking Supervision.
5. ASEAN Corporate Governance Scorecard yang dikeluarkan oleh ASEAN Capital Market Forum (ACMF).
6. The Company’s Articles of Association.
7. The Company’s Internal Regulations including the Company’s policies regarding GCG.
454 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 457
IMPLEMENTATION OF CORPORATE
GOVERNANCE PRINCIPLES
CORPORATE GOVERNANCE
Bank Mandiri implements GCG principles in line with prevailing laws and regulations, as well as POJK No.17 of
2023 and SEOJK No.14/SEOJK.03/2025 concerning the Implementation of Governance for Commercial Banks. The
implementation is based on the following five principles of good governance applied by the Bank:
1. Transparency: Transparency in the decision-making process and openness in the disclosure and provision of
relevant and easily accessible information to Stakeholders.
2. Accountability: Clarity of functions and the implementation of accountability.
3. Responsibility: Alignment of management with prevailing laws and regulations as well as ethical values,
standards, principles, and practices.
4. Independence: Independent and professional management of the Bank, free from conflicts of interest and
any influence or pressure from any party that is not in accordance with laws and regulations as well as ethical
values, standards, principles, and practices.
5. Fairness: Equality, balance, and justice in fulfilling the rights of Stakeholders deriving from agreements,
prevailing laws and regulations, and ethical values as well as standards, principles, and practices.
Bank Mandiri also adheres to the basic principles of Corporate Governance as outlined in the Indonesia Corporate
Governance General Guidelines (PUG-KI) 2021, updated by the National Committee on Governance Policy (KNKG),
namely Ethical Conduct, Accountability, Transparency, and Sustainability.
CORPORATE GOVERNANCE PRINCIPLES IMPLEMENTATION IN BANK MANDIRI
Corporate Governance
Explanation Application in Bank Mandiri
Principles
In carrying out its activities, the corporation always 1. Bank Mandiri strives to uphold Ethical Behavior in
consistently prioritizes honesty, treats all parties with carrying out business and operational activities,
respec, fulfills commitments, builds and maintains as evidenced by the application of compliance
moral values and beliefs. The corporation pays attention principles which are supported by:
to the interests of shareholders and other stakeholders a. Implementation of Anti-Money Laundering
based on the principles of fairness and is managed Programs. Prevention of Terrorism Financing
independently so that each organ of the company does and Prevention of Financing of Proliferation
ETHICAL CONDUCT not dominate each other and cannot be intervened by of Weapons of Mass Destruction;
other parties. b. Implementation of anti-corruption practices
and culture;
c. Implementation of Gratification control;
d. Implementation of Whistleblowing System
2. The Company considers the interests of all
stakeholders based on the principle of equality and
fairness (equal treatment).
3. The Company provides opportunities for all
stakeholders to provide input and express opinions
for the interests of the Company and render access
to information in accordance with the principle of
transparency.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 455
Page 458
CORPORATE GOVERNANCE PRINCIPLES IMPLEMENTATION IN BANK MANDIRI
Corporate Governance
Explanation Application in Bank Mandiri
Principles
CORPORATE GOVERNANCE
To maintain objectivity in conducting business, 1. The Company discloses information in a timely,
corporations provide material and relevant information adequate, clear, accurate and comparable manner
in a way that is easily accessible and understood by and can be accessed by concerned parties
stakeholders. Corporations take the initiative to disclose (stakeholders).
not only issues required by laws and regulations, but 2. The Company discloses information which
also those that are important for decision-making by includes but not limited to the Company’s vision,
shareholders, creditors and other stakeholders. mission, business objectives, strategy, the
TRANSPARENCY Company’s financial and non-financial conditions,
the Board of Directors and Board of Commissioners
compositions, controlling shareholders, risk
management, supervisory and internal control
systems, compliance functions, corporate
governance as well as material information and
facts that may influence investors’ decisions.
3. The Company policies must be written and
communicated to stakeholders who are entitled to
obtain information about the policy.
4. The principle of openness shall still observe the
provisions of Company secrets, position secrets
and personal rights in accordance with applicable
regulations.
The corporation can account for its performance 1. The Company sets business goals and strategies to
transparently and reasonably. For this reason, the be accountable to the stakeholders.
Corporation must be managed correctly, measurably and 2. The Company establishes clear duties and
in accordance with corporate interests while considering responsibilities for each member of the Board of
the interests of shareholders and stakeholders. Commissioners and Board of Directors organs
Accountability is a prerequisite for achieving sustainable as well as all levels under them which are in line
performance. with the Company vision, mission, values, business
ACCOUNTABILITY objectives and strategies.
3. The Company must ensure that each member
of the Board of Commissioners and the Board
of Directors as well as all ranks below them to
have the competence in accordance with their
responsibilities and understands their role in
corporate governance.
4. The Company establishes a check and balance
system in its management.
5. The Company has performance standards for all
levels based on agreed measurements consistent
with the corporate core values, the business goals
and strategies and has a rewards and punishment
system.
The Corporation complies with prevailing laws and 1. The Company has established a dedicated ESG
regulations and is committed to carrying out its Unit under the supervision of Vice President
responsibilities toward society and the environment, Director to carry out coordinating function for the
contributing to sustainable development through implementation of sustainability programs.
2. The Company has established a negative
collaboration with all relevant stakeholders to improve
investment list and implemented Industry
their quality of life in a manner aligned with business
Acceptance Criteria (IAC) as part of fulfilling ESG
interests and the sustainable development agenda. principles.
SUSTAINABILITY
3. The Company has established the Bank Mandiri
ESG Governance Structure, including to set the
Bank’s sustainability direction related to climate
change and achievement of SDGs; to oversee
ESG implementation, achievement of targets,
and sustainability initiatives; and to oversee
implementation of integrated sustainability
governance across Bank Mandiri and its
Subsidiaries.
4. The Company conducts specialised training
programs on sustainability aspects, which are
mandatory for representatives of functions related
to lending, credit supervision, risk management,
and others.
5. The Company conducts periodic meetings
specifically to discuss progress of sustainability
programs.
456 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 459
CORPORATE GOVERNANCE ROADMAP
CORPORATE GOVERNANCE
1998
Beginning of Merger
The GCG implementation awareness was driven by the banking crisis due to bad governance practices
throughout the banking industry, this led to many banks needing to be bailed out and then the Board
of Directors and the Board of Commissioners of the Bank had to sign a Management Contract with
the World Bank which included the obligations to implement GCG.
2000 – 2001
Establishing Governance Commitment, Structure, and Mechanisms Fundamentals
Bank Mandiri responded to the Management Contract with the World Bank by issuing the following:
› Board of Directors and the Board of Commissioners Joint Decree on GCG Principles.
› Board of Directors and the Board of Commissioners Joint Decree regarding the Code of Conduct
in interacting with customers. partners and fellow employees.
› Board of Directors Decree on the Compliance Policy which requires all Bank Mandiri employees
to take full individual responsibility in carrying out the Bank’s activities in their respective fields.
› The Bank appointed an independent consultant to conduct a diagnostic review on GCG
implementation. The Independent Rating Agency has given a 6.2 GCG assessment score for 2003.
an increase from the previous year score of 5.4.
2003 - 2004
Bank Mandiri’s Initial Public Offering (IPO)
IPO Preparation. Bank Mandiri has improved the GCG implementation with the following steps:
1. Establishing Committees at the Board of Commissioners Level:
› Audit Committee
› Risk Oversight Committee
› Remuneration and Nomination Committee
› GCG Committee (2004)
2. Establishment of the Corporate Secretary.
3. Holding The General Meeting of Shareholders in accordance with the prevailing laws and
regulations for public companies.
4. Implementing timely disclosure of information. including in the publication of Financial Statements.
material information or events or facts.
5. Preparing an Annual Report that is timely, adequate, clear and accurate.
6. With due observance to the interests of minority shareholders.
7. Participated in the assessment of GCG implementation by an independent institution. namely The
Indonesian Institute for Corporate Governance.
2005
Cultural Transformation
1. The Bank’s transformation was started through the establishment of shared values and formulation
of Bank Mandiri’s primary behavior (TIPCE) reflecting the company’s work culture.
2. Development of GCG Charter as outlined in a Board of Commissioners Decree, which regulates
the Bank’s GCG principles.
3. The GCG rating in the Corporate Governance Perception Index (CGPI) received the “Very
Trustworthy” predicate for the first time.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 457
Page 460
2008 – 2010
CORPORATE GOVERNANCE
Continued Cultural Transformation
1. Continuously improve the implementation of prudential banking, GCG and internal control
through the development of the GCG website, Compliance Risk Management System, Standard
Anti Money Laundering and Prevention of Terrorist Funding procedures, Risk Based Audit Tools
and Audit Management Information Systems.
2. Making business and other management decisions by considering the principles of good corporate
governance while always considering all applicable regulations.
3. The implementation of an advanced cultural internalization program, among others, through the
holding of a Culture Fair, Culture Seminar, and Recognition Program in the form of awards to work
units and the best change agents in cultural programs.
2011 – 2013
1. Bank Indonesia issued PBI No. 13/1/PBI/2011 concerning Assessment of Commercial Bank
Soundness Level, requires Banks, both individually and in consolidation, to conduct a GCG
assessment using a Risk Based Bank Rating (RBBR) approach.
2. The consistent implementation of Bank Mandiri’s GCG has won appreciation from various
independent and professional national and international institutions:
a. Bank Mandiri received the Best Financial title in GCG rating by The Indonesian Institute for
Corporate Directorship (IICD) to 100 public companies with the largest market capitalization
values listed on the Indonesia Stock Exchange.
b. Since 2009 Bank Mandiri has always received the honor as the best company in GCG
implementation GCG rating by Corporate Governance Asia (CGA) based in Hong Kong.
c. Implemented the Gratification control through the implementation of Gift.
3. Disclosure reporting on July 2, 2013 as an effort to prevent gratuity receipt in line with the
Corruption Eradication Commission (KPK) recommendations.
4. Participated in creating anti-corruption culture, among others. by taking part in 2013 Anti-
Corruption Week activities organized by the KPK.
2014
1. The Bank received “The Best Overall GCG Rating” by The Indonesian Institute for Corporate
Directorship (IICD) in the ASEAN CG Scorecard.
2. The Bank received the title of “The Best of Asia” as an Icon on Corporate Governance in GCG rating
by Corporate Governance Asia (CGA) in Hong Kong.
3. Good Corporate Citizen (GCC) is in line with Bank Mandiri 2015 - 2020 corporate plan, one of
which is the social economic impact, one of the components is the role model of corporate
citizens. Bank Mandiri has conducted diagnostic review on GCC in the Company.
4. Improve the provisions on the prohibition of gratification as stipulated in the Gift Disclosure
Statement Operational Technical Guidelines (PTO) with the KPK recommendations.
2015
1. Conducted the stage 3 transformation.
2. The Bank received the “The Best Financial Sector” in the GCG rating by The Indonesian Institute for
Corporate Directorship (IICD) in the 2016 ASEAN CG Scorecard.
3. The Bank received the title of “The Best of Asia “ as an Icon on Corporate Governance in GCG rating
by Corporate Governance Asia (CGA).
4. Integrated Governance Implementation
a. Implementing integrated governance and integrated work units in the Mandiri Group in
accordance with the POJK No. 18/ POJK.03/2014 concerning Integrated Governance.
b. Forming a Integrated Compliance Work Unit, Integrated Risk Management Work Unit and
Integrated Internal Audit Work Unit, as well as the Integrated Governance Committee.
c. Developing Integrated Governance Guidelines.
5. Enhanced the Gift Disclosure Statement’s Operational Technical Guidelines (PTO) to become the
Gratification Control PTO which took effect on July 3, 2015 and the launch of the Gratification
Control Unit (UPG) on July 9, 2015. UPG Bank Mandiri received a BUMN award with the 2015 Best
Gratification Control Unit from the Corruption Eradication Commission.
458 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 461
2016
CORPORATE GOVERNANCE
1. Bank Mandiri received “The Best Overall” in the GCG rating by The Indonesian Institute for
Corporate Directorship (IICD) in the 2016, ASEAN CG Scorecard.
2. Participated in the National Gratification Control Unit Forum which was held from October 31 to
November 3. 2016 in Bogor, West Java.
3. Participated in the 2016 International Anti-Corruption Day Festival which was held on 8-10
December 2016 in Pekanbaru Riau, Bank Mandiri was selected as a BUMN with the Best
Gratification Control System.
2017
1. Bank Mandiri has participated in the CGPI assessment for 14 (fourteen) consecutive years
since 2003. In 2017, Bank Mandiri once again received the ‘Most Trusted’ rating for the 11th
consecutive time.
2. The Bank received “The Best Overall” in the GCG rating by The Indonesian Institute for Corporate
Directorship (IICD) in the 2016. ASEAN CG Scorecard.
3. Bank Mandiri was awarded as a SOE with the Best Gratification Control System in the 2017
International Anti-Corruption Day Festival which was held on 11-12 December 2017 at the Bidakara
Hotel. Jakarta.
2018
1. Bank Mandiri has participated in the CGPI assessment for 15 (fifteen) consecutive years since
2003. In 2018, at the Indonesia Most Trusted Companies Award 2018 organised by IICG, Bank
Mandiri once again received the ‘Most Trusted’ rating for the 12th consecutive time.
2. Bank Mandiri was included in the Top 50 ASEAN PLCs and Top 3 PLCs Indonesia in the 2nd ASEAN
Corporate Governance Scorecard (CG) Awards.
3. Bank Mandiri was awarded again for the fourth time as a SOE with the Best Gratification Control
System by KPK.
2019
1. The Bank received “The Best Overall” in the GCG rating by The Indonesian Institute for Corporate
Directorship (IICD) in the 2019. ASEAN CG Scorecard.
2. Bank Mandiri has participated in the CGPI assessment for 16 (sixteen) consecutive years since
2003. In 2019, at the Indonesia Most Trusted Companies Award 2019 event organised by IICG,
Bank Mandiri once again received the ‘Most Trusted’ rating for the 13th (thirteenth) consecutive
time.
3. Bank Mandiri was in the Top 50 ASEAN PLCs and Top 3 PLCs in Indonesia.
4. Integrated Governance Committee Composition improvement with the majority members of
Independent Commissioners in accordance with ACGS criteria.
2020
1. Bank Mandiri received The Best GRC Overall for Corporate Governance & Performance from
Business News Indonesia Magazine in collaboration with the CEO Forum.
2. Bank Mandiri’s participation in the ranking of the Corporate Governance Perception Index (CGPI)
held by the IICG, again won the title of “Most Trusted” 14 (fourteen) times in a row.
3. Bank Mandiri was in the ASEAN Asset Class in the ASEAN Corporate Governance Scorecard
(ACGS) ranking by the ASEAN Capital Market Forum.
4. The Bank adjusted the Board of Commissioners composition with the presence of female
Independent Commissioners to be in accordance with ACGS criteria.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 459
Page 462
2021
CORPORATE GOVERNANCE
1. Bank Mandiri received The Best GRC Overall for Corporate Governance & Performance 2021
(Digital & Wholesale Banking) at the GRC & Performance Excellent Award 2021 held by Business
News Indonesia Magazine in collaboration with the CEO Forum.
2. Bank Mandiri received The Best Chief Compliance Officer 2021 at the GRC & Performance Excellent
Award 2021.
3. Bank Mandiri received The Best Chief Risk Management Officer 2021 at the GRC & Performance
Excellent Award 2021.
4. Bank Mandiri received The Best Chairman in Banking Industries 2021 at the GRC & Performance
Excellent Award 2021.
5. Bank Mandiri again received the “Most Trusted” valuation in the research and rating program of
Corporate Governance Perception Index (CGPI) 2020 held in 2021 by The Indonesian Institute for
Corporate Governance (IICG) for the 15 (fifteen) consecutive years.
6. Bank Mandiri received the Best Financial Sector in the Top 50 Big Capitalization Public Listed
Company held by The Indonesian Institute for Corporate Directorship (IICD).
7. Bank Mandiri has updated the Integrated Governance Committee Charter pursuant to the Decree
No. KEP.KOM/011/2021 dated 15 November 2021.
2022
1. GCG rating by The Indonesian Institute for Corporate Directorship (IICD) in the ASEAN CG Scorecard
2022. Bank Mandiri received the category of “The Best Financial Sector”.
2. Bank Mandiri’s participation in the ranking of the Corporate Governance Perception Index (CGPI)
program organized by The Institute Indonesian for Corporate Governance (IICG), has successfully
maintained the title of “The Most Trusted” for 16 (sixteen) consecutive times.
3. In this year’s ACGS assessment, Bank Mandiri again received the ASEAN Asset Class rating and
was included in the list of 50 companies that implement Governance in accordance with the
ASEAN Corporate Governance Scorecard (ACGS) and received the Best Financial Sector award at
the 13th Institute for Corporate Directorship (IICD) Corporate Governance Award 2022.
4. In 2022, 3 (three) Subsidiaries in the Financial Conglomeration of Bank Mandiri received the
title of “Very Trusted” and 4 (four) Subsidiaries received the title of “Trusted” in the ranking of
Corporate Governance Perception Index (CGPI).
5. Bank Mandiri has adjusted the Integrated Governance Committee Members through the Decree of
the Board of Directors No. KEP.DIR/17/2022 dated 18 April 2022.
6. Bank Mandiri has refined the Charter of the Integrated Governance Committee through the Decree
of the Board of Commissioners No. KEP. KOM.005/2022 dated 18 November 2022.
7. Bank Mandiri has refined the Integrated Governance Guidelines on 1 November 2022 and has
been submitted to all financial institutions in the Mandiri Group Financial Conglomerates on 25
November 2022.
2023
1. GCG rating by The Indonesian Institute for Corporate Directorship (IICD) at the 14th IICD Corporate
Governance Conference and Awards 2023, Bank Mandiri received the “Best Overall” category.
2. Corporate Governance Perception Index (CGPI) organized by The Institute Indonesian for
Corporate Governance (IICG), succeeded in maintaining the title of “The Most Trusted” for 17
(seventeen) consecutive times.
3. In 2023, there were 3 (three) Bank Mandiri subsidiaries awarded “The Most Trusted” rating, 4
(four) subsidiaries awarded “The Most Trusted” rating, and 1 (one) Sub-Subsidiary awarded the
‘Trusted’ predicate in the Corporate Governance Perception Index (CGPI) 2022 ranking.
4. Bank Mandiri has made adjustments to Integrated Governance Committee Members through the
Decree of the Board of Directors No. KEP. DIR/018/2023 dated 11 April 2023.
460 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 463
2024
CORPORATE GOVERNANCE
1. Corporate Governance Rating by The Indonesian Institute for Corporate Directorship (IICD): At
the 15th IICD Corporate Governance Conference and Awards 2024, Bank Mandiri achieved the
category of “Leadership in Corporate Governance”.
2. Corporate Governance Perception Index (CGPI) organized by The Institute Indonesian for
Corporate Governance (IICG): Bank Mandiri successfully maintained the “Most Trusted” rating for
18 (eighteen) consecutive times.
3. In 2024, 3 (three) Bank Mandiri subsidiaries received the “Most Trusted” rating, and 3 (three)
subsidiaries received the “Trusted” rating in the 2023 Corporate Governance Perception Index
(CGPI) ranking held in 2024.
4. Bank Mandiri completed the refinement of the Integrated Governance Guidelines on March 25,
2024, and distributed them to all Financial Service Institutions within the Mandiri Group Financial
Conglomeration on April 23, 2024.
5. Bank Mandiri adjusted the Membership of the Integrated Governance Committee through Board of
Directors Decree No. KEP.DIR/040/2024 dated 22 May 2024.
6. Bank Mandiri refined the Integrated Governance Committee Charter through the Board of
Commissioners Decree No. KEP. KOM/009/2024 dated 31 May 2024.
2025
1. Received 3 (three) awards for the implementation of the ASEAN Corporate Governance Scorecard
(ACGS) at the ASEAN Corporate Governance Conference & Awards, in the categories of ASEAN
Top 50 PLCs, Top 5 PLCs Indonesia, and ASEAN Asset Class PLCs.
2. Received awards with the “Best Overall” predicate and Top Big 50 Capitalization at the 16th IICD
Corporate Governance Conference and Awards 2025.
3. Successfully maintained the “Most Trusted” predicate for 19 (nineteen) consecutive times in the
Corporate Governance Perception Index (CGPI) corporate governance rating event organized by
IICG.
4. 5 (five) Bank Mandiri Subsidiaries successfully received the “Most Trusted” predicate, and 2
(two) Subsidiaries received the “Trusted” predicate in the Corporate Governance Perception
Index (CGPI) corporate governance rating event organized by IICG.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 461
Page 464
CORPORATE GOVERNANCE
IMPLEMENTATION IN 2025 &
CORPORATE GOVERNANCE
PLANS FOR 2026
Corporate Governance Implementation In 2025
Bank Mandiri is continuously enhancing its governance practices throughout 2025. This has been implemented
through the followings:
1. Enhancement of the implementation of Good Corporate Governance (GCG).
2. Compliance with the implementation of the ASEAN Corporate Governance Scorecard (ACGS).
3. Conducting self-assessment of individual corporate governance and self-assessment of integrated governance
implementation.
4. Conducting assessment based on the Corporate Governance Perception Index (CGPI).
5. The continuous implementation of the Gratification Control and Anti-Corruption Program to strengthen the
Bank’s commitment to integrity and compliance.
Plans for 2026
To enhance the quality of corporate governance implementation. Bank Mandiri has developed a work plan for 2026,
as follows:
1. Continuously improving the implementation of Good Corporate Governance (GCG).
2. Ensuring compliance with the ASEAN Corporate Governance Scorecard (ACGS).
3. Conducting self-assessments of Individual Governance implementation and self-assessments of Integrated
Governance implementation.
462 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 465
CORPORATE GOVERNANCE ASSESSMENTS
CORPORATE GOVERNANCE
Bank Mandiri conducts comprehensive governance adequacy of the Bank’s governance structure and
evaluations through two mechanisms: internal infrastructure, to ensure outcomes that align with
assessments (self-assessment) conducted semi- stakeholder expectations.
annually, and external independent assessments.
The external evaluations are carried out through 3. Governance Outcome
participation in the Corporate Governance Perception The assessment of governance outcome aims
Index (CGPI) and compliance with the ASEAN Corporate to evaluate the quality of outcomes that meet
Governance Scorecard (ACGS) standards. These stakeholder expectations. These outcomes
approaches ensure that Bank Mandiri’s governance result from the effective implementation of
practices remain measurable, objective, and aligned good governance principles, supported by the
with both national and regional best practices. adequacy of the Bank’s governance structure and
infrastructure. Governance outcomes include both
qualitative and quantitative aspects, such as:
INTERNAL PARTY ASSESSMENT
a. Adequacy of transparency in reporting.
INDIVIDUAL SELF-ASSESSMENT b. Compliance with laws and regulations.
c. Consumer protection.
Bank Mandiri conducts self-assessments of its d. Objectivity in assessments/audits.
Individual Governance implementation based on OJK e. Bank performance, including profitability,
Regulation (POJK) No. 17 of 2023 and OJK Circular efficiency, and capitalization.
Letter (SEOJK) No. 13/SEOJK.03/2017 as amended f. Improvements or declines in compliance with
by SEOJK No. 14/SEOJK.03/2025 on Governance applicable regulations and the resolution
Implementation for Commercial Banks. These self- of issues faced by the Bank, such as fraud,
assessments are conducted twice a year (in June and violations of the Legal Lending Limit (LLL),
December). and breaches related to regulatory reporting
requirements.
Applied Criteria
Assessment Factors
The criteria used in conducting Individual Self-
Assessments are based on OJK Circular Letter No. The Self-Assessment of individual governance
14/SEOJK.03/2025 on Governance Implementation implementation covers 16 (sixteen) governance
for Commercial Banks. This self-assessment aims to implementation assessment factors, which include:
map the strengths and weaknesses of Governance 1. Execution of duties and responsibilities of the
implementation, evaluated from three aspects: Board of Commissioners.
2. Execution of duties and responsibilities of the
1. Governance Structure Board of Directors.
The assessment of the governance structure 3. Completeness and execution of Committee duties.
aims to evaluate the adequacy of the Bank’s 4. Management of conflicts of interest.
governance structure and infrastructure to ensure 5. Implementation of the compliance function.
that the implementation of good governance 6. Implementation of the internal audit function.
principles produces outcomes that meet 7. Implementation of the external audit function.
stakeholder expectations. The Bank’s governance 8. Implementation of risk management, including the
structure includes the Board of Commissioners, internal control system.
the Board of Directors, Committees, and work 9. Remuneration.
units. Meanwhile, the governance infrastructure 10. Provision of funds to related parties and large
comprises policies and procedures, management exposures.
information systems, and the main duties and 11. Integrity of reporting and information technology
functions of each organizational structure. systems.
12. Bank’s Strategic Plan.
2. Governance Process 13. Shareholder Aspects.
The assessment of the governance process aims 14. Implementation of the Anti-Fraud Strategy,
to evaluate the effectiveness of implementing including Anti-Bribery.
good governance principles, supported by the
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 463
Page 466
15. Implementation of Sustainable Finance, including the Implementation of Social and Environmental
Responsibility.
CORPORATE GOVERNANCE
16. Implementation of Governance within the KUB (Banking Business Group).
Assessors
The self-assessment process for individual governance implementation at Bank Mandiri involves the participation of
the entire Board of Commissioners, Board of Directors, and work units related to the governance assessment factors.
Assessment Scores
In the first semester of 2025. Bank Mandiri conducted a self-assessment of individual governance implementation,
achieving a score of 1. However, OJK provided the following feedback on the assessment:
Score Definition of Composite
Reflecting that in general the Company’s management had implemented a good Governance. This was reflected in the adequate
2 fulfilment of the principles of Governance. Where there were weaknesses in the application of Governance principles, in general
these weaknesses were insignificant and could be resolved by regular actions by the Bank’s management.
In the second semester of 2025, Bank Mandiri conducted a self-assessment of individual corporate governance
implementation, achieving a score of 1. However. OJK has not yet provided feedback on the self-assessment
results for the second semester of 2025. The assessment details are as follows:
Score Definition of Composite
Reflecting that in general the Company’s management had implemented a very good Governance. This was reflected in
1 the adequate fulfilment of the principles of Governance. In the event that there were weaknesses in the application of GCG
principles, in general these weaknesses were insignificant and could be immediately improved by the Bank’s management.
Based on the results of both assessments, the implementation of Bank Mandiri’s governance in 2025 can be
summarized as follows:
Strength Weakness
STRUCTURE
1. Bank Mandiri convened both Annual and Extraordinary GMS, with one of the agenda items being changes to the
There was a member
composition of the Board of Directors and the Board of Commissioners.
of the Board of
2. The number, structure, and composition of the Board of Directors and the Board of Commissioners were in
Commissioners who was
accordance with regulatory requirements.
still undergoing the fit
3. The structure of Committee membership complied with the required provisions, and adjustments to the
and proper test process.
Committee Membership Decree were made accordingly.
PROCESS
1. In carrying out duties and responsibilities of the Board of Commissioners and the Board of Directors, during
2025 a total of 31 (thirty-one) Board of Commissioners Meetings and 55 (fifty-five) Board of Directors
Meetings were held.
2. Bank Mandiri’s Bank Business Plan (RBB) for 2025–2027 was discussed in the joint forum of the Board
of Directors and the Board of Commissioners and was submitted to OJK in accordance with the prevailing
regulations. None
3. Committee Meetings were held in accordance with the Bank’s needs. In 2025, the Committees under the
Board of Commissioners conducted meetings with the following details:
a. Audit Committee: 22 (twenty-two) meetings.
b. Risk Oversight Committee: 33 (thirty-three) meetings.
c. Remuneration and Nomination Committee: 13 (thirteen) meetings.
d. Integrated Governance Committee: 2 (two) meetings.
OUTCOME
1. The Board of Directors fully implemented good Governance principles in carrying out the Bank’s business
activities across all organizational levels, as reflected, among others, in Bank Mandiri receiving awards as
ASEAN Top 50 PLCs, Top 5 PLCs Indonesia, and ASEAN Asset Class PLCs based on the ASEAN Corporate
There were still violations
Governance Scorecard assessment at the ASEAN Corporate Governance Conference & Awards 2025 held on
of the prevailing
24 July 2025 in Kuala Lumpur, Malaysia.
regulations.
2. The 2025 Internal Audit Annual Audit Plan was approved by the President Director and the Board of
Commissioners, taking into account the recommendations of the Audit Committee.
3. The Compliance Director’s Report for 2025 was submitted to OJK in accordance with the prevailing regulations.
464 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 467
INTEGRATED GOVERNANCE SELF-ASSESSMENT ethical and responsible manner. The assessment
indicators for the Governance Structure aspect
CORPORATE GOVERNANCE
Bank Mandiri also performs self-assessments of include:
Integrated Governance Implementation based on a. Indicators for Shareholders and GMS
POJK No. 18/POJK.03/2014 and SEOJK No. 15/ b. Indicators for the Board of Commissioners
SEOJK.03/2015 on Integrated Governance. These self- c. Indicators for the Board of Directors
assessments are conducted twice a year (in June and d. Indicators for Supporting Organs of the Board
December) and involve all Financial Service Institutions of Commissioners
(LJK) within the Bank Mandiri Financial Conglomerate. e. Indicators for Supporting Organs of the Board
of Directors
For the self-assessment of Integrated Governance f. Indicators for Functional Management
Implementation for the first half of 2025, a score of
1 (one) was achieved, reflecting that the Financial 2. Governance Process
Conglomerate is deemed to have implemented Assessment of governance mechanisms in building
Integrated Governance generally very well. This the Company’s dynamic capabilities in accordance
is evident from highly adequate compliance with with principles, values, and compliance in order
Integrated Governance principles. In cases where to create value and ensure sustainable growth in
weaknesses in Integrated Governance were identified, an ethical and dignified manner. The assessment
these weaknesses were generally insignificant and indicators for the Governance Process aspect
could be promptly addressed by the Main Entity and/ include:
or Financial Service Institutions within the Financial a. Shareholders and GMS Governance
Conglomerate. Mechanism Indicators.
b. Board of Commissioners and Board of
The self-assessment results for Integrated Governance Directors Governance Mechanism Indicators.
Implementation for the second half of 2025 also c. Organizational Behavior Governance
received a score of 1 (one), reflecting that the Financial Mechanism Indicators.
Conglomerate is deemed to have implemented d. Disclosure and Transparency Governance
Integrated Governance generally very well. This Mechanism Indicators.
is evident from highly adequate compliance with e. Risk Governance Mechanism Indicators.
Integrated Governance principles. In cases where f. Compliance Governance Mechanism
weaknesses in Integrated Governance principles Indicators.
were identified, these weaknesses were generally g. Internal Control Governance Mechanism
insignificant and could be promptly addressed by the Indicators.
Main Entity and/or Financial Service Institutions within h. Internal and External Oversight Governance
the Financial Conglomerate. Mechanism Indicators.
i. Strategic Planning Governance Mechanism
Indicators.
EXTERNAL PARTY ASSESSMENT j. Corporate Resources Governance Mechanism
Indicators.
CORPORATE GOVERNANCE PERCEPTION INDEX k. Sustainable Development Goals Governance
(CGPI) Mechanism Indicators.
l. Creativity and Innovation Governance
Bank Mandiri participates in the CGPI research and Mechanism Indicators.
rating program organized by The Indonesian Institute m. Governance Mechanism Indicators for
of Corporate Governance (IICG). CGPI is participated Building the Company’s Dynamic Capabilities.
in by public companies (issuers), SOEs, banks, and
other private companies, with Bank Mandiri having 3. Governance Outcome
participated in the CGPI assessment for 22 (twenty- Assessment of quality of outputs, achievements,
two) consecutive times since 2003. impacts, and benefits that are effective and efficient
from governance structures and processes in
Applied Criteria building the Company’s dynamic capabilities in
accordance with principles, values, and compliance,
The CGPI assessment aspects for 2024/2025 include: creating value and ensuring sustainable growth in
an ethical and dignified manner. The assessment
1. Governance Structure indicators for the Governance Outcome aspect
An assessment of the completeness of governance include:
organs, structure, and infrastructure in building the a. Corporate Organs Governance Outcome
Company’s dynamic capabilities in accordance Indicators.
with corporate values and compliance principles to b. Organizational Behavior Compliance
create value and ensure sustainable growth in an Governance Outcome Indicators.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 465
Page 468
c. Disclosure and Transparency Governance Outcome Indicators.
d. Risk, Compliance, Control, and Oversight Governance Outcome Indicators.
CORPORATE GOVERNANCE
e. Sustainable Development Goals Governance Outcome Indicators.
f. Governance Outcome Indicators for Building the Company’s Dynamic Capabilities.
Assessor
The assessment for CGPI is conducted by The Indonesian Institute for Corporate Governance (IICG).
Assessment Score
The results of the CGPI assessment are utilized by Bank Mandiri to evaluate and enhance the implementation of
corporate governance. Bank Mandiri received the “Most Trusted” rating in the 2024 CGPI assessment held in 2025,
with a score of 95.36. This recognition marks the Bank’s 19th consecutive achievement in the CGPI ranking. The
composition of Bank Mandiri’s assessment results over the past five consecutive years is as follows:
Stages 2021 Scores 2022 Scores 2023 Scores 2024 Scores 2025 Scores
Governance Structure 33.76 26.65 31.53 31.85 25.77
Governance Process 34.26 36.24 31.24 31.61 34.85
Governance Outcome 26.99 32.22 32.45 31.84 34.74
Scores 95.01 95.11 95.22 95.30 95.36
CGPI assessment results in 19 (nineteen) consecutive years were as follows:
95.30 95.36
95.11 95.22
95.01
94.86 94.94
93.55
93.29 93.32
92.55
92.15
91.55 91.55 91.55
91.33
90.55
89.86 89.96
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Recommendations and Follow Ups
Based on the results of the 2025 CGPI assessment. the IICG provided several recommendations regarding the
implementation of corporate governance at Bank Mandiri. These recommendations will serve as input for the
continuous improvement of governance implementation within the Bank.
466 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 469
RECOMMENDATIONS FOLLOW-UP
GOVERNANCE STRUCTURE
CORPORATE GOVERNANCE
Bank Mandiri shall optimize and establish an organizational Bank Mandiri has established an organizational structure designed to
structure with clear lines of accountability and a flexible support the complexity of its business activities and the achievement of the
hierarchy in line with the Company’s strategic plan, business Company’s strategic objectives. The establishment of this organizational
needs, technological developments, and adaptability to evolving structure was formulated by taking into consideration the Bank’s strategic
business dynamics. plan, evolving business needs, and the utilization of technology to support
the effectiveness of the Bank’s business activities. Through an integrated
and adaptive structural design, Bank Mandiri was able to ensure effective
coordination across functions, adequate risk management, and the ability to
adapt to the dynamics of the business environment and the banking industry.
Bank Mandiri shall periodically update the Company’s policies Bank Mandiri has periodically updated the Company’s policies and strategies
and strategies through comprehensive risk-based analysis through comprehensive risk-based analysis, taking into account the dynamics
in response to the dynamics of the business and industry of the business environment and the banking industry, as well as compliance
environment in order to optimize the Company’s potential. with regulatory provisions and requirements. This process was carried out to
ensure that the Bank’s policies and strategies remain relevant, aligned with
prevailing regulations, responsive to changes, and capable of effectively
supporting risk management. Through this approach, Bank Mandiri was
able to optimize the Company’s potential on a sustainable basis in line with
the achievement of strategic objectives and the application of prudential
principles.
Bank Mandiri shall continuously optimize its organizational Bank Mandiri continuously optimized its organizational culture across all
culture across all levels of the organizational structure, fostering levels of the organizational structure through various programs, policies,
a culture that is resilient in facing challenges, agile, flexible, and sustainable human capital development initiatives. These efforts were
adaptive, innovative, and capable of seizing well-measured aimed at fostering a spirit of resilience in facing challenges, building agile
opportunities. and adaptive ways of working, and encouraging continuous innovation while
strengthening the capability of the Bank’s people to respond to business
changes and challenges. The strengthening of this organizational culture was
also directed at encouraging the ability to seize opportunities in a measured
manner while upholding sound risk management and prudential principles,
thereby supporting the sustainable achievement of the Company’s strategic
objectives.
Bank Mandiri shall optimize its relationships with stakeholders Bank Mandiri continuously built and strengthened value-creating relationships
to create added value through the development of an integrated, with its stakeholders through the management of integrated partnerships and
collaborative, and sustainability-oriented business ecosystem, synergies. This approach was directed at creating strategic value for the Bank
thereby supporting the achievement of superior performance and its partners through structured collaboration, strong governance, and
and sustainable growth. alignment with the Bank’s strategic direction and overall business priorities.
Through the strengthening of a collaborative and sustainability-oriented
business ecosystem, Bank Mandiri was able to enhance the Company’s
performance while supporting sustainable growth.
GOVERNANCE PROCESS
Bank Mandiri shall optimize the effective implementation Bank Mandiri implemented a code of ethics that sets out the fundamental
of ethical guidelines by all members of the organization principles of personal and professional conduct as guidance in carrying out
to prevent misconduct and strengthen resilience in facing all of the Bank’s activities. The code of ethics applied to all Bank personnel,
business dynamics, thereby maintaining integrity and business including employees, members of the Board of Directors, and members of the
sustainability. Board of Commissioners, and served as a reference in decision-making as
well as in the execution of daily activities. The implementation of the code
of ethics was carried out consistently to promote professional, responsible,
fair, ethical, and trustworthy conduct in every business interaction, while also
serving as a preventive measure against misconduct. Through the continuous
strengthening of the implementation of the code of ethics, Bank Mandiri
maintained organizational integrity, strengthened stakeholder trust, and
supported the sustainability of the Bank’s business.
Bank Mandiri shall strengthen its risk culture towards emerging Bank Mandiri integrated a comprehensive risk awareness culture into the
risks in a collective and integrated manner with the Company’s development of products, services, and the utilization of technology by
risk management system, enabling the Bank to detect risks more adhering to an adequate Risk Management System, including measures to
quickly, communicate more openly, and respond more adaptively anticipate and manage emerging risks. Prior to the launch or implementation of
to uncertainties, thereby supporting superior performance and products and services, the Bank conducted comprehensive risk assessments
sustainable growth. and established measured mitigation actions to identify potential risks at an
early stage.
This approach was also reflected in the formulation of the Bank’s internal
policies and technical guidelines, which embedded risk awareness as a daily
working attitude and behavior throughout the organization. In this way, all
Bank Mandiri personnel were encouraged to pursue business growth with
appropriate risk consideration and a sustainability-oriented approach. The
strengthening of this risk awareness culture was supported by effective
communication strategies through various adaptive and sustainable channels,
aimed at fostering open, efficient, and integrated risk communication within
the Company’s risk management framework.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 467
Page 470
RECOMMENDATIONS FOLLOW-UP
Bank Mandiri shall optimize mechanisms for the periodic Bank Mandiri formulated and maintained a corporate strategy designed to
identification and evaluation of opportunities, threats, and support the achievement of the Bank’s objectives and vision while addressing
CORPORATE GOVERNANCE
environmental dynamics, as well as undertake business the evolving dynamics of the banking industry. In response to changes in the
transformation through the integration and swift adjustment business environment, Bank Mandiri continuously refined and adjusted its
of strategies and optimal allocation of resources, enabling strategy through a structured evaluation mechanism, including the analysis
the Company to respond to changes in a timely and adaptive of opportunities and challenges using a SWOT approach. Based on the results
manner and to create value on a sustainable basis. of this analysis, the Bank established measurable and executable strategic
actions, enabling the Company to respond adaptively to industry challenges
while creating value and sustaining long-term growth.
Bank Mandiri shall strengthen internal and external corporate Bank Mandiri continuously strengthened internal communication through
communication to ensure that all relevant parties have a structured and sustainable mechanisms to ensure alignment in the
common understanding of the Company’s vision, mission, and understanding of the Company’s vision, mission, and objectives among all
objectives, as well as to build a positive corporate image among Bank personnel. Internal communication was carried out through forums,
stakeholders and the public. socialization programs, and the utilization of various internal communication
media to ensure that strategic information and corporate policies were
delivered consistently, accurately, and in a timely manner across all levels of
the organization.
On the external side, Bank Mandiri ensured that stakeholders had access
to comprehensive and accurate information regarding the Company’s
performance and strategic direction. Information was delivered in a timely,
transparent, and responsible manner through various communication
channels, including meetings with investors and analysts, public exposes,
presentations, roadshows, press releases, periodic publications, and the
Company’s official reports. In this regard, these efforts were undertaken as
part of the Bank’s commitment to uphold the principle of transparency while
maintaining and enhancing Bank Mandiri’s reputation among stakeholders
and the public.
Bank Mandiri shall strengthen the capability and capacity of Amid the dynamics of digital transformation, Bank Mandiri positioned the
its technology resources to enhance operational efficiency, development and utilization of technology as one of the key foundations in
expand digital innovation, and maintain digital trust and cyber driving competitive advantage and enhancing the Company’s performance.
security, thereby enabling the Company to be more adaptive in This strategy was implemented through a well-planned, structured, and
responding to change while sustaining stakeholder trust and effective approach to technology adoption, as outlined in the Information
long-term growth. Technology Strategic Plan (RSTI) and aligned with the Corporate Strategy. The
RSTI was executed in a disciplined manner to ensure that every IT initiative
delivered tangible contributions to operational efficiency, digital innovation,
and healthy and sustainable business growth. In addition, Bank Mandiri
implemented a comprehensive cyber security strategy covering the aspects of
people, process, and technology to safeguard data security, system reliability,
and IT service operations from potential cyber threats. Through this approach,
the technology solutions delivered by the Bank remained innovative, reliable,
and secure in meeting customer needs while maintaining stakeholder trust.
GOVERNANCE OUTCOME
Bank Mandiri shall strengthen the Company’s capabilities, Bank Mandiri continuously strengthened the Company’s capabilities,
capacities, and core competencies through the effective capacities, and core competencies through the implementation of well-
implementation of adaptive, agile, and efficient strategies to planned and adaptive strategies. This strengthening was carried out by
support sustainable value growth, reinforce its position within ensuring alignment between the strategic direction, resource management,
the banking industry, and contribute positively to the economy. and the organization’s ability to respond to the dynamics of the banking
industry. Through consistent and measurable strategy implementation, Bank
Mandiri promoted sustainable and balanced value creation, reinforced its
competitive position within the industry, and contributed positively to the
economy.
Bank Mandiri shall enhance customer-oriented value growth Bank Mandiri consistently promoted value growth oriented toward increasing
in a consistent and proportionate manner by ensuring that benefits for customers through the provision of quality and responsible
every performance outcome, product, and service empowers products, services, and performance. In line with this, Bank Mandiri also
customers while fostering a healthy financial industry played an active role in fostering a healthy and sustainable financial services
ecosystem. industry ecosystem to support the Company’s business growth and strengthen
stakeholder trust.
Bank Mandiri shall optimize the progressive handling of all Bank Mandiri established systems and mechanisms for handling and resolving
ongoing legal cases and pursue optimal risk mitigation for all legal matters faced by the Company, as well as mitigating risks arising from
legal claims, while preventing the recurrence of corporate legal legal claims.
cases.
Bank Mandiri shall ensure the achievement of innovation Bank Mandiri managed and executed innovation programs on a continuous
programs that are capable of creating added value for the basis as part of the Company’s strategic agenda to create tangible business
Company and supporting its competitiveness amid evolving value. Innovation initiatives were directed not only at the development of
business dynamics. products and services, but also at process improvements, the utilization of
technology, and the strengthening of more effective and responsive ways of
working to address customer needs and market changes. Through structured
innovation governance that was integrated with the Company’s strategy,
Bank Mandiri strengthened its competitiveness, enhanced performance, and
ensured the relevance and sustainability of its business amid the dynamics of
the banking industry.
468 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 471
In the 2024 CGPI conducted in 2025, 5 (five) Subsidiaries received the “Most Trusted” designation, while 2 (two)
Subsidiaries were rated as “Trusted,” with the following score details:
CORPORATE GOVERNANCE
NO. Subsidiaries Ratings Score
1. PT Bank Syariah Indonesia “Most Trusted” 92.25
2. PT Bank Mandiri Taspen “Most Trusted” 91.02
3. PT Mandiri Sekuritas “Most Trusted” 86.08
4. PT AXA Mandiri Financial Services “Most Trusted” 85.03
5. PT Mandiri Tunas Finance “Most Trusted” 85.06
6. PT Mandiri Utama Finance “Trusted” 83.42
7. PT Mandiri Capital Indonesia “Trusted” 81.67
ASEAN CORPORATE GOVERNANCE SCORECARD (ACGS)
One of the assessments conducted in relation to the implementation of corporate governance at Bank Mandiri
is the ASEAN Corporate Governance Scorecard (ACGS), which serves as a parameter for measuring governance
practices. This initiative was introduced by the association/forum of capital market regulatory authorities in ASEAN,
namely the ASEAN Capital Market Forum (ACMF), and was developed in collaboration with the Asian Development
Bank (ADB). The ACGS parameters adopt the OECD Principles of Corporate Governance and are intended to
enhance investor confidence in listed companies across ASEAN.
Applied Criteria
The components of the ACGS are as follows:
1. Rights and Equitable Treatment of Shareholders.
2. Sustainability and Resilience
3. Disclosure and Transparency
4. Responsibilities of the Board of Directors and Board of Commissioners.
Assessor
The ACGS assessment is carried out by the ASEAN Capital Market Forum (ACMF) through independent assessors
known as Domestic Ranking Bodies (DRBs), which are appointed by regulators in each respective country.
Independent Party Assessment Score
In 2025, Bank Mandiri received 3 achievement categories in the ACGS assessment, namely ASEAN Top 50 PLCs,
Top 5 PLCs Indonesia, and ASEAN Asset Class PLCs.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 469
Page 472
APPLICATION OF CORPORATE
GOVERNANCE GUIDELINES TO PUBLIC
CORPORATE GOVERNANCE
COMPANIES
Implementation of Corporate Governance Aspects and Principles Pursuant to Financial Services Authority
Regulations
Bank Mandiri implements Corporate Governance Guidelines for Public Company as stipulated in POJK No. 21/
POJK.04/2015 dated 16 November 2015 on the Enactment of Governance Guidelines of Public Companies
as elaborated under SEOJK No. 32/SEOJK.04/2015 dated 17 November 2015 on the Corporate Governance
Guidelines of Public Companies. The following are description on the implementation:
No. Aspects – Principles - Recommendations Comply Or Explain
A. Aspect 1: Relationship Between Public Company And Shareholders In Ensuring The Rights Of Shareholders.
A.1. Principle 1: Enhancing the Value of General Meeting of Shareholders (GMS).
A.1.1 The Public Company has technical means or procedure for In the Annual General Meeting of Shareholders (GMS). Bank
Recommendation both open and closed voting that prioritize independency Mandiri has exercised open and close voting which is stated
1: and interest of Shareholders. in the GMS Mechanisms.
Explanation : Every issued share with voting right has one vote (one The voting mechanism at the GMS is regulated in the Bank’s
share one vote). The Shareholders may use their voting Articles of Association.
rights during the decision-making process, in particular to
decision with voting mechanism. However. both open and At the Annual General Meeting of Shareholders (AGMS)
closed voting mechanism has not been regulated in detail. for the 2025 Fiscal Year. the decision-making mechanism
was carried out through deliberation to reach consensus,
The Public Company is recommended to have voting in accordance with Article 40 of the Financial Services
procedure in decision making of GMS agenda. Such voting Authority Regulation (“OJK”) No. 15/POJK.04/2020 on
procedure must maintain independency or freedom of the Planning and Implementation of General Meetings of
Shareholders. As an example, an open voting mechanism Shareholders for Public Companies (“POJK No. 15/2020”).
is implemented by raising hand in accordance with option while also taking into account Article 28 of POJK No.
as offered by the GMS chairman. Whilst a close voting 15/2020. If consensus could not be reached. decisions
mechanism is conducted in any decision that required were made through voting. The voting process was
confidentiality or by request from Shareholders through conducted openly. with votes counted from those validly
voting card or electronic voting. cast at the Meeting and via eASY.KSEI. except for the Eighth
Agenda Item. where voting was carried out using unsigned
closed ballot cards. Meanwhile, the Fifth Agenda Item was
of a reporting nature, hence shareholder approval was not
required during the Meeting.
The Bank has developed the GMS Procedures that can be
downloaded in the Company’s website and were distributed
to the Shareholders during the GMS.
Remark : Comply
A.1.2. Commissioners of Public Company attends the Annual The Annual GMS Fiscal Year 2025 was attended by all
Recommendation GMS. members of the Board of Commissioners and Board of
2: Directors
The presence of all members of the Board of Directors
Explanation : and the Board of Commissioners of the Public Company is Remark : Comply
intended so that each member of the Board of Directors and
the Board of Commissioners can pay attention to. explain,
and answer directly the issues or questions as raised by
shareholders related the GMS agenda.
A.1.3. The Summary of Minutes of GMS is available in the Public The Annual GMS minutes of meeting of 2025, in both
Recommendation Company’s website at least for one (1) year. Indonesian and English language, was announced at the
3: latest 2 (two) working days following the GMS, which is
Based on Article 51 jo. Article 52 of the OJK Regulation published on the Bank’s website. IDX Electronic Reporting
Explanation : No.15/POJK.04/2020 on the Plan and Implementation of System, OJK and eASY KSEI. The Bank’s website presented
the General Meeting of Shareholders of Public Company. the GMS convention, including GMS minutes for the last 5
The Public Company is required to make summary of GMS (five) years.
Minutes in Indonesian and foreign language (minimum
in English), and announced to the public within two (2) In addition. Bank Mandiri has prepared GMS Highlights
working days after the GMS is held. one of which is through both in Indonesian and English which are uploaded 1 (one)
the Public Company Website. The availability of summary working day after the GMS on the Bank Mandiri Website and
of GMS Minutes in the Public Company Website provides an proof of the announcement of the GMS results has been
opportunity for shareholders who are not present. to easily reported by the Company to OJK and the Indonesia Stock
obtain important information in GMS implementation. Exchange through Letter No. CRL.CSC/CMA.1335/2025
Therefore. the provision on the minimum period of dated 26 March 2025 and reported through the OJK
availability of GMS Minutes summary in the Website are Electronic Reporting System and the Indonesia Stock
intended to provide sufficient time for shareholders to Exchange.
obtain such information.
Remark : Comply
470 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 473
No. Aspects – Principles - Recommendations Comply Or Explain
A.2 Principle 2: Enhancing the Quality of Communication between Public Company with Shareholders or Investors.
CORPORATE GOVERNANCE
A.2.1. Public Company has communication policy with the The Bank has a communication policy with shareholders or
Recommendation Shareholders and Investors. investors, as stipulated in the Corporate Secretary Charter.
4: Chapter III.A.I. Disclosures.
The communication between Public Company and
Remark : shareholders or investors is intended so that shareholders The disclosure to the stakeholders is formulated by referring
or investors obtain clarity of information that has to the Capital Market regulations and other relevant laws
been published to the public, such as periodic reports, and regulations. which can be summarized as follows:
information disclosure, business condition or prospect and 1. Periodic and or incidental reporting to regulators
performance, as well as implementation of public company (OJK, Bank Indonesia, LPS, Ministry of Justice and
governance. In addition, the shareholders or investors can Human Rights, Indonesia Stock Exchange, etc) and
also submit input and opinion to the management of Public reporting through Electronic Reporting System.
Company. 2. General Meeting of Shareholders (GMS).
3. Implemented according to laws and the Bank’s
The communication policy with shareholders or investors Articles of Association consisted of the Annual GMS
shows the commitment of the Public Company in carrying and Extraordinary GMS.
out communication with shareholders or investors. This 4. Organizing other activities related to corporate
policy can include strategies, programs, and timing of actions and/or disclosures such as:
communication implementation, as well as guideline that a. Performance Presentation (quarterly)
support shareholders or investors to participate in the b. Public Expose (annually)
communication. c. Analyst Meeting (quarterly)
The Performance Presentation. Public Expose dan Analyst
Meeting exercised quarterly and annually were aimed at
disclosing information to public and investors on the Bank’s
conditions, business prospects, performances, as well as
its corporate governance implementation.
The Bank also has established specific unit that is tasked
to maintain and manage good relations with investors,
as well as serve as a centre of information on the Bank’s
performance to the investors.
Remark : Comply
A.2.2. The Public Company discloses the Communication Policy The Bank has in place the communication policy on Public
Recommendation of Public Company with shareholders or investors in Company with shareholders or investors as stated in the
5: Website. Corporate Secretary Charter. Chapter III.A.I Disclosures. The
policy is provided in the Website. The Bank also continually
Remark : Disclosure of communication policy is a form of manages the information in the website. hence latest
transparency on the commitment of the Public Company information is ready for the shareholders and investors,
in providing equality to all shareholders or investors for such as Products/Services, Performance, Management,
the implementation of communication. The disclosure of and Activities.
information also aims to increase the participation and role
of shareholders or investors in the implementation of the Remark : Comply
Public Company communication program.
B. Aspect 2: Function and Roles of The Board Of Commissioners
B.1 Principle 3: Strengthen the Membership composition of the Board of Commissioners.
B.1.1. Determination of total members of the Board of Bank Mandiri has complied with the Articles 20 POJK No.
Recommendation Commissioners takes into account the conditions of the 33/POJK.04/2014 concerning the Board of Directors and
6: Public Company. Board of Commissioners of Issuers and Public Companies.
namely number of members of the Board of Commissioners
Explanation : The total members of the Board of Commissioners may is more than 2 (two) members and Article 35 paragraph (1)
affect the effectiveness of the duties of the Board of of POJK No. 17 of 2023 concerning the Implementation of
Commissioners. Determination of total members of the Governance for Commercial Banks. namely that Banks are
Board of Commissioners of a Public Company must refer required to have members of the Board of Commissioners
to the provisions of the prevailing law in which at least with at least 3 (three) personnel and at most equal to the
consists of two (2) people based on the provisions of the number of members of the Board of Directors.
POJK No. 33/POJK.04/2 14 on The Board of Directors and
Commissioners of Issuers or Public Companies. In addition, As of 31 December 2025. the number of members of the
it is also necessary to consider the condition of the Public Board of Commissioners of Bank Mandiri consisting
Company, which includes among other, the characteristic, of 4 (four) Commissioners and 3 (three) Independent
capacity and size, as well as achievement of target and Commissioners.
fulfillment of different business needs among the Public
Companies. However. exorbitant Board of Commissioners Remark : Comply
has the potential to disrupt the effectiveness on the
implementation function of the Board of Commissioners.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 471
Page 474
No. Aspects – Principles - Recommendations Comply Or Explain
B.1.2. Determination on the composition of members of the Board of The composition of members of the Board of
CORPORATE GOVERNANCE
Recommendation Commissioners takes into account on diversity of expertise. Commissioners takes into account the diversity of
7: knowledge and required experience. expertise. knowledge and experience needed as disclosed
in the Section of Composition and Assignment of the Bank’s
Explanation : The composition of the Board of Commissioners is a Board of Commissioners.
combination of characteristics from both organ and individual
perspective according to the need of respective Public Remark : Comply
Company. These characteristics can be reflected in the
determination of expertise. knowledge and experience required
in the implementation of supervisory and advisory duty by
the Board of Commissioners of the Public Company. The
composition that has taken into account the need of the Public
Company is a positive. especially related to decision making
related with supervisory function as carried out by considering
various broader aspects.
B.2. Principle 4: Enhancing the Quality of Implementation of Duties and Responsibilities of the Board of Commissioners.
B.2.1. The Board of Commissioners has Self-Assessment Policy to The Board of Commissioners has in place the self-
Recommendation evaluate the performance of the Board of Commissioners. assessment policy that regulated in the BOC Charter. The
8: Performance Assessment of the Board of Commissioners is
The Board of Commissioners’ Self-Assessment policy is a carried out by each member of the Board of Commissioners
Explanation : guideline that is used as a form of collegial accountability for through self-assessment mechanism based on assessment
evaluating the performance of the Board of Commissioners. criteria of duties implementation and responsibilities of the
Self-assessment is carried out by each member to assess the Board of Commissioners covering the aspects of structure.
collegial performance of the Board of Commissioners, and directives and oversight.
not to assess the individual performance of each member of
the Board of Commissioners. With this Self-Assessment, it is Remark : Comply
expected that each member of the Board of Commissioners
can contribute in improving the performance of the Board of
Commissioners on an ongoing basis.
This policy can include the assessment activity as carried
out along with the purpose and objective, periodic period of
implementation, and benchmark or assessment criteria being
used in accordance with the recommendations from the
Remuneration and Nomination function of Public Company
as required by OJK Regulation on the Remuneration and
Nomination Committee of Issuer or Public Company.
B.2.2. The Self-Assessment Policy to evaluate the performance of the The self-assessment policy on the Board of Commissioners’
Recommendation Board of Commissioners is disclosed in the Annual Report of performance assessment has been disclosed in this Annual
9: Public Company. Report.
Explanation : The disclosure of Self-Assessment Policy on performance of Remark : Comply
the Board of Commissioners is conducted not only to comply
with transparency aspect as form of accountability of its duties
but also to provide assurance to the Shareholders or investors
on efforts that need to be done in improving the performance of
the Board of Commissioners. Upon the availability of disclosure.
the Shareholders or investors acknowledge the check and
balance mechanism towards the Board of Commissioners.
B.2.3. The Board of Commissioners has policy on resignation of Bank Mandiri has in place the policy on resignation of
Recommendation member of the Board of Commissioner when involved in member of the Board of Commissioners when involved
10 : financial crime. in financial crime as stated in the Bank’s Articles
of Association. namely the tenure of the Board of
Explanation : The resignation policy of member of the Board of Commissioners is ended upon the violations of laws and
Commissioners being involved in financial crime is a policy that regulations and upon resignation.
can increase the stakeholders’ trust in the Public Company. so
that corporate integrity will be maintained. This policy is needed Referring to the Article 14 paragraph (26) letter f of the
to help the legal process and so that the legal process does not Bank’s Articles of Association. the tenure of member of
interfere the course of business activities. In addition, in terms the Board of Commissioners is ended if no longer meet the
of morality. this policy builds an ethical culture within the Public requirements as member of the Board of Commissioners
Company. This policy can be included in the Code or the Code based on the Articles of Association and other laws and
of Ethics that applies to the Board of Commissioners. regulations. In the event that a member of the Board of
Commissioners is resigning including if involved in the
Furthermore. being involved in financial crimes shall means financial crime. thus a concerned member of the Board
the convicted status from the authorities of respective member of Commissioners shall inform in writing regarding his/
of the Board of Commissioners. The financial crimes are her intention to the Bank, and the Bank shall convene the
manipulation and various forms of embezzlement in financial GMS to take decision on the resignation of a member of
service activities as well as Money Laundering Criminal Action the Board of Commissioners within 90 days after the
as referred to Law Number 8 of 2010 on Prevention and acceptance of the resignation.
Eradication of Money Laundering Crimes.
Remark : Comply
472 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 475
No. Aspects – Principles - Recommendations Comply Or Explain
B.2.4. The Board of Commissioners or Committee that perform Bank Mandiri has established the Remuneration and
CORPORATE GOVERNANCE
Recommendation the Remuneration and Nomination Function formulates the Nomination Committee that assists the Board of
11 : succession policy in the nomination process of member of Commissioners to propose recommendations to the
the Board of Directors. shareholders of series A Dwiwarna, in terms of the following:
Explanation :
Based on the provision of the OJK Regulation No. 34/ › Developing, implementing and analyzing the
POJK.04/2014 on the Remuneration and Nomination nominating criteria and procedures for candidates of
Committee of Issuer or Public Company, the committee the Board of Commissioners and Directors.
that carries out the nomination function has the task of › Identifying candidates of Directors from internal
formulating policy and criteria needed in the nomination and/or external of the company, and candidates of
process of potential member of the Board of Directors. Commissioners that meet the requirements for being
Policy that can support the nomination process is the proposed/appointed as Director or Commissioner.
succession policy of member of the Board of Directors.
The policy on succession aims to maintain the continuity To prepare future leadership regeneration. Bank Mandiri
of the regeneration of leadership in the company in order to designed the Talent and Succession Management program,
maintain the business continuity and the company’s long- a succession policy for the Board of Directors which refers to
term objective. SOE Minister Regulation No. PER-11/MBU/2021 concerning
requirements. procedures for appointment and dismissal
of SOE Board of Directors members as last amended by
SOE Minister Regulation No. PER-3/MBU/03/2023. In
addition, as a Public Company. the Bank’s Policy also refers
to POJK No. 33/POJK.04/2014 concerning the Board of
Directors and Board of Commissioners of Issuers or Public
Companies. The appointment and dismissal of the Bank’s
Board of Directors is carried out based on the principles of
professionalism and Corporate Governance.
Remark : Comply
C. Aspect 3: Function and Roles of The Board of Directors
C.1. Principle 5: Strengthen the Membership composition of the Board of Directors
C.1.1. Determination of total members of the Board of Directors Bank Mandiri has complied with Article 20 POJK 33/
Recommendation takes into account on the condition of the Public Company POJK.04/2014 on the Board of Directors and the Board of
12 : and effectiveness in decision making. Commissioners of Issuers or Public Companies, namely
the Board of Directors of Issuers or Public Companies
Explanation : Being the Company’s organ that is authorized in managing consists of 2 (two) members and Article 6 paragraph (1)
the Company. the determination of total members of the of POJK No. 17 of 2023 concerning the Implementation
Board of Directors has significant impact to the Company’s of Governance for Commercial Banks, namely Banks are
performance. Thus. the determination of the total required to have at least 3 (three) members of the Board
members of the Board of Directors must be done through of Directors.
careful consideration and refer to the provisions of the
applicable regulation. whereby based on OJK Regulation As of 31 December 2025. number of the Bank’s Directors
No.33/POJK.04/2 14 on the Board of Directors and Board are 12 (twelve) members, and has been stipulated based
of Commissioners of Public Company, shall at least on complexity and requirements of the Bank. In the Board
consists of 2 (two) people. In addition, the determination of Directors rules, the mechanism of decision making of
of total members of the Board of Directors must be based the Board of Directors has been stipulated.
on the need to achieve the objectives and purpose of
public company and being adjusted to the conditions of Remark : Comply
the public company including the characteristic, capacity
and size of the public company and effectiveness of the
decision making by the Board of Directors.
C.1.2. Determination on the composition of members of the Board The determination of the Bank’s Board of Directors’
Recommendation of Directors takes into account on diversity of expertise. composition has taken into account the Bank’s needs and
13 : knowledge and required experience. business complexity, namely by considering the diversity
of skills, educational background, and professional
Explanation : Similar with the Board of Commissioners. the composition experience, and is gender equality. The Board of Directors’
diversity of members of the Board of Directors is a structure diversity is expected to provide alternative in
combination of required characteristic from both organ and resolving the increasingly complex issues faced by the
individual perspective according to the needs of respective Bank, compared to member of Directors that are naturally
Public Company. The combination is determined in view homogenic, thereby delivering the best decisions in the
of expertise. knowledge and experience in accordance decision-making process.
with segregation of tasks and functions of the Board of
Directors in achieving the purpose of the Public Company. Remark : Comply
Thus, consideration of the combination of characteristics
will have an impact on the accuracy of the collegial
nomination and appointment of individual member of the
Board of Directors or Directors.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 473
Page 476
No. Aspects – Principles - Recommendations Comply Or Explain
C.1.3. Member of the Board of Directors in charge of accounting The director in charge of accounting or finance at Bank
CORPORATE GOVERNANCE
Recommendation or finance has expertise and/or knowledge in accounting Mandiri is the Director of Finance, namely Mrs. Novita
14 : field. Widya Anggraini with experience and competence in
the field of Treasury (Finance), who in carrying out his
Explanation : The Financial Report is a management accountability duties requires the knowledge in accounting. In addition,
report for resources management owned by the Public to support the implementation of his duties, she often
Company. which must be compiled and presented in participates in forums and seminars related to finance
accordance with Financial Accounting Standards in both at home and abroad.
Indonesia as well as related OJK regulations, including
regulation in the Capital Market sector which regulates the Remark : Comply
presentation and disclosure of Public Company Financial
Statement. Based on the laws and regulations in the
Capital Market sector that regulates the responsibility of
the Board of Directors for the Financial Report, the Board
of Directors is jointly responsible for the Financial Report,
signed by the President Director and member of the Board
of Directors in charge of accounting or finance.
As such. the financial disclosure and information presented
in the financial statements will be very much dependent
on the skills, and/or expertise of the Board of Directors,
specifically member of the Board of Directors in charge
of accounting or finance. Adequate qualifications and/
or expertise in accounting that at least proficient by the
concerned members of the Board of Directors, will ensure
confidence in the preparation of financial statements,
thereby the financial statements can be relied on by the
stakeholders as a basic in decision making economically
related to the concerned Public Company. The expertise
and/or skills shall be affirmed by educational background,
training certificates, and/or related work experiences.
C.2. Principle 6: Enhancing the Quality Implementation of Duties and Responsibilities of the Board of Directors
C.2.1 The Board of Directors has Self-Assessment Policy to The Board of Directors has a self-assessment policy.
Recommendation evaluate the performance of the Board of Directors. The performance assessment of the Board of Directors
15 : is carried out by each member of the Board of Directors
Similar with the Board of Commissioners. the Board of through a self-assessment mechanism to evaluate the
Explanation : Directors’ Self-Assessment policy is a guideline being used performance of the Board of Directors collegially, and not
as a form of accountability to evaluate collegial performance to assess the individual performance of each member of
of the Board of Directors. The self-assessment is conducted the Board of Directors. As described in the Annual Report
by each member of the Board of Directors to assess the in the section of the Performance Assessment of the Board
collegial performance of the Board of Directors, and not to of Directors.
assess the individual performance of each member of the
Board of Directors. With this self-assessment, it is expected Remark : Comply
that each member of the Board of Directors can contribute
to improve the performance of the Board of Directors on an
ongoing basis.
This policy can include the assessment activity as carried
out along with the purpose and objective, periodic period
of implementation, and benchmark or assessment criteria
being used in accordance with the recommendations
from the Remuneration and Nomination function of
Public Company as required by OJK Regulation No. 34/
POJK.04/2014 on the Remuneration and Nomination
Committee of Issuer or Public Company.
C.2.2. The Self-Assessment Policy to evaluate the performance of The self-Assessment policy on the performance of the
Recommendation the Board of Directors is disclosed in the Annual Report of Board of Directors has been disclosed in the 2025 Fiscal
16 : Public Company. Year Annual Report in the Board of Directors Performance
Evaluation section.
Explanation : The disclosure of Self-Assessment Policy on performance
of the Board of Directors is conducted not only to comply Remark : Comply
with transparency aspect as form of accountability of its
duties but also to provide assurance to the Shareholders
or investors on efforts that need to be done in improving
the performance of the Board of Commissioners. Upon
the availability of disclosure. the Shareholders or investors
acknowledge the check and balance mechanism towards
the Board of Directors.
474 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 477
No. Aspects – Principles - Recommendations Comply Or Explain
C.2.3. The Board of Directors has policy on resignation of member Bank Mandiri has in place the policy on resignation of
CORPORATE GOVERNANCE
Recommendation of the Board of Commissioner when involved in financial member of the Board of Directors when involved in financial
17 : crime. crime as stated in the Bank’s Articles of Association.
Explanation : The resignation policy of the Board of Directors involved Referring to the Article 14 paragraph (26) letter f of the
in financial crimes is a policy that can increase the Bank’s Articles of Association, the tenure of member
stakeholders’ trust in the Public Company, so that corporate of the Board of Directors is ended if no longer meet the
integrity will be maintained. This policy is needed to help requirements as member of the Board of Directors based on
the legal process and so that the legal process does not the Articles of Association and other laws and regulations,
interfere with the course of business activities. In addition, including involvement in financial crime. In the event that
in terms of morality, this policy will build an ethical culture a member of the Board of Directors is resigning including
within the Public Company. This policy can cover in the if involved in the financial crime, thus a concerned member
Code or the Code of Ethics that applies to the Board of of the Board of Directors shall inform in writing regarding
Directors. his/her intention to the Bank, and the Bank shall convene
the GMS to take decision on the resignation of a member of
Furthermore, what is meant by being involved in a financial the Board of Directors within 90 days after the acceptance
crime is the status of being convicted of a member of of the resignation.
the Board of Directors from an authorized party. These
financial crimes include manipulation and various forms of Remark : Comply
embezzlement in financial service activities as well as the
Criminal Act of Money Laundering as referred to in Law No.
8 of 2010 concerning Prevention and Eradication of Money
Laundering.
D. Aspect 4: Stakeholders Participation
D.1. Principle 7: Enhancing Governance Aspect Through Stakeholders Participation.
D.1.1. The Public Company has the Policy to prevent Insider The policy to prevent insider trading is regulated in SP SDM
Recommendation Trading. › Chapter III.C.2.c regarding the Code of Conduct and
18 : Business Ethics, which are ethical standards that
A person with inside information is prohibited from must be guided by all levels of the bank in carrying
Explanation : conducting a Securities transaction by using inside out daily duties and services and conducting
information as stipulate under the Capital Market Law. business relations with customers. partners and
Public company can minimize the occurrence of insider colleagues.
trading through prevention policies. for example by firmly › Chapter III.C.2.e regarding employee disciplinary
separating between confidential and public data as well as regulations governing obligations, prohibitions and
distributing the duties and responsibilities on information sanctions on employees.
management in proportional and efficient manner.
SP Corporate Secretary
› Chapter III.A.5 Principles of Information Disclosure.
which regulates
a. Insiders who have insider information are
prohibited from influencing any party, including
the Insider’s family, to buy or sell shares.
b. Insiders other than the Board of Directors and
the Board of Commissioners who commit
violations as stipulated above and are proven
to have carried out transactions and/or provide
insider information will be subject to disciplinary
sanctions as stipulated in the Human Resources
Guidelines Standards (SPSDM)
c. The Board of Directors and the Board of
Commissioners and parties due to their
position, profession/ relationship with
Remark : Comply
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 475
Page 478
No. Aspects – Principles - Recommendations Comply Or Explain
D.1.2. The Public Company has the anti-corruption and anti-fraud Gratification Control
CORPORATE GOVERNANCE
Recommendation policies. Bank Mandiri recognizes that controlling gratification
19 : is a crucial activity to ensure business processes are
The anti-corruption policy ensures that the business conducted in accordance with business ethics that uphold
Explanation : activities of the Public Company are carried out the value of integrity. In 2013, Bank Mandiri established
legally,prudently and in accordance with the principles a Gift Disclosure Statement, which was updated in 2015
of good governance. The policy can be part of a code with an Operational Technical Guideline (PTO) regulating
of ethics, or in a separate form. This policy may include, the prohibition of receiving and/or giving gratification
among others, the programs and procedures implemented for all levels within Bank Mandiri. In the same year, the
in dealing with corrupt practices, kickbacks, fraud, bribery Gratification Control Unit (UPG) was formed to execute
and/or gratuities in public companies. The scope of the gratification control functions within the Bank.
policy must describe the prevention of the Public Company
against all corrupt practices, either giving or receiving from The purpose of gratification control extends beyond
other parties. compliance; it aims to embed good governance values
within the Bank and instill the value of integrity among
all employees. This ensures that daily business activities
with customers, vendors, partners, and all stakeholders are
always guided by ethics, mutual trust, and accountability,
As a result. business interests can proceed ethically
and effectively without conflicting with gratification
prohibitions. Bank Mandiri continues to strive for ongoing
improvement in implementing gratification control
measures.
To align with prevailing regulations and current business
developments while maintaining strong relationships
with stakeholders. Bank Mandiri periodically refines its
Gratification Control Operational Technical Guideline (PTO).
The most recent revision was finalized on 14 November
2025.
Anti-Bribery Management System
To support continuous efforts in combating corruption.
Bank Mandiri obtained the ISO 37001:2016 certification for
its Anti-Bribery Management System on August 10, 2020.
This certification was renewed on October 13, 2023, and is
valid until 2026. Initially, the scope of the ISO 37001:2016
certification covered Procurement & Vendor Management.
Since 2022, the scope has been successfully expanded to
include Procurement, Vendor Management, and Internal
Audit Processes.
Implementation of Anti-Fraud Strategy
Bank Mandiri has implemented an Anti-Fraud Strategy
in accordance with OJK Regulation Number 12 of 2024
regarding the Implementation of Anti-Fraud Strategies for
Financial Institutions. As part of the improvement of the
Internal Control Policy, Bank Mandiri continues to make
improvements to these regulations. This is also done
in every policy such as Standard Operating Procedures
(SPO). Technical Operational Guidelines (PTO) and other
regulations.
Bank Mandiri’s Anti-Fraud Strategy regulates 4 pillars.
namely:
1. Pillar 1 (Prevention)
a. It is the responsibility of all levels of the Bank
(work unit) and is part of the Fraud Control
System in order to reduce the potential for fraud.
Programs implemented in this pillar include:
b. Anti-Fraud Awareness, such as socialization
of Anti-Fraud Statement, Employee Awareness
Program and Customer Awareness Program.
The Employee Awareness Program is carried
out by providing training, socialization,
publication of fraud awareness through
the Bank’s internal media that reaches all
employees and block leave obligations for
each employee. Customer Awareness Program
is carried out through the use of social media
effectively, periodically and dynamically.
c. Identification of Vulnerabilities, such as the
application of Risk Management principles
where all policies and procedures are designed
with due regard to internal control, the
application of GCG principles and Compliance.
The implementation of work by employees
in accordance with their authority and
responsibilities is stated in the job description
of each employee, and signed by the employee
concerned. In addition, the signing of the
Annual Disclosure by all employees at the
beginning of the year.
476 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 479
No. Aspects – Principles - Recommendations Comply Or Explain
d. Know Your Employee (KYE) Policy is a principle
CORPORATE GOVERNANCE
applied by the Bank to get to know each employee
well both in terms of ability and personality. KYE
is carried out through a candidate selection
process as well as monitoring the character and
lifestyle of employees
2. Pillar 2 (Detection)
a. It is the responsibility of all units, both first-line,
second-line, and third-line and is part of the
fraud control system in order to identify and
find fraud in the bank’s business activities. The
programs implemented by Bank Mandiri in this
pillar include:
b. Whistleblowing System-Letter to CEO, which is
managed by an independent party to minimize
conflicts of interest and provide a sense of
security to whistleblowers.
c. Fraud Detection System, which has been
implemented to support the Bank’s detection
activities which includes detection of
transactional fraud and non-transactional
fraud.
d. Surprise Audit, whose implementation is
prioritized in business units that are at high risk
or prone to fraud.
e. Surveillance System, which aim to monitor
and review the internal control effectiveness
(including fraud control system).
3. Pillar 3 (Investigation, Reporting, Sanctions and
Legal Process)
It is part of the Fraud Control System in the context
of handling fraud that occurs through investigations
and the results are reported to the President Director,
Board of Commissioners, and Regulators. including
the proposed imposition of sanctions and legal
processes for fraudsters. In order to strengthen the
function of the Third Pillar, delegation of authority for
the implementation of investigations and imposition
of sanctions to each region has been carried out
to accelerate the process of handling cases and
recovery.
4. Pillar 4 (Monitoring. Evaluation and Follow-up)
It is part of the Fraud Control System in order to
monitor the follow-up results of investigations and
evaluation of fraud incidents, to improve weaknesses
and strengthen the Internal Control System in order
to prevent the recurrence of fraud due to similar
weaknesses. Written reporting to the President
Director and the Board of Commissioners is carried
out in an orderly manner to monitor the established
follow-up list.
Remark : Comply
D.1.3. The Public Company has policy on vendor or supplier Bank Mandiri has a policy regarding Selection and Capacity
Recommendation selection and capability improvement. Building for Suppliers or Vendors. namely:
20 : 1. Operational Policy (KOPR), article 205 on Operational
The Policy on vendor or supplier selection is useful to Facilities and Infrastructure – Procurement
Explanation : ensure that the Public Company can obtain the required 2. Standard Operating Guidelines (SPO) that regulate,
goods or services at competitive prices and good quality. among others (Chapter III):
While the policy of increasing the capability of supplier or a. General provisions include:
vendor is useful for ensuring the efficient and effective › Principles of Procurement
supply chain. The capability of supplier or vendor to supply/ › Procurement Ethics
fulfil the goods or services needed by the company will › Purpose of the Procurement Process
affect the quality of the company’s output. › Monitoring of Domestic Products Use
› Procurement Planning
Thus. the implementation of these policies can guarantee › Loading Guidelines
the supply continuity in terms of quantity and quality as b. Provisions for the implementation of the
required by the Public Company. The scope of this policy procurement of goods and services include:
includes criteria in selecting supplier or vendor, transparent › Procurement of Goods and Services
procurement mechanism, effort to improve supplier or Mechanism
vendor capability, and fulfil the right relating to supplier or › Procurement Process
vendor. › Stages of the Procurement Process
› Execution of Work and Handover of Work
› Provisions for Change of Work (plus/
minus).
› Provisions for the Implementation of
Repeat Purchases.
› Implementation of Procurement Activities
to Overcome Certain Conditions.
› Document and Payment Process.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 477
Page 480
No. Aspects – Principles - Recommendations Comply Or Explain
3. Procurement Operational Technical Guidelines (PTO)
CORPORATE GOVERNANCE
that regulate, among others (Chapter III):
Implementation Provisions
a. Accreditation Partners (Goods and Services
Providers) General & including aspects that
are reviewed in carrying out the qualifications
of prospective Goods and Services Providers)
b. Procedures for partner accreditation (Goods
and Services Providers) (including aspects
considered in determining recommended
partners to be invited in a procurement process)
c. Vendor Monitoring covers:
1). Vendor Data Monitoring
2). Vendor Performance Monitoring,
consisting of:
- Periodic Vendor Performance
Evaluation
- Contract-Based Vendor
Performance Evaluation
- Vendor Competency
Enhancement
- Sanctions for Vendors
Remark : Comply
D.1.4. The Public Company has policy on fulfilment of creditor The fulfilment of creditors’ rights at Bank Mandiri is stated
Recommendation rights. in the loan agreement with creditor. The following creditors’
21 : rights are stated in the agreement, among others:
The policy on fulfilment of creditor rights is used as a 1. Receive the audited financial statements;
Explanation : guideline in providing loan to creditor. The purpose of the 2. Receive the loan progress/use report;
policy is to maintain the fulfilment of right and maintain 3. Receive late sanction on report submission;
creditor trust in the Public Company. The policy includes 4. Receive written notification, request, and approval
consideration in making agreement, as well as follow-up in
fulfilling the obligation of the Public Company to creditor. Remark : Comply
D.1.5. The public company has the whistleblowing system policy. 1. The implementation of the Whistleblowing System
Recommendation (WBS) at Bank Mandiri is referred to as the Letter
22 : A well-developed Whistleblowing system policy will to CEO (LTC). The WBS-LTC serves as a platform for
provide certainty of protection to witness or reporter for reporting indications or acts of fraud and/or non-
Explanation : an indication of violation committed by employees or fraud by employees or stakeholders of Bank Mandiri
management of the Public Company. The implementation to the President Director. It emphasizes disclosures
of the policy will have an impact on establishing a culture from complaints to enhance the effectiveness of
of good corporate governance. The Whistleblowing system the internal control system and good governance
policy includes, among others, type of violations that can practices within the Bank.
be reported through the Whistleblowing system, complaint
procedure, protection and guarantee of the confidentiality 2. WBS-LTC at Bank Mandiri has been implemented
of the reporter, handling procedure for received complaints. since 2009 and is governed by the Technical
parties that managing the complaints, and the results and Operational Guidelines for the Whistleblowing
follow-up of complaints handling. System - Letter to CEO (WBS-LTC), which are
continuously updated, with the latest revision dated
28 November 2025.
3. Since its revitalization in 2018, the management of
the WBS-LTC involves an independent party to provide
a safe environment that encourages employees and
stakeholders to report issues confidently. Reporters
can include their full identity or remain anonymous
(identity known only to the independent party).
4. Reports to the WBS-LTC can be submitted through the
following channels:
› Website https://bmri-wbsltc.tipoffs.info/
› Email to bmri-wbsltc.tipoffs.info
› Letter to POBOX 1007 JKS 12007
› SMS and WA to 0811-900-7777
478 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 481
No. Aspects – Principles - Recommendations Comply Or Explain
D.1.6. The Public Company has a long-term incentive policy for the Bank Mandiri has a policy of providing long-term incentives
CORPORATE GOVERNANCE
Recommendation Board of Directors and employees. to Commissioners and Directors according to the provisions
23 : in POJK No. 45/POJK.03/2015 concerning Implementation
Long-term incentive is a given incentive based long-term of Governance in Providing Remuneration for Commercial
Explanation : performance achievement. The long-term incentive plan Banks. Bank Mandiri implements Governance in the
has the rationale that the long-term performance of the Provision of Remuneration that has considered various
company is reflected in the growth of shares value or other aspects, including bank financial stability, the creation of
long-term target of the company. Long-term incentive shall risk management, short-term and long-term liquidity needs,
have the benefit to maintain loyalty and provide motivation and potential future income.
to the Board of Directors and employees to improve their
performance or productivity, which will have an impact on Bank Mandiri can postpone deferred variable remuneration
improving the company’s performance in the long run. (Malus) or withdraw variable remuneration that has been
paid (Clawback) to officials who are classified as Material
The availability of a long-term incentive policy is an actual Risk Taker (MRT).
commitment by the Public Company to encourage the
implementation of long-term incentive to the Board of Remark : Comply
Directors and Employees with terms, procedures and
forms being adjusted to the long-term objectives of the
Public Company. The policy can include, amongst others,
the purpose of objective in providing the long-term
incentive. terms and procedures in providing the incentive,
and condition as well as risks that must be considered
by the Public Company in providing the incentives. This
policy can also be included in the existing public company
remuneration policy.
E. Aspect 5: Information Disclosure
E.1. Principle 8: Enhancing the Disclosure Implementation.
E.1.1. The Public Company utilizes technology information wider Bank Mandiri managed the Company’s Website as
Recommendation than the Website as a media for information disclosure. optimal as possible to always provide the most recent
24 : and accurate information for the Public. Apart from the
The use of information technology can be useful as a website, Bank Mandiri also utilizes technology and other
Explanation : medium for information disclosure. The disclosure of social media applications such as SMS Banking, Mobile
information is not only information disclosure that has Banking, Instagram, Facebook and Twitter for information
been regulated in legislation, but also other information disclosure media.
related to the Public Company, which upon consideration
is deemed useful to shareholders or investors. Upon the Remark : Comply
use wider of information technology than the Website,
the company is expected to improve the effectiveness
of information dissemination. Nevertheless, the use of
information technology is carried out while taking into
account the benefit and costs of the company.
E.1.2. The Annual Report of Public Company disclose the Bank Mandiri has disclosed information regarding
Recommendation ultimate benefit owner in Public Company share ownership shareholders with 5% or more shareholding of the
25 : at least 5% (five percent), other than final beneficial owner Company’s shares in the 2025 Annual Report.
disclosures in ownership shares of the Public Company
Explanation : through main and controlling shareholder. Remark : Comply
The Capital Market Regulation that regulates the
submission of annual reports of Public Company has
regulated the obligation to Disclose information regarding
shareholders with 5% (five percent) or more shares of
the Public Company, as well as the obligation to disclose
information about directly or indirectly main and controlling
shareholders of Public Company up to the owner of the last
benefit in the ownership of the shares. In this Governance
Guideline, it is recommended to disclose the ultimate
benefit owner of the shares of the Public Company at least
5% (five percent), in addition to disclosing the owner of the
final benefit of share.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 479
Page 482
IMPLEMENTATION OF CORPORATE
GOVERNANCE ASPECTS AND PRINCIPLES
CORPORATE GOVERNANCE
BASED ON GUIDELINES OF CORPORATE
GOVERNANCE PRINCIPLES FOR BANKS
PUBLISHED BY BASEL COMMITTEE IN
BANKING SUPERVISION
The Governance Guidelines cover 12 principles of corporate governance. The Governance Guidelines are the
standard of best practices applied as a reference in implementing corporate governance in banks. The description
of the application can be explained, as follows:
Principles Explanation Implementation In Bank Mandiri
In the Board of Commissioners ‘code of conduct, as
outlined in the Board of Commissioners Decree No. KEP.
Principle 1 The Board of Commissioners has the responsibilities KOM/007/2025 dated 1 December 2025, it is stated that
Responsibilities of amongst others approval and supervisory on the the responsibilities of the Board of Commissioners include
of the Board of implementation of business strategy, structure and providing opinions and approvals on the Work Plan and
Commissioners governance mechanism as well as the Corporate Culture. Annual Budget, as well as offering advice on matters
deemed important by the Company, including corporate
culture.
Members of the Board of Commissioners has adequate
competence, integrity, and capability to carry out their
Member of the Board of Commissioners must have the duties and responsibilities effectively. The Board of
Principle 2 quality in accordance with duties and responsibilities Commissioners had a comprehensive understanding
Qualification and as both collegial and as per individual. The Board of of its roles and functions in overseeing the Bank’s
Composition Commissioners shall understand the roles within the operations and the implementation of Good Corporate
of the Board of supervisory and implementation of corporate governance, Governance principles. In performing its duties, the Board
Commissioners as well as KOM/014/2019 to conduct a sound and of Commissioners consistently upheld independent and
objective decision process. objective decision-making based on professional judgment
to ensure the sustainability of the Company’s business and
interests while avoiding any form of conflict of interest.
The Board of Commissioners established a clear and
adequate governance structure and practices in carrying
out its duties, covering the arrangements regarding
duties, responsibilities, authorities, meeting procedures
and mechanisms, including the evaluation mechanism
for the effectiveness of supervisory functions. These
Principle 3
arrangements were designed to ensure that oversight
Structure and The Board of Commissioners must apply the proper
was conducted objectively, measurably, and in line with
Mechanism of governance practice and structure in performing their
regulatory requirements as well as the Company’s strategic
the Board of duties and to periodically assess its effectiveness.
needs. To assist and support the execution of these
Commissioners
supervisory duties, the Board of Commissioners established
committees under the Board of Commissioners, namely the
Audit Committee, Risk Oversight Committee, Remuneration
and Nomination Committee, and Integrated Governance
Committee, each performing its role in accordance with its
respective scope of responsibilities.
The Board of Directors manages the Company under the
Under the direction and supervision of the Board of direction and supervision of the Board of Commissioners,
Principle 4 Commissioners. the Board of Directors manage the Bank’s as evidenced by the company’s business achievements
The Board of Directors activities in accordance with the business strategy, risk that have increased from the previous year. All policies
appetite, remuneration policy and other policies that have underlying the operations of Bank Mandiri must obtain the
been approved by the Board of Commissioners. approval of the Board of Commissioners.
In a business group, the Board of Commissioners of The Board of Directors and Board of Commissioners of
the parent company has overall responsibility on the Bank Mandiri have knowledge and understanding of the
business group and to ensure the establishment and core business and key risks of Bank Mandiri, as well as the
Principle 5
implementation of clear governance practice related entities within the Mandiri Group Financial Conglomerate,
Governance Structure
to the structure, business and risks of business group as evidenced by all members passing the Fit and Proper
of Business Group
and entities. The Board of Commissioners and the Test. A clear governance structure and mechanism have
Board of Directors must understand the business group been established within the Mandiri Group Financial
organizational structure as well as the encountered risk. Conglomerate.
480 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 483
Principles Explanation Implementation In Bank Mandiri
Bank Mandiri performs the Risk Identification, Measurement,
CORPORATE GOVERNANCE
Monitoring, Control and Risk Management Information
System through an Enterprise Risk Management (ERM)
framework. Bank Mandiri continues to improve the
capabilities and knowledge of all employees, especially in
Principle 6 The Bank must have the qualified. independent risk
terms of risk management, by holding internal training. In
Risk Management management function that has qualified resources with
addition, Bank Mandiri also routinely holds at least once a
Function access to the Board of Commissioners.
year socialization, discussion forums, and programs on risk
management along with the internalization of the corporate
culture. Bank Mandiri communicates risk management to
the Board of Commissioners through the Risk Oversight
Committee and the Integrated Governance Committee.
In managing Bank Mandiri’s Risk Management. bankwide
Risks must be identified. monitored and controlled for
identification. measurement and risk assessment has been
Prinsip 7 all activities of the Bank. The quality of risk management
performed by periodically developing risk profiles. Risk
Identification of Risk infrastructure and internal control must be able to keep
measurement and assessment has been able to work well
Oversight and Control up with changes in the Bank’s risk profile. external risk
according to the established Risk Management Policy that
conditions and industry practice.
is adjusted to the level of risk faced by Bank Mandiri.
The Risk-Based Bank Rating (RBBR) assessment. both
individual and consolidated. is submitted every semester to
Effective risk governance implementation requires
the Risk Management Committee (RMC) and the Integrated
Prinsip 8 accurate risk communication in the Bank environment
Risk Committee (IRC). In addition. the results of the RBBR
Risk Communication both between organizations and through reporting to the
assessment are reported to the Board of Commissioners
Board of Commissioners and the Board of Directors.
through the Risk Monitoring Committee and the Integrated
Governance Committee.
The Board of Commissioners is responsible for overseeing The Board of Commissioners ensures the implementation
management related to the Bank’s compliance risk. The of good corporate governance in every business activity
Prinsip 9 Board of Commissioners must determine the compliance and corporate governance policies. including the
Compliance function and provide approval for policies and processes implementation of compliance. The compliance risk
for identification, assessment, monitoring and reporting, assessment in RBBR is reported periodically to the Board
and providing advice on compliance risks. of Commissioners.
The internal audit function must report independent Conduct objective testing of evidence provide an
assurance activities to the Board of Commissioners independent assessment of the adequacy of internal
Prinsip 10 and must support the Board of Commissioners and the control. risk management and governance processes
Internal Audit Board of Directors in encouraging the implementation of within the organization. Internal Audit is directly responsible
effective governance processes and long-term soundness to the President Director and communicates with the Board
of the Bank. of Commissioners through the Audit Committee.
The current remuneration structure of Bank Mandiri
The Bank’s remuneration structure must support the
Prinsip 11 is in accordance with POJK No. 45/POJK.03/2015 on
implementation of corporate governance and risk
Compensation the implementation of Governance in the Provision of
management.
Remuneration for Commercial Banks.
Bank Mandiri consistently applied the principle of
information transparency by providing accurate, up-to-date,
and reliable access to information for all stakeholders.
Prinsip 12 The implementation of governance from the Bank must Bank Mandiri regularly updated its website, www.
Disclosure and be carried out transparently to Shareholders. Depositors. bankmandiri.co.id, to ensure the availability of the most
Transparency other relevant Stakeholders and Market Participants current information for stakeholders. In addition, Bank
Mandiri’s information disclosure was carried out through
the Annual Report, Sustainability Report, Public Expose, and
other official communication channels.
CORPORATE GOVERNANCE STRUCTURE
AND MECHANISM
BANK MANDIRI GOVERNANCE FRAMEWORK
To ensure adherence to the highest standards of corporate governance. Bank Mandiri implements a governance
framework in line with the Law of the Republic of Indonesia, including Law No. 40 of 2007 on Limited Liability
Companies, as well as regulations from the Financial Services Authority (OJK). This governance framework
encompasses three critical aspects: Governance Structure (and infrastructure), Governance Process, and Governance
Outcome. Each of these components plays a vital role in ensuring the Bank’s sustainability, accountability, and
overall effectiveness in delivering long-term value to its stakeholders.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 481
Page 484
Bank Mandiri’s governance framework reflect its commitment to sustainable business practices, regulatory
compliance, and stakeholder engagement. Through continuous improvement of its governance mechanisms, the
CORPORATE GOVERNANCE
Bank ensures long-term success and builds a foundation for ethical and transparent growth, in line with the laws
and regulations of the Republic of Indonesia.
GOVERNANCE STRUCTURE (AND INFRASTRUCTURE)
1. The Three Key Organs
In accordance with Law No. 40/2007 on Limited Liability Companies, Bank Mandiri’s governance structure
consists of three primary organs:
a. General Meeting of Shareholders (GMS). The highest decision-making body, where shareholders
exercise their rights and approve major decisions such as the appointment of members of the Board
of Commissioners and Board of Directors, distribution of dividends, and amendments to the Articles of
Association.
b. Board of Commissioners. Responsible for overseeing the management of the company and providing
advice to the Board of Directors. The Board of Commissioners operates independently and is supported by
committees such as the Audit Committee, Risk Oversight Committee, and Nomination and Remuneration
Committee.
c. Board of Directors. Holds the executive function, responsible for managing the Bank’s day-to-day
operations and ensuring alignment with the company’s strategic goals. The Board of Directors is
supported by a comprehensive management infrastructure that ensures operational excellence across
all divisions.
Bank Mandiri Governance Structure
Corporate Structure
Transparency Accountability Responsibility Independence Fairness
Major Organs
Board of
GMS Board of Directors
Commissioners
Secretary of Board of
Supporting Organ Checks & Balances Corporate Secretary
Commissioners
Risk Management
Audit Committee Business Committee
Committee
Remuneration & Credit Policy Capital & Subsidiaries
Nomination Committee Committee Committee
Risk Oversight Human Capital Policy
Credit Committee
Committee Committee
Information Technology
Integrated Governance Integrated Risk
& Digital Banking
Committee Committee
Committee
Social & Environmental Policy & Procedure
Responsibility Committee Committee
Assets & Liabilities Transformation
Management Committee Committee
482 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 485
2. Governance Infrastructure
CORPORATE GOVERNANCE
Bank Mandiri’s governance infrastructure includes:
a. Bank Mandiri Policy Architecture. A structured hierarchy of policies and guidelines that define how
corporate governance principles are implemented throughout the Bank. This framework ensures
consistency, accountability, and regulatory compliance across all functions and business units.
b. Mandiri Group Principles Guidelines. A guiding document for governance across the financial
conglomeration, ensuring uniformity in policy execution and best practices within the group.
c. Committees and Supporting Bodies. Committees such as the Audit Committee, Risk Oversight Committee,
and Integrated Governance Committee ensure checks and balances at every level. These committees are
crucial for maintaining transparency, managing risks, and aligning with regulatory requirements.
Mandiri Group Principle
Guidelines “MGPG”
Articles of Association Articles of Association Articles of Association
Policy Policy Policy
Corporate Governance
Procedure Standard Procedure Standard Procedure Standard
Philosophy
Guiding Principles for the Management of Mandiri Subsidiaries “MSMPG”
Technical Guidelines Technical Guidelines Technical Guidelines
Company Value Culture
Business Ethics and Code of Conducts
Bank Mandiri also has a governance soft structure that serves as the foundation for operational implementation.
based on the following regulations and policies:
1. Bank Mandiri’s Articles of Association, approved by the Minister of Law of the Republic of Indonesia through
notification acceptance letter No. AHU-AH.01.03-0113069 dated 25 April 2025 and registered in the Company
Register No. AHU-0090215.AH.01.11 Year 2025 on 25 April 2025.
2. Bank Mandiri’s Policy Architecture, updated and approved on 19 August 2021.
3. Mandiri Subsidiaries Management Principles Guideline (MSMPG), updated and approved on 23 July 2025.
4. Guidelines for the Rules of Procedure of the Board of Directors, through Board of Directors Decree No. KEP.
DIR/020/2025 dated 17 April 2025.
5. Risk Management Policy, updated and approved on 1 October 2024.
6. Guidelines for the Rules of Procedure of the Board of Commissioners, through Board of Commissioners Decree
No. KEP.KOM/007/2025 dated 1 December 2025.
7. Integrated Governance Guidelines, updated and approved by the Board of Commissioners on 25 March 2024.
8. Charter of the Integrated Governance Committee, through Board of Commissioners Decree No.KEP.
KOM/009/2025 dated 16 December 2025.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 483
Page 486
9. Charter of the Audit Committee and Audit 1. Decision-Making Process
Committee Code of Ethics, through Board of The decision-making process at Bank Mandiri
CORPORATE GOVERNANCE
Commissioners Decree No. KEP.KOM/011/2025 is governed by the fundamental principles of
dated 16 December 2025. Corporate Governance, guided by various prevailing
10. Charter of the Risk Monitoring Committee, laws and regulations. This ensures that:
through Board of Commissioners Decree No. KEP. a. General Meetings of Shareholders (GMS)
KOM/008/2025 dated 16 December 2025. are conducted annually with clear agendas,
11. Charter of the Remuneration & Nomination enabling shareholders to make informed
Committee, through Board of Commissioners decisions.
Decree No. KEP.KOM/010/20245 dated 16 b. Board of Commissioners meetings are held
December 2025. regularly to evaluate the performance of
12. Operational Policy, updated and approved on 1 the Board of Directors and provide strategic
October 2024. direction.
13. Legal and Compliance, updated and approved on c. Board of Directors implements decisions and
18 December 2025. oversees operational execution with detailed
14. The Anti-Money Laundering Standard, Prevention reporting to the Board of Commissioners.
of Terrorism Financing, and Prevention of
Proliferation of Weapons of Mass Destruction 2. Risk Management
Policy (AML, CTF, and PPWMDP), updated and A cornerstone of the governance process at Bank
approved on 18 December 2025. Mandiri is a robust risk management system. The
15. Risk Management Operating Standard Procedures, Risk Oversight Committee plays a key role in:
updated and approved on 8 January 2025. a. Identifying and mitigating risks across all
16. Corporate Secretary Standard Procedures, updated levels of the Bank’s operations.
and approved on 28 May 2025. b. Ensuring compliance with OJK regulations on
17. Procurement Operating Standard Procedures, risk management for financial institutions.
updated and approved on 22 May 2025. c. Monitoring credit, operational, market, and
18. Standard Procedures for Work Plan and Budget liquidity risks to safeguard the Bank’s financial
(RKAP), Bank Business Plan (RBB), and Corporate stability.
Plan, updated and approved on 24 December 2025.
19. Accounting Standard Procedures, updated and 3. Policy Implementation and Compliance
approved on 9 September 2025. Bank Mandiri employs a comprehensive
20. Operating Standard Procedures for Credit compliance function that ensures adherence to
Collection & Recovery Wholesale, updated and OJK regulations, Bank Indonesia policies, the
approved on 10 July 2025. Anti-Money Laundering, Prevention of Terrorism
21. Operating Standard Procedures for Credit Financing, and Prevention of Proliferation of
Collection & Recovery Retail, updated and approved Weapons of Mass Destruction Policy (AML, CTF,
on 1 September 2025. and PPWMDP). The Compliance Unit works closely
22. IT Operational Guidelines, updated and approved with all business units to ensure the Bank operates
on 30 December 2025. within the legal and regulatory frameworks.
23. Internal Audit Standard Procedures, updated and
approved on 14 January 2025.
24. Human Resources Standard Procedures, updated GOVERNANCE OUTCOME
and approved on 1 November 2025.
25. Technical Operational Guidelines for Individual and The ultimate goal of Bank Mandiri’s governance
Integrated Governance Self-Assessment, updated framework is to ensure sustainable and ethical
on 19 December 2025. business practices that lead to long-term value creation
for all stakeholders. The governance outcomes can be
GOVERNANCE PROCESS categorized into several key areas:
The governance process involves how decisions are 1. Financial Performance and Sustainability
made, how risks are managed, and how the company’s By maintaining a strong governance structure and
objectives are achieved. Bank Mandiri follows a process, Bank Mandiri has consistently delivered
structured and transparent process to ensure the robust financial results, demonstrated by:
integrity and accountability of its operations. a. Sustainable growth in revenue and profitability,
as reflected in its annual financial reports.
484 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 487
b. Effective cost management and operational MECHANISMS OF CORPORATE
efficiency, leading to enhanced shareholder GOVERNANCE
CORPORATE GOVERNANCE
value.
Corporate governance mechanism is a process
2. Accountability and Transparency to implement governance principles supported by
Through adherence to corporate governance the adequacy of bank governance structure and
principles and regulatory requirements, Bank infrastructure, producing outcomes compatible
Mandiri promotes transparency in all its financial with the stakeholders’ expectation. The process to
disclosures and reporting. This is evident through: implement corporate governance is inherent to the
a. Clear and timely reporting to shareholders structure of corporate governance as follows.
during the GMS.
b. Publication of audited financial statements Shareholders
that provide a comprehensive view of the
Bank’s performance. Shareholder is an individual or a legal entity who lawfully
c. Regular communication with stakeholders. owns one or more share in a Company. Shareholders
ensuring alignment of interests and clear are owners of the Company. Company’s Share is a
understanding of the Bank’s strategic share on behalf of and is issued by the owners who are
direction. registered in the List of Shareholders and which consist
of:
3. Social Responsibility and ESG
Bank Mandiri’s governance structure also supports 1. Series A Dwiwarna Share that may only be owned
the Bank’s commitment to Environmental, Social, by the Republic of Indonesia.
and Governance (ESG) goals. The Bank has 2. Series B Share that may be owned by the Republic
implemented policies and initiatives aligned with of Indonesia and/or the Citizens.
sustainability and community empowerment,
contributing to the broader Sustainable Shareholders’ Rights
Development Goals (SDGs):
As a state-owned enterprise, the majority shareholding
a. Focus on responsible lending to sectors of Bank Mandiri was previously held by the Government
aligned with sustainability objectives. of the Republic of Indonesia through the State Owned
b. Implementation of environmental Enterprises Governance (BP BUMN). Pursuant to
sustainability initiatives within its operations, Government Regulation No. 15 of 2025 concerning the
such as reducing carbon emissions and Additional State Equity Participation of the Republic of
promoting energy efficiency. Indonesia into the Share Capital of PT Biro Klasifikasi
c. Active engagement in community Indonesia (Persero) which as of June 5, 2025, was
development programs, reinforcing its social renamed PT Danantara Asset Management (DAM)
responsibility role. for the establishment of an Operational Holding, the
Government transferred all of its 48.533.333.333
4. Long-Term Value Creation Series B shares in Bank Mandiri to DAM as part of the
Through strong corporate governance, Bank additional state equity participation. The transfer was
Mandiri has positioned itself as a trusted executed under Deed No. 121 dated March 22, 2025.
financial institution that delivers consistent drawn up by Notary Jose Dima Satria. S.H.. M.Kn., and
value to shareholders while balancing the needs became effective on March 24, 2025.
of customers, employees, and the broader
community. The governance framework enables: Following the transfer. the Government of the Republic
a. Strategic decision-making that prioritizes of Indonesia retains one Series A Dwiwarna share and
long-term goals over short-term gains. continues to act as the controlling shareholder of Bank
b. Resilience to external challenges, such as Mandiri. There are no indirect controlling shareholders,
economic downturns or regulatory changes. no individual ownership, and no shareholders acting on
by maintaining a well-managed risk profile. behalf of others.
With a comprehensive governance framework, Bank
Mandiri remains committed to sustainable business
practices, long-term growth, and compliance with the
laws and regulations in Indonesia.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 485
Page 488
b. Approving capital change.
c. Approving the appointment and dismissal of
CORPORATE GOVERNANCE
members of the Board of Directors and Board
PT Bank Mandiri (Persero) Tbk of Commissioners.
d. Approval of merger, consolidation, acquisition,
segregation, dissolution of the Company.
e. Approving the remuneration of the Board of
Directors or Board of Commissioners.
f. Approving asset transfer and assurance which
requires GMS approval as per the Articles of
Association.
g. Approving the investment and reduction to
the percentage of capital investment at other
company which requires GMS approval as per
the Articles of Association.
h. Approving the utilization of profit.
i. Approving the non-operational investment
Shareholder
and long-term funding which requires GMS
Republic of Indonesia - Series A Dwiwarna approval as per the Articles of Association
0.00%
2. Right to propose GMS agenda.
PT Danantara Asset Management 3. Right to request and access company data and
52.00%
(Persero) –Series B Common Shares documents.
4. Right to propose candidates of Board of
Indonesia Investment Authority 8.00%
Directors members and candidates of Board of
Public 40.00% Commissioners members.
In addition to the above privileges, certain actions of
At the time of establishment, the state equity investment the Board of Directors with certain criteria must obtain
by the Republic of Indonesia to Bank Mandiri was written approval from the Board of Commissioners
undertaken based on Government Regulation No. 75 and Series Shareholders A Dwiwarna as stipulated
of 1998 on State Equity Investment of the Republic in Article 12 paragraph (7) and parapgraph (8) Bank
of Indonesia for the Establishment of Limited Liability Mandiri’s Articles of Association.
Company in Banking Field dated 1 October 1998.
Rights of General Shareholders
The equity investment was undertaken by altering
state held shares to the ex-legacies of Bank Mandiri: Bank Mandiri Shareholders, both Holders of Series A
Bank Bumi Daya, Bank Dagang Negara, Bank Ekspor Dwiwarna Share and Holders of Series B Share, have
Impor Indonesia and Bank Pembangunan Indonesia. the same right in addition to the Special Right of Series
A Dwiwarna Share above and as long as not regulated
As the majority shareholder, the Government of the otherwise by the Company’s Articles of Association, as
Republic of Indonesia currently holds 52% ownership, follows:
equivalent to 48.533.333.334 shares, which have 1. The right to attend, express opinions, and vote in a
been transferred to PT Danantara Asset Management GMS based on one share.
(DAM) as part of the state equity participation under 2. Each Shareholder has the right of 1 (one) vote/
Government Regulation No. 15 of 2025. Out of the share (one share one vote).
total shares, one share is a Series A Dwiwarna share, 3. Obtain an explanation of the voting procedure
which remains directly owned by the Government of before the GMS begins.
the Republic of Indonesia and grants special control 4. The voting mechanism is done by the polling
rights over Bank Mandiri. method.
5. Opportunity to propose an agenda in GMS.
Series A Dwiwarna shareholder is entitled to the 6. Opportunity to grant authority to another party if a
following privileges that other shareholders do not hold: shareholder is unable to attend the GMS.
1. Right to approve the following matters in GMS: 7. Reveal practices to encourage involvement of
a. Approving the Amendment to the Company’s Shareholders outside the GMS.
Articles of Association. 8. To propose questions in every agenda discussion
and every decision of GMS agenda.
486 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 489
9. Opportunity to vote as agree, disagree, or abstain Policy of Relationship with Shareholders
in every proposal of decision of GMS agenda.
CORPORATE GOVERNANCE
10. Right to obtain information regarding the company As a Public Company, Bank Mandiri strives to provide
in manners that are on time, correct, and regular, accurate, periodic, and up-to-date information to
except for matters that are confidential. Shareholders. Currently, communication activity to
11. Right to obtain part of the Company’s profit the Shareholders in Bank Mandiri is managed by the
that is allocated for Shareholder in the form of Corporate Secretary and Investor Relations. Pursuant
dividend and another distribution of profit, which to Article 5 of POJK No. 35/POJK.04/2014 concerning
is proportional to the number of owned shares. the Corporate Secretary of Issuers or Public Companies,
12. Right to obtain comprehensive description one of the functions of Corporate Secretary is as
and accurate information regarding procedure a liaison between the Company and shareholders,
that needs to be executed in relation to the OJK, and other stakeholders. The internal policy
implementation of GMS. regulating the relationship between Bank Mandiri and
Shareholders is the Policy and Standard Operating
Responsibilities of Shareholders Procedure of Corporate Secretary which, among others,
regulates the Corporate Communication Activity.
In addition to the rights and authorities, Bank Mandiri
Shareholders as the capital owners also have Equal Treatment to Shareholders
responsibilities that must be fulfilled to the Company.
Pursuant to the regulations of the Capital Market, Bank
Controlling Shareholders Mandiri upholds equality principles for all shareholders
(majority or minority). This commitment is reflected in
Their responsibilities are as follows: the internal regulations as stated in the Bank Mandiri
1. Controlling shareholders must be able to: Operations Policy and Standard Operating of Bank
a. Consider the interests of minority Mandiri Corporate Secretary that are periodically
shareholders and stakeholders pursuant reviewed, regulating equal rights for all shareholders
to the applicable conditions and laws and to attain information transparency from Bank Mandiri,
regulations; such as information on the company performance,
b. In the event of alleged violation to the laws financial information, and other information required
and regulations or as requested by relevant by all shareholders.
authority, names of shareholders and
ultimate shareholders shall be disclosed Equal treatment to shareholders is also reflected in the
to law enforcement authorities regarding implementation of the Company GMS. Each shareholder
the ultimate controlling shareholders, or as is entitled to propose the GMS agenda to the Company.
requested by relevant authority.
Shareholder Aspect
2. As for controlling shareholders with shares in
several public companies, they have to be open Bank Mandiri consistently positions its shareholders as
with regard to accountability and relationship strategic partners in supporting sound and sustainable
between public companies. business operations. As the majority shareholder. the
Government of the Republic of Indonesia through PT
All Shareholders Danantara Asset Management (DAM) demonstrates
strong commitment and responsibility in strengthening
The shareholders’ responsibilities are as follows: the Bank’s capital structure through support for capital
1. Distinguishing the ownership of the property of planning and policies to ensure business continuity and
public company and personal property. financial resilience. This commitment is reflected in the
2. Distinguishing their functions as shareholders and approval of strategic initiatives that reinforce capital
members of Board of Commissioners or Board of adequacy, liquidity, and the resolution of potential
Directors in the event that shareholders serve in issues that may affect the Bank’s stability.
one of those organs.
3. Shareholders who have particular interests are not In making strategic decisions. shareholders uphold
allowed to vote. good governance principles by refraining from
4. Minority shareholders are responsible to exercise intervention, personal gain, or any actions that may
their rights effectively pursuant to the Articles of create conflicts of interest. Shareholders also do not
Association of the Company as well as the laws intervene in the Bank’s operational matters, including
and regulations. the appointment, replacement, and/or dismissal of
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 487
Page 490
members of the Board of Directors, thereby maintaining the independence of the Bank’s intermediation function
in accordance with prudential principles.
CORPORATE GOVERNANCE
Bank Mandiri has established clear and transparent dividend policies that are regularly reviewed and updated.
These policies are communicated openly to all shareholders through various channels, including the Bank’s
official website. General Meetings of Shareholders (GMS), formal meetings, and other communication media. In
accordance with OJK regulations on Bank Governance, the Financial Services Authority (OJK) has the authority
to instruct or require the Bank to postpone, limit, or prohibit dividend distribution, or to convene a GMS to cancel
dividend distribution when deemed necessary, taking into account internal and external conditions.
In implementing fair corporate governance practices, Bank Mandiri ensures the protection of the rights and
interests of all shareholders, including minority shareholders. The Bank guarantees that shareholders are entitled
to timely financial reports. voting rights in GMS, the right to express dissent on corporate actions, and the right to
receive dividends as approved in the GMS in accordance with applicable laws and regulations. To further protect
shareholder interests, Bank Mandiri has established a communication policy that facilitates consultation and
active participation of shareholders in supporting the Bank’s sustainability and long-term growth.
488 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 491
GENERAL MEETING OF SHAREHOLDERS
CORPORATE GOVERNANCE
The General Meeting of Shareholders (GMS) embodies Bank Mandiri’s commitment to transparent and
participatory governance. It provides a platform for shareholders to actively shape the Bank’s strategic direction
and key corporate decisions. Each resolution made reflects a balance between shareholder interests, business
sustainability, and the management’s accountability in upholding public trust.
The General Meeting of Shareholders (GMS) serves The Company’s GMS
as the highest decision-making forum within Bank
Mandiri’s corporate governance structure. Through The GMS consists of the Annual GMS (AGMS) and the
the GMS, shareholders exercise their rights to provide Extraordinary GMS (EGMS). The AGMS must be held
strategic direction and make key decisions that ensure no later than six months after the end of the financial
the Bank’s sustainability. These decisions include year. while the EGMS may be convened at any time
fundamental matters such as the appointment and when necessary, in accordance with prevailing laws
dismissal of members of the Board of Commissioners and the Company’s Articles of Association.
and the Board of Directors, approval of the annual
financial statements, determination of dividend The AGMS is held annually to review the Company’s
distribution, and amendments to the Articles of performance in the previous fiscal year, approve
Association. The GMS thus ensures direct shareholder financial statements. determine dividend distribution,
involvement in shaping the strategic direction and and appoint or dismiss members of the Board of
future of the Bank. Directors and the Board of Commissioners. Meanwhile,
the EGMS is convened to address urgent or exceptional
In addition, the GMS provides shareholders with the matters outside the AGMS agenda, such as mergers,
opportunity to express opinions and obtain relevant acquisitions, or capital restructuring. This flexibility
information about the Company, provided it aligns enables the Bank to respond swiftly to strategic
with the meeting agenda and applicable laws. It matters requiring shareholder approval.
also functions as an accountability platform, where
the Board of Directors and Board of Commissioners In addition, Bank Mandiri may conduct GMS
present their performance and responsibilities for the electronically in accordance with capital market
financial year. regulations, ensuring efficiency, transparency, and
alignment with technological advancements.
The GMS is conducted in accordance with the principles
of transparency, accountability, and fairness, ensuring Pursuant to Article 20 of the Articles of Association,
that all shareholders are granted equal rights and the Company may conduct the GMS electronically
access to information, as well as equitable participation (hereinafter referred to as “e-GMS”) by using the e-GMS
in the decision-making process. provided by:
1. Depository and Settlement Institution appointed by
Legal Basis of GMS Implementation regulators in Capital Market;
2. Provider of e-GMS, namely the party that provides
Implementation of GMS in Bank Mandiri refers to the and manages the e-GMS; or
following regulations: 3. Company; as specifically stipulated in the Capital
1. Law No. 40 of 2007 concerning Limited Liability Market regulations.
Company.
2. POJK No. 15/POJK.04/2020 concerning the The GMS Authorities
Plan and Implementation of General Meeting of
Shareholders of a Public Company. The GMS has authorities stipulated by law, including:
3. Financial Services Authority Regulation (POJK) 1. Appoint and discharge members of the Board of
No. 14 of 2025 concerning the Implementation Commissioners and/or the Board of Directors;
of Electronic General Meetings of Shareholders,
Bondholders’ Meetings, and Sukukholders’
Meetings.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 489
Page 492
2. Determine remuneration for the Board of Commissioners and the Board of Directors;
3. Evaluate performance of the Board of Commissioners and the Board of Directors;
CORPORATE GOVERNANCE
4. Ratify amendments to the Articles of Association.
5. Approve the annual report;
6. Determine allocations of profits including dividend distribution to shareholders;
7. Appoint public accountant;
8. Approve corporate actions in relation to the Company’s stewardship.
The GMS resolutions are made based on the Company’s long-term business interests. The GMS and/or shareholders
cannot intervene the implementation of duties, functions and authorities of the Board of Commissioners and the
Board of Directors notwithstanding GMS authorities in accordance with the Articles of Association as well as laws
and regulations.
Rights of Shareholders in the GMS
Pursuant to the Company’s Articles of Association, the following are the shareholders’ rights in the GMS:
1. Shareholders, either alone or represented based on a proxy, are entitled to attend the GMS.
2. Shareholders who are entitled to attend the GMS are shareholders whose names are recorded in the Company’s
Register of Shareholders 1 (one) working day prior to the GMS invitations.
3. In the event of the second GMS and third GMS, the provisions for shareholders who are entitled to attend are
as follows:
a. for the second GMS, the shareholders who are entitled to attend are shareholders registered in the
Company’s Register of Shareholders 1 (one) working day before the invitations of the second GMS; and
b. for the third GMS, the shareholders who are entitled to attend are shareholders registered in the
Company’s Register of Shareholders 1 (one) working day prior to the invitations of the third GMS.
4. In the event of a recall, the shareholders who are entitled to attend the GMS are shareholders whose names
are recorded in the Company’s Register of Shareholders 1 (one) working day prior to the GMS recall.
5. In the event that the invitations correction does not result in a recall, the shareholders who are entitled to
attend follow the shareholder provisions as referred to in letter b above.
Process of GMS Implementation and Voting
1 3 5
2 4 6
Notification GMS GMS Submission of Announcement of GMS
to OJK Announcement Invitation GMS Minutes GMS Result Implementation
Quorum Provision
The quorum provisions regarding the attendance and resolutions of GMS, in relation to matters that must be
resolved, were executed as follows:
1. The meeting is attended by shareholders who represent more than 1/2 (one half) of the entire shares with
valid voting rights, and resolutions are valid when agreed by more than 1/2 (one half) of the entire number of
shares with voting rights which were present in the Meeting, unless the Law and/or Articles of Association of
the Company determines a higher quorum.
2. In the event that presence quorum as specified is not achieved, the second GMS is valid and is entitled to
make binding resolutions when attended by shareholders who represent minimum 1/3 (one third) of the
entire shares with valid voting rights, and resolutions are valid when agreed by more than 1/2 (one half) of the
entire number of shares with voting rights which were present in the Meeting, unless the Law and/or Articles
of Association of the Company determines a higher quorum.
490 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 493
3. In the event that attendance rate of the second GMS as specified is not achieved, the third GMS can be
held under the condition that it is valid and is entitled to make decisions when attended by shareholders
CORPORATE GOVERNANCE
of shares with valid voting rights, within a presence quorum and requirement to make decision that are
determined by Financial Services Authority at the Company’s request.
Decision Making Mechanisms
The decision-making mechanism in the meeting is conducted by deliberation to reach consensus. However if
deliberation for consensus was not reached, then the decision making in the Meeting was conducted in a way
voting. Voting is carried out verbally with shareholders who vote disagree or abstain being asked to submit the
sound card. Voting is conducted transparently, except for the agenda of the change of management that is
carried out by closed voting.
THE 2025 GMS’ AND REALIZATIONS
In 2025, Bank Mandiri held 3 (three) GMS, namely the Annual GMS which was held on 25 March 2025 at the Plaza
Mandiri Auditorium, Jakarta, and 2 (two) Extraordinary GMS which was held on 4 August 2025 at the Assembly
Hall of Menara Mandiri, Jakarta, and 19 December 2025 electronically.
The stages of 2025 GMS’ are illustrated below.
IMPLEMENTATION OF 2025 ANNUAL GMS
The stages of 2025 Annual GMS are illustrated in the following table.
Implementation of the 2025 Annual GMS
No. Activities Implementation Date Information
Submitted to OJK through a letter signed by the Board of Directors of
Bank Mandiri No. CEO/027/2025 dated 17 January 2025 regarding the
1 Notification of GMS to OJK 17 January 2025
Implementation of the Annual General Meeting of Shareholders of PT Bank
Mandiri (Persero) Tbk for the 2025 Financial Year.
Conducted through information disclosure on:
› Bank Mandiri Website.
› Indonesia Stock Exchange Website.
Announcement of GMS to › Website of PT Kustodian Sentral Efek Indonesia.
2 3 February 2025
Shareholders
The proof of GMS announcement has been reported by the Company to the
OJK and the Indonesia Stock Exchange on the same day through Letter No.
CRL.CSC/CMA.0032/2025 dated 3 February 2025.
Conducted through information disclosure on:
› Bank Mandiri Website.
› Indonesia Stock Exchange Website.
Announcement of GMS › Website of PT Kustodian Sentral Efek Indonesia.
3 14 February 2025
Reschedule to Shareholders
The proof of GMS announcement has been reported by the Company to the
OJK and the Indonesia Stock Exchange on the same day through Letter No.
CRL.CSC/CMA.583/2025 dated 14 February 2025.
Conducted through information disclosure on:
› Bank Mandiri Website.
› Indonesia Stock Exchange Website.
4 GMS Invitation to Shareholders 3 March 2025 › Website of PT Kustodian Sentral Efek Indonesia.
The proof of GMS invitation has been reported by the Company to the OJK
and the Indonesia Stock Exchange on the same day through Letter No. CRL.
CSC/CMA.0032/2025 dated 3 February 2025.
The Meeting was presided over by Mr. Muhamad Chatib Basri, as the
President/Independent Commissioner, who was appointed based on the
Resolution of Meeting of Board of Commissioners of the Company dated 16
5 Pelaksanaan RUPS 25 Maret 2025
January 2025 complying with the Minutes of the Board of Commissioners
Meeting No. DK.INT/2/2025, and attended by Members of the Board of
Commissioners and the Board of Directors of the Company.
The GMS was attended by 10 members of the Board of Commissioners and
11 members of the Board of Directors.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 491
Page 494
No. Activities Implementation Date Information
Shareholders and proxies as the representatives of shareholders who were
CORPORATE GOVERNANCE
present either physically or electronically through the Electronic General
Meeting System of the Kustodian Sentral Efek Indonesia/Indonesian
Central Securities Depository (hereinafter referred to as "eASY.KSEI") totally
represented 82,989,847,082 shares including Dwiwarna Series A Share or
constituting 88.9176933% of the total shares with valid voting rights that
have been issued by the Company until the day of the Meeting, namely as
many as 93,333,333,332 shares consisting of:
› 1 (one) Dwiwarna Series A share; and
› 93,333,333,331 Series B shares;
by taking into account the Company's Shareholders Register on 28 February
2025 until 16.00 Western Indonesia Time Zone.
The Company provides GMS Rules of Conduct to all shareholders in the
form of soft copies, both at the time of the Invitations uploaded on the
Company’s website and during the GMS implementation which is available
through barcode scans and the procedures are read before the start of the
GMS.
Shareholders are given the opportunity to ask questions in accordance with
the agenda of the Meeting in each agenda discussed in the Annual GMS.
Voting is conducted orally where the shareholder who casts a vote of
disapproval or abstains is asked to submit his or her ballot card. Especially
for meetings involving a particular person, voting is conducted by an
unsigned closed letter and all shareholders present submit the ballot card.
The results of the GMS have been announced and uploaded on:
› Bank Mandiri Website
› Indonesia Stock Exchange Website
› Website of PT Kustodian Sentral Efek Indonesia
in Indonesia and English.
6 Announcement of GMS Results 26 March 2025
The proof of GMS Result Announcement has been reported by the Company
to the OJK and the Indonesia Stock Exchange on the same day through Letter
No. CRL.CSC/CMA.1335/2025 dated 26 March 2025 and has been reported
through the Electronic Reporting System of OJK and the Indonesia Stock
Exchange.
The submission of minutes of the GMS to OJK has given due observance
to the time limit in accordance with the provisions of POJK No. 15/
7 Submission of GSM Minutes 26 March 2025 POJK.04/2020 and submitted through Letter No. CRL.CSC/CMA.1335/2025
dated 26 March 2025 and uploaded to the Bank Mandiri website on the same
day.
Attendance Recapitulation at 2025 Annual GMS
The 2025 Annual GMS was attended by all the Board of Commissioners. Directors and Audit Committee of Bank
Mandiri, with detailed as follows:
Recapitulation of Attendance at the 2025 Annual GMS
No. Name Position Attendance
Board of Commissioners
1 Muhamad Chatib Basri President Commissioner/Independent
2 Zainudin Amali Vice President Commissioner/ Independent
3 Rr. Loeke Larasati Agoestina Independent Commissioner
4 Muliadi Rahardja Independent Commissioner
5 Heru Kristiyana Independent Commissioner
6 Rionald Silaban Commissioner
7 Faried Utomo Commissioner
8 Arif Budimanta Commissioner
9 Muhammad Yusuf Ateh Commissioner
10 Tedi Bharata Commissioner
Board of Directors
1 Darmawan Junaidi President Director
2 Alexandra Askandar Vice President Director
3 Agus Dwi Handaya Compliance and HR Director
4 Riduan Corporate Banking Director
492 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 495
No. Name Position Attendance
CORPORATE GOVERNANCE
5 Toni Eko Boy Subari Operation Director
6 Rohan Hafas Institutional Relation Director
7 Sigit Prastowo Financial and Strategic Director
8 Timothy Utama Information Technology Director
9 Eka Fitria Treasury and International Banking Director
10 Danis Subyantoro Risk Management Director
11 Totok Priyambodo Commercial Banking Director
12 Aquarius Rudianto *)
Network and Retail Director -
*) Absent following his appointment pursuant to the resolution of the AGM of Shareholders of PT Bank Rakyat Indonesia (Persero) Tbk dated 24 March 2025
Meeting Agenda
The Meeting was held with the following Agenda:
1. Approval of the Annual Report and Ratification of the Company's Consolidated Financial Statements.
Approval of the Board of Commissioners' Supervisory Tasks Report as well as Ratification of the Financial
Statements of the Micro and Small Business Funding Program (“PUMK”) for the Financial Year of 2024, as
well as the granting a full release and discharge (volledig acquit et de charge) to the Board of Directors for
the management duties of the Company and to the Board of Commissioners for the supervisory Duties of the
Company that have been dedicated by them during the Financial Year of 2024.
2. Approval for the utilization of the Company's Net Profits for the Financial Year of 2024.
3. Determination of salary/honorarium including facilities, and benefits of the Financial Year of 2025, as well as
tantiem (bonus)/performance incentives/special incentives for the performance of the Financial Year of 2024
and/or long-term incentives for the period of years 2025-2027 for the Board of Directors and the Board of
Commissioners of the Company.
4. Determination of the Public Accountant and/or Public Accounting Office for performing an audit of the
Company's Consolidated Financial Statements and Financial Statements of the Micro and Small Business
Funding Program (PUMK) for the Financial Year of 2025.
5. Approval of the Company's Recovery Plan update.
6. Approval of Amendment to the Company's Articles of Association.
7. Approval of Buyback Plan of the Company’s shares And the Transfer of the Shares Resulted from the Buyback
Which Are Kept as the Treasury Stock.
8. Changes in the composition of the Company's Board of Management.
Questions & Answers Session
In each Agenda of the Meeting. the opportunity was given to Shareholders and proxies of Shareholders of the
Company who were present physically or electronically to submit questions and/or opinions. In the First Agenda
of the Meeting, the Series A Dwiwarna shareholder through his/her proxy provided a response that was delivered
directly and there were no questions or responses/input.
Furthermore, in the Second Agenda of the Meeting, the Third Agenda of the Meeting, the Fourth Agenda of the
Meeting and the Sixth Agenda of the Meeting, there were no shareholders and proxies of shareholders who
submitted questions and/or opinions. In the Fifth Agenda of the Meeting, there was 1 (one) questioner. In the
Seventh Agenda of the Meeting, there were 2 (two) questioners and for the Eighth Agenda of the Meeting, there
was 1 (one) 1 (one) questioner, however as the question was not relevant to the Eighth Agenda of the Meeting, the
question was not read out.
Resolutions-Making Mechanism
The resolutions-making mechanism in the Meeting was carried out by deliberation to reach a mutual consensus
in accordance with Article 40 of the OJK Regulation No. 15/POJK.04/2020 concerning Plan and Performance of
the General Meeting of Shareholders of Public Companies (POJK No.15/2020) with due observance of Article 28
of POJK No.15/2020. In the event the deliberation for reaching a mutual consensus is not reached, the resolution
shall be taken by voting, accordingly. The voting mechanism was performed openly which is counted from the
votes validly cast in the Meeting and through eASY.KSEI, except for the Eighth Meeting Agenda where the voting
was carried out using the unsigned folded ballots.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 493
Page 496
Independent Party for Voting Count
CORPORATE GOVERNANCE
The Company has appointed an independent party, i.e. Notary Utiek R. Abdurachman SH., MLI., MKn and PT Datindo
Entrycom as Share Registrar for performing the votes count and/or validation.
Meeting Resolutions
Performance of the Meeting and resolutions of each Meeting Agenda have been stated in the deed of "Minutes of
the Annual General Meeting of Shareholders of the Limited Liability Company (Persero) PT Bank Mandiri Tbk” or
abbreviated as PT Bank Mandiri (Persero) Tbk” dated 25 March 2025 Number 23, the minutes of which is drawn up
before the Notary Utiek R. Abdurachman SH., MLI., MKn. that principally resolved the followings:
RESOLUTIONS OF THE 2025 ANNUAL GMS
AGENDA 1
Approval of the Annual Report and Ratification of the Company's Consolidated Financial Statements.
Approval of the Board of Commissioners' Supervisory Duties Report as well as Ratification of the Financial
Statements of the Micro and Small Business Funding Program (“PUMK”) for the Financial Year of 2024, as
well as the granting a full release and discharge (volledig acquit et de charge) to the Board of Directors for
the management duties of the Company and to the Board of Commissioners for the supervisory duties of the
Company that have been dedicated by them during the Financial Year of 2024.
In the First Agenda of Meeting
Results of the votes count were as follows:
Results Dissenting Abstained Affirmative (Including one Series A Dwiwarna Share)
Number of Shares 4,029 ,102 805,961,390 82,179,856,590
Percentage 0.0048549% 0.9711566% 99.0239885%
In accordance with the provisions of the Meeting Rules that shareholders who do not vote (abstain) are
considered to have cast the same votes as the majority votes of shareholders who cast votes.
Therefore:
The Meeting with majority votes namely 82,985,817,980 shares or constitute of 99.9951451% of the total votes
cast in the Meeting have resolved:
1. Approving the Company's Annual Report including the Board of Commissioners' Report on the
Implementation of the Company's Supervisory Duties for the financial year ended on December 31, 2024.
2. Ratifying:
a. The Company's Consolidated Financial Statements for the financial year ended on December 31, 2024
which was audited by the Public Accounting Office Rintis, Jumadi, Rianto & Rekan (a member firm of
the PricewaterhouseCoopers Global network) in accordance with its report Number 00031/2.1457/
AU.1/07/0229-4/1/II/2025 dated February 5, 2025, with the unqualified opinion in all material respects;
and
b. Financial Statements of the Micro and Small Business Funding Program (PUMK) which was audited by
the Public Accounting Rintis, Jumadi, Rianto & Rekan (a member firm of the PricewaterhouseCoopers
Global network) in accordance with its report Number 00025/2.1457/AU.2/07/0229-4/0/1/II/2025
dated February 3, 2025, with the unqualified opinion in all material respects.
3. By the approval of the Company's Annual Report including the Implementation of the Company’s Board
of Commissioners Supervisory Tasks Report, as well as the ratification of the Company's Consolidated
Financial Statements for the Financial year ended on December 31, 2024, and the Financial Statements
of the Micro and Small Business Funding Program (PUMK) for the Financial Year ended on December
31, 2024, the General Meeting of Shareholders grants a full a release and discharge (volledig acquit at de
charge) to all members of the Board of Directors for the management duties of the Company and to the
Board of Commissioners for the supervisory duties of the Company dedicated during the Financial Year
of 2023 which was ended on December 31, 2024, to the extent that such actions do not constituting a
crime and are reflected in the aforementioned reports.
494 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 497
Follow-up
The Financial Statements and Annual Reports have been submitted to the OJK and the Indonesia Stock
CORPORATE GOVERNANCE
Exchange with the following information:
1. Submission of Financial Statements:
The Financial Statements was also submitted through the OJK Electronic Reporting System and the
Indonesia Stock Exchange.
2. Submission of Annual Report:
a. Submitted to the OJK through Letter No. CRL.CSC/CMA.884/2025 dated 3 March 2025 and the report
is copied to the Indonesia Stock Exchange.
b. The annual report was also submitted through the OJK Electronic Reporting System and the Indonesia
Stock Exchange.
Status : Has been realized
AGENDA 2
Approval for the Use of the Company's Net Profits for the 2024 Financial Year.
In the Second Agenda of Meeting
Results of the votes count were as follows:
Results Dissenting Abstained Affirmative (Including one Series A Dwiwarna Share)
Number of Shares 71,022,747 848,772,238 82,070,052,097
Percentage 0.0855800% 1.0227423% 98.8916777%
In accordance with the provisions of the Meeting Rules, shareholders who do not vote (abstain) are considered
to have cast the same votes as the majority votes of shareholders who cast votes.
Therefore:
The meeting with the majority votes namely 82,918,824,335 shares or constituting 99.9144200% of the total
votes cast in the Meeting have resolved:
Approving the utilization of the Company’s Consolidated Net Profit attributed to the owner of the parent entity
for Financial Year of 2024 amounting to IDR 55,782,741,933,254.00 (fifty five trillion seven hundred eighty two
billion seven hundred forty one million nine hundred thirty three thousand two hundred fifty four rupiah) as
follows:
1. As many as 78% or a total of IDR 43,510,538,707,938.10 (forty three trillion five hundred ten billion five
hundred thirty eight million seven hundred seven thousand nine hundred thirty eight rupiah ten cents) or
IDR 466,184,343,305 (four hundred and sixty six point one eight four three four three three zero five rupiah)
per share is determined as Cash Dividend. The distribution of which will be realized under the following
conditions:
a. The dividend portion of the State of the Republic of Indonesia amounted to IDR22,625,480,128,713.50
(twenty-two trillion six hundred twenty five billion four hundred eighty million one hundred twenty
eight thousand seven hundred thirteen rupiah and fifty cents) will be paid to the account which will be
specified by the Minister of State-Owned Enterprises (BUMN)(Head of the SOE Regulatory Agency).
b. Dividends for Financial Year of 2024 will be distributed proportionally to each Shareholder whose
name is recorded in the Shareholders Register on the recording date.
c. The Board of Directors is given a power and authority with the right of substitution to carry out:
i. Determination of the schedule and distribution procedures related to the payment of dividends
for the Financial Year of 2024 in accordance with the applicable regulations.
ii. Withholding the Dividend tax in accordance with the applicable tax regulations.
iii. Others related to technical issues in accordance with the applicable regulations.
2. As many as 22% or a total of IDR12,272,203,225,315.90 (twelve trillion two hundred seventy two billion two
hundred three million two hundred twenty five thousand three hundred fifteen rupiah and ninety cents) will
be allocated as the retained earnings balance.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 495
Page 498
Follow-up
Bank Mandiri has announced the Schedule and Procedure for the Distribution of Cash Dividends for 2024
Financial Year on 26 March 2025 and has paid cash dividends to shareholders on 23 April 2025.
CORPORATE GOVERNANCE
Status : Has been realized
AGENDA 3
Determination of salary/honorarium including facilities, and benefits of the Financial Year of 2025, as well as
tantiem (bonus)/performance incentives/special incentives for the performance of the Financial Year of 2024
and/or long-term incentives for the period of years 2025-2027 for the Board of Directors and the Board of
Commissioners of the Company.
In the Third Agenda of Meeting
Results of the votes count were as follows:
Results Dissenting Abstained Affirmative (Including one Series A Dwiwarna Share)
Number of Shares 5,518,646,379 869,330,542 76,601,870,161
Percentage 6.6497850% 1.0475143% 92.3027007%
In accordance with the provisions of the Meeting Rules, shareholders who do not vote (abstain) are considered
to have cast the same votes as the majority votes of shareholders who cast votes.
Therefore:
"The meeting with the majority votes, namely 77,471,200,703 shares or constituting 93.3502150% of the total
votes cast in the Meeting have resolved:
1. Approving the granting of the power of attorney and authority the Dwiwarna series A Shareholder to
determine for Members of the Board of Commissioners:
a. Tantiem (Bonus)/Performance Incentive/Special Incentive for the performance of the Financial Year
of 2024 and/or Long-Term Incentive for the Period of Years of 2025-2027 in accordance with the
applicable regulations; and
b. Salary including Benefits and Facilities for the Financial Year of 2025.
2. Approving the granting of the power of attorney and authority to the Board of Commissioners, subject to
a prior written approval from Dwiwarna series A Shareholder to determine for Members of the Board of
Directors:
a. Tantiem (Bonus)/Performance Incentive/Special Incentive for the performance of the Financial Year
of 2024 and/or Long-Term Incentive for the Period of Years of 2025-2027 in accordance with the
applicable regulations; and
b. Salary including Benefits and Facilities for Financial Year of 2025.
Follow-up
Determination of salaries for the Board of Directors and honorarium for the Board of Commissioners, and
allowances, facilities, and/or other benefits for 2025, as well as determination of bonuses for the performance
of the Board of Directors and Board of Commissioners for the financial year ended 31 December 2024 have
been carried out by the Board of Commissioners with prior approval from the Ministry of SOEs.
Status : Has been realized
AGENDA 4
Determination of the Public Accountant and/or Public Accounting Office for performing an audit of the
Company's Consolidated Financial Statements and Financial Statements of the Micro and Small Business
Funding Program (PUMK) for the Financial Year of 2025.
In the Fourth Agenda of Meeting
Results of the votes count were as follows:
Results Dissenting Abstained Affirmative (Including one Series A Dwiwarna Share)
Number of Shares 5,632,202 778,679,490 82,205,535,390
Percentage 0.0067866% 0.9382828% 99.0549305%
496 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 499
In accordance with the provisions of the Meeting Rules, shareholders who do not vote (abstain) are considered
to have cast the same votes as the majority votes of shareholders who cast votes.
CORPORATE GOVERNANCE
Therefore:
The meeting with the majority votes namely 82,984,214,880 shares or constituting 99.9932134% of the total
votes cast in the Meeting have resolved:
1. Approving the appointment of the Public Accounting Office Purwantono, Sungkoro & Surja (a member firm
of Ernst & Young Global Limited) which will carry out an audit of the Company's Consolidated Financial
Statements, Financial Statements of the Company's Micro and Small Business Funding Program (PUMK)
for Financial Year of 2025;
2. Approving the granting of the power of attorney authority to the Board of Commissioners of the Company
to carry out:
a. Appointment of the Public Accountant and/or Public Accounting Office to carry out an audit of the
Company's Consolidated Financial Statements for other periods in the Financial Year of 2025 for the
purposes and interests of the Company; and
b. Determination of the audit service fees and other requirements for the Public Accountant and/or
Public Accounting Office, as well as appointing the Substitute Public Accounting and/or Public
Accounting Office in the event the Public Accounting Office Puwantono, Sungkoro & Surja (a member
firm of Ernst & Young Global Limited), due to any reasons. whatsoever, is unable to accomplish the
audit service of the Company's Consolidated Financial Statements for Financial Year of 2025 and/
or other periods in the Financial Year of 2025, as well as the Financial Statements of the Micro and
Small Business Funding Program for Financial Year of 2024, including determining the audit fees
and other requirements for he Substitute Public Accountant and/or the Public Accounting Office.
Follow-up
The appointment of Public Accountant Firm Purwantono, Sungkoro & Surja (formerly Purwantono, Sungkoro
& Surja Rekan (a member firm of Ernst & Young Global Limited)) as the Public Accountant Firm and Yovita as
the Public Accountant has been reported to OJK through the Financial Services Authority’s Online Reporting
Application (APOLO OJK).
Status : Has been realized
AGENDA 5
Approval of the Company's Recovery Plan update.
In the Fifth Agenda of Meeting
Results of the votes count were as follows:
Results Dissenting Abstained Affirmative (Including one Series A Dwiwarna Share)
Number of Shares 71,023,147 812,228,990 82,106,594,945
Percentage 0.0855805% 0.9787089% 98.9357106%
In accordance with the provisions of the Meeting Rules, shareholders who do not vote (abstain) are considered
to have cast the same votes as the majority votes of shareholders who cast votes.
Therefore:
The meeting with the majority votes namely 82,918,823,935 shares or constituting 99.9144195% of the total
votes cast in the Meeting have resolved:
1. Approving the Company's Recovery Plan update in order to comply with the provisions of the Financial
Service Regulation Number 5 of 2024 concerning Determination of Under Supervision Status dan Handling
Commercial Bank Issues as submitted by the Company to the Financial Service Authority (OJK).
2. In relation to resolution of point 1, the Board of Commissioners and the Board of Directors shall carry out
each and all necessary actions in connection with the implementation of the Company's Recovery Action
Plan in accordance with their authority.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 497
Page 500
Follow-up
Referring to OJK Regulation No. 14/POJK.03/2017 concerning the Recovery Plan for Systemically Important
CORPORATE GOVERNANCE
Banks. Bank Mandiri has updated the Recovery Plan documents for 2024-2025 and submitted to OJK via Letter
No. CEO/247/2024 tanggal 7 November 2024.
Status : Has been realized
AGENDA 6
Approval of Amendment to the Company's Articles of Association.
In the Sixth Agenda of Meeting
Results of the votes count were as follows:
Results Dissenting Abstained Affirmative (Including one Series A Dwiwarna Share)
Number of Shares 20,811,792,841 2,070,503,097 60,107,551,144
Percentage 25.0775168% 2.4948872% 72.4275960%
In accordance with the provisions of the Meeting Rules, shareholders who do not vote (abstain) are considered
to have cast the same votes as the majority votes of shareholders who cast votes.
Therefore:
The meeting with the majority votes namely 62,178,054,241 shares, including Series A Dwiwarna shareholders,
or constituting 74.9224832% of the total votes cast in the Meeting have resolved:
1. Approving the changes to the Company's Articles of Association in order to comply with the Financial
Services Authority Regulation Number 17 of 2023 concerning the Implementation of Governance for
Commercial Banks.
2. Approving to re-arrange all provisions of the Company's Articles of Association in connection with the
adjustment as referred to in point 1 (one) above of which the entire articles of association is attached to
the minutes of the notarial deed.
3. Granting the power of attorney and authority to the Board of Directors with the right of substitution to carry
out all necessary actions related to the resolutions of the Meeting, including but not limited to arrange and
restate the entire Company's Articles of Association in a Notarial Deed, adjusting the amendment to the
Company's Articles of Association if being required by the authority and submitting it to the authority to
obtain approval and a receipt of notification of changes to the Company's Articles of Association, as well
as carrying out all actions as deemed necessary and useful for those purposes with no exception.
Follow-up
The amendments to the Company’s Articles of Association have been reported to OJK through Letter No.
CRL.CSC/CMA.1690/2025 dated 28 April 2025 and Indonesia Stock Exchange through Letter No. CRL.CSC/
CMA.1691/2025 dated 28 April 2025.
Status : : Has been realized
AGENDA 7
Approval of Buyback Plan of the Company’s shares and the Transfer of the Shares resulted from the Buyback
which are kept as the Treasury Stock.
In the Seventh Agenda of Meeting
Results of the votes count were as follows:
Results Dissenting Abstained Affirmative (Including one Series A Dwiwarna Share)
Number of Shares 7,946,647,986 786,891,490 74,256,307,606
Percentage 9.5754460% 0.9481780% 89.4763760%
498 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 501
In accordance with the provisions of the Meeting Rules, shareholders who do not vote (abstain) are considered
to have cast the same votes as the majority votes of shareholders who cast votes.
CORPORATE GOVERNANCE
Therefore:
The meeting with the majority votes namely 75,043,199,096 shares including Series A Dwiwarna Shareholders,
or constituting 90.4245540% of the total votes cast in the Meeting have resolved:
1. Approving the buyback of the Company's shares that have been issued and listed on the Indonesia Stock
Exchange in the maximum amount of IDR 1,170,000,000,000.00 (one trillion one hundred and seventy
billion Rupiah) including costs related to the implementation of the share buyback by taking into account
licenses and the provisions of the applicable laws and regulations.
2. Approving the transfer of the shares resulted from the buyback of the Company's share which are kept as
the treasury stocks for the implementation of the Employees and/or the Board of Directors and the Board
of Commissioners Share Ownership Program who meet the requirements to own shares of the Company
and/or for other transfers in accordance with the approval of the OJK and the provisions and the laws
and regulations.
3. To grant the power of attorney and authority to implement the buyback of the Company's shares, including
the termination of its implementation, to the Company's Board of Directors, with due observance of the
laws and regulations.
4. Approving the granting of the power of attorney and authority to implement the transfer of shares resulted
from the buyback which are kept as the treasury stocks to:
a. The Company's Board of Directors for the Employees Stock Ownership Program and/or for other
transfers.
b. The Board of Directors of the Company with due regard to the approval of Series A Dwiwarna
Shareholders for the Directors and Board of Commissioners Share Ownership Program;
with due observance of the laws and regulation.
Follow-up
The Buyback Plan of the Company’s shares and the Transfer of the Shares resulted from the Buyback which
are kept as the Treasury Stock has been reported to OJK through Letter No. CRL. CSC/CMA.600/2025 dated
14 February 2025 and Letter No. CRL/CSC/CMA.1239/2025 dated 20 March 2025. The Buyback Results
Report has been reported to OJK through Letter No. DCO/1392/2025 dated 11 July 2025.
Status : Has been realized
AGENDA 8
Changes in the Composition of the Company's Board of Management.
In the Eighth Agenda of Meeting
Results of the votes count were as follows:
Results Dissenting Abstained Affirmative (Including one Series A Dwiwarna Share)
Number of Shares 18,931,026,050 2,071,095,152 61,987,725,880
Percentage 22.8112555% 2.4956006% 74.6931439%
In accordance with the provisions of the Meeting Rules, shareholders who do not vote (abstain) are considered
to have cast the same votes as the majority votes of shareholders who cast votes.
Therefore:
The meeting with the majority votes namely 64,058,821,032 shares, including Series A Dwiwarna Shareholders,
or constituting 77.1887445% of the total votes cast in the Meeting have resolved:
1. a. To respectfully dismiss the names mentioned below as the Board of Commissioners of the Company:
1) Commissioner: Faried Utomo
2) Independent Commissioner: Rr. Loeke Larasati Agoestina
3) Commissioner: Arif Budimanta
Each of them was appointed based on the Decision of the Annual GMS for the 2019 Financial Year dated
February 19, 2020, effective from February 19, 2025, with gratitude for the contribution of energy and
thoughts given during their tenure as the Company's Board of Commissioners.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 499
Page 502
b. All actions of the members of the Board of Commissioners as referred to in number 1 letter a, in
their position as such from the date of the end of their term of office until the date of the closing of
this Meeting are declared valid as long as such actions are reflected in the annual report and annual
CORPORATE GOVERNANCE
calculations by observing the applicable provisions.
2. Confirming the honorable dismissal of the following names as Directors of the Company:
1) Director of Network and Retail Banking: Aquarius Rudianto
2) Director of Institutional Relations: Rohan Hafas
3) Director of Compliance and HR: Agus Dwi Handaya
who were appointed based on the 2020 Extraordinary General Meeting of Shareholders Resolution dated
21 October 2020 and the 2022 Annual General Meeting of Shareholders Resolution dated 14 March 2023,
effective 19 February 2025, and 24 March 2025, respectively, with gratitude for their contributions during
their tenure as Directors of the Company.
3. To honorably dismiss the names below as Directors of the Company:
1) Vice President Director: Alexandra Askandar
2) Financial and Strategic Director: Sigit Prastowo
3) Operation Director: Toni Eko Boy Subari
4) President Commissioner/Independent: Muhamad Chatib Basri
5) Independent Commissioner: Muliadi Rahardja
6) Commissioner: Tedi Bharata
7) Independent Commissioner: Heru Kristiyana
8) Commissioner: Rionald Silaban
who were appointed respectively based on the Resolution of the Annual GMS for the 2022 Financial Year
dated March 14, 2023, the Resolution of the Extraordinary GMS for the 2020 Financial Year dated October 21,
2020, the Resolution of the Annual GMS for the 2023 Financial Year dated March 7 , 2024, the Resolution of
the Annual GMS for the 2021 Financial Year dated March 10, 2022, effective as of the closing of this Meeting,
with gratitude for the contribution of energy and thoughts given during their tenure as the Company's
Management.
4. Changing the nomenclature of positions of members of the Company's Board of Directors as follows:
No. Before After
1) Director of Compliance and HR Human Capital and Compliance Director
2) Director of Finance and Strategy Finance and Strategy Director
3) Director of Network and Retail Banking Network and Retail Funding Director
4) Director of Risk Management Risk Management Director
5) Director of Intitutional Relations -
6) - Consumer Banking Director
5. Transferring the assignment of the names mentioned below as members of the Board of Directors of the
Company as follows:
No. Name Before After
1) Riduan Director of Corporate Banking Deputy President Director
2) Eka Fitria Director of Treasury and International Banking Human Capital and Compliance
3) Danis Subyantoro Director of Risk Management Risk Management Director
500 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 503
Each of them was appointed based on the Decision of the Annual GMS for the 2022 Financial Year dated
March 14, 2023 and the Decision of the Annual GMS for the 2023 Financial Year dated March 7 , 2024, with
the term of office continuing the remaining term of office of each in accordance with the decision of the
CORPORATE GOVERNANCE
relevant GMS appointment.
6. Appointing the names mentioned below as the Company's Board of Directors:
1) Director of Network and Retail Funding: Jan Winston;
2) Director of Finance and Strategy: Novita Widya Anggraini;
3) Director of Treasury and International Banking: Ari Rizaldi;
4) Director of Corporate Banking: Mochamad Rizaldi;
5) Director of Consumer Banking: Saptari;
6) Director of Operations: Toni Eko Boy Subari;
7) President Commissioner/Independent: Kuswiyoto;
8) Commissioner: Luky Alfirman;
9) Commissioner: Yuliot;
10) Independent Commissioner: Mia Amiati
7. The term of office of the appointed members of the Board of Directors and Board of Commissioners as
referred to in point 6, shall be in accordance with the provisions of the Articles of Association of the Company,
with due observance of the laws and regulations in the Capital Market sector and without prejudice to the
right of the GMS to dismiss them at any time.
8. With the confirmation of dismissal, termination, changes in position nomenclature, transfer of duties, and
appointment of the Company's Management as referred to in number 1, number 2, number 3, number 4,
number 5, and number 6, the composition of the Company's Management is as follows:
a. Board of Directors
1) President Director: Darmawan Junaidi;
2) Vice President Director: Riduan;
3) Director of Risk Management: Danis Subyantoro;
4) Director of Treasury and International Banking: Ari Rizaldi;
5) Director of Corporate Banking: Mochamad Rizaldi;
6) Director of Consumer Banking: Saptari;
7) Director of Finance and Strategy: Novita Widya Anggraini;
8) Director of Information Technology: Timothy Utama;
9) Director of Operations: Toni Eko Boy Subari;
10) Director of Human Capital and Compliance: Eka Fitria;
11) Director of Commercial Banking: Totok Priyambodo;
12) Director of Network and Retail Funding: Jan Winston
b. Board of Commissioners
1) President Commissioner/Independent Commissioner: Kuswiyoto;
2) Vice President Commissioner/Independent Commissioner: Zainudin Amali;
3) Commissioner: Luky Alfirman;
4) Commissioner: Yuliot;
5) Commissioner: Mia Amiati;
6) Commissioner: Muhammad Yusuf Ateh.
9. Requesting the Board of Directors to submit a written request to the Financial Service Authority for the
implementation of the Fit and Proper Test for the appointed members of the Board of Directors and the
Board of Commissioners as referred to in point 6 with due observance of the applicable provisions.
10. Members of the Board of Directors and Board of Commissioners appointed as referred to in point 6 who
are still serving in other positions that are prohibited by laws and regulations to be concurrent with the
positions of members of the Board of Directors and Board of Commissioners of State-Owned Enterprises,
then the person concerned must resign or be dismissed from the position.
11. To grant power of attorney with the right of substitution to the Board of Directors of the Company to state
the resolutions of this GMS Meeting in the form of Notarial Deed and to appear before a Notary or authorized
official, and to make necessary adjustment or corrections if required by the competent authorities for the
purpose of implementing the resolutions of the Meeting.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 501
Page 504
Follow-up
· Changes of members of the Board of Commisisoners and Board of Directors
1. Mr. Kuswiyoto as President Commissioner has received approval from the OJK for the Fit and Proper
CORPORATE GOVERNANCE
Test assessment as stated in the Copy of the Decision Letter of the OJK Board of Commissioners No.
KEPR-69/D.03/2025 dated 11 July 2025 and OJK Letter No. SR-240/PB.02/2025 dated 11 July 2025.
His appointment as President Commissioner became effective as of 11 July 2025, as stated in Bank
Mandiri’s Letter No. CEO/120/2025 dated 18 July 2025.
2. The appointment of Mr. Luky Alfirman as Commissioner is currently subject to approval from the
Financial Services Authority (OJK) through the Fit and Proper Test.
3. Mr. Yuliot as Commissioner has received approval from the OJK for the Fit and Proper Test
assessment as stated in the Copy of the Decision Letter of the OJK Board of Commissioners No. KEPR-
253/D.03/2025 dated 17 December 2025 and OJK Letter No. SR-528/PB.02/2025 dated 17 December
2025. His appointment as Commissioner became effective as of 17 December 2025, as stated in Bank
Mandiri’s Letter No. HCC/2693/2025 dated 19 December 2025.
4. Mrs. Mia Amiati as Independent Commissioner has received approval from the OJK for the Fit and
Proper Test assessment as stated in the Copy of the Decision Letter of the OJK Board of Commissioners
No. KEPR-111/D.03/2025 dated 15 August 2025 and OJK Letter No. SR-324/PB.02/2025 dated 15
August 2025. Her appointment as Independent Commissioner became effective as of 15 August 2025,
as stated in Bank Mandiri’s Letter No. HCC/1495/2025 dated 23 August 2025.
5. Mr. Riduan, previously Corporate Banking Director, was appointed as Vice President Director. However,
his appointment as Vice President Director did not become effective due to his reassignment as
President Director at the Extraordinary General Meeting of Shareholders held on 4 August 2025.
6. Mrs. Eka Fitria, previously as Treasury dan International Banking Director to become Human Capital and
Compliance Director has received approval from the OJK for the Fit and Proper Test assessment as
stated in the Copy of the Decision Letter of the OJK Board of Commissioners No. KEPR-70/D.03/2025
dated 11 July 2025 and OJK Letter No. SR-240/PB.02/2025 dated 11 July 2025. Her appointment
as Human Capital and Compliance Director became effective as of 11 July 2025, as stated in Bank
Mandiri’s Letter No. CEO/120/2025 dated 18 Juli 2025.
7. Mr. Ari Rizaldi as Treasury and International Banking Director has received approval from the OJK for
the Fit and Proper Test assessment as stated in the Copy of the Decision Letter of the OJK Board
of Commissioners No. KEPR-120/D.03/2025 dated 25 August 2025 and OJK Letter No. SR-337/
PB.02/2025 dated 25 August 2025. His appointment as Treasury and International Banking Director
became effective as of 25 August 2025, as stated in Bank Mandiri’s Letter No. HCC/1506/2025 dated
27 August 2025.
8. Mr. Mochamad Rizaldi as Corporate Banking Director has received approval from the OJK for the Fit and
Proper Test assessment as stated in the Copy of the Decision Letter of the OJK Board of Commissioners
No. KEPR-112/D.03/2025 dated 15 August 2025 and OJK Letter No. SR-324/PB.02/2025 dated 15
August 2025. His appointment as Corporate Banking Director became effective as of 15 August 2025,
as stated in Bank Mandiri’s Letter No. HCC/1495/2025 dated 23 August 2025.
9. Mr. Saptari as Consumer Banking Director has received approval from the OJK for the Fit and Proper
Test assessment as stated in the Copy of the Decision Letter of the OJK Board of Commissioners No.
KEPR-121/D.03/2025 dated 25 August 2025 and OJK Letter No. SR-337/PB.02/2025 dated 25 August
2025. His appointment as Consumer Banking Director became effective as of 25 August 2025, as stated
in Bank Mandiri’s Letter No. HCC/1506/2025 dated 27 August 2025.
10. Mrs. Novita Widya Anggraini as Finance and Strategy Director has received approval from the OJK for
the Fit and Proper Test assessment as stated in the Copy of the Decision Letter of the OJK Board
of Commissioners No. KEPR-113/D.03/2025 dated 15 August 2025 and OJK Letter No. SR-324/
PB.02/2025 dated 15 August 2025. Her appointment as Finance and Strategy Director became effective
as of 15 August 2025, as stated in Bank Mandiri’s Letter No. HCC/1495/2025 dated 23 August 2025.
11. Mr. Jan Winston as Network and Retail Funding Director has received approval from the OJK for the
Fit and Proper Test assessment as stated in the Copy of the Decision Letter of the OJK Board of
Commissioners No. KEPR-119/D.03/2025 dated 25 August 2025 and OJK Letter No. SR-337/PB.02/2025
dated 25 August 2025. His appointment as Network and Retail Funding Director became effective as of
25 August 2025, as stated in Bank Mandiri’s Letter No. HCC/1506/2025 dated 27 August 2025.
· The changing of nomenclature of positions of members of the Company's Board of Directors has been
realized pursuant to the AGMS resolution and the Board of Directors Decree No. KEP.DIR/019/2025 dated
10 April 2025 regarding the Organizational Structure.
Status : Has been realized
502 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 505
IMPLEMENTATION OF 2025 EXTRAORDINARY GMS ON 4 AUGUST 2025
CORPORATE GOVERNANCE
The stages of Extraordinary GMS on 4 August 2025 are illustrated in the following table.
Implementation of the 2025 Extraordinary GMS, 4 August 2025
No. Activities Implementation Date Information
Submitted to OJK through a letter signed by the Board of Directors of Bank
Notification of GMS to Mandiri No. CEO/103A/2025 dated 23 June 2025 regarding Notification of
1 23 June 2025
OJK the Plan to Convene an Extraordinary General Meeting of Shareholders of
PT Bank Mandiri (Persero) Tbk.
Conducted through information disclosure on:
› Bank Mandiri Website.
› Indonesia Stock Exchange Website.
Announcement of GMS › Website of PT Kustodian Sentral Efek Indonesia.
2 30 June 2025
to Shareholders
The proof of GMS announcement has been reported by the Company to the
OJK and the Indonesia Stock Exchange on the same day through Letter No.
CRL.CSC/CMA.2566/2025 dated 30 June 2025.
Conducted through information disclosure on:
› Bank Mandiri Website.
› Indonesia Stock Exchange Website.
GMS Invitation to › Website of PT Kustodian Sentral Efek Indonesia.
3 9 July 2025
Shareholders
The proof of GMS invitation has been reported by the Company to the OJK
and the Indonesia Stock Exchange on the same day through Letter No. CRL.
CSC/CMA.2832/2025 dated 9 July 2025.
Conducted through information disclosure on:
› Bank Mandiri Website.
Ralat Pemanggilan › Indonesia Stock Exchange Website.
4 RUPS kepada Pemegang 3 August 2025 › Website of PT Kustodian Sentral Efek Indonesia.
Saham The proof of GMS invitation has been reported by the Company to the OJK
and the Indonesia Stock Exchange on the same day through Letter No. CRL.
CSC/CMA.3250/2025 dated 3 August 2025.
Shareholders and their proxies as the representatives of shareholders
who were present either physically or electronically through the Electronic
General Meeting System of the Kustodian Sentral Efek Indonesia/Indonesian
Central Securities Depository (hereinafter referred to as "eASY.KSEI") totally
5 Implementation of GMS 4 August 2025
represented 80,934,188,202 shares including Series A Dwiwarna Share or
constituting 86.7152017% of the total number of shares with valid voting
rights that have been issued by the Company until the day of the Meeting,
namely as many as 93,333,333,332 shares consisting of:
The GMS was attended by 6 members of the Board of Commissioners and
12 members of the Board of Directors.
Shareholders and their proxies as the representatives of shareholders
who were present either physically or electronically through the Electronic
General Meeting System of the Kustodian Sentral Efek Indonesia/Indonesian
Central Securities Depository (hereinafter referred to as "eASY, KSEI") totally
represented 80,934,188,202 shares including Series A Dwiwarna Share or
constituting 86.7152017% of the total number of shares with valid voting
rights that have been issued by the Company until the day of the Meeting,
namely as many as 93,333,333,332 shares consisting of:
› 1 (one) Series A Dwiwarna share; and
› 93,333,333,331 Series B shares;
by taking into account the Company's Shareholders Register on 11 July
2025 until 16.00 Western Indonesia Time Zone.
The Company provides GMS Rules of Conduct to all shareholders in the
form of soft copies, both at the time of the Invitations uploaded on the
Company’s website and during the GMS implementation which is available
through barcode scans and the procedures are read before the start of the
GMS.
Shareholders are given the opportunity to ask questions in accordance with
the agenda of the Meeting in each agenda discussed in the Annual GMS.
Voting is conducted orally where the shareholder who casts a vote of
disapproval or abstains is asked to submit his or her ballot card. Especially
for meetings involving a particular person, voting is conducted by an
unsigned closed letter and all shareholders present submit the ballot card.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 503
Page 506
No. Activities Implementation Date Information
The results of the GMS have been announced and uploaded on:
CORPORATE GOVERNANCE
› Bank Mandiri Website
› Indonesia Stock Exchange Website
› Website of PT Kustodian Sentral Efek Indonesia
Announcement of GMS in Indonesian and English.
6 5 August 2025
Results The proof of GMS Result Announcement has been reported by the Company
to the OJK and the Indonesia Stock Exchange on the same day through
Letter No. CRL.CSC/CMA.3267/2025 dated 5 August 2025 and has been
reported through the Electronic Reporting System of OJK and the Indonesia
Stock Exchange.
The submission of minutes of the GMS to OJK has given due observance
to the time limit in accordance with the provisions of POJK No. 15/
Submission of GSM
7 5 August 2025 POJK.04/2020 and submitted through Letter No. CRL.CSC/CMA.3267/2025
Minutes
dated 5 August 2025 and uploaded to the Bank Mandiri website on the same
day.
Attendance Recapitulation at 2025 Extraordinary GMS on 4 August 2025
The 2025 Extraordinary GMS on 4 August 2025 was attended by all the Board of Commissioners, Directors and
Audit Committee of Bank Mandiri, with detailed as follows:
Recapitulation of Attendance at the 2025 Extraordinary GMS, 4 August 2025
No. Name Position Attendance
Board of Commissioners
1 President Commissioner/Independent
Kuswiyoto
Commissioner
2 Vice President Commissioner/Independent
Zainudin Amali
Commissioner
3 Mia Amiati Independent Commissioner
4 Muhammad Yusuf Ateh Commissioner
5 Luky Alfirman Commissioner
6 Yuliot Commissioner
Board of Directors
1 Darmawan Junaidi President Director
2 Riduan Vice President Director
3 Toni E.B. Subari Operations Director
4 Timothy Utama Information Technology Director
5 Eka Fitria Human Capital and Compliance Director
6 Danis Subyantoro Risk Management Director
7 Totok Priyambodo Commercial Banking Director
8 Mochamad Rizaldi Corporate Banking Director
9 Saptari Consumer Banking Director
10 Ari Rizaldi Treasury and International Banking Director
11 Novita Widya Anggraini Finance and Strategy Director
12 Jan Winston Tambunan Network and Retail Funding Director
504 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 507
Meeting Agenda
CORPORATE GOVERNANCE
The Meeting was held with the following Agenda:
1. Changes to the Company’s Management.
Questions & Answers Session
In the pertaining Meeting Agenda of the Meeting, the opportunity was given to Shareholders and proxies of
Shareholders of the Company who were present physically or electronically to submit questions and/or opinions
and there was 1 (one) questioner.
Resolutions-Making Mechanism
The resolutions-making mechanism in the Meeting was carried out by deliberation to reach a mutual consensus in
accordance with Article 40 of the Financial Service Authority Regulation (“OJK”) No.15/POJK.04/2020 concerning
Plan and Implementation of the General Meeting of Shareholders of Public Companies (“POJK No.15/2020”) with
due observance of Article 28 of POJK No.15/2020. In the event the deliberation for reaching a mutual consensus
is not reached, the resolution shall be taken by voting, accordingly. The voting was carried out using the unsigned
folded ballots.
Independent Party for Voting Count
The company has appointed the independent parties. i.e. Notary Utiek R. Abdurachman SH., MLI., MKn and PT
Datindo Entrycom as Share Registrar for carrying out the votes count and/or validation.
RESOLUTIONS OF THE 2025 EXTRAORDINARY GMS, 4 AUGUST 2025
AGENDA 1
Changes to the Company’s Management.
In the First Agenda of Meeting
Results of the votes count were as follows:
Results Dissenting Abstained Affirmative (Including one Series A Dwiwarna Share)
Number of Shares 23,564,151,075 1,011,229,678 56,358,807,449
Percentage 29.1152004% 1.2494469% 69.6353527%
In accordance with the provisions of the Meeting Rules that shareholders who do not vote (abstain) are
considered to have cast the same votes as the majority votes of shareholders who cast votes.
Therefore:
The meeting with the majority votes namely 57,370,037,127 shares or constituting 70.8847996 % of the total
votes cast in the Meeting have resolved:
1. To respectfully dismiss the names mentioned below as the members of the Board of Directors of the
Company:
1) President Director: Darmawan Junaidi;
2) Operations Director: Toni Eko Boy Subari.
Each of them was appointed based on the Decision of the Annual GMS for the 2021 Financial Year dated
March 10, 2022, and the Annual GMS for the 2024 Financial Year dated March 25, 2025.
2. Transferring the assignment of the names mentioned below as members of the Board of Directors of the
Company as follows:
No. Name Before After
1) Riduan Vice President Director President Director
2) Timothy Utama Information Technology Director Operations Director
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 505
Page 508
each of them was appointed based on the Annual GMS Resolution for the 2024 Financial Year dated 25
March 2025 in conjunction with the Annual GMS Resolution for the 2023 Financial Year dated 7 March
CORPORATE GOVERNANCE
2024, in conjuction with the Annual GMS Resolution for the 2022 Financial Year dated 14 March 2023, and
the Annual GMS Resolution for the 2020 Financial Year dated 15 March 2021, with a term continuing for
the remainder of each respective tenure in accordance with the GMS resolution under which they were
appointed.
3. Appointing the names mentioned below as the Company Management:
1) Vice President Director: Henry Panjaitan
2) Information Technology Director: Sunarto
3) Independent Commissioner: Zulkifli Zaini
4. The term of office of the appointed members of the Board of Directors and Board of Commissioners
as referred to in point 3, shall be in accordance with the provisions of the Articles of Association of the
Company, with due observance of the laws and regulations in the Capital Market sector and without
prejudice to the right of the GMS to dismiss them at any time.
5. With the confirmation of dismissal, transfer of duties, and appointment of the Company Management as
referred to in point 1, point 2, and point 3, the composition of the Company Management is as follows:
a. Board of Directors
1) President Director: Riduan;
2) Vice President Director: Henry Panjaitan;
3) Director of Risk Management: Danis Subyantoro;
4) Director of Treasury and International Banking: Ari Rizaldi;
5) Director of Finance and Strategy: Novita Widya Anggraini;
6) Director of Consumer Banking: Saptari;
7) Director of Network and Retail Funding: Jan Winston;
8) Director of Commercial Banking: Totok Priyambodo;
9) Director of Corporate Banking: Mochamad Rizaldii;
10) Director of Human Capital and Compliance: Eka Fitria;
11) Director of Information Technology: Sunarto;
12) Director of Operations: Timothy Utama.
b. Board of Commissioners
1) President Commissioner/Independent Commissioner: Kuswiyoto;
2) Vice President Commissioner/Independent Commissioner: Zainudin Amali;
3) Commissioner: Muhammad Yusuf Ateh;
4) Commissioner: Luky Alfirman;
5) Commissioner: Yuliot;
6) Independent Commissioner: Mia Amiati;
7) Independent Commissioner: Zulkifli Zaini.
6. Requesting the Board of Directors to submit a written request to the Financial Service Authority for the
implementation of the Fit and Proper Test for the appointed members of the Board of Directors and the
Board of Commissioners as referred to in point 3 and members of the Board of Directors who have been
reassigned as referred to in point 2 item 1), in accordance with the applicable provisions.
7. For members of the Board of Directors and Board of Commissioners appointed as referred to in point 3
who still hold other positions that are prohibited by law from being concurrently held with the position of
member of the Board of Director and Board of Commissioners of a State-Owned Enterprise, the person
concerned must resign or be dismissed from that position.
8. Granting power of attorney with substitution rights to the Company Board of Directors to declare the
resolutions of this Meeting in the form of a Notarial Deed and to appear before a Notary or authorized
official, and to make any necessary adjustments or revisions if required by the competent authority for the
purpose of implementing the contents of the Meeting resolutions.
Follow-up
1. Mr. Zulkifli Zaini as Independent Commissioner has received approval from the OJK for the Fit and Proper
Test assessment as stated in the Copy of the Decision Letter of the OJK Board of Commissioners No.
KEPR-255/D.03/2025 dated 17 December and OJK Letter No. SR-528/PB.02/2025 dated 17 December
2025. His appointment as Independent Commissioner became effective as of 17 December 2025, as
stated in Bank Mandiri’s Letter No. HCC/2693/2025 dated 19 December 2025.
506 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 509
2. Mr. Riduan, previously as Vice President Director to become President Director has received approval from
the OJK for the Fit and Proper Test assessment as stated in the Copy of the Decision Letter of the OJK
CORPORATE GOVERNANCE
Board of Commissioners No. KEPR-236/D.03/2025 dated 28 November 2025 and OJK Letter No. SR-492/
PB.02/2025 dated 28 November 2025. His appointment as President Director became effective as of 28
November 2025, as stated in Bank Mandiri’s Letter No. HCC/2585/2025 dated 1 December 2025.
3. Mr. Henry Panjaitan as Vice President Director has received approval from the OJK for the Fit and Proper
Test assessment as stated in the Copy of the Decision Letter of the OJK Board of Commissioners
No. KEPR-235/D.03/2025 dated 28 November 2025 and OJK Letter No. SR-492/PB.02/2025 dated 28
November 2025. His appointment as Vice President Director became effective as of 28 November 2025,
as stated in Bank Mandiri’s Letter No. HCC/2585/2025 dated 1 December 2025.
4. Mr. Sunarto as Information Technology Director has received approval from the OJK for the Fit and
Proper Test assessment as stated in the Copy of the Decision Letter of the OJK Board of Commissioners
No. KEPR-254/D.03/2025 dated 17 December 2025 and OJK Letter No. SR-528/PB.02/2025 dated
17 December 2025. His appointment as Information Technology Director became effective as of 17
December 2025, as stated in Bank Mandiri’s Letter No. HCC/2693/2025 dated 19 December 2025.
Status: Has been realized
IMPLEMENTATION OF 2025 EXTRAORDINARY GMS ON 19 DECEMBER 2025
The stages of Extraordinary GMS on 19 December 2025 are illustrated in the following table.
Implementation of the Extraordinary GMS, 19 December 2025
No. Activities Implementation Date Information
Submitted to OJK through a letter signed by the Board of Directors of
Notification of GMS to Bank Mandiri No. CEO/63/2025 dated 3 November 2025 regarding the
1 3 November 2025
OJK Implementation of the Extraordinary General Meeting of Shareholders of PT
Bank Mandiri (Persero) Tbk for the 2025 Financial Year.
Conducted through information disclosure on:
› Bank Mandiri Website.
› Indonesia Stock Exchange Website.
Announcement of GMS › Website of PT Kustodian Sentral Efek Indonesia.
2 12 November 2025
to Shareholders
The proof of GMS announcement has been reported by the Company to the
OJK and the Indonesia Stock Exchange on the same day through Letter No.
CRL.CSC/CMA.4790/2025 dated 12 November 2025.
Conducted through information disclosure on:
› Bank Mandiri Website.
› Indonesia Stock Exchange Website.
GMS Invitation to › Website of PT Kustodian Sentral Efek Indonesia.
3 27 November 2025
Shareholders
The proof of GMS invitation has been reported by the Company to the OJK
and the Indonesia Stock Exchange on the same day through Letter No. CRL.
CSC/CMA.4948/2025 dated 27 November 2025.
The Meeting was presided over by Mr. Kuswiyoto, as the President/
Independent Commissioner, who was appointed based on the Resolution
of Meeting of Board of Commissioners of the Company dated 6 November
4 Implementation of GMS 19 December 2025
2025 complying with the Minutes of the Board of Commissioners
Meeting No. DK.INT/025/2025, and attended by Members of the Board of
Commissioners and the Board of Directors of the Company
The GMS was attended by 7 members of the Board of Commissioners and
12 members of the Board of Directors.
The shareholders present and/or represented at the Meeting totaled
80,248,806,202 shares. representing 86.0456285% of the total number of
shares with valid voting rights issued by the Company. including Series A
Dwiwarna shareholder.
The Company provides GMS Rules of Conduct to all shareholders in the
form of soft copies, both at the time of the Invitations uploaded on the
Company’s website and during the GMS implementation which is available
through barcode scans and the procedures are read before the start of the
GMS.
Shareholders are given the opportunity to ask questions in accordance with
the agenda of the Meeting in each agenda discussed in the Annual GMS.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 507
Page 510
No. Activities Implementation Date Information
1. Based on Article 40 of the Financial Service Authority Regulation
CORPORATE GOVERNANCE
No.15/POJK.04/2020 concerning Plan and Implementation of the
General Meeting of Shareholders of Public Companies (“POJK RUPS”)
and in consideration of Article 28 of the POJK RUPS, resolutions of
the Meeting are made by deliberation to reach a consensus, and if a
consensus cannot be reached, the decision is made through voting.
2. The electronic voting process takes place on the eASY.KSEI
application.
The results of the GMS have been announced and uploaded on:
› Bank Mandiri Website
› Indonesia Stock Exchange Website
› Website of PT Kustodian Sentral Efek Indonesia
Announcement of GMS in Indonesian and English.
5 23 December 2025
Results The proof of GMS Result Announcement has been reported by the Company
to the OJK and the Indonesia Stock Exchange on the same day through
Letter No. CRL.CSC/CMA.5280/2025 dated 23 December 2025 and has
been reported through the Electronic Reporting System of OJK and the
Indonesia Stock Exchange.
The submission of minutes of the GMS to OJK has given due observance
to the time limit in accordance with the provisions of POJK No. 15/
Submission of GSM
6 23 December 2025 POJK.04/2020 and submitted through Letter No. CRL.CSC/CMA.5280/2025
Minutes
dated 23 December 2025 and uploaded to the Bank Mandiri website on the
same day.
Attendance Recapitulation at the 19 December 2025 Extraordinary GMS
The Extraordinary GMS on 19 December 2025 was attended by all the Board of Commissioners and Directors of
Bank Mandiri. with detailed as follows:
Recapitulation of Attendance at the 19 December 2025 Extraotdinary GMS
No. Name Position Attendance
Board of Commissioners
1 Kuswiyoto President Commissioner/Independent
2 Zainudin Amali Vice President Commissioner/Independent
3 Muhammad Yusuf Ateh* Commissioner
4 Luky Alfirman Commissioner
5 Yuliot Commissioner
6 Mia Amiati Independent Commissioner
7 Zulkifli Zaini Independent Commissioner
Board of Directors
1 Riduan President Director
2 Henry Panjaitan Vice President Director
3 Timothy Utama Operations Director
4 Danis Subyantoro Human Capital and Compliance Director
5 Totok Priyambodo Commercial Banking Director
6 Mochamad Rizaldi Corporate BankingDirector
7 Saptari Consumer Banking Director
8 Timothy Utama Information Technology Director
9 Ari Rizaldi Treasury and International Banking Director
10 Novita Widya Anggraini Finance and Strategy Director
11 Jan Winston Tambunan Network and Retail Funding Director
12 Sunarto Information Technology Director
508 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 511
Meeting Agenda
CORPORATE GOVERNANCE
The Meeting was held with the following Agenda:
1. Approval of the Amendments to the Company’s Articles of Association.
2. Delegation of Authority for Approval of the 2026 Company Work Plan and Budget.
3. Changes in the Company's Board of Management.
Questions & Answers Session
The Shareholders or their proxies have been given the opportunity to ask questions and/or opinions in each
Meeting Agenda. The number of Shareholders or their proxies, whether physically and/or electronically, who
submitted questions and/or opinions in the Meeting, as well as the results of decision-making through, voting
which included e-Proxy votes through eASY.KSEI are as follows:
› In the First and Third agendas, no shareholders or their proxies asked questions or opinions.
› In the second agenda, one question or opinion from the shareholders or their proxies was occurred.
Resolutions-Making Mechanism
The resolutions-making mechanism in the Meeting was carried out by deliberation to reach a mutual consensus in
accordance with Article 40 of the Financial Service Authority Regulation (“OJK”) No.15/POJK.04/2020 concerning
Plan and Performance of the General Meeting of Shareholders of Public Companies (“POJK No.15/2020”. In the
event the deliberation for reaching a mutual consensus is not reached, the resolution shall be taken by voting.
Independent Party for Voting Count
The Company has appointed an independent party. i.e. Notary Utiek R. Abdurachman SH., MLI., MKn and PT
Datindo Entrycom as Share Registrar for performing the votes count and/or validation.
RESOLUTIONS OF THE EXTRAORDINARY GMS19 DECEMBER 2025
AGENDA 1
Approval of the Amendments to the Company’s Articles of Association.
In the First Agenda of Meeting
Results of the votes count were as follows:
Affirmative
Results Dissenting Abstained
(Including one Series A Dwiwarna Share)
Number of Shares 5,128,647,427 521,264,745 74,598,894,030
Percentage 6.3909330% 0.6495607% 92.9595063%
In accordance with the provisions of the Meeting Rules that shareholders who do not vote (abstain) are
considered to have cast the same votes as the majority votes of shareholders who cast votes.
Therefore:
The Meeting with majority votes namely 75,120,158,775 shares or constitute of 93.6090670% of the total votes
cast in the Meeting have resolved:
1. Approving amendments to the Company's Articles of Association in order to comply with laws and
regulations and policies, including (a) Law Number 19 of 2003 concerning State-Owned Enterprises
as last amended by Law Number 16 of 2025 concerning the Fourth Amendment to Law Number 19 of
2003 concerning State-Owned Enterprises, including changes to Article 5 of the Company's Articles of
Association regarding adjustments to the special rights over the Government of Indonesia-owned Series
A Dwiwarna Share, and (b) Financial Services Authority Regulation No. 30 of 2024 concerning Financial
Conglomerates and Parent Companies of Financial Conglomerates.
2. Agree to restate all provisions in the Company's Articles of Association into a comprehensive codification
in connection with the changes referred to in item 1 (one) of the above resolution, with all the articles of
association attached to the notarial deed minutes.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 509
Page 512
3. To grant authority and power to the Company's Board of Directors with the right of substitution to take
all necessary actions related to the decisions of this Meeting agenda, including drafting and restating
CORPORATE GOVERNANCE
all of the Company's Articles of Association in a Notarial Deed and granting authority with the right of
substitution to submit it to the competent authorities to obtain acknowledgment of receipt of notification
and approval of amendments to the Company's Articles of Association, and to do everything deemed
necessary and useful for these purposes without any exception, including making additions and/or
changes to such amendments to the Articles of Association, if required by the authorized authorities.
Follow-up
The amendments to the Company’s Articles of Association have been reported to OJK through Letter No. CRL.
CSC/CMA.611/2026 dated 19 February 2026 and Indonesia Stock Exchange through Letter No. CRL.CSC/
CMA.610/2026 dated 19 February 2026.
Status : Has been realized.
AGENDA 2
Delegation of Authority for Approval of the 2026 Company Work Plan and Budget.
In the Second Agenda of Meeting
Results of the votes count were as follows:
Affirmative
Results Dissenting Abstained
(Including one Series A Dwiwarna Share)
Number of Shares 3,216,777,605 521,265,645 76,510,762,952
Percentage 4.0085052% 0.6495619% 95.3419329%
In accordance with the provisions of the Meeting Rules, shareholders who do not vote (abstain) are considered
to have cast the same votes as the majority votes of shareholders who cast votes.
Therefore:
The meeting with the majority votes namely 77,032,028,597 shares or constituting 95.9914948% of the total
votes cast in the Meeting have resolved:
Approving the granting of authority and power to the Board of Commissioners by first obtaining written approval
from the Majority Series B Shareholders to approve the Company's 2026 RKAP including any amendments
thereto.
Follow-up
The Company’s 2026 RKAP has been submitted to the Majority Series B Shareholder for approval through
Letter No. KOM/156/2025 dated 30 December 2025.
Status: Has been realized
AGENDA 3
Changes in the Company's Board of Management.
In the Third Agenda of Meeting
Results of the votes count were as follows:
Affirmative
Results Dissenting Abstained
(Including one Series A Dwiwarna Share)
Number of Shares 21,415,014,814 833,215,666 58,000,575,722
Percentage 26.6857737% 1.0382904% 72.2759359%
510 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 513
In accordance with the provisions of the Meeting Rules, shareholders who do not vote (abstain) are considered
to have cast the same votes as the majority votes of shareholders who cast votes.
CORPORATE GOVERNANCE
Therefore:
The meeting with the majority votes, namely 58,833,791,388 shares or constituting 73.3142263% of the total
votes cast in the Meeting have resolved:
1. Honorably dismiss the following names below as Management of the Company:
1) President Commissioner/Independent Commissioner: Kuswiyoto
2) Vice President Commissioner/Independent Commissioner: Zainudin Amali
who were each appointed based on the Annual General Meeting of Shareholders (“GMS”) Resolution for
the 2024 Fiscal Year dated March 25, 2025 and the Annual GMS Resolution for the 2022 Fiscal Year dated
March 14, 2023, in conjunction with the Annual GMS Resolution for the 2023 Fiscal Year dated March 7,
2024, effective from the closing of this Meeting, with gratitude for the contributions of energy and thought
given during their tenure as the Management of the Company.
2. Reassigning Mr. Zulkifli Zaini from his original position as Independent Commissioner to President
Commissioner and Independent Commissioner, appointed based on the Extraordinary GMS Resolution
of 2025 dated August 4, 2025, with a term of office continuing the remaining term in accordance with the
GMS Resolution appointing him.
3. Appointing the following names as the Company's Management:
1) Vice President Commissioner: M. Rudy Salahuddin Ramto
2) Independent Commissioner: Bintoro K. Pardewo
4. The term of office of the members of the Board of Commissioners appointed as referred to in number 3
shall be up to the closing of the 5th (fifth) Annual GMS since the adoption of this Resolution, by taking
into account the laws and regulations in the Capital Market sector and without prejudice to the GMS' right
to dismiss at any time.
5. With the dismissal, reassignment, and appointment of members of the Board of Commissioners as
referred to in points 1, 2, and 3, the composition of the Company's Management shall be as follows:
a. Board of Directors
1) President Director: Riduan
2) Vice President Director: Henry Panjaitan
3) Director of Commercial Banking: Totok Priyambodo
4) Director of Consumer Banking: Saptari
5) Director of Corporate Banking: Mochamad Rizaldi
6) Director of Finance and Strategy: Novita Widya Anggraini
7) Director of Human Capital and Compliance: Eka Fitria
8) Director of Information Technology: Sunarto
9) Director of Network and Retail Funding: Jan Winston Tambunan
10) Director of Operations: Timothy Utama
11) Director of Risk Management: Danis Subyantoro
12) Director of Treasury and International Banking: Ari Rizaldi
b. Board of Commissioners
1) President Commissioner/Independent Commissioner: Zulkifli Zaini*
2) Vice President Commissioner: M. Rudy Salahuddin Ramto*
3) Independent Commissioner: Bintoro K. Pardewo*
4) Commissioner: Yuliot
5) Commissioner: Luky Alfirman*
6) Commissioner: Muhammad Yusuf Ateh
7) Independent Commissioner: Mia Amiati
*) Effective after obtaining approval from the Financial Services Authority for the implementation of the Fit and Proper Test.
6. Requesting the Board of Directors to submit a written application to the Financial Services Authority for
the implementation of the Fit & Proper Test on the members of the Board of Commissioners who were
reassigned as referred to in item 2 and appointed as referred to in item 3, in compliance with the applicable
regulations.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 511
Page 514
7. Members of the Board of Commissioners appointed as referred to in point 3 who still hold other positions
that are prohibited by laws and regulations from being concurrent with the position of Members of the
CORPORATE GOVERNANCE
Board of Commissioners of a State-Owned Enterprise must resign or be dismissed from those positions.
8. To grant power of attorney with the right of substitution to the Board of Directors of the Company to
declare the decisions of this Meeting in the form of a Notarial Deed and to appear before a Notary or
authorized official, and to make any necessary adjustments or corrections if required by the authorized
parties for the implementation of the resolutions of the Meeting.
Follow-up
· Changes of members of the Board of Commisisoners
The reassignment of Mr. Zulkifli Zaini as President Commissioner, as well as the appointments of Mr. M.
Rudy Salahuddin Ramto as Vice President Commissioner and Mr. Bintoro K. Pardewo as Commissioner,
are currently subject to approval from the Financial Services Authority (OJK) through the Fit and Proper
Test.
Status: Has been realized
THE 2024 ANNUAL GMS AND ITS REALIZATION
In 2024, Bank Mandiri held the Annual General Meeting of Shareholders (GMS) on 7 March 2024 at the Auditorium
of Plaza Mandiri, Jakarta.
The stages of the 2024 GMS are illustrated in the following table.
Table of Implementation of the 2024 Annual GMS
No. Activities Implementation Date Information
Submitted to OJK through a letter signed by the Board of Directors of
Notification of GMS to Bank Mandiri No. CEO/10/2024 dated 17 January 2024 regarding the
1 17 January 2024
OJK Implementation of the Annual General Meeting of Shareholders of PT Bank
Mandiri (Persero) Tbk for the 2024 Financial Year.
Conducted through information disclosure on:
› Bank Mandiri Website.
› Indonesia Stock Exchange Website.
Announcement of GMS › Website of PT Kustodian Sentral Efek Indonesia.
2 29 January 2024
to Shareholders
The proof of GMS announcement has been reported by the Company to the
OJK and the Indonesia Stock Exchange on the same day through Letter No.
HBK.CSC/CMA.339/2024 dated 29 January 2024.
Conducted through information disclosure on:
› Bank Mandiri Website.
› Indonesia Stock Exchange Website.
GMS Invitation to › Website of PT Kustodian Sentral Efek Indonesia.
3 13 February 2024
Shareholders
The proof of GMS invitation has been reported by the Company to the OJK
and the Indonesia Stock Exchange on the same day through Letter No. HBK.
CSC/CMA.536/2024 dated 13 February 2024.
The meeting was chaired by Mr. M. Chatib Basri, as the President
Commissioner/Independent, appointed based on the Resolution of the
Company's Board of Commissioners Meeting dated January 11, 2024, in
4 Implementation of GMS 7 March 2024
accordance with the Minutes of the Board of Commissioners Meeting No.
DK.INT/001/2024, and attended by members of the Board of Commissioners
and Board of Directors of the Company.
The GMS was attended by 11 members of the Board of Commissioners and
11 members of the Board of Directors.
Shareholders and their proxies, both physically present and attending
electronically via the Electronic General Meeting System of Kustodian
Sentral Efek Indonesia (hereinafter referred to as "eASY.KSEI"), representing
a total of 84,588,674,095 shares, including series A Dwiwarna shares, or
90.6307223% of the total valid voting shares issued by the Company as
of the day of the Meeting, totaling 93,333,333,332 shares, consisting of:
› 1 series A Dwiwarna share; and
› 93,333,333,331 series B shares
with reference to the Company's Shareholder Register as of February 12,
2024, until 16:00 Western Indonesia Time.
512 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 515
No. Activities Implementation Date Information
The Company provides GMS Rules of Conduct to all shareholders in the
CORPORATE GOVERNANCE
form of soft copies, both at the time of the Invitations uploaded on the
Company’s website and during the GMS implementation which is available
through barcode scans and the procedures are read before the start of the
GMS.
Shareholders are given the opportunity to ask questions in accordance with
the agenda of the Meeting in each agenda discussed in the Annual GMS.
Voting is conducted orally where the shareholder who casts a vote of
disapproval or abstains is asked to submit his or her ballot card. Especially
for meetings involving a particular person, voting is conducted by an
unsigned closed letter and all shareholders present submit the ballot card.
The results of the GMS have been announced and uploaded on:
› Bank Mandiri Website
› Indonesia Stock Exchange Website
› Website of PT Kustodian Sentral Efek Indonesia
Announcement of GMS in Indonesian and English.
5 13 March 2024
Results The proof of GMS Result Announcement has been reported by the Company
to the OJK and the Indonesia Stock Exchange on the same day through
Letter No. HBK.CSC/CMA.867/2024 dated 13 March 2024 and has been
reported through the Electronic Reporting System of OJK and the Indonesia
Stock Exchange.
The submission of minutes of the GMS to OJK has given due observance
to the time limit in accordance with the provisions of POJK No. 15/
Submission of GSM
6 13 March 2024 POJK.04/2020 and submitted through Letter No. HBK.CSC/CMA.867/2024
Minutes
dated 13 March 2024 and uploaded to the Bank Mandiri website on the
same day.
Attendance Recapitulation at 2024 Annual GMS
The 2025 Annual GMS was attended by all the Board of Commissioners, Directors and Audit Committee of Bank
Mandiri, with detailed as follows:
Table of Recapitulation of Attendance at the 2024 Annual GMS
No. Name Position Attendance
Board of Commissioners
1 M. Chatib Basri President Commissioner/Independent Commissioner
2 Zainudin Amali Independent Commissioner
3 Loeke Larasati Agoestina Independent Commissioner
4 Muliadi Rahardja Independent Commissioner
5 Heru Kristiyana Independent Commissioner
6 Rionald Silaban Commissioner
7 Faried Utomo Commissioner
8 Arif Budimanta Commissioner
9 Muhammad Yusuf Ateh Commissioner
10 Vice President Commissioner/Independent
Andrinof A. Chaniago
Commissioner
11 Nawal Nely Commissioner
Board of Directors
1 Darmawan Junaidi President Director
2 Alexandra Askandar Vice President Director
3 Agus Dwi Handaya Director of Compliance and HR
4 Riduan Director of Commercial Banking
5 Aquarius Rudianto Director of Network and Retail Banking
6 Toni E. B. Subari Director of Operation
7 Rohan Hafas Director of Institutional Relations
8 Sigit Prastowo Director of Finance and Strategy
9 Timothy Utama Director of Information Technology
10 Eka Fitria Director of Treasury and International Banking
11 Susana Indah Kris Indriati Director of Corporate Banking
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 513
Page 516
Meeting Agenda
CORPORATE GOVERNANCE
The Meeting was held with the following Agenda:
1. Approval of the Annual Report and Ratification of the Company’s Consolidated Financial Statements. Approval
of the Board of Commissioners’ Supervisory Tasks Report and Ratification of the Financial Statements of the
Micro and Small Business Funding Program (PUMK) for 2023 Financial Year, as well as the granting of full
release and discharge (volledig acquit et de charge) to the Board of Directors for the management tasks of the
Company and the Board of Commissioners for the supervisory tasks of the Company that have been dedicated
by them during the 2023 Financial Year.
2. Approval for the Use of the Company’s Net Profits for the 2023 Financial Year.
3. Determination of Remuneration (salary/honorarium, facilities, and benefits) Year of 2024 and Tantiem (Bonus)
of the 2023 Financial Year for the Board of Directors and the Board of Commissioners of the Company.
4. Determination of Public Accountant (AP) and/or Public Accounting Firms (KAP) to audit the Company’s
Consolidated Financial Statements and Financial Statements of the Micro and Small Business Funding
Program (PUMK) for the 2024 Financial Year.
5. Reporting on the realization of the use of proceeds from the Shelf Public Offering of Shelf Green Bonds I
Tranche I of Bank Mandiri of 2023.
6. Approval of the update of the Company’s Recovery Plan.
7. Approval of Amendments to the Company’s Articles of Association.
8. Changes in the Composition of the Company’s Board of Management.
Questions & Answers Session
In each Agenda of the Meeting, an opportunity was given to the shareholders and proxies of the shareholders of
the Company who were physically or electronically present to raise questions and/or opinions, In the First Agenda
of the Meeting, Series A Dwiwarna shareholder through its proxy provided responses which was submitted
directly, and there was 1 (one) questioner and 1 (one) response/input. Furthermore, in the Second Agenda of
the Meeting, there was 1 (one) questioner but because the question was irrelevant to the Second Agenda of the
Meeting, the question was not read out. In the Third Agenda of the Meeting, there was 1 (one) questioner but
because the question was irrelevant to the Third Agenda of the Meeting, the question was not read out and there
was 1 (one) response/input. In the Fourth. Seventh and Eighth Agenda of the Meeting. there were no shareholders
and proxy of shareholders who raised questions and/or opinions. For the Fifth Agenda of the Meeting, there was
no question-and-answer session because it was only a report.
Resolutions-Making Mechanism
The resolutions-making mechanism in the Meeting was performed by deliberation to reach a consensus in
accordance with Article 40 of Financial Services Authority/ Otoritas Jasa Keuangan (“OJK”) Regulation No. 15/04.
POJK/2020 concerning the Plan and Implementation of the General Meeting of Shareholders of Public Companies
(“POJK No. 15/2020”) with due observance of Article 28 POJK No.15/2020. In the event that deliberation to
reach a consensus is not reached, the resolution shall be taken by voting, accordingly. The voting mechanism
was performed openly and counted from the votes validly cast on the Meeting and through eASY.KSEI, except for
the Eighth Agenda of the Meeting. in which the voting was performed with the unsigned folded ballots. The Fifth
Agenda of the Meeting is reporting in nature, so it does not require shareholders’ approval at the Meeting.
Independent Party for Voting Count
The Company has appointed an independent party. i.e. Notary Utiek R. Abdurachman SH., MLI., MKn and PT
Datindo Entrycom as Share Registrar for performing the votes count and/or validation.
Meeting Resolutions
The implementation of the Meeting and resolutions of each Meeting Agenda have been stated in the deed of
“Minutes of the Annual General Meeting of Shareholders of the Limited Liability Company (Persero) PT Bank
Mandiri Tbk or abbreviation of PT Bank Mandiri (Persero) Tbk” dated March 7, 2024 number 03, the minutes of
which is drawn up before the Notary Utiek R. Abdurachman SH., MLI., MKn. that principally resolved the followings:
RESOLUTIONS OF THE 2024 ANNUAL GMS
514 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 517
AGENDA 1
CORPORATE GOVERNANCE
Approval of the Annual Report and Ratification of the Company's Consolidated Financial Statements. Approval
of the Board of Commissioners' Supervisory Tasks Report and Ratification of the Financial Statements of the
Micro and Small Business Funding Program (PUMK) for 2023 Financial Year, as well as the granting of full
release and discharge (volledig acquit et de charge) to the Board of Directors for the management tasks of the
Company and the Board of Commissioners for the supervisory tasks of the Company that have been dedicated
by them during the 2023 Financial Year.
In the First Agenda of Meeting
Results of the votes count were as follows:
Results Dissenting Abstained Affirmative (Including one Series A Dwiwarna Share)
Number of Shares 145,647,328 708,197,752 83,734,829,015
Percentage 0.1721830% 0.8372253% 98.9905917%
In accordance with the provisions of the Meeting Rules that shareholders who do not vote (abstain) are
considered to have cast the same votes as the majority votes of shareholders who cast votes.
Therefore:
RThe Meeting with majority votes namely 84,443,026,767 shares or constitute of 99.8278170% of the total
votes cast in the Meeting have resolved:
1. Approving the Company's Annual Report including the Board of Commissioners' Report on the
Implementation of the Company's Supervisory Tasks for the financial year ended on December 31, 2023.
2. Ratifying:
a. The Company's Consolidated Financial Statements for the financial year ended on December 31,
2023 audited by the Public Accounting Firm Rintis, Jumadi, Rianto & Rekan (formerly Tanudiredja,
Wibisana, Rintis & Rekan (a member firm of PricewaterhouseCoopers Global network)) in accordance
with its report Number 00027/2.1025/AU.1/07/0229-3/1/I/2024 dated January 31, 2024, with the
unqualified opinion in all material respects; and
b. Financial Statements of the Micro and Small Business Funding Program (PUMK) audited by the Public
Accounting Firm Rintis, Jumadi, Rianto & Rekan (formerly Tanudiredja, Wibisana, Rintis & Rekan (a
member firm of PricewaterhouseCoopers Global network)) in accordance with its report Number
00016/2.1025/AU.2/07/0229-2/1/I/2024 dated January 24, 2024, with the unqualified opinion in all
material respects.
3. By the approval of the Company's Annual Report including and the Implementation of the Company’s Board
of Commissioners Supervisory Tasks Report, as well as the ratification of the Company's Consolidated
Financial Statements for the Financial Year ended on December 31, 2023, and the Financial Statements of
the Micro and Small Business Funding Program (PUMK) for the financial year ended December 31, 2023,
the General Meeting of Shareholders grants a full a release and discharge (volledig acquit at de charge)
to all members of the Board of Directors for the management tasks of the Company and to the Board
of Commissioners for the supervisory tasks of the Company dedicated during the 2023 Financial Year
which was ended on December 31, 2023, to the extent that such actions do not constitute a crime and are
reflected in the aforementioned reports.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 515
Page 518
Follow-up
The Financial Statements and Annual Reports have been submitted to the OJK and the Indonesia Stock
Exchange with the following information:
CORPORATE GOVERNANCE
1. Submission of Financial Statements:
The Financial Statements was also submitted through the OJK Electronic Reporting System and the
Indonesia Stock Exchange.
2. Submission of Annual Report:
a. Submitted to the OJK through Letter No. HBK.CSC/CMA.535/2024 dated 13 February 2024 and the
report is copied to the Indonesia Stock Exchange.
b. The annual report was also submitted through the OJK Electronic Reporting System and the Indonesia
Stock Exchange.
Status : Has been realized
AGENDA 2
Approval for the Use of the Company's Net Profits for the 2023 Financial Year
In the Second Agenda of Meeting
Results of the votes count were as follows:
Results Dissenting Abstained Affirmative (Including one Series A Dwiwarna Share)
Number of Shares 88,864,402 663,370,572 83,836,439,121
Percentage 0.1050547% 0.7842310% 99.1107143%
In accordance with the provisions of the Meeting Rules, shareholders who do not vote (abstain) are considered
to have cast the same votes as the majority votes of shareholders who cast votes.
Therefore:
The Meeting with majority votes namely 84,499,809,693 shares or constitute of 99.8949453% of the total votes
cast in the Meeting have resolved:
Approving the use of the Company’s Consolidated Net Profit attributed to the owner of the parent entity for
2023 Financial Year amounting to IDR55,060,057,307,434.00 (fifty-five trillion sixty billion fifty-seven million
three hundred seven thousand four hundred thirty-four Rupiah) as follows:
1. 60% or a total of IDR33,036,034,384,460.40 (thirty-three trillion thirty-six billion thirty-four million three
hundred eighty-four thousand four hundred and sixty rupiah and forty cents) or IDR353,957,511,267 (three
hundred and fifty-three point nine five seven five one one two six seven rupiah) per share is distributed as
Cash Dividend. The distribution will be realized under the following conditions:
a. The dividend portion of the State of the Republic of Indonesia amounted to IDR17,178,737,880,394.40
(seventeen trillion one hundred seventy-eight billion seven hundred thirty-seven million eight hundred
eighty thousand three hundred ninety-four rupiah and forty cents) will be deposited into the State
General Treasury Account.
b. Dividends for 2023 Financial Year will be distributed proportionally to each Shareholder whose name
is recorded in the Shareholders Register on the recording date.
c. The Board of Directors is given a power and authority with the substitution right to perform:
i. Determination of the schedule and distribution procedures related to the payment of dividends
for the 2023 Financial Year in accordance with the applicable regulations.
ii. Withholding the Dividend tax in accordance with the applicable tax regulations.
iii. Other related technical issues in accordance with the applicable regulations.
2. 40% or a total of IDR22,024,022,922,973.60 (twenty-two trillion twenty-four billion twenty-two million nine
hundred twenty-two thousand nine hundred seventy-three rupiah and six cents) will be allocated as the
Retained Earnings balance.
Follow-up
Bank Mandiri has announced the Schedule and Procedure for the Distribution of Cash Dividends for Financial
Year 2023 on 13 March 2024 and has paid cash dividends to shareholders on 28 March 2024.
Status : Has been realized
516 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 519
AGENDA 3
Determination of Remuneration (salary/honorarium, facilities, and benefits) Year of 2024 and Tantiem (Bonus)
of the 2023 Financial Year for the Board of Directors and the Board of Commissioners of the Company.
CORPORATE GOVERNANCE
In the Third Agenda of Meeting
Results of the votes count were as follows:
Results Dissenting Abstained Affirmative (Including one Series A Dwiwarna Share)
Number of Shares 9,044,925,415 667,450,224 74,876,298,456
Percentage 10.6928327% 0.7890539% 88.5181134%
In accordance with the provisions of the Meeting Rules, shareholders who do not vote (abstain) are considered
to have cast the same votes as the majority votes of shareholders who cast votes.
Therefore:
The Meeting with majority votes of 75,543,748,680 shares or constitute of 89.3071673% of the total votes cast
in the Meeting have resolved:
Approving the use of the Company’s Consolidated Net Profit attributed to the owner of the parent entity for
2023 Financial Year amounting to IDR55,060,057,307,434.00 (fifty-five trillion sixty billion fifty-seven million
three hundred seven thousand four hundred thirty-four Rupiah) as follows:
1. Approving the granting of the authority and power to the Seri A Dwiwarna Shareholder to determine for
Members of the Board of Commissioners:
a. Tantiem/Performance Incentive/Special Incentive for 2023 Financial Year and/or Long-Term Incentive
of the 2024-2026 Financial Year in accordance with the applicable regulations; and
b. Salary, Benefits, and Facilities for 2024 Financial Year.
2. Approving the granting of the authority and power to the Board of Commissioners. subject to prior written
approval from Seri A Dwiwarna Shareholder to determine for Members of the Board of Directors:
a. Tantiem/Performance Incentive/Special Incentive for 2023 Financial Year and/or Long-Term Incentive
for 2024-2026 Financial Year in accordance with applicable regulations; and
b. Salary. Benefits and Facilities for 2024 Financial Year.
Follow-up
Determination of salaries for the Board of Directors and honorarium for the Board of Commissioners, and
allowances, facilities, and/or other benefits for 2023, as well as determination of bonuses for the performance
of the Board of Directors and Board of Commissioners for the financial year ended 31 December 2022 have
been carried out by the Board of Commissioners with prior approval from the Ministry of SOEs.
Status : Has been realized
AGENDA 4
Determination of Public Accountant (AP) and/or Public Accounting Firms (KAP) to audit the Company's
Consolidated Financial Statements and Financial Statements of the Micro and Small Business Funding
Program (PUMK) for the 2024 Financial Year
In the Fourth Agenda of Meeting
Results of the votes count were as follows:
Results Dissenting Abstained Affirmative (Including one Series A Dwiwarna Share)
Number of Shares 9,089,954,628 2,460,670,247 73,038,049,220
Percentage 10.7460659% 2.9089831% 86.3449510%
In accordance with the provisions of the Meeting Rules, shareholders who do not vote (abstain) are considered
to have cast the same votes as the majority votes of shareholders who cast votes.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 517
Page 520
Therefore:
The Meeting with majority votes namely 75,498,719,467 shares or constitute of 89.2539341% of the total votes
cast in the Meeting have resolved:
CORPORATE GOVERNANCE
1. Approving the appointment of the Public Accounting Firm Rintis, Jumadi, Rianto & Rekan (formerly
Tanudiredja, Wibisana, Rintis & Rekan (a member firm of PricewaterhouseCoopers Global network))
as the Public Accounting Firm which will perform the audit of the Company's Consolidated Financial
Statements, Financial Statements of the Company's Micro and Small Business Funding Program (PUMK),
and other reports for 2024 Financial Year;
2. Approving the granting of the authority and power to the Board of Commissioners of the Company to
perform:
a. Appointment of the Public Accountant and/or Public Accounting Firm to perform an audit of the
Company's Consolidated Financial Statements for other periods in 2024 Financial Year for the
purposes and interests of the Company; and
b. Determination of audit service fees and other requirements for the Public Accountant and/or Public
Accounting Firm, and appointing the substitute of Public Accounting and/or Public Accounting Firm
in the event that the Public Accounting Firm Rintis, Jumadi, Rianto & Rekan (formerly Tanudiredja,
Wibisana, Rintis & Rekan (a member firm of PricewaterhouseCoopers Global network)), due to any
reasons, whatsoever, is unable to accomplish the audit services of the Company's Consolidated
Financial Statements for 2024 Financial Year and/or other periods in 2024 Financial Year, as well as
the Financial Statements of the Micro and Small Business Funding Program for 2024 Financial Year,
including determining the audit fees and other requirements for the pertaining substitute of Public
Accountant and/or the Substitute Public Accounting Firm.
Follow-up
The appointment of Public Accountant Firm Rintis, Jumadi, Rianto & Rekan (formerly Tanudiredja, Wibisana,
Rintis & Rekan (a member firm of PricewaterhouseCoopers Global network)) as the Public Accountant Firm
and Lucy Luciana Suhenda as the Public Accountant has been reported to OJK through Letter No. KES.ACC/
SFR.1518/2024 dated 14 October 2024.
Status : Has been realized
AGENDA 5
Reporting on the realization of the use of proceeds from the Shelf Public Offering of Shelf Green Bonds I
Tranche I of Bank Mandiri of 2023.
In the Fifth Agenda of Meeting:
In accordance with Article 6 of OJK Regulation Number 30/POJK.04/2015 regarding the Report on the
Realization of the Use of Proceeds from Public Offering, public companies are required to be responsible
for the realization of the use of proceeds of public offering in each Annual General Meeting of Shareholders
(“GMS”) until all of the public offering proceeds have been realized and shall be made as one of the agenda of
the Annual GMS but does not require a shareholder’s approval.
Therefore, for the Fifth Agenda of the Meeting, the Meeting did not hold a question-and-answer session and
resolution-making session.
Follow-up
The realization of the use of funds from the Bank Mandiri Shelf Green Bond Public Offering Phase I 2023 has
been reported at the 2024 Annual General Meeting of Shareholders.
Status : Has been realized
AGENDA 6
Approval of the update of the Company's Recovery Plan
In the Sixth Agenda of Meeting
Results of the votes count were as follows:
Results Dissenting Abstained Affirmative (Including one Series A Dwiwarna Share)
Number of Shares 88,864,402 622,645,124 83,877,164,569
Percentage 0.1050547% 0.7360857% 99.1588596%
518 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 521
In accordance with the provisions of the Meeting Rules, shareholders who do not vote (abstain) are considered
to have cast the same votes as the majority votes of shareholders who cast votes.
CORPORATE GOVERNANCE
Therefore:
The Meeting with majority votes namely 84,499,809,693 shares or constitute of 99.8949453% of the total votes
cast in the Meeting have resolved:
1. Approving the update of the Company's Recovery Plan which, among others, contains changes of
the trigger levels and the compliance with the adequacy and feasibility of debt instruments or equity
investment instruments.
2. Approving the granting of the power and authority to the Board of Commissioners and Board of Directors of
the Company to take each and all necessary actions in connection with the update of Company's Recovery
Plan. by taking into account OJK Regulation No. 14/POJK.03/2017 concerning Recovery Plan for Systemic
Banks and other related regulations.
Follow-up
Referring to OJK Regulation No. 14/POJK.03/2017 concerning the Recovery Plan for Systemically Important
Banks. Bank Mandiri has updated the Recovery Plan documents for 2023-2024 and submitted to OJK via Letter
No. CEO/175/2023 dated 28 November 2023.
Status: Has been realized
AGENDA 7
Approval of Amendments to the Company's Articles of Association
In the Seventh Agenda of Meeting
Results of the votes count were as follows:
Results Dissenting Abstained Affirmative (Including one Series A Dwiwarna Share)
Number of Shares 22,443,834,745 962,037,324 61,182,802,026
Percentage 26.5329076% 1.1373122% 72.3297802%
In accordance with the provisions of the Meeting Rules, shareholders who do not vote (abstain) are considered
to have cast the same votes as the majority votes of shareholders who cast votes.
Therefore:
The Meeting with the majority votes namely 62,144,839,350 shares or constitute of 73.4670924% of the total
votes cast in the Meeting have resolved:
1. Approving the amendments to the Company’s Articles of Association, among others, for the purpose of
adjustments to the laws and regulations: (a) Law Number 4 of 2023 dated January 12, 2023 concerning
the Development and Strengthening of the Financial Sector; (b) OJK Regulation Number 17 of 2023 dated
September 14, 2023 concerning the Implementation of Governance of Commercial Banks; (c) Minister
of State-Owned Enterprises Regulation Number PER-2/MBU/03/2023 dated March 24, 2023 concerning
Guidelines for the Governance and Significant Corporate Activities of the State-Owned Enterprises;
(d) Minister of State-Owned Enterprises Regulation Number PER-3/MBU/03/2023 dated March 24,
2023 concerning Organs and Human Resources of the State-Owned Enterprises; and (e) other relevant
regulations.
2. Approving to rearrange all provisions of the Company's Articles of Association in connection with the
amendments as referred to in point 1 (one) above.
3. Granting the authority and power to the Board of Directors with the substitution right to take all necessary
actions related to the resolutions of the Meeting, including but not limited to arrange and restate the
entire Company's Articles of Association in a Notarial Deed, adjusting the amendments to the Company's
Articles of Association if required by the authority and submitting to the authority for obtaining approval
and notification receipt to the Company's Articles of Association as well as taking all actions as deemed
necessary and useful for such purposes without exception.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 519
Page 522
Follow-up
The amendments to the Company’s Articles of Association have been reported to OJK through Letter No.
CORPORATE GOVERNANCE
HBK.CSC/CMA.0953/2024 dated 5 April 2024 and Indonesia Stock Exchange through Letter No. HBK.CSC/
CMA.0954/2024 dated 5 April 2024.
Status: Has been realized
AGENDA 8
Changes in the Composition of the Company's Board of Management
In the Eighth Agenda of Meeting
Results of the votes count were as follows:
Results Dissenting Abstained Affirmative (Including one Series A Dwiwarna Share)
Number of Shares 23,528,825,300 2,410,288,868 58,649,559,927
Percentage 27.8155741% 2.8494227% 69.3350032%
In accordance with the provisions of the Meeting Rules, shareholders who do not vote (abstain) are considered
to have cast the same votes as the majority votes of shareholders who cast votes.
Therefore:
The Meeting with the majority votes namely 61,059,848,795 shares or constitute of 72.1844259% of the total
votes cast in the Meeting have resolved:
1. Confirming the honorable dismissal of Mr. Ahmad Siddik Badruddin as Risk Management Director of the
Company who was appointed based on the Annual GMS (AGMS) for the 2019 Financial Year on February
19 , 2020, effective as of January 31, 2024, with gratitude for the contribution of energy and thought given
during his tenure as Risk Management Director of the Company.
2. Honorably dismiss the following names as the Company’s Board of Management:
a. Mrs. Susana Indah Kris as the Director of Corporate Banking;
b. Mr. M. Chatib Basri as the President Commissioner/Independent;
c. Mr. Andrinof Achir Chaniago as the Vice President Commissioner/Independent;
d. Mr. Rionald Silaban as the Commissioner;
e. Ms. Nawal Nely as the Commissioner;
each of them was appointed based on the Resolutions of the 2020 Extraordinary General Meeting of
Shareholders (“EGMS”) dated 21 October 2020, 2019 EGMS Resolutions dated 9 December 2019 in
conjunction with 2019 Annual GMS Resolutions dated 19 February 2020, 2019 Annual GMS Resolutions
dated 19 February 2020, 2019 EGMS Resolutions dated 28 August 2019, and 2019 Annual GMS
Resolutions dated 19 February 2020, commenced as of the closing of the GMS, with gratitude for the
contribution of their energy and thoughts dedicated during their tenures as the Company’s Board of
Management.
3. Transferring the assignment of the names mentioned below as the Management of the Company;
a. Mr. Riduan – Previously: Director of Commercial Banking – To: Director of Corporate Banking
b. Mr. Zainudin Amali – Previously: Independent Commissioner – To: Vice President Commissioner/
Independent
4. To appoint the names mentioned below as the Management of the Company:
a. Mr. Danis Subyantoro as Director of Risk Management;
b. Mr. Totok Priyambodo as Director of Commercial Banking;
c. Mr. M. Chatib Basri as President Commissioner/Independent;
d. Mr. Rionald Silaban as Commissioner;
e. Mr. Tedi Bharata as Commissioner;
5. The term of office of the appointed members of the Board of Directors and Board of Commissioners as
referred to in point 4, in accordance with the provisions of the Articles of Association of the Company,
with due observance of the laws and regulations in the Capital Market sector and without prejudice to the
right of the GMS to dismiss them at any time.
520 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 523
6. With the confirmation of the dismissal, removal, transfer of duties, and appointment of members of the
Board of Directors and Board of Commissioners of the Company as referred to in number 1, number
CORPORATE GOVERNANCE
2, number 3 and number 4, the composition of the members of the Board of Directors and Board of
Commissioners of the Company shall be as follows:
a. Board of Directors
1) President Director : Darmawan Junaidi
2) Vice President Director : Alexandra Askandar
3) Compliance and HR Director : Agus Dwi Handaya
4) Corporate Banking Director : Riduan
5) Network and Retail Director : Aquarius Rudianto
6) Operation Director : Toni E.B. Subari
7) Institutional Relations Director : Rohan Hafas
8) Finance and Strategy Director : Sigit Prastowo
9) Information Technology Director : Timothy Utama
10) Treasury and International Banking Director : Eka Fitria
11) Risk Management Director : Danis Subyantoro
12) Commercial Banking Director : Totok Priyambodo
b. Board of Commissioners
1) President Commissioner/Independent : M. Chatib Basri
2) Vice President Commissioner/Independent : Zainudin Amali
3) Independent Commissioner : Loeke Larasati Agoestina
4) Independent Commissioner : Muliadi Rahardja
5) Independent Commissioner : Heru Kristiyana
6) Commissioner : Rionald Silaban
7) Commissioner : Faried Utomo
8) Commissioner : Arif Budimanta
9) Commissioner : Muhammad Yusuf Ateh
10) Commissioner : Tedi Bharata
7. Members of the Board of Directors and Board of Commissioners appointed as referred to in number
4 point 1), point 2), 5), as well as members of the Board of Commissioners who are assigned as Vice
President Commissioner/Independent as referred to in number 3 point 2), can only carry out their duties
after obtaining approval from the Financial Services Authority (OJK) for the Fit and Proper Test and
fulfilling the applicable laws and regulations. In the event that the member of the Board of Directors or
member of the Board of Commissioners of the Company is subsequently declared disapproved as a
member of the Board of Directors or member of the Board of Commissioners in the Fit and Proper Test
by the OJK, then the member of the Board of Directors or member of the Board of Commissioners of the
Company shall be honorably discharged from the date of the decision of the OJK Fit and Proper Test
results.
8. Members of the Board of Directors and Board of Commissioners appointed as referred to in point 4 who
are still serving in other positions that are prohibited by laws and regulations to be concurrently held
by members of the Board of Directors or Board of Commissioners of State-Owned Enterprises, then the
person concerned must resign or be dismissed from the position.
9. Requested the Board of Directors to submit a written request to the Financial Services Authority for the
implementation of Fit and Proper Test for the appointed members of the Board of Directors and Board of
Commissioners as referred to in point 4 point 1), point 2), point 5), as well as members of the Board of
Commissioners who are assigned as Vice President Commissioner/Independent as referred to in point 3
point 2).
10. To grant power of attorney with substitution right to the Board of Directors of the Company to state the
resolutions of this GMS in the form of a Notarial Deed and to appear before a Notary or authorized official,
and to make necessary adjustments or corrections if required by the competent authorities for the purpose
of implementing the resolutions of the meeting.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 521
Page 524
Follow-up
1. Mr. Zainudin Amali – previously: Independent Commissioner – to become: Vice President Commissioner/
CORPORATE GOVERNANCE
Independent, has received approval from the OJK (Financial Services Authority) for the Fit and Proper Test
assessment as stated in the Copy of the Decision Letter of the OJK Board of Commissioners No. KEPR-
112/D.03/2024 dated September 13, 2024, and OJK Letter No. SR-414/PB.02/2024 dated September 13,
2024. His appointment as Vice President Commissioner/ Independent became effective as of September
13, 2024, as stated in Bank Mandiri’s Letter No. KPS/1457/2024 dated September 13, 2024.
2. Mr. Danis Subyantoro, as Director of Risk Management, has received approval from the OJK for the Fit and
Proper Test assessment as stated in the Copy of the Decision Letter of the OJK Board of Commissioners
No. KEPR-106/D.03/2024 dated August 303 2024, and OJK Letter No. SR-380/PB.02/2024 dated August
30, 2024. His appointment as Director of Risk Management became effective as of August 30, 2024, as
stated in Bank Mandiri’s Letter No. KPS/1410/2024 dated September 3, 2024.
3. Mr. Totok Priyambodo, as Director of Commercial Banking, has received approval from the OJK for
the Fit and Proper Test assessment as stated in the Copy of the Decision Letter of the OJK Board of
Commissioners No. KEPR-107/D.03/2024 dated August 30, 2024, and OJK Letter No. SR-380/PB.02/2024
dated August 30, 2024. His appointment as Director of Commercial Banking became effective as of August
30, 2024, as stated in Bank Mandiri’s Letter No. KPS/1410/2024 dated September 3, 2024.
4. Mr. Tedi Bharata, as Commissioner, has received approval from the OJK for the Fit and Proper Test
assessment as stated in the Copy of the Decision Letter of the OJK Board of Commissioners No. KEPR-
105/D.03/2024 dated August 30, 2024, and OJK Letter No. SR-380/PB.02/2024 dated August 30, 2024.
His appointment as Commissioner became effective as of August 30, 2024, as stated in Bank Mandiri›s
Letter No. KPS/1410/2024 dated September 3, 2024.
5. The Board of Directors of Bank Mandiri has taken all necessary actions related to the decisions of this
agenda in accordance with applicable laws and regulations.
Status: Has been realized
522 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 525
BOARD OF COMMISSIONERS
CORPORATE GOVERNANCE
The Board of Commissioners of Bank Mandiri performs its oversight function with a strong focus on sound
governance and sustainable growth. In an increasingly competitive and digitalized banking landscape, the
Board ensures that every strategic decision and policy implemented by the Board of Directors aligns with the
Bank’s long-term vision, prudential principles, and regulatory compliance. Through objective supervision and
constructive strategic guidance, the Board of Commissioners safeguards the balance between innovation, risk,
and sustainability, ensuring that Bank Mandiri continues to advance as a leading financial institution in Indonesia.
The Board of Commissioners of Bank Mandiri performs BOARD OF COMMISSIONERS
its role grounded in prudential principles, professional COMPOSITION
ethics, and robust corporate governance. Each
member is required to uphold high integrity, acquire In 2025, the composition of the Company’s Board
deep expertise, and dedicate sufficient time to ensure of Commissioners underwent several changes as
effective oversight. The Board of Commissioners described below.
composition is thoughtfully structured to foster diverse
perspectives and enable objective, independent, and Annual GMS on 25 March 2025
timely decision-making. Through this approach, the Based on the resolution of the Annual GMS on 25
Board of Commissioners ensures that every policy March 2025, the AGMS approved:
and strategic initiative remains aligned with the Bank’s The appointment of following names as members of
long-term vision and its unwavering commitment to the Board of Commissioners:
sustainability. 1. President Commissioner/Independent: Kuswiyoto;
2. Commissioner: Luky Alfirman;
3. Commissioner: Yuliot;
BOARD OF COMMISSIONERS 4. Independent Commissioner: Mia Amiati
APPOINTMENT BASIS
Following the Annual GMS on 25 March 2025, the Board
Members of the Board of Commissioners of Bank of Commissioners was composed of 6 (six) members,
Mandiri are appointed and dismissed by resolution consisting of 1 (one) President Commissioner/
of the GMS in accordance with applicable laws and Independent, 1 (one) Vice President Commissioner/
regulations. Independent, 1 (one) Independent Commissioner, and
3 (three) Commissioners. All members of the Board of
All members of the Board of Commissioners must Commissioners are domiciled within the working area
have successfully passed the Fit and Proper Test and of Bank Mandiri’s Head Office.
received approval from the Financial Services Authority
(OJK). confirming that each member possesses the The composition of the Board of Commissioners as of
required integrity, competence, and financial reputation 25 March 2025, is as follows:
in line with regulatory standards. This process complies
with OJK Regulation No. 27/POJK.03/2016 on the
Fit and Proper Test for the Key Persons of Financial
Institutions. which mandates OJK approval prior to
the commencement of duties and responsibilities as a
member of the Board of Commissioners.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 523
Page 526
Board of Commissioners Composition and Appointment Basis as of 1 January to 25 March 2025
Name Position Basis for Appointment Effective Date Period
CORPORATE GOVERNANCE
President
Period 1: EGMS on 9 December 2019
M. Chatib Basri* Commissioner/ 29 May 2020 2024 – 2025
Period 2: AGMS on 7 March 2024
Independent
Period 1: Period 1:
Independent Commissioner: AGMS on 14 Independent Commissioner:
Vice President
March 2023 6 November 2023
Zainudin Amali Commissioner/ 2023 - 2028
Vice President Commissioner/ Independent: Vice President
Independent
AGMS on 7 March 2024 Commissioner/ Independent:
13 September 2024
Independent
Heru Kristiyana* Period 1: AGMS on 14 March 2023 21 August 2023 2023 - 2025
Commissioner
Independent
Muliadi Rahardja* Period 1: AGMS on 10 March 2022 22 June 2022 2022 - 2025
Commissioner
Loeke Larasati Independent
Period 1: AGMS on 19 February 2020 2 September 2020 2020 - 2025
Agoestina* Commissioner
Faried Utomo* Commissioner Period 1: AGMS on 19 February 2020 4 August 2020 2020 - 2025
Arif Budimanta* Commissioner Period 1: AGMS on 19 February 2020 4 August 2020 2020 - 2025
Muhammad Yusuf
Commissioner Period 1: AGMS on 15 March 2021 18 August 2021 2021 - 2026
Ateh
Period 1: EGMS on 28 August 2019
Rionald Silaban* Commissioner 12 February 2020 2024 - 2025
Period 2: AGMS on 7 March 2024
Tedi Bharata* Commissioner Period 1: AGMS on 7 March 2024 30 August 2024 2024 - 2025
*) No longer served effective as of the Annual GMS dated 25 March 2025.
Extraordinary GMS on 4 August 2025
Based on the resolution of the Annual GMS on 4 August 2025, the EGMS approved:
The appointment of Zulkifli Zaini as Independent Commissioner.
Following the Annual GMS on 4 August 2025, the Board of Commissioners was composed of 7 (seven) members,
consisting of 1 (one) President Commissioner/ Independent, 1 (one) Vice President Commissioner/ Independent, 2
(two) Independent Commissioner, and 3 (three) Commissioners. All members of the Board of Commissioners are
domiciled within the working area of Bank Mandiri’s Head Office.
As such, the composition of the Board of Commissioners as of 4 August 2025, is as follows:
Board of Commissioners Composition and Appointment Basis as of 4 August 2025
Name Position Basis for Appointment Effective Date Period
President
Kuswiyoto Commissioner/ Period 1: AGMS on 25 March 2025 11 July 2025 2025 – 2030
Independent
Period 1: Period 1:
Independent Commissioner: AGMS on 14 Independent Commissioner:
Vice President
March 2023 6 November 2023
Zainudin Amali Commissioner/ 2023 - 2028
Vice President Commissioner/ Independent: Vice President
Independent
AGMS on 7 March 2024 Commissioner/ Independent:
13 September 2024
Independent
Mia Amiati Period 1: AGMS on 25 March 2025 15 Agustus 2025 2025 – 2030
Commissioner
Independent
Zulkifli Zaini Period 1: EGMS on 4 August 2025 17 December 2025 2025 – 2030
Commissioner
Muhammad Yusuf
Commissioner Period 1: AGMS on 15 March 2021 18 August 2021 2021 - 2026
Ateh
Currently undergoing the OJK
Luky Alfirman Commissioner Period 1: AGMS on 25 March 2025 2025 – 2030
Fit and Proper Test
Yuliot Commissioner Period 1: AGMS on 25 March 2025 17 December 2025 2025 – 2030
524 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 527
Extraordinary GMS on 19 December 2025
Based on the resolution of the Annual GMS on 19 December 2025, the EGMS approved:
1. Reassigning Mr. Zulkifli Zaini from his original position as Independent Commissioner to President
Commissioner and Independent Commissioner, appointed based on the Extraordinary GMS Resolution of
CORPORATE GOVERNANCE
2025 dated August 4, 2025, with a term of office continuing the remaining term in accordance with the GMS
Resolution appointing him.
2. Appointing the following names as the Company's Management
1) Vice President Commissioner : M. Rudy Salahuddin Ramto
2) Independent Commissioner: Bintoro K. Pardewo
Following the Annual GMS on 19 December 2025, the Board of Commissioners was composed of 7 (seven)
members, consisting of 1 (one) President Commissioner/ Independent, 1 (one) Vice President Commissioner, 2
(two) Independent Commissioner, and 3 (three) Commissioners. All members of the Board of Commissioners are
domiciled within the working area of Bank Mandiri’s Head Office.
As such, the composition of the Board of Commissioners as of 19 December 2025, is as follows:
Board of Commissioners Composition and Appointment Basis as of 19 December 2025
Name Position Basis for Appointment Effective Date Period
Period 1: Period 1:
Independent Commissioner: EGMS on Independent Commissioner:
4 August 2025 : 17 December 2025
President Commissioner/
Zulkifli Zaini President Commissioner/ President Commissioner/ 2025 – 2030
Independent
Independent: EGMS on 19 December Independent: Currently
2025 undergoing the OJK Fit and
Proper Test
Rudy Salahuddin Vice President Period 1: Currently undergoing the OJK Fit
2025 – 2030
Ramto Commissioner EGMS on 19 December 2025 and Proper Test
Independent
Mia Amiati Period 1: AGMS on 25 March 2025 15 August 2025 2025 – 2030
Commissioner
Muhammad Yusuf
Commissioner Period 1: AGMS on 15 March 2021 18 August 2021 2021 - 2026
Ateh
Currently undergoing the OJK Fit
Luky Alfirman Commissioner Period 1: AGMS on 25 March 2025 2025 – 2030
and Proper Test
Yuliot Commissioner Period 1: AGMS on 25 March 2025 17 December 2025 2025 – 2030
Independent Period 1: Currently undergoing the OJK Fit
Bintoro K. Pardewo 2025 – 2030
Commissioner EGMS on 19 December 2025 and Proper Test
President Commissioner/
Kuswiyoto* Period 1: AGMS on 25 March 2025 11 July 2025 2025 – 2030
Independent
Period 1: Period 1:
Vice President Independent Commissioner: AGMS Independent Commissioner:
Zainudin Amali* Commissioner/ on 14 March 2023 6 November 2023 2023 - 2028
Independent Vice President Commissioner/ Vice President Commissioner/
Independent: AGMS on 7 March 2024 Independent: 13 September 2024
*) No longer served effective as of the Extraordinary GMS dated 19 December 2025.
BOARD OF COMMISSIONERS CHARTER
In carrying out its duties, the Board of Commissioners refers to a working guideline known as the Board of
Commissioners Charter (BOC Charter), which was updated and ratified by the Decree of the Board of Commissioners
No. KEP.KOM/007/2025 dated 01 December 2025. This Charter establishes structured and systematic work
procedures. Serving as a reference for the Board of Commissioners, the BOC Charter is designed to guide in
fulfilling the Board duties and responsibilities. The Charter is formulated in accordance with the Limited Liability
Company Law, Capital Market Law, OJK Regulations, Minister of SOE Regulations, and the Company’s Articles of
Association.
The BOC Charter regulates the following matters:
1. Duties, Responsibilities and Authorities of the Board of Commissioners
2. Governance of Supporting Organs of the Board of Commissioners
3. Meetings of the Board of Commissioners
4. Working Mechanism
5. Others
6. Closing
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 525
Page 528
a. Ensure the implementation of effective and
BOARD OF COMMISSIONERS DUTIES AND
sustainable good governance;
RESPONSIBILITIES
b. Safeguard the interests of the Company with due
CORPORATE GOVERNANCE
regard to the interests of the Shareholders and
In line with the BOC Charter, the duties, obligations, being responsible to the GMS;
and responsibilities of the Board of Commissioners c. Provide opinion and approval of the Company's
are clearly outlined to guide their activities, and ensure Corporate Plan, Financial Conglomerate Corporate
that the Bank operates within the prevailing laws and Plan, Company Work Plan and Annual Budget,
regulations. The following outlines the specific duties Company Sustainable Financial Action Plan, as
and obligations of the Board of Commissioners as well as work plans and other strategic matters
defined in the Charter, as follows: prepared by the Board of Directors in accordance
with the provisions of laws and regulations and
1. The Board of Commissioners has the duties to the Company's Articles of Association;
supervising the interests of the Company on the d. Prepare the annual work plan and budget of the
policies and management of the Board of Directors, Board of Commissioners which is an integral part
providing advice to the Board of Directors, of the Company’s Annual Work Plan and Budget;
and being responsible for such supervision, in e. Approves the Annual Audit Plan and
accordance with the aims and objectives of the budget allocation, taking into account the
Company as stipulated in the provisions of laws recommendations of the Audit Committee.
and regulations, articles of association, and f. Follow the development of the Company’s
resolutions of the GMS. activities, provide opinions and suggestions to the
2. The Board of Commissioners shall carry out its GMS on issues deemed important and material to
duties, authorities and responsibilities in good faith the Company.
and with prudential principles, and comply with the g. Report to the GMS for an indication of decline in the
provisions of laws and regulations and the Articles Company’s performance with recommendations
of Association. on the corrective measures that must be taken;
3. In conducting supervision, the Board of h. Examine and review the periodic reports and
Commissioners shall direct, monitor, and evaluate Annual Report prepared by the Board of Directors
the implementation of integrated governance, and sign the Annual Report;
risk management, and compliance, as well as i. Provide explanations, opinions and
the Company’s strategic policies, in line with the recommendations to the GMS regarding the
provisions of laws and regulations, Articles of Annual Report, if requested;
Association, and/or GMS resolutions. j. Report the implementation of supervisory duties
4. The Board of Commissioners shall receive and that have been carried out during the previous
exercise the authority delegated and/or granted to fiscal year to the GMS;
the Board of Commissioners in accordance with k. Determine the Company’s risk classification based
the provisions of laws and regulations, Articles of on the level of risk intensity by taking into account
Association, and/or GMS resolutions. the Company’s size and complexity, as proposed
5. In carrying out supervision, the Board of by the Board of Directors.
Commissioners is prohibited from participating l. Ensure that the Company has and implements
in decision making on the Company’s operational activity programs aimed at enhancing Financial
activities, except: Literacy and Financial Inclusion.
a. provision of funds to related parties, in line m. Evaluate and decide on requests from the Board
with POJK regarding the maximum limit of of Directors relating to transactions that require
lending and large exposures for commercial the approval of the Board of Commissioners,
banks; and including proposed internal provisions that by
b. other matters stipulated in the Company’s regulation require the approval of the Board of
Articles of Association or the provisions of Commissioners.
laws and regulations. n. Approve the policy on the write-off of loan
6. Decision making on the Company’s operational principal determined by the Board of Directors
activities by the Board of Commissioners as and the plan for the utilization of the ceiling
referred to in point (5) is part of the supervisory (limit) as approved by the GMS.
duties by the Board of Commissioners so as o. Conduct active supervision and evaluation of
not to negate the responsibility of the Board of at least:
Directors for the implementation of the Company’s 1) Follow-up of the Board of Directors on
management. audit findings and recommendations
7. In carrying out its supervisory and advisory duties as from the Company’s Internal Audit Unit,
referred to in article (1), the Board of Commissioners External Auditor, supervisory results of
shall be responsible to: the Financial Services Authority and/or
526 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 529
supervisory results of other authorities 1) Violation of the provisions of laws and
and institutions; regulations in the area of finance, banking,
2) Implementation of the compliance and related to the Company’s business
CORPORATE GOVERNANCE
function; activities; and/or
3) The Company’s Soundness Level; 2) Circumstances or estimates of
4) Implementation of Risk Management circumstances that may jeopardize the
and Capital Management in an Company’s business continuity.
integrated manner in accordance with q. Ensuring the implementation of the Internal
the characteristics and complexity of the Control System both individually and
Financial Conglomeration business within integrated. Specifically in the implementation
the Company; of the Internal Control System, the Board of
5) Implementation of internal control Commissioners is also responsible for:
policies and procedures in the Bank’s 1) Ensuring that the Board of Directors
financial reporting process; prepares and maintains an adequate,
6) Effectiveness of Anti-Fraud Strategy (SAF) effective, and efficient Internal Control
implementation and code of conduct System;
implementation among others related 2) Reviewing the effectiveness and efficiency
to Fraud prevention for all levels of the of the Internal Control System based on
organization; information obtained from the Internal
7) Implementation of Anti-Money Laundering Audit Unit at least once a year; and
Program, Prevention of Financing of 3) Appointing an independent quality
Terrorism, and Prevention of Financing controller from external parties to review
of Proliferation of Weapons of Mass the performance of the Internal Audit Unit,
Destruction; at least once every 3 (three) years.
8) Implementation of Remuneration policy; r. In relation to the appointment of Public
9) Information Technology (IT) strategic Accountant (AP) and Public Accounting Firm
plan and IT governance; (KAP) that will perform audit services of the
10) Risk management policies and Company’s Annual Financial Statements:
strategic plans related to cybersecurity, 1) The Board of Commissioners through
established in accordance with the the Audit Committee conducts the
Bank’s risk appetite and risk tolerance; procurement process of KAP candidates
11) Implementation of the Recovery Plan in accordance with the provisions on
and Resolution Plan, including their procurement of goods and services of the
enhancements and updates, as well as Company, and if necessary, may request
granting approval; the assistance of the Board of Directors in
12) Implementation of the Company’s Social the procurement process; and
& Environmental Responsibility Program 2) Propose to the GMS the appointment of
(TJSL); AP and KAP that will audit the Company’s
13) Implementation of Country Risk and Annual Financial Statements.
Transfer Risk management strategies; s. In relation to the convening of the GMS, in the
14) Implementation of capital participation event that there is a request from shareholders
activities and the management of to the Board of Commissioners to convene a
Subsidiaries; GMS due to the Board of Directors not convening
15) Implementation of the Employee Well- the GMS, the Board of Commissioners shall be
Being Policy (EWP) and reporting required to:
thereof to the Minister of State-Owned 1) Announce the GMS to the shareholders
Enterprises (SOEs); no later than 15 (fifteen) days from the
16) Structured Product activity plans, date of the request for the convening of
including granting approval; the GMS; and
17) Implementation of the Credit 2) Submit the notification of the meeting
Restructuring Policy and the Write-Off agenda to the Financial Services Authority
Policy, as applicable; (OJK) no later than 5 (five) working days
18) Compliance with the implementation of prior to the announcement of the GMS.
Customer Protection. t. Carry out other obligations in the context of
p. Reporting to the Financial Services Authority supervisory and advisory duties, as long as
no later than 5 (five) business days from the they do not conflict with laws and regulations,
discovery of: the Articles of Association, and/or the GMS
Resolution.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 527
Page 530
8. The Board of Commissioners shall have a Code as from all levels of management under their
of Conduct that is binding for each member of the supervision, both within the Company and within
CORPORATE GOVERNANCE
Board of Commissioners. members of the Financial Conglomerate. The
9. In order to carry out the activities of the President Board of Directors shall be obliged to provide such
Commissioner, the President Commissioner has explanations, either verbally or in writing, including
the duties and responsibilities to: but not limited to the realization of the work
a. Inviting the Board of Commissioners Meeting plan, financial condition, key risks, and follow-
in writing which is submitted to all members up actions on supervisory recommendations, in
of the Board of Commissioners by stating the order to ensure accountability and the effective
agenda, date, time, and place of the meeting; implementation of oversight.
and 6. Each Commissioner has the right to attend
b. Coordinating and ensuring the implementation meetings held by the Directors or subordinate
of duties and Meetings of the Board of units without participating in the decision making.
Commissioners and Meetings of Committees 7. The Board of Commissioners with the most votes
of the Board of Commissioners in accordance at any time have the right to temporarily dismiss
with prevailing laws and regulations. one or more members of the Board of Directors.
if proven to be acting contrary to the Articles of
Duties and Responsibilities of President Commissioner Association or proven to have neglected their
Based on the BOC Charter, the duties and responsibilities obligations or there is an urgent reason for the
of the President Commissioner are as follows: Company.
8. The temporary termination must be notified in
1. Inviting to the Board of Commissioners Meeting in writing to the person concerned along with the
writing, submitted to all members of the Board of reasons for the action.
Commissioners by stating the agenda, date, time 9. Within 90 (ninety) days after the date of the
and place of the meeting. temporary dismissal, the Board of Commissioners
2. Coordinating and ensuring the implementation of is required to hold a General Meeting of
duties and meetings of the Board of Commissioners Shareholders which will decide whether the
and the Board of Commissioner’s Committee relevant member of the Board of Directors will be
Meeting in accordance with prevailing regulations. permanently dismissed or returned to his position.
where he is given the opportunity to attend and
Board of Commissioners Rights and Authorities defend himself.
The rights and authorities of the Board of 10. Approving the appointment and dismissal
Commissioners are as follows: of the Corporate Secretary and Head of the
Company’s Internal Audit Unit which is proposed
1. Providing decisions on the actions of the Board of by the Directors and recommended by the Audit
Directors as stipulated in the Company’s Articles Committee.
of Association. 11. Conducting other supervisory authorities as
2. Each Commissioner, collectively or individually at long as they do not conflict with the laws and
any time has the right to enter the buildings and regulations, the Articles of Association, and/or
areas or other places used or controlled by the GMS Decree.
Company and has the right to examine books,
letters of evidence, inventories goods, examine BOARD OF COMMISSIONERS OVERSIGHT
and match the cash situation for verification and DUTIES ASSIGNMENT
securities purposes as well as to know all actions
taken by the Directors. To enhance the effectiveness of the Board of
3. Actions in such cases as mentioned in point (2) Commissioners in fulfilling its functions and duties,
shall be carried out in the capacity of the Board of specific roles have been assigned to each member.
Commissioners and shall be reported at the Board These assignments are made without diminishing
of Commissioners meeting on such actions. the rights, obligations, responsibilities, or authority of
4. If deemed necessary, the Board of Commissioners any individual member in carrying out their roles. The
has the right to request the assistance of experts assigned duties are as follows:
in carrying out their duties for a limited period at
the Company’s expense.
5. Each Commissioner has the right to request
explanations from the Board of Directors as well
528 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 531
Name Position Assignments
› Chairman of Audit Committee
CORPORATE GOVERNANCE
› Member of Remuneration and Nomination Committee
Zulkifli Zaini President Commissioner/Independent
› Chairman of Risk Monitoring Committee
› Member of Integrated Governance Committee
Rudy Salahuddin Ramto Vice President Commissioner › Member of Remuneration and Nomination Committee
› Member of Risk Monitoring Committee
› Member of Audit Committee
› Chairman of Remuneration and Nomination Committee
Mia Amiati Independent Commissioner
› Member of Risk Monitoring Committee
› Chairman of Integrated Governance Committee
› Member of Audit Committee
› Member of Remuneration and Nomination Committee
Bintoro K. Pardewo Independent Commissioner
› Member of Risk Monitoring Committee
› Member of Integrated Governance Committee
› Member of Remuneration and Nomination Committee
Muhammad Yusuf Ateh Commissioner
› Member of Risk Monitoring Committee
› Member of Remuneration and Nomination Committee
Luky Alfirman Commissioner
› Member of Risk Monitoring Committee
› Member of Remuneration and Nomination Committee
Yuliot Commissioner
› Member of Risk Monitoring Committee
DECISION REQUIRING THE APPROVAL OF THE BOARD OF COMMISSIONERS
The decisions that require the approval of the Board of Commissioners are stipulated in the Company’s Articles of
Association and the Board of Commissioners Decree No. KEP.KOM/004/2020 dated 26 November 2020 concerning
the Determination of the Limitations of Actions of the Board of Directors of PT Bank Mandiri (Persero) Tbk that
must obtain written approval from the Board of Commissioners and Dwiwarna A Series Shareholders, and the GMS.
The decisions that need to be approved by the Board of Commissioners include:
1. Releasing/transferring and/or pledging the Company’s assets with criteria and values exceeding a certain
amount determined by the Board of Commissioners, taking into account legislation in the capital market and
banking sector for a nominal value of Rp200 billion to Rp500 billion.
2. Establishing cooperation with business entities or other parties, in the form of joint operations (KSO), business
cooperation (KSU), licensing cooperation, Build-Operate and Transfer (BOT), Build-Owned Ownership (Build,
Operate and Own/BOO) and other agreements having the same nature, the term of which or the value exceeds
the value determined by the Board of Commissioners for a nominal of Rp200 billion to Rp500 billion and a
period of 5-10 years.
3. Conducting capital participation, releasing capital participation including changes in capital structure with a
certain value determined by the Board of Commissioners of other companies, subsidiaries and joint ventures
that are not in the framework of saving receivables, by taking into account provisions in the Capital Market for
a nominal value of Rp150 billion to Rp200 billion.
4. Establishing a subsidiary and/or joint venture of a certain value determined by the Board of Commissioners
by taking into account legislation in the Capital Market for a nominal value of Rp150 billion to Rp200 billion.
5. Proposing representatives of the Company to become prospective members of the Board of Directors and
Board of Commissioners of subsidiaries that make significant contributions to the Company and/or strategic
values according to the Limits and/or criteria set by the Board of Commissioners.
6. Joining, merging, taking over, separation and dissolution of subsidiaries and joint ventures with a certain value
determined by the Board of Commissioners by observing the laws and regulations in the Capital Market for a
nominal value of Rp150 billion to Rp200 billion.
BOARD OF COMMISSIONERS TENURE
According to the Company’s Articles of Association, members of the Board of Commissioners are appointed
and dismissed by the GMS with the approval of the Series A Dwiwarna shareholder. Candidates for the Board of
Commissioners are nominated by the Series A Dwiwarna shareholder, and such nominations are binding on the
GMS.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 529
Page 532
The GMS resolution on the appointment or dismissal of Directors; and/or members of the
of Board members also specifies the effective date of Board of Commissioners to the GMS; and
CORPORATE GOVERNANCE
the decision. If not expressly stated, the appointment 3). having caused the companies which
or dismissal becomes effective upon the closing of obtains permission, approval, and
the GMS, in accordance with applicable laws and registration from Financial Services
regulations. Authority to fail in fulfilling their obligation
to submit annual report and/or Financial
Each member of the Board of Commissioners serves a Services Authority.
term starting from the date specified by the GMS and e. has commitment to comply to the laws and
ending at the close of the fifth Annual GMS following regulations;
their appointment, with a maximum term of five years. f. has knowledge and/or expertise in the fields
The GMS reserves the right to dismiss any member of required by the Company; and
the Board at any time before the end of their term. Upon g. fulfilling other specified requirements.
completion of the term, members may be reappointed
for one additional term, in accordance with capital
market regulations. BOARD OF COMMISSIONERS NOMINATION
AND SELECTION PROCESS
Pursuant to SEOJK No. 14/SEOJK.03/2025, the
dismissal or replacement of members of the Board The procedure for the appointment of Bank Mandiri
of Commissioners of Bank Mandiri prior to the end Board of Commissioners refers to OJK Regulation No.
of their term is carried out with due consideration to 33/POJK.04/2014 on the Board of Directors and Board
the best interests of the Bank and in compliance with of Commissioners of Issuers or Public Companies and
prevailing laws and regulations. Such actions, including SOE Minister Regulation No. PER-11/MBU/07/2021 on
temporary suspension by the GMS, are subject to Requirements and Procedures for Appointment and
applicable authority and regulatory limitations. Dismissal of Members of the Board of Commissioners
Decisions on dismissal or suspension may be based and Supervisory Board of State-Owned Enterprises
on personal reasons. performance considerations, as amended by SOE Minister Regulation No. PER-
regulatory or shareholder recommendations, or legal 7/MBU/09/2022 on Requirements and Procedures
matters that may affect the ability of the member to for Appointment and Dismissal of Board Members
perform their duties effectively. Commissioner and Supervisory Board of State-Owned
Enterprises, and last amended with SOE Minister
Regulation No. PER-3/MBU/03/2023 concerning
CRITERIA FOR THE BOARD OF Organs and Human Resources of State-Owned
COMMISSIONERS MEMBERS Enterprises. The procedures for appointing the Board
of Commissioners include:
The Board of Commissioners shall meet the criteria as 1. Sources of candidates for the Board of
stipulated by OJK Regulation No. 33/POJK.04/2014 as Commissioners/Board of Commissioners of SOEs
follows: come from:
1. Having good character, morals, and integrity; b. Former Director of SOEs.
2. Being competent in performing legal acts; c. Board of Commissioners/Supervisory Board
3. Within 5 (five) years prior to appointment or during of SOEs.
the office, he/she: d. Structural Officials and Government
a. is never declared bankrupt; Functional Officials.
b. never becomes a member of the Board of e. Other sources.
Directors and/or member of the Board of 2. The GMS/Minister may determine candidates
Commissioners who is declared as guilty and who have been declared to meet the formal
causes a company to be declared as bankrupt; requirements and other requirements and
c. is never penalized for committing a criminal have been assessed with the criteria of
act which causes adverse impact to the ‘Recommended’ to become members of the Board
country’s finance and/or to anything related to of Commissioners/Supervisory Board of SOEs.
financial sector; and 3. For certain SOEs, the determination of a person to
d. never becomes a member of the Board of be a member of the SOEs Board of Commissioners/
Directors and/or member of the Board of Supervisory Board can be done after being declared
Commissioners who, during his/ her tenure: to have passed the assessment in accordance with
1). failing to holding Annual GMS; sectoral regulations.
2). having his/her accountability as a 4. In the event that the determination of members of
member of the Board of Directors and/or the SOEs Board of Commissioners/Supervisory
members of the Board of Commissioners Board is carried out before the Fit and Proper
not accepted by the GMS or not giving Test in accordance with sectoral provisions, the
accountability as a member of the Board
530 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 533
actions, duties, and functions as members of the 13. After the submission is made, all documents are
SOEs Board of Commissioners/Supervisory Board submitted to the Deputy for administration.
CORPORATE GOVERNANCE
are counted from the moment they are declared to 14. In the case of adoption to be prescribed in the GMS,
have passed the Fit and Proper Test in accordance the presentation of the results of the assessment to
with sectoral provisions. the Minister accompanied by a letter of designation
5. Members of the SOEs Board of Commissioners/ of the candidate and a power of attorney to attend
Supervisory Board of as referred to in paragraph (3) and take decisions in the GMS.
have a term of office effective since determined by 15. After the GMS is held, all documents are submitted
the GMS/Minister. to the Deputy for administration.
6. In the event that a member of the Board of 16. The administrative process by the Deputy as
Commissioners/Supervisory Board of a particular referred to in paragraph (12) and paragraph (14)
SOE is declared not to have passed the Fit and includes documentation of the appointment and
Proper Test in accordance with sectoral provisions, assessment process.
the GMS/Minister may dismiss the member of the 17. Members of the Board of Commissioners/
Board of Commissioners/Supervisory Board of Supervisory Board of Elected SOEs sign a
SOEs by taking into account sectoral provisions. statement letter containing the ability to carry
7. The determination of a person to be a member of out their duties properly and are willing to be
the SOEs Board of Commissioners/Supervisory dismissed at any time based on the consideration
Board can be done by: of the Minister/GMS, as stated in Annex VII which
a. Decision of the Minister as GMS/owner of is an integral part of this Ministerial Regulation.
capital when the entire share/capital of SOE 18. Members of the Board of Commissioners/
is owned by the State; or Supervisory Board of SOEs shall take office
b. The decision of the GMS or the decision of all effectively from the date of submission of the
shareholders is circular if not all shares are resolution or the date stipulated in the circular
owned by the State. resolution of the Minister/GMS/all shareholders.
8. For Public Companies, the curriculum vitae
of prospective members of the SOEs Board The process of nominating and selecting the Board
of Commissioners who will be proposed for of Commissioners is carried out through the proposal
appointment at the GMS must be available and of the members of the Board of Directors to the GMS
announced at the GMS prior to making a decision by taking into account the recommendations of the
regarding the appointment of the person concerned Board of Commissioners and the Remuneration
as a member of the Board of Commissioners of and Nomination Committee. Prior to the discussion
SOEs. on the appointment and dismissal of the Board of
9. Prior to being appointed as a member of the Board Commissioners in the GMS, information was provided
of Commissioners/Supervisory Board of SOEs, on the profiles of new and reappointed candidates for
the person concerned must sign a statement the Board of Commissioners.
letter resigning from other positions that are
prohibited from concurrently serving as members
of the Board of Commissioners/Supervisory Board BOARD OF COMMISIONERS DISMISSAL
of SOEs starting from the moment the person MECHANISMS
concerned is appointed as a member of the Board
of Commissioners/Supervisory Board. The resignation and dismissal mechanism of the Board
10. In the event that the person concerned does not of Commissioners under the SOE Minister Regulation
resign within the period as stipulated in the laws No. PER-3/MBU/03/2023 concerning Organs and
and regulations, his/her position as a member of Human Resources of State-Owned Enterprises, are as
the Board of Commissioners/Supervisory Board of follows:
SOEs ends at that time limit. 1. The Minister/Deputy Minister can evaluate the
11. In the event that the appointment decision is members of the SOEs Board of Commissioners/
made by Ministerial Decree or the decision of Supervisory Board prior to dismissing members
all shareholders circularly, after the decision is of the SOEs Board of Commissioners/ Supervisory
determined, the Deputy processes the submission Board.
of the decision letter to the elected members of 2. The results of the Minister/Deputy Minister’s
the Board of Commissioners/Supervisory Board of evaluation of members of the SOEs Board of
SOEs. Commissioners/Supervisory Board are further
12. In the submission process as referred to in point processed by the Deputy by submitting the draft
(11), the Deputy Minister or Deputy is assisted Ministerial Decree/GMS regarding the dismissal of
by primary high leadership officials responsible members of the SOEs Board of Commissioners/
for law, Assistant Deputies, and Assistant Deputy Supervisory Board to obtain determination.
Sectors.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 531
Page 534
3. The plan to dismiss a member of the SOEs Board of right of substitution to the Deputy Minister to
Commissioners/Supervisory Board prior to the end attend and make decisions at the GMS.
CORPORATE GOVERNANCE
of his/her term of office must be notified in advance 16. The Deputy Minister may authorize the Assistant
to the member of the Board of Commissioners/ Deputy Sector to attend and make decisions at the
Supervisory Board of SOEs concerned orally or in GMS.
writing by the Minister. 17. The Minister may authorize the Deputy and/
4. In the event that the Minister does not give or Secretary of the Ministry to attend and take
notice, the Minister by this Ministerial Regulation decisions at the GMS.
authorizes with the right of substitution to the 18. As long as the dismissal is still in process, the
Deputy to make such notification. members of the Board of Commissioners/
5. The Deputy may authorize the Sector Deputy Supervisory Board of SOEs concerned must
Assistant and the Deputy Assistant to make such continue to carry out their duties as they should.
notices. 19. The dismissal of members of the Board of
6. The decision to dismiss on grounds other than Commissioners/Supervisory Board of SOEs
being found guilty by a court decision that has can be processed simultaneously with the
permanent legal force and resign is taken after process of appointing members of the Board of
the person concerned is given the opportunity to Commissioners/Supervisory Board of the relevant
defend himself. SOEs.
7. Self-defense may be given directly upon notification 20. The dismissal of members of the SOEs Board of
to the notifying official. Commissioners/Supervisory Board is effective
8. In the case of oral notification and self-defense. from the date stipulated in the Ministerial Decree/
it is carried out face-to-face and evidenced by GMS/all shareholders circularly.
minutes signed by members of the Board of
Commissioners/Supervisory Board of SOEs
concerned and the notifying official. BOARD OF COMMISIONERS RESIGNATION
9. If the member of the Board of Commissioners/ MECHANISMS
Supervisory Board of SOEs concerned is not willing
to sign the minutes then the reason is stated in the The resignation mechanism of the Board of
minutes of the event. Commissioners based on the Articles of Association,
10. In the event that notification is made at the GMS, are as follows:
self-defense is carried out at the GMS in accordance
with the provisions of self-defense as stipulated in 1. A member of the Board of Commissioners has the
the law regarding limited liability companies. right to resign from the position prior to the end of
11. In the process of dismissing members of the Board tenure by notifying in writing of the purpose to the
of Commissioners/Supervisory Board of SOEs, Company.
the Minister may request the consideration of the 2. The Company shall convene the GMS to resolve
Deputy Minister, Deputy and/or Secretary of the the resignation request of member of the Board of
Ministry. Commissioners at the latest 90 (ninety) days after
12. The determination of the dismissal of members the acceptance of the resignation letter.
of the SOEs Supervisory Board is carried out by 3. The Company shall implement disclosure of
Ministerial Decree. information to the public and to convey to the OJK
13. The determination of the dismissal of members at the latest 2 (two) days after the acceptance of
of the SOEs Board of Commissioners can be done the resignation request from member of the Board
by Ministerial Decree as the GMS, GMS resolution, of Commissioners.
and circular decisions of all shareholders. 4. Prior to the effective of the resignation, the said
14. In the event that the determination of the dismissal member of the Board of Commissioners remains
of members of the Board of Commissioners/ to carry out the obligation to complete the duties
Supervisory Board of SOEs is carried out and responsibilities according to the Articles of
by Ministerial Decree or circular decision of Association and the laws and regulations.
all shareholders, the Deputy processes the 5. The resigning member of the Board of
draft Ministerial Decree or the decision of all Commissioners may still be requested for
shareholders circularly. responsibilities as a member of the Board of
15. In the event that the determination of dismissal of Commissioners until the date of the approval by
members of the SOEs Board of Commissioners/ the GMS.
Supervisory Board is carried out in the GMS offline
and/or online and the Minister cannot attend the
GMS in person, the Minister authorizes with the
532 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 535
6. The release of responsibilities to the resigning Referring to the Article 14 paragraph (26) letter of the
member of the Board of Commissioners shall be Bank’s Articles of Association, the tenure of member
CORPORATE GOVERNANCE
provided after the release from the Annual GMS. of the Board of Commissioners is ended if no longer
7. In the event that the resignation of a member meet the requirements as member of the Board of
of the Board of Commissioners resulting in the Commissioners based on the Articles of Association
reduction of numbers of member of the Board and other laws and regulations. In the event that a
of Commissioners to less than 3 (three), such member of the Board of Commissioners is resigning
resignation shall be valid upon the GMS stipulation including if involved in the financial crime, hence a
and a new member has been appointed, hence to concerned member of the Board of Commissioners
meet the minimum requirement of member of the shall inform in writing regarding his/her intention to
Board of Commissioners. the Bank, and the Bank shall convene the GMS to take
decision on the resignation of a member of the Board of
In accordance with SOE Minister Regulation No. PER- Commissioners within 90 days after the acceptance of
3/MBU/03/2023 concerning Organs and Human the resignation.
Resources of State-Owned Enterprises Article 70:
1. The position of a member of the Board of BOARD OF COMMISSIONERS AFFILIATIONS
Commissioners/Supervisory Board of SOEs ends if:
a. passed-away; Members of the Board of Commissioners of Bank
b. his/her term of office expired; Mandiri have no financial or familial relationships
c. dismissed based on the decision of the GMS/ with other members of the Board of Commissioners,
Minister; and/or members of the Board of Directors, or the Controlling
d. no longer meets the requirements as a Shareholder (including the Ultimate Shareholder).
member of the SOEs Board of Commissioners/
Supervisory Board based on the provisions Affiliation refers to any relationship between members
of the articles of association and laws and of the Board of Commissioners, the Board of Directors,
regulations, including concurrent positions and the Main/Controlling Shareholders that may arise
that are prohibited. from family ties, business interests, or professional
2. The term of office ends as referred to in paragraph associations. The disclosure of such affiliations is
(1) point b including resigning from office. intended to ensure transparency and prevent potential
3. In the event that the position of a member of the conflicts of interest in the performance of the Board’s
SOEs Board of Commissioners/Supervisory Board supervisory duties.
ends for reasons as referred to in paragraph (1)
letter a, letter b, and letter d then: The following are criteria of affiliate relationship among
a. The Deputy shall convey information regarding members of the Board of Commissioners:
the situation to the Minister and at the same 1. Affiliations among members of the Board of
time process the dismissal in accordance with Directors and Board of Commissioners.
the provisions of this Ministerial Regulation; 2. Affiliations among the Board of Commissioners
and members; and
b. The expiration of the position of members 3. Affiliations among the Board of Commissioners
of the SOEs Board of Commissioners/ members with Ultimate and/or Controlling
Supervisory Board is confirmed by a Ministerial Shareholders.
decree or GMS.
The affiliate relationships of the Board of
Commissioners are illustrated in the following table:
POLICIES RELATED TO THE RESIGNATION
OF THE BOARD OF COMMISSIONERS
GETTING INVOLVED IN FINANCIAL CRIME
Bank Mandiri has in place the policy on resignation of
member of the Board of Commissioners when involved
in financial crime as stated in the Bank’s Articles
of Association, namely the tenure of the Board of
Commissioners is ended upon the violations of laws
and regulations and upon resignation.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 533
Page 536
Financial. Family, and Board of Commissioners Management
Financial Relations With Family Relations with
Management
Name Position
CORPORATE GOVERNANCE
Controlling Controlling Relations
BOC BOD BOC BOD
Shareholders Shareholders
Yes No Yes No Yes No Yes No Yes No Yes No Yes No
President
Zulkifli Zaini Commissioner/
Independent
Rudy
Vice President
Salahuddin
Commissioner
Ramto
Independent
Mia Amiati
Commissioner
Bintoro K. Independent
Pardewo Commissioner
Muhammad
Commissioner
Yusuf Ateh
Luky Alfirman Commissioner
Yuliot Commissioner
BOARD OF COMMISSIONERS CONCURRENT POSITION
The concurrent positions of the Board of Commissioners have been regulated Based on SOE Minister Regulation No.
PER-3/MBU/03/2023 concerning Organs and Human Resources of State-Owned Enterprises and OJK Regulation
No. 17 of 2023 that has been ratified by SEOJK 14/SEOJK.03/2025 on the Implementation of Governance for
Commercial Banks, as follows:
Concurrent Positions
1. The SOEs Board of Commissioners/Supervisory Board may concurrently serve as the Board of Commissioners
in other business entities, provided that it refers to the provisions of sectoral laws and regulations.
2. The SOEs Board of Commissioners/Supervisory Board who concurrently serves as the Board of Commissioners
in other business entities as referred to in paragraph (1) must meet the percentage of attendance at meetings
of the SOEs Board of Commissioners/Supervisory Board for 1 (one) year of at least 75% (seventy-five percent)
of attendance, as a requirement to obtain Tantiem/Performance Incentives/Special Incentives for those
concerned.
Prohibition of Concurrent Positions
1. Members of the SOEs Board of Commissioners/Supervisory Board of are prohibited from holding concurrent
positions as members of the Board of Commissioners/Supervisory Board of SOEs, except based on special
assignment from the Minister.
2. Members of the Board of Commissioners/Supervisory Board are prohibited from holding concurrent
positions as members of the Board of Directors at SOEs, other business entities or occupying positions that
under laws and regulations are prohibited from concurrently holding the positions of members of the Board
of Commissioners/Supervisory Board of SOEs, or positions that may cause a conflict of interest with the
relevant SOEs, and sign a statement letter willing to resign from the position if elected as a member of the
Board Commissioner/Supervisory Board of SOEs.
3. The term of office of members of the SOEs Board of Commissioners or the Supervisory Board who hold
concurrent positions as referred to in poin (1) and poin (2), expires by law since other members of the SOEs
Board of Commissioners/Supervisory Board concerned or members of the Board of Directors or GMS/
Minister become aware of the position conflict as intended.
4. Within a period of no later than 7 (seven) days from the date of known the position holder as referred to in
paragraph (1) and paragraph (2), other members of the SOEs Board of Commissioners/Supervisory Board
concerned or members of the Board of Directors of SOEs, must submit a notification to the GMS/Minister
regarding the position dispute, for further termination of the process of determining dismissal.
5. Legal acts committed for and on behalf of SOEs by members of the SOEs Board of Commissioners/
Supervisory Board after they expire due to the law as referred to in paragraph (3) are invalid and become the
personal responsibility of the members of the SOEs Board of Commissioners/Supervisory Board concerned.
534 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 537
6. The provisions referred to in paragraph (5) do not diminish the responsibility of the members of the Board
of Commissioners/Supervisory Board of SOEs concerned for the losses of SOEs caused by the mistakes or
CORPORATE GOVERNANCE
negligence of the members of the Board of Commissioners/Supervisory Board of SOEs concerned in carrying
out their duties.
7. If the members of the SOEs Board of Commissioners/Supervisory Board consist of 2 (two) members of the SOEs
Board of Commissioners/Supervisory Board or more, the responsibilities as referred to in paragraph (6), jointly
apply to each member of the SOEs Board of Commissioners/Supervisory Board.
In addition, members of the Board of Commissioners are prohibited from holding concurrent positions as follows:
1. As members of the Board of Directors, Board of Commissioners, Sharia Supervisory Board, or executive
officers in financial institutions or companies, whether banking or non-banking;
2. As members of the Board of Directors, Board of Commissioners, Sharia Supervisory Board, or executive
officers in more than 1 (one) non-financial institution or company, whether domiciled in Indonesia or abroad;
3. In functional positions within banking or non-banking financial institutions, whether domiciled in Indonesia
or abroad;
4. In any other position that may create a conflict of interest in carrying out their duties as members of the
Board of Commissioners; and/or
5. In other positions as regulated by applicable laws and regulations.
The following are exceptions to the prohibition on holding concurrent positions:
a. Members of the Board of Commissioners serving as members of the Board of Directors, Board of Commissioners,
or executive officers performing supervisory functions in 1 (one) non-bank subsidiary controlled by the Bank;
b. Non-Independent Commissioners performing functional duties on behalf of the Bank’s shareholder that is a
legal entity in the Bank and/or a Financial Conglomeration (KUB); and/or
c. Members of the Board of Commissioners holding positions in non-profit organizations or institutions.
Provided that such positions do not interfere with the performance of their duties and responsibilities as members
of the Board of Commissioners.
Furthermore, the Company’s Articles of Association also regulates the concurrent position of the Board of
Commissioners policy. The Board of Commissioners shall be prohibited from having concurrent positions as:
1. Member of the Board of Directors at SOEs. Regionally-Owned Enterprises, and private enterprises.
2. Committee of political party and/or candidate/ member of the House of Representative, House of Regional
Representative, Regional People’s House of Representative Level I and II, and/or candidate of regional head/
vice head.
3. Other positions pursuant to the applicable laws and regulations.
4. Concurrent positions that may cause a conflict of interest.
Bank Mandiri’s Board of Commissioners has disclosed members’ concurrent positions and does not have
concurrent positions outside those permitted by applicable regulations and can cause conflict of interest which is
prohibited by regulations.
The following table describes the concurrent position of the Board of Commissioners.
Position in Other Companies/ Name of Other Companies/
Name Position
Institutions Institutions
President Commissioner/
Zulkifli Zaini – –
Independent
Ministry of Investment and
Rudy Salahuddin Ramto Vice President Commissioner Secretary / Chief Secretary
Downstream / BKPM
Mia Amiati Independent Commissioner Lecturer Airlangga University
Bintoro K. Pardewo Independent Commissioner – –
Financial and Development
Muhammad Yusuf Ateh Commissioner Chairman
Supervisory Agency
Ministry of Finance of the
Luky Alfirman Commissioner Director General of Budget
Republic of Indonesia
Ministry of Energy and Mineral
Yuliot Commissioner Vice Minister Resources of the Republic of
Indonesia
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 535
Page 538
CONFLICT OF INTEREST POLICY f. Individuals with family relations up to the second
degree with the Bank’s controlling parties.
CORPORATE GOVERNANCE
Referring to SEOJK No. 14/SEOJK.03/2025. Bank management, or controlling shareholders, either
Mandiri applies the following Conflict of Interest Policy. vertically or horizontally.
Bank Mandiri upholds integrity and objectivity in all Through this policy, Bank Mandiri ensures that all
operational and decision-making activities. Therefore, business activities and decisions are carried out
all members of the Board of Directors, Board of professionally, transparently, and in the best interest of
Commissioners, Bank Committees, Executive Officers, the Bank.
and employees must avoid any form of conflict of
interest in performing their duties and responsibilities.
BOARD OF COMMISSIONER’S CONFLICTS
The Bank has established and implemented a Conflict OF INTEREST MANAGEMENT
of Interest Policy aimed at identifying, preventing, and
managing potential conflicts that may arise from its The management of conflict-of-interest for the Board
business operations. The policy includes: of Commissioners is regulated in the BOC Charter as
a. Mechanisms for preventing and handling follows:
conflicts of interest, binding all management and 1. Pursuant to laws and regulations, each
employees, including decision-making procedures Commissioner shall maintain the information
and mitigation steps when potential conflicts are by keeping it confidential including provisions
identified; and on insider trading and other information that the
b. Procedures for recording, documenting, and Company has not disclosed to the public.
disclosing conflicts of interest in meeting minutes 2. Each Commissioner shall disclose:
or other official records. 3. Ownership of shares in the Company and in other
companies domestically or abroad.
In cases where a conflict of interest arises. each member 4. Financial and family relationships with other
of the Board of Directors, Board of Commissioners. members of the Board of Commissioners and
Bank Committees, Executive Officers, and employees members of the Board of Directors and their
is required to disclose the conflict transparently in the families.
decision-making process and is prohibited from taking 5. Other information related to laws and regulations
actions that could harm the Bank. Such disclosures must be disclosed to the public.
are documented in meeting minutes, including the 6. The Board of Commissioners is prohibited from
name of the related party, the nature of the conflict, being involved in making decisions related to
and the rationale for the decision. The decision-making banking operational activities and/or making
authority is adjusted according to the hierarchical level decisions that may cause conflicts of interest.
of the individual involved to ensure independence in the 7. The Board of Commissioners in carrying out its
process. duties. responsibilities and authority is prohibited
from using the Company for personal. family. other
As part of its sound governance practices. Bank companies or certain parties’ interests in a manner
Mandiri ensures that all transactions with related that is contrary to the laws and regulations and the
parties are conducted on an arm’s-length basis and Company’s code of ethics.
do not provide preferential treatment compared to
similar transactions with other parties. Related parties
include: BOARD OF COMMISSIONERS SHARE
a. Entities or individuals that control or are controlled OWNERSHIP
by the Bank, directly or indirectly, including
controlling and ultimate shareholders; Based on SEOJK No. 14/SEOJK.03/2025 - XXIII.2.
b. The Bank’s majority shareholders; the Board of Commissioners has disclosed share
c. Entities affiliated with the Bank (subsidiaries, sister ownership of 5% (five percent) or more, either in the
companies, subsidiaries of sister companies, or Bank concerned or in other banks and/or companies,
special-purpose entities established by the Bank or both domestically and internationally. The share
its affiliates); ownership of Bank Mandiri’s Board of Commissioners
d. Members of the Board of Directors, Board of is described in the table below.
Commissioners, and Executive Officers;
e. Parties with professional or business relationships
with the Bank’s management or its affiliated
companies; and
536 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 539
Board of Commissioners Share Ownership as of 31 December 2025
CORPORATE GOVERNANCE
Share Ownership
No. Name Position Bank Mandiri Non-Bank
Other
Other Banks Financial
Total Shares % Ownership Companies
Institutions
President Commissioner/
1. Zulkifli Zaini 22,850,900 0,0244831 Nil Nil Nil
Independent
Vice President
2. Rudy Salahuddin Ramto Nil Nil Nil Nil Nil
Commissioner
3. Mia Amiati Independent Commissioner Nil Nil Nil Nil Nil
4. Bintoro K. Pardewo Independent Commissioner Nil Nil Nil Nil Nil
5. Muhammad Yusuf Ateh Commissioner 4,244,800 0.0045480 Nil Nil Nil
6. Luky Alfirman Commissioner Nil Nil Nil Nil Nil
7. Yuliot Commissioner Nil Nil Nil Nil Nil
DISCLOSURE OF SHARE OWNERSHIP OF MEMBERS OF THE BOARD OF DIRECTORS AND
BOARD OF COMMISSIONERS
In line with POJK No. 4 of 2024 concerning Reports of Shareholding or Any Changes in Shareholding in Public
Companies and Reports on the Pledging of Shares in Public Companies, the Bank has established a policy that
requires members of the Board of Directors and Board of Commissioners to report to the OJK and notify the Bank of
their ownership of voting rights over shares and any changes in ownership of voting rights over the Bank’s shares.
either directly or indirectly. no later than 5 (five) business days after the acquisition or any change in ownership of
voting rights over those shares. The policy has been implemented in accordance with the regulations.
INDEPENDENT COMMISSIONERS
Independent Commissioners are members of the Board of Commissioners who have no financial, managerial,
ownership, or family relationships with members of the Board of Directors, other Commissioners, or controlling
shareholders, including the ultimate controlling shareholder, nor any relationship with the Bank that could affect
their ability to act independently. Their primary role is to provide objective oversight and ensure that all strategic
decisions are made in the best interests of all stakeholders, including minority shareholders. Through their
independence, Independent Commissioners play a key role in maintaining integrity, transparency, and balance in
the Bank’s governance practices.
As of 31 December 2025, the composition of the Board of Commissioners of Bank Mandiri has taken into account
the Bank’s business complexity, characteristics, and supervisory needs to ensure effective and optimal oversight.
Criteria and Fulfillment of Independent Commissioner Requirements
The criteria for Independent Commissioners at Bank Mandiri are based on OJK Regulation No. 33/POJK.04/2014
concerning the Board of Directors and Board of Commissioners of Issuers or Public Companies and OJK Circular
No. 14/SEOJK.03/2025 on the Implementation of Good Corporate Governance for Commercial Banks.
The fulfillment of requirements for prospective Independent Commissioners at Bank Mandiri is cumulative, ensuring
that each appointed individual acquires sufficient integrity, competence, and independence. This approach is
implemented to optimize the role of Independent Commissioners in providing objective, effective, and professional
oversight, in line with good corporate governance principles and the complex supervisory needs of Bank Mandiri’s
operations.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 537
Page 540
Independent Commissioners
Criteria for Independent Commissioner
Zulkifli Zaini Mia Amiati Bintoro K. Pardewo
CORPORATE GOVERNANCE
Shall not become the person who works. has the authority over. or has
responsibility to plan. lead. control. or monitor the Bank’s activities in the last
6 (six) months except for reappointment as an Independent Commissioner of
Public Company for the next period.
Shall not have shares either directly or indirectly in the Issuer or the Public
Company. X
Shall not have affiliate relationship with the Issuer or the Public Company.
BOC member. BOD member. or majority shareholders of the Issuer or the
Public Company.
Shall not have any business relationship either directly or indirectly in the
Issuer or the Public Company.
Adequate and relevant knowledge in the field of banking in relation to the
position as an Independent Commissioner; and
Experience in the banking and/or financial sector.
Independence of Independent Commissioners
Bank Mandiri Independent Commissioners are required to maintain full independence to ensure objective
and impartial supervision. In compliance with SEOJK No. 14/SEOJK.03/2025, independence means that an
Independent Commissioner has no financial, managerial, ownership, or family relationships with members of
the Board of Directors, other Commissioners, members of the Sharia Supervisory Board (DPS), or controlling
shareholders. including ultimate shareholders, and no other relationships with the Bank that could affect their
ability to act independently.
In practice, Bank Mandiri ensures the independence of its Independent Commissioners through the following
principles:
› No financial relationships, meaning the Commissioner does not receive income, loans, or financial assistance
from the Bank’s Directors, Commissioners, DPS, or controlling shareholders.
› No managerial relationships, meaning the Commissioner does not hold any position as Director, Commissioner,
or Executive Officer in entities owned or controlled by the Bank or its controlling shareholders.
› No ownership relationships, meaning the Commissioner does not share ownership or control in any company
with the Bank’s Directors, Commissioners, DPS, or controlling shareholders.
› No familial relationships, meaning the Commissioner has no family ties up to the second degree, either
vertically or horizontally, including in-laws, with any member of the Board of Directors, Board of Commissioners,
DPS, or controlling shareholders.
› No direct or indirect relationships with the Bank that could compromise independence, such as owning more
than 5% of the Bank’s paid-up capital or engaging in financial or professional relationships that could influence
decision-making (e.g., acting as a major debtor, depositor, or professional service provider).
By consistently enforcing these principles, Bank Mandiri ensures that its Independent Commissioners carry out
their supervisory duties with integrity, impartiality, and professionalism, thereby reinforcing the Bank’s commitment
to transparent and accountable governance.
Fit and Proper Test for Independent Commissioners Candidate
As part of the integrity assessment and selection process. every prospective Independent Commissioner of Bank
Mandiri is required to undergo a Fit and Proper Test conducted by the OJK. The submission for the Fit and Proper
Test may be made by Bank Mandiri no earlier than 90 (ninety) days after the candidate enters the cooling-off
period. in accordance with applicable OJK regulations.
Change of Position Status from Non-Independent Commissioner to Independent Commissioner
Any change in position status from Non-Independent Commissioner to Independent Commissioner within the
Bank must first obtain approval from the OJK, in accordance with the OJK Regulation on the Fit and Proper Test
for Key Persons of Financial Institutions.
538 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 541
To obtain such approval, the prospective Independent Concurrent Positions of Independent Commissioners
Commissioner is required to submit an Independence Independent Commissioners are prohibited from
CORPORATE GOVERNANCE
Statement Letter following the format provided holding concurrent positions as public officials,
in Appendix I of SEOJK No. 14/SEOJK.03/2025. whether in structural or functional roles within
which may be adjusted based on supervisory government institutions. This policy aims to avoid
requirements. To ensure full independence. OJK may potential conflicts of interest and to ensure that the
also request additional supporting documents, such position of Independent Commissioner is filled by
as an Independence Statement from the Controlling individuals with the competence, experience, and full
Shareholder or other relevant declarations. dedication required to perform effective oversight
functions.
Dismissal and Replacement of Independent
Commissioners Bank Mandiri thoroughly reviews the profile
At Bank Mandiri, the dismissal or replacement of an and background of prospective Independent
Independent Commissioner is carried out prudently Commissioners before their nomination to the GMS
and in compliance with the OJK regulations. Any plan and submission to the OJK, ensuring alignment with
to dismiss or replace an Independent Commissioner independence principles and the Bank’s governance
before the end of their term must first obtain OJK requirements.
approval before being decided at the GMS.
The Bank’s Independent Commissioner has signed the
The request for approval must be submitted to OJK Statement certifying the fulfilment of criteria as well
no later than 1 (one) month prior to the planned as independency of position in accordance with the
GMS, accompanied by supporting information and criteria as set under the prevailing regulations and has
documents such as the reasons for dismissal. been submitted to the OJK.
performance evaluations, health conditions, or
potential risks to the Bank’s operations. The proposal
is prepared by the Remuneration and Nomination
Committee and approved by the majority of the Board
of Commissioners.
OJK reviews the proposal based on its supervisory
data and evaluations, both onsite and offsite. If
deemed appropriate, OJK will issue a letter of approval
for the dismissal or replacement, allowing the Bank to
proceed with the agenda at the GMS. If not approved,
OJK will issue a written rejection, and the Bank is
prohibited from including the dismissal or replacement
in the GMS agenda.
Furthermore, Independent Commissioners who have
not yet received OJK approval are not allowed to
perform their duties, even if they have been approved
and appointed by the GMS. Former Directors, Executive
Officers, or other related parties may be appointed
as Independent Commissioners after completing a
cooling-off period of at least 1 (one) year, or 6 (six)
months for former Presidents or officers previously
responsible for supervision, in accordance with the
OJK Regulation on Bank Governance.
Independent Commissioners may be reappointed by
the GMS for a maximum of two consecutive terms.
Any extension beyond two terms may be granted
based on the recommendation of the Remuneration
and Nomination Committee, taking into account
performance results, independence assessments, and
internal evaluations by the Board of Commissioners
and the internal audit function.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 539
Page 542
CORPORATE GOVERNANCE
ORIENTATION PROGRAM FOR NEW COMMISSIONERS
Each newly appointed member of the Board of Commissioners participates in an orientation program designed
to familiarize them with their roles, responsibilities, and the Bank’s operational environment. The program aims to
provide a comprehensive understanding of the Bank’s vision, mission, core values, organizational structure, and
business activities, including those of its subsidiaries. It also introduces key policies, procedures, and corporate
governance practices implemented across the Bank Mandiri Group.
The orientation is conducted through presentations by relevant Directors and coordinated by the Corporate
Secretary. In addition, new Commissioners receive a Board Manual outlining their duties and responsibilities,
including the Articles of Association, Board of Commissioners Charter, Committee Charters, and other key
governance documents. This ensures that each new Commissioner is equipped with the necessary foundation to
perform their oversight role effectively and in accordance with sound governance principles.
In 2025, Bank Mandiri conducted an orientation program for newly appointed Commissioners, which covered the
following topics:
Name Position Date Training/Seminar Subjects Trainers
President Commissioner/ 18 August 2025 Risk Management Qualification LPPI
Zulkifli Zaini
Independent Level 7 Refreshment
Vice President - The orientation program will -
Rudy Salahuddin Ramto
Commissioner commence in January 2026.
14 April 2025 PSAK 109 and Financial Head of Accounting Unit
Reporting
17 April 2025 2025 RKAP, 2025–2027 Head of Strategy &
RBB, and 2024 Financial Performance Management
Performance Unit
23 April 2025 Corporate Plan 2025 - 2029 Head of Business
Independent
Mia Amiati Transformation Unit
Commissioner
2 May 2025 Risk Management Framework Head of Credit Unit
and ESG Implementation Portfolio Risk, Market Risk,
Operational Risk, and ESG
7 May 2025 Good Corporate Governance Head of Compliance Unit
(GCG), APU PPT & PPPSPM,
and Integrated Governance
Independent - The orientation program will -
Bintoro K. Pardewo
Commissioner commence in January 2026.
540 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 543
Name Position Date Training/Seminar Subjects Trainers
17 April 2025 2025 RKAP, 2025–2027 Head of Strategy &
CORPORATE GOVERNANCE
RBB, and 2024 Financial Performance Management
Performance Unit
23 April 2025 Corporate Plan 2025 - 2029 Head of Business
Luky Alfirman Commissioner
Transformation Unit
2 May 2025 Risk Management Framework Head of Credit Unit
and ESG Implementation Portfolio Risk, Market Risk,
Operational Risk, and ESG
14 April 2025 PSAK 109 and Financial Head of Accounting Unit
Reporting
17 April 2025 2025 RKAP, 2025–2027 Head of Strategy &
RBB, and 2024 Financial Performance Management
Performance Unit
23 April 2025 Corporate Plan 2025 - 2029 Head of Business
Yuliot Commissioner Transformation Unit
2 May 2025 Risk Management Framework Head of Credit Unit
and ESG Implementation Portfolio Risk, Market Risk,
Operational Risk, and ESG
7 May 2025 Good Corporate Governance Head of Compliance Unit
(GCG), APU PPT & PPPSPM,
and Integrated Governance
BOARD OF COMMISSIONERS MEETING
The procedures and requirements for Bank Mandiri Board of Commissioners meetings are outlined in the BOC
Charter and align with SEOJK No. 14/SEOJK.03/2025. The key provisions for these meetings are as follows:
Meeting Frequency: Meetings of the Board of Commissioners are held regularly at least once every 2 (two) months
as part of the supervisory and strategic decision-making process.
Joint Meetings with the Board of Directors: The Board of Commissioners must hold joint meetings with the Board
of Directors at least once every 4 (four) months.
Quorum Requirements: Meetings of the Board of Commissioners and Joint Meetings with the Board of Directors
are held if attended by the majority of the Board of Commissioners' members.
Meeting Attendance: All members of the Board are required to attend physically at least twice a year, particularly for
meetings concerning performance evaluation, strategic policy formulation, and the review of the Bank’s Business
Plan (RBB). If Non-Independent Commissioners are unable to attend in person, participation may be conducted
through technological means such as teleconferencing.
Meeting Attendance via Technology: When Board of Commissioners meetings are conducted using technological
means such as teleconferencing, the following requirements must be fulfilled:
a. Basis for holding the meeting, including the Bank’s internal policies and official meeting minutes outlining the
decision to hold the meeting virtually;
b. Recorded evidence of the meeting, which must be stored and managed in accordance with prevailing laws
and/or the Bank’s internal policies; and
c. Official meeting minutes, signed by all participants, whether attending physically or via teleconference.
In addition, inter-Commissioners meetings serve as a communication forum among members of the Board of
Commissioners to support effective and orderly supervision. This forum may also be used to deliberate on and
decide policies, actions, or solutions related to supervisory functions, including matters concerning Bank Mandiri’s
overseas branch offices (KCBLN).
Meeting Decision-Making: Decisions in meetings of the Board of Commissioners must first be made based on
deliberation for consensus. If consensus cannot be reached. decisions are made by majority vote. All decisions of
the Board of Commissioners are binding for all members of the Board of Commissioners.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 541
Page 544
Meeting Materials: All relevant materials for the Board of Commissioner' meetings must be distributed to
participants no later than 5 (five) days prior to meeting. If a meeting is held outside the regular schedule, materials
CORPORATE GOVERNANCE
can be provided prior to the meeting.
Leadership: Meetings are chaired by the President Commissioner. If the President Commissioner is absent, the
meeting will be chaired by a designated Commissioner.
Meeting Minutes: All Board of Commissioners meetings are fully documented in the form of meeting minutes,
which are distributed to all Commissioners and maintained as part of the Bank’s official records. Any dissenting
of opinion expressed during meetings must be clearly recorded in the minutes, along with the reasoning and
considerations behind such differing views. A copy of the signed meeting minutes, endorsed by all Commissioners
present either physically or via teleconference, is distributed to all members of the Board of Commissioners. either
directly or electronically.
Board of Commissioners Meetings Plan
The Board of Commissioners’ meetings plan for 2025 as uploaded on the Bank Mandiri website are as follows:
Quarter I Quarter II Quarter III Quarter IV
• Monthly Review of Bank • Monthly Review of the • Monthly Review of the • Monthly Review of Bank
Performance. Bank's Performance. Bank’s Performance. Performance.
• Review of Consolidated • Quarterly Review of Risk • Quarterly Review of the • Quarterly Review of the
Financial Statements Profile, Business Activities, Performance of the Bank Performance of the Bank
for Financial Year 2024 IT, HR, and Other Strategic and its Subsidiaries for the and its Subsidiaries for the
(Audited). Initiatives for the period of period of Quarter II/2025. period of Q3/2025.
• Quarterly Review of the
Q1/2025. • Quarterly Review of Risk • Quarterly Review of Risk
Bank and Subsidiaries'
• Quarterly Review of the Profile, Business Activities, Profile, Business Activities,
Performance for 2024.
Performance of the Bank IT, HR, and Other Strategic IT, HR, and Other Strategic
• Preparation of Annual
General Meeting of and its Subsidiaries for the Initiatives for the period of Initiatives for the period of
Shareholders for Financial period of Q1/2025. Quarter II/2025. Q3/2025.
Year 2024. • Review of the • Approval of the 2026
• Selection of Public Implementation of Corporate Work Plan &
Accountant Office (KAP) Integrated Governance. Budget, 2026-2028 Bank
for the Audit of Financial • Discussion of the Business Plan, 2026-2030
Statements for the Year Company’s Work Plan and Sustainable Finance Action
2025. Budget Year 2026. Plan, and 2025 Recovery
• Quarterly Review of Risk • Discussion of the Plan Update.
Profile, Business Activities, Company’s Work Plan and
IT, HR, and Other Strategic Budget Year 2026.
Initiatives for the period of
Quarter IV/2024.
Board of Commissioners Meetings Frequency & Agenda
In 2025, the Board of Commissioners has convened 31 (thirty-one) meetings, with the following attendance and agenda:
Board of Commissioners Meeting Agenda and Attendance
No. Date Meeting Agenda Quorum Remarks
1. 9 January 2025 1. Approval of the Proposal of the Management of the Subsidiary 100% -
Company
2. Approval of the Proposed Revision of the Internal Audit Charter
2. 16 January 2025 Update on the AGMS Plan for the Fiscal Year 2024 100% -
3. 28 January 2025 Follow-up to the Joint Meeting on January 24, 2025 100% -
4. 30 January 2025 Approval of the Work Plan & Budget of the Board of Commissioners and 100% -
the Supporting Committee of the Board of Commissioners for 2025
5. 3 February 2025 Audit Progress of Consolidated Financial Statements for the Financial Year 80% Absent: Tedi
2024 Bharata,
Muhammad Yusuf
Ateh
6. 10 February 2025 Review of Consolidated Financial Statements for the Fiscal Year 2024 80% Absent:
(Audited) Zainudin Amali,
Muhammad Yusuf
Ateh
7. 13 February 2025 Update on the Proposed Agenda of the AGMS for the Fiscal Year 2024 90% Absent:
related to the Bank Share Buyback Plan Muhammad Yusuf
Ateh
542 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 545
No. Date Meeting Agenda Quorum Remarks
8. 20 February 2025 Approval of the Proposal of Public Accountants (AP) and Public 86% Absent: Tedi
CORPORATE GOVERNANCE
Accounting Firms (KAP) for the Audit of Consolidated Financial Bharata
Statements for the Fiscal Year 2025
9. 27 February 2025 Approval of Bank Mandiri's Talent Pool Proposal 100% -
10. 11 March 2025 1. Management Performance Evaluation 100% -
2. Review of BPK Audit Report
11. 13 March 2025 1. Approval of the Proposed Remuneration of the Board of Directors and the 86%
Board of Commissioners Absent:
2. Approval of the Proposal of the Management of the Subsidiary Company Muhammad Yusuf
Ateh
12. 18 March 2025 1. Approval of Bank Mandiri's Internal Audit SEVP Proposal 100% -
2. Approval of the Proposal of the Successor of the Board of Directors
13. 20 March 2025 Approval of the Proposal to Increase Pension Fund Benefits in 2025 100% -
14. 27 March 2025 Progress of the Realization of the Board of Commissioners Work Plan for 100% -
2025
15. 10 April 2025 Approval of the Proposed Organizational Structure Change 100% -
16. 19 June 2025 1. POJK Review No. 30/2024 concerning Financial Conglomerates and 100% -
Financial Conglomerate Parent Companies
2. Approval of the Proposed Revision of the 2025 RKAP, RBB 2025-2027, and
KPI 2025
17. 23 June 2025 Approval of the Proposal of the Management of the Subsidiary Company 100% -
18. 3 July 2025 Update of the Plan of the LB GMS on August 04, 2025 100% -
19. 10 July 2025 1. Approval of the Proposal for the Provision of Funds by Related Parties to 100% -
the Subsidiary Company
2. Evaluation of the Realization of the Work Plan & Budget of the Board
of Commissioners and the Supporting Committee of the Board of
Commissioners as of Semester I/2025
20. 7 August 2025 Approval of the Appointment of Committee Members after the AGM of the 100% -
LB on August 4, 2025
21. 21 August 2025 Approval of the Proposal for the Provision of Funds by Related Parties to the 100% -
Subsidiary Company
22. 4 September Approval of the Proposed Organizational Structure Change Post the LB GMS 86% Absent: Mia
2025 on August 4, 2025 Amiati
23. 18 September 1. Approval of the Proposal for the Provision of Funds by Related Parties to 100%
2025 the Subsidiary Company -
2. Review of the Consolidated Financial Statements as of June 30, 2025
(Audited)
24. 23 October 2025 Review of Consolidated Financial Statements Position 30 September 2025 100% -
(Unaudited)
25. 6 November 2025 1. Update on the Plan of the GMS LB December 2025 100% -
2. Approval of the Proposed Sustainable Finance Action Plan (RAKB) for
2026-2030
26. 13 November Approval of the Proposal for the Provision of Funds by Related Parties to the 100% -
2025 Subsidiary Company
27. 20 November Approval of the Proposed RKAP 2026 & RBB 2026-2028 100% -
2025
28. 27 November Approval of the Proposed Renewal of the Recovery Plan for 2025 100% -
2025
29. 4 December 2025 Review of Follow-up Monitoring Data (DMTL) Results of BPK's Audit of 86% Absent: Kuswiyoto
Revenue Management Compliance in 2024
30. 18 December 1. Approval of the Proposed Annual Audit Plan (AAP) and Budget of the 100% -
2025 Internal Audit Work Unit (SKAI) for 2026
2. Approval of the Proposed Revision of Legal & Compliance Policy,
Preparation of Anti-Money Laundering Policy, Prevention of Terrorism
Financing, and Prevention of Funding of Proliferation of Weapons of
Mass Destruction (AML, PPT, and PPPSPM), and Revision of the Standard
Procedure of APU PPT PPPSPM
3. Approval of the Company's Corporate Action Proposal
31. 23 December 1. Overview of the Role of the Board of Commissioners 100% -
2025 2. Evaluation of the 2025 Working Meeting & Budget and the Initial Proposal
of the 2026 Working Meeting & Budget
3. Approval of the Appointment of Committee Members after the AGM of LB
on December 19, 2025
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 543
Page 546
Joint Meetings
Pursuant to POJK No. 17 of 2023, the Board of Commissioners shall conduct joint meeting with the Board of
CORPORATE GOVERNANCE
Directors periodically at least once in every 4 (four) months. In 2025, the Board of Commissioners and Board of
Directors joint meetings were held 12 (twelve) times with the following attendance and agenda:
Board of Commissioners and Board of Directors Join Meeting Agenda and Attendance
No. Date Meeting Agenda Quorum Remark
1. 24 January 2025 Financial Performance as of December 2024 100% -
2. 17 February 2025 Financial Performance as of January 2025 100% -
3. 18 March 2025 Financial Performance as of February 2025 100% -
4. 24 April 2025 Financial Performance as of March 2025 100% -
5. 28 May 2025 Financial Performance as of April 2025 100% -
6. 23 June2025 Financial Performance as of May 2025 100% -
7. 31 July 2025 Financial Performance as of June 2025 100% -
8. 28 August 2025 Financial Performance as of July 2025 100% -
9. 25 September 2025 Financial Performance as of August 2025 100% -
10. 23 October 2025 Financial Performance as of September 2025 100% -
11. 20 November 2025 Financial Performance as of October 2025 100% -
12. 15 December 2025 Financial Performance as of November 2025 86% Absent: Muhammad
Yusuf Ateh
Frequency and Attendance of the Board of Commissioners Meetings
BOC Meetings Joint Meetings
Name Position
Total Meetings Attendance (%) Total Meetings Attendance (%)
President
Zulkifli Zaini Commissioner/ 2 2 100% 1 1 100%
Independent
Vice President
Rudy Salahuddin Ramto - - - - - -
Commissioner
Independent
Mia Amiati 11 10 91% 5 5 100%
Commissioner
Independent
Bintoro K. Pardewo - - - - - -
Commissioner
Muhammad Yusuf Ateh Commissioner 31 27 87% 12 11 92%
Luky Alfirman Commissioner - - - - - -
Yuliot Commissioner 1 1 100% 2 2 100%
President
Kuswiyoto*** Commissioner/ 12 11 92% 6 6 100%
Independent
Vice President
Zainudin Amali*** Commissioner/ 30 29 97% 12 12 100%
Independent
President
M. Chatib Basri** Commissioner/ 13 13 100% 3 3 100%
Independent
Loeke Larasati Independent 7 7 100% 2 2 100%
Agoestina* Commissioner
Independent
Muliadi Rahardja** 13 13 100% 3 3 100%
Commissioner
Independent
Heru Kristiyana** 13 13 100% 3 3 100%
Commissioner
Rionald Silaban** Commissioner 13 13 100% 3 3 100%
Faried Utomo* Commissioner 7 7 100% 2 2 100%
Arif Budimanta* Commissioner 7 7 100% 2 2 100%
Tedi Bharata** Commissioner 13 11 85% 3 3 100%
*) Ended his tenure on 19 February 2025
**) Ended his tenure based on the Annual GMS dated 25 March 2025
***) Ended his tenure based on the Annual GMS dated 19 December 2025
544 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 547
IMPLEMENTATION OF DUTIES AND RESPONSIBILITIES OF THE BOARD OF
COMMISSIONERS
CORPORATE GOVERNANCE
Advisory Frequency and Procedures to the Board of Directors
The advisory role of the Board of Commissioners to the Board of Directors is executed through both formal and
informal channels, ensuring comprehensive guidance and oversight. This two-pronged approach enables the
Board of Commissioners to provide strategic advice and real-time consultation when needed.
Formal meetings serve as the primary platform for structured discussions and decision-making. These are divided
into three key types:
1. The meetings of Supporting Committee of the Board of Commissioners, consisting of the Audit Committee
Meetings, Risk Oversight Committee Meetings, Integrated Governance Committee Meetings and Remuneration
and Nomination Committee Meetings.
2. Meeting of the Board of Commissioners (RAKOM), which is an internal meeting of the Board of Commissioners and/
or by inviting the Director of the related field.
3. Meeting of the Board of Commissioners with the Board of Directors (RAKOMDIR), namely the Joint Meeting of the
Board of Commissioners and the Board of Directors.
Informal advisory between the Board of Commissioners and the Board of Directors provides flexibility and
immediacy in addressing emerging issues, or urgent matters or ongoing projects. hence enhancing the decision-
making processes.
By combining formal meetings with informal consultations, the Board of Commissioners ensures that it provides
well-rounded, continuous oversight and guidance to the Board of Directors, fostering a strong collaborative
environment that supports the Bank’s growth and governance objectives.
Board of Commissioners Supervisory on the Implementation of Corporate Strategy
Pursuant to OJK Regulation No. 5/POJK.03/2016 concerning the Bank Business Plans, the Board of
Commissioners shall carry out supervision on the implementation of the Bank Business Plan that includes
policies and management strategies. The results of the supervision are set forth in the Supervision Report on
the Implementation of the Bank’s Business Plan which is submitted to the Financial Services Authority every
half year. In addition, the Board of Commissioners also submit Supervision Report on Performance and KPI
Achievement quarterly to the Ministry of SOEs as Dwiwarna Series A Shareholders.
In 2025, the Board of Commissioners has prepared and submitted the following Supervision Report on the
Implementation of the Bank’s Business Plan:
No. OJK SOE Regulatory Agency
1. Letter No. KOM/029/2025 dated 17 February 2025 Letter No. KOM/017/2025 dated 5 February 2025 concerning Response to the
concerning Bank Business Plan Supervision Report Performance Report and Realization of Key Performance Indicators (KPI) of PT
2024 – 2026 of PT Bank Mandiri (Persero) Tbk Bank Mandiri (Persero) Tbk until Quarter IV/2024.
Second Semester of 2024.
2. Letter No. KOM/097/025 dated 20 August 2025 Letter No. KOM/062/2025 dated 15 May 2025 concerning Response to
concerning Bank Business Plan Supervision Report Performance Report and Realization of Key Performance Indicators (KPI) of PT
2025 – 2027 of PT Bank Mandiri (Persero) Tbk Bank Mandiri (Persero) Tbk until Quarter I/2025.
Semester I of 2025.
Letter No. KOM/089A/2025 dated 31 July 2025 concerning Response to
Performance Report and Realization of Key Performance Indicators (KPI) of PT
Bank Mandiri (Persero) Tbk until Quarter II/2025.
Letter No. KOM/119/2025 dated 31 October 2025 concerning Response to
Performance Report and Realization of Key Performance Indicators (KPI) of PT
Bank Mandiri (Persero) Tbk until Quarter III/2025.
Report on supervision of the implementation of the Bank’s Business Plan submitted to OJK and Responses to the
Achievement of the Bank’s Performance and KPI submitted to SOE Regulatory Agency and PT Danantara Asset
Management includes reports on:
1. Assessment of the Board of Commissioners regarding the implementation of the Bank Mandiri Business Plan
in the form of evaluating both quantitative and qualitative aspects of the realization of the Business Plan.
2. The Board of Commissioners’ assessment of the factors that affect Bank Mandiri’s performance in general,
particularly regarding capital. profitability, risk profiles, especially credit risk, market risk, and liquidity risk.
3. Assessment of the Board of Commissioners regarding efforts to improve the performance of Bank Mandiri,
in the case that according to the assessment concerned the performance of the Bank as referred to in point
2 above has decreased.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 545
Page 548
h. implementation of the Remuneration Policy;
The assessment of the Board of Commissioners in i. Information Technology (IT) strategic plan and
points 1-3 was also complemented with external IT governance implementation for 2025;
CORPORATE GOVERNANCE
factors assessment affecting the Bank’s performance. j. policies and strategic risk management plans
related to established cybersecurity;
Board of Commissioners Duties Implementation k. Recovery Plan along with their updates,
The Board of Commissioners has fulfilled its duties, including granting approvals;
obligations, and responsibilities by overseeing the l. implementation of the Company’s Corporate
Bank’s policies and management in accordance with Social and Environmental Responsibility
prevailing laws and regulations, the Bank’s Articles of (TJSL) Program.
Association, and the annual Work Plan established at m. Implementation of the Country Risk and
the beginning of the year. Transfer Risk management strategy;
n. Implementation of equity participation
These supervisory functions were carried out through activities and management of Subsidiaries;
a series of Board of Commissioners meetings. joint o. Implementation of the Employee Well-Being
meetings with the Board of Directors, and joint Policy (EWP) and reporting thereof to the
evaluations with supporting committees under the Minister of State-Owned Enterprises;
Board of Commissioners. This collaborative approach p. Planned activities related to Structured
ensures thorough oversight and effective evaluation of Products, including granting approvals;
the Bank’s management and strategic direction. q. Implementation of the Credit Restructuring
policy and Write-off policy in accordance with
The following were implementation of duties of the financial accounting standards; and
Board of Commissioners during 2025: r. Compliance with the implementation of
1. Supervised the policies and management Customer Protection.
conducted by the Board of Directors during 2025, 4. Conducted periodic monitoring of Human
including oversight of the implementation of the Resources (Manpower Planning) aligned with
2025 Work Plan and Budget (RKAP), the 2025– the Corporate Plan, RBB, and the actual needs of
2027 Bank Business Plan (RBB), the 2025–2029 long-term business development, particularly in IT,
Sustainable Finance Action Plan (RAKB), and the Credit, and Risk.
2025 IT Strategic Plan. 5. Conducted periodic monitoring of the
2. Ensured that good governance was applied implementation of various Corporate Actions by
effectively and sustainably. the Company and its Subsidiaries during 2025.
3. Actively monitored and evaluated at least the 6. Conducted periodic monitoring of the performance
following: and risk mitigation developments of Subsidiaries/
a. follow-up actions of the Board of Directors Sub-Subsidiaries, as well as synergy development,
on audit findings and recommendations from throughout 2025.
the Company’s Internal Audit Unit, External 7. Provided direction, monitored the preparation, and
Auditors, supervision results from the Financial granted approvals for proposals, including the
Services Authority (OJK), and/or supervision 2026 RKAP, 2026–2028 RBB, 2026–2030 RAKB,
results from other authorities and institutions; the 2025 Recovery Plan Update.
b. implementation of compliance functions; 8. Followed the development of the Company’s
c. Company›s soundness level; activities, provided opinions and advice to the
d. implementation of Risk Management and Board of Directors on issues deemed important
Capital Management on an integrated basis and material for the Company’s management,
in accordance with the characteristics and including those related to the internal and external
complexity of the Financial Conglomerate’s audit findings during 2025.
business within the Company; 9. Proposed the appointment of a Public Accountant
e. Implementation of internal control policies and (AP) and/or Public Accounting Firm (KAP) to audit
procedures in the Bank’s financial reporting the Consolidated Financial Statements ending 31
process. December 2025, to the 2025 Annual GMS.
f. effectiveness of the implementation of the 10. Reviewed the audits conducted by the KAP on the
Anti-Fraud Strategy (SAF) and the code of 2024 Financial Statements of Bank Mandiri.
ethics, particularly regarding fraud prevention 11. Reviewed the talent pool and each proposed
across all organizational levels; candidate for the Board of Directors and Board of
g. implementation of the Anti-Money Laundering Commissioners to be submitted at the GMS.
Program, the Prevention of Terrorism 12. Periodically evaluated the performance of the
Financing, and the Prevention of the Financing Board of Directors during 2025 and reviewed the
of the Proliferation of Weapons of Mass KPI achievements of the Board of Directors and
Destruction; the Board of Commissioners.
546 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 549
13. Reviewed and made decisions on each proposal/action from the Board of Directors requiring written approval
from the Board of Commissioners as stipulated by prevailing laws and the Articles of Association.
14. Ensured that the Board of Directors developed and maintained an adequate, effective, and efficient Internal
CORPORATE GOVERNANCE
Control System (SPI) and assessed the effectiveness and efficiency of SPI based on information obtained
from the Audit Committee and the Internal Audit Unit.
15. Approved proposals for the dismissal and appointment of the Corporate Secretary and Chief Audit Executive
(CAE).
16. Approved the proposal Annual Audit Plan (AAP) and Budget Allocation for the Internal Audit Unit for 2026.
17. Submitted supervisory reports and recommendations for improvements regarding the realization of the RBB,
which were then forwarded to the OJK every semester and to the Ministry of SOEs every quarter.
18. Held 31 (thirty-one) Board of Commissioners Meetings and 12 (twelve) Joint Meetings with the Board of
Directors to discuss specific aspects of concern to the Board of Commissioners.
Board of Commissioners Recommendations and Decisions
Throughout 2025, the Board of Commissioners provided strategic guidance and policy recommendations
to strengthen good corporate governance practices and ensure the Bank’s sustained performance. Every
recommendation and decision made by the Board focused on enhancing operational performance, ensuring
regulatory compliance, and promoting sustainable growth across all business areas.
In carrying out its role, the Board of Commissioners exercised its supervisory and advisory functions through
various forums and coordination meetings with the Board of Directors and supporting committees, as follows:
1. Board of Commissioners Meetings: A regular meeting to review and discuss critical aspects of the Company’s
performance, strategic direction, and risk management. These meetings provided a formal platform for
Commissioners to evaluate the financial reports, operational plans, and compliance with governance practices.
2. Joint Meetings with Committees Under the Board of Commissioners: The meeting between the Board of
Commissioners and its supporting Committees in ensuring that specific areas of governance were deeply
analyzed.
3. On-site Visits with Committees Under the Board of Commissioners: The Board of Commissioners with its
committees, conducted on-site visits to various operational units, to attain first-hand insights into the Bank’s
operational challenges and opportunities.
During 2025, the Board of Commissioners issued 34 (thirty-four) approval letters and 10 (ten) decrees, among
others the approval of funding to related parties, approval of corporate actions, as well as other approvals under
the authority of the Board of Commissioners as stipulated in the Articles of Association and prevailing regulations.
Some of the agreements were as follows.
No. Date of Letter About
6 January 2025 Determination of Performance Targets and Governance of Bank Mandiri's Long Term Incentives (LTI) for 2024-
1
2026
2 13 January 2025 Approval of the Proposal of the Change of Management of the Subsidiary Company
3 13 January 2025 Approval of the Proposal of the Revision of the Internal Audit Charter
15 January 2025 Approval of the Proposal of the Revision of Key Performance Indicators (KPI) of the Board of Directors of Bank
4
Mandiri Collegial in 2025
5 7 February 2025 Approval of the Proposal of the Revision of the Operational Policy
6 13 February 2025 Approval of the Proposal to Amend the Document for the Updating of Bank Mandiri's Recovery Plan in 2024
3 March 2025 Proposal for the Appointment of Public Accountants (AP) and Public Accounting Firms (KAP) who will carry
7 out Audit Services on the Consolidated Financial Statements of the Company and its Subsidiaries, Financial
Statements of the Micro and Small Business Funding Program (PUMK), and Other Service Assignments
8 13 March 2025 Appointment of Secretariat Staff of the Board of Commissioners of Bank Mandiri
9 17 March 2025 Approval of the Proposal of Change of Management of the Subsidiary Company
10 18 March 2025 Approval of the Proposal of Extension of the Chief Audit Executive (CAE) Term of Office
20 March 2025 Approval of the Proposal of the Provision of Other Benefits in the Form of Additional Benefits in 2025 in the
11
Pension Fund of Bank Mandiri Pension Program Definite Benefits (Dapen PPMP)
12 21 March 2025 Approval of the Proposal of the Provision of Funds by Related Parties
27 March 2025 Changes in the Composition of the Membership of the Supporting Committee of the Board of Commissioners
13
of Bank Mandiri
14 8 April 2025 Approval of the Proposal of Change of Management of the Subsidiary Company
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 547
Page 550
No. Date of Letter About
15 10 April 2025 Approval of Organizational Structure Adjustment 1 (One) Level Under the Board of Directors of Bank Mandiri
CORPORATE GOVERNANCE
16 23 June 2025 Approval of the Proposal of Revision of the RKAP for 2025 and RBB for 2025-2027
17 23 June 2025 Approval of the Proposal of Change of Management of the Subsidiary Company
18 14 July 2025 Approval of the Proposal of the Provision of Funds by Related Parties to the Subsidiary Company
19 26 August 2025 Approval of the Proposal of the Provision of Funds by Related Parties to the Subsidiary Company
20 19 September 2025 Approval of the Proposal of the Provision of Funds by Related Parties to the Subsidiary Company
21 30 September2025 Approval of Organizational Structure Adjustment 1 (One) Level Under the Board of Directors of Bank Mandiri
30 September2025 Approval of the Proposed Revision of Key Performance Indicators (KPI) of the Board of Directors of Bank
22
Mandiri in 2025
23 07 November 2025 Approval of the Proposal of Bank Mandir's Sustainable Finance Action Plan (RAKB) for 2026-2030
24 18 November 2025 Approval of the Proposal of the Provision of Funds by Related Parties to the Subsidiary Company
25 24 November 2025 Approval of the Proposal of RKAP for 2026 and RBB for 2026-2028
26 28 November 2025 Approval of the Proposal of Dismissal and Appointment of Corporate Secretary
27 28 November 2025 Approval of Organizational Structure Adjustment 1 (One) Level Under the Board of Directors of Bank Mandiri
28 28 November 2025 Approval of the Proposal of Updating of Bank Mandiri's Recovery Plan in 2025
29 18 December 2025 Approval of the Proposal of Corporate Action of the Subsidiary Company
30 18 December 2025 Approval of the Proposal of Extension of the Chief Audit Executive (CAE) Term of Office
31 18 December 2025 Approval of the Proposal of Policy and Revision of Standard Procedures for AML, PPT, and PPPSPM
32 18 December 2025 Approval of the Proposal of Annual Audit Plan and SKAI Budget Allocation for 2026
The Decrees issued by the Board of Commissioners during 2025 were as follows:
No. Date of Letter About
1. 10 March 2025 Appointment of Secretariat Staff of the Board of Commissioners of Bank Mandiri
27 March 2025 Composition of Audit Committee, Risk Monitoring Committee, Integrated Governance Committee &
2.
Remuneration Committee and Nomination of Bank Mandiri
3. 28 April 2025 Guidelines and Work Procedures of the Board of Commissioners of Bank Mandiri
4. 28 May 2025 Remuneration of Supporting Organs of the Board of Commissioners of Bank Mandiri
07 August 2025 Composition of Audit Committee, Risk Monitoring Committee, Integrated Governance Committee &
5.
Remuneration Committee and Nomination of Bank Mandiri
6. 14 August 2025 Appointment of Secretary of the Board of Commissioners of Bank Mandiri
7. 01 December 2025 Guidelines and Work Procedures of the Board of Commissioners of Bank Mandiri
8. 16 December 2025 Charter of the Risk Monitoring Committee
9. 16 December 2025 Charter of the Integrated Governance Committee
10. 16 December 2025 Charter of the Remuneration and Nominating Committee
11. 16 December 2025 Charter of the Audit Committee
30 December 2025 Composition of Audit Committee, Risk Monitoring Committee, Integrated Governance Committee &
12.
Remuneration Committee and Nomination of Bank Mandiri
RISK MANAGEMENT CERTIFICATION
As stipulated in the Decision of the OJK Board of Commissioners No. KEP-18/D.02/2021 on the Indonesian
National Qualification Framework in Banking Risk Management and OJK Circular No. 28/SEOJK.03/2022 on Risk
Management Certification for Human Resources in Commercial Banks. Bank Executives (specifically the Board of
Commissioners and Board of Directors) are required to hold a Risk Management Certificate issued by a Professional
Certification Institution. with the following classifications:
No. Position Level Validity
1. Commissioner Minimum Level 6 3 years
2. Independent Commissioner Minimum Level 6 3 years
3. President Director or Director Level 7 3 years
548 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 551
Risk Management Certification Refreshment Program
Bank Mandiri implements a Risk Management Certification Refreshment Program to maintain and enhance the
CORPORATE GOVERNANCE
competence of certificate holders in the field of banking risk management. The program aims to ensure that all
relevant executives remain up to date with the latest developments in risk management practices and are able to
apply them effectively in the Bank’s operations.
This program is conducted in compliance with applicable regulatory and certification standards. ensuring the
continued competence and professionalism of Bank Mandiri’s personnel in managing risk effectively.
The refreshment program is carried out in compliance with the following provisions:
1. conducted periodically at least once within 1 (one) year after the issuance of the Risk Management Certificate.
2. the program's activities may include in-house training, seminars, dissemination of regulations from relevant
authorities, workshops, e-learning, and/or work portfolios related to the Bank risk management.
The refreshment program can be utilized to extend the validity period of the Risk Management Certificate, provided
the following criteria are met:
1. the refreshment program is conducted periodically at least once within 1 (one) year.
2. the refreshment program is in the field of Bank risk management.
3. the refreshment program and its organizer are recognized by the Professional Certification Institution (LSP) in
the banking sector.
The following is the list of Bank Mandiri’s Board of Commissioners who have successfully passed risk management
certification:
Certificate
Issuing Level Date Certificate Expired Date
Name Position
Institution Issued
President Commissioner/ Risk Management 3 June 2024 3 June 2027
Zulkifli Zaini BNSP/LSPP Certification Level 7
Independent
BNSP/LSPP Non-Tiered Level 6 Certificate is
Rudy Salahuddin Ramto* Vice President Commissioner Certification in Banking under issuance -
Risk Management process*
BNSP/LSPP Non-Tiered Level 6 30 June 2025 30 June 2028
Mia Amiati Independent Commissioner Certification in Banking
Risk Management
BNSP/LSPP Non-Tiered Level 6 9 June 2025 9 June 2028
Muhammad Yusuf Ateh Commissioner Certification in Banking
Risk Management
BNSP/LSPP Non-Tiered Level 6 26 May 2025 26 May 2028
Luky Alfirman Commissioner Certification in Banking
Risk Management
BNSP/LSPP Non-Tiered Level 6 19 May 2025 19 May 2028
Yuliot Commissioner Certification in Banking
Risk Management
BNSP/LSPP Non-Tiered Level 6 Certificate is
Bintoro K. Pardewo** Independent Commissioner Certification in Banking under issuance -
Risk Management process**
*) According to letter of LSPP No. 0624/L/LSPP/II/2026 dated 04 March 2026, the concerned member is considered competent.
**) According to letter of LSPP No. 0625/L/LSPP/II/2026 dated 04 March 2026, the concerned member is considered competent.
BOARD OF COMMISSIONERS PERFORMANCE ASSESSMENT
Board of Commissioners Performance Assessment Procedure
The performance assessment of the Board of Commissioners is conducted collegially through a self-assessment
method. The assessment results are presented to the GMS as part of the supervisory duty report. During the GMS,
shareholders review and approve the report, granting full release and discharge (acquit et decharge) to the Board
of Commissioners and Board of Directors for the execution of their supervisory and management duties during
the financial year.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 549
Page 552
This procedure ensures transparency, accountability, and supervisory effectiveness, allowing the performance of
the Board of Commissioners to be assessed based on its contribution to achieving strategic goals and upholding
CORPORATE GOVERNANCE
good corporate governance.
Procedures of Performance Self-Assessment of the Board of Commissioners
1 3
2 4
Reporting the
performance
Defining Aspects Conduct Accountability
assessment of
of Supervision selfassessment accepted/rejected
the Board of
method by the GMS
Commissioners in
the GMS
1. Risk Profile
2.Good Corporate
Governance
3. Profitability
4. Bank Capital
Board of Commissioners Performance Assessment Criteria and Results
The performance assessment of the Board of Commissioners is evaluated based on Key Performance Indicators
(KPIs) set at the beginning of the year. These KPIs serve as benchmarks to ensure that the Board fulfills its
oversight role effectively and adds strategic value to the Company. The assessment encompasses four critical
areas:
1. Planning: This aspect focuses on the Board’s proactive role in establishing and aligning the Bank’s strategic
direction. It includes setting clear objectives, ensuring risk management plans are in place, and reviewing the
Bank’s annual work plan to support sustainable growth.
2. Supervision and Advisory: The Board’s effectiveness in monitoring management activities and providing
timely, strategic advice is measured. The Board ensures that corporate governance principles are upheld and
offers insights on operational improvements.
3. Reporting: This covers the Board’s accountability to stakeholders through regular, transparent reports. It
involves the quality and timeliness of information provided to the shareholders about the Bank’s progress and
any significant developments.
4. Business Dynamics: This aspect measures the Board’s adaptability to changing market and regulatory
conditions. The Board is expected to address emerging challenges and opportunities that may impact the
Bank’s performance. providing strategic adjustments when necessary.
The following summarizes the achievements of the Board of Commissioners’ KPIs for 2025, reflecting their
commitment to the core areas and contribution to advancing the Bank’s goals.
550 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 553
Plan Realized
No. Aspect and Parameter Period Unit Output Weight Score Result
Output Output
I. Planning Aspects
CORPORATE GOVERNANCE
Preparing the Work Plan and Budget as
1
well as KPI of the Board of Commissioners Annual Document 10 1 1 10 100%
2026
Sub Total I 10 10 100%
II. Oversight and Advisory Aspects
Providing responses/recommendations to
Shareholders to:
1
a. Work Plan and Budget Annual Letter 5 1 1 5 100%
b. Annual Report Annual Letter 5 1 1 5 100%
c. Quarterly Performance Analysis Quarter Letter 5 1 1 5 100%
d. Bank Business Plan Annual Letter 5 4 4 5 100%
Providing approval and advice to the Board
Letter/
2 of Directors in line with the field of duties Annual 10 10 59 11 110%
Minutes
of the Board of Commissioners
Board of Commissioners Meeting
3
a. Total Meetings Monthly Time 12 12 43 13.2 110%
b. Meeting Attendance Monthly % 5 100 98 4.9 98%
c. Completion of Meeting Minutes Monthly Minutes 5 12 40 5.5 110%
4 BOC Working Visit Annual Visit 8 2 4 8.8 110%
Sub Total II 60 63.4 106%
III. Reporting Aspects
Annual Board of Commissioners
1 Annual Report 10 1 1 10 100%
Supervisory Report
Sub Total III 10 10 100%
IV, Dynamic Aspects
External Auditor's Proposal to
1 Annual Letter 5 1 1 5 100%
Shareholders
Competency Improvement through
2 Annual Time 10 2 2 10 110%
seminars, workshops, etc.
GCG assessment results of the Board
Highly Highly
3 of Commissioners (self assessment/ Annual Category 5 5 110%
Trusted Trusted
Independent Consultant)
Sub Total IV 20 20 100%
Grand Total 100 103.4 103%
Assessors
In 2025, the Board of Commissioners conducted a self-assessment to evaluate its performance. This self-
assessment process allowed the Board to critically review its effectiveness in fulfilling its roles and responsibilities,
ensuring alignment with the Bank’s strategic objectives and adherence to good governance principles.
PERFORMANCE ASSESSMENT OF THE COMMITTEES UNDER THE BOARD OF
COMMISSIONERS AND ASSESSMENT BASIS
Implementation and Performance Assessment of Committees
In carrying out its supervisory and advisory functions, the Board of Commissioners is supported by 4 (four)
committees under its coordination. These committees serve as advisory bodies providing in-depth analysis,
recommendations, and strategic input to assist the Board in decision-making and oversight activities.
The committees established by the Board of Commissioners of Bank Mandiri are as follows:
1. Audit Committee, which assists in ensuring the reliability of financial statements, the effectiveness of internal
controls, and compliance with applicable regulations;
2. Nomination and Remuneration Committee. which provides recommendations on remuneration policies and
the nomination process for members of the Board of Directors and Board of Commissioners;
3. Risk Monitoring Committee. which supports the Board in overseeing the effectiveness of the Bank’s risk
management and adequacy of risk control policies; and
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 551
Page 554
4. Integrated Governance Committee, which ensures The Remuneration and Nomination Committee also
consistent implementation of good corporate assisted the Board of Commissioners in establishing
governance across all entities within the Bank an appropriate remuneration system for the Board of
CORPORATE GOVERNANCE
Mandiri Financial Conglomerate. Directors and Board of Commissioners. This included
designing a comprehensive package consisting
The Board of Commissioners conducts an annual of payroll/honorarium, benefits and allowances,
assessment of each committee’s effectiveness based and a bonus (tantiem) plan for 2025. The details
on their work program implementation and achievement information on the Remuneration and Nomination
of objectives as outlined in their respective plans. In Committee activities is presented in the sub-chapter
2025, the evaluation concluded that all committees had of Remuneration and Nomination Committee in the
performed their mandates effectively and in alignment Corporate Governance Chapter of this Annual Report.
with Bank Mandiri’s strategic direction.
Risk Oversight Committee
Furthermore, communication and coordination The Risk Oversight Committee held 33 (thirty-three)
between the Board of Commissioners and all meetings covering 41 (forty-one) topics in 2025 and
committees remain consistent and productive, with has effectively supported the Board of Commissioners
regular discussions on key issues relevant to the Bank’s by providing key insights and input on the evaluation
operations. This strong synergy ensures that each of risk management practices implemented by the
committee’s recommendations are integrated into Board of Directors. The Committee reviewed and
the decision-making process, thereby strengthening assessed various risk areas, ensuring that each area
efficient, transparent, and accountable oversight. was managed in line with the Bank’s risk appetite and
regulatory requirements. The details information on
Audit Committee the Risk Oversight Committee activities is presented
The Audit Committee held 23 (twenty-three) meetings in the sub-chapter of Risk Oversight Committee in the
covering 26 (twenty-six) topics in 2025 and has Corporate Governance Chapter of this Annual Report.
effectively supported the Board of Commissioners
in fulfilling its oversight responsibilities, which Integrated Governance Committee
encompassed key areas such as monitoring internal The Integrated Governance Committee held 3 (three)
and external audit functions, providing a structured and meetings covering 41 (forty-one) topics in 2025, which
comprehensive approach to reviewing audit processes, was focused on conducting comprehensive reviews
assessing risk management practices, and enhancing and analyses of governance issues impacting the
transparency in financial reporting, as well as verifying Bank. The Committee examined policies, practices, and
adherence to relevant laws and regulations. The details compliance matters, and providing recommendations.
information on the Audit Committee activities is The details information on the Integrated Governance
presented in the sub-chapter of Audit Committee in the Committee activities is presented in the sub-chapter
Corporate Governance Chapter of this Annual Report. of Integrated Governance Committee in the Corporate
Governance Chapter of this Annual Report.
Remuneration and Nomination Committee
The Remuneration and Nomination Committee held
14 (fourteen) meetings covering 15 (fifteen) topics
in 2025, during which it has provided the Board of
Commissioners with recommendations and proposals
for candidates who met the qualifications to serve
as Members of the Board of Commissioners and
the Board of Directors, for submission to the GMS.
The proposals were included drafting nomination
policies, setting criteria, and defining qualifications
for potential candidates, which aligned with the
Bank’s strategic objectives. In addition to identifying
suitable candidates for the Board of Commissioners,
the Committee also supported the Board in gathering
and analyzing data on potential Board of Directors
candidates, sourced from senior executives one level
below the Board of Directors.
552 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 555
ORGAN AND COMMITTEES UNDER THE
BOARD OF COMMISSIONERS
CORPORATE GOVERNANCE
The commitment to good corporate governance is reflected in the ability of the Board of Commissioners of Bank
Mandiri to carry out its supervisory and strategic advisory functions in a structured, efficient, and accountable
manner, supported by the Secretariat of the Board of Commissioners and its synergistic supporting committees.
BOARD OF COMMISSIONERS’ ORGAN AND 1. Audit Committee
COMMITTEES 2. Remuneration and Nomination Committee
3. Risk Oversight Committee
As part of the implementation of good corporate 4. Integrated Governance Committee
governance, the Board of Commissioners of Bank
Mandiri is supported by the Secretariat of the Board These committees play a key role in providing in-
of Commissioners and several supporting committees depth analysis, recommendations, and strategic input
established to enhance the effectiveness of the Board’s to assist the Board of Commissioners in performing
supervisory and strategic advisory functions. comprehensive oversight.
Legal Basis for Establishment In addition to these main committees, and in
The establishment of the Secretariat and Committees accordance with OJK Circular No. 14/SEOJK.03/2025,
under the Board of Commissioners of Bank Mandiri the Board may establish additional committees based
refers to the following regulations: on the Bank’s needs and business complexity, such
› OJK Regulation No. 55/POJK.04/2015 on the as the Sustainable Finance Monitoring Committee,
Establishment and Implementation Guidelines for to broaden oversight scope and strengthen effective
Audit Committees; corporate governance practices.
› OJK Regulation No. 34/POJK.04/2014 on the
Nomination and Remuneration Committees of Independent Parties of the Board of Commissioners’
Issuers or Public Companies; Committees
› OJK Regulation No. 18/POJK.03/2014 on the In carrying out its supervisory functions, the Board
Implementation of Integrated Governance for of Commissioners of Bank Mandiri is supported
Financial Conglomerates; by independent parties within each committee to
› OJK Regulation No. 17 of 2023 on the Governance maintain objectivity and integrity in decision-making,
Practices for Commercial Banks; Independent parties are individuals external to the
› OJK Circular No. 14/SEOJK.03/2025 on the Bank who have no affiliations such as in financial,
Governance Practices for Commercial Banks; managerial, ownership, or familial relationships with
› Minister of SOEs Regulation No. PER-2/ members of the Board of Directors, the Board of
MBU/03/2023 on Governance Guidelines and Commissioners, or controlling shareholders that could
Significant Corporate Actions for SOEs; and affect their independence.
› Minister of SOEs Regulation No. PER-3/
MBU/03/2023 on the Organs and Human Former members of the Board of Directors or Executive
Resources of SOEs. Officers may serve as independent parties after
completing a minimum six-month cooling-off period,
Secretariat of the Board of Commissioners except for those who previously held supervisory roles
To support the effective execution of its supervisory for at least one year.
duties, the Board of Commissioners is assisted by the
Secretariat of the Board of Commissioners, led by the Bank Mandiri ensures full compliance with
Secretary to the Board of Commissioners. independence requirements by verifying supporting
documents. including personal integrity statements.
Committees under the Board of Commissioners The committee chair may concurrently serve as chair
In carrying out its supervisory functions, the Board of of only one other committee within the Bank, while
Commissioners of Bank Mandiri is currently supported independent members may serve on other committees
by 4 (four) main committees, namely: as long as they meet the required competency,
independence, and ethical standards.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 553
Page 556
SECRETARY TO THE BOARD OF
COMMISSIONERS
CORPORATE GOVERNANCE
The Secretary to the Board of Commissioners of Bank Mandiri serves as a vital liaison between the Board of
Commissioners, the Board of Directors, and stakeholders. As an independent function, the Secretary to the Board
of Commissioners is appointed from an external party and ensures effective communication, well-coordination,
and accurate and professional management of governance processes and documentation.
The Secretary to the Board of Commissioners of Bank Mandiri is responsible for carrying out secretarial functions
and supporting the effective implementation of the Board of Commissioners’ duties and responsibilities. Pursuant
to the Minister of SOEs Regulation No. PER-3/MBU/03/2023 on the Organs and Human Resources of State-Owned
Enterprises, the Board of Commissioners is required to establish a Secretariat led by the Secretary to the Board of
Commissioners to ensure the efficiency of administrative, coordination, and documentation activities in performing
its supervisory function.
Duties and Responsibilities
Based on the Decree of the Board of Commissioners No. KOM/007/2025 dated 1 December on the Board of
Commissioners Charter, the Secretary to the Board of Commissioners has the following duties and responsibilities:
› Prepare meetings, including briefing sheets for the Board of Commissioners;
› Develop minutes of meetings of the Board of Commissioners in line with the Articles of Association;
› Administer the Board of Commissioners’ documents, both incoming letters, outgoing letters, minutes of
meetings and other documents;
› Prepare the draft work plan and budget for the Board of Commissioners;
› Prepare draft reports of the Board of Commissioners; and
› Carry out other duties of the Board of Commissioners.
Profile of Secretary to the Board of Commissioners
The Secretary to the Board of Commissioners is currently held by Raden Mas Wiratmoko Prasidhanto who
was appointed based on the Decree of the Board of Commissioners No. KOM/006/2025 dated 14 August 2025
concerning the Dismissal and Appointment of the Secretary of the Board of Commissioners of PT Bank Mandiri
(Persero) Tbk.
Raden Mas Wiratmoko Prasidhanto
Secretary to the Board of Commissioners
Age : 43 Years old
Citizenship : Indonesian
Educational Background
› Master of Management in Technology, Universitas Multimedia Nusantara (2025)
› Bachelor’s Degree in Accounting, Universitas Indonesia (2009)
› Diploma in Accounting, Sekolah Tinggi Akuntansi Negara (2003)
554 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 557
Professional Background
› Secretary to the Board of Commissioners of PT Bank Mandiri (Persero) Tbk (August 2025 – present).
CORPORATE GOVERNANCE
› Middle Officer Governance of SOE Regulatory Agency (March 2026 – present)
› Junior Officer Governance of SOE Ministry (April 2021 – March 2026).
› Member of the Audit Committee of PT Pupuk Indonesia (Persero) (September 2021 – September 2024).
› Sub Coordinator of SOE Ministry (December 2020 – March 2021).
› Sub-Function Controller of SOE Ministry (June 2020 – December 2020).
› Secretary to the Board of Commissioners of PT Pupuk Kalimantan Timur (June 2018 – August 2021).
› Secretary to the Board of Commissioners of PT Danareksa (Persero) (June 2016 – July 2018).
› Head of Sub-Division for Agro-Industry and Pharmaceutical Industry Businesses Ib-2 of SOE Ministry
(October 2015 – January 2019).
› Head of Sub-Division for Legislation II of SOE Ministry (May 2014 – October 2015).
› Head of Sub-Division for Legislation I of SOE Ministry (September 2013 – May 2014).
Competency Development
The following are competency development participated by the Secretary to the Board of Commissioners during
2025:
No. Activity Organizer Date
1. Seminar on Key Risk Indicators (KRI), Key Control Indicators (KCI), Institut Akuntan Manajemen 08 February 2025
and Key Performance Indicators (KPI Indonesia Banten
2. Internal Control over Financial Reporting Institut Akuntan Indonesia 18-19 February 2025
3. Chief Risk Officer School INSEAD Business School 14 - 16 May 2025
4. BOC Retreat – Cybersecurity and Outlook of Indonesia’s Economy Bank Mandiri 12-14 December 2025
2026
Activities of Secretary to the Board of Commissioners
The Secretary to the Board of Commissioners is supported by a dedicated team, including Staff and the Secretariat
of the Board of Commissioners, who ensure efficient operations and effective governance processes.
Below are the work programs and realization in 2025, demonstrating the commitment to achieving the Board’s
strategic and operational objectives:
1. Prepared meeting materials, minutes of meetings, and administer in an orderly manner the Board of
Commissioners’ Meetings, Meetings of Committees under the Board of Commissioners, and Joint Meetings.
2. Provided input and information to the Board of Commissioners on matters of concern to the Board of
Commissioners, including policies and strategies of the Board of Directors in order to achieve strategic
objectives in the 2023 RKAP, the implementation of risk management, IT governance, cybersecurity, digital
initiative development, GCG implementation, ESG, HR development, audit findings and follow-up, Internal
Control System, and Integrated Governance.
3. Cooperated with Committees under the Board of Commissioners in fulfilling the obligations of the Board of
Commissioners, including reports from the Board of Commissioners to the Regulator.
4. Coordinated the implementation of the Working Visit of the Board of Commissioners and Committees under
the Board of Commissioners, including preparing Reports on the Results of Visits.
5. Administered correspondence for the Board of Commissioners and the Supporting Committees of the Board
of Commissioners, including drafting the Board of Commissioners' approvals for matters proposed by the
Board of Directors for their consent. These included proposals for the Provision of Funds to Related Parties,
Corporate Actions, Public Accountant (AP) and Public Accounting Firm (KAP) for the 2025 financial year
audit, management of Bank Mandiri and Subsidiaries, the 2026 RKAP and the 2026–2028 RBB, the 2026–
2030 RKAB, updates to the 2025 Recovery Plan, as well as other actions by the Board of Directors requiring
written approval from the Board of Commissioners as stipulated in the Articles of Association and applicable
laws and regulations.
6. Coordinated the participation of the Board of Commissioners and Committees under the Board of
Commissioners in training/seminars/other competency development activities in accordance with the
supervisory area of each Commissioner/Committee.
7. Cooperated with the Corporate Secretary to prepare a new Commissioner orientation program.
8. Carried out other duties to support the efficiency of supervisory and advisory duties by the Board of
Commissioners.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 555
Page 558
AUDIT COMMITTEE
CORPORATE GOVERNANCE
The Audit Committee of Bank Mandiri provides insights and recommendations to the Board of Commissioners on
reports and policies submitted by the Board of Directors. Through financial review, evaluation of internal controls,
and compliance monitoring, the Committee ensures transparency, integrity, and the consistent application of good
corporate governance across the Bank’s operations.
Purpose of Establishment a. 1 (one) Independent Commissioner who also
Pertaining to the Audit Committee Charter, the main serves as the Chairman;
purpose of establishing the Audit Committee of Bank b. 1 (one) Independent Party with expertise in finance
Mandiri is to assist the Board of Commissioners in or accounting; and
carrying out its supervisory functions over financial c. 1 (one) Independent Party with expertise in law or
reporting, internal control, external and internal audit, banking.
and compliance with prevailing laws and regulations.
The Audit Committee also provides independent Independent members of the Audit Committee are
recommendations and assessments to ensure deemed to have expertise in finance or accounting with
the effective implementation of good corporate the following criteria:
governance across the Bank’s operations. a. Hold a competency certificate in finance and/or
accounting issued by a recognized domestic or
Legal Basis international institution; and
The establishment of the Audit Committee refers to: b. Have a minimum of 5 (five) years of professional
1. SOE Minister Regulation No. PER-2/MBU/03/2023 experience in finance and/or accounting.
on Guidelines for Governance and Significant
Corporate Activities of State-Owned Enterprises. Independent members of the Audit Committee are
2. SOE Minister Regulation No. PER-3/MBU/03/2023 deemed to have expertise in law or banking with the
on Organs and Human Resources of State-Owned following criteria:
Enterprises. a. Hold a competency certificate in:
3. POJK No. 55/POJK.04/2015 on the Establishment 1) Law, such as legal auditor, notary, and/or
and Implementation Guidelines for the Audit contract specialist; and/or
Committee. 2) Banking, such as risk management (as
4. POJK No. 17 of 2023 on Governance Practices for applicable to members of the Board of
Commercial Banks. Commissioners), compliance, public
5. SEOJK No. 14/SEOJK.03/2025 on Governance accounting, accounting, general banking.
Practices for Commercial Banks. wealth management, strategic planning.
6. Bank Mandiri Articles of Association and its information technology, treasury, banking-
amendments. related audit, corporate finance, payment
7. Board of Commissioners Decree No. KEP. systems and cash management, consumer
KOM/012/2025 dated 30 December 2025 on the protection, or capital market aspects, issued
Membership Composition of the Audit Committee, by a recognized domestic or international
Risk Oversight Committee, Integrated Governance institution; and
Committee and Remuneration and Nomination b. Have a minimum of 5 (five) years of professional
Committee of PT Bank Mandiri (Persero) Tbk experience in law and/or banking.
8. Board of Directors Decree No. KEP.DIR/060/2025
dated 29 August 2025 on Determination of The Chairman of Audit Committee can only hold
Remuneration and Nomination Committee concurrent positions as chairman at most in 1 (one)
Membership. another committee.
Audit Committee Structure, Membership and Profile As of 31 December 2025, the composition of the Audit
The Audit Committee must be composed entirely of Committee’s membership is as follows:
independent members, consisting of at least 3 (three)
members from the Independent Commissioner and
Independent Parties, with the following composition:
556 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 559
Audit Committee Composition as of 31 December 2025
CORPORATE GOVERNANCE
Name Position on the Committee Position in the Company Peroid
Chairman President Commissioner/Independent
Zulkifli Zaini 2025-2030
concurrently a Member
Mia Amiati Member Independent Commissioner 2025-2030
Bintoro K. Pardewo Member Independent Commissioner 2025-2030
Rasyid Darajat Member Independent Party 2021 2026
Rubi Pertama Member Independent Party 2021-2026
Audit Committee Profile
The profile of the Audit Committee members as members of the Board of Commissioners can be viewed in Chapter
3 Profile of the Board of Commissioners in this Annual Report.
The following are profile of the Audit Committee members as non-Commissioner Independent Parties.
Rasyid Darajat
Member of Audit Committee. Independent Party
Age : 63 Years old
Citizenship : Indonesian
Domicile : Tangerang Selatan
Period of Assignment
2 August 2021 – present
Educational Background
› Master of Management. BINUS Business School (2022)
› Bachelor’s Degree in Civil Engineering. Institute of Technology Bandung (1987)
Legal Basis of Appointment
Appointed as member of the Audit Committee as of 2 August 2021 pursuant to the Board of Directors Decree
No. KEP.DIR/036/202.
Professional Background
› Chief Auditor IT of PT Bank Mandiri (Persero) Tbk. (2015 - 2020)
› Chief Information Officer (CIO) of PT Indika Energy Tbk (2009 - 2014)
› Chief Information Officer (CIO) of Reconstruction and Rehabilitation Agency (BRR) Aceh-Nias (2005-
2009)
› Chief Operating Officer (COO) of PT MVCommerce Indonesia (2002 - 2005)
› Director/President Director of PT IndoExchange Tbk (1996 - 2001)
› Konsultan SGV-Utomo/Andersen Consulting (1989 - 1996)
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 557
Page 560
CORPORATE GOVERNANCE
Rubi Pertama
Member of Audit Committee. Independent Party
Age : 62 Years old
Citizenship : Indonesian
Domisili : Jakarta
Period of Assignment
1 October 2021 – present
Educational Background
Bachelor Degree in Civil Engineering. Institute of Technology Bandung (1987
Legal Basis of Appointment
Appointed as member of the Audit Committee as of 1 October 2021 pursuant to the Board of Directors Decree
No. KEP.DIR/053/2021.
Professional Background
› Member of Risk Oversight Committee of Indonesia Eximbank (2020 – September 2021)
› Member of Audit Committee and Industrial Risk Oversight Committee of Bank of Korea Indonesia
(2019 – 2020)
› Risk Management Advisor of Indonesia Eximbank (2019)
› Risk Management Unit Manager of JPMorgan Chase Bank. N.A (2013 – 2018)
› Compliance Manager of JPMorgan Chase Bank. N.A (2010 – 2013)
› Head of Risk Management Bank UOB Indonesia (2008)
› Head of Audit & Risk Management PT CIMB Niaga (1990 – 2007)
Audit Committee Charter
In carrying out its duties, the Audit Committee of Bank Mandiri is guided by the principles, responsibilities, and
procedures set forth in the Audit Committee Charter. The Charter was last updated on 16 December 2025, pursuant
to Board of Commissioners Decree No. KEP.KOM/011/2025 concerning the Audit Committee Charter and Code of
Ethics of the Audit Committee of PT Bank Mandiri (Persero) Tbk.
The Charter serves as a key framework that ensures the Audit Committee performs its supervisory functions
professionally, transparently, and accountably, in alignment with best practices and the corporate governance
standards applied across Bank Mandiri.
The Audit Committee Charter includes:
1. General Purpose
2. Basic Regulations
3. Duties. Responsibilities and Authority
4. Composition. Structure. Membership Requirements and Tenure
5. Meetings
6. Reports and Recommendations
7. Handling of Complaints/Reporting Regarding Alleged Violations on Financial Reporting
8. Performance Evaluation
9. Closing
558 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 561
Duties and Responsibilities of the Audit Committee 4) The adequacy of internal control in the
Duties and responsibilities of the Audit Committee are Financial Services Institutions within the
CORPORATE GOVERNANCE
regulated in the Audit Committee Charter as follows: Financial Conglomerate.
b. Internal Audit
1. Financial Statements 1) To monitor, review and assess:
a. Monitoring and reviewing: › Audit Plan, Scope and Budget of the
1) Credibility and objectivity of the Internal Audit Unit.
Company’s financial statements and › Implementation of internal audit
information to be issued to external activities and results as well as
parties and regulatory institutions, the effectiveness of internal audit
including follow-up of complaints and/or implementation.
notes of impropriety against the reports › Performance of the Internal Audit
during the Audit Committee review Unit.
period. › Audit Result Reports, particularly
2) Implementation of internal control significant findings and ensuring
policies and procedures in the Company’s the Board of Directors takes the
financial reporting process. necessary corrective actions quickly
3) Compliance of the Financial Statements to address control weaknesses,
with financial accounting standards and fraud, compliance issues with
OJK regulations regarding the recording policies, laws and regulations, or
of financial transactions. other issues identified and reported
4) Audit Reports related to the Company’s by the Internal Audit Unit.
Financial Statements. › Suitability of the implementation
5) The Company’s Work Plan and Budget as of the Internal Audit policies of the
well as the Company’s Long-Term Plan. Company and FSIs in the Financial
6) Complaints relating to the accounting Conglomeration.
and financial reporting process of the › Implementation of other Internal
Company. Audit Unit functions in accordance
7) The financial reporting process audited by with the provisions of laws and
the External Auditor. regulations, articles of association,
b. Ensure of a satisfactory evaluation procedure and/or decisions of the GMS/
for all information released by the Company. Minister of SOEs.
c. Conducting periodic meetings with relevant 2) Ensure that the Internal Audit Unit works
work units and Auditors (Internal and External) objectively, independently, and upholds
to request additional information and integrity in carrying out its duties.
clarification in accounting and finance. 3) Request assistance from the Internal
d. Monitoring and evaluating the Audit Unit to conduct special audits/
appropriateness of the implementation investigations if there are audit findings
of financial policies of the Company and and/or information relating to violations
Financial Services Institutions (FSIs) within of prevailing laws and regulations and
the Financial Conglomeration. provide input deemed necessary in the
e. Provide recommendations to the Board of implementation of the audit.
Commissioners on matters that support the 4) Ensure that the Internal Audit Unit
effectiveness and accuracy of the financial communicates with the Board of
reporting process of the Company and FSIs Directors, Board of Commissioners,
within the Financial Conglomeration. External Auditors, and Regulators.
2. Internal Control 5) Provide recommendations to the Board of
a. Internal Control Process and System Commissioners regarding:
Monitoring and reviewing: › Appointment and dismissal of the
1) The Company’s standardized internal Head of the Company’s Internal
control system in accordance with Audit Unit proposed by the Board of
applicable best practices. Directors.
2) Audit reports of the Internal Audit Unit and › Audit Plan, Scope, and Budget of the
External Auditors that audit the Company Internal Audit Unit.
to ensure that internal control has been › Provision of annual remuneration for
properly implemented. the Internal Audit Unit as a whole and
3) Implementation of the Board of Directors’ as a performance awards.
follow-up on the findings of the Internal › Corrective actions to address control
Audit Unit, public accountants and the weaknesses, fraud, compliance
results of regulatory supervision. issues with policies and laws and
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 559
Page 562
regulations or other issues identified shall be carried out by the Board
and reported by the Internal Audit of Commissioners after obtaining
CORPORATE GOVERNANCE
Unit. approval from the GMS by taking
› Improvement of the management into account the recommendations
control system and its of the Audit Committee.
implementation. › Termination of AP and KAP.
6) Conduct communication/meetings with 4) Review and ensure that:
the Internal Audit Unit (periodically or as › Bank Mandiri has a standardized
needed) to discuss matters including the procedure and is in accordance with
following: the prevailing rules/regulations in the
› Realization of the Annual Audit Plan implementation of KAP selection.
and Budget of the Internal Audit Unit. › The process of KAP selection is
› Significant audit findings in accordance with standardized
and no further Internal Audit procedures.
recommendations. 5) The Audit Committee evaluated the
› Other matters that require implementation of audit services on
clarification or explanation. annual historical financial information
c. External Audit by AP and/or KAP. The evaluation is
1) Monitoring, reviewing, and assessing the conducted through:
effectiveness of audit implementation by › Compliance of audit implementation
AP and/or KAP. by AP and/or KAP with applicable
2) Ensure the objectivity and independence audit standards.
of AP, KAP, and KAP insiders. › Adequacy of field work time.
3) Provide recommendations on: › Assessment of the scope of services
› Appointment of Public Accountant provided and the adequacy of the
(AP) and Public Accounting Firm audit.
(KAP) that will audit the Company’s › Recommendations for improvement
financial statements to the provided by the AP and/or KAP.
Board of Commissioners to be 6) Communicating periodically with KAP
submitted to the General Meeting who is auditing Bank Mandiri to discuss
of Shareholders (GMS). In preparing matters that need to be communicated.
the recommendation, the Audit including the following:
Committee may consider: › Progress of inspection
› Independence of AP, KAP, and KAP implementation.
human resources; › Important findings.
› Audit scope; › Changes in accounting and financial
› Audit service fees; regulations/rules from authorized
› Expertise and experience of AP, KAP, institutions.
and Audit Team from KAP; › Adjustments made based on the
› Audit methodologies, techniques, examination results.
and tools used by KAP; › Constraints/obstacles encountered
› The benefits of new perspectives in the implementation of the audit.
that will be obtained through the 7) Reviewing and monitoring:
replacement of AP, KAP, and Audit › All significant findings from
Team from KAP; the examination results of the
› Potential risks of using audit services External Auditor and other auditing
by the same KAP consecutively for a institutions.
long period of time; and › The auditee’s follow-up to the results
› The result of evaluation on the of the audit conducted by the external
implementation of audit services auditor.
on annual historical financial 8) Providing an independent opinion in the
information by AP and KAP in the event of a difference of opinion between
previous period, if any. the Board of Directors and the AP and/or
› In the event that the AP and/or KAP KAP on the services provided.
that has been decided by the GMS 9) Specifically for the procurement of non-
cannot complete the audit services audit services that will invite KAP who
on annual historical financial is auditing the Company’s financial
information during the professional statements in the current year and its
assignment period, the appointment affiliates, and based on Management’s
of a replacement of AP and/or KAP review there is no conflict of interest.
560 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 563
Management must submit a proposal for tenure of the Audit Committee members from Non-
approval to the Audit Committee regarding Commissioner Independent Parties is the latest 3
CORPORATE GOVERNANCE
the partners invited to the procurement of (three) years and can be extended 1 (one) time during
consulting services. 2 (two) years of tenure by not eliminating the rights of
3. Compliance the Board of Commissioners to terminate at any time.
Monitoring and reviewing:
a. The Company’s compliance with laws and Audit Committee Reporting
regulations, both internal and external, The Audit Committee is required to prepare periodic
relating to the Company’s business activities. reports to the Board of Commissioners regarding the
b. Audit reports related to the Company’s activities of the Audit Committee, at least once in 3
compliance with internal and external (three) months. The Audit Committee is also required
regulations issued by the Internal and External to submit a report to the Board of Commissioners on
Audit Unit. each assignment and or for each identified problem
c. Suitability of audit implementation by the requiring the attention of the Board of Commissioners.
Public Accounting Firm with applicable audit
standards. The Audit Committee also prepares audit evaluation
d. Potential conflict of interest of the Company. results on the annual historical financial information by
4. Conducting periodic meetings with relevant work the External Auditors at the latest 6 (six) month after the
units to discuss matters within the scope of its fiscal year ends or at any time if necessary.
supervision.
5. Prepare the Audit Committee Charter and review it Audit Committee Qualifications and Professional
as needed at least every 2 (two) years. Background
The Audit Committee membership requirements are as
Audit Committee Authority follows:
The Audit Committee has the authority to: 1. General Requirements
1. Communicate directly with employees, including a. Having integrity, character and good morals.
the Board of Directors, parties that implement b. Does not have personal interests/relationships
the internal audit function, risk management, and that can cause conflict of interest against the
other parties at the Public Accountant Firm that Company.
audits the Company for information, clarification 2. Competence Requirements
and requests for documents and reports needed. a. Have sufficient expertise, ability, knowledge
2. Access all relevant information about the Company and experience related to duties and
related to the implementation of its duties and responsibilities.
functions, including records or information about b. Must understand financial statements.
employees, funds, assets, and other resources company business especially related to the
belonging to the Company. company services or business, audit process,
3. Obtaining reports on the audit results of the and risk management.
Internal Auditor and External Auditor, as well as c. Able to work together and have the ability to
other supervisory/auditors. communicate well and effectively and are
4. Assign the Internal Auditor and/or External Auditor willing to provide sufficient time to carry out
to conduct a special audit/investigation, if there is duties.
a strong suspicion of fraud, violation of law and d. Have adequate knowledge of the Company’s
violation of prevailing laws and regulations. Articles of Association, laws and regulations
5. Obtain input and/or advice from external of the in the banking sector. Capital Market, SOEs
Company relating to its duties. and other relevant laws and regulations.
6. Involve independent parties from external of the e. Willing to increase competence continuously
Committee members as necessary to assist in the through education and training.
performance of its duties (if required).
7. Perform other authorities granted by the Board of The qualifications and professional experience of the
Commissioners. Chairman and Members of the Audit Committee are as
follows.
Audit Committee Tenure
The tenure of members of the Audit Committee as
members of the Board of Commissioners must not be
longer than the tenure of the Board of Commissioners
as stipulated in the Articles of Association and can
be re-elected for the next 1 (one) period. Whereas the
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 561
Page 564
Audit Committee Qualifications and Professional Background
Nama Position Period Education Professional Background
CORPORATE GOVERNANCE
› Master of Business Administration in Professional background
Chairman and 4 August – 31
Zulkifli Zaini Finance and International Business in banking and corporate
Member December 2025
› Bachelor Degree in Civil Engineering oversight.
› Honorary Professor (HCSA) in Human
Resource Development
› PhD in Law
25 March – 31 Professional background
Mia Amiati Member › Master’s Degree in Law
December 2025 in law.
› Bachelor’s Degree in Law
› Bachelor’s Degree in Indonesian
Literature
› PhD in Finance
Professional background
Bintoro K. 19 – 31 December › MBA in Management
Member in monetary and financial
Pardewo 2025 › Bachelor’s Degree in Mechanical
sectors.
Engineering
1 January – 31 › Master in Management Professional background in
Rasyid Darajat Member
December 2025 › Bachelor Degree in Civil Engineering banking, auditing, and IT.
Professional background in
1 January – 31
Rubi Pertama Member Bachelor Degree in Industrial Engineering banking, auditing, and risk
December 2025
management.
Independence of Audit Committee
All members of the Audit Committee are independent parties who have no financial, management, shareholder,
or familial ties with the Board of Commissioners, the Board of Directors, and/or the Controlling Shareholders.
Additionally, there are no relationships with the Bank that could compromise their ability to carry out their duties
impartially and objectively, ensuring they maintain full independence in overseeing and evaluating the Bank’s
operations.
Bintoro K. Rasyid
Independence Aspects Zulkifli Zaini Mia Amiati Rubi Pertama
Pardewo Darajat
Does not have financial relations with the Board of
Commissioners and Directors.
Does not have management relations in the company.
subsidiaries. or affiliates.
Does not have shareholding relations in the company. X
Does not have family relations with the Board of
Commissioners. Directors and/or with fellow members of
Audit Committee.
Does not serve as the management in political parties.
officials and in the government.
Audit Committee Meeting
The Audit Committee holds regular meetings at least 1 (one) in 1 (one) month. A meeting can be held if it is
attended by at least 51% of the total committee members including 1 (one) Independent Commissioner and 1
(one) Independent Party.
Decisions of the Audit Committee meeting is taken based on deliberation to reach consensus. The meeting is chaired
by the Chairman of the Audit Committee or other Committee Members who are Independent Commissioners, if the
Chairman of the Audit Committee is unable to attend.
Each Audit Committee meeting is stated in the meeting minutes, including dissenting opinions, which are signed
by all members of the Audit Committee present and submitted to the Board of Commissioners.
Meeting Agenda of Audit Committee
The Audit Committee held 23 (twenty - three) meetings covering 26 (twenty - six) topics during 2025, with the
following agenda.
562 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 565
Audit Committee Meeting Agenda
No. Date Agenda Quorum
CORPORATE GOVERNANCE
1 09 January 2025 Proposed Revision of the Internal Audit Charter 85.7%
2 16 January 2025 Audit Principal Report as of Quarter IV/2024 100%
23 January 2025 1. Report of the Director of Compliance Semester II/2024 85.7%
3
2. Audit Progress of Consolidated Financial Statements of Fiscal Year 2024
4 03 February 2025 Audit Progress of Consolidated Financial Statements of Fiscal Year 2024 100%
5 13 February 2025 Internal Periodic Assessment of SKAI Functions in 2024 85.7%
20 February 2025 Proposal for the Appointment of Public Accountants (AP) and Public Accounting Firms (KAP) for 85.7%
6
the Audit of Bank Mandiri's Consolidated Financial Statements for the Fiscal Year 2025
7 27 February 2025 Realization of Social and Environmental Responsibility (TJSL) in 2024 100%
8 30 April 2025 IT Strategic Plan 100%
9 08 May 2025 Realization of the Effectiveness of Digital Banking (Livin', Livin' Merchant, Kopra) 100%
10 14 May 2025 Internal Report on Audit Results as of Quarter I/2025 100%
05 June 2025 1. Report on the Implementation of the Duties of the Director of Compliance for the First 100%
11 Quarter of 2025 and the Strengthening of APU-PPT PPPSPM
2. Readiness to Implement Internal Control over Financial Reporting (ICoFR)
12 12 June 2025 Data Governance/Data Management Policy (Personal Data Protection Law) 100%
13 19 June 2025 Proposed Revision of the 2025 RKAP, RBB for 2025-2027, and KPI for 2025 100%
14 03 July 2025 Determination of the ICoFR Materiality Approach 100%
15 24 July 2025 Audit Results Report as of the Second Quarter of 2025 100%
16 14 August 2025 Bank Mandiri Budget Management 100%
11 September 2025 Kick Off Meeting and Audit Progress of Bank Mandiri's Consolidated Financial Statements for the 100%
17
Financial Year 2025
18 09 October 2025 IT Strategy & Performance in 2025 100%
19 30 October 2025 Audit Results Report as of Quarter III/2025 100%
20 13 November 2025 Proposed RKAP 2026 and RBB 2026-2028 100%
21 20 November 2025 Proposed RKAP 2026 and RBB 2026-2028 100%
11 December 2025 1. Limited Review Results of Consolidated Lapkeu October 2025 100%
22
2. Proposed Annual Audit Plan and SKAI Budget 2026
23 18 December 2025 Audit Progress of Consolidated Financial Statements for the Financial Year 2025 100%
Audit Committee Meeting Frequencies and Attendance
Name Position Total Meetings Total Attendance (%)
Zulkifli Zaini Chairman and Member - - -
Mia Amiati Member 7 7 100
Bintoro K. Pardewo Member - - -
Rasyid Darajat Member 23 23 100
Rubi Pertama Member 23 23 100
Heru Kristiyana** Chairman and Member 7 7 100
Chairman and Member 8 8 100
Zainudin Amali***
Member 7 6 86
Chairman and Member 8 8 100
Kuswiyoto***
Member 1 1 100
M. Chatib Basri** Member 7 5 71
Loeke Larasati Agoestina* Member 6 5 83
Muliadi Rahardja** Member 7 7 100
*) Ended his tenure on 19 February 2025
**) Ended his tenure based on the Annual GMS dated 25 March 2025
***) Ended his tenure based on the Annual GMS dated 19 December 2025
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 563
Page 566
Performance Evaluation Mechanism and KPI Achievements
The performance evaluation mechanism of the Audit Committee of Bank Mandiri is conducted periodically to
assess the effectiveness of its duties and responsibilities. The evaluation encompasses two key aspects: the
CORPORATE GOVERNANCE
general performance assessment mechanism and the achievement of Key Performance Indicators (KPI).
In general, the Audit Committee’s performance is evaluated annually by the Board of Commissioners, taking into
account the results of self-assessment, the realization of work programs, and the quality and effectiveness of
recommendations provided to the Board of Directors and the Board of Commissioners. The assessment also
considers the Committee’s level of coordination, meeting attendance, and contribution to enhancing governance,
internal control, and regulatory compliance.
Throughout 2025, the Audit Committee effectively carried out its duties in line with the 2025 Audit Committee
Work Plan. The KPI achievements were assessed based on the successful realization of work programs, the
quality of recommendations, and effective communication with the Board of Commissioners, Board of Directors,
and relevant work units.
The evaluation concluded that the Audit Committee successfully met its KPI targets. The recommendations provided
were relevant and value-adding, strengthening oversight quality, internal control systems, and regulatory compliance.
Furthermore, consistent and constructive communication throughout the year enhanced coordination between the
Board of Commissioners and management, ensuring timely and effective resolution of key strategic issues.
Audit Committee Remuneration
The remuneration of Audit Committees for the Independent Non-Commissioners is regulated by the Decree of the
Board of Commissioners No. KEP.KOM/004/2025 dated 28 May 2025 on the Remuneration of Supporting Organs
of the Board of Commissioners of PT Bank Mandiri (Persero) Tbk and regulated in the Letter of Assignment of
member of the Committee under the Board of Commissioners issued by Bank Mandiri.
No. Description Member of Non-Commissioner Committee
1. Salary/Honorarium Maximum 20% of President Director Salary
2. Post Tenure Benefits Not provided
3. Holiday Allowance Provided as per the Bank Internal Rules
4. Bonus/Tantiem Not provided
Facilities
- Transportation Allowance Not provided
5. - Health Provided as per the Bank Internal Rules
- Employment Provided as per the Bank Internal Rules
- Business Trips As per Bank Mandiri’s Employee rules/equivalent to Group Head
Audit Committee Activity Report 2025
Throughout 2025, the Audit Committee of Bank Mandiri effectively carried out its duties and responsibilities in
line with the Audit Committee Charter, upholding independence and based on the 2025 Audit Committee Work
Plan approved by the Board of Commissioners, ensuring that the functions were executed in compliance with
prevailing regulations and governance standards.
The Audit Committee work plan 2025 is divided into 2 (two) activities, namely Mandatory/Regular and Non-
Regular as follows:
1. Mandatory/Regular, which includes review of Financial Statements, implementation of audits by Public
Accountant Firms, implementation of Compliance, Internal Audit, review of Corporate Work Plans & Budget
and Bank Business Plans, results and improvement of findings of supervisory authority, as well as other
internal activities of the Audit Committee.
2. Non-Regular, which includes the concern and focus of the Audit Committee on certain issues, especially on
business and loans, IT and operations, as well as GRC.
The following were activities of the Audit Committee during 2025:
1. Held 23 (twent-three) Audit Committee Meetings covering 26 (twenty-six) agenda, including preparing the
Meeting Minutes.
2. Conducted 49 (fourty-nine) Internal Discussions, Discussions with relevant Work Units, and Joint Discussions
with the Risk Monitoring Committee, including preparing and documenting the Discussion Minutes.
564 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 567
3. Reviewed financial reports and information, both in-house/unaudited and audited, to be published.
4. Reviewed over 17 (seventeen) Reports/ Proposals/ Recommendations from the Board of Directors requiring
CORPORATE GOVERNANCE
written approval from the Board of Commissioners and prepared recommendations, including proposals for
the appointment of Public Accountants (AP) and Public Accounting Firms (KAP) to audit the 2025 Consolidated
Financial Statements, RKAP & RBB proposals and their revisions, as well as the Annual Audit Plan and Internal
Audit Budget for 2026.
5. Prepared 4 (four) Quarterly Reports on the Committee›s activities, which were submitted to the Board of
Commissioners.
6. Compiled a Report on the Evaluation of Audit Services on the Annual Historical Financial Information of Bank
Mandiri for the 2024 Financial Year by KAP Rintis, Jumadi, Rianto & Rekan (PwC).
7. Conducted 4 (four) Site Visits, including preparing the Site Visit Reports, to Region XI – Bali & Nusa Tenggara
(14 June 2025), Mandiri Digital Tower - Jakarta (30 July 2025), Region VII – Semarang (17 November 2025),
and Region IV – Jakarta Thamrin (19 November 2025).
8. Developed the Audit Committee Work Plan for 2026.
9. All Committee members participated in at least one competency development activity related to Banking/Audit.
Audit Committee Work Plan 2026
At the end of 2025, the Audit Committee has prepared a work plan 2026 and has obtained the approval from
the Board of Commissioners. The Audit Committee work plan 2026 is divided into 2 (two) activities, which are:
Mandatory/Regular and Non-Regular as follows:
1. Mandatory/Regular, which includes review of Financial Statements (including the implementation of Internal
Control over Financial Reporting (ICoFR)), Public Accountant (AP) and Public Accounting Firm (KAP),
Compliance, Internal Audit, Corporate Work Plan & Budget (RKAP) and Bank Business Plan (RBB), as well as
other Internal Audit Committee activities.
2. Non-Regular, which includes the concern and focus of the Audit Committee on certain issues, particularly
related to strengthening business performance, credit management, liquidity and banking book management,
safeguarding the digital ecosystem, operational excellence, and governance, risk, and compliance (GRC).
The work plan serves as one of the KPIs used to assess the effectiveness of the Audit Committee›s performance
during 2026.
Statement of the Audit Committee on the Effectiveness
of Internal Control and Risk Management Systems
The Audit Committee of Bank Mandiri concluded
that the Bank’s internal control and risk management
systems are effective and adequate. This is reflected
in the strong performance of key control functions,
including Internal Audit, Risk Management, Compliance,
and Financial and Operational Controls. The effective
implementation of these systems demonstrates Bank
Mandiri’s commitment to maintaining a sound control
environment, mitigating risks, ensuring regulatory
compliance, and safeguarding assets, thereby
supporting sustainable business growth.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 565
Page 568
REMUNERATION AND NOMINATION
COMMITTEE
CORPORATE GOVERNANCE
The Remuneration and Nomination Committee of Bank Mandiri serves a strategic role in supporting the Board of
Commissioners to ensure that the nomination, performance management, remuneration policy, and leadership
development processes are conducted ethically, accountably, transparently, and sustainably. Through its function,
the Committee ensures that Bank Mandiri’s strategic-level governance aligns with the Bank’s long-term objectives,
corporate values, and the principles of good governance.
Purpose of Establishment 7. Bank Mandiri’s Articles of Association and
Pursuant to the Remuneration and Nomination amendments.
Committee Charter, Bank Mandiri Remuneration 8. Decree of the Board of Commissioners No. KEP.
and Nomination Committee was established by the KOM/012/2025 tanggal 30 December 2025 on
Board of Commissioners to assist in carrying out the Composition of Memberships of the Audit
its supervisory and strategic advisory functions Committee, Risk Oversight Committee, Integrated
related to nomination, performance management, Governance Committee and Remuneration and
remuneration, and leadership development for both the Nomination Committee of PT Bank Mandiri
Board of Commissioners and the Board of Directors. (Persero) Tbk.
The establishment of this Committee aims to ensure 9. Decree of the Board of Directors No. KEP.
that all processes regarding selection, performance DIR/060/2025 dated 29 August 2025 on
assessment, and compensation determination are Determination of Remuneration and Nomination
conducted objectively, transparently, and in alignment Committee Membership.
with Bank Mandiri’s strategic direction.
Structure. Membership and Profile of the Committee
The Committee plays a key role in fostering a The Remuneration and Nomination Committee consists
governance framework that promotes integrity- of at least 3 (three) members with a composition of:
driven leadership, sustainable performance, and a
competitive and equitable remuneration structure. It a. 1 (one) Independent Commissioner as Chairman
also ensures that all policies and decisions adhere to and member;
the principles of good governance. Through its role, b. 1 (one) Non-Independent Commissioner; and
the Committee supports the Board of Commissioners c. 1 (one) Executive Officer who oversees the human
in maintaining a balance between short-term priorities resource function or 1 (one) representative officer
and long-term objectives, while enhancing Bank (ex officio) as a non-voting member.
Mandiri’s competitiveness and sustainability.
In the event that the Remuneration and Nomination
Legal Reference Committee consists of more than 3 (three) members,
The establishment of the Remuneration and the majority of the members must be Independent
Nomination Committee refers to: Commissioners.
1. SOE Minister Regulation No. PER-2/MBU/03/2023 The Chairman of the Remuneration and Nomination
on Guidelines for Governance and Significant Committee may only hold concurrent positions as Chair
Corporate Activities of State-Owned Enterprises. of the Committee at most in 1 (one) another Committee.
2. SOE Minister Regulation No. PER-3/MBU/03/2023
on Organs and Human Resources of State-Owned As of 31 December 2025, the composition of
Enterprises. the Remuneration and Nomination Committee’s
3. POJK No. 34/POJK.04/2014 on the Nomination membership is as follows:
and Remuneration Committee of Issuers or Public
Companies.
4. POJK No. 45/POJK.03/2015 on Governance in
Providing Remuneration for Commercial Banks.
5. POJK No. 17 of 2023 on Governance Practices for
Commercial Banks.
6. SEOJK No. 14/SEOJK.03/2025 on Governance
Practices for Commercial Banks.
566 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 569
Remuneration and Nomination Committee Composition as of 31 December 2025
Name Position in the Committee Position in Bank Mandiri Period
CORPORATE GOVERNANCE
Zulkifli Zaini Chairman concurrently a Member President Commissioner/Independent 2025 – 2030
Mia Amiati Member Commissioner 2025 – 2030
Muhammad Yusuf Ateh Member Commissioner 2021 – 2026
Yuliot Member Commissioner 2025 – 2030
Luky Alfirman Member Commissioner 2025 – 2030
Rudy Salahuddin Ramto Member Vice President Commissioner 2025 – 2030
Bintoro K. Pardewo Member Commissioner 2025 – 2030
Votivia Mardinna Non-Voting Member & Secretary Remuneration SEVP/Group Head Human Capital 2023 – 2028
Remuneration and Nomination Committee Profile
The profile of the Remuneration and Nomination Committee members as members of the Board of Commissioners
is presented in Chapter 3 Profile of the Board of Commissioners in this Annual Report.
The following is the profile of member of the Remuneration and Nomination Committee as Non-Voting Member
and Secretary:
Votivia Mardinna
Non-Voting Member and Secretary
Age : 39 Years old
Citizenship : Indonesian
Domicile : Jakarta
Period of Assignment
02 August 2021 – Present
Basis of Appointment
Board of Directors Decree No. KEP.DIR/017/2023
Educational Background
Bachelor of Economics from University of Gadjah Mada (2008)
Professional Background
› Group Head Performance & Remuneration (2023 - present)
› Depatment Head Performance & Career Development (2019-2023)
› Depatment Head Organization Development (2018-2019)
› Pj. Department Head Organization Development (May 2017)
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 567
Page 570
Remuneration and Nomination Committee Charter candidates for members of the Board of
The Remuneration and Nomination Committee of Directors from the talent pool of executives
Bank Mandiri functions under the Remuneration and one level below the Board of Directors.
Nomination Committee Charter, which clearly defines j. Having a data base and talent pool of
CORPORATE GOVERNANCE
the roles, responsibilities, and scope of duties of the candidates for members of the Board of
Committee. The Charter serves as a key reference to Directors and candidates for members of the
ensure that the Committee performs its functions in a Board of Commissioners.
structured, consistent, and governance-aligned manner, k. Develop, implement, and analyze the criteria
in accordance with best practices. The Charter was and procedures for dismissal of the Board of
last updated on 16 December 2025, pursuant to Board Commissioners and/or the Board of Directors.
of Commissioners Decree No. KEP.KOM/010/2025. l. Assess independent parties who will become
members of the Supporting Committee
The Remuneration and Nomination Committee Charter of the Board of Commissioners and
contains, among others: provide recommendations to the Board of
1. General Purpose Commissioners.
2. Basic Regulations
3. Duties, Responsibilities, and Authority 2. Related to Performance Management Functions
4. Composition, Structure, and Membership a. Develop or evaluate and provide input to
Requirements the Board of Commissioners regarding the
5. Meetings Performance Assessment Policy for members
6. Reports and Recommendations of the Board of Directors and/or members of
7. Performance Evaluation the Board of Commissioners.
8. Closing b. Prepare proposals for individual performance
assessment system for members of the Board
Committee Duties and Responsibilities of Directors and/or members of the Board of
The Remuneration and Nomination Committee has the Commissioners.
following duties and responsibilities: c. Evaluate the proposed Key Performance
Indicators (KPI) of individual members of the
1. Related to Nomination Function Board of Directors.
a. Evaluate and provide recommendations to d. Assisting the Board of Commissioners in
the Board of Commissioners on the Board of performance assessment of members of
Directors’ proposal regarding the Company’s the Board of Directors and/or members
organizational structure. of the Board of Commissioners based on
d. Provide recommendations to the Board of benchmarks that have been prepared as
Commissioners regarding the composition assessment materials.
of positions of members of the Board of
Directors and/or Board of Commissioners 3. Related to Remuneration Function
and/or Supervisory Board. Provide recommendations to the Board of
e. Identify candidates for members of the Board Commissioners regarding:
of Directors and/or candidates for members of b. Assisting the Board of Commissioners in
the Board of Commissioners both from within proposing an appropriate remuneration
and outside the Company who are eligible to system for members and/or members of
be proposed/appointed as members of the the Board of Commissioners in the form
Board of Directors or members of the Board of of a payroll/honorarium system, provision
Commissioners. of facilities. benefits. bonuses/incentives/
f. Develop or evaluate and provide input to the tantiem, pension system, assessment or
Board of Commissioners regarding policies. evaluation of the system and the options
criteria and qualifications required in the provided.
Nomination process in accordance with the c. Evaluate the remuneration policy based
Company’s strategic plan. on performance, risk, fairness with peer
g. Develop a system and procedure for the groups, goals and long-term strategies of the
election and/or replacement of members Company, fulfillment of reserves as stipulated
of the Board of Directors and/or Board of in laws and regulations and potential future
Commissioners to be submitted to the GMS. income of the Company.
h. Provide proposals for the appointment, d. Evaluate the Remuneration Policy for
dismissal, and/or replacement of members of Employees that requires approval/response
the Board of Directors and/or members of the from the Board of Commissioners.
Board of Commissioners to the GMS. e. Ensure that the Remuneration Policy is in
i. Assist the Board of Commissioners in accordance with applicable regulations
obtaining and/or analyzing data on prospective including the Regulations of the Minister
of State-Owned Enterprises, Regulations of
568 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 571
the Financial Services Authority, and other Conglomeration related to the performance of
relevant prevailing laws and regulations. its duties and functions, including records or
f. Submitting evaluation results and information on employees, funds, assets, and other
recommendations to the Board of resources.
CORPORATE GOVERNANCE
Commissioners regarding the Remuneration 4. Obtaining input and or suggestions from outside
Policy for the Board of Directors and/or Board parties of the Company relating to their duties.
of Commissioners to be submitted to the GMS. 5. Performing other authorities granted by the Board
g. Submitting the overall Remuneration Policy of Commissioners.
for Employees to be submitted to the Board of
Directors. Remuneration and Nomination Committee Tenure
h. Conduct periodic evaluations of the The tenure of members of the Remuneration and
implementation of the Remuneration Policy. Nomination Committee as members of the Board of
Commissioners, shall not be longer than the tenure of
4. Related to Development Function the Board of Commissioners as stipulated in the Articles
a. Prepare proposals for Development Programs of Association and can be re-elected for the next 1
for members of the Board of Directors and/ (one) period. Whereas the tenure of the Remuneration
or members of the Board of Commissioners/ and Nomination Committee members from Non-
Supervisory. Commissioner Independent Parties is the latest 3
b. Conducting periodic reviews of the Company’s (three) years and can be extended 1 (one) time during 2
Talent Management System, as well as (two) years of tenure, by not eliminating the rights of the
monitoring and evaluating its implementation. Board of Commissioners to terminate at any time.
c. Evaluate the system and procedure of Talent
Classification conducted by the Board of Remuneration and Nomination Committee Reporting
Directors. The Remuneration and Nomination Committee must
d. Validating and calibrating the Talents report the implementation of duties that are carried
proposed by the Board of Directors to the out for each assignment given and/or for any problems
Board of Commissioners/Supervisory Board identified that require the attention of the Board of
(Selected Talent) to produce a list of Talents to Commissioners or at least twice in 1 (one) year.
be nominated by the Board of Commissioners/
Supervisory Board to the GMS/Minister of Remuneration and Nomination Committee
SOEs (Nominated Talent). Qualifications and Experience
e. Evaluate the Company’s Representative Members of the Remuneration and Nomination
Candidates who will be proposed as members Committee have at least the following qualifications:
of the Board of Directors or members of 1. General Requirements
the Board of Commissioners of Financial a. Having integrity, character and good morals.
Services Institutions (FSIs) in the Financial b. Does not have personal interests/relationships
Conglomeration, before being submitted to that can cause conflict of interest against the
the GMS/Minister of SOEs. Company.
2. Competence Requirements
5. Prepare and submit an annual work plan and budget a. Having sufficient expertise, ability, knowledge
to the Board of Commissioners to be determined and experience related to their duties and
prior to the current financial year. Furthermore, a responsibilities, specifically related to the
copy of the annual work plan and budget shall be provisions of the Bank’s remuneration and/or
submitted by the Board of Commissioners to the nomination system and succession plan.
Board of Directors of the SOE for their information. b. Able to work together and to communicate
well and effectively and are willing to provide
Remuneration and Nomination Committee Authority sufficient time to carry out their duties.
The Remuneration and Nomination Committee has the c. Have adequate knowledge of the Company’s
following authority: Articles of Association, laws and regulations
1. Communicating with the Management and work in the banking sector, Capital Market, SOEs
units within the Company as well as members and other relevant laws and regulations.
of the Financial Conglomeration to obtain d. Willing to increase competencies continuously
information, clarification and requesting the through education and training.
required documents and reports. e. The qualifications and professional
2. Requesting the Company to conduct surveys background of the Chairman and Members of
according to the needs of the Remuneration and the Remuneration and Nomination Committee
Nomination Committee. are as follows.
3. Accessing all relevant information concerning
the Company and members of the Financial
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 569
Page 572
Remuneration and Nomination Committee Qualifications and Professional Background
Name Position Period Education Professional Background
CORPORATE GOVERNANCE
› Master of Business Administration di Professional background
Chairman and 30 – 31 December
Zulkifli Zaini bidang Finance dan International Business in banking and corporate
Member 2025
› Sarjana di bidang Teknik Sipil supervision
› Honorary Professor (HCSA) in Human
Resource Development
4 August – 31 › Doctor (PhD) in Law Professional background in
Mia Amiati Member
December 2025 › Master’s Degree in Law law.
› Bachelor’s Degree in Law
› Bachelor’s Degree in Indonesian Literature
› Doctor in Public Administration
Muhammad 1 January – 31 › Master of Business Administration (MBA) Professional background in
Member
Yusuf Ateh December 2025 › Diploma IV in Accounting finance and audit
› Diploma III in Accounting
› Master’s Degree in Management Professional background
25 March – 31
Yuliot Member (Economics) in finance and corporate
December 2025
› Bachelor’s Degree in Socio-Economics supervision.
› Doctor of Economics
Professional background in
25 March – 31 › Master of Economics
Luky Alfirman Member economics and corporate
December 2025 › Bachelor’s Degree in Industrial
oversight
Engineering
› Doctor of Engineering Management and
Rudy Systems Engineering
30 – 31 December Professional background in
Salahuddin Member › Master of Engineering Management
2025 economics and finance
Ramto › Bachelor’s Degree in Law
› Bachelor’s Degree in Civil Engineering
› Master of Business Administration (MBA)
Bintoro K. 30 – 31 December Professional background in
Member › Bachelor's Degree in Mechanical
Pardewo 2025 economics
Engineering
Non-Voting
Votivia 1 January – 31 Professional background in the
Member & Bachelor’s Degree in Economics
Mardinna December 2025 human capital field
Sekretaris
Remuneration and Nomination Committee Independence
All members of the Remuneration and Nomination Committee who are independent parties have no financial,
management. shareholding, or familial relationships with the Board of Commissioners, the Board of Directors, and/
or the Controlling Shareholders. Additionally, there are no affiliations with Bank Mandiri that could compromise
objectivity or influence ability to carry out their responsibilities independently. This ensures that the Committee is
upholding the principles of good corporate governance and maintaining integrity in its oversight of the nomination
and remuneration processes.
Independence Aspects Zainudin Amali Kuswiyoto Mia Amiati Zulkifli Zaini
Does not have financial relations with the Board of Commissioners
and Directors
Does not have management relations in the company. subsidiaries. or
affiliates
Does not have shareholding relations in the company
Does not have family relations with the Board of Commissioners.
Directors and/or with fellow members of Committee
Does not serve as the management in political parties. officials and in
the government
Meetings of Remuneration and Nomination Committee
The Remuneration and Nomination Committee holds regular meetings at least once in 3 (three) months.
The meetings can only be held if attended by at least 51% of the total committee members including 1 (one)
Independent Commissioner and 1 (one) Executive in charge of the Human Resources function or 1 (one) employee
representative.
Decisions of the Remuneration and Nomination Committee meetings are taken based on deliberation to reach
consensus. The meeting shall be chaired by the Chairman of the Remuneration and Nomination Committee or
other member that serves as Independent Commissioner if the Chairman of the Remuneration and Nomination
Committee is unable to attend.
570 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 573
Each Remuneration and Nomination Committee meeting is outlined in the minutes of the meeting, including dissenting
CORPORATE GOVERNANCE
opinions, which are signed by all members of the Committee present and submitted to the Board of Commissioners.
During 2025, 14 (fourteen) meetings were held with the following agenda.
Remuneration and Nomination Committee Meeting Agenda
No. Date Agenda Additional Inormation Qourum
1. 09 January 2025 Proposal for Subsidiary Management Nomintaion related 100
2. 27 February 2025 Discussion on Bank Mandiri Talent Nomintaion related 83.3
1. Proposal for Subsidiary Management
3. 13 March 2025 Nomintaion related 66.7
2. Proposal for Remuneration
4. 18 March 2025 Discussion on Bank Mandiri Talent Nomintaion related 83.3
5. 25 March 2025 Proposal for Bank Mandiri Management at the 2024 Annual GMS Nomintaion related 83.3
Proposal for the Organizational Structure of Bank Mandiri Following the
6. 10 April 2025 Nomintaion related 100
AGM on 25 March 2025
7. 23 June 2025 Proposal for Subsidiary Management Nomintaion related 100
Related to Human
8. 17 July 2025 Human Capital Management at Bank Mandiri Resources of Bank 66.7
Mandiri
Proposal for Bank Mandiri Management on the August 2024 Extraordinary
9. 04 August 2025 Nomintaion related 100
GMS
Related to the
Proposal for the Organizational Structure of Bank Mandiri Following the Organizational
10. 04 September 2025 75
EGM on August 2025 Structure of Bank
Mandiri
Update on HCC
11. 23 October 2025 Update on the Human Capital & Compliance Directorate for 2025 100
Directorate for 2025
Related to the
Organizational
12. 27 November 2025 Proposal for the Adjustment of Bank Mandiri’s Organizational Structure 100
Structure of Bank
Mandiri
13. 18 December 2025 Discussion on Bank Mandiri Talent Nomintaion related 100
Proposal for Bank Mandiri Management on the December 2024
14. 19 December 2025 Nomintaion related 100
Extraordinary GMS
Meeting Frequencies and Attendance of Remuneration and Nomination Committee
Name Position Total Meetings Total Attendance (%)
Zulkifli Zaini Chairman concurrently a Member 1 1 100
Rudy Salahuddin Ramto Member - - -
Mia Amiati Member 3 3 100
Muhammad Yusuf Ateh Member 13 12 92
Yuliot Member 1 1 100
Luky Alfirman Member - - -
Bintoro K. Pardewo Member - - -
Votivia Mardinna Secretary (ex-officio) concurrently a Member 14 14 100
Zainudin Amali*** Chairman concurrently a Member 9 9 100
Kuswiyoto*** Member 5 5 100
Chatib Basri** Chairman concurrently a Member 5 4 80
Rionald Silaban** Member 5 5 100
Muliadi Rahardja** Member 5 5 100
Arif Budimanta* Member 1 1 100
Faried Utomo* Member 1 1 100
Tedi Bharata** Member 5 5 100
*) Ended his tenure on 19 February 2025
**) Ended his tenure based on the Annual GMS dated 25 March 2025
***) Ended his tenure based on the Annual GMS dated 19 December 2025
Performance Evaluation Mechanism and KPI Achievements
The Remuneration and Nomination Committee of Bank Mandiri undergoes regular performance evaluations
to assess the effectiveness of its duties and responsibilities in supporting the Board of Commissioners’
supervisory function. The evaluation is based on the implementation of the Committee’s Work Plan, the quality of
recommendations, and the effectiveness of coordination and communication with the Board of Commissioners.
Board of Directors, and relevant work units.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 571
Page 574
Throughout 2025, the Committee successfully executed all programs outlined in the 2025 Remuneration and
Nomination Committee Work Plan. The achievement of Key Performance Indicators (KPI) was reflected in the
CORPORATE GOVERNANCE
relevance and quality of the Committee’s recommendations, which served as a key consideration for the Board of
Commissioners in making strategic decisions, particularly concerning nomination, remuneration, and leadership
development policies.
Moreover, consistent communication between the Committee, the Board of Commissioners, and the Board of
Directors throughout the year enhanced coordination on strategic issues and ensured timely and effective follow-
up on recommendations. The evaluation results confirmed that the Remuneration and Nomination Committee
performed optimally and contributed significantly to strengthening governance and supporting Bank Mandiri’s
sustainable performance.
Committee Remuneration
The remuneration of members of the Remuneration and Nomination Committee who are Independent Non-
Commissioners is governed by the Board of Commissioners Decree No. KEP.KOM/034/2025 dated 28 May 2025
concerning the Remuneration of Supporting Organs of the Board of Commissioners of PT Bank Mandiri (Persero)
Tbk, and is further stipulated in the respective assignment letters appointing them as Committee members under
the Board of Commissioners, as issued by Bank Mandiri.
No. Description Non-Commissioner Committee Members
1. Salary/Honorarium At most 20% of President Director’s Salary
2. Post-Employment Compensation Not provided
3. Holiday Allowance In accordance with Bank Mandiri employee stipulation
4. Bonus/Tantiem Not provided
Facilities
- Transportation Allowance Not provided
- Health Provided as per the Bank’s Internal rules
5.
- Employment Provided as per the Bank’s Internal rules
In accordance with Bank Mandiri employee stipulation/equivalent
- Business Trips
to Group Head
BOARD OF DIRECTORS SUCCESSION POLICY
Bank Mandiri’s succession policy for the Board of Directors is guided by the Minister of SOE Regulation No. PER-3/
MBU/03/2023 regarding the Organs and Human Resources of State-Owned Enterprises. One of the core duties of
the Remuneration and Nomination Committee is to develop a comprehensive nomination system for the selection
of members of the Board of Commissioners and/or Directors. This nomination system forms an integral part of
the Company’s Good Corporate Governance Policy and serves as a key reference for the Board of Commissioners
and the GMS in determining the appropriate processes for the nomination and remuneration of the Board of
Commissioners and/or Directors. This system aims to ensure transparency, merit-based selection, and alignment
with regulatory requirements.
Basic Principles
Requirements for Board of Directors and Board of Commissioners.
1. Candidates for Directors and Commissioners must meet the requirements determined in the Company’s
Articles of Association and the applicable laws and regulations.
2. Candidacy and Candidate Proposal for Board of Directors and Board of Commissioners.
3. Candidates for Directors and Commissioners are proposed through a selection by taking into account the set
requirements.
Succession Management
In accordance with SOE Minister Regulation No. PER-3/MBU/03/2023 Article 30, the basis for Succession
Management of Directors of State-Owned Enterprises. is as follows:
1. Succession management is the process of selecting SOE Directors from the Talent Pool of the Ministry of
SOEs or other sources determined by the Minister.
2. Succession management is carried out by the Ministry of SOEs through the Fit and Proper Test mechanism
by the Succession Committee and/or considering the results of Assessments from Professional Institutions.
572 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 575
Pursuant to Law No. 1 of 2025, the Ministry of State- a. Banking manipulation and practices that
Owned Enterprises has been transformed into the SOE deviate from banking regulations.
CORPORATE GOVERNANCE
Regulatory Agency. Nonetheless, Minister of SOEs b. Actions categorized as non-fulfilment
Regulation No. PER-3/MBU/03/2023 on the Organs and of commitments to Bank Indonesia or
Human Resources of State-Owned Enterprises remains Government.
effective until 31 December 2025. c. Actions categorized as beneficial to Owner,
Management, Employees, and or other parties
Procedures that may detrimental or reduce bank’s profit.
In the Nomination function, the Bank Mandiri d. Actions categorized as violation of the
Remuneration and Nomination Committee performs provisions related to banking prudential
the following procedures: principles.
1. Develop the composition and process of e. Actions by Management and Executives
nominating the Directors and/or Commissioners. categorized as not independent.
2. Formulate policies and criteria of nominating 6. Fulfil the competence criteria, in the sense of
process of candidates of Directors and/or having:
Commissioners. a. Adequate knowledge in Banking.
3. Identify candidates who meet the criteria. b. Experience and expertise in Banking and or
4. Assist the performance assessment of the Board Financial Institution.
of Directors and/or Board of Commissioners. c. Ability to perform strategic management for
5. Develop capacity building programs for the the development of sound Banks.
Directors and/or Commissioners. d. The ability to perform strategic management
6. Review and propose candidates that fulfils to develop a sound Bank
the requirements as Commissioners and/ 7. Other than the above criteria, the following
or prospective Directors to the Board of additional criteria are also required:
Commissioners for submission to the GMS. a. Having leadership skill supported by
7. The selection process is carried out prior to knowledge in economics, accounting and law.
the tenure ends or is requested by the Board of b. For the Board of Commissioners, require
Commissioners. or if there is a vacancy. having experience in banking or other financial
institution supervisory.
Requirements and Criteria c. For the Board of Directors, require having at
The requirements and criteria for candidates of Board least 3 (three) years’ experience as Senior
of Directors and/or Commissioners are in accordance Management in banking or other financial
with the Company’s Articles of Association and other institutions.
applicable provisions. which are as follows:
1. The person eligible as a member of the Board of The candidates for the Board of Directors may be
Directors and/or Commissioners is an individual proposed by the Board of Commissioners following
with legal capacity and has never been declared a thorough assessment, and if deemed eligible, the
bankrupt or convicted which cause bankruptcy of candidates can be recommended to the Minister of
a company, or an individual who has never been SOEs. Nominees for the position of Director must fulfill
sentenced for criminal offense which harm the both formal and additional requirements as stipulated
State treasury within 5 (five) years prior to his/ by the Regulation of the Minister of State-Owned
her appointment, one or the other by taking into Enterprises PER-3/MBU/03/2023 on the Organs and
account the prevailing laws and regulations. Human Resources of State-Owned Enterprises, and
2. Does not have family relations to third degree, OJK Regulation No. 33/POJK.04/2014 regarding the
both horizontally or vertically nor by marriage (in Board of Directors and Board of Commissioners of
laws) with other Directors or Commissioners. Issuers or Public Companies. Moreover, all candidates
3. Does not listed in the banking blacklist as must successfully pass the Fit and Proper Test
determined by bank supervisory authorities. conducted by the OJK.
4. Has good integrity, in the sense of:
a. Having good character and morals. Since 2021, Bank Mandiri submitted a list of top talent
b. Complying with prevailing laws and employees at the BoD-1 level to the Ministry of SOEs.
regulations. The Ministry of SOEs will then evaluate the list and
c. Having high commitment to the development assign an accredited institution to conduct the talent
of sound bank operations. assessment for prospective Directors. Candidates who
d. Deemed fit and proper to be a member of receive a positive recommendation from the Assessor
Board of Directors and/or Commissioners. Service Company are reported by the Remuneration and
5. Integrity assessment is conducted by evaluating Nomination Committee to the Board of Commissioners
the candidates in the sense that they have never for consideration as nominees for submission to the
done any of the following: GMS.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 573
Page 576
1 3 5
CORPORATE GOVERNANCE
2 4
Remuneration
Board of Series A Dwiwarma
and Nomination GMS OJK
Commissioners Shareholders
Committee
Prepare and - Reviewing the - Evaluation of the Appoinment and - Conduct Fit and
propose Proposal of the Fullfilment of Succession of Proper Test
Recommendations Remuneration Requirements of Directors - Approval of
for Board and Nomination Candidates for the Company’s
of Directors Committee Members of the Management
Succession - Proposing Board Board of Directors Candidate
of Directors - Approval of Board
Succession of Directors
to Series A Succession
Dwiwarma
Shareholders
Remuneration and Nomination Committee Activities in 2025
Throughout 2025, the Remuneration and Nomination Committee of Bank Mandiri effectively carried out its
duties and responsibilities as outlined in the Remuneration and Nomination Committee Charter. The Committee
provided recommendations and nominations of qualified candidates for the Board of Commissioners and Board
of Directors to the Board of Commissioners for submission to the GMS. These recommendations were developed
through a structured process that included formulating policies, criteria, and qualification standards aligned with
the Company’s strategic direction. The Committee also assisted the Board of Commissioners in identifying and
evaluating potential candidates from the executive talent pool one level below the Board of Directors, ensuring
leadership continuity that is both capable and ethical.
In addition to its nomination duties, the Committee supported the Board of Commissioners in formulating an
appropriate remuneration framework for both the Board of Directors and the Board of Commissioners. This
included determining salary/honorarium structures, benefits and allowances packages, and bonus (tantiem)
systems for 2025. The objective was to ensure a competitive, fair, and performance-based compensation system
aligned with industry standards and the Company’s strategic objectives, while fostering accountability and
motivation across leadership levels at Bank Mandiri.
2026 Work Plans of the Remuneration and Nomination Committee
At the end of 2025, the Remuneration and Nomination Committee of Bank Mandiri prepared the 2026 Work Plan.
which has been approved by the Board of Commissioners. The work plan outlines key activities grouped into
four main focus areas: nomination function, remuneration function, discussion of specific strategic issues, and
internal committee activities.
This work plan serves as a guideline for the Committee’s activities throughout 2026 and forms part of the KPI
used to evaluate the Committee’s effectiveness in supporting the Board of Commissioners. With a structured
and measurable plan, the Committee aims to further strengthen governance in nomination, remuneration, and
leadership development, in alignment with Bank Mandiri’s long-term strategic objectives.
574 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 577
RISK OVERSIGHT COMMITTEE
CORPORATE GOVERNANCE
The Risk Oversight Committee of Bank Mandiri plays a vital role in ensuring that every business decision is made
prudently and in line with the Bank’s risk profile. Through independent and in-depth oversight, the Committee
supports the Board of Commissioners in maintaining the balance between business growth and risk control.
ensuring the Bank’s long-term sustainability and stability.
Purpose of Establishment of the Risk Oversight 8. Board of Commissioners Decree No. KEP.
Committee KOM/012/2025 dated 30 December 2025 on the
Pursuant to the Risk Oversight Committee Charter, Membership Composition of the Audit Committee,
the Risk Oversight Committee of Bank Mandiri Risk Oversight Committee, Integrated Governance
was established by the Board of Commissioners Committee and Remuneration and Nomination
to support its supervisory function, particularly in Committee of PT Bank Mandiri (Persero) Tbk.
providing strategic guidance and advice to the Board 9. Decree of the Board of Directors No. KEP.
of Directors regarding the implementation of risk KOM/012/2025 dated 30 December 2025 on
management across all business lines. The primary Membership Structure of the Committee due to
purpose of this Committee is to ensure that the Bank’s changes of the structure based on the Board of
risk management framework, policies, procedures, and Directors Decree No. KEP.DIR/060/2025 dated 29
methodologies remain strong, effective, and aligned August 2025.
with the complexity of the Bank’s operations.
Structure, Membership and Profile of the Risk
The Committee also ensures that all business activities Oversight Committee
are conducted within acceptable risk limits, maintaining The Risk Oversight Committee consists of at least 3
a balance between risk control and value creation. (three) members from Independent Commissioners
Through its role, the Risk Oversight Committee assists and Non-Commissioners Independent Parties with the
the Board of Commissioners in ensuring that Bank composition:
Mandiri’s strategies and operations remain well- a. 1 (one) Independent Commissioner as chairman
governed, sustainable, and aligned with the Bank’s long- and member with an experienced member in
term objectives. finance, risk management, and/or business;
b. 1 (one) Non-Commissioner Independent Party who
Legal Basis of Establishment has expertise in risk management; and
The establishment of the Committee is guided by and c. 1 (one) Non-Commissioner Independent Party who
refers to the prevailing laws and regulations as well as has expertise in finance.
banking best practices in Indonesia. such as:
1. SOE Minister Regulation No. PER-2/MBU/03/2023 Members of the Risk Oversight Committee from Non-
on Guidelines for Governance and Significant Commissioners Independent Parties have expertise in
Corporate Activities of State-Owned Enterprises. risk management with the following criteria:
2. SOE Minister Regulation No. PER-3/MBU/03/2023 a. Holds a risk management competency certificate
on Organs and Human Resources of State-Owned issued by a recognized domestic or international
Enterprises. institution. in accordance with the requirements
3. POJK No. 17/POJK.03/2014 on the Implementation applicable to members of the Board of Directors;
of Integrated Risk Management for Financial and
Conglomerates. b. Have at least 2 (two) years of work experience in
4. POJK No. 30 of 2024 concerning Financial risk management.
Conglomerate and Financial Conglomerate
Holding. Members of the Risk Oversight Committee from Non-
5. POJK No. 17 of 2023 on Governance Practices for Commissioners Independent Parties have expertise in
Commercial Banks. finance with the following criteria:
6. SEOJK No. 14/SEOJK.03/2025 on Governance a. Holds a competency certificate in areas such
Practices for Commercial Banks. as public accounting, accounting, treasury, or
7. Bank Mandiri Articles of Association and its corporate finance issued by a recognized domestic
amendments. or international institution; and
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 575
Page 578
b. Have at least 5 (five) years of work experience in The Chairman of the Risk Oversight Committee can
economics, finance, and/or banking. only concurrently serve as chairman of the Committee
at most 1 (one) other Committee.
CORPORATE GOVERNANCE
Members of the Board of Directors of the Company and In carrying out its daily duties, the Committee may
other banks are prohibited from becoming members of be assisted by staff and/or Committee Secretaries
the Risk Oversight Committee. appointed based on the resolution of the Risk Oversight
Committee meeting.
Independent Commissioners and Non-Commissioners
who are members of the Risk Oversight Committee are As of 31 December 2025, the composition of the Risk
at least 51% (fifty one percent) of the total members of Oversight Committee is as follows:
the Risk Oversight Committee.
Risk Oversight Committee Composition As of 31 December 2025
Name Position in the Committee Position in the Company Period
Mia Amiati Chairman concurrently a Member Independent Commissioner 2025 - 2030
Zulkifli Zaini Member President Commissioner/Independent 2025 - 2030
Rudy Salahuddin Ramto Member Vice President Commissioner/Independent 2025 - 2030
Muhammad Yusuf Ateh Member Commissioner 2025 - 2030
Yuliot Member Commissioner 2025 - 2030
Luky Alfirman Member Commissioner 2025 - 2030
Bintoro K. Pardewo Member Commissioner 2025 - 2030
Taufik Hidayat Member Independent Party 2024 - 2029
Caroline Halim Member Independent Party 2021 - 2026
Risk Oversight Committee Profile
The profile of the Risk Oversight Committee members as members of the Board of Commissioners is presented in
Chapter 3 Profile of the Board of Commissioners in this Annual Report.
The following is profile of the Risk Oversight Committee members as non-Commissioners, independent parties.
Caroline Halim
Member of Risk Oversight Committee.
Independent Party
Age : 63 Years old
Citizenship : Indonesian
Period of Assignment
02 August 2021 – Present
Educational Background
Bachelor of Accounting from University of Indonesia (1987)
576 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 579
Legal Basis of Appointment
Appointed as member of the Risk Oversight Committee as of 02 August 2021 pursuant to the Board of Directors
Decree No. KEP.DIR/037/2021.
CORPORATE GOVERNANCE
Professional Background
› Member of Audit Committee & Member of Risk Oversight Committee of PT Bank Sahabat Sampoerna
(2020 – 2021)
› Member of Audit Committee & Member of Risk Oversight Committee of PT Rabobank International
Indonesia (2018 – 2020)
› Group Head Risk Management PT Bank QNB Indonesia Tbk (2012 – 2017)
› Group Head Risk Management PT Bank ICB Bumiputera Tbk (2010 – 2011)
› Group Head Credit Risk Analytic PT CIMB Niaga (1988 – 2010)
Taufik Hidayat
Member of Risk Oversight Committee. Independent Party
Age : 59 Years old
Citizenship : Indonesian
Period of Assignment
01 April 2024 – Present
Educational Background
› Bachelor’s degree in Development Economics from Universitas Negeri Jember (1989)
› Master’s degree in Management from Universitas Gadjah Mada (1999)
Legal Basis of Appointment
Appointed as member of the Risk Oversight Committee as of 01 April 2024 pursuant to the Board of Directors
Decree No. KEP.DIR/039/2024.
Professional Background
› Executive Business Officer - B Bank Mandiri (2022-2024)
› Group Head Special Asset Management 3 Bank Mandiri (2019-2022)
› Department Head Loan Recovery 2 Bank Mandiri (2017-2019)
› Department Head Strategic Planning & Development Bank Mandiri (2017)
› Department Head Loan Workout 2 Bank Mandiri (2016-2017)
Risk Oversight Committee Charter
In carrying out its duties and responsibilities, the Risk Oversight Committee of Bank Mandiri refers to the Risk
Oversight Committee Charter, last updated on 16 December 2025, pursuant to Board of Commissioners Decree No.
KEP.KOM/008/2025 The Charter serves as the main guideline defining the Committee’s roles and responsibilities,
ensuring effective risk oversight and supporting strong governance and risk management practices across the Bank.
The Charter includes:
1. General Purpose
2. Basic Regulations
3. Duties, Responsibilities and Authority
4. Composition, Structure and Membership Requirements, and Tenure
5. Meeting
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 577
Page 580
6. Reports and Recommendations units to discuss matters that are within the scope
7. Performance Evaluation of supervision.
CORPORATE GOVERNANCE
8. Closing
Risk Oversight Committee Duties and Responsibilities 5. Reporting the results of monitoring and review
The duties and responsibilities of the Risk Oversight periodically, as well as providing input on matters
Committee include: that need to be considered by the Board of
1. Monitoring and evaluating: Commissioners.
d. Conformity between the risk management
policy and the Company’s integrated risk 6. Developing the Risk Oversight Committee Charter
management policy and the implementation and conduct a review as needed, at least every 2
of the policy. (two) years.
e. Implementation of the work plan and
duties of the Risk Management Committee, Risk Oversight Committee Authority
Integrated Risk Management Committee, The Risk Oversight Committee has the authority to:
Risk Management Unit, and Integrated Risk 1. Communicate with the Head of Work Unit and
Management Unit of the Company. other parties in the Company to obtain information.
f. Adequacy of the process of identifying, clarification and request needed documents and
measuring, monitoring, controlling and risk reports.
management information systems. 2. Access records or information about employees,
g. The Company’s compliance with the Articles funds, assets and other company resources related
of Association, Bank and Capital Market to the implementation of their duties.
Supervisory Authority regulations, as well 3. Obtain a Risk Profile Report, Bank Soundness
as other laws and regulations related to risk Report, and other reports related to the application
management. of risk management, both individually and
Consolidated with Subsidiaries.
2. Carrying out monitoring and review of: 4. Obtain input and or suggestions from outside
a. Risk Profile Report, bank only and parties of the Company relating to their duties.
consolidated. 5. Perform other authorities granted by the Board of
b. The Bank Rating Report of risk-based, bank Commissioners.
only and consolidated.
c. Other reports related to the management Risk Oversight Committee Tenure
of 10 (ten) types of risk, namely Credit Risk, The tenure of members of the Risk Oversight
Market Risk, Operational Risk, Liquidity Risk, Committee shall not be longer than the term of office
Legal Risk, Compliance Risk, Reputation Risk, of the Board of Commissioners as stipulated in the
Strategic Risk, Intra Group Transaction Risk, Articles of Association and may be re-elected for the
and Insurance Risk. next 1 (one) period. The term of service of members
d. General credit policies and other obligations of the Risk Oversight Committee originating from Non-
required by the Regulator to be submitted to Commissioners Independent Parties is a maximum of
the Board of Commissioners by the Board of 3 (three) years and can be reappointed for a maximum
Directors. of 2 (two) years, without prejudice to the right of the
Board of Commissioners to dismiss them at any time.
3. Providing recommendations to the Board of
Commissioners for: If a member of the Board of Commissioners who
a. Items that can support an increase in the is the Chairman of the Risk Oversight Committee
effectiveness of the implementation of risk resigns prior to his term of service as Commissioner
management in the Company and Financial of the Company, the Chairman of the Risk Oversight
Services Institutions within the Financial Committee is replaced by another Independent
Conglomerates. Commissioner. If the term of service as the Board of
b. Conformity between the Company’s risk Commissioners ends, then the term of service as a
management policies and integrated risk member of the Risk Oversight Committee also ends.
management policies with the implementation
of these policies to ensure that the Company Risk Oversight Committee members from Non-
has managed risks adequately. Commissioners Independent Parties are given
c. Implementation of work plans and duties of a monthly honorarium, the amount of which is
the Risk Oversight Committee, Integrated Risk determined by the Board of Commissioners while still
Management Committee, Risk Management referring to the prevailing laws and regulations and
Unit, as well as Integrated Risk Management taking into account the Company’s capabilities.
Unit.
4. Conducting regular meetings with relevant work
578 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 581
Education Qualification and Work Experience of Risk Oversight Committee
Requirements for members of the Risk Oversight Committee are as follows:
CORPORATE GOVERNANCE
1. General Requirements
a. Having integrity, character and good morals.
b. Does not have personal interests/relationships that can cause conflict of interest against the Company.
2. Competency Requirements
a. Having sufficient expertise, ability, knowledge and experience related to their duties and responsibilities.
b. Having sufficient knowledge to read and understand financial statements and reports related to monitoring
the implementation of banking risk management policies.
c. Able to work together and have the ability to communicate well and effectively and are willing to provide
sufficient time to carry out their duties.
d. Having adequate knowledge of the Company’s Articles of Association, laws and regulations in the
banking sector, Capital Market, SOEs and other relevant laws and regulations.
e. Willing to enhance competencies continuously through education and training.
The qualifications and professional background of the Chairman and Members of the Risk Oversight Committee
are as follows.
Risk Oversight Committee Qualifications and Professional Background
Name Position Period Education Professional Background
› Honorary Professor (HCSA) in Human
Resource Development
Chairman & 25 March – 31 › Doctor (PhD) in Law Professional background
Mia Amiati
Member December 2025 › Master’s Degree in Law in law.
› Bachelor’s Degree in Law
› Bachelor’s Degree in Indonesian Literature
› Master of Business Administration di bidang Professional background
30 – 31 December
Zulkifli Zaini Member Finance dan International Business in banking and corporate
2025
› Sarjana di bidang Teknik Sipil supervision
› Doctor of Engineering Management and
Systems Engineering
Rudy Salahuddin 30 – 31 December Professional background
Member › Master of Engineering Management
Ramto 2025 in economics and finance
› Bachelor’s Degree in Law
› Bachelor’s Degree in Civil Engineering
› Doctor in Public Administration
Muhammad Yusuf 1 January – 31 › Master of Business Administration (MBA) Professional background
Member
Ateh December 2025 › Diploma IV in Accounting in finance and audit
› Diploma III in Accounting
› Master’s Degree in Management Professional background
25 March – 31
Yuliot Member (Economics) in finance and corporate
December 2025
› Bachelor’s Degree in Socio-Economics supervision.
Member › Doctor of Economics Professional background
25 March – 31
Luky Alfirman › Master of Economics in economics and
December 2025
› Bachelor’s Degree in Industrial Engineering corporate oversight
Member 30 – 31 December › Master of Business Administration (MBA) Professional background
Bintoro K. Pardewo
2025 › Bachelor's Degree in Mechanical Engineering in economics
Professional background
› Bachelor's degree in Development
1 January – 31 in banking, risk
Taufik Hidayat Member Economics
December 2025 management, business,
› Master's degree in Management
and supporting functions.
Professional background
1 January – 31
Caroline Halim Member Bachelor Degree in Accounting in banking, risk
December 2025
management and audit.
Risk Oversight Committee Independence
All members of the Risk Oversight Committee who are independent parties do not have any financial, managerial,
shareholding, or familial ties with the Board of Commissioners, the Board of Directors, and/or the Controlling
Shareholders. Moreover, there are no affiliations or relationships with the Bank that could compromise
independence or affect ability to perform the duties independently. This ensures that the Committee operates
with objectivity and integrity, providing oversight and fostering strong risk governance in line with the principles
of Good Corporate Governance.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 579
Page 582
Bintoro K.
Independence Aspects Kuswiyoto Mia Amiati Zulkifli Zaini Caroline Halim Taufik Hidayat
CORPORATE GOVERNANCE
Pardewo
Does not have financial relations
with the Board of Commissioners
and Directors
Does not have management
relations in the company.
subsidiaries. or affiliates X
Does not have shareholding
relations in the company
Does not have family relations
with the Board of Commissioners.
Directors and/or with fellow
members of Committee
Does not serve as the
management in political parties.
officials and in the government
Risk Oversight Committee Meetings
Risk Oversight Committee Meeting is held at least once a month. Risk Oversight Committee Meeting is considered
valid if it is attended by at least 51% of members including one Commissioner and Independent Party.
Agenda of Risk Oversight Committee Meetings
In 2025, 33 (thirty-three) meetings were held covering 41 (forty-one) agenda with the following date of
implementation, agenda and meeting participants.
Risk Oversight Committee Meeting Agenda
No. Date Agenda Quorum
1. 30 January 2025 Outstanding Legal Case as of Quarter IV/2024 100%
06 February 2025 1. Special Asset Management (SAM) Performance in 2024
2. 100%
2. Development of the Condition of BPK Audit Debtors 2021-2022
3. 13 February 2025 Progress of Settlement of Arrears of Insurance/Credit Guarantee Claims 100%
4. 27 February 2025 Commercial Banking Performance 2024 and Strategy for 2025 100%
5. 06 March 2025 Development of Market Liquidity and Risk Conditions and Strategy for 2025 100%
6. 11 March 2025 Anti-Fraud Strategy (SAF) Report Semester II/2024 100%
20 March 2025 1. Development of Wholesale Segment Watchlist Debtors and Wholesale Debtors with a Limit of
7. Above IDR 3 Trillion in the Fourth Quarter of 2024 100%
2. Proposed Pension Fund Supplementary Benefits 1-4
8. 10 April 2025 Bank Health Level Semester II/2024 and Risk Dashboard January & February 2025 100%
9. 17 April 2025 The Effect of Trade War on Bank Business and Related Debtors 100%
10. 30 April 2025 Outstanding Legal Cases and Risk Mitigation as of Quarter I/2025 100%
11. 08 May 2025 Governance and Performance of Debtors in the Retail Segment 100%
12. 14 May 2025 Wholesale Segment Debtor Governance and Debtor Development Watchlist 100%
13. 28 May 2025 Risk Management in IT Implementation 100%
14. 12 June 2025 Negative Publication Management 100%
26 June 2025 Wholesale segment Watchlist Debtor Report and Debtor Report with a Limit above IDR 3 Trillion
15. 100%
position in the first quarter of 2025
16. 10 July 2025 Proposal for the Provision of Funds for Related Parties an Mantap Bank & BMEL 100%
17 July 2025 1. Loan at Risk (LAR) Development, Stress Test Quarter I/2025
17. 80%
2. Network Development Strategy
18. 24 July 2025 Outstanding Legal Case as of Quarter II/2025 100%
19. 31 July 2025 Corporate Banking Strategy & Performance 2025 100%
20. 7 August 2025 Commercial Banking Strategy & Performance 2025 100%
21 August 2025 1. Retail Banking Strategy & Performance in 2025
21. 100%
2. Proposed Extension of Mandiri Sekuritas Intraday Facility
580 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 583
No. Date Agenda Quorum
22. 28 August 2025 Mandiri Sekuritas in the Middle of the Indonesian Capital Market 100%
CORPORATE GOVERNANCE
23. 4 September 2025 Consumer Banking Strategy & Performance in 2025 100%
24. 11 September 2025 Treasury Strategy & Performance in 2025 83,3%
18 September 2025 1. Operations Strategy for 2025
25. 2. Proposal for the Provision of Funds for Related Parties an an PT Mandiri Tunas Finance and 100%
PT Mandiri Utama Finance
26. 25 September 2025 Strategy for the Use of Funds of the Ministry of Finance 100%
1 October 2025 1. Credit Reports with a Limit of Above IDR 3 Trillion and Debtors Watchlist as of Quarter II/2025
27. 100%
2. Strategy & Performance of Special Asset Management and Legal Case Management in 2025
28. 9 October 2025 Foreign Office Strategy & Performance in 2025 100%
29. 16 October 2025 1. Anti-Fraud Strategy Report Semester I/2025
100%
2. Management and Optimization of the Immovable Fixed Assets
30. 6 November 2025 Proposed Sustainable Finance Action Plan (RAKB) 2026-2030 100%
31. 13 November 2025 Proposal for the Provision of Funds for Related Parties c/o BSI 100%
32. 27 November 2025 Proposed Recovery Plan Update for 2025 100%
33. 18 December 2025 1. Proposed Revision of Legal & Compliance Policy (KHK), Preparation of AML, PPT, and
PPPSPM (KAPU) Policies, and Revision of PPPSPM PPT APU Procedure Standards 100%
2. Proposed Interim Dividend Distribution
Meeting Frequencies and Attendance of Risk Oversight Committee
Name Position Total Meeting Total Attendance (%)
Mia Amiati Chairman & Member 13 12 92
Zulkifli Zaini Member - - -
Rudy Salahuddin Ramto Member - - -
Muhammad Yusuf Ateh Member 33 31 94
Yuliot Member - - -
Luky Alfirman Member - - -
Bintoro K. Pardewo Member - - -
Kuswiyoto*** Chairman & Member 17 17 100
Zainudin Amali*** Chairman & Member 33 33 100
Muliadi Rahardja** Chairman & Member 7 7 100
Loeke Larasati Agoestina* Member 3 3 100
Heru Kristiyana** Member 7 7 100
Arif Budimanta* Member 7 7 100
Tedi Bharata** Member 7 7 100
Caroline Halim Member 33 33 100
Taufik Hidayat Member 33 33 100
*) Ended his tenure based on the Annual GMS dated 25 March 2025
**) Ended his tenure based on the Annual GMS dated 19 December 2025
***) Effective after successfully obtaining approval and passing the Fit and Proper Test administered by OJK
****) Efektif sebagai Komisaris Utama pada tanggal 17 Desember 2025 | Effective
Performance Evaluation Mechanism and KPI Achievements
The Risk Oversight Committee of Bank Mandiri undergoes regular performance evaluations to assess the
effectiveness of its duties and responsibilities in supporting the Board of Commissioners’ supervisory function.
The evaluation considers the implementation of the Committee’s Work Plan, the quality and effectiveness of
recommendations, and the level of communication and coordination with the Board of Commissioners, Board of
Directors, and relevant work units.
Throughout 2025, the Risk Oversight Committee successfully executed all programs outlined in the 2025 Risk
Oversight Committee Work Plan. The achievement of Key Performance Indicators (KPI) was reflected in the
Committee’s success in providing relevant and value-added recommendations that strengthened the Bank’s
risk governance framework. These recommendations served as key inputs for the Board of Commissioners in
strategic decision-making related to risk management initiatives proposed by the Board of Directors.
Furthermore, consistent and constructive communication between the Committee, the Board of Commissioners,
and the Board of Directors throughout the year enhanced coordination on key risk issues and ensured timely
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 581
Page 584
and effective follow-up actions. The evaluation results demonstrated that the Risk Oversight Committee played
an active role in maintaining a balance between risk control and business objectives, thereby reinforcing Bank
CORPORATE GOVERNANCE
Mandiri’s resilience and long-term sustainability.
Risk Oversight Committee Remuneration
The remuneration of the Risk Oversight Committee of Independent Non-Commissioners is regulated in the
Decree of the Board of Commissioners No. KEP.KOM/004/2025 dated 28 May 2025 concerning Remuneration of
Supporting Organs of the Board of Commissioners of PT Bank Mandiri (Persero) Tbk and regulated in the Letter of
Assignment as a member of the Committee under the Board of Commissioners issued by Bank Mandiri.
No. Description Non-Commissioner Committee Members
1. Salary/Honorarium At most 20% of President Director’s Salary
2. Post-Employment Compensation Not provided
3. Holiday Allowance In accordance with Bank Mandiri employee stipulation
4. Bonus/Tantiem Not provided
Facilities
- Transportation Allowance Not provided
- Health Provided as per the Bank’s Internal rules
5.
- Employment Provided as per the Bank’s Internal rules
In accordance with Bank Mandiri employee stipulation/equivalent
- Business Trips
to Group Head
Activities Report of the Risk Oversight Committee in 2025
The Risk Oversight Committee of Bank Mandiri effectively carried out its duties and responsibilities in accordance
with the principles of good governance and regulations. Furthermore, all Committee activities throughout 2025
were implemented in line with the 2025 Risk Oversight Committee Work Plan as approved by the Board of
Commissioners.
The 2025 work plans of the Risk Oversight Committee are divided into 2 (two) activities, namely Mandatory/
Regular and Non-Regular as follows:
1. Mandatory/Regular, which includes review of Risk Profile Report. review of Bank’s Rating Report, review of
Anti-Fraud Strategy Realization Report, review of Corporate Work & Budget Plans and Bank Business Plan,
implementation of Compliance, management of the Bank’s 8 (eight) Risks, and Internal Activities of the Risk
Oversight Committee.
2. Non-Regular, which includes the concern and focus of the Risk Oversight Committee on certain issues regarding
risk management, particularly related to business & loan, IT and operations, as well as GRC.
The following were activities of the Risk Oversight Committee in 2025:
1. Held 33 (thirty-three) Risk Oversight Committee Meetings covering 27 (twenty-two) agenda, including compiling
and documenting Meeting Minutes.
2. Held 53 (fifty-three) Internal Discussions, Discussions with related Work Units, as well as Joint Discussions
with the Audit Committee, including compiling and documenting Minutes of Discussion.
3. Reviewed more than 35 (thirty-five) reports, including Risk Profile Report, Bank Soundness Rating Report,
Debtor Report with Credit Limit of over Rp3 trillion individually, Wholesale Segment Watchlist Debtor Report,
and Anti-Fraud Strategy Realization Report.
4. Reviewed more than 20 (twenty) Proposals from the Board of Directors requiring written approval from the
Board of Commissioners, including Proposals for the Provision of Funds to Related Parties, Corporate Actions,
the Work Plan & Budget (RKAP) and Bank Business Plan (RBB) along with their revisions, the Sustainable
Finance Action Plan (RKAB), Updates to the Recovery Plan & Resolution Plan, and Internal Bank Policies.
5. Prepared 4 (four) quarterly activity reports for the Committee, which were submitted to the Board of
Commissioners.
6. Conducted 4 (four) site visits, including the preparation of Site Visit Reports, to Region XI – Bali & Nusa
Tenggara (14 June 2025), Mandiri Digital Tower - Jakarta (30 July 2025), Region VII – Semarang (17 November
2025), and Region IV – Jakarta Thamrin (19 November 2025).
582 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 585
7. Prepared a Risk Oversight Committee Work Plan for 2025.
8. All members of the Committee have participated in at least 1 (one) competency development activity related
CORPORATE GOVERNANCE
to Banking / Risk Management.
Risk Oversight Committee Work Plans for 2026
At the end of 2025, the Risk Oversight Committee has prepared a 2026 work plan and has obtained approval from
the Board of Commissioners.
The 2026 Risk Oversight Committee work plan is divided into 2 (two) activities, namely Mandatory/Regular and
Non-Regular as follows:
1. Mandatory/Regular, which includes review of Risk Profile Reports, Bank Soundness Reports, Debtor Reports
with Limits above Rp3 Trillion, Wholesale Debtor Reports Watchlist Category, Stress Test Results, Anti-Fraud
Strategy Realization Reports, Realization of Company Work Plans & Budgets (RKAP) in 2025 and Bank
Business Plans (RBB) in 2025-2027, Sustainable Finance Action Plan (RAKB), implementation of Compliance,
management of 8 (eight) types of Bank Risk, and Internal Activities of the Risk Oversight Committee.
2. Non-Regular, which includes matters that are the concern and focus of the Risk Oversight Committee, including
business and credit, operations & IT, and GRC.
The work plan is one of KPIs that serves as a basic of performance effectiveness assessment of the Risk Oversight
Committee in 2026.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 583
Page 586
INTEGRATED GOVERNANCE COMMITTEE
CORPORATE GOVERNANCE
The Integrated Governance Committee of Bank Mandiri plays a vital role in ensuring consistent governance practices
across all entities within the Financial Conglomerate. Through its oversight and strategic advisory functions, the
Committee supports the Board of Commissioners in maintaining alignment between governance, risk management,
and compliance, thereby reinforcing Bank Mandiri’s integrity and sustainable business performance across the group.
Purpose of Establishment of the Integrated 7. SEOJK No. 15/SEOJK.03/2015 on Integrated
Governance Committee Governance Practices for Financial Conglomerates.
8. SEOJK No. 14/SEOJK.03/2025 on Governance
Pertaining to the Integrated Governance Committee Practices for Commercial Banks.
Charter, the Integrated Governance Committee of 9. Bank Mandiri Articles of Association and
Bank Mandiri was established to assist the Board of amendments.
Commissioners in overseeing the implementation of 10. Board of Commissioners Decree of the Board
good governance across all entities within the Bank of Commissioners No. KEP.KOM/012/2025
Mandiri Financial Conglomerate. The Committee dated 30 December 2025 on the Composition of
ensures that the application of integrated governance Audit Committee Membership. Risk Oversight
is conducted in accordance with the Integrated Committee. Integrated Governance Committee
Governance Guidelines, including monitoring the and Remuneration and Nomination Committee of
effectiveness of the Board of Directors’ duties and PT Bank Mandiri (Persero) Tbk.
responsibilities across all Financial Service Institutions 11. Board of Directors Decree No. KEP.DIR/062/2025
(LJK) within the group. dated 29 August 2025 on Determination of
Membership of the Integrated Governance Com
In addition, the Committee provides strategic advice
and recommendations to the Board of Directors Structure, Membership and Profile of the Integrated
regarding the implementation, continuous evaluation, Governance Committee
and improvement of integrated governance policies,
ensuring alignment between governance practices, The Integrated Corporate Governance Committee
risk management, and compliance across all entities membership consists of at least:
within the Bank Mandiri Financial Conglomerate. 1. An Independent Commissioner who acts as
President Commissioner of the Company and
Integrated Governance Committee Appointment Basis serves as Chairman of one of the committees in the
Company, as chairman and concurrently member.
The establishment of the Integrated Governance 2. Independent Commissioner representing and
Committee refers to the prevailing laws and regulations appointed from Financial Services Authority in the
as well as banking best practices in Indonesia, as Financial Conglomeration, as a member.
follows: 3. At least one Non-Commissioner Independent Party,
1. SOE Minister Regulation No. PER-3/MBU/03/2023 as a member.
on Organs and Human Resources of State- Owned 4. Member of the Sharia Supervisory Board of Bank
Enterprises. Syariah Indonesia, as a member of the Independent
2. SOE Minister Regulation No. PER-2/MBU/03/2023 Commissioner.
on Guidelines of Governance and Significant 5. Membership in the Integrated Governance
Corporate Activities of State-Owned Enterprises. Committee representing and appointed from the
3. POJK No. 33/POJK.04/2014 on the Board of Financial Conglomeration in accordance with the
Directors and Board of Commissioners of Issuers needs of the Financial Conglomeration.
or Public Companies. 6. Other committee members who are not members
4. POJK No. 18/POJK.03/2014 dated November of the Board of Commissioners, are not members
18. 2014 on the Implementation of Integrated of the Integrated Governance Committee, but may
Governance for Financial Conglomerates. be assigned to assist the duties of the Integrated
5. POJK No. 30 of 2024 concerning Financial Governance Committee.
Conglomerate and Financial Conglomerate 7. Membership of Independent Commissioners.
Holding. Non-Commissioners of Independent Parties, and
6. POJK No. 17/2023 on Governance Practices for members of the Sharia Supervisory Board in the
Commercial Banks. Integrated Governance Committee of the Financial
Conglomeration is not counted as concurrent
positions.
584 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 587
8. The number and composition of members of the Integrated Governance Committee are adjusted to the needs
of the Financial Conglomeration, as well as the efficiency and effectiveness of the implementation of the
CORPORATE GOVERNANCE
duties of the Integrated Governance Committee by taking into account at least the representation of each
financial services sector.
As of 31 December 2025. the composition of the Integrated Governance Committee is as follows:
Integrated Governance Committee Composition as of 31 December 2025
Position in the
Name Position in Bank Mandiri & Other Companies Period
Committee
Zainudin Amali* Chairman & Member President Commissioner/ Independent 2023 - 2028
Kuswiyoto* Member Vice President Commissioner/ Independent 2025 - 2029
Mia Amiati Member Independent Commissioner 2025 - 2029
Zulkifli Zaini Member Independent Commissioner 2025 - 2029
Taufik Hidayat Member Independent Party 2024 - 2029
Rasyid Darajat Member Independent Party 2021 - 2026
Boedi Armanto Member Independent Commissioner PT Bank Mandiri Taspen 2023 - 2026
Hoesen Member Independent Commissioner PT Mandiri Sekuritas 2023 - 2026
Agus Retmono Member Independent Commissioner PT AXA Mandiri Financial Services 2023 - 2026
Fendy Eventius Mugni Member Independent Commissioner PT Mandiri Tunas Finance 2023 - 2026
Kusman Yandi Member Independent Commissioner PT Mandiri Utama Finance 2023 - 2026
Alamanda Shantika Member Independent Commissioner PT Mandiri Capital Indonesia 2023 - 2026
Felicitas Tallulembang Member Independent Commissioner PT Bank Syariah Indonesia 2024 - 2027
Mohamad Hidayat Member Sharia Supervisory Board PT Bank Syariah Indonesia 2024 - 2027
*) No longer served effective as of the Extraordinary GMS dated 19 December 2025.
Integrated Governance Committee Profile
The profile of the Integrated Governance Committee members as members of the Board of Commissioners is
presented in Chapter 3 (three) Profile of the Board of Commissioners, Chapter 5 (five) sub section Audit Committee
and Risk Oversight Committee in this Annual Report.
The following is profile of the Integrated Governance Committee members as representatives from LJK in the
Financial Conglomerate.
Boedi Armanto
Member of Integrated Governance Committee
Age : 66 Years old
Citizenship : Indonesian
Period of Assignment
27 June 2023 – Present
Educational Background
› Master of Agronomy of Bogor Agricultural Institute
› Master of Applied Economics University of Minnesota
› Doctor of Economics, University of Indonesia
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 585
Page 588
Legal Basis of Appointment
Appointed as a member of the Integrated Governance Committee based on the Letter of the Board of
CORPORATE GOVERNANCE
Commissioners No. DEKOM/068/2023 dated 25 October 2023 regarding the Change of Members of the
Integrated Governance Committee of Mandiri Group Representative of PT Bank Mandiri Taspen.
Professional Background
› Independent Commissioner of PT Bank Mandiri Taspen (2023-present)
› Independent Commissioner of PT Bank Mandiri (Persero) Tbk (2020 - 14 March 2023)
› Expert Staff of Banking Supervision of the Financial Services Authority (2019-2020)
› Acting Deputy Commissioner of Banking Supervision II of the Financial Services Authority (2019-2018)
› Deputy Commissioner of Banking Supervision I of the Financial Services Authority (2017-2019)
› Deputy Commissioner of Banking Supervision IV of the Financial Services Authority (2017-2017)
› Acting Deputy Commissioner of Banking Supervision IV Financial Services Authority (2016-2017)
› Deputy Commissioner of Banking Supervision II of the Financial Services Authority (2015-2017)
› Head of Department of Supervision Development and Crisis Management of the Financial Services
Authority (2014-2015)
› Head of Department of Development, Supervision and Crisis Management of Bank Indonesia (2013-2013)
› Head of Accounting and Payment System Department of Bank Indonesia (2012-2013)
› Head of Bank Supervision Department 1 Bank Indonesia (2008-2012)
› Head of Banking Licensing and Information Department of Bank Indonesia (2008-2008)
› Deputy Director of Internal Supervision Department of Bank Indonesia (2005-2008)
› Senior Executive Analyst of Strategic Planning and Public Relations Department of Bank Indonesia (2005-
2005)
› Project Leader of Special Unit of Bank Indonesia Transformation Program (2003-2005)
› Deputy Director of Bank Supervision Department 1 Bank Indonesia (2002-2003)
› Head of Bank Supervision Department 1 Bank Indonesia (1999-2002)
› Head of Human Resources Department of the Indonesian Bank Restructuring Agency (1998-1999)
Hoesen
Member of Integrated Governance Committee
Age : 59 Years old
Citizenship : Indonesian
Period of Assignment
25 May 2023 – Present
Educational Background
› Bachelor of Agriculture From Padjadjaran University (1991).
› Master of Financial Management from Pelita Harapan University (2005).
Legal Basis of Appointment
Appointed as member of the Integrated Governance Committee as of 25 May 2023.
586 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 589
Professional Background
› Commissioner of PT Central Finansial X (2024 - present).
CORPORATE GOVERNANCE
› Independent Commissioner of PT Samudra Indonesia Tbk. (2023 - present).
› President Commissioner of PT Kliring Penjamin Efek Indonesia (KPEI) (2023 - present).
› President Commissioner and Independent Commissioner of PT Mandiri Sekuritas (2023 - present).
› Independent Commissioner of PT Sawit Sumbermas Sarana Tbk. (2022 - present).
› Chief Executive of Capital Market Supervision, Commissioner of Financial Services Authority (2017 - 2022).
› Commissioner of PT Danareksa Capital (2015 - 2017).
› Commissioner of PT Danareksa Investment Management (2015 - 2017).
› Director of PT Danareksa (Persero) (2015 - 2017).
› Director of Listing PT Bursa Efek Indonesia (2012 - 2015).
Agus Retmono
Member of Integrated Governance Committee
Age : 63 Years old
Citizenship : Indonesian
Period of Assignment
24 June 2021 – Present
Educational Background
› Bachelor Degree in Economics, University of Diponegoro, Semarang (1987).
› MBA from University of Illinois at Urbana-Champaign, USA (1997).
Legal Basis of Appointment
Appointed as member of the Integrated Governance Committee as of 24 June 2021 No. 002/AMFS-BOC/
VI/2021.
Professional Background
› Chair of Supervisory Board at Dana Pensiun Lembaga Keuangan PT AXA Mandiri Financial Services(2025
– present).
› Associate Consultant (Advisor) at PT Sumberdaya Andalan Mandiri (2019 - 2020).
› Senior Vice President Policy & Procedure Group at PT Bank Mandiri (Persero) Tbk (2017 - 2019).
› Supervisory Board Chairman of Pension Fund at Bank Mandiri Empat (DPBM Empat) (2015 - 2018).
› Senior Vice President Credit Operations Group at PT Bank Mandiri (Persero) Tbk (2016 - 2017).
› Senior Vice President Cash & Trade Operations Group at PT Bank Mandiri (Persero) Tbk (2015 - 2016).
› Head I of SWIFT Indonesia Association (ASWIFTINDO) (2014 - 2016).
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 587
Page 590
CORPORATE GOVERNANCE
Fendy Eventius Mugni
Member of Integrated Governance Committee
Age : 53 Years old
Citizenship : Indonesian
Period of Assignment
Appointed based on the results of the general meeting of shareholders on 28 June 2023 and declared to have
passed the OJK Fit and Proper Test on 8 December 2023 – present
Educational Background
› Bachelor Degree in Electrical Engineering, Indonesian Christian University, Jakarta (2001).
› Master of Electrical Engineering, Indonesian Christian University, Jakarta (2020).
Legal Basis of Appointment
Appointed based on the results of the general meeting of shareholders on 28 June 2023, he was appointed as
an independent commissioner who also represents the Company as a member of the Integrated Governance
Committee.
Professional Background
› Investigator of National Human Rights Commission (2001-2003).
› Program Officer at Voice of Human Rights (2004-2005).
› Project Engineer of Nokia Siemens Network Indonesia (2006-2012).
› Country Manager of PT Eflag Solutions Indonesia (2012-2014).
› Independent Commissioner of PT Hotel Indonesia Natour (Persero) (2015-2024).
› Independent Commissioner of PT Mandiri Tunas Finance (2023-Present).
Kusman Yandi
Member of Integrated Governance Committee
Age : 60 Years old
Citizenship : Indonesian
a Period of Assignment
13 November 2023 – Present
588 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 591
Educational Background
› Bachelor of accounting, Riau University (1989).
CORPORATE GOVERNANCE
› Master of Management Gadjah Mada University (2009).
Legal Basis of Appointment
Appointed as a member of the Integrated Governance Committee in accordance with Number of Letter
Skel.0209/BOD/CORSEC/MUF/XI/2023 01 November 2023 regarding Notification of the MUF Independent
Commissioner as Member of the Integrated Governance Committee
Professional Background
› Independent Commissioner PT Mandiri Utama Finance (2023 – present).
› Wholesale & Transaction Banking Director PT Bank Syariah Indonesia Tbk (2021 – 2022).
› Wholesale Banking Director PT Bank Syariah Mandiri (2015 - 2021).
› Senior Executive Vice President (SEVP) Wholesale Banking PT Bank Syariah Mandiri (2015 – 2015).
› Senior Executive Vice President (SEVP) Wholesale, Treasury & International Banking PT Bank Syariah
Mandiri (2014 – 2015).
› Executive Business Officer (EBO) Commercial Banking and Business Banking PT Bank Mandiri (Persero)
Tbk (2014 – 2014).
› Commercial Banking Center Manager (CBC Manager / Vice President) PT Bank Mandiri (Persero) Tbk
(2007 – 2013).
Alamanda Shantika
Member of Integrated Governance Committee
Age : 37 Years old
Citizenship : Indonesian
Period of Assignment
4 September 2020 – Present
Educational Background
Bachelor’s degree in computer science and mathematics, University of Bina Nusantara (2013).
Legal Basis of Appointment
Appointed as member of the Integrated Governance Committee pursuant to Deed of Resolution Statement of
Shareholders No. 2 dated 4 September 2020.
Professional Background
› Vice Chairman Asosiasi Pengembang Talenta Digital Indonesia (2024 – present).
› Independent Commissioner PT Blue Bird Tbk. (2022 – present).
› Independent Commissioner PT Mandiri Capital Indonesia (2019 – present).
› Founder and CEO PT Lentera Bangsa Benderang (Binar Academy) (2017 – present).
› member of Technology Committee PT Medikaloka Hermina Tbk (2017 – present).
› Digital Economy and Human Resources Research Team Presidential Advisory Council Republic of
Indonesia (2019 – Jul 2019).
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 589
Page 592
› Vice President People and Culture PT Aplikasi Karya Anak Bangsa (Gojek) (2016 – 2016).
› Vice President Product PT Aplikasi Karya Anak Bangsa (Gojek) (2015 – 2016).
CORPORATE GOVERNANCE
› Tech Product Consultant PT Aplikasi Karya Anak Bangsa (Gojek) (2014 – 2015).
› Head Product Development Engineering PT Multi Adiprakasa Manunggal (Kartuku) (2015 – 2015).
› Assistant Engineering Manager PT Multi Adiprakasa Manunggal (Kartuku) (2014 – 2014).
› Engineering Supervisor. SCRUM Evangelist, UI/UX designer PT Multi Adiprakasa Manunggal (Kartuku)
(2014 – 2014).
› CEO Pentool Design (2009 – 2014).
› Senior Software Engineer PT Multi Adiprakasa Manunggal (Kartuku) (2013 – 2013).
› Product Design & Engineering Lead PT Berrybenka (2012 – 2013).
Felicitas Tallulembang
Member of Integrated Governance Committee
Age : 65 Years old
Citizenship : Indonesian
Period of Assignment
17 May 2024 – Present
Educational Background
Bachelor of Medicine from Hasanudin University Makassar (1990)
Legal Basis of Appointment
Appointed as member of the Integrated Governance Committee as of 29 July 2025 pursuant to the Board of
Directors Decree No. 05/534-KEP/DIR.
Professional Background
› Independent Commissioner of PT Bank Syariah Indonesia Tbk (2024 – present).
› Member of the Board of Trustees and Head of Health Research and Development Sector of Gerindra Party
(2020).
› Member of Commission IV of the House of Representatives of the Republic of Indonesia (DPR RI) (2014
– 2019).
› Commissioner at PT Cetara Bangun Persada (2003 – 2017).Director of Sinjai District General Hospital
(1999 – 2008).
› Head of Public Health Center (Puskesmas) at North Galesong Takalar Public Health Center (1992 - 1999).
› General Practitioner at Takalar District General Hospital (1991 – 1992).
590 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 593
CORPORATE GOVERNANCE
Mohammad Hidayat
Member of Integrated Governance Committee
Age : 58 Years old
Citizenship : Indonesian
Period of Assignment
6 May 2021 – Present
Educational Background
› Bachelor Degree in Sharia, IAIN/UIN Syarif Hidayatullah Jakarta (1992).
› Master Degree in Law Science, Institute of Business Law and Legal Management (2004).
› Doctorate in Islamic Economics and Finance, University of Trisakti (2014).
Legal Basis of Appointment
Appointed as member of the Integrated Governance Committee as of 29 July 2025 pursuant to the Decree of
the Board of Directors No. 05/534-KEP/DIR.
Professional Background
› Member of the Sharia Supervisory Board of PT Bank Syariah Indonesia Tbk (May 2021 - present).
› Chairman of the Sharia Supervisory Board of the Sharia Business Unit of PT Asuransi BRI Life (2024 -
present).
› Member of the Sharia Supervisory Board of the Sharia Business Unit of PT Asuransi Allianz Syariah
Indonesia (2023 - present).
› Chairman of the Sharia Supervisory Board of PT Bank Syariah Indonesia Tbk (February - May 2021).
› Chairman of the Sharia Supervisory Board of the Sharia Business Unit of PT Asuransi Jiwa Manulife
Indonesia (2020 - August 2024).
› Chairman of the Sharia Supervisory Board of PT Bank Syariah Mandiri (2019 - 2021).
› Member of the Sharia Supervisory Board of the Sharia Business Unit of PT Bank Tabungan Negara
(Persero) Tbk (2018 - 2023).
Integrated Governance Committee Charter
In carrying out its duties and responsibilities, the Integrated Governance Committee of Bank Mandiri refers to the
Integrated Governance Committee Charter, last updated on 31 May 2024, pursuant to Board of Commissioners
Decree No. KEP.KOM/009/2024. The Charter serves as the main guideline outlining the scope of responsibilities,
roles, authorities, reporting mechanisms, and meeting procedures. It ensures that the Committee performs
effective oversight of integrated governance implementation, remains aligned with regulatory standards, and
supports Bank Mandiri’s commitment to the principles of good corporate governance.
The Integrated Governance Committee Charter regulates the following:
1. General Purpose
2. Basic Regulations
3. Duties. Responsibilities and Authority
4. Composition. Structure. Membership Requirements and Tenure
5. Meetings
6. Reports
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 591
Page 594
7. Performance Evaluation › Monitoring the implementation of
8. Closing compliance periodic reports and audit
CORPORATE GOVERNANCE
reports relating to compliance with
Duties and Responsibilities of Integrated Governance internal and external regulations issued
Committee by the Integrated Compliance Unit and
The following are duties and responsibilities of the external auditors.
Integrated Governance Committee: › Holding periodic meetings with the
Integrated Compliance Unit to discuss
1. Evaluating the implementation of Integrated matters relating to the Company and its
Governance at least through an assessment of the Subsidiaries compliance with internal and
adequacy of internal control and the implementation external regulations.
of an integrated compliance function. › Monitoring and evaluating the
implementation of follow-up by the
a. Assessment of the Adequacy of Integrated Board of Directors of the Company
Internal Control and Subsidiaries on the findings of
› Evaluating the Company and its the Integrated Compliance Unit, Public
Subsidiaries adherence to implement a Accountant Firm, and the oversight results
standard integrated internal control system of the OJK regarding the weaknesses in
in accordance with the best practices by the system and implementation of the
reviewing the enforcement of Integrated integrated compliance function.
Governance Guidelines in the Company. › In conducting the assessment, the
› Monitoring and evaluating the Integrated Governance Committee
effectiveness of the implementation of obtained information on evaluation of
integrated internal control by reviewing the internal audit implementation and the
the Periodic Report and Audit Report compliance function of each LJK from
issued by the Integrated Internal Audit members of the Board of Commissioners
Unit. of each LJK who are members of the
› Holding periodic meetings with the Integrated Governance Committee.
Integrated Internal Audit Unit to discuss
matters related to the integrated internal 2. Providing recommendations to the Bank’s Board
control system. of Commissioners to refine the Integrated
› Holding periodic meetings with the Governance Guidelines according to the needs of
Integrated Risk Management Unit to at least every 2 (two) years.
discuss matters related to integrated risk
management. Integrated Governance Committee Authority
› Monitoring and evaluating the
implementation of follow-up by the The Integrated Governance Committee has the authority
Board of Directors of the Company to implement the following matters:
and Subsidiaries on the findings of 1. Providing opinions to the Bank’s Board of
the Integrated Internal Audit Unit, Commissioners regarding the implementation of
Public Accountant Firm, and the Integrated Governance through the assessment
oversight results of the OJK regarding of the adequacy of internal control and the
the weaknesses in the system and implementation of the integrated compliance
implementation of integrated internal function.
control. 2. Communicate with work units for functions
› Implementation of Integrated Compliance including internal audit, legal and compliance,
Function finance and risk management. human resources,
and aspects of business operational functions
b. Monitoring and evaluating the Company that are needed, to obtain information, clarification
and its Subsidiaries compliance with the and request the necessary reports in an integrated
prevailing laws and regulations in the Capital manner.
Market and the OJK, Bank Indonesia, and other 3. Access documents, data, records, or information
regulations relating to banking, insurance, about employees, funds, assets and other
securities and financing businesses through company resources related to the performance of
coordination with the Integrated Compliance their duties.
Unit. 4. Exercise other powers granted by the Board of
Commissioners.
592 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 595
Reporting of Integrated Governance Committee
CORPORATE GOVERNANCE
The Integrated Governance Committee shall prepare periodic reports to the Bank’s Board of Commissioners
regarding the activities of the Integrated Governance Committee, at least once in 6 (six) months. The Integrated
Governance Committee shall prepare a report to the Bank’s Board of Commissioners on each assignment given
and/or for any issues identified that require the attention of the Bank’s Board of Commissioners.
Qualifications and Professional Background of Integrated Governance Committee
The following are requirements for the Integrated Governance Committee Members:
1. General Requirements
a. Having integrity, character and good morals.
b. Does not have personal interests/relationships that can cause conflict of interest against the Company.
2. Competency Requirements
a. Having sufficient expertise, ability, knowledge and experience related to their duties and responsibilities.
b. Having sufficient knowledge of good corporate governance.
c. Having sufficient knowledge of capital market regulations and regulations related to banking, insurance,
securities and financing business.
Integrated Governance Committee Education Qualification and Professional Experience
Name Position Educational Background Professional Background
› Bachelor in Economy (Accounting)
Chairman & › Magister in Public Policy Professional background in banking and
Zainudin Amali
Member › Doctor in Government Sciences corporate oversight.
› Honorary Professor in Sports Policy
› Master of Business Administration in
Professional background in banking
Kuswiyoto Member Finance
oversight.
› Bachelor of Economics in Accounting
› Honorary Professor in Human
Mia Amiati Member Resource Development Professional background in in HR and law.
› Doctor of Law
› Bachelor of Accounting
Professional background in banking and
Zulkifli Zaini Member › Master of Business Administration in
corporate oversight.
Finance
› Bachelor's degree in Development Professional background in banking, risk
Taufik Hidayat Member Economics management, business, and supporting
› Master's degree in Management functions.
› Bachelor Degree in Accounting
Professional background in banking, audit,
Rasyid Darajat Member › Master of Management in Business
and risk management.
Management
› Bachelor of Agronomy
Professional background in banking and
Boedi Armanto Member › Master of Applied Economics
finance.
› Doctor of Economics
› Bachelor of Agriculture Professional background in banking, finance
Hoesen Member
› Master of Financial Management and capital market.
› Bachelor Degree in Economics Professional background in banking and
Agus Retmono Member
› Master of Business Administration finance.
› Bachelor Degree in Electrical
Engineering specializing in Professional background in Human Rights,
Fendy Eventius Mugni Member Telecommunication Supervision, Advisory, Audit, and Electrical
› Master of Electrical Engineering Engineering.
specializing in Energy Sustainability
Professional background in Conventional
and Sharia banking, especially in Strategic
› Bachelor in Accounting
Kusman Yandi Member Management, Financial Analysis, Risk
› Magister Manajemen
Management, Business Development
Strategies, and Islamic Finance.
Professional background in Information
› Bachelor Degree in Computer Science
Alamanda Shantika Member technology, member of Committees, and
and Mathematics
corporate oversight.
Professional background in sharia banking
Felicitas Tallulembang Member › Bachelor of Medicine
and Legal.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 593
Page 596
Name Position Educational Background Professional Background
› Bachelor Degree in Sharia
› Master of Business Administration
CORPORATE GOVERNANCE
Professional background in sharia banking
Mohamad Hidayat Member › Master Degree in Law
dan Legal.
› Doctorate Degree in Islamic Economic
and Finance
Independence of Integrated Governance Committee
Members of the Integrated Governance Committee do not hold any shares, either directly or indirectly, in Bank
Mandiri or any of its subsidiaries. They also do not have any affiliation or association with Bank Mandiri, its
subsidiaries, or with any members of the Board of Commissioners and the Board of Directors of Bank Mandiri or
its subsidiaries. Additionally, they maintain no relationships, whether financial, managerial, or business-related,
with the ultimate shareholders of Bank Mandiri and its subsidiaries. This ensures that the Committee members
remain fully independent, free from any potential conflicts of interest, and are able to carry out oversight duties
with objectivity.
Independence Aspect ZA KU MA ZZ TH RD BA H AR FEM KY AS FT MH
No financial relationships with the
Board of Commissioners and Board of
Directors
No managerial relationships within the
company, its subsidiaries, or affiliated
companies
No share ownership relationships in the
company
No family relationships with the Board of
Commissioners. Board of Directors, and/
or fellow Committee members
Not serving as a political party official,
government official, or public servant
Remark:
ZA : Zainudin Amali H Hoesen
KU : Kuswiyoto AR Agus Retmono
MA : Mia Amiati FEM Fendy Eventius Mugni
ZZ : Zulkifli Zaini KY Kusman Yandi
TH : Taufik Hidayat AS Alamanda Shantika
RD : Rasyid Darajat FT Felicitas Tallulembang
BA : Boedi Armanto MH Mohamad Hidayat
Integrated Governance Committee Meeting
The provisions of the Integrated Governance Committee meeting are regulated in the Integrated Governance
Committee Charter as follows:
1. The Integrated Governance Committee holds a meeting at least 1 (one) time in 6 (six) months.
2. The Integrated Corporate Governance Committee meetings are considered valid if attended by at least 51%
of members including an Independent Commissioner of the Company and an Independent Party on Non-
Commissioners.
3. The decision of the Integrated Governance Committee meeting is made based on deliberation to reach a
consensus.
4. In the case that consensus agreement does not occur, the decision is made based on majority votes.
5. The meeting shall be chaired by the Chairman of the Integrated Governance Committee or other Committee
Members who are Independent Commissioners if the Chairman of the Integrated Governance Committee is
unable to attend.
6. Each meeting of the Integrated Governance Committee is set forth in the meeting minutes, including the
dissenting opinions with its reasons, signed by the Committee Chairman and Secretary and to be properly
documented.
7. Meetings of the Integrated Governance Committee shall be stated in the meeting minutes signed by the
Committee Chairman and Secretary.
8. The Integrated Governance Committee meetings can be held through direct meeting and/or electronic media.
594 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 597
Meeting Agenda of the Integrated Governance Committee
In 2025. the Integrated Governance Committee held 2 (two) meetings. with the following agenda.
CORPORATE GOVERNANCE
Integrate Governance Committee Meeting Agenda
No. Date Agenda Quorum
› Follow-Up on Inputs from the Committee Meeting on 18 December 2024.
1 11 March 2025 › Realization of the 2024 Integrated Work Unit Plan & The 2025 Work Plan 93%
› Strategy and Synergy of the Financial Conglomerate/ Mandiri Group for 2025
› Follow-Up on Inputs from the Committee Meeting on 11 March 2025
2 30 October 2025 › Insurance Risk and Intra-Group Transaction Risk 85%
› Implementation of the Personal Data Protection Law in Subsidiaries
Integrated Governance Committee Meeting Frequency and Attendance
Name Position Total Meeting Total Attendance (%)
Zainudin Amali**** Chairman and Member 2 2 100%
Kuswiyoto**** Member 1 1 100%
Mia Amiati* Member 1 1 100%
Zulkifli Zaini** Member 1 1 100%
Rasyid Darajat Member 2 2 100%
Taufik Hidayat Member 2 2 100%
Hoesen Member 2 1 50%
Boedi Armanto Member 2 2 100%
Agus Retmono Member 2 2 100%
Fendy Eventius Mugni Member 2 2 100%
Kusman Yandi Member 2 1 50%
Alamanda Shantika Member 2 2 100%
Felicitas Tallulembang ***** Member 2 2 100%
Mohamad Hidayat Member 2 2 100%
M. Chatib Basri*** Chairman and Member 1 1 100%
Loeke Larasari Agoestina*** Member 1 1 100%
Muliadi Rahardja*** Member 1 1 100%
Heru Kristiyana*** Member 1 1 100%
Mohamad Nasir*** Member 1 1 100%
*) Effective as of 25 March 2025
**) Effective as of 4 August 2025
***) T
he term of office ended effective upon the Annual General Meeting of Shareholders of Bank Mandiri on 25 March 2025 and Bank Syariah
Indonesia on 16 May 2025.
****) No longer served effective as of the Extraordinary GMS dated 19 December 2025.
*****) Effective as of 29 July 2025
Performance Evaluation Mechanism and KPI Achievements
The performance evaluation of the Integrated Governance Committee is conducted periodically to assess the
effectiveness of the Committee’s duties and responsibilities in supporting the Board of Commissioners’ supervisory
function over the implementation of integrated governance across all entities within the Financial Conglomerate. The
assessment covers the achievement of the Committee’s Work Plan, the quality and relevance of recommendations
provided, and the effectiveness of coordination and communication with the Board of Commissioners, Board of
Directors, and relevant work units.
Throughout 2025, the Committee successfully executed all activities in accordance with the 2025 Integrated
Governance Committee Work Plan. The achievement of Key Performance Indicators (KPI) was reflected in the
Committee’s ability to deliver relevant and value-added recommendations that enhanced the effectiveness of
integrated governance. These recommendations served as key inputs for the Board of Commissioners in making
strategic decisions related to governance and compliance policies across entities.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 595
Page 598
Moreover, consistent and effective communication between the Committee, the Board of Commissioners, and
the Board of Directors throughout 2025 strengthened coordination in addressing key governance issues and
CORPORATE GOVERNANCE
ensured timely follow-up on recommendations. This approach contributed to reinforcing integrated governance
and maintaining alignment with Bank Mandiri’s long-term strategic direction.
Remuneration of Integrated Governance Committee
The remuneration of the Integrated Governance Committee of the Non-Commissioner Independent party is
regulated in the Decree of the Board of Commissioners No. KEP.KOM/010/2025 dated 16 December 2025 on
the Remuneration of Supporting Organs of the Board of Commissioners of PT Bank Mandiri (Persero) Tbk and
regulated in the Letter of Assignment of a member of the Committee under the Board of Commissioners issued by
Bank Mandiri.
No. Description Non-Commissioner Committee Members
1. Salary/Honorarium At most 20% of President Director’s Salary
2. Post-Employment Compensation Not provided
3. Holiday Allowance In accordance with Bank Mandiri employee stipulation
4. Bonus/Tantiem Not provided
Facilities
- Transportation Allowance Not provided
- Health Provided as per the Bank’s Internal rules
5.
- Employment Provided as per the Bank’s Internal rules
In accordance with Bank Mandiri employee stipulation/equivalent
- Business Trips
to Group Head
Integrated Governance Committee Activities Report in 2025
The Integrated Governance Committee of Bank Mandiri effectively performed its duties in accordance with the
Committee Charter and applicable independence principles, ensuring objective oversight free from conflicts
of interest. All 2025 activities were conducted in line with the Committee Work Plan approved by the Board of
Commissioners.
The following are the activities of the Committee in 2025:
1. Held 2 (two) meetings, including to develop Meeting Minutes.
2. Held 6 (six) internal discussions and discussions with related Units.
3. Evaluated the adequacy of the implementation of integrated internal control, integrated compliance, and
integrated risk management, as well as providing recommendations of future improvements.
2026 Work Plans of the Integrated Governance Committee
At the end of 2025, the Integrated Governance Committee has prepared the 2026 work plans and has obtained the
approval of the Board of Commissioners.
The Committee 2025 work plans are divided into 2 (two) activities, which are Mandatory/Regular and Non-Regular,
as follows:
1. Mandatory/Regular, includes the review of Duties Implementation Reports of Integrated Governance
Committee Unit, Integrated Risk Management Unit, and Integrated Internal Audit Unit.
2. Non-Regular, includes matters of concern and focus of the Integrated Governance Committee as well as the
Board of Commissioners related to Mandiri Group.
596 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 599
REPLACEMENT PROCEDURES OF
COMMITTEES UNDER THE BOARD OF
CORPORATE GOVERNANCE
COMMISSIONERS
The following chart illustrates the procedures for replacing Committee members under the Board of Commissioners
from Independent Parties.
1
Open Recruitment at Bank Mandiri
Website
2
Interview with Board of
Commissioner
3
Board of Commissioners
meeting to discuss Committee
Member candidates
4
Negotiation
5
Determination of Committee
members by the Board of
Commissioners
6
Determination by the Board of
Directors
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 597
Page 600
DIVERSITY POLICY OF THE BOARD OF
COMMISSIONERS AND DIRECTORS
CORPORATE GOVERNANCE
Bank Mandiri upholds a diversity policy for its Board of Commissioners and Board of Directors, emphasizing
balance in age, gender, education, and professional experience. This diversity fosters objective, innovative
decision-making aligned with good corporate governance principles.
Policies on Diversity of the Board of Commissioners
The Bank Mandiri’s Articles of Association regulated the diversity of the Board of Commissioners in accordance
with the Attachment to SEOJK No. 32/SEOJK.04/2015 on Public Companies’ Governance Guideline and POJK No.
17 of 2023 concerning Implementation of Governance for Commercial Banks.
The selection and appointment process for the Board of Commissioners considers a range of criteria, including
age, gender, educational background, professional experience, integrity, dedication, and a strong understanding
of the Company’s management issues. Moreover, the candidates shall have the necessary knowledge and
expertise relevant to Bank Mandiri’s needs and being able to dedicate sufficient time to perform duties effectively,
in compliance with prevailing laws and regulations. Currently, the composition of the Board of Commissioners
meets these criteria, encompassing diverse age groups, gender representation, educational qualifications, and
relevant experience.
In 2025, the diversity of the Board of Commissioners is evident in its composition, showcasing a balanced mix of
educational backgrounds, work experience, age, and gender, as illustrated in the table below:
Aspect Keterangan
Members of the Board of Commissioners of Bank Mandiri have diverse
Education educational backgrounds, including Law, Economics, Accounting,
Finance, Management, Civil Engineering, and Public Administration.
The members of the Board of Commissioners have extensive
professional experience across banking, finance, energy, government,
Competency and Work Experience
sports, and law, reflecting diverse and relevant competencies for the
Bank’s business activities.
The age of members of the Board of Commissioners ranges from 55 to
Age
69 years as of December 2025.
The composition of the Board of Commissioners includes both male
Gender and female executives. reflecting Bank Mandiri’s commitment to
gender diversity in leadership.
Further information on the diversity composition of the Board of Commissioners is presented in the Chapter 3
Company Profile of this Annual Report.
598 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 601
Board of Directors Diversity Policy
The OJK recommendations, as outlined in the Attachment of SEOJK No. 32/SEOJK.04/2015 on Governance
CORPORATE GOVERNANCE
Guidelines for Public Companies and POJK No. 17 of 2023 on Governance for Commercial Banks, emphasize that
the composition of the Board of Directors should reflect diversity. The diversity of the Board of Directors is defined
as a mix of characteristics, both at the organizational and individual levels. tailored to meet the needs of a Public
Company. This diverse composition is achieved by considering expertise, knowledge, and experience that align
with the specific roles and responsibilities of each Board member, ensuring the effective pursuit of the Company’s
objectives.
The consideration of diverse characteristics is applied during the nomination and appointment process. whether for
individual members or the Board as a whole. The diversity requirements specified in SEOJK No. 32/SEOJK.04/2015
and POJK No. 17 of 2023 have been integrated into the Company’s Articles of Association. The appointment of the
Board of Directors takes into account integrity, dedication, a thorough understanding of Company management
issues, knowledge or skills relevant to the Company’s needs, and the capacity to dedicate sufficient time to fulfill
their duties. These criteria align with prevailing laws and regulations.
While the diversity policy focuses on knowledge and expertise according to the scope of the Board of Directors’
duties. Bank Mandiri has not yet established formal diversity policies related to age and gender, as the primary
consideration is fulfilling the specific needs of the Company.
In 2025, the composition of the Board of Directors reflects diversity in terms of educational background, work
experience, age, and gender, as detailed in the table below:
Aspect Description
Members of the Board of Directors of Bank Mandiri have diverse
educational backgrounds, including Economics, Accounting,
Education Management. Finance, Law, Information Technology, Civil Engineering,
Agriculture, and Business Administration, from both domestic and
international universities.
The Board of Directors has extensive professional experience in
banking, finance, technology, government, and insurance, having
Competency and Work Experience held various strategic positions within Bank Mandiri Group and other
financial institutions, demonstrating strong managerial and leadership
capabilities.
The age of the members of the Board of Directors ranges from 43 to 60
Age
years old as of December 2025.
The composition of the Board of Directors reflects gender diversity with
Gender representation of both female and male executives. demonstrating
Bank Mandiri’s commitment to equality in strategic leadership.
Further information on the diversity composition of the Board of Directors is presented in the Chapter 3 Company
Profile of this Annual Report.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 599
Page 602
GOVERNANCE IN PROVIDING
REMUNERATIONS
CORPORATE GOVERNANCE
Bank Mandiri implements a remuneration policy grounded in prudence and good governance, ensuring
compensation that is fair, competitive, and compliant with regulations. The policy promotes prudent risk-taking
and supports the Bank’s long-term sustainable performance.
BANK MANDIRI REMUNERATION POLICY 6. SEOJK No. 40/SEOJK.03/2016 on the
The Remuneration Policy is implemented on a bank- Implementation of Governance in Providing
wide basis as part of the application of good corporate Remuneration for Commercial Banks.
governance. The policy upholds prudential principles 7. The Company’s Articles of Association.
and regulatory compliance, and is designed to ensure
fair and competitive compensation aligned with the Process for Formulating the Remuneration Policy
Bank’s long-term objectives, while supporting prudent
risk-taking. In accordance with POJK No. 45/POJK.03/2015
Article 28 paragraph (2) point b and SEOJK No. 40/
Bank Mandiri’s Remuneration Policy refers to POJK SEOJK.03/2016 Chapter IV paragraph (2) point b.
No. 45/POJK.03/2015 Article 28 paragraph (2) point Bank Mandiri discloses the process for formulating the
b and SEOJK Letter No. 40/SEOJK.03/2016 Section Remuneration Policy, which includes the following:
IV on Remuneration Policy, under which the scope
applies to the Board of Commissioners, the Board of a. Review of the background and objectives of the
Directors, and Employees. This policy is stipulated in a Remuneration Policy
Joint Decree of the Board of Commissioners and Board Bank Mandiri’s remuneration policy is
of Directors dated 20 March 2018, which applies to the established as a Bank-wide policy to attract,
Board of Directors and Board of Commissioners, as retain, and motivate competent talent across
well as in the Human Resources Standard Procedures all organisational levels, including employees,
applicable to Employees. The policy serves as a executive officers, the Board of Directors, and the
reference framework for determining remuneration that Board of Commissioners. The policy is formulated
balances performance, risk, and business sustainability, by considering the Bank’s financial capability,
and generally regulates: workforce dynamics, and cost effectiveness, to
support the sustainable achievement of Bank
1. The remuneration framework, which at a minimum Mandiri’s business objectives.
sets out remuneration bands aligned with
organisational levels and positions, including the b. Implementation of a review of the previous year’s
structure of remuneration components. Remuneration Policy, including improvements
2. The procedures for determining remuneration, As part of the formulation process, Bank Mandiri
which are applied consistently to the Board of conducts a review of the remuneration policy
Directors, the Board of Commissioners, and Bank implemented in the previous year to ensure its
employees. continued relevance to internal and external
developments. The results of this review serve
Bank Mandiri’s remuneration policy also refers to the as the basis for refining the remuneration policy
following regulations: where necessary, in line with the Bank’s strategy,
1. SOE Minister Regulation No. PER-3/MBU/03/2023 performance, and risk profile.
on the Organization and Human Resources of
State-Owned Enterprises. In conducting the review and formulating the
2. SOE Minister Regulation No. PER-2/MBU/03/2023 remuneration policy, Bank Mandiri takes into
on Guidelines for Governance and Significant account, among others:
Corporate Activities of State-Owned Enterprises. 1. Financial performance and reserve
3. POJK 17 of 2023 on Governance Practices for fulfilment in accordance with prevailing
Commercial Banks. laws and regulations.
4. SEOJK No. 14/SEOJK.03/2025 on Governance 2. Remuneration practices within comparable
Practices for Commercial Banks. industries based on the Company’s business
5. OJK Regulation No.45/ POJK.03/2015 on the activities and scale.
Implementation of Governance in Providing 3. The duties. responsibilities, and authorities
Remuneration for Commercial Banks. of the Board of Directors and/or the
600 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 603
Board of Commissioners in relation to the remuneration is a bonus/incentive for employees
achievement of the Company’s objectives and bonuses for the Board of Directors and the
CORPORATE GOVERNANCE
and performance. Board of Commissioners.
4. Performance targets or outcomes of
individual members of the Board of Directors In general, Bank Mandiri’s remuneration strategy is
and/or the Board of Commissioners to guided by the Manpower Law and Financial Services
ensure alignment between results achieved Authority Regulations. The total reward strategy for
and remuneration received. the long term is that the Bank has a strong competitive
5. An appropriate balance between fixed and value against the market, namely:
variable remuneration components. 1. Strive for the general position of the Bank at 75
6. The Bank’s long-term objectives and (seventy-five) percentiles.
strategic direction. 2. Especially for top talent and critical jobs. it can be
positioned up to 90 (ninety) percentiles.
c. Mechanisms to ensure the independence of
remuneration for employees in control units Scope and Implementation of the Remuneration
To safeguard the independence of control Policy By Business Unit, Region, and Subsidiaries or
functions, Bank Mandiri ensures that remuneration Overseas Branches
for employees in control units, including risk
management, compliance, and internal audit In accordance with POJK No. 45/POJK.03/2015
functions, is determined independently from the Article 28 paragraph (2) point b and SEOJK No. 40/
performance of the business units they oversee. SEOJK.03/2016 Chapter IV paragraph (2) point c, the
Such remuneration is not linked to the results of scope of Bank Mandiri’s Remuneration Policy covers
the supervised units, thereby supporting effective the regulation and implementation of remuneration
control functions and sound governance practices. across business units, regions, as well as subsidiaries
or overseas branches.
Remuneration Policy Scope, Indicators, and
Implementation In line with Bank Mandiri’s Human Capital policy.
remuneration implementation takes into account
Bank Mandiri applies a Remuneration Policy as a organisational characteristics, job structures, and
strategic framework to provide fair and competitive workforce conditions within each business unit and
rewards, taking into account the Bank’s financial operational region. To address differences in cost of
capacity, workforce dynamics, and cost efficiency. The living across regions. the Company provides cost-of-
policy is designed to support business objectives while living adjustments in the form of a Premium Allowance.
maintaining a balance between performance, risk, and The Premium Allowance is applied selectively and
sustainability. subject to periodic review as necessary, taking into
consideration developments in regional cost-of-living
The remuneration structure aims to attract. retain, and levels and the Company’s financial capability.
motivate top talent, enhancing employee engagement
in achieving the Bank’s vision and mission. In addition For Subsidiaries. remuneration policies are formulated
to covering the Board of Commissioners and Board and established independently by each Subsidiary as
of Directors. the policy will also apply to employees part of their Human Capital management, while taking
classified as Material Risk Takers (MRT), identified into account business characteristics, operational
through qualitative and quantitative assessments. scale, organisational structure, and applicable
regulatory requirements. This approach ensures
In determining the remuneration for alignment between remuneration policies, human
employees.,Executives, Directors and capital management strategies, and sustainable
Commissioners.,the Remuneration and Nomination performance across the Bank Mandiri Group.
Committee has several considerations, including:
Remuneration Policy Implementation
1. Benchmarking results of employee remuneration, Pursuant to POJK No. 45/POJK.03/2015 and SEOJK
executives, members of the Board of Directors No. 14/SEOJK.03/2025, Bank Mandiri has implemented
and members of the Board of Commissioners with a remuneration governance framework that considers
similar industries (peer group). financial stability, risk management, short- and long-
2. The size and complexity of the firm’s operations. term liquidity needs, and potential future earnings.
3. Remuneration consists of standardized salaries/
honorariums and benefits, namely Annual 1. The Company may defer variable remuneration
Holiday Allowances (THR), official housing, (Malus) or reclaim paid variable remuneration
official vehicles, health facilities and utilities and (Clawback) from executives classified as Material
other benefits. Meanwhile. performance-based Risk Takers (MRT). based on the following
conditions:
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 601
Page 604
a. The Company applies Malus and/or into account performance outcomes and the level
Clawback in specific circumstances related of risk inherent in the relevant positions.
CORPORATE GOVERNANCE
to variable remuneration. considering
factors such as: All members of the Board of Commissioners and
b. The extent of financial or non-financial Directors of Bank Mandiri are material risk takers.
losses incurred by the Company. There are 36 (thirty-six) members of the Board of
2. The employee’s direct or indirect involvement in Directors and the Board of Commissioners who served
the losses incurred. during the 2025 financial year, including Directors and
3. A portion of the variable remuneration must be Commissioners whose term of office ends at the 2025
deferred, with the percentage determined by the Annual GMS.
Company, subject to the following criteria:
a. This policy applies to officials classified as Remuneration Associated with Risks
MRT, with the following criteria:
b. Causing financial or non-financial losses to In determining remuneration, Bank Mandiri applies the
the Bank. principle of prudence to promote prudent risk taking
c. Engaging in fraud, violating laws, unethical and ensure long-term business sustainability. The
behavior, and/or falsifying records. determination of variable remuneration is based on
d. Deliberately violating the Bank’s policies, performance measurement that takes into account
regulations, and procedures. various types of risks, aligned with the Bank’s scale
e. Causing a significant negative impact on the and business complexity. In formulating its policy, the
Bank’s capital not attributed to changes in Bank also considers the type, impact, and changes in
economic or industry conditions. risk factors as key elements in developing a balanced
4. In the implementation of MRT remuneration, remuneration strategy.
Bank Mandiri adheres to OJK regulations, the
Ministry of SOEs regulations, and the Company’s Performance Measurement Related to Remuneration
remuneration policies.
Bank Mandiri determines remuneration based on a
The Board of Commissioners of Bank Mandiri comprehensive performance assessment covering
established the Remuneration and Nomination individual, business unit, and overall Bank performance.
Committee to support its oversight function related to Reviews ensure alignment between compensation
remuneration and nomination policies for the Board of and results, including verification of agreed Key
Directors and Board of Commissioners. The Committee Performance Indicators (KPI). If performance targets
is responsible for formulating a comprehensive are not achieved. variable remuneration may be
remuneration system that serves as a guideline for the adjusted according to the level of achievement,
Board of Commissioners and the GMS in determining ensuring fair alignment between reward, performance,
appropriate compensation. Further details on this and risk.
Committee are provided in the Remuneration and
Nomination Committee section of the Corporate In practice, the Bank’s remuneration strategy considers
Governance chapter of this report. performance outcomes and budget capacity. As part
of its total rewards program. Bank Mandiri provides
Determination of Material Risk Takers benefits including base salary, annual adjustments,
holiday allowance (THR), annual and extended leave
The determination of Material Risk Takers (MRT) every three years, and health coverage for employees
at Bank Mandiri is conducted through a structured and their families, encompassing inpatient and
approach aligned with the Bank’s risk management outpatient care, maternity, dental, medical check-ups,
framework. MRT designation considers the positions, eyewear, and retiree health programs.
roles, and levels of responsibility of individuals who
have a significant influence on the Bank’s key risk Remuneration Adjustment Related to Performance
profile. and Risk
MRT determination is carried out using the following Bank Mandiri provides variable remuneration tied
methods: to performance and risk, which includes bonuses.
1. Qualitative approach, which assesses the scope rewards. performance incentives. or other equivalent
of responsibilities and authorities that may have forms. These variable remuneration components
a significant impact on the Bank’s risk profile, in may be provided in the form of cash, shares, or share-
line with the risk profile evaluation determined by based instruments issued by Bank Mandiri. However.
the Company. in the case of the Board of Commissioners, variable
2. Quantitative approach, which involves remuneration is granted exclusively in cash to prevent
comparative analysis of variable remuneration any potential conflicts of interest during the execution
awarded to MRTs and non-MRT employees, taking of their supervisory duties.
602 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 605
REMUNERATION AND FACILITIES FOR
External Consultant Services
THE BOARD OF COMMISSIONERS AND
DIRECTORS
CORPORATE GOVERNANCE
To assess the competitiveness of the Bank’s
remuneration relative to market conditions, Bank
Mandiri participates in the Annual Salary Survey Remuneration Structure of Members of the Board of
conducted by an independent and reputable third-party Commissioners and Directors
organization. The results serve as a key reference for
adjusting Bank Mandiri’s remuneration strategy. The By taking into account the prevailing remuneration
proposed adjustments are then submitted for review stipulations, the remuneration for the Board of
and approval at the Board of Directors Meeting. Commissioners and Board of Directors is provided in
the form of:
1. Fixed remuneration, a remuneration that is
REMUNERATION DETERMINATION unrelated to performance and risk, such as salary/
PROCEDURES FOR THE BOARD OF honorarium, facilities, housing allowance, health
COMMISSIONERS AND DIRECTORS allowance, education allowance, festive allowance,
and post-employment benefit Salary/ honorarium,
facilities, allowances, and post-employment
The determination of remuneration for the Board of benefit are provided in cash.
Commissioners and Directors is carried out with the 2. Variable remuneration: Remunerations provided in
following procedures: connection with performance and risks, such as
1. The Remuneration and Nomination Committee bonuses. rewards/ performance incentives. or any
holds a review on remuneration for the Board of other similar forms.
Commissioners and Directors.
2. The Committee coordinates with Human Capital Bonuses, rewards, and incentives may be provided
Director and Executives as well as related unit to in cash, shares, or stock-based instruments issued
develop the remuneration proposal. by the Company, and cash only for the Board of
3. The Committee coordinates with the Risk Commissioners to prevent conflict of interest in their
Management Unit in establishing policies on supervisory duties.
variable remuneration.
4. Based on the review, the Committee draws up The structure for determining the remuneration for the
recommendation on remuneration for submission Board of Commissioners and the Board of Directors is
to the Board of Commissioners and Directors. as follows:
5. The Board of Commissioners presents the
proposal and recommendation reviewed by the
Remuneration and Nomination Committee to
the General Meeting of Shareholders to obtain
approval.
6. The proposal and recommendation of the Board of
Commissioners may be in the form of:
a. Approval on the element and amount of the
remuneration; or
b. Approval of authority for the Board of
Commissioners to determine the element
and amount of the remuneration.
Indicators for Determining Remuneration of the Board
of Commissioners and the Board of Directors
Referring to the Minister of SOEs Regulation No. PER-
3/MBU/03/2023 on the Organs and Human Resources
of State-Owned Enterprises, the determination of
remuneration for the Board of Commissioners and
the Board of Directors considers the following key
indicators:
a. The Company’s financial condition and capacity.
b. The scale of the Company’s business activities.
c. The level of business complexity.
d. Inflation levels.
e. Other relevant factors, provided that they do not
conflict with applicable laws and regulations.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 603
Page 606
Board of Commissioners and Directors Remuneration Structure
Rules
No. Types of Income
CORPORATE GOVERNANCE
Board of Commissioners Board of Directors
The amount of position factor
› President Commissioner 45% of the The amount of position factor
President Director › Vice President Director 90% of Managing
1. Honorarium/Gaji › Vice President Commissioner 42.5% of the Directors
President Director › Other Directors Members 85% of the
› Commissioners 90% of the President President Commissioners
Commissioner
Allowances
Religious Holiday Allowance 1 (one) time honorarium 1 (one) time honorarium
Housing allowance was given monthly with a
Housing allowance Not given
maximum of Rp27.500.000
2.
Transportation Allowance Equal to 20% of the honorarium Not given
Annual Leave Allowance Not given Not given
Maximum insurance premium was 25% of Insurance premium maximum was 25% of salary/
Retirement Compensation
honorarium/ year year
Facilities
Given in the form of transportation allowance of Given 1 (one) service vehicle in the form of rental
Service Vehicle Facilities
20% of the honorarium according to the predetermined criteria
Replacement of treatment in accordance with the Replacement of treatment in accordance with the
Health Facilities
3. internal policy No. KEP.KOM/011/2024 internal policy No. KEP.KOM/011/2024
Professional Facilities Maximum 2 (two) memberships relevant to the Maximum 2 (two) memberships relevant to the
Association Company’s activities Company’s activities
Legal assistance facilities following the internal Legal assistance facilities following the internal
Legal Assistance Facilities
policy No. KEP.KOM/011/2024 policy No. KEP.KOM/011/2024
Bonuses. Rewards.
4. Can be given in the form of shares or cash. Can be given in the form of shares or cash.
Incentives
Nominals of Every Component of the Remuneration Structure of the Board of Commissioners and the Board of
Directors
Remuneration in one year is grouped into the range of income levels as follows.
Board of Commissioners and Directors Total Remuneration Nominal
Total Received
Total Remuneration and Other Facilities Board of Commissioners Board of Directors
Total Person Total in Rp Million Total Person Total in Rp Million
Remunerations
Salaries 7 Persons 25,178 12 Persons 93,351
Housing Allowances - - 12 Persons 6,308
Tantiem 7 Persons - 12 Persons -
Other Facilities
Housing (natura) - - - -
Transportation (cash) 7 Persons 5,036 - -
Full-service Insurance (cash) 7 Persons 1,822 12 Persons 13,011
Health (cash) 7 Persons 2,022 12 Persons 5,581
Remuneration Amount per person in 1 year
Above Rp2 billion 7 Persons - 12 Persons -
Above Rp1 billion to Rp2 billion - - - -
Above Rp500 million to Rp1 billion - - - -
Rp500 million and below - - - -
The basis for the stock bonus
To fulfill POJK No. 45/POJK.03/2015 concerning Implementation of Good Corporate Governance in Providing
Remuneration for Commercial Banks.
604 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 607
No. Name Position Total Shares Shareholding (%)
BOARD OF COMMISSIONERS
CORPORATE GOVERNANCE
1. Zulkifli Zaini President Commissioner/ Independent 0 0.0000000
2. Rudy Salahuddin Ramto Vice President Commissioner/ Independent 0 0.0000000
3. Mia Amiati Independent Commissioner 0 0.0000000
4. Bintoro K. Pardewo Commissioner 0 0.0000000
5. Muhammad Yusuf Ateh Commissioner 0 0.0000000
6. Luky Alfirman Commissioner 0 0.0000000
7. Yuliot Independent Commissioner 0 0.0000000
BOARD OF DIRECTORS
1. Riduan President Director 0 0.0000000
2. Henry Panjaitan Vice President Director 0 0.0000000
3. Danis Subyantoro Risk Management Director 0 0.0000000
4. Ari Rizaldi Treasury and International Banking Director 0 0.0000000
5. Mochamad Rizaldi Corporate Banking Director 0 0.0000000
6. Saptari Consumer Banking Director 0 0.0000000
7. Novita Widya Anggraini Finance and Strategy Director 0 0.0000000
8. Timothy Utama Operations Director 0 0.0000000
9. Eka Fitria Human Capital and Compliance Director 0 0.0000000
10. Totok Priyambodo Commercial Banking Director 0 0.0000000
11. Jan Winston Tambunan Network and Retail Funding Director 0 0.0000000
12. Sunarto Information Technology Director 0 0.0000000
Total 0 0.0000000
VARIABLE REMUNERATION FOR THE BOARD OF COMMISSIONERS, BOARD OF DIRECTORS,
AND EMPLOYEES
In addition, the Bank provides variable compensation including location allowances, certain position allowances,
performance allowances for frontliners, overtime compensation, performance achievement bonuses, sales
incentives, retention programs and the Long-Term Incentive program in the form of shares. Specifically for
members of the Independent Board of Commissioners get remuneration in cash in accordance with the provisions
of POJK No. 45/POJK.03/2015.
To support official service, Bank Mandiri provides facilities such as official housing, reimbursement of utility
costs. telephone credit, and rental official vehicles. Meanwhile, to support the needs of employees in ownership
of houses, vehicles and other needs, Bank Mandiri provides Employee Welfare Credit facilities.
Variable Remuneration to Directors, Board of Commissioners and Employees
The number of Directors, Commissioners and Employees who received variable remuneration for 1 (one) year and
total nominal are as follows.
Variable Remuneration to Directors and Board of Commissioners
Amount received in 1 (one) Year
Variable Remunerations Board of Directors Board of Commissioners
Persons Rp Million Persons Rp Million
Total 12 335,246 7 144,470
Number of Recipients and Total Variable Remuneration
During 2025, no number of recipients and the total number of Variable Remunerations that were guaranteed
unconditionally to be given by Bank Mandiri to candidates for the Board of Directors, candidates for the Board of
Commissioners, and/or prospective employees during the first 1 (one) year of work as referred to in Article 21 OJK
Regulation No. 45/POJK.03/2015.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 605
Page 608
Total Amount of Deferred Variable Remuneration
Until the end of 2025, the amount of variable remuneration that was still deferred in the form of Bank Mandiri
shares or time deposits is as follows:
CORPORATE GOVERNANCE
1. Shares, with a total of 100,031,000 shares.
2. Cash, with a total of Rp111,570,681,508.
Quantitative Information
Quantitative information regarding:
1. Total remaining deferred Remuneration, whether exposed to implicit or explicit adjustments.
2. Total reduction in remuneration due to explicit adjustments during the reporting period.
3. Total reduction in remuneration due to implicit adjustments during the reporting period.
As in the following table:
Total Deductions Over the Period
Types of Variable Remuneration Remaining Deferred Caused an Explicit Caused an Explicit
Total (A) + (B)
Adjustment (A) Adjustment (B)
Cash (Rp in million rupiah) 111,570,681,508 - - -
Shares/share-based instruments
issued by the Bank. (In shares and a
100,031,000 shares - - -
million-rupiah nominal value which is a
conversion of the said share sheet)
SHARES OPTION PROGRAMS FOR DIRECTORS, COMMISSIONERS, AND EMPLOYEES
Bank Mandiri did not issue share option programs for Directors, Board of Commissioners, and employees
throughout 2025.
HIGHEST AND LOWEST SALARIES RATIO
Bank Mandiri adheres to all applicable regulations regarding employee remuneration. The amount of remuneration
provided is adjusted to comply with current prevailing regulations and is set above the Minimum Wage level
applicable in the Bank Mandiri operational areas. In implementing its remuneration governance, Bank Mandiri
aims to minimize the salary gap among all employees, ensuring that the difference between the highest and
lowest salaries remains reasonable.
The following is the Bank’s highest and lowest salaries ratio:
Salary Ratio 2024 2025
Highest and Lowest Employee Salaries 39.26 : 1 31.94 : 1
Highest and Lowest Director Salaries 1.18 : 1 1.18 : 1
Highest and Lowest Commissioner Salaries 1.11 : 1 1.11 : 1
Highest Director Salary and Highest Employee Salary 2.15 : 1 2.54 : 1
NUMBER OF EMPLOYEES AFFECTED BY EMPLOYMENT TERMINATION AND TOTAL
SEVERANCE PAYMENTS MADE
In 2025, several employees concluded their employment due to reaching retirement age or opting for early
retirement at their own request. Accordingly, the Bank fulfilled its severance payment obligations in accordance
with applicable laws and regulations, as outlined below:
No. Total Nominal of Severance Pay Made per Person in 1 (one) Year Total Employees*
1. > Rp1 billion 31
2. > Rp500 million - Rp1 billion 55
3. < Rp500 million 1,868
*) Severance Pay + UPMK (Service Tenure Reward Payment).
606 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 609
BOARD OF DIRECTORS
CORPORATE GOVERNANCE
The Board of Directors carries full collective authority and responsibility for managing the Company in line
with its purpose, acting on behalf of the institution both inside and outside the courts. Guided by prudential
banking principles, professional ethics, and strict regulatory compliance, the Board directs operations, sets
strategic policies, and ensures organisational efficiency and effectiveness. Each member upholds the Company’s
Articles of Association, adheres to prevailing laws and OJK regulations, and performs their duties with integrity,
independence, accountability, and sound judgment.
The Board of Directors is the executive organ BOARD OF DIRECTORS COMPOSITION
responsible for leading and managing the Bank’s
operations in line with its purpose, strategy, and In 2025, the composition of the Company’s Board of
regulatory obligations, Acting collectively, the Board Directors underwent several changes as described
holds full authority to direct business activities, make below.
strategic decisions, represent the Bank in legal and
non-legal matters, and ensure that all operational Annual GMS on 25 March 2025
functions run effectively, prudently, and in the best
interest of the institution. Based on the resolution of the Annual GMS on 25 March
2025, the AGMS approved:
In carrying out these duties, the Board of Directors
adheres to prudential banking principles, ethical › Confirming the honorable dismissal of the following
conduct, and strict compliance with Bank Indonesia and names as Directors of the Company:
OJK regulations. The Board upholds Good Corporate 1) Director of Network and Retail Banking:
Governance practices, while ensuring that every Aquarius Rudianto
decision, policy, and supervisory action reflects integrity, 2) Director of Institutional Relations: Rohan
sound judgment, and alignment with applicable laws Hafas
and the Bank’s long-term sustainability. 3) Director of Compliance and HR: Agus Dwi
Handaya
BOARD OF DIRECTORS APPOINTMENT › To honorably dismiss the names below as Directors
BASIS of the Company:
1) Vice President Director: Alexandra Askandar
The appointment of the Board of Directors is conducted 2) Financial and Strategic Director: Sigit
through the GMS in accordance with the Company’s Prastowo
Articles of Association, prevailing laws, and regulations. 3) Operations Director: Toni Eko Boy Subari
Candidates must meet the fit and proper requirements › Changing the nomenclature of positions of
set by the Financial Services Authority (OJK), ensuring members of the Company's Board of Directors as
their competence, integrity, and professionalism. The follows:
term of office is determined by the GMS and may be 1) Previously Direktur Kepatuhan dan SDM, to
renewed based on shareholder approval. Human Capital and Compliance Director
2) Previously Direktur Keuangan dan Strategi, to
All members of Bank Mandiri Board of Directors have Finance and Strategy Director
passed the fit and proper tests and have obtained 3) Previously Direktur Jaringan dan Retail
approval from the OJK, indicating that each member Banking, to Network and Retail Funding
of the Board of Directors has adequate integrity, Director
competence and financial reputation in accordance with 4) Previously Direktur Risk Management, to Risk
OJK Regulation No. 27/POJK.03/2016 concerning Fit Management Director
and Proper Test for the Main Party of Financial Services 5) Previously Direktur Hubungan Kelembagaan,
Institution that prospective members of the Board of to none
Directors shall obtain the approval from the OJK prior 6) Previously none, to Consumer Banking Director
to carrying out its actions. duties and functions as the
Board of Directors.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 607
Page 610
› Transferring the assignment of the names mentioned below as members of the Board of Directors of the
Company as follows:
CORPORATE GOVERNANCE
1) Riduan: previously Corporate Banking Director, to Vice President Director
2) Timothy Utama: previously Information Technology Director, to Operations Director
3) Danis Subyantoro: previously Direktur Risk Management, to Risk Management Director
› Appointing the names mentioned below as the Company's Board of Directors:
1) Director of Network and Retail Funding: Jan Winston;
2) Director of Finance and Strategy: Novita Widya Anggraini;
3) Director of Treasury and International Banking: Ari Rizaldi;
4) Director of Corporate Banking: Mochamad Rizaldi;
5) Director of Consumer Banking: Saptari;
6) Director of Operations: Toni Eko Boy Subari.
Following the Annual GMS on 25 March 2025, the Board of Directors structure remained 12 (twelve) members
consisting of 1 (one) President Director. 1 (one) Vice President Director and 10 (ten) Directors. All members of the
Board of Directors are domiciled within the working area of Bank Mandiri’s Head Office.
The composition of the Board of Directors as of 25 March 2025, is as follows:
Board of Directors Composition and Appointment Basis As of 1 January to 25 March 2025
Name Position Basis of Appointment Effective Date Period
Period 1: EGMS 21 October 2020
Darmawan Junaidi President Director 23 December 2020 2022-2027
Period 2: AGMS 10 March 2022
Period 1: EGMS 7 January 2019
Riduan Vice President Director 15 May 2019 2023-2028
Period 2: AGMS 14 March 2023
Period 1: EGMS 21 October 2020
Toni E. B. Subari Director of Operations 15 January 2021 2020-2025
Period 2: AGMS 25 March 2025
Timothy Utama Director of Information Technology Periode 1: AGMS 15 March 2021 24 May 2021 2021-2026
Director of Human Capital and
Eka Fitria Period 1: AGMS 14 March 2023 21 August 2023 2023-2028
Compliance
Danis Subyantoro Director of Risk Management Period 1: AGMS 7 March 2024 30 August 2024 2024-2029
Totok Priyambodo Director of Commercial Banking Period 1: AGMS 7 March 2024 30 August 2024 2024-2029
Mochamad Rizaldi Director of Corporate Banking Period 1: AGMS 25 March 2025 15 August 2025 2025-2030
Saptari Director of Consumer Banking Period 1: AGMS 25 March 2025 25 August 2025 2025-2030
Director of Treasury and International
Ari Rizaldi Period 1: AGMS 25 March 2025 25 August 2025 2025-2030
Banking
Novita Widya Anggraini Director of Finance and Strategy Period 1: AGMS 25 March 2025 15 August 2025 2025-2030
Jan Winston Director of Network and Retail Funding Period 1: AGMS 25 March 2025 25 August 2025 2025-2030
Extraordinary GMS on 4 August 2025
Based on the resolution of the Annual GMS on 4 August 2025, the EGMS approved:
› To respectfully dismiss the names mentioned below as the members of the Board of Directors of the Company:
1) President Director : Darmawan Junaidi;
2) Operations Director : Toni Eko Boy Subari.
› Transferring the assignment of the names mentioned below as members of the Board of Directors of the
Company as follows:
1) Riduan: previously Vice President Director, to President Director
2) Timothy Utama: previously Information Technology Director, to Operations Director
› Appointing the names mentioned below as the Company Management:
1) Vice President Director: Henry Panjaitan
2) Information Technology Director: Sunarto
Following the Annual GMS on 4 August 2025, the Board of Directors structure remained 12 (twelve) members
consisting of 1 (one) President Director, 1 (one) Vice President Director and 10 (ten) Directors. All members of the
Board of Directors are domiciled within the working area of Bank Mandiri’s Head Office.
608 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 611
At the Extraordinary GMS held on 19 December 2025, there were no changes to the composition of the Board of
Directors. As such, the composition of the Board of Directors as of 31 December 2025 is as follows:
CORPORATE GOVERNANCE
Board of Directors Composition and Appointment Basis as of 1 January until 31 December 2025
Name Position Basis of Appointment Effective Date Period
Period 1: EGMS 7 January 2019
Riduan President Director 15 May 2019 2023-2028
Period 2: AGMS 14 March 2023
Henry Panjaitan Vice President Director Period 1: EGMS 4 August 2025 28 November 2025 2025-2030
Timothy Utama Director of Information Technology Period 1: AGMS 15 March 2021 24 May 2021 2021-2026
Eka Fitria Director of Human Capital and Compliance Period 1: AGMS 14 March 2023 21 August 2023 2023-2028
Danis Subyantoro Director of Risk Management Period 1: AGMS 7 March 2024 30 August 2024 2024-2029
Totok Priyambodo Director of Commercial Banking Period 1: AGMS 7 March 2024 30 August 2024 2024-2029
Mochamad Rizaldi Director of Corporate Banking Period 1: AGMS 25 March 2025 15 August 2025 2025-2030
Saptari Director of Consumer Banking Period 1: AGMS 25 March 2025 25 August 2025 2025-2030
Ari Rizaldi Director of Treasury and International Banking Period 1: AGMS 25 March 2025 25 August 2025 2025-2030
Novita Widya
Director of Finance and Strategy Period 1: AGMS 25 March 2025 15 August 2025 2025-2030
Anggraini
Jan Winston Director of Network and Retail Funding Period 1: EGMS 21 October 2020 23 December 2020 2025-2030
Sunarto Director of Information Technology Period 1: EGMS 4 August 2025 17 December 2025 2025-2030
BOARD OF DIRECTORS CHARTER
In carrying out its duties and responsibilities, the Board of Directors refers to a Charter (BOD Charter) that serves as a
comprehensive framework for its Guidelines and Code of Conduct. This Charter was officially ratified through Board
of Directors Decree No. KEP.DIR/020/2025 on 17 April 2025, which governs the Guidelines and Code of Conduct for
the Board of Directors of PT Bank Mandiri Tbk. The Charter provides detailed regulations and instructions aimed at
ensuring professionalism, accountability, and adherence to governance principles, covering the following aspects:
1. General Terms
2. Organization, Management, Authority to Act, Duties and Responsibilities
3. Board of Directors Meetings
4. Corporate Culture, Conflict of Interest, Ethics, and Working Hours
5. Committees
6. Correspondences
7. Board of Directors Shareholding
8. Performance Assessment of the Board of Directors
9. Working Relationship between the Board of Directors and the Board of Commissioners
10. Others
11. Change
12. Closing
BOARD OF DIRECTORS DUTIES AND RESPONSIBILITIES
In accordance with the BOD Charter, the duties, obligations, and responsibilities of the Board of Directors are clearly
defined to serve as a guiding framework of activities. This ensures that the Bank’s operations align with applicable
laws, regulations, and governance principles while fostering accountability and operational efficiency. The following
outlines the specific duties and obligations of the Board of Directors as stated in the Charter.
1. Perform and be responsible for the management of the Company for the interest and in accordance with the
purposes and objectives of the Company as stipulated in Articles of Association and act as leaders in the
management.
2. Maintain and manage the Company’s assets.
3. Represent the Board of Directors for and on behalf of the Company both inside and outside the Court.
4. Arrange and define vision and mission, strategy and the management policy of the Company.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 609
Page 612
5. Arrange, establish, supervise and evaluate the other actions to settle the Company’s receivables
implementation of the Company’s medium- and with the obligation to report to the Board of
CORPORATE GOVERNANCE
long-term Plans (Corporate Budget Work Plan, Commissioners with the reporting provisions
Business Plan Development, Sustainable Financial and procedures determined by the Board of
Action Plans and Human Resource Development Commissioners.
Plans). 10. Carry out all other actions regarding the
6. Set the Company’s performance targets, conduct management and ownership of the Company’s
supervision and evaluation and striving for the treasury, binds the Company with other parties
achievement of the Company’s performance and/or vice versa, as well as representing the
targets. Company inside and outside the Court about all
7. Arrange, implement and evaluate the Company’s matters and events, with restrictions stipulated in
risk management strategies and policies from the the laws and regulations, Articles of Association
identification stage to risk monitoring. and/or the GMS decision.
8. Establish the policies and implement Corporate 11. Determine the Organizational Structure and
Governance principles and internal control. Company executives up to a certain level that
9. Maintain the image of the Company and establish is regulated through the Decree of the Board of
relationships with all stakeholders. Directors with regard to provisions of the Articles
10. Carry out other duties and responsibilities of Association, laws and regulations and Company
regulated in the Articles of Association, laws regulations.
and regulations, and stipulations of the General 12. Delegating duties. responsibilities and authority
Meeting of Shareholders, Board of Director’s to executives below the Directors to assist in
Meetings and the Company regulations. managing the Company while taking into account
the Articles of Association, laws, and Company
Rights and Authorities of the Board of Directors regulations.
The Board of Directors has the following rights and 13. Supervising every Company activity to be in
authorities: accordance with its aims and objectives and Good
1. Take all actions and decision in managing the Corporate Governance.
Company by observing the Company’s Articles 14. The Board of Directors communicates all strategic
of Association, Laws and Regulations, Company human capital policies to employees. These
regulations and Good Corporate Governance. strategic policies include, among others, policies
2. Establish the segregation of management duties on recruitment systems, promotion systems,
amongst the Directors, in the event that it is not remuneration frameworks, and any efficiency plans
decided by the General Meeting of Shareholders. that may affect workforce size. All such information
3. Direct and set the policies as well the Company is delivered through internal communication
regulations to support the Company’s channels that are clearly communicated and easily
management/activities related to budget/ accessible to employees.
financial of business activities risk management, 15. The Board of Directors is prohibited from granting
operational, and human resources. a general power of attorney to any party that would
4. Regulate the delegation of powers of the Board result in the transfer of the Board’s duties and
of Directors to represent the Company inside and functions, as stipulated in the OJK Regulation on
outside the Court to one or several specific people Commercial Bank Governance. A general power of
as individuals or collectively and/or to another attorney refers to the delegation of authority to one
body. or more employees or other parties that results in
5. Regulate provisions regarding employees including a full transfer of the Board’s duties, authorities, and
the determination of salaries, pensions, or day responsibilities without any limitations in scope or
guarantees old and other income for the Company’s duration.
employees based on legislation.
6. Appoint and dismiss employees based on labour Board of Directors Duties Segregations
and other laws and regulations. The determination of the number and areas of
7. Appoint and dismiss the Corporate Secretary and/ responsibility of the Board of Directors is based on
or Head of Internal Audit Unit with the approval of the Bank’s business activities and level of complexity,
the Board of Commissioners. aligned with its strategic direction and development
8. Write off bad debts according to provisions in plan. In carrying out their duties, the members of the
the Articles of Association which further shall be Board of Directors are assigned to the following areas
reported to Board of Commissioners to be reported of responsibility:
and accounted for in the Annual Report.
9. Not collecting interest receivables, fines, fees, and
other receivables in the context of restructuring
and/or settlement of receivables as well as taking
610 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 613
Name Position Supervision
Internal Audit (Wholesale & Corporate Center Audit, Retail Audit, IT
CORPORATE GOVERNANCE
Audit, Senior Investigator), Corporate Relations (Corporate Secretary,
Riduan President Director
Enterprise Legal, Digital Marketing, Office of the Board, Senior
Executive Relationship Officer)
Hubungan Kelembagaan (Government & Institutional, Government
Henry Panjaitan Vice President Director Solution, Government Project, Executive Relationship Officer) dan
Environmental, Social and Governance
Wholesale Credit Operation , Cash & Trade Operations, Electronic
Channel Operations, Business Continuity Management, Senior
Timothy Utama Operations Director
Operational Risk Head Operations, Operations (Retail Credit Center,
Business Operations Center, Customer Care)
Human Capital (HC) Strategy & Talent Management, HC Services,
HC Engagement & Outsource Management, HC Performance &
Eka Fitria Human Capital and Compliance Director
Remuneration, Mandiri University, Compliance, AML – CFT, Senior
Human Capital Business Partner
Risk Management (Corporate Risk, Commercial Risk, Senior Executive
Credit Officer), Market Risk, Operational Risk, Credit Portofolio Risk,
Danis Subyantoro Risk Management Director
Policy & Procedure, Consumer Credit Risk & Analytics, SME & Micro
Risk, Data Protection & Fraud Risk
Commercial Banking, Commercial Solution, Senior Executive
Totok Priyambodo Commercial Banking Director Business Officer, Senior Executive Relationship Officer, Small Medium
Enterprise Banking
Corporate Banking, Corporate Solution, Special Asset Management,
Retail Collection & Recovery, Legal, Senior Executive Business
Mochamad Rizaldi Corporate Banking Director Officer, Senior Executive Legal Litigation, Senior Operational Risk
Head Wholesale Banking, Senior Executive Business Officer, Senior
Executive Relationship Officer
Micro Development & Agent Banking, Personal Loan, Credit Cards,
Saptari Consumer Banking Director
Mortgage & Auto Loan, Senior Executive Business Officer
Overseas Banking Network, Financial Institutions Business, Treasury,
Transaction Banking Wholesale, Strategic Procurement, Office of
Ari Rizaldi Treasury and International Banking Director
Chief Economist, Senior Executive Treasury Officer, Kantor Luar
Negeri
Strategy & Performance Management, Accounting, Investor Relations,
Strategic Investment & Subsidiaries Management, Business
Novita Widya Anggraini Finance and Strategy Director
Transformation, Corporate Transformation, Senior Operational Risk
Head Corporate Center
Wealth Management, Distribution Strategy, Transaction Banking
Retail Sales, Retail Deposit Product & Solution, Corporate Real
Jan Winston Network and Retail Funding Director
Estate, Senior Operational Risk Head Distribution & Consumer, Senior
Executive Real Estate Officer
Information Technology (IT Infrastructure, IT Applications Support, IT
Digital Channel Delivery, IT Application Delivery, CISO Office), Digital
Sunarto Information Technology Director Wholesale Banking, Digital Retail Banking, Enterprise Data Analytics,
IT Strategy & Architecture, Senior Operational Risk Head Information
Technology, Senior Executive IT Officer
BOARD OF DIRECTORS TENURE
In reference to stipulations of the Bank’s Articles of Association, BOD Charter, and POJK No. 17 of 2023 and
SEOJK No. 14/SEOJK.03/2025, the term of office of the Board of Directors is as follows:
1. The Board of Directors members are appointed for the tenure effective as of the GMS closing or other dates
specified by the GMS and ends after the closing of the 5th (fifth) Annual GMS after the appointing date, on
the condition of no more than 5 (five) years, by considering the applicable laws and regulations including
the Capital Market, without reducing the GMS rights to dismiss the Board of Directors members at any time
before the tenure ends.
2. The dismissal is effective after the closing of the GMS, unless defined otherwise by the GMS.
3. After the tenure ends, the Board of Directors members can be reappointed by the GMS for another tenure.
4. The Bank may also stipulate specific provisions regarding the fulfilment of Board of Directors positions. If the
term of office of a Director has ended and a successor has not yet been appointed by the GMS, the Director
concerned shall continue to exercise their authorities and responsibilities until a new successor is appointed
by the GMS. This provision is governed in the Bank’s Articles of Association.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 611
Page 614
CRITERIA OF THE BOARD OF DIRECTORS
CORPORATE GOVERNANCE
The candidates of the Board of Directors members are
individuals who when appointed or during the tenure
meet the following requirements:
1. Having good ethics, morals and integrity.
2. Eligible to conduct legal actions.
3. Within 5 (five) years prior to appointment or during
the office, he/she:
a. Has never been declared bankrupt.
b. Has never been a member of the Board of
Directors and/or Board of Commissioners
found guilty of causing a Company bankrupt.
c. Has never been sentenced of crime for
causing the loss of the country and/or relating
to financial sector.
d. never becomes a member of the Board of
Directors and/or member of the Board of
Commissioners who, during his/her tenure:
› has failed to hold Annual GMS.
› whose accountability as member of BOARD OF DIRECTORS CONCURRENT
Board of Directors and/or Board of POSITIONS POLICY
Commissioners has been declined by
GMS or has never provided accountability The provisions for concurrent positions for the Board of
report as member of Board of Directors Directors are regulated in the following:
and/or Board of Commissioners to GMS. 1. No. PER-3/MBU/03/2023 concerning the
› has caused a company that has license, Organization and Human Resources of State-
approval, or registration from FSA not Owned Enterprises, members of the Board of
to fulfil its obligation to deliver Annual Directors are prohibited from holding concurrent
Report and/or financial report to the OJK. positions as:
e. Has the commitment to comply with the laws g. Member of the Board of Directors in State-
and regulations. Owned Enterprises, Regional-Owned
f. Has the knowledge and/or expertise in the Enterprises, Private-Owned Enterprises.
area required by the Company. h. Member of the Board of Commissioners in
State-Owned Enterprises.
i. Other structural and functional positions in
INDEPENDENCE OF PRESIDENT DIRECTOR central and/or regional government agencies/
institutions.
The President Director of Bank Mandiri is independent j. Political party administrators and/or legislative
from the Bank’s controlling shareholder. This candidates/members; and/or candidate for
independence is fulfilled as the individual has no regional head/deputy regional head.
financial. managerial, ownership, or familial relationship k. Positions that may cause conflicts of interest
with the controlling shareholder. and/or other positions in accordance with the
provisions in the legislation.
Fit & Proper Test Approval
To obtain approval from OJK in accordance with the fit 2. OJK Regulation No. 17 of 2023 and SEOJK No.
and proper test requirements, the President Director of 14/2025 regarding the Governance Implementation
Bank Mandiri has submitted the required independence for Commercial Banks:
statement as attached. Members of the Board of Directors are prohibited
from holding concurrent positions:
a. as members of the board of directors, board
of commissioners, sharia supervisory board,
or as executives in any bank, company, and/or
other institution;
b. in functional roles within financial institutions
or non-bank financial institutions, whether
domestic or overseas;
612 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 615
c. in any position that may give rise to a conflict of interest in carrying out their duties as members of the
Board of Directors; and/or
CORPORATE GOVERNANCE
d. in any other position as regulated by applicable laws and regulations.
The following are not considered concurrent positions for members of the Board of Directors:
a. being responsible for overseeing the Bank’s investments in its subsidiaries;
b. performing functional duties as members of the Board of Commissioners in non-bank subsidiaries
controlled by the Bank;
c. being responsible for the oversight of the pension fund or serving as members of the pension fund
supervisory board owned by the Bank;
d. acting as an interim or substitute director; and/or
e. holding positions in non-profit organisations or institutions, provided that such roles do not interfere with
the execution of their duties and responsibilities as members of the Board of Directors.
Board of Directors Concurrent Position
Position in Other Companies/ Name of Other Companies/
Name Position
Institutions Institutions
Riduan President Director – –
Henry Panjaitan Vice President Director – –
Timothy Utama Operations Director – –
Eka Fitria Human Capital and Compliance Director – –
Danis Subyantoro Risk Management Director – –
Totok Priyambodo Commercial Banking Director – –
Mochamad Rizaldi Corporate Banking Director – –
Saptari Direktur Consumer Banking – –
Ari Rizaldi Treasury and International Banking Director – –
Novita Widya Anggraini Finance and Strategy Director – –
Jan Winston Network and Retail Funding Director – –
Sunarto Information Technology Director – –
BOARD OF DIRECTORS NOMINATION AND SELECTION PROCESS
Pursuant to the Articles of Association, members of the Board of Directors are appointed and dismissed by the
GMS. for a period of 5 (five) years effective from the date of GMS appointment. Members of the Board of Directors
whose office terms are expired may be reappointed by the GMS.
The procedure for the appointment of Bank Mandiri Board of Directors refers to OJK Regulation No. 33/
POJK.04/2014 concerning the Board of Directors and Board of Commissioners of Issuers or Public Companies,
OJK Regulation No. 17 of 2023 regarding the Implementation of Governance for Commercial Banks, and SOE
Minister Regulation No. PER-3/MBU/03/2023 concerning Organs and Human Resources of State-Owned
Enterprises. The following are procedures of the Board of Directors’ appointment:
1. Origin of prospective SOE Board of Directors/Board of Directors candidates come from:
a. Former BUMN Director.
b. BUMN Board of Commissioners/Supervisory Board.
c. Structural Officers and Government Functional Officers.
d. Another source.
2. The GMS/Minister may appoint candidates proposed by the Succession Committee as members of the Board
of Directors of SOEs.
3. For certain SOEs, the appointment of an individual as a member of the SOE Board of Directors may be made
after passing the Fit and Proper Test (UKK) according to sectoral regulations.
4. In the event the appointment of SOE Board of Directors members is made before the UKK according to sectoral
regulations, the SOE Board of Directors is authorized to carry out actions, duties, and functions as members of
the SOE Board of Directors from the date they pass the UKK according to sectoral regulations.
5. SOE Board of Directors members as referred to in point (3) have a term of office effective from the date
determined by the GMS/Minister.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 613
Page 616
6. In the event certain SOE Board of Directors 17. Board members commence their duties effectively
members fail the UKK according to sectoral from the date specified in the Minister’s Decision/
CORPORATE GOVERNANCE
regulations, the GMS/Minister may dismiss such GMS/decision of all shareholders by circular
SOE Board of Directors members, taking into resolution.
account sectoral regulations. 18. The format of the statement letter related to
7. The appointment of an individual as a member of the appointment and dismissal of the Board of
the SOE Board of Directors may be made through: Directors as stated in Annex IV is an integral part of
a. Decision of the Minister as the GMS/owner SOE Minister Regulation No. PER-3/MBU/03/2023.
of capital if all shares/capital of the SOEs are
owned by the State; or The process of nominating and selecting the Board
b. Decision of the GMS or decision of all of Directors is carried out through the proposal of the
shareholders by circular resolution, if not all members of the Board of Directors to the GMS by taking
shares are owned by the State. into account the recommendations of the Board of
8. For Public Companies, the curriculum vitae of Commissioners and the Remuneration and Nomination
candidates for appointment as members of Committee. Prior to the discussion on the appointment
the BUMN Board of Directors proposed to be and dismissal of the Board of Directors in the GMS,
appointed in the RUPS must be available and information was provided on the profiles of new and
announced during the holding of the RUPS before reappointed candidates for the Board of Directors.
the decision is made regarding the appointment of
such individuals as members of the SOE Board of
Directors. INTERIM DIRECTOR APPOINTMENT
9. Prior to being appointed as a member of the SOE
Board of Directors, the individual concerned must Bank Mandiri appoints an interim director (acting
sign a letter of resignation from other positions director) for each directorate in accordance with
prohibited from being held concurrently with regulatory requirements, ensuring no conflicts of
the position of SOE Board of Directors member interest and alignment with the three lines of defence
effective from the date they are appointed as a framework. Interim directors must come from within
member of the SOE Board of Directors. the Bank, typically from existing Board members. In
10. In the event the individual concerned does not specific circumstances permitted by law, the Board of
resign within the time frame as stipulated in the Commissioners may assume this role while adhering to
laws and regulations, their position as a member Good Corporate Governance principles and submitting
of the BUMN Board of Directors ends at that time. a conflict-of-interest declaration. The Bank is not
11. In the event the appointment decision is made allowed to appoint interim directors from outside the
by the Minister or decision of all shareholders organisation or from positions below the Board of
by circular resolution, the Deputy processes the Directors. The interim assignment may last up to six
delivery of the Decision Letter to the selected SOE months and may be extended with OJK approval. Any
Board of Directors member after the Decision is extension request must be submitted no later than one
determined. month before the interim period ends and must include
12. In the process of delivering the Decision Letter, the justification, estimated timeline for appointing
the Deputy is assisted by the high-level official a permanent director, and information on potential
responsible for legal affairs. Assistant Deputies, candidates when available.
and Sector Assistant Deputies.
13. After the delivery of the Decision Letter is carried
out, all documents are handed over to the Deputy MECHANISM OF RESIGNATION AND
for administration. DISMISSAL OF THE BOARD OF DIRECTORS
14. In the event the appointment will be determined in
the GMS, the submission of the UKK results to the Resignation and dismissal mechanism for the Board of
Minister is accompanied by a letter of appointment Directors is regulated by the Articles of Association as
for the candidate and a power of attorney to attend follows:
and make decisions in the GMS. 1. The GMS may dismiss the Board of Director’s
15. After the GMS is held, all documents related to the members at any time by stating its reasons.
appointment of SOE Board of Directors members 2. The dismissal of a member of the Board of
are handed over to the Deputy for administration. Directors is called for if, based on the factual
16. The administrative process by the Deputy circumstance, the said members:
as referred to in paragraphs (12) and (14) a. Is unable/inadequate to fulfil the obligations
includes documentation of the appointment and as agreed in the management contract;
assessment process. b. Is unable to perform duties appropriately;
614 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 617
c. Violates the provisions of the Articles of e. Declared bankrupt by a Commercial Court
Association and/or the applicable laws; which has a permanent legal force or under
CORPORATE GOVERNANCE
d. Engages in actions that detrimental to the the auspices based on a Court’s decision; or
Company and/or country; f. No longer fulfilling the requirements as a
e. Conduct actions that violate ethics and/or member of the Board of Directors based on
propriety that should be valued by member; the provisions of the Articles of Association
f. Is declared guilty by the Court’s decision with and the applicable laws.
permanent legal force; 13. For the member of the Board of Directors dismissed
g. Resigns; before or after the term of office, unless unable to
h. Other reasons deemed appropriate by the resume the position due to passing, the concerned
GMS for the interests and objectives of the member shall therefore be held responsible for
Company. their actions that have been rejected by the GMS;
3. The dismissal by the reasons aforementioned is 14. The Board of Director’s members may at any
conducted after the person(s) concerned in the time be temporarily dismissed by the Board of
event of dismissal is given the opportunity to raise Commissioners if they conduct actions contrary to
defense, excluding the dismissal specified in the the Articles of Association or there are indications
provisions of points f and g. of actions that harm the Company or neglect the
4. The dismissal due to reasons as referred to in obligations or there are crucial explanations for
point letter d and f are considered dishonorable the Company, by paying attention to the following
discharge. provisions:
5. Among the Board of Director’s members and a. Temporary dismissal shall be notified in written
between the Board of Directors’ members and the to the said member along with the rationale,
Board of Commissioners’ members, there shall then forwarded to the Board of Directors;
not be any blood relationship of three generations, b. The notification as referred to in the letter
either vertical or horizontal in the family tree, “a” shall be submitted no later than 2 (two)
including the familial relationship arising from working days after the temporary dismissal is
marriage. effective;
6. In the event that such condition prevails, the GMS c. The member who is subject to temporarily
has the authority to dismiss one of the members. dismissal has no authority to conduct the
7. A member for the Board of Directors may resign Company’s management for the sake of the
from his/her position before his/her term of office Company in relation with the purposes and
expires. In the event that a member of the Board objectives of the Company or to represent the
of Directors resigns, the said member shall submit Company either within or outside the Court;
a written request for resignation to the Company. d. Within a period of at most 90 (ninety) days
8. The Company must hold the GMS to decide on after the temporary dismissal has been done,
the resignation request of a member of the Board the Board of Commissioners shall organize
of Directors no later than 90 (ninety) days after the GMS to revoke or reinforce the temporary
receiving the letter of resignation. dismissal;
9. The Company is obliged to provide information e. With the lapse of the period of holding the GMS
transparency to the public and submit it to the as referred to in letter d or the GMS is unable
Financial Service Authority no later than 2 (two) to make a decision, the temporary dismissal
working days after: will be cancelled;
a. The approval of the resignation application f. The limitation of authority as stated in point
from a member of the Board of Directors. c shall be effective since the effective date
b. The achievement of the GMS results. of temporary dismissal by the Board of
10. Before the resignation is effective, the concerned Commissioners until:
member of the Board of Directors shall assume › there is a decision of the GMS which
responsibility to complete the duties and the reinforces or revokes the temporary
responsibilities in accordance with the Articles of dismissal in letter d; or
Association and the applicable laws. › the due date as stated in letter d has passed.
11. The resigning member will be released from any g. In the GMS as referred to in letter d, the member
responsibility after obtaining discharge of duty of concerned shall be given an opportunity to
from the annual GMS. raise defenses;
12. A member of the Board of Directors is dismissed if: h. Temporary dismissal cannot be extended
a. The resignation has been in effect; or re-established by the same rationale if
b. Passed away; the temporary dismissal is declared void as
c. The tenure has expired; referred to in letter e;
d. Dismissed by the decision of GMS;
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 615
Page 618
POLICIES RELATED TO RESIGNATION
i. In the event that the GMS revokes the
OF THE BOARD OF DIRECTORS DUE
temporary dismissal or circumstances as
INVOLVEMENT IN FINANCIAL CRIMES
CORPORATE GOVERNANCE
referred to in letter e prevail, the concerned
member shall remain to perform his/her tasks;
j. If the GMS outcome reinforces the decision of Bank Mandiri has in place the policy on resignation
the temporary dismissal, then the member is of member of the Board of Directors when involved
dismissed permanently; in financial crime as stated in the Bank’s Articles of
k. If the member who is subjected to temporary Association.
dismissal does not attend the GMS after being
summoned in written, the member shall be Referring to the Article 14 paragraph (26) letter f of the
considered to have neglected his/her rights to Bank’s Articles of Association, the tenure of member
defend himself/herself in the GMS and agree of the Board of Directors is ended if no longer meet
to the GMS decision. the requirements as member of the Board of Directors
l. The Company is obliged to conduct information based on the Articles of Association and other laws and
transparency to the public and submit it to the regulations, including involvement in financial crime.
Financial Services Authority regarding: In the event that a member of the Board of Directors
› The decision of temporary dismissal; and is resigning including if involved in the financial crime,
› The results of GMS either to revoke thus a concerned member of the Board of Directors
or reinforce the temporary dismissal shall inform in writing regarding his/her intention to
decision as referred to in letter “d”, or any the Bank, and the Bank shall convene the GMS to take
information regarding the cancellation of decision on the resignation of a member of the Board
the temporary dismissal by the Board of of Directors within 90 days after the acceptance of the
Commissioners due to the absence of the resignation.
GMS until the due date as referred to in
letter e of this article, no later than 2 (two)
working days from such happening. MANAGEMENT OF THE BOARD OF
DIRECTORS CONFLICT OF INTEREST
DISMISSAL OR REPLACEMENT OF The management of conflicts of interest for the Board
MEMBERS OF THE BOARD OF DIRECTORS of Directors is regulated under the Bank Mandiri
Pursuant to SEOJK No.14/2025, the dismissal or Policy Architecture. Bank Mandiri Policy Architecture
replacement of members of the Board of Directors at serves as a hierarchy/structure of policies providing
Bank Mandiri is carried out by prioritising the Bank’s fundamental framework and governance for
best interests and business continuity, dismissal, formulation of policies and implementation of the
including temporary suspension, is executed under the Bank’s activities. In addition, relevant provisions
authority of the Board of Commissioners in accordance are also stipulated in the Board of Directors Work
with applicable regulations. Any early dismissal or Guidelines and Code of Conduct. The management of
replacement of the President Director or the Director conflicts of interest of the Board of Directors includes,
overseeing the compliance function requires prior among others:
approval from OJK before being submitted to the 1. The Board of Commissioners, the Board of
GMS. Requests must be submitted at least one month Directors, and Executives shall commit to prevent
before the planned GMS and include the justification, any forms of conflict of interest.
supporting documents, and the profile of any proposed 2. In the event that the Board of Directors member(s)
replacement. The Nomination Committee prepares the has a personal Interests in a transaction, contract
supporting documentation, which must be approved or contracts proposed in which one of the parties
by the majority of the Board of Commissioners, OJK is the Bank, the interest shall be mentioned in the
will assess the plan and may approve or reject it. If OJK Board of Directors Meeting and the concerned
rejects the plan but the GMS has already proceeded, Board of Directors member has no authority to take
the Bank must convene another GMS to revoke the a vote.
decision. OJK also retains the authority to evaluate 3. Periodically, at least 1 (once) in a year, every
dismissals, replacements, or resignations of Directors. member of the Board of Commissioners, the Board
of Directors and the Executives are required to
make a statement regarding conflict of interests
with the Bank activities.
4. Members of the Board of Commissioners, the Board
of Directors and the Executives are prohibited from
having concurrent positions as specified in the
applicable regulations.
616 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 619
BOARD OF DIRECTORS AFFILIATIONS
CORPORATE GOVERNANCE
Affiliation refers to the relationships that may exist between members of the Board of Directors, the Board of
Commissioners, and the Main or Controlling Shareholders of the Company. These relationships can arise from
family ties. business interests, or professional associations. By identifying and disclosing potential affiliations,
the Company can proactively mitigate conflicts of interest, ensure fair decision-making, and uphold the trust of
stakeholders. These relationships may take the form of:
› Family relationship due to marriage and descent to the second degree either horizontal or vertical.
› Management or oversight relationship with Main/Controlling Shareholder.
› Share ownership by each member of the Board of Directors and Board of Commissioners to the Main/
Controlling Shareholders as legal entity.
The Board of Directors of Bank Mandiri have no financial relations, management relations, shareholding and/or
family relations with other members of the Board of Commissioners, the Board of Directors and/or Controlling
Shareholders or relation with the Bank, which helps in carrying out their tasks and responsibility independently.
The affiliations of the Board of Directors are shown in the following table:
Affiliations of The Board of Directors
Financial, Family, and Management Relations of the BOD
Management
Financial Relations With Family Relations With
Relations
Name Position
Controlling Controlling
BOC BOD BOC BOD BOC
Shareholders Shareholders
Yes No Yes No Yes No Yes No Yes No Yes No Yes No
President
Riduan
Director
Henry Vice President
Panjaitan Director
Timothy Operations
Utama Director
Human Capital
Eka Fitria and Compliance
Director
Risk
Danis
Management
Subyantoro
Director
Totok Commercial
Priyambodo Banking Director
Mochamad Corporate
Rizaldi Banking Director
Consumer
Saptari
Banking Director
Treasury and
Ari Rizaldi International
Banking Director
Novita Widya Finance and
Anggraini Strategy Director
Network and
Jan Winston Retail Funding
Director
Information
Sunarto Technology
Director
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 617
Page 620
SHAREHOLDING OF THE BOARD OF DIRECTORS
CORPORATE GOVERNANCE
In accordance with Article 32(a) POJK No. 17 of 2023 and point XXIII No. 2 of SEOJK No. 14/SEOJK.03/2025, the
Board of Directors has disclosed any share ownership of 5% (five percent) or more of paid-up capital, including the
type and number of shares held in:
a. the Bank;
b. other banks;
c. non-bank financial institutions; and
d. other companies.
whether domiciled in Indonesia or overseas.
Share Ownership Through MSOP/ESOP
For Bank Mandiri, share ownership by the President Director or the Director overseeing the compliance function
through Management Stock Option Program (MSOP) or Employee Stock Option Program (ESOP) does not affect
their independence, provided the shares are granted as part of the controlling shareholder’s policy, are not intended
for trading, and are supported by a declaration stating they will continue to act independently while in office.
MSOP/ESOP share ownership below 5% of paid-up capital is also not considered an ownership relationship. The
assessment of family relationships follows the regulatory definition up to the second degree, both vertically and
horizontally, If the controlling shareholder is a legal entity, family relationship assessments refer to the individual’s
relationship with the ultimate controlling shareholder of that entity.
The share ownership of Bank Mandiri’s Board of Directors is described in the table below.
Board of Directors Shares Ownership as of 31 December 2025
Share Ownership
No. Name Position Bank Mandiri Non-Bank
Other Other
Financial
Total Shares % Ownership Banks Companies
Institutions
1. Riduan President Director 14,547,800 0.0155869 Nil Nil Nil
2. Henry Panjaitan Vice President Director 163,000 0.0001746 Nil Nil Nil
3. Danis Subyantoro Risk Management Director 348,584 0.0003735 Nil Nil Nil
4. Timothy Utama Operations Director 10,334,300 0.0110725 Nil Nil Nil
Human Capital and 4,293,600 0.0046003
5. Eka Fitria Nil Nil Nil
Compliance Director
6. Totok Priyambodo Commercial Banking Director 370,000 0.0003964 Nil Nil Nil
Treasury and International 183,168 0.0001963
7. Ari Rizaldi Nil Nil Nil
Banking Director
8. Mochamad Rizaldi Corporate Banking Director 403,400 0.0004322 Nil Nil Nil
9. Saptari Consumer Banking Director 121,064 0.0001297 Nil Nil Nil
Finance and Strategy 222,000 0.0002379
10. Novita Widya Anggraini Nil Nil Nil
Director
Network and Retail Funding 86,400 0.0000926
11. Jan Winston Nil Nil Nil
Director
Information Technology 549,600 0.0005889
12. Sunarto Nil Nil Nil
Director
Total 31,622,916 0.0629129
ORIENTATION PROGRAM FOR THE NEW BOARD OF DIRECTORS
Bank Mandiri conducts an Orientation Program for newly appointed members of the Board of Directors to provide
a comprehensive understanding of the Bank’s strategic and operational framework. The program ensures that new
Directors possess sufficient knowledge of their roles and responsibilities, enabling them to contribute effectively to
the Bank’s growth and governance practices.
Main aspects of the program are as follows:
1. The Company’s strategy, policies, and work plan, providing insight into current goals and future directions.
2. The Company’s core values, vision, and mission, ensuring alignment with the organization’s purpose.
618 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 621
3. Duties, responsibilities, and authorities of the Board of Directors as outlined in the Articles of Association and
in compliance with prevailing regulations in Indonesia.
CORPORATE GOVERNANCE
4. Policies related to Corporate Governance, emphasizing ethical and effective management.
5. Facilities and resources available to support the Board of Directors in executing their duties.
6. Other relevant programs tailored to the specific needs of the Company and its Directors.
The Orientation Program is administered by the Corporate Secretary. who ensures that all materials, presenters,
and supporting sessions are delivered in a structured and timely manner. Throughout 2025, Bank Mandiri
conducted the Orientation Program for newly appointed Directors, providing a comprehensive range of topics
that equipped them with the insight and readiness needed to assume their roles and perform effectively from the
outset.
Name Position Material Material Provider Date
Henry Panjaitan Vice President Director Overview Treasury & International Director of Treasury 20 August 2025
Banking Group
Overview of Institutional Banking SEVP Institutional Banking 26 26 August 2025
Segment
Overview of Corporate Banking Director of Corporate Banking 27 August 2025
Segment
Overview of Commercial Banking Director of Commercial 3 September 2025
Segment Banking
Overview of SME Banking Segment SEVP Commercial Banking 4 September 2025
Fraud Risk Management and Data Protection & Fraud Risk 12 September 2025
Personal Data Protection Group (DFR)
Human Capital Development Human Capital Strategy & 12 September 2025
Strategy Talent Management Group
Subsidiaries Management Strategic Investment & 12 September 2025
Subsidiaries Management Group
Good Corporate Governance Mandiri University Group 16 September 2025
Overview Segmen SAM SEVP Special Asset Management 16 September 2025
Overview of Environmental, Environmental, Social & 18 September 2025
Social and Governance (ESG) and Governance Group
Sustainable Finance
Overview Segmen Consumer Direktur Consumer Banking 18 September 2025
Pembekalan Penilaian Kemampuan Compliance Group 22 September 2025
dan Kepatutan
Financial Statements, Bank Strategy & Performance 1 October 2025
Business Plan and Corporate Work Management Group
Plan and Budget
Corporate Plan Business Transformation 1 October 2025
Group
Anti-Money Laundering, Counter- Anti Money Laundering & Counter 3 October 2025
Terrorism Financing and Counter- of Financing Terrorism Group
Proliferation Financing of Weapons
of Mass Destruction
Risk Management Framework Credit Portfolio Risk 13 October 2025
Group, Market Risk Group,
Operational Risk Group
IT Strategy & Execution Plan IT Strategy & Architecture Group 17 October 2025
Overview Customer Care Customer Care Group 27 October 2025
Financial Reporting Accounting Group 29 October 2025
Overview of Branch Network Distribution Strategy Group 31 October 2025
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 619
Page 622
Name Position Material Material Provider Date
Mochamad Director of Corporate Board Forum Perusahaan Anak/ - Director of Utama 24 September 25
CORPORATE GOVERNANCE
Rizaldi Banking Cucu - Wakil Direktur Utama
- Director of Operations
- Director of Risk Management
- Director of Commercial
Banking
- Director of Corporate Banking
- Director of Consumer Banking
- Director of Finance and
Strategy
- SEVP Internal Audit
- Director of Subsidiary
Company
Wholesale X Officer Development Direktur Corporate Banking 25 September 25
Program Staff Development
Program September 2025
FGD on Fiscal and Monetary Policy Direktur Corporate Banking 29 September 2025
in the Banking Sector
Ministerial-Level Coordination on - Kementerian Koordinator 6 October 2025
the Implementation of the National Bidang Infrastruktur dan
Action Plan for the Handling of Pembangunan Wilayah
Over Dimension and Overloading - Kementerian Badan Usaha
(ODOL) Vehicles Milik Negara
- Kementerian Keuangan
- Direktur Bank HIMBARA
Townhall Direktorat Corporate - Corporate Banking 1 Group 9 October 2025
Banking 2025 - Corporate Banking 2 Group
- Corporate Banking 3 Group
- Corporate Banking 4 Group
- Corporate Banking 5 Group
- Corporate Banking 6 Group
- Corporate Solutions
- Decision Support Corporate
Banking
- Human Capital Business
Partner Corporate Banking
2026 RKAP and 2025 Financial Director of Finance and Strategy 20 October 2025
Performance
Indonesia Islamic Finance 2025 Otoritas Jasa Keuangan 04 November 2025
and the Annual Sharia Banking
Meeting
The 2026–2030 Sustainable Strategy and Performance 6 November 2025
Finance Action Plan (RAKB) Group
Townhall Direktorat Special Asset - Special Asset Management I 14 November 2025
Management Group
- Special Asset Management
II Group
- Special Asset Management
III Group
- Credit Retail Recovery Group
- Legal Group
- Decision Support Special
Asset Management
- Human Capital Business
Partner Special Asset
Management
Forum Diskusi Makroprudensial - Direktur Bank KBMI4 14 November 2025
(FDM) Bank Indonesia
Saptari Director of Consumer Auto Loan Strategy Discussion Consumer Loan Group 27 March 2025
Banking
Update Performance to Dir CSB Consumer Loan Group & Micro 6 April 2025
Development & Agent Banking
Video Conference Kinerja - Regional CEO Reg 9 8 April 2025
Consumer Banking Maret'25 & - Regional CFO Reg 9
Proyeksi April'25 Region 9 - Strategic Performance Review
- Credit Cards Group
- Consumer Loan Group
- Mikro Personal Loan
- Micro Development & Agent
Banking
HCBP Update to the Director of Senior HCBP 5 May 2025
Consumer Banking
620 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 623
Name Position Material Material Provider Date
Consumer Banking Meeting - Consumer Loan Group 6 May 2025
CORPORATE GOVERNANCE
- Micro Development & Agent
Banking
- Credit Cards Group
- Mikro Personal Loan
Video Conference Kinerja - Regional CEO Reg 3 14 May 2025
Consumer Banking April'25 & - Regional CFO Reg 3
Proyeksi Mei'25 - Strategic Performance Review
Region 3 - Credit Cards Group
- Consumer Loan Group
- Mikro Personal Loan
- Micro Development & Agent
Banking
Video Conference Kinerja - Regional CEO Reg 1 14 May 2025
Consumer Banking April'25 & - Regional CFO Reg 1
Proyeksi Mei'25 Region 1 - Strategic Performance
- Review Credit Cards
- Group Consumer Loan
- Group Mikro Personal Loan
- Micro Development & Agent
Banking
Video Conference Kinerja - Regional CEO Reg 8 15 May 2025
Consumer Banking April'25 & - Regional CFO Reg 8
Proyeksi Mei'25 Region 8 - Strategic Performance Review
- Credit Cards Group
- Consumer Loan Group
- Mikro Personal Loan Micro
- Development & Agent Banking
Video Conference Kinerja - Regional CEO Reg 7 15 May 2025
Consumer Banking April'25 & - Regional CFO Reg 7
Proyeksi Mei'25 Region 7 - Strategic Performance Review
- Credit Cards Group
- Consumer Loan Group
- Mikro Personal Loan
- Micro Development & Agent
Banking
Update Performance & Re-branding Consumer Loan Group 20 May 2025
Auto Loan
Update Data Analytics Consumer Strategic Performance Review 21 May 2025
Banking
Mandiri Leadership Forum Bank Mandiri 21 – 24 May 2025
Penyusunan Visi Direktorat - Credit Cards Group 2 June 2025
Consumer Banking - Micro Development & Agent
Banking
- Consumer Loan Group
- Mikro Personal Loan
Ari Rizaldi Directors of Treasury Performance Review of Region IV RCEO Region IV 11 August 2025
and International Jakarta 2
Banking
Credit Strategy and Policy – Direktur Corporate Banking 03 September 2025
Corporate and Commercial Loans,
SESPIBANK Program Batch 81
Integrated Governance Committee BOD Bank Syariah Indonesia 11 September 2025
– Bank Syariah Indonesia
Public Expose for the Second - Director of Operations 19 September 2025
Quarter of 2025 – PT Bank Mandiri - Director of Risk
(Persero) Tbk - Management
- Director of Corporate Banking
- Director of Finance and
Strategy
Novita Widya Director of Finance and Mandiri Leadership Forum Bank Mandiri 21 – 24 May 2025
Anggraini Strategy
Workshop on Methodology and - Director of Finance & Strategy 4 September 2025
Strategy for Managing (CKPN) - Director of Risk Management
- SEVP WSR
- GH SPM, ACC, CPR, CRTUs: GH
CRP1, GH CRP2, GH CMR1, GH
CMR2, GH SMR, GH CCRA
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 621
Page 624
Name Position Material Material Provider Date
Subsidiaries and Sub-subsidiaries - President Director 23-24
CORPORATE GOVERNANCE
Board Forum - Director of Commercial September 2025
Banking
- Director of Corporate Banking
- Director of Treasury &
International Banking
- Director of Finance and
Strategy
- Director of Network and Retail
Funding
- SEVP Bidang
- Directors of Subsidiarie
Jan Winston Director of Network and Alignment Strategi Tabungan - Retail Deposit Product & 8 April 2025
Retail Funding Solution Group
- Distribution Strategy Group
- All Region
Update on Smart Branch Distribution Strategy Group 10 April 2025
and Branch Strategy for Area
Acquisition
Video Conference : Weekly Check - Retail Deposit Product & 14 April 2025
Point Akselerasi Network & Retail Solution Group
Funding : - Distribution Strategy Group
- 1. Review Kinerja - Wealth Management Group
- 2. Strategi Quick Win Tabungan - Transaction Banking Retail
Sales
- Enterprise Data Analytics
- All Region
Steering Committee A : Project - Director of Operation 7 May 2025
Kopra Enrich Client Experience 2.0 - Director of IT
- Director of Risk Management
- Director of Comm Banking
- Director of Corp Banking
- Digital Wholesale Banking
Group
- Digital Retail Banking Group
- Transaction Banking
Wholesale Group
Road to Becoming Leader in Low - Director of Operation 18 June 2025
Cost Funding - Director of IT
- Director of Manajemen Risiko
- Director of Commercial
Banking
- Director of Finance and
Strategy
Progress Control Tower - Distribution Strategy Group 19 June 2025
- Electronic Channel Operations
- Retail Deposit Product &
Solutions
- Enterprise Data Analytics
Evaluasi Kinerja Merchant & MTI - CEO MTI 9 July 2025
- Transaction Banking Retail
Sales Group
Risk Monitoring Committee: - Regional CEO 17 July 2025
Discussion on Network - Transaction Banking Retail
Development and Point of Service Sales
Strategy - Distribution Strategy Group
Gameplan Tabungan Tahun 2025 Retail Deposit Product & Solution 29 July 2025
Group
Risk Monitoring Committee: - Transaction Banking Retail 21 August 2025
2025 Retail Banking Strategy and Sales
Performance - Distribution Strategy Group
- Retail Deposit Product &
Solution Group
- Transaction Banking Retail
Sales Group
- Wealth Management Group
- Decission Support Strategic
Performance Management
Project CRE : Remapping Kantor Corporate Real Estate Group 27 August 2025
Pusat & Financial Center
622 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 625
Name Position Material Material Provider Date
Implementation of Personal Data - Director of Consumer Banking 11 September 2025
CORPORATE GOVERNANCE
Protection - Data Protection & Fraud Risk
Group
- Distribution Strategy Group
- Enterprise Data Analytics
Group
Sunarto Director of Information Entry Meeting for the 2025 Group Terundang: (Oprisk, 2 September 2025
Technology Financial Performance Audit by Accounting, WCO, SOR IT,
the Audit Board of the Republic of SOR WB, SOR Ops, Treasury,
Indonesia TBW, CB1-5, SAM 1-5, Corp
Risk, CPR, Market Risk, DSG,
RDPS, IT STA, IT ASP, IT IFS,
CISO, BCM, SISM, SPM, Legal,
Corsec, PCP, HCPR, CTO,
Retail Audit, IT
Audit)
Subsidiary Meeting – Agenda: MTI - Vice President Director 8 September 2025
Update - Direktur MNR
- Direktur CMB
- Direktur CB
- Direktur TIB
- Direktur FNS
- PE IT
- SEVP IA
- CA RAU
- CA ITA
- CA WCA
Subsidiary Update, Agenda: MTI - Direktur IT 9 September 2025
Merchant to Dir. IFT - SEVP IT
- DRB
- MTI
Observasi Corporate Governance CPL 9 October 2025
Perception Index (CGPI) 2024-2025
Update RKAP MCI kepada Direktur - Direktur IT 10 October 2025
Pembina - SISM
- MCI
Self-Assessment Profil Risiko Bank - Risk Management Committee 16 October 2025
Mandiri secara Individu dan (RMC)
Konsolidasi posisi 30 September - CPR
2025
UInvitation to the 2025 ICOFR - Director of IT 24 October 2025
Implementation Steering - SEVP IT
Committee Kick-off Meeting - Group Head Terundang (EDA,
DRB, DWB, SOR IT, IT STA, IT
ASP, IT IFS, CISO, IT APD, IT
DDL)
MTI Subsidiary Update - MTI 30 October 2025
- Director of IT
Steerco Enhancement New BDS - MTI 5 November 2025
2025 - Director of IT
Annual Audit Plan 2026 - Director of IT 17 November 2025
- SEVP IT
- Internal Audit
- SOR IT
Update on the 2026 Bank Product - Director of HCC 27 November 2025
Development Plan (RPPB) - Director of MNR
- Director of FST
- Director of NRF
- Director of IFT Oprisk
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 623
Page 626
Name Position Material Material Provider Date
Steering Committee Treasury Core - Director of Operation 4 December 2025
CORPORATE GOVERNANCE
System Agenda: - Director of IT
Update progress project NTCS - SEVP IT
Phase 1B & 2 - Group Head Terundang
(IT STA, IT APD, Oprisk,
Accounting, SOR IT,
Compliance, CTF, Market Risk)
Update on Year-End 2025 - IT Infrastructure 18 December 2025
Preparations - IT Application Support
- CISO
- SOR IT
Steering Committee A (EGL) - IT Application Development 24 December 2025
Enterprise General Ledger - IT Application Support
- Operational Risk
- IT Strategy & Architecture
RISK MANAGEMENT CERTIFICATION
As stipulated in Financial Services Authority Circular No. 28/SEOJK.03/2022 concerning Risk Management
Certification for Commercial Bank Human Resources. Bank Management (Board of Commissioners and Board
of Directors) must have a Risk Management Certificate issued by a Professional Certification Body, with the
following classification:
No. Position Level Validity
1. Commissioner Minimum Level 1 4 years
2. Independent Commissioner Minimum Level 2 4 years
3. President Director and Directors of the Bank with assets > Rp10 trillion Level 5 2 years
After the certificate expires, a mandatory Refreshment Program must be taken regularly, at least:
1. Once every year for certificate levels 1 and 2; or
2. Once every year for certificate levels 3. 4, and 5.
In Bank Mandiri, as a bank with a total asset of > Rp10 trillion, the entire members of its Board of Directors are holders
of Risk Management Certificate Level 5. This certification is also part of OJK’s fit and proper test requirements. The
Risk Management Certificates of the Board of Directors are as follows.
Material
Name Position Material Date Issued Date Expiry Date
Provider
National Level 5 Banking Risk 18 February 2019 18 February
Professional Management 2021
Riduan President Director Certification
Agency (BNSP/
LSPP)
National Level 5 Banking Risk 9 February 2021 18 February
Professional Management 2023
Certification
Agency (BNSP/
LSPP)
ASTA Consulting Level 5 Banking Risk 6 January 2023 6 January 2025
Management
BARa Risk Forum Level 7 Banking Risk 7 December 2023 7 December
Refreshment Management 2024
Indonesia Risk Level 7 Banking Risk 23 - 24 October 2024 23 - 24 October
Professional Refreshment Management 2025
Association (IRPA)
Indonesian Banking Level 7 Banking Risk 20 October 2025 20 October
Development Refreshment Management 2026
Institute (LPPI)
624 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 627
Material
Name Position Material Date Issued Date Expiry Date
Provider
Global Association Level 5 Banking Risk 14 September 2020 14 September
CORPORATE GOVERNANCE
of Risk Management 2023
Henry Panjaitan Vice President Director
Professionals
(GARP)
National Level 7 Banking Risk 30 August 2025 30 August 2028
Professional Management
Certification
Agency (BNSP/
LSPP)
National Level 5 Banking Risk 13 July 2020 13 July 2022
Professional Management
Timothy Utama Director of Operations Certification
Agency (BNSP/
LSPP)
National Level 5 Banking Risk 6 June 2022 13 July 2024
Professional Management
Certification
Agency (BNSP/
LSPP)
Indonesian Banking Level 7 Banking Risk 29 November 2023 29 November
Development Training & Management 2024
Institute (LPPI) Refreshment
BARa Risk Forum Level 7 Banking Risk 7 December 2023 7 December
Refreshment Management 2024
Indonesia Risk Level 7 Banking Risk 20 - 21 August 2024 20 - 21 August
Professional Refreshment Management 2025
Association (IRPA)
GPS& Partners Level 7 Banking Risk 15 July 2025 15 July 2026
Refreshment Management
National Level 4 Banking Risk 21 January 2021 21 January
Professional Management 2023
Director of Human Capital
Eka Fitria Certification
and Compliance
Agency (BNSP/
LSPP)
Indonesian Banking Level 5 Banking Risk 20 & 22 June 2023 20 June 2025
Development Management
Institute (LPPI)
Indonesian Banking Level 7 Banking Risk 9 January 2024 -
Development Training Management
Institute (LPPI)
National Level 7 Banking Risk 17 April 2024 17 April 2025
Professional Management
Certification
Agency (BNSP/
LSPP)
Indonesia Risk Refreshment Banking Risk 20 - 21 August 2024 20 - 21 August
Professional Management 2025
Association (IRPA)
Indonesian Banking Level 7 Banking Risk 29 November 2023 29 November
Danis Director of Risk
Development Training & Management 2024
Subyantoro Management
Institute (LPPI) Refreshment
BARa Risk Forum Level 7 Banking Risk 8 December 2023 8 December
Refreshment Management 2024
National Level 7 Banking Risk 17 April 2024 17 April 2027
Professional Management
Certification
Agency (BNSP/
LSPP)
National Level 7 Banking Risk 17 April 2024 17 April 2027
Professional Management
Totok Director of Commercial
Certification
Priyambodo Banking
Agency (BNSP/
LSPP)
National Leve 4 Banking Risk 7 April 2018 7 April 2020
Professional Management
Mochamad Director of Corporate
Certification
Rizaldi Banking
Agency (BNSP/
LSPP)
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 625
Page 628
Material
Name Position Material Date Issued Date Expiry Date
Provider
National Level 7 Banking Risk 17 April 2024 17 April 2027
CORPORATE GOVERNANCE
Professional Management
Certification
Agency (BNSP/
LSPP)
GPS & Partners - Jenjang 7 Banking Risk 20 March 2025 20 March 2026
Consulting Group Management
National Level 6 Banking Risk 13 May 2024 13 May 2027
Professional Management
Director of Consumer
Saptari Certification
Banking
Agency (BNSP/
LSPP)
National Training Banking Risk 28 February 2025 28 February
Professional Management 2028
Certification
Agency (BNSP/
LSPP)
JMS Education Level 7 Banking Risk 31 October 2025 31 October
Management 2026
National Level 6 Banking Risk 13 May 2024 13 May 2027
Professional Management
Director of Treasury and
Ari Rizaldi Certification
International Banking
Agency (BNSP/
LSPP)
National Training Banking Risk 28 February 2025 28 February
Professional Management 2028
Certification
Agency (BNSP/
LSPP)
JMS Education Level 7 Banking Risk 31 October 2025 31 October
Management 2026
Badan Nasional Level 7 Banking Risk 29 April 2024 29 April 2027
Novita Widya Director of Finance and
Sertifikasi Profesi/ Management
Anggraini Strategy
LSPP
GPS & Partners - Level 7 Banking Risk 22 April 2025 22 April 2026
Consulting Group Management
National Level 6 Banking Risk 18 November 2024 18 November
Professional Management 2027
Director of Network and
Jan Winston Certification
Retail Funding
Agency (BNSP/
LSPP)
National Level 7 Banking Risk 30 June 2025 30 June 2028
Professional Management
Certification
Agency (BNSP/
LSPP)
National Level 5 Banking Risk 17 April 2024 17 April 2027
Professional Management
Director of Information
Sunarto Certification
Technology
Agency (BNSP/
LSPP)
National Level 6 Banking Risk 5 May 2025 5 May 2025
Professional Management
Certification
Agency (BNSP/
LSPP)
National Level 7 Banking Risk 15 September 2025 15 September
Professional Management 2026
Certification
Agency (BNSP/
LSPP)
BOARD OF DIRECTORS MEETINGS
The policies and requirements for Bank Mandiri Board of Directors meetings are outlined in the BOD Charter
and align with POJK No. 33/POJK.04/2014, POJK No. 17 of 2023, and SEOJK No. 14/SEOJK.03/2025. The key
provisions for these meetings are as follows:
626 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 629
1. Frequency of Meetings: The Board of Directors is required to hold meetings at least once a month. Additional
CORPORATE GOVERNANCE
meetings may be convened as necessary upon the request of one or more Directors or based on a written
request from the Board of Commissioners.
2. Joint Meetings with the Board of Commissioners: The Board of Directors is required to hold joint meetings
with the Board of Commissioners at least once every 4 (four) months to ensure alignment on strategic and
operational matters.
3. Quorum Requirements: A Board of Directors meeting is considered valid and authorized to make binding
decisions if more than 2/3 (two-thirds) of the total members are present or represented by proxy.
4. Representation at Meetings: A Director may be represented by another Director during a meeting, provided
that a formal proxy is granted. However, a Director may only represent one other Director.
5. Meeting Scheduling: The Board of Directors is encouraged to schedule meetings for the following year before
the end of the current fiscal year, ensuring effective planning and organization.
6. Meeting Materials: All relevant materials for the Board of Directors meetings shall be distributed to participants
no later than five working days prior to the meeting, if a meeting is held outside of the regular schedule,
materials can be provided immediately prior to the meeting.
7. Remote Meetings: Board of Directors meetings may also be conducted remotely through teleconferencing.
video conferencing, or other electronic means, provided that all participants can interact in real time, including
through audio and visual engagement.
8. Chairing and Documentation: The President Director chairs the meetings. If the President Director is unavailable,
the Vice President Director serves as the chair. In the absence of both, the chairperson role is assigned to a
Substitute Director as per the Board’s decision. If no substitute is available, the longest-serving Director or, in
the case of equal tenure, the oldest Director by age presides over the meeting. All meetings are documented
in the form of minutes, which are distributed to all Directors and recorded in the Company’s official records.
9. Circular Resolution: The Board of Directors may make valid decisions without physically convening a meeting
through a Circular Resolution. This method requires that all members of the Board of Directors are notified and
provide written approval of the proposed resolution. Decisions made through this process hold the same legal
standing as those made in formal meetings.
Board of Directors Meetings Plan
The following Board of Directors’ meeting plan for 2025, including key agendas, has been uploaded to the Bank
Mandiri website, ensuring transparency and accessibility for stakeholders.
Quarter I Quarter II Quarter III Quarter IV
› Monthly/quarterly review › Monthly/quarterly review › Monthly/quarterly review › Monthly/quarterly review
of the Company and of the Company and of the Company and of the Company and
Subsidiaries’ performance. Subsidiaries’ performance. Subsidiaries’ performance. Subsidiaries’ performance.
› Monthly/quarterly review of › Monthly/quarterly review of › Monthly/quarterly review of › Monthly/quarterly review of
the Company’s Strategy and the Company’s Strategy and the Company’s Strategy and the Company’s Strategy and
Work Plan. Work Plan. Work Plan. Work Plan.
› Preparation of the Annual › Discussion and Approval of › Discussion and Approval of
General Meeting of RKAP (Work & Budget Plan) the Sustainable Financial
Shareholders. 2025 Revision & RBB (Bank Action Plan (RAKB) and
› Review and approval of the Business Plan) 2025-2027 Recovery Plan.
Audit Financial Statements Revision. › Discussion and Approval of
Fiscal Year 2024. RKAP (Work & Budget Plan)
› Selection of External 2026 & RBB (Bank Business
Auditor for Fiscal Year Plan) 2026-2028.
2025.
Board of Directors Meeting Implementation
The following are agenda, date and participants of the Director’s Meeting in 2025.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 627
Page 630
Reasons for
No. Date Meeting Agenda Meeting Participants Presence
Absence
1 6 January 2025 1. General Discussion: Update on the Company’s Darmawan Junaidi Present
CORPORATE GOVERNANCE
Latest Developments
Alexandra Askandar Present
2. General Discussion: Update on the 2025
Calendar of Events (COE) Agus Dwi Handaya Present
3. Human Capital Proposal
Riduan Present
4. Risk Management Proposal
Aquarius Rudianto Present
Toni Eko Boy Subari Present
Rohan Hafas Present
Sigit Prastowo Present
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
2 13 January 2025 1. General Discussion: Update on the Company’s Darmawan Junaidi Present
Latest Developments
Alexandra Askandar Present
2. General Discussion: Update on the 2025 Bank
Mandiri Calendar of Events (COE) Agus Dwi Handaya Present
3. Proposal for the Holding of the 2025 Annual
Riduan Present
General Meeting of Shareholders (AGMS)
Aquarius Rudianto Absent Leave
Toni Eko Boy Subari Present
Rohan Hafas Present
Sigit Prastowo Absent Leave
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
3 20 January 2025 1. General Discussion: Update on the Company’s Darmawan Junaidi Present
Latest Developments
Alexandra Askandar Present
2. Consolidated Financial Statements of PT Bank
Mandiri (Persero) Tbk, and Subsidiaries for the Agus Dwi Handaya Present
Year Ended 31 December 2024 (Audited)
Riduan Present
3. Financial Performance as of December 2024
Aquarius Rudianto Absent Leave
Toni Eko Boy Subari Present
Rohan Hafas Present
Sigit Prastowo Present
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
4 24 January 2025 Financial Performance as of December 2024 Darmawan Junaidi Present
(Radirkom)
Alexandra Askandar Present
Agus Dwi Handaya Present
Riduan Present
Aquarius Rudianto Present
Toni Eko Boy Subari Present
Rohan Hafas Present
Sigit Prastowo Present
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
628 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 631
Reasons for
No. Date Meeting Agenda Meeting Participants Presence
Absence
5 4 February 2025 Performance Evaluation of Bank Mandiri and Work Darmawan Junaidi Present
CORPORATE GOVERNANCE
Units (AGPR) for 2024
Alexandra Askandar Present
Agus Dwi Handaya Present
Riduan Present
Aquarius Rudianto Present
Toni Eko Boy Subari Present
Rohan Hafas Present
Sigit Prastowo Present
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
6 6 February 2025 Human Capital Proposal Darmawan Junaidi Present
Alexandra Askandar Present
Agus Dwi Handaya Present
Riduan Present
Aquarius Rudianto Present
Toni Eko Boy Subari Present
Rohan Hafas Present
Sigit Prastowo Present
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
7 10 February 2025 1. Procurement of Public Accountant (AP) and Darmawan Junaidi Present
Public Accounting Firm (KAP) Services for
Alexandra Askandar Present
Bank Mandiri in 2025
2. Human Capital Proposal Agus Dwi Handaya Present
Riduan Present
Aquarius Rudianto Present
Toni Eko Boy Subari Present
Rohan Hafas Present
Sigit Prastowo Present
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
8 11 February 2025 Investor Relations Proposal Darmawan Junaidi Present
Alexandra Askandar Present
Agus Dwi Handaya Present
Riduan Present
Aquarius Rudianto Present
Toni Eko Boy Subari Present
Rohan Hafas Present
Sigit Prastowo Present
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 629
Page 632
Reasons for
No. Date Meeting Agenda Meeting Participants Presence
Absence
9 17 February 2025 Financial Performance as of January 2025 Darmawan Junaidi Present
CORPORATE GOVERNANCE
Alexandra Askandar Absent Leave
Agus Dwi Handaya Present
Riduan Present
Aquarius Rudianto Present
Toni Eko Boy Subari Present
Rohan Hafas Present
Sigit Prastowo Present
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
10 24 February 2025 1. General Discussion: Update on the Company’s Darmawan Junaidi Present
Latest Developments
Alexandra Askandar Present
2. Market Update
3. Update on Risk Management Agus Dwi Handaya Present
Riduan Present
Toni Eko Boy Subari Absent Leave
Rohan Hafas Present
Sigit Prastowo Present
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
11 3 March 2025 1. General Discussion: Update on the Company’s Darmawan Junaidi Present
Latest Developments
Alexandra Askandar Present
2. Legal Update
Agus Dwi Handaya Absent Leave
Riduan Present
Toni Eko Boy Subari Present
Rohan Hafas Present
Sigit Prastowo Present
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
12 10 March 2025 1. General Discussion: Update on the Company’s Darmawan Junaidi Present
Latest Developments
Alexandra Askandar Present
2. Financial Performance as of February 2025
and Week 1 of March 2025 Agus Dwi Handaya Present
3. Strategic Investment & Subsidiaries
Riduan Present
Management Proposal
4. Treasury Update Toni Eko Boy Subari Present
Rohan Hafas Present
Sigit Prastowo Present
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
630 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 633
Reasons for
No. Date Meeting Agenda Meeting Participants Presence
Absence
13 17 March 2025 1. General Discussion: Update on the Company’s Darmawan Junaidi Present
CORPORATE GOVERNANCE
Latest Developments
Alexandra Askandar Present
2. Management Limit Proposal
3. Update on Bank Mandiri Stress Testing for the Agus Dwi Handaya Present
Fourth Quarter of 2024
Riduan Present
Toni Eko Boy Subari Present
Rohan Hafas Present
Sigit Prastowo Present
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
14 27 March 2025 1. General Discussion: Update on the Company’s Darmawan Junaidi Present
Latest Developments
Riduan Present
2. General Discussion: Follow-up on the
Resolutions of the 2025 Annual General Toni Eko Boy Subari Present
Meeting of Shareholders
Timothy Utama Present
3. Human Capital Proposal
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
15 10 April 2025 Usulan Human Capital Darmawan Junaidi Present
1. Human Capital Proposal
Riduan Present
2. General Discussion: Update on the Company’s
Latest Developments Toni Eko Boy Subari Present
3. General Discussion: Update on the Pro Forma
Timothy Utama Present
Financial Performance as of March 2025
4. General Discussion: Update on the Eka Fitria Present
Implications of Trump Tariffs and Stress Danis Subyantoro Present
Testing Results
Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
16 21 April 2025 1. General Discussion: Update on the Company’s Darmawan Junaidi Present
Latest Developments
Riduan Present
2. Human Capital Proposal
3. Financial Performance as of March 2025 Toni Eko Boy Subari Present
4. Update on the Preparation for the 1Q 2025
Timothy Utama Present
Public Expose and Analyst Meeting
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 631
Page 634
Reasons for
No. Date Meeting Agenda Meeting Participants Presence
Absence
17 29 April 2025 1. General Discussion: Update on the Company’s Darmawan Junaidi Present
CORPORATE GOVERNANCE
Latest Developments
Riduan Present
2. Distribution Strategy Update
Toni Eko Boy Subari Present
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Absent Business Trip
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
18. 7 May 2025 1. General Discussion: Update on the Company’s Darmawan Junaidi Present
Latest Developments
Riduan Present
2. Human Capital Proposal
3. Operations Update Toni Eko Boy Subari Present
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
19. 15 May 2025 1. General Discussion: Update on the Company’s Darmawan Junaidi Present
Latest Developments
Riduan Present
2. Commercial Banking Update
Toni Eko Boy Subari Present
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
Mochamad Rizaldi Absent Business Trip
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
20. 19 May 2025 1. General Discussion: Update on the Company’s Darmawan Junaidi Present
Latest Developments
Riduan Present
2. Human Capital Proposal
3. Update on the Preparation for the 2025 Toni Eko Boy Subari Present
Mandiri Leadership Forum
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
632 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 635
Reasons for
No. Date Meeting Agenda Meeting Participants Presence
Absence
21. 26 May 2025 1. General Discussion: Update on the Company’s Darmawan Junaidi Present
CORPORATE GOVERNANCE
Latest Developments
Riduan Present
2. Human Capital Proposal
3. Financial Performance as of April 2025 Toni Eko Boy Subari Present
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
22. 28 May 2025 Financial Performance as of April 2025 Darmawan Junaidi Present
Riduan Present
Toni Eko Boy Subari Present
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
23. 3 June 2025 1. General Discussion: Update on the Company’s Darmawan Junaidi Present
Latest Developments
Riduan Present
2. Human Capital Proposal
Toni Eko Boy Subari Present
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya Business Trip
Absent
Anggraini
Jan Winston
Present
Tambunan
24 10 June 2025 1. General Discussion: Update on the Company’s Darmawan Junaidi Present
Latest Developments
Riduan Absent Sick Leave
2. General Discussion: Update on the Mandiri
Jogja Marathon 2025 Toni Eko Boy Subari Present
3. General Discussion: Update on the Pro Forma
Timothy Utama Present
Financial Performance as of May 2025
4. Update on Bank Mandiri Stress Testing for the Eka Fitria Present
First Quarter of 2025 Danis Subyantoro Present
Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 633
Page 636
Reasons for
No. Date Meeting Agenda Meeting Participants Presence
Absence
25. 16 June 2025 1. General Discussion: Update on the Company’s Darmawan Junaidi Present
CORPORATE GOVERNANCE
Latest Developments
Riduan Present
2. Proposal for the Revision of the 2025 RKAP
and the 2025–2027 RBB Toni Eko Boy Subari Present
3. Strategic Investment & Subsidiaries
Timothy Utama Present
Management Update
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
26 24 June 2025 1. General Discussion: Update on the Company’s Darmawan Junaidi Present
Latest Developments
Riduan Present
2. Distribution Strategy Update
Toni Eko Boy Subari Present
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present Business Trip
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
27 30 June 2025 1. General Discussion: Update on the Company’s Darmawan Junaidi Present
Latest Developments
Riduan Present
2. General Discussion: Plan for the Convening
of the 2025 Extraordinary General Meeting of Toni Eko Boy Subari Present
Shareholders (EGMS)
Timothy Utama Present
3. Management Limit Proposal
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
28 7 July 2025 1. General Discussion: Update on the Company’s Darmawan Junaidi Present
Latest Developments
Riduan Present
2. Financial Performance as of June 2025
Toni Eko Boy Subari Present
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
634 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 637
Reasons for
No. Date Meeting Agenda Meeting Participants Presence
Absence
29 14 July 2025 1. General Discussion: Update on the Company’s Darmawan Junaidi Present
CORPORATE GOVERNANCE
Latest Developments
Riduan Present
2. Human Capital Proposal
Toni Eko Boy Subari Present
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
30 22 July 2025 1. General Discussion: Update on the Company’s Darmawan Junaidi Present
Latest Developments
Riduan Present
2. Digital Retail Banking Update
Toni Eko Boy Subari Present
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
31 28 July 2025 1. General Discussion: Update on the Company’s Darmawan Junaidi Present
Latest Developments
Riduan Present
2. Human Capital Proposal
3. Risk Management Proposal Toni Eko Boy Subari Present
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Absent Business Trip
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
32 6 August 2025 1. General Discussion: Update on the Company’s Riduan Present
Latest Developments
Henry Panjaitan Present
2. Proposal for the Follow-up to the 2025
Extraordinary General Meeting of Timothy Utama Present
Shareholders (EGMS): Arrangement of the
Eka Fitria Present
Board of Directors and SEVP
3. Proposal for the Follow-up to the 2025 Danis Subyantoro Present
Extraordinary General Meeting of Totok Priyambodo Present
Shareholders (EGMS): Alignment of Bank
Mandiri’s Organizational Structure Mochamad Rizaldi Present
4. Financial Performance as of July 2025 Saptari Present
5. Management Limit Proposal
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
Sunarto Present
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 635
Page 638
Reasons for
No. Date Meeting Agenda Meeting Participants Presence
Absence
33 14 August 2025 1. General Discussion: a. Update on the Riduan Present
CORPORATE GOVERNANCE
Company’s Latest Developments
Henry Panjaitan Present
2. General Discussion: b. Financial Update:
Performance Monitoring Timothy Utama Present
3. General Discussion: c. Corporate Secretary
Eka Fitria Present
Update
4. Human Capital Proposal Danis Subyantoro Present
Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
Sunarto Present
34 19 August 2025 1. General Discussion: a. Update on the Riduan Present
Company’s Latest Developments
Henry Panjaitan Present
2. General Discussion: b. Financial Update:
Weekly Performance Monitoring Timothy Utama Present
3. Update on the Potential of FBI Livin’ by Bank Eka Fitria Present
Mandiri
4. Savings Product Update Danis Subyantoro Present
5. Update on the Series of Events for the 27th Totok Priyambodo Present
Anniversary of Bank Mandiri
6. Corporate Real Estate Proposal Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
Sunarto Present
35 25 August 2025 1. General Discussion: a. Update on the Riduan Present
Company’s Latest Developments
Henry Panjaitan Present
2. General Discussion: b. Financial Update:
Weekly Performance Monitoring Timothy Utama Present
3. Retail Deposit & Product Solutions Update
Eka Fitria Present
4. Update on the 27th Anniversary of Bank
Mandiri Danis Subyantoro Present
Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
Sunarto Present
36 29 August 2025 1. Human Capital Proposal Riduan Present
2. General Discussion: Update on the Company’s
Henry Panjaitan Present
Latest Developments
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
Sunarto Present
636 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 639
Reasons for
No. Date Meeting Agenda Meeting Participants Presence
Absence
37 2 September 1. General Discussion: a. Update on the Riduan Present
CORPORATE GOVERNANCE
2025 Company’s Latest Developments
Henry Panjaitan Present
2. General Discussion: b. Bank Mandiri
Operational Continuity Readiness Timothy Utama Present
3. General Discussion: c. Financial Update: Eka Fitria Present
Weekly Performance Monitoring
4. Information Technology Update Danis Subyantoro Present
5. Organizational Revamp Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
Sunarto Present
38 8 September 1. Human Capital Proposal Riduan Present
2025 2. Discussion & General Information:
Henry Panjaitan Present
a. Update on the Company’s Latest
Developments Timothy Utama Present
3. Discussion & General Information: Eka Fitria Present
b. Financial Update: Weekly
Performance Monitoring Danis Subyantoro Present
4. Discussion & General Information: Totok Priyambodo Present
c. Retail Deposit & Product
Solutions Update Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
Sunarto Present
39 9 September 1. Update on the Audit Results of the Riduan Present
2025 Financial Statements
Henry Panjaitan Present
2. Agenda & General Information: a.
Update on the Company’s Latest Timothy Utama Present
Developments
Eka Fitria Present
3. Agenda & General Information:
b. Update on the Treasury Dealer Danis Subyantoro Present
Development Program Totok Priyambodo Present
4. Agenda & General Information: c.
Update on the 2025 Calendar of Events Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
Sunarto Present
40 16 September 1. Management Limit Proposal Riduan Present
2025 2. Discussion & General Information: Update
Henry Panjaitan Present
on the Company’s Latest Developments
3. Discussion & General Information: Retail Timothy Utama Present
Deposit & Product Solutions Update Eka Fitria Present
4. Discussion & General Information: Weekly
Performance Update and Plan for the Q2 Danis Subyantoro Present
2025 Analyst Meeting & Public Expose Totok Priyambodo Present
5. Discussion & General Information: Proposal
for the Improvement of Human Capital Mochamad Rizaldi Present
Policies Saptari Present
6. Discussion & General Information: Update
on the 27th Anniversary of Bank Mandiri Ari Rizaldi Present
7. Discussion & General Information: Service Novita Widya
Present
Transformation Update Anggraini
8. Discussion & General Information:
Jan Winston
Organizational Revamp Update Present
Tambunan
9. Discussion & General Information: Corporate
Banking Proposal Sunarto Present
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 637
Page 640
Reasons for
No. Date Meeting Agenda Meeting Participants Presence
Absence
41 23 September 1. Proposal for the Improvement of Human Riduan Present
CORPORATE GOVERNANCE
2025 Capital Policies
Henry Panjaitan Present
2. Organizational Change Proposal
3. Discussion & General Information: a. Update Timothy Utama Present
on the Company's Latest Developments
Eka Fitria Present
4. Discussion & General Information: b. Update
on the Progress of the Strategy to Increase Danis Subyantoro Present
FBI Livin' by Bank Mandiri Totok Priyambodo Present
5. Discussion & General Information: c. Weekly
Performance Monitoring Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
Sunarto Present
42. 25 September 1. Financial Performance as of August 2025 Riduan Present
2025 2. Update on the 27th Anniversary of Bank
Henry Panjaitan Present
Mandiri
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
Sunarto Present
43. 30 September 1. Discussion & General Information: a. Update Riduan Present
2025 on the Company’s Latest Developments
Henry Panjaitan Present
2. Discussion & General Information: b.
Institutional Relations Update Timothy Utama Present
3. Discussion & General Information: c. Weekly
Eka Fitria Present
Performance Monitoring
4. Discussion & General Information: d. Danis Subyantoro Present
Organizational Adjustment Update Totok Priyambodo Absent Sakit
5. Discussion & General Information: e. CKPN
Alignment Mochamad Rizaldi Present
6. Human Capital Proposal Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
Sunarto Present
44. 8 October 2025 1. Organizational Revamp Riduan Present
2. General Discussion: a. Update on the Henry Panjaitan Present
Company’s Latest Developments
3. General Discussion: b. Senior HCBP Timothy Utama Present
Update Eka Fitria Present
4. General Discussion: c. Internal Audit
Update Danis Subyantoro Present
5. General Discussion: d. Weekly Totok Priyambodo Present
Performance Monitoring
Mochamad Rizaldi Present
6. General Discussion: e. Wholesale
Transaction Banking Update Saptari Present
7. General Discussion: f. Strategic
Ari Rizaldi Present
Procurement Update
8. General Discussion: g. Corporate Real Novita Widya
Present
Estate Update Anggraini
Jan Winston
Present
Tambunan
Sunarto Present
638 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 641
Reasons for
No. Date Meeting Agenda Meeting Participants Presence
Absence
45. 14 October 2025 1. Senior HCBP Proposal Riduan Present
CORPORATE GOVERNANCE
2. Organizational Revamp Proposal
Henry Panjaitan Present
3. General Discussion: a. Update on the
Company’s Latest Developments Timothy Utama Present
4. General Discussion: b. Livin’ Employee
Eka Fitria Present
Mortgage (KPR) Update
5. General Discussion: c. GMM Update Danis Subyantoro Present
6. General Discussion: d. Weekly Performance Totok Priyambodo Absent Sick Leave
Monitoring
7. General Discussion: e. Merchant Business Mochamad Rizaldi Present
Update Saptari Present
8. General Discussion: f. Credit Card Business
Update Ari Rizaldi Present
9. General Discussion: g. Update on the Novita Widya
Preparation for the Mandiri Anniversary Present
Anggraini
Event
Jan Winston
Present
Tambunan
Sunarto Present
46. 17 October 2025 1. Human Capital Proposal Riduan Present
Henry Panjaitan Absent Business Trip
2. General Discussion: Update on Liquidity and
Third-Party Funds (DPK) Strategy through Timothy Utama Present
Year-End 2025
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
Sunarto Present
47. 1. Management Limit Proposal Riduan Present
2. General Discussion: a. Update on the
Henry Panjaitan Present
21 October 2025 Company’s Latest Developments
3. General Discussion: b. Proposal for Timothy Utama Present
Amendments to the Board of Directors’ Rules
Eka Fitria Present
of Procedure
4. General Discussion: c. Wealth Management Danis Subyantoro Present
Business Update Totok Priyambodo Present
5. General Discussion: d. Weekly Performance
Monitoring and Liquidity Update Mochamad Rizaldi Present
6. General Discussion: e. Institutional Relations Saptari Present
Update
7. General Discussion: f. Corporate Secretary & Ari Rizaldi Present
DGM Update Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
Sunarto Present
48. 28 October 2025 1. Organizational Alignment Proposal Riduan Present
2. Corporate Action Plan Proposal
Henry Panjaitan Present
3. General Discussion: a. Update on the
Company’s Latest Developments Timothy Utama Present
4. General Discussion: b. Weekly
Eka Fitria Present
Performance Monitoring and Liquidity
Update Danis Subyantoro Present
5. General Discussion: c. Update on the Totok Priyambodo Present
2026 RKAP
6. General Discussion: Proposed RAKB Mochamad Rizaldi Present
2026–2030 Saptari Present
7. General Discussion: e. Update on the
Progress of Organizational Revamp Ari Rizaldi Present
8. General Discussion: Update on the Novita Widya
Progress of Organizational Revamp Present
Anggraini
Jan Winston
Present
Tambunan
Sunarto Present
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 639
Page 642
Reasons for
No. Date Meeting Agenda Meeting Participants Presence
Absence
49. 31 October 2025 1. Proposal for AGMS Approval Riduan Present
CORPORATE GOVERNANCE
2. Proposed RKAP 2026
Henry Panjaitan Present
3. GMM Reward Proposal
Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
Sunarto Present
50. 11 November 1. Update on the Company’s Latest Riduan Present
2025 Developments
Henry Panjaitan Present
2. Human Capital Proposal
3. Corporate Secretary Proposal Timothy Utama Present
4. Proposal for the Update of BMRI 2025
Eka Fitria Present
Recovery Plan Action Plan
5. Update on October 2025 Performance and Danis Subyantoro Present
Corporate Action Assessment Totok Priyambodo Present
6. Internal Audit Update
7. Human Capital Update Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
Sunarto Present
51. 18 November 1. Update on the Company’s Latest Riduan Present
2025 Developments
Henry Panjaitan Present
2. Corporate Action Proposal
3. Proposal for the Update of BMRI 2025 Timothy Utama Present
Recovery Plan Action Plan
Eka Fitria Present
4. Human Capital Proposal
5. Weekly Monitoring and Review of Fee-Based Danis Subyantoro Present
Income (FBI) Tariffs Totok Priyambodo Present
6. Discussion on the National Working Meeting
(Rakernas) for RKAP 2026 Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
Sunarto Present
52. 21 November 1. Human Capital Proposal Riduan Present
2025 2. Adjustment to the SEVP Nomenclature
Henry Panjaitan Present
3. General Discussion and Information: Update
on the 2026 IT Initiatives Timothy Utama Present
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
Sunarto Present
640 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 643
Reasons for
No. Date Meeting Agenda Meeting Participants Presence
Absence
25 November 1. Update on the Company’s Latest Riduan Present
CORPORATE GOVERNANCE
2025 Developments
Henry Panjaitan Present
2. AML & CFT Update
3. Human Capital Proposal Timothy Utama Present
4. Weekly Monitoring of Financial Performance
Eka Fitria Present
and November 2025 Projections, as well as
the Bank’s Liquidity Developments Danis Subyantoro Present
5. Follow-up Discussion on the Review of the Totok Priyambodo Present
Fee-Based Income (FBI) Pricing Strategy
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
Sunarto Present
54. 2 December 2025 1. Update on the Company’s Latest Riduan Present
Developments
Henry Panjaitan Present
2. Human Capital Proposal
3. Weekly Performance Monitoring: November Timothy Utama Present
Pro Forma Performance and December 2025
Eka Fitria Present
Projections, as well as the Bank’s Liquidity
Developments Danis Subyantoro Present
4. Discussion on Organizational Revamp Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
Sunarto Present
55. 10 December 1. Update on the Company’s Latest Riduan Present
2025 Developments
Henry Panjaitan Present
2. Human Capital Proposal
3. Weekly Monitoring of Financial Performance: Timothy Utama Present
Update on the Final November LKI and
Eka Fitria Present
December 2025 Projections, as well as the
Bank’s Liquidity Developments Danis Subyantoro Present
4. Policy and Procedure Discussion Totok Priyambodo Present
5. IT Plan Update
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
Sunarto Present
56. 15 December 1. Human Capital Proposal Riduan Present
2025 2. Corporate Secretary Proposal
Henry Panjaitan Present
3. Weekly Monitoring of Financial Performance
and December 2025 Projections, as well as Timothy Utama Present
the Bank’s Liquidity Developments
Eka Fitria Present
Danis Subyantoro Present
Totok Priyambodo Absent Leave
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
Sunarto Present
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 641
Page 644
Reasons for
No. Date Meeting Agenda Meeting Participants Presence
Absence
57. 23 December 1. General Discussion: Update on the Company’s Riduan Present
CORPORATE GOVERNANCE
2025 Latest Developments
Henry Panjaitan Present
2. General Discussion: Update on the DHE–SDA
Regulation Timothy Utama Absent Leave
3. Human Capital Proposal
Eka Fitria Absent Leave
4. Weekly Monitoring of Financial Performance
and December 2025 Projections, as well as Danis Subyantoro Present
the Bank’s Liquidity Developments Totok Priyambodo Present
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
Sunarto Present
58. 30 December 1. Update on the Company’s Latest Riduan Present
2025 Developments
Henry Panjaitan Present
2. Update on the Progress of Organizational
Revamp Timothy Utama Present
3. Weekly Monitoring of Financial Performance
Eka Fitria Present
and December 2025 Projections, as well as
the Bank’s Liquidity Developments Danis Subyantoro Present
4. Update on the National Working Meeting Totok Priyambodo Present
(Rakernas) for RKAP 2026
Mochamad Rizaldi Present
Saptari Present
Ari Rizaldi Present
Novita Widya
Present
Anggraini
Jan Winston
Present
Tambunan
Sunarto Present
Meeting Frequency and Attendance
In 2025, the Board of Directors held 58 (Fifty Eight) meetings including joint meeting with the Board of
Commissioners. The frequency and attendance of Director’s meetings is as below.
Board of Directors Meetings As of 1 January to 25 March 2025
Board of Directors Joint Meetings of BOD
Meeting & BOC Total Total
Name Position %
Total Total Total Total Meeting Attendance
Meeting Attendance Meeting Attendance
Riduan President Director 55 54 3 3 58 57 98
Henry Panjaitan Vice President Director 26 25 1 1 27 26 96
Timothy Utama Director of Information Technology 55 53 3 3 58 56 97
Director of Human Capital and
Eka Fitria 55 53 3 3 58 56 97
Compliance
Danis
Director of Risk Management 55 55 3 3 58 58 100
Subyantoro
Totok
Director of Commercial Banking 55 52 3 3 58 55 95
Priyambodo
Mochamad
Director of Corporate Banking 43 42 2 2 45 44 98
Rizaldi
Saptari Director of Consumer Banking 43 43 2 2 45 45 100
Director of Treasury and
Ari Rizaldi 43 40 2 2 45 42 93
International Banking
Novita Widya
Director of Finance and Strategy 43 42 2 2 45 44 98
Anggraini
Jan Winston Director of Network and Retail
43 43 2 2 45 45 100
Tambunan Funding
Sunarto Director of Information Technology 26 26 1 1 27 27 100
642 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 645
Board of Directors Joint Meetings of BOD
Meeting & BOC Total Total
Name Position %
Total Total Total Total Meeting Attendance
CORPORATE GOVERNANCE
Meeting Attendance Meeting Attendance
Darmawan
President Director 29 29 2 2 31 31 100
Junaidi**
Alexandra
Vice President 12 11 1 1 13 12 92
Askandar*
Toni Eko Boy
Director of Operations 29 28 2 2 31 30 97
Subari**
Agus Dwi
Director of Compliance and HR 12 11 1 1 13 12 92
Handaya*
Aquarius Director of Network and Retail
8 6 1 1 9 7 78
Rudianto* Banking
Rohan Hafas* Director of Institutional Relations 12 12 1 1 13 13 100
Sigit Prastowo* Director of Finance and Strategy 12 11 1 1 13 12 92
*) Tenure was ended based on the Annual GMS dated 25 March 2025
**) Tenure was ended based on the Extraordinary GMS dated 4 August 2025.
Joint Meeting of Directors and Board of Commissioners
The frequency and attendance of meetings of the Directors with the Board of Commissioners are presented in the
above table.
BOARD OF DIRECTORS DECISIONS AND IMPLEMENTATION OF DUTIES
Board of Directors Decisions
In reference with SEOJK No. 14/2025, all decisions of the Board of Directors of Bank Mandiri are made in
accordance with the established governance guidelines and rules of procedure, which are binding on all Directors.
In the event of a dissenting opinion, the differing view must be clearly recorded in the minutes of the Board
meeting along with the underlying rationale. The signed minutes of the meeting must then be distributed to all
members of the Board of Directors, either in hard copy or through electronic channels.
Board of Directors Duties Implementation
The general implementation of the Board of Directors duties in 2025 were as followed:
1. Drafting the Bank Business Plan.
2. Fulfilling of the Bank’s performance targets.
3. Drafting the 2024-2028 Sustainable Finance Action Plan (SFAP).
4. Managing Assets and Financial.
5. Organizing Board of Directors meetings. During 2025, 58 (fifty eight) Board of Directors Meetings were held,
consisting of 55 (fifty five) Board of Directors Meetings and 3 (three) Joint Meetings (the Board of Directors
invited the Board of Commissioners) were conducted.
6. Attending Board of Commissioners meetings.
7. Implementing General Meeting of Shareholders. In 2025, the Company convened 3 (three) General Meetings
of Shareholders, consisting of 1 (one) Annual General Meeting of Shareholders held on 25 March 2025 and 2
(two)Extraordinary General Meetings of Shareholders held on 4 August 2025 and 19 December 2025.
8. Supervising and improving internal business processes.
9. Implementing Good Corporate Governance in every business activity.
10. Drafting the IT management/ development initiatives and cyber-security.
11. Participating actively as one of the first movers in the implementation of Sustainable Finance in Indonesia by
participating in the Indonesian Sustainable Finance Initiative (IKBI).
12. Funds disbursement for the social and environmental program to elevate the community wellbeing and
environment preservation.
13. Implementing other duties related to the management of the Bank.
The following are decrees issued by the Board of Directors in 2025:
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 643
Page 646
Date Subject
21 January 2025 Board of Directors Decree of PT Bank Mandiri (Persero) Tbk on the Appointment of the Team and Reviewers for the
CORPORATE GOVERNANCE
Procurement of Audit Services (Public Accounting Firm) and Tax Consultant for the Issuance of Bank Mandiri’s Global
Bond 2025
22 January 2025 Board of Directors Decree on the Implementation of IT Initiatives in 2025
30 January 2025 Integrated Governance Committee
31 January 2025 Implementation of Non-IT Initiatives in 2025
13 February 2025 Composition of the Tender Committee for the Procurement of the Construction Contractor for the Development of the
Flat at Jl. Juanda No. 25, Jakarta
14 February 2025 Signing of the Board of Directors Decree on the Establishment of the Tender Committee for the Procurement of
Operational Leased Official Vehicles (KDS) for 2025–2026
11 March 2025 Board of Directors Decree on the Establishment of the Tender Committee for the Procurement of the Construction
Contractor for the Development of the Pancoran Flat, Jakarta, Using the Design and Build Method
27 March 2025 Assignment as Executive Officer in Charge of Network and Retail Funding
27 March 2025 Assignment as Executive Officer in Charge of Finance and Strategy
27 March 2025 Assignment as Executive Officer in Charge of Treasury and International Banking
27 March 2025 Assignment as Executive Officer in Charge of Consumer Banking
27 March 2025 Assignment as Executive Officer in Charge of Corporate Banking
27 March 2025 Allocation of Duties and Authorities of the Members of the Board of Directors and the Appointment of Substitute
Directors, Regional Supervisory Directors, and Subsidiary Supervisory Directors
10 April 2025 Organizational Structure
10 April 2025 SEVP of Special Asset Management
10 April 2025 SEVP of Institutional Relations
10 April 2025 SEVP of Corporate Banking
10 April 2025 Allocation of SEVP Responsibilities
17 April 2025 Guidelines and Rules of Procedure of the Board of Directors of PT Bank Mandiri (Persero) Tbk
29 April 2025 Determination of the Membership of the Remuneration and Nomination Committee
29 April 2025 Determination of the Membership of the Integrated Governance Committee
29 April 2025 Determination of the Membership of the Risk Monitoring Committee
29 April 2025 Determination of the Membership of the Audit Committee
30 April 2025 Establishment of the Procurement Team for Climate Risk Management & Scenario Analysis (CRMS) Initiative Consulting
Services 2025
30 April 2025 Decree on Employee Termination Due to Resignation
20 May 2025 Transformation Committee (TFC)
20 May 2025 Policy & Procedure Committee (PPC)
20 May 2025 Integrated Risk Committee (IRC)
20 May 2025 Human Capital Policy Committee (HCPC)
20 May 2025 Capital & Subsidiaries Committee (CSC)
20 May 2025 Business Committee (BC)
20 May 2025 Assets & Liabilities Management Committee (ALCO)
20 May 2025 Corporate Social and Environmental Responsibility Committee (TJSL)
20 May 2025 Information Technology & Digital Banking Committee (ITDC)
20 May 2025 Credit Policy Committee (CPC)
20 May 2025 Risk Management Committee (RMC)
30 May 2025 Executive Committee
30 May 2025 Employee Termination Due to Appointment as Director of a State-Owned Enterprise (SOE)
30 May 2025 Employee Termination Due to Appointment as Director of a State-Owned Enterprise (SOE) – PAK ABU
30 May 2025 Employee Termination Due to Appointment as Director of a State-Owned Enterprise (SOE) – HELMY
30 May 2025 Employee Termination Due to Appointment as Director of a State-Owned Enterprise (SOE) – Alexander Dippo
30 May 2025 Employee Termination Due to Appointment as Director of a State-Owned Enterprise (SOE) – Mr. Ari
30 May 2025 Employee Termination Due to Appointment as Director of a State-Owned Enterprise (SOE)
23 June 2025 Assessment of Bank Mandiri’s Risk Maturity Index (RMI) for 2025
1July 2025 Termination of Employment Agreement
644 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 647
Date Subject
1 July 2025 Employee Termination Due to Resignation
CORPORATE GOVERNANCE
14 July 2025 Procurement of Audit Services (Public Accounting Firm) in Relation to the Issuance of Bank Mandiri Sustainable Bond
Public Offering Program (PUB) I 2025
18 July 2025 Employee Termination
30 July 2025 Employee Termination
30 July 2025 Employee Termination Due to Resignation
30 July 2025 Establishment of the Tender Committee for the General Tender of Construction Services Procurement
1 August 2025 General Tender
19 August 2025 Employee Termination Due to Appointment as Director of a State-Owned Enterprise (SOE)
26 August 2025 Assignment as Executive Officer
26 August 2025 Assignment as Executive Officer in Charge of Information Technology
26 August 2025 Appointment of Acting SEVP and Supporting SEVP for the Regional Supervisory Director
26 August 2025 Allocation of Duties and Authorities of the Members of the Board of Directors and the Appointment of Substitute
Directors, Regional Supervisory Directors, and Subsidiary Supervisory Directors
29 August 2025 Determination of the Membership of the Remuneration and Nomination Committee
29 August 2025 Determination of the Membership of the Integrated Governance Committee
29 August 2025 Determination of the Membership of the Risk Monitoring Committee
29 August 2025 Determination of the Membership of the Audit Committee
2 September 2025 Appointment and Determination of the SEVP of Information Technology
03 September 2025 Employee Appointment
08 September 2025 Employee Appointment
16 September 2025 Approval of the Share Transfer of PT Semen Kupang
30 September 2025 Employee Termination
30 September 2025 Employee Termination
07 October 2025 Employee Termination
13 October 2025 Employee Termination
17 October 2025 Establishment of the Negotiation Team and Granting of Authority for the Preparation of the Collective Labor Agreement
(CLA) of PT Bank Mandiri (Persero) Tbk
17 October 2025 Organizational Structure
29 October 2025 Establishment of the Team and Reviewers for the Procurement of Public Accountant (PA) and Public Accounting Firm
(KAP) Services to Conduct the Audit of the Consolidated Financial Statements of PT Bank Mandiri (Persero) Tbk and
Its Subsidiaries, the Audit of the Financial Statements of the Micro and Small Business Funding Program (PUMK)
of PT Bank Mandiri (Persero) Tbk, and Other Professional Engagements for the Period Ending 31 December 2026
(“Procurement of PA and KAP Services of Bank Mandiri 2026”)
11 November 2025 Board of Directors Decree on the Establishment of the Team and Reviewers for the Procurement of Limited Review
Services on Bank Mandiri’s Financial Statements as of 31 October 2025 in Relation to Project Alpha 2025 (Limited
Review Services Procurement – Project Alpha 2025)
19 November 2025 Board of Directors Decree on Employee Termination Due to Appointment as Director of a State-Owned Enterprise (SOE)
19 November 2025 Board of Directors Decree on Employee Termination Due to Appointment as Director of a State-Owned Enterprise (SOE)
19 November 2025 Board of Directors Decree on Employee Termination Due to Appointment as Director of a State-Owned Enterprise (SOE)
19 November 2025 Board of Directors Decree on Employee Termination Due to Appointment as Director of a State-Owned Enterprise (SOE)
28 November 2025 Board of Directors Rules of Procedure
28 November 2025 Board of Directors Decree on the Appointment and Determination of the SEVP of Operations
1 December 2025 Appointment of the Group Head of Corporate Secretary Group
1 December 2025 Termination of the Group Head of Corporate Secretary Group
17 December 2025 Employee Termination
22 December 2025 Organizational Structure
Annual Strategy Review
The Board of Directors conducts a comprehensive review of the annual strategy at the end of each year to ensure
the Company’s readiness for the year ahead. In 2025, this process was carried out through Board meetings that
refined the work plan to remain aligned with the Company’s strategic priorities and objectives.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 645
Page 648
Corporate Strategy Evaluation
The Company’s strategy is evaluated regularly to ensure alignment with its Vision, Mission, and evolving business
landscape. This evaluation involves the Board of Directors and Bank Mandiri executives through structured
CORPORATE GOVERNANCE
discussion forums for the preparation of the Corporate Work Plan and Budget (RKAP), the Long-Term Corporate
Plan (RJPP), and the Sustainable Finance Action Plan (RAKB).
These discussions assess performance achievements, review sustainability initiatives, and determine business
direction to navigate challenges and capture emerging opportunities. The integration of RAKB ensures that
sustainable finance principles are embedded in the Company’s strategy in line with regulatory requirements and
support long-term environmental, social, and governance (ESG) objectives.
The RKAP is formulated based on the RJPP and incorporates the RAKB through a collaborative, cross-functional
process before being submitted to the Board of Commissioners for approval. This approach ensures that the
Company’s strategy remains aligned with its long-term goals while advancing responsible and sustainable business
practices.
BOARD OF DIRECTORS PERFORMANCE ASSESSMENT
The performance assessment process for the Board of Directors is done based on the achievement of the Key
Performance Indicators (KPIs) of the Board of Directors, both individually and collectively. This assessment is
conducted by the Shareholders through the mechanism of the GMS.
Individual Director Performance Assessment
1. Achievement of collegial performance of the Board of Directors.
2. Fulfilment of internal control in every line of defense.
3. Implementation of the Company’s Compliance as a Public Company.
President Director
4. Achievement of business volume growth in the region.
5. Achievement of funding/Fee Based Income growth in the region.
6. Achievement of digital transactions volume growth by customers in the region.
7. Maintain Assets Quality/Performing Loans.
1. Achievement of collegial performance of the Board of Directors.
2. Improvement of litigation settlement percentage compared to the previous year.
Vice President Director 3. Achievement of Special Assets Management targets.
4. Achievement of Loans Restructuring.
5. Settlement of Non-Performing Loans.
6. Improvement of Non-Performing Loans Quality, to become Performing Loans.
1. Achievement of business volume growth of Commercial Banking segment.
Director of Commercial
2. Achievement of funding/Fee Based Income growth in Commercial Banking segment.
Banking
3. Achievement of customers digital transactions volume growth of Commercial Banking segment.
4. Maintaining Assets Quality/Performing Loans.
1. Achievement of business volume growth of Corporate Banking segment.
Director of Corporate 2. Achievement of funding/Fee Based Income growth in Corporate Banking segment.
Banking 3. Achievement of customers digital transactions volume growth of Corporate Banking segment.
4. Maintaining Assets Quality/Performing Loans.
1. Achievement of business volume growth of Retail Banking segment.
2. Achievement of acquisition targets of agents banking and financial inclusion of derivative agents.
Director of Network &
3. Achievement of funding/Fee Based Income growth in Retail Banking segment.
Retail Funding
4. Achievement of customers digital transactions volume growth of Retail Banking segment.
5. Maintaining Assets Quality/Performing Loan.
1. Ensuring the implementation of proper risk management in accordance with the articles of association, risk
Director of Risk management policies, internal control system policies, standard procedures, and external regulations.
Management 2. Ensuring the implementation of risk management culture at all levels of the organization.
3. Ensuring the implementation of all risk management to determine risk appetite, risk thresholds, and integrated
risk management strategies, as well as capital adequacy.
1. Implementation of effective technology and information governance.
Director of Information 2. Achievement of availability of information security management system.
Technology 3. Implementation of Information Technology projects with project charters.
4. Achievement of conformity between Information Technology with the needs of management information
systems and the needs of the Bank’s business activities.
646 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 649
1. Implementation of the Company’s management in accordance with the duties determined in the GMS or the
Board of Directors’ Meeting.
Director of Operations 2. Implementation of the Company’s operations strategy, consolidation of communication, and programs.
CORPORATE GOVERNANCE
3. Achievement of Fee Based Income growth.
4. Achievement of business transactions growth.
1. Maintaining the Company’s liquidity.
Director of Treasury & 2. Management implementation banking book, trading activity, and dealing activities as well marketing which
International Banking includes foreign Exchange Transactions, securities, derivative products treasury, and trade services according
to that target set.
3. Achievement of Fee increase Based Income.
1. Maintaining bank soundness rating.
Director of Finance & 2. Maintaining CAR ratio between 20%-21%.
Strategy 3. Business Realization according to Work Plan & Budget/Bank Business Plan.
4. Achievement of set financial ratios.
5. The result of KPKU assessment is at least the same as the previous year.
1. Achievement of compliance in Bank Mandiri.
Director of Human
2. Achievement of a reduction in the ratio of fines imposed by the regulator.
Capital and Compliance
3. Achievement of Human Capital management strategies and targets.
1. Achievement of increased business volume in the Consumer Banking segment.
Director of Consumer 2. Achievement of increased funding and fee-based income in the Consumer Banking segment.
Banking 3. Achievement of increased digital transaction volume by customers in the Consumer Banking segment.
4. Maintaining asset quality / performing loans.
Board of Directors Performance Assessment Results
No. KPI Weight Indicators Score
A. Economy and Social Values for Indonesia 58% 57.08
Financial 27.89
1 Pre-Provision Operating Profit (PPOP) Consolidation 12% According to RKAP 10.96
2 Return on Equity (ROE) Tier 1 Consolidation 10% According to RKAP 9.89
3 Total Shareholder Return (TSR) 8% According to Target 7.04
Operational 16.32
1 Cost of Credit (CoC) (Parent Only) 8% According to RKAP 8.80
2 Cost to Income Ratio 8% According to RKAP 7.52
Social 12.87
1 Disbursement of KUR. 7% According to Target 7.37
2 NPS For Bank 5% According to Target 5.50
B. Business Model Innovation 13% 11.47
1 CASA Ratio Consolidation 6% According to RKAP 5.50
2 Non-Wholesale Loan Growth from the Wholesale Ecosystem (Parent Only) 7% According to RKAP 5.97
C. Leadership in Technology 10% 11.00
1 Jumlah Pengguna Aktif Livin’ 5% According to Target 5.50
2 Cyber Security Breach (Parent Only) 5% According to Target 5.50
D. Investment Enhancement 11% 11.94
1 Rating Environment, Social, Government (ESG) 5% Rating 5.50
2 Sustainable Financing/Loans (Parent Only) 6% According to Target 6.44
E. Talent Development 8% 8.40
1 Human Capital Transformation (100% of target: Women – 26.5%) 2% According to Target 2.00
2 Human Capital Transformation (100% of target: Young Employees – 21%) 2% According to Target 2.00
3 Human Capital Transformation (100% of target: Employee Productivity – 4% According to Target 4.40
Rp740.00 million per employee)
Total 100% 99.89%
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 647
Page 650
PERFORMANCE ASSESSMENT OF THE COMMITTEE UNDER THE BOARD OF DIRECTORS
AND ASSESSMENT BASIS
CORPORATE GOVERNANCE
Throughout 2025, the Executive Committees under the Board of Directors fulfilled their mandates in overseeing the
Bank’s operational and strategic areas. Each committee played a critical role in ensuring the effective execution
of strategies, the achievement of operational goals, and the consistent application of governance frameworks.
The performance assessment highlights the significant contribution of the Executive Committees in supporting
effective management and the achievement of Bank Mandiri’s strategic objectives throughout 2025. Below is the
performance summary of each committee during 2025:
Assets & Liabilities Management Committee (ALCO) has effectively carried out its duties, supporting the Board of
Assets & Liabilities
Directors in among others managing asset and liability strategies, setting interest rates, and maintaining liquidity, as
Management
well as monitoring the financial indicators within the Recovery Plan. In 2025, ALCO held 26 (twenty six) meetings and
Committee (ALCO)
2 (two) circular decisions focusing on its work plan and critical issues.
Business Committee (BC) has effectively carried out its duties, supporting the Board of Directors in shaping the
Company's integrated business strategy, overseeing product and activity management, and optimizing marketing
Business Committee
strategies for Wholesale and Retail Banking. In 2025, the Committee conducted 9 (nine) meetings addressing key
agenda items and issues.
The Capital and Subsidiaries Committee (CSC) has carried out its duties effectively in supporting the Board of Directors,
particularly in managing the Company’s capital and overseeing Subsidiaries. These duties include formulating capital
Capital & Subsidiaries management strategies, recommending corporate actions, determining Subsidiary management strategies including
Committee capital injections and divestments, proposing the appointment and/or dismissal of members of the Board of Directors
and/or Board of Commissioners of Subsidiaries, as well as determining remuneration for members of the Board of
Directors and/or Board of Commissioners of Subsidiaries. The CSC held 23 (twenty-three) meetings throughout 2025.
Human Capital Policy Committee (HCPC) has effectively carried out its duties, supporting the Board of Directors in
Human Capital Policy among others devising the Company's human capital strategies, organizational development, and strategic directions
Committee for Human Capital Information Systems. The Committee conducted 14 (Fourteen) meetings in 2025 as per its work
plan.
Information Technology The Information Technology & Digital Banking Committee (ITDC) has effectively carried out its duties in supporting the
& Digital Banking Board of Directors in decision-making related to the IT Strategic Plan, IT Development Plan, and strategic IT initiatives
Committee within its authority. In 2025, ITDC held 5 (five) decision-making sessions.
Integrated Risk Committee (IRC) has effectively fulfilled its duties in supporting the Board of Directors by overseeing
Integrated Risk the implementation of Integrated Risk Management across the Group. IRC ensured the adequacy of risk identification,
Committee measurement, and monitoring processes, as well as the alignment of risk management policies and strategies.
Throughout 2025. IRC convened 4 (four) online meetings and gave 1 (one) circular recommendations.
The Policy & Procedure Committee (PPC) has effectively carried out its duties in supporting the Board of Directors,
Policy & Procedure including regulating corporate policies through Mandiri Group Regulations, policies, or procedures, and granting
Committee authority to corporate officials on an ex-officio basis. In 2025, PPC issued a total of 37 (thirty-seven) decisions, with 1
(one) decision made through meeting and 36 (thirty-six) decisions made through circular decisions.
Risk Management Committee (RMC) has effectively carried out its duties, supporting the Board of Directors in the
Risk Management
implementation of effective risk management process and system by ensuring the adequacy of the implementation
Committee
of identification, measurement, risk monitor, and the determination of risk management policy and strategy. In 2025,
the Committee approved 13 (thirteen) decisions through 8 (nine) meetings and 4 (four) circular
Credit Policy Committee Category A (CPC A) is a committee established to assist the Board of Directors in formulating
credit policies, overseeing policy implementation, monitoring the development and condition of the credit or financing
portfolio, and providing recommendations for corrective actions. In 2025. CPC A approved 1 (one) circular decision.
Credit Policy Committee
Credit Policy Committee Category B (CPC B) is a committee established to assist the Board of Directors in reviewing
and/or evaluating matters related to Management Limits and in establishing Management Limits in accordance with
its decision-making authority. In 2025, CPC B approved 5 (five) decisions through 4 (four) meetings and 1 (one)
circular decision.
Transformation Transformation Committee (TFC) has effectively carried out its duties, supporting the Board of Directors in among
Committee others overseeing the Bank’s transformation initiatives, ensuring alignment with strategic objectives. The Committee
held 2 (two) meetings in 2025.
Credit Committee/Credit Committee Meeting (RKK) has effectively carried out its duties, supporting the Board of
Directors in among others managing loan disbursement decisions within its authority limits. In 2025, the Committee
Credit Committee
has made 3,123 loans decisions, consisting of 1,013 in the Corporate segment, 1,775 in the Commercial segment, 64
in the SAM segment, and 271 in the SME segment.
Komite Tanggung Social & Environmental Responsibility Committee (SERC) has effectively carried out its duties, supporting the Board
Jawab Sosial dan of Directors in among others mapping and preparing the Company’s Social & Environmental Responsibility Program
Lingkungan (TJSL). The Committee held 2 (two) meetings in 2025. focusing on work plan execution and priority issues.
648 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 651
BOARD OF DIRECTORS EXECUTIVE
COMMITTEES
CORPORATE GOVERNANCE
The Board Committees of Bank Mandiri serve as a governance foundation that ensures every strategic decision is
made with clarity, discipline, and full alignment with regulatory expectations. Through strong analytical support and
well-grounded recommendations, these committees enhance the Bank’s management effectiveness and reinforce
consistent strategy execution across the organisation.
In carrying out its management responsibilities, the Board of Directors of Bank Mandiri is supported by the
Corporate Secretary and a set of Board Committees that provide analysis, advice, and recommendations on
strategic and operational policies. These committees, established through Board Decree No. KEP.DIR/027/2025
dated 20 May 2025 and In line with SEOJK No. 14/2025. These Committees form an integral part of the Bank’s
governance structure to ensure that strategy execution is effective, well-controlled, and aligned with regulatory
requirements.
The Board Committees do not have the authority to represent or act on behalf of the Bank in entering into agreements
or signing contracts with third parties. Any action undertaken on behalf of the Bank must only be carried out by
authorised parties as stipulated in the Bank’s Articles of Association.
ASSETS & LIABILITIES MANAGEMENT COMMITTEE
The Assets & Liabilities Manegement Committee (ALCO) is established to assist the Board of Directors in carrying
out functions related to setting strategies for managing assets and liabilities, determining interest rates, and
maintaining liquidity, as well as other matters related to the Company’s asset and liability management. Moreover,
during periods of significant financial stress or financial and economic crises, ALCO is responsible for monitoring
and executing or activating the Recovery Plan.
Assets & Liabilities Manegement Committee (ALCO) Structure and Membership
Based on the Board of Directors Decree No. KEP.DIR/032/2025 dated 20 May 2025 concerning Assets & Liabilities
Manegement Committee, the structure and membership of ALCO are as follows:
Assets & Liabilities Manegement Committee (ALCO) Member Structure
Chairman President Director
Secretary Market Risk Group Head
Alternate Secretary I Treasury Group Head
Alternate Secretary II Strategy & Performance Management Group Head
Alternate Secretary III Credit Portfolio Risk Group Head
Permanent Member 1. President Director
2. Vice President Director
3. Director of Risk Management
4. Director of Commercial Banking
5. Director of Corporate Banking
6. Director of Treasury and International Banking
7. Director of Finance and Strategy
8. Director of Network and Retail Funding
9. Director of Consumer Banking
Non-Permanent Member Board of Directors and SEVP related to materials
Contributor 1. Director of Human Capital and Compliance.
2. Group Head/other Group Heads related to the material.
3. Committee Secretary.
Invitee 1. SEVP Internal Audit or a Group Head of the Internal Audit Directorate.
2. Senior Operational Risk Head related to the material.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 649
Page 652
Assets & Liabilities Manegement Committee (ALCO) Members Profile As of 31 December 2025
Name Position in the Committee Position in the Company Educational Background
CORPORATE GOVERNANCE
Riduan Chairman/Permanent Member President Director
Henry Panjaitan Permanent Member Vice President Director
Danis Subyantoro Permanent Member Director of Risk Management
Totok Priyambodo Permanent Member Director of Commercial Banking
The educational
Mochamad Rizaldi Permanent Member Director of Corporate Banking background is presented in
the Board Directors Profile
Saptari Permanent Member Director of Consumer Banking
in this Annual Report
Director of Treasury and International
Ari Rizaldi Permanent Member
Banking
Novita Widya Anggraini Permanent Member Director of Finance and Strategy
Jan Winston Permanent Member Director of Network and Retail Funding
Assets & Liabilities Manegement Committee Charter
Pursuant to POJK No. 17 of 2023 concerning the Implementation of Governance for Commercial Banks article 75
and SEOJK No. 14/SEOJK.03/2025 stated that the Bank must have guidelines and committee work rules, in which
for the Assets & Liabilities Manegement Committee (ALCO) has been regulated in the Board of Directors Decree
No. KEP.DIR/032/2025, consisting of: purpose of establishment, duties, responsibilities, and authority, structure
and membership, meetings, quorum and decision making, performance evaluation mechanisms, and the review
period of the committee’s charter and rules of procedure.
Duties. Responsibilities and Authorities
ALCO has the following duties, responsibilities and authorities:
Duties and Responsibilities :
1. Develop and review the assets and liabilities management strategies.
2. Evaluate the position of the Company’s assets and liabilities in accordance with liquidity risk, interest rates and
exchange rates management objectives.
3. Evaluate the Company’s position and the Assets & Liabilities Management (ALM) strategy to ensure that the
results of the Company’s risk-taking position are consistent with interest rates, liquidity and exchange rates
management objectives.
4. Reviewing and re-evaluating the pricing of assets and liabilities to ensure that it optimizes fund deployment
returns. minimizes the cost of funds, and maintains the Company’s balance sheet structure in line with its ALM
strategy.
5. Reviewing deviations between actual outcomes and the Company’s budget and business projections.
6. Discussing limits on Liquidity Management, Interest Rate Management, FX Management, and Pricing
Management.
7. Addressing other ALM-related matters, including those pertaining to subsidiaries or entities under the
Company’s control.
8. Monitoring the Bank’s financial indicators included in the Recovery Plan, covering liquidity, capital adequacy,
profitability, and asset quality, while regularly reviewing and updating the emergency funding plan to ensure
its effectiveness. The Monitoring Report of the Recovery Plan Indicators is periodically submitted by the
Coordinating Unit to ALCO.
9. Discussing the delegation of authority to the Company’s officers on an ex-officio basis.
Authority :
1. Determine the asset and liability management strategy.
2. Set the pricing for assets and liabilities.
3. Establish limits for Liquidity Management, Interest Rate Management, FX Management, and Pricing
Management.
4. Define the Fund Transfer Pricing.
5. Determine ALM-related matters, including those involving subsidiaries or entities under the Company’s control.
6. Escalate to the Board of Directors if Recovery Plan indicators approach or breach their established trigger
levels, in order to obtain a decision on activating the Recovery Plan.
7. Authorize Company officers to hold certain positions ex-officio.
650 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 653
Performance Implementation in 2025
In fulfilling its duties and responsibilities, ALCO convenes meetings at least 1 (one) times a year. Additional
meetings may be held at anytime as needed at the request of one or more members of the committee, at the
CORPORATE GOVERNANCE
request of the Board of Directors, or based on a written proposal from a relevant unit. Such requests shall include
discussion materials and be coordinated with the Committee Secretary.
In 2025, ALCO has fulfilled its duties, responsibilities, and authorities by making 28 (twenty eight) decisions, as
detailed below:
No. Date Meeting Agenda Attendance
Quorum meeting with
1 6 March 2025 Bankwide Performance Evaluation as of February 28, 2025
100% attendance rate
Asset and Liability Balancing Strategy: Meeting Third-Party Funds Requirements in Quorum meeting with
2 12 March 2025
2025 and Short-Term Credit Reduction Strategy 100% attendance rate
1. Evaluation of Credit and Third-Party Funds Commitment Achievement in March
Quorum meeting with
3 21 March 2025 2025
100% attendance rate
2. Determination of the lower limit for Special Rate Current Accounts (GSR)
1. Evaluation of DPK and Credit Commitments for March 2025 Quorum meeting with
4 27 March 2025
2. Evaluation of LDR Achievement at the End of March 2025 100% attendance rate
1. Evaluation of Credit & Third Party Funds (DPK) Achievement for March 2025 Quorum meeting with
5 11 April 2025
2. Credit & Third Party Funds (DPK) Achievement Commitments for April 2025 100% attendance rate
Update on Credit and Third Party Funds (DPK) Achievement Commitments for April Quorum meeting with
6 15 April 2025
2025 100% attendance rate
1. Update on Liquidity Conditions and LDR Commitment Progress for April 2025
Quorum meeting with
7 23 April 2025 2. Giro Achievement Strategy for April 2025
100% attendance rate
3. Savings and Deposits Achievement Strategy for April 2025
1. Evaluation of April 2025 Achievement and Commitment to Credit and DPK
Achievement in May 2025
Quorum meeting with
8 8 May 2025 2. Profitability Analysis – NIM Movement
100% attendance rate
3. Current Account Update for April 2025
4. Savings Performance and Strategy
1. Commitment to Credit and Third Party Funds (DPK) Achievement in May 2025
2. Profitability Analysis – NIM Movement Quorum meeting with
9 15 May 2025
3. Savings Performance and Strategy for May 2025 100% attendance rate
4. Current Account Update for May 2025
1. Evaluation of Credit and Third Party Funds (DPK) Achievement for May 2025
Quorum meeting with
10 10 June 2025 and Commitment to Credit and DPK Achievement for June 2025
83% attendance rate
2. Savings Performance and Strategy for May 2025
1. Commitment to Achieve Credit & Third Party Funds (DPK) June 2025 Quorum meeting with
11 19 June 2025 2. Strategy to Achieve Savings June 2025 100% attendance rate
3. Strategy to Achieve Current Accounts (Transactional) June 2025
1. Commitment to Achieving Credit & Third Party Funds (DPK) June 2025 Quorum meeting with
12 26 June 2025 2. Strategy for Achieving Savings June 2025 100% attendance rate
3. Strategy for Achieving Current Accounts (Transactional) June 2025
1. Evaluation of Credit and DPK Achievement June 2025 Quorum meeting with
13 3 July 2025
2. Bank Profitability June 2025 100% attendance rate
1. Credit and Third Party Funds (DPK) Achievement Commitment for July 2025 Quorum meeting with
2. Regional and Non-Regional Merchant Performance 100% attendance rate
14 24 July 2025
3. Savings and Deposit Achievement Strategy for July 2025
4. Current Account Achievement Strategy for July 2025
1. Credit and Third Party Funds (DPK) Achievement Commitment for August 2025 Quorum meeting with
15 22 August 2025 2. Savings Achievement Strategy August 2025 100% attendance rate
3. Current Account (Transactional) Achievement Strategy August 2025
Update on Utilization of Securities Transaction Ceiling Head Office FVOCI Circular
16 10 September 2025
Classification Quarter 2 2025
1. Credit and Third Party Funds (DPK) Achievement Commitment September Quorum meeting with
2025 100% attendance rate
17 10 September 2025
2. Current Account Gap Closure Strategy September 2025
3. Savings Gap Closure Strategy September 2025
Quorum meeting with
18 19 September 2025 Discussion of the Impact of Ministry of Finance Funds on Profitability & Liquidity
100% attendance rate
1. Evaluation of Credit and Third Party Funds (DPK) Achievement for September Quorum meeting with
2025 100% attendance rate
19 3 October 2025
2. Evaluation of Current Account Achievement for September 2025
3. Evaluation of Savings Achievement for September 2025
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 651
Page 654
No. Date Meeting Agenda Attendance
1. Projected Credit and Third Party Funds (DPK) Achievements for December Quorum meeting with
CORPORATE GOVERNANCE
2025 100% attendance rate
20 16 October 2025
2. Strategy for Achieving Savings and Deposits by December 31, 2025
3. Strategy for Achieving Current Accounts by December 31, 2025
Board of Directors Meeting with ALCO Agenda: Update on Liquidity & Third Party Quorum meeting with
21 17 October 2025 Funds (DPK) Strategy until the end of 2025 and Proposed Adjustments to Risk 100% attendance rate
Appetite and Internal NSFR Limits
1. Credit and DPK Achievement Commitment October 2025 Quorum meeting
22 27 October 2025 2. Close the Gap Strategy for Savings and Deposits October 2025 with 91.67% attendance
3. Close the Gap Strategy for Current Accounts October 2025 rate
Session 1 Quorum meeting with
Liquidity Management Strategy 2026: Proposed Wholesale Funding and Banking 100% attendance rate
Book Securities 2026
23 7 November 2025 Session 2
1. Evaluation of Credit and DPK Achievement October 2025
2. Evaluation of Current Account Achievement October 2025
3. Evaluation of Savings Achievement for October 2025
Session 1 Quorum meeting with
Liquidity Management Strategy 2026: Proposed Wholesale Funding and Banking 100% attendance rate
Book Securities 2026
24 24 November 2025 Session 2
1. Credit and DPK Achievement for November 2025
2. Close the Gap Strategy for Savings and Deposits for November 2025
3. Strategy to Close the Gap in Current Accounts for November 2025
Quorum meeting
Liquidity Management 2026: Proposed Wholesale Funding and Banking Book
25 2 December 2025 with 88.89% attendance
Securities Ceiling
rate
Session 1 Quorum meeting with
Transition to Jakarta Interbank Offered Rate (JIBOR) 100% attendance rate
Session 2
26 8 December 2025
1. Weekly Liquidity Update and Evaluation (December 2025)
2. Savings and Deposit Achievement Strategy December 2025
3. Current Account (Transactional) Achievement Strategy December 2025
Update on Utilization of Securities Transaction Ceiling Head Office FVOCI Circular
27 9 December 2025
Classification Quarter 3 2025
1. Credit and DPK Achievement December 2025 Quorum meeting with
28 29 December 2025
2. Close the Gap Savings Strategy December 2025 100% attendance rate
ALCO Work Plan for 2026
1. Third party funds & Loan pricing strategy
2. Liquidity & funding management strategy
3. Bonds banking book portfolio management strategy
4. Wholesale Funding Plan
BUSINESS COMMITTEE
The Business Committee (BC) is established to assist the Board of Directors in formulating strategies for the
integrated management of the Company’s business. The Committee is responsible for overseeing product
management, as well as determining strategies and evaluating the effectiveness of marketing communication in
Wholesale Banking and Retail Banking.
Business Committee Structure and Membership
Based on the Board of Directors Decree No. KEP.DIR/033/2025 dated 20 May 2025 concerning Business
Committee, the structure and membership of the BC are as follows:
Business Committee Member Structure
Chairman President Director
Secretary (Wholesale Segment) Wholesale Transaction Banking Transaction Group Head
Secretary (Retail Segment) Retail Deposit Product & Solution Group Head
652 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 655
Permanent Members 1. President Director
2. Vice President Director
3. Director of Risk Management
CORPORATE GOVERNANCE
4. Director of Commercial Banking
5. Director of Corpoarate Banking
6. Director of Consumer Banking
7. Director of Treasury and International Banking
8. Director of Network and Retail Funding
Non-Permanent Members Board of Directors/SEVP related to materials
Contributor 1. Director of Human Capital and Compliance
2. Group Head/other Group Head level officials related to materials
3. Committee Secretary
Invitee 1. SEVP Internal Audit or a Group Head of the Internal Audit Directorate.
2. Senior Operational Risk Head related to the material.
Business Committee Members Profile As of 31 December 2025
Position in the
Name Position in the Company Educational Background
Committee
Chairman/Permanent
Riduan President Director
Member
Henry Panjaitan Permanent Member Vice President Director
Danis Subyantoro Permanent Member Director of Risk Management The Educational Background
Totok Priyambodo Permanent Member Director of Commercial Banking is presented at the Board of
Directors Profile section in this
Mochamad Rizaldi Permanent Member Director of Corporate Banking Annual Report.
Saptari Permanent Member Director of Consumer Banking
Ari Rizaldi Permanent Member Director of Treasury and International Banking
Jan Winston Tambunan Permanent Member Director of Network and Retail Banking
Business Committee Charter
Pursuant to POJK No. 17 of 2023 concerning the Implementation of Governance for Commercial Banks article
75 and SEOJK No. 14/SEOJK.03/2025, Chapter VI, Point 16 concerning the Implementation of Good Corporate
Governance for Commercial Banks stated that the Bank must have guidelines and committee work rules, in which
for the Business Committee has been regulated in the Board of Directors Decree No. KEP.DIR/034/2025, which
contains: purpose of establishment, duties, responsibilities, and authority, structure and membership, meetings,
quorum, decision making, performance evaluation mechanisms, and the review period of the committee’s charter
and performance Evaluation Mechanism, and Review Period of the Committee Charter and Rules of Procedure.
Business Committee Duties, Responsibilities and Authorities
The BC has the following duties, responsibilities and authorities:
Duties and Responsibilities :
1. Discussing the Company’s business strategies for the Wholesale and Retail segments, including the business
strategies of subsidiaries.
2. Discussing and evaluating the integrated development of the Wholesale and Retail business segments,
including the development/renewal of the Bank’s products (both credit and non-credit), business processes,
pricing, infrastructure, marketing communication facilities, and business-supporting technology.
3. Discussing and evaluating business strategies with the Company’s anchor clients.
4. Monitoring and evaluating the results of strategic performance and business initiatives/projects in the
Wholesale and Retail segments.
5. Discussing and resolving strategic business issues, including alliances under the control of the Company.
6. Discussing and evaluating the development and discontinuation of the Bank’s products, both credit and non-
credit, including digital banking products and services, in compliance with applicable regulations at the Bank.
Authorities :
1. Establishing the Company’s business strategies for the Wholesale and Retail segments, including the business
strategies of subsidiaries.
2. Determining the integrated development of the Wholesale and Retail business segments, including the
development/renewal of the Bank’s products (both credit and non-credit), business processes, pricing,
infrastructure and marketing communication facilities, and business-supporting technology.
3. Setting business strategies with the Company’s anchor clients.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 653
Page 656
4. Approving the development and discontinuation of the Bank’s products, both credit and non-credit, including
digital banking products and services, in compliance with applicable Bank regulations.
CORPORATE GOVERNANCE
5. Delegating authority to designated executives to decide and execute matters related to operational business
activities.
Business Committee Duties Implementation in 2025
In fulfilling its duties and responsibilities, BC convenes meetings at least 3 (three) times a year. Additional meetings
may be held at anytime as needed at the request of one or more voting members of the committee, at the request of
the Board of Directors, or based on a written proposal from a relevant unit. Such requests shall include discussion
materials and be coordinated with the Committee Secretary.
In 2025, the Business Committee has carried out its duties, responsibilities, and authorities by making 9 (nine)
decisions, detailed as follows:
Quorum
No. Meeting Date Meeting Agenda Remark
Attendance (%)
Revision of the Product Manual for Financing Facilities To/Through
1 14 January 2025 100% Circular
Financing Companies
2 27 May 2025 Discontinuation of e-FX Mobile 100% Circular
3 27 May 2025 Revision of the Mandiri Giro Product Manual 100% Circular
4 27 May 2025 Revision of the Treasury Line Product Manual 100% Circular
5 27 May 2025 Revision of the Short-Term Loan Product Manual (KJP) 100% Circular
6 28 May 2025 Revision of the Product Manual for Financing to Rural Banks 100% Circular
Revision of the Pre-Export Financing Product Manual (PEF) and
7 28 May 2025 100% Circular
Revision of the Import General Facility Product Manual (IGF)
Revision of the Export Proceeds Utilization Credit Product Manual for
8 9 September 2025 100% Circular
Natural Resources (DHE SDA)
Approval of Proposal for the Preparation of a Multipurpose Credit
9 22 September 2025 55% Circular
Product (KSM) Channeling Manual
Business Committee Works Plan in 2026
1. Discussing and determining the Company’s business strategies for the Wholesale and Retail segments,
including the business strategies of Subsidiaries.
2. Discussing, evaluating, and establishing business strategies with the Company’s anchor clients.
3. Monitoring and evaluating the results of strategic performance and business initiatives/projects in the
Wholesale and Retail segments.
CAPITAL & SUBSIDIARIES COMMITTEE
The Capital and Subsidiaries Committee (CSC) is a committee established to assist the Board of Directors in
managing the Company’s capital and managing Subsidiaries. The Committee’s duties include determining capital
management strategies, recommending corporate actions, determining Subsidiary management strategies
including capital injection, capital divestment, the appointment and/or dismissal of members of the Board of
Directors and/or members of the Board of Commissioners of Subsidiaries, as well as determining remuneration for
members of the Board of Directors and/or members of the Board of Commissioners of Subsidiaries.
Capital & Subsidiaries Committee Structure and Membership
Based on the Board of Directors Decree No. KEP.DIR/034/2025 dated 20 May 2025 concerning the Capital and
Subsidiaries Committee, the structure and membership of CSC are as follows:
Capital & Subsidiaries Committee Member Structure
Chairman President Director
Secretary I Group Head Strategic Investment & Subsidiaries Management
Secretary II Group Head Strategy & Performance Management
Secretary III Group Head Credit Portfolio Risk
Permanent Members 1. President Director
2. Vice President Director
3. Director of Risk Management
4. Director of Finance and Strategy
654 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 657
Non-Permanent Member Members of Board of Directors and SEVP related
Contributor 1. Director of Human Capital and Compliance
2. Group Head/other Group Head level in relation to committee agenda
CORPORATE GOVERNANCE
3. Committee Secretary
Invitee Non-Voting Member 1. SEVP Internal Audit or Group Head in Internal Audit
2. Senior Operational Risk Head in relation
Capital & Subsidiaries Committee Members Profile As of 31 December 2025
Name Position in the Committee Position in the Company Educational Background
Riduan Chairman/Permanent Member President Director
The Educational Background
Henry Panjaitan Permanent Member Vice President Director is presented on the Board of
Danis Subyantoro Permanent Member Director of Risk Management Directors Profile section in this
Annual Report.
Novita Widya Anggraini Permanent Member Director of Finance and Strategy
Capital & Subsidiaries Committee Charter
Pursuant to POJK No. 17 of 2023 concerning the Implementation of Governance for Commercial Banks article
75 and 14/SEOJK.03/2025 stated that the Bank must have guidelines and committee work rules, wherein for the
Capital & Subsidiaries Committee has been regulated in the Board of Directors Decree No. KEP.DIR/034/2025.
consisting of: purpose of establishment, duties, responsibilities, and authority, structure and membership,
meetings, quorum and decision making, Performance Evaluation Mechanism, and Review Period of the Committee
Charter and Rules of Procedure.
Capital & Subsidiaries Committee Duties and Responsibilities
The following are CSC’s duties and responsibilities:
1. Discuss the Company’s capital management strategy including a corporate action plan and planning an optimal
capital structure to maintain the Company’s capital position above the minimum requirements.
2. Establish strategies and limits to Subsiairies management including companies under the control of the
Subsidiaries, if necessary.
3. Discuss the Subsidiary’s capital participation plan including additional capital participation and divestment.
4. Evaluate and discuss Subsidiaries financial performance including Sub-subsidiaries, if necessary.
5. Discuss remuneration (including salary. honorarium. benefits and facilities) of members of the Board of
Directors and/or Board of Commissioners of Subsidiaries including Sub-subsidiaries, if necessary, which have
been recommended by the Human Capital unit in charge of remuneration materials.
6. Discuss the determination of appointment and/or dismissal the candidacy/nomination of members of the
Board of Directors and/or Board of Commissioners of Subsidiaries and members of the Board of Directors
and/or Board of Commissioners of the Sub-subsidiaries, if necessary, while still referring to the Company’s
Articles of Association.
7. Discuss the Corporate Work Plans and Budget (RKAP) of the Subsidiaries including Sub-subsidiaries, if
necessary.
8. Discuss the implementation, as well as the agenda of the General Meeting of Shareholders (GMS) of the
Subsidiaries including Sub-subsidiaries, if necessary, as well as decide on the proposals that require the
decision of the Company as a Shareholder.
Capital & Subsidiaries Committee Duties Implementation in 2025
In fulfilling its duties and responsibilities, CSC convenes meetings at least 2 (two) times a year. Additional meetings
may be held at anytime as needed at the request of one or more members of the committee, at the request of the
Board of Directors, or based on a written proposal from a relevant unit. Such requests shall include discussion
materials and be coordinated with the Committee Secretary.
Throughout 2025, CSC held 23 (twenty-three) meetings including circulars, with the following agenda:
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 655
Page 658
Quorum
No. Meeting Date Meeting Agenda Remark
Attendance (%)
Approval of CSC Circular Decision on the Agenda for the Extraordinary
CORPORATE GOVERNANCE
1. 24 January 2025 General Meeting of Shareholders of PT Bank Mandiri Taspen (”Bank 100% Circular
Mantap”)
Approval of CSC Circular Decision on Changes to the Directors of PT
2. 30 January 2025 100% Circular
Mandiri Capital Indonesia
Approval of CSC Circular Decision for the Extraordinary General Meeting
3. 27 February 2025 of Shareholders of PT Mandiri Manajemen Investasi (”MMI”) on the 100% Circular
Resignation of the President Director.
Approval of CSC Circular Decision on the Agenda and Proposed
4. 13 March 2025 Resolutions for the Extraordinary General Meeting of Shareholders of PT 100% Circular
Mandiri Tunas Finance (“MTF”)
Approval of CSC Circular Decision on the Agenda and Timing of the
5. 24 March 2025 2024 Annual General Meeting of Shareholders of PT Bank Syariah 100% Circular
Indonesia Tbk.
Approval of CSC Circular Decision on the Agenda and Proposed
6. 28 April 2025 Resolutions for the General Meeting of Shareholders of PT Mandiri 100% Circular
Utama Finance (“MUF”)
Approval of CSC Circular Decision on the Agenda and Proposed
7. 14 May 2025 Resolutions for the 2024 Annual General Meeting of Shareholders 100% Circular
(AGMS) of PT Bank Syariah Indonesia Tbk. ("BSI").
Approval of CSC Circular Decision on the Agenda and Proposed
8. 20 May 2025 Resolutions for the 2024 Annual General Meeting of Shareholders 100% Circular
(AGMS) of PT Mandiri Tunas Finance (“MTF”)
Approval of CSC Circular Decision on the Agenda and Proposed
Resolutions for the 2024 Annual General Meeting of Shareholders
9. 20 May 2025 100% Circular
(AGMS) of PT AXA Mandiri Financial Services (“AMFS”) and Mandiri
International Remittance Sdn. Bhd. (“MIR”)
Approval of CSC Circular Decision on the Agenda and Proposed
10 21 May 2025 Resolutions for the 2024 Annual General Meeting of Shareholders 100% Circular
(AGMS) of PT Mandiri Utama Finance (“MUF”)
Approval of CSC Circular Decision on the Agenda and Proposed
Resolutions for the 2024 Annual General Meeting of Shareholders
11. 28 May 2025 (AGMS) of PT Mandiri Sekuritas (“Mansek”) and PT Mandiri Capital 100% Circular
Indonesia (“MCI”) and also Extraordinary General Meeting of
Shareholders of MCI
Approval of CSC Circular Decision on the Agenda and Proposed
Resolutions for the 2024 Annual General Meeting of Shareholders
12. 28 May 2025 100% Circular
(AGMS) of PT Bank Mandiri Taspen (“Bank Mantap”) and Bank Mandiri
(Europe) Limited (“BMEL”)
Approval of CSC Circular Decision on the Agenda and Proposed
13. 2 June 2025 Resolutions for the 2024 Annual General Meeting of Shareholders 100% Circular
(AGMS) of PT Mandiri Manajemen Investasi (“MMI”)
Approval of CSC Circular Decision on Changes to the Directors of PT
14. 6 August 2025 100% Circular
Bank Mandiri Taspen (“Bank Mantap”)
Approval of CSC Circular Decision on Changes to the Directors and/
15. 3 September 2025 or Board of Commissioners of Subsidiaries and Sub-Subsidiaries Bank 100% Circular
Mandiri
Approval of CSC Circular Decision on Changes to the Commissioner
16. 3 September 2025 and the waiver on Article of Association of PT AXA Mandiri Financial 100% Circular
Services (“AMFS”)
Approval of CSC Circular Decision on the Additional Proposed
17. 25 September 2025 Resolutions for the 5th agenda of 2024 Annual General Meeting of 100% Circular
Shareholders (AGMS) of Bank Mandiri (Europe) Limited (“BMEL”)
Approval of CSC Circular Decision on Changes to the Directors and
18. 2 October 2025 100% Circular
Board of Commissioners PT Mandiri Manajemen Investasi (“MMI”)
Approval of CSC Circular Decision on the Agenda and Timing of the
19. 3 November 2025 Extraordinary General Meeting of Shareholders of PT Bank Syariah 100% Circular
Indonesia Tbk.
Approval of CSC Circular Decision on the Agenda for the Extraordinary
20. 9 December 2025 100% Circular
General Meeting of Shareholders of PT Mandiri Tunas Finance (“MTF”)
656 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 659
Quorum
No. Meeting Date Meeting Agenda Remark
Attendance (%)
Approval of CSC Circular Decision on the Amendment to the
CORPORATE GOVERNANCE
Shareholder Agreement (SHA) of PT Mandiri Tunas Finance (“MTF”)
between PT Bank Mandiri (Persero) Tbk (“Bank Mandiri’) and PT Tunas
21. 18 December 2025 100% Circular
Ridean (“TURI”) and also Approval on the Agenda for the Extraordinary
General Meeting of Shareholders of PT Mandiri Tunas Finance (“MTF”)
related to the changes on Article of Association
Approval of CSC Circular Decision on the Proposed Resolution of
22. 18 December 2025 Extraordinary General Meeting of Shareholders of PT Bank Syariah 100% Circular
Indonesia Tbk. (“BSI or Perseroan”)
Approval of CSC Circular Decision on the Agenda and Proposed
23. 22 December 2025 Resolution of Extraordinary General Meeting of Shareholders of 100% Circular
Subsidiaries related to the changes on Article of Association
Capital & Subsidiaries Committee Works Plan in 2026
1. Subsidiaries Annual General Meeting Shareholders Plan.
2. Subsidiaries Extraordinary General Meeting Shareholders Plan.
3. Approval of Corporate Actions of Subsidiaries.
4. Changes in the Composition of the Boards of Directors and/or Boards of Commissioners of Subsidiaries.
5. Subsidiaries Remuneration.
6. Other Agenda in accordance with the needs of the Subsidiaries/Shareholders.
Note: CSC implementation is carried out in accordance with the needs of the Subsidiaries/Shareholders.
HUMAN CAPITAL POLICY COMMITTEE
The Human Capital Policy Committee (HCPC) is formed to assist the Board of Directors in defining the Company’s
Human Capital management strategy. The responsibilities include overseeing organizational establishment and
development, as well as setting strategic directions for the advancement of the Human Capital Information System.
Human Capital Policy Committee Structure and Membership
Based on the Board of Directors’ decree No. KEP.DIR/035/2025 dated 20 May 2025, the structure of the Human
Capital Policy Committee is as follows:
Human Capital Policy Committee Member Structure
Chairman President Director
Secretary HC Performance & Remuneration Goup Head
Alternate Secretary HC Strategy & Talent Management Group Head
Permanent Member 1. President Director
2. Vice President Director
3. Director of Human Capital and Compliance
4. Director of Network and Retail Funding
5. Director of Finance and Strategy
6. Director of Risk Management
7. Director of Operations
Non-Permanent Member Member of the Board of Directors/ SEVP related to the material.
Contributor 1. Group Head Compliance.
2. Group Head/other Group Heads related to the material.
3. Committee Secretary.
Invitee 1. SEVP Internal Audit or a Group Head of the Internal Audit Directorate.
2. Senior Operational Risk Head related to the material.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 657
Page 660
Human Capital Policy Committee Members Profile As of 31 December 2025
Name Position in the Committee Position in the Company Educational Background
CORPORATE GOVERNANCE
Riduan Chairman/Permanent Member President Director
Henry Panjaitan Permanent Member Vice President Director
Timothy Utama Permanent Member Director of Operations
The Educational Background
Director of Human Capital and
Eka Fitria Permanent Member is presented in the Board of
Compliance
Directors Profile section in this
Danis Subyantoro Permanent Member Director of Risk Management Annual Report.
Novita Widya Anggraini Permanent Member Director of Finance and Strategy
Director of Network and Retail
Jan Winston Tambunan Permanent Member
Funding
Human Capital Policy Committee Charter
Pursuant to POJK No. 17 of 2023 concerning the Implementation of Governance for Commercial Banks article
75 and 14/SEOJK.03/2025 stated that the Bank must have guidelines and committee work rules, wherein for the
Human Capital Policy Committee has been regulated in the Board of Directors Decree No. KEP.DIR/035/2025,
consisting of:
1. Purpose of the committee’s establishment
2. Duties, responsibilities, and authority of the committee
3. Structure and membership of the committee
4. Committee meetings, quorum, and decision-making
5. Committee reporting
Duties, Responsibilities and Authorities
The following are Human Capital Policy Committee duties, responsibilities and authority:
Duties and Responsibilities:
1. Discussing the strategic and operational direction of Human Capital management, including corporate culture
and values.
2. Reviewing human resource management policies of a strategic nature within subsidiaries, the Financial
Institution Pension Fund (DPLK), Bank Mandiri Pension Fund (DPBM), the Foundation, and subsidiaries of
subsidiaries.
3. Addressing the strategic direction of Human Capital Information System development.
4. Discussing organizational development, including the fulfillment, development, and training of Human Capital
in line with the company’s business needs.
5. Reviewing individual performance management and rewards, talent and succession management, and
employee relations.
6. Evaluating the limits of authority in executing Human Capital management.
7. Discussing strategic issues in Human Capital management.
Authorities
1. Establishing the strategic and operational direction for human capital management, including corporate
culture and values.
2. Setting human resource management policies of a strategic nature within subsidiaries, the Financial Institution
Pension Fund (DPLK), Bank Mandiri Pension Fund (DPBM, the Foundation, and subsidiaries of subsidiaries.
3. Defining the strategic direction for Human Capital Information System development.
4. Establishing and developing the organization, including fulfilling, developing, and training Human Capital in line
with the company’s business needs.
5. Determining individual performance management and rewards, talent and succession management, as well
as employee relations.
6. Establishing authority limits in the implementation of Human Capital management.
7. Resolving strategic issues in Human Capital management.
As a committee, the Human Capital Policy Committee does not have the authority to represent or bind the Company
or to enter into agreements with third parties. All actions on behalf of the Company must adhere to the provisions
outlined in the Company’s Articles of Association.
658 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 661
Performance Implementation in 2025
In fulfilling its duties and responsibilities, HCPC convenes meetings at least 3 (three) times a year. Additional
meetings may be held at anytime as needed at the request of one or more members at the request of the Board
CORPORATE GOVERNANCE
of Directors, or based on a written proposal from a relevant unit. Such requests shall include discussion materials
and be coordinated with the Committee Secretary.
In 2025, agendas related to Human Capital were conducted in conjunction with Board of Directors meetings
attended by the Permanent Member of the Human Capital Policy Committee. The Human Capital Policy
Committee’s agendas discussed during the Board of Directors meetings in 2025 include the following:
No. Date Agenda & Decision Attendance
Individual Performance Management & Remuneration
1. 6 February 2025 Annual People Performance Review 2024 Performance Year Quorum meeting with 100% attendance rate
2. 10 February 2025 2024 Performance Bonus and 2025 Compensation Quorum meeting with 100% attendance rate
3. 19 May 2025 Implementation of the 2025 Salary Adjustment Quorum meeting with 100% attendance rate
Proposed Enhancement to the Car Ownership Program (COP)
4. 23 September 2025 Quorum meeting with 100% attendance rate
Benefit Policy
Proposed Employee Appreciation Program for Employees. TAD,
5. 18 November 2024 Quorum meeting with 100% attendance rate
and Kriya in 2025
6. 2 December 2025 Proposed Transition Period Policy Quorum meeting with 100% attendance rate
Organizational Development
1. 27 March 2025 Proposed Alignment of Bank Mandiri’s Organizational Structure Quorum meeting with 100% attendance rate
2. 10 April 2025 Proposed Alignment of Bank Mandiri’s Organizational Structure Quorum meeting with 100% attendance rate
3. 3 June 2025 Proposed Management of the Temporary Position Organization Quorum meeting with 100% attendance rate
Proposed Strengthening of the Senior Human Capital Business
4. 28 July 2025 Quorum meeting with 100% attendance rate
Partner Function
5. 6 August 2025 Proposed Alignment of Bank Mandiri’s Organizational Structure Quorum meeting with 100% attendance rate
6. 14 October 2025 Proposed Portfolio and Nomenclature of Senior HCBP Quorum meeting with 100% attendance rate
Proposed Alignment of Bank Mandiri’s Organizational Structure
7. 18 November 2025 Quorum meeting with 100% attendance rate
(Establishment of Functional Level 2 (L2) Positions)
Proposed Management of Organizational Levels 3 and Above
8. 21 November 2025 Quorum meeting with 100% attendance rate
(L3+)
Human Capital Policy Committee Works Plan in 2026
HCPC has set out the works plan to discuss the Human Capital policies/strategies, such as matters related to
performance, reward, and talent management.
INFORMATION TECHNOLOGY & DIGITAL BANKING COMMITTEE
The Information Technology & Digital Banking Committee (ITDC) is a committee formed to support the Board of
Directors in addressing and determining strategic initiatives related to Information Technology and Digital Banking.
Information Technology & Digital Banking Committee Structure and Membership
Based on the Decree of the Board of Directors No. KEP.DIR/030/2025 dated 20 May 2025 on Information Technology
and Digital Banking Committee. Structure and Membership of ITDC as follows:
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 659
Page 662
Information Technology & Digital Banking Committee Member Structure
1. ITDC Category A
CORPORATE GOVERNANCE
Chairman President Director
Secretary IT Strategy & Architecture Group Head
Alternate Secretary Group Head IT Application Delivery
Permanent Members 1. President Director
2. Director of Operations
3. Director of Information Technology
4. Director of Risk Management
5. Director of Finance and Strategy
6. Director of Network and Retail Funding
7. SEVP Information Technology
8. SEVP Digital Banking*)
Non-Permanent Members Board of Directors Member and SEVP related to the material.
Contributor 1. Director of Human Capital and Compliance.
2. Group Head/other Group Head level related to the material of the Committee
Agenda.
3. Committee Secretary.
Invitee 1. SEVP Internal Audit or Group Head in the Internal Audit Directorate.
2. Senior Operational Risk Head related to the material.
*) The position is closed in accordance with Board of Directors Decision No. KEP.DIR/074/2025 dated 17 October 2025, regarding
Organizational Structure.
2. ITDC Category B
Chairman Director of Information Technology
Secretary Group Head IT Strategy & Architecture
Alternate Secretary Group Head IT Application Delivery
Permanent Members 1. Director of Information Technology
2. Director of Operations
3. Director of Risk Management
4. Director of Finance and Strategy
5. Director of Network and Retail Funding
6. SEVP Information Technology
7. SEVP Digital Banking*)
Non-Permanent Members Board of Directors Member and SEVP related to the material.
Contributor 1. Director of Human Capital and Compliance.
2. Group Head/other Group Head level related to the material of the Committee
Agenda.
3. Committee Secretary.
Invitee 1. SEVP Internal Audit or Group Head in the Internal Audit Directorate.
2. Senior Operational Risk Head related to the material.
*)The position is closed in accordance with Board of Directors Decision No. KEP.DIR/074/2025 dated 17 October 2025, regarding Organizational
Structure.
Profil Anggota Information Technology & Digital Banking Committee
1. ITDC Category A
Name Position in the Committee Position in the Company Educational Background
Riduan Chairman/Permanent Member President Director
Timothy Utama Permanent Member Director of Operations
Sunarto Permanent Member Director of Information Technology The Educational Background is
presented in the Board of Directors’
Danis Subyantoro Permanent Member Director Risk Management Profile section in this Annual Report.
Novita Widya Anggraini Permanent Member Director of Finance & Strategy
Jan Winston Tambunan Permanent Member Director of Network and Retail Funding
Susilo Hardiyantono Permanent Member SEVP Information Technology The Educational Background is
presented in the Senior Executive
Profile section in this Annual Report.
660 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 663
2. ITDC Kategori B
CORPORATE GOVERNANCE
Name Position in the Committee Position in the Company Educational Background
Sunarto Chairman/Permanent Member Director of Information Technology
Timothy Utama Permanent Member Director of Operations
The Educational Background is
Danis Subyantoro Permanent Member Director Risk Management presented in the Board of Directors’
Profile section in this Annual Report.
Novita Widya Anggraini Permanent Member Director of Finance & Strategy
Jan Winston Tambunan Permanent Voting Member Director of Network and Retail Funding
The Educational Background is
Susilo Hardiyantono Permanent Voting Member SEVP Information Technology presented in the Senior Executive
Profile section in this Annual Report.
Information Technology & Digital Banking Committee Charter
Pursuant to POJK No. 17 of 2023 concerning the Implementation of Governance for Commercial Banks, article 75
and SEOJK No. 14/SEOJK.03/2025 states that Banks are required to have committee work guidelines and rules,
in which for the Information Technology & Digital Banking Committee has been regulated in the Board of Directors
Decree No. KEP.DIR/030/2025, consisting of: purpose of establishment, duties, responsibilities, and authority,
structure and membership, meetings, quorum, decision making, performance evaluation mechanisms, and review
periods for committee guidelines and rules of procedure.
Duties, Responsibilities and Authorities
The following are Information Technology & Digital Banking Committee duties, responsibilities and authority:
ITDC CATEGORY A
Duties and Responsibilities:
Discussing and/or providing guidance related to:
1. Priorities and directions for IT investment budget allocation as decided by the Board of Directors, including the
benefits gained when the Digital Banking Initiative is implemented.
2. Planning, development, addition of IT systems, and execution of strategic IT and Digital Banking initiatives.
3. Management of the information security management system, including effective cyber resilience and
security along with its communication plan. Communicated to user work units and IT providers.
4. IT and Digital Banking strategy/roadmap, including monitoring and action plans for initiatives covering their
budgets and implementations (including potential IT synergy with subsidiaries).
5. Strategic issues within the scope of IT and Digital Banking initiatives.
Authorities:
1. Establishing the results of recommendations from ITDC category B.
2. Establishing the outcomes of discussions on ITDC category A duties and responsibilities.
3. Delegating authority to designated executives to decide and implement matters of an operational nature for IT
and Digital Banking.
ITDC CATEGORY B
Duties and Responsibilities:
Discussing and providing recommendations to the Board of Directors on at least the following:
1. Information Technology Strategic Plan aligned with the Bank’s corporate plan.
2. IT policies, standards, and procedures.
3. Alignment of IT development plans with the IT strategic plan.
4. Alignment of IT implementation with the IT development plan.
5. Evaluation of IT cost effectiveness in achieving planned benefits.
6. Monitoring IT performance and efforts for improvement.
7. Resolving various IT-related issues that cannot be effectively, efficiently, and timely resolved by user units and
IT providers.
8. Adequacy and allocation of the Bank’s resources.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 661
Page 664
Authorities:
CORPORATE GOVERNANCE
Providing recommendations on the above responsibilities to the Board of Directors Meeting/ITDC Category A/
authorized personnel.
Performance Implementation in 2025
In fulfilling its duties and responsibilities, ITDC convenes meetings at least 3 (three) times a year. Additional
meetings at anytime may be held as needed at the request of one or more members of the committee, at the
request of the Board of Directors, or based on a written proposal from a relevant unit. Such requests shall include
discussion materials and be coordinated with the Committee Secretary.
In 2025, ITDC has carried out its duties, responsibilities, and authorities by making 5 (five) decisions, detailed as
follows:
Implementation of ITDC – Category A
No. Date Agenda & Decision Attendance
Approval of Amendments to the Information Technology
The circular resolution has been
1 10 June 2025 Development Plan Report (LRPTI) for the June 2025 Revision
approved by all Members.
Period and submission to the Financial Services Authority.
1. Approval of the proposed Portfolio Project and IT CAPEX 2026.
Meeting quorum with 100%
2 25 November 2025 2. Approval of the Proposed Ratification of the Information
attendance rate
Technology Development Plan Report (LRPTI) 2026.
Implementation of ITDC – Category B
No. Date Agenda & Decision Attendance
Recommendation on the proposal for Approval of the Amendment The circular resolution has been
to the Information Technology Development Plan Report (LRPTI) approved by all Members.
1 10 June 2025
– June 2025 Revision Period and its submission to the Financial
Services Authority (OJK) for ITDC Category A.
Recommendation on the proposed revision of the Data The circular resolution has been
2 11 July 2025
Management SOP to PPC Category B through circular resolution. approved by all Members.
1. Recommendation on the proposed IT Portfolio Projects and IT Meeting quorum with 100%
CAPEX for 2026 to ITDC Category A. attendance rate
3 25 November 2025 2. Recommendation on the proposed ratification of the
Information Technology Development Plan Report (LRPTI) for
2026 to ITDC Category .
Information Technology & Digital Banking Committee Works Plan in 2026
The Committee will discuss IT strategic planning, including IT Strategic Plan, IT Development Plan, IT strategic
initiatives, and other discussions in accordance with the duties and responsibilities of the Committee and other
discussions in accordance with the duties and responsibilities of the Committee.
INTEGRATED RISK COMMITTEE
Integrated Risk Committee (IRC) is established to assist the Board of Directors in the implementation of Integrated
Risk Management, including formulating and developing the Integrated Risk Management Policy.
Integrated Risk Committee Structure and Membership
Based on the Board of Directors decree No. KEP.DIR/036/2025 dated 20 May 2025 concerning the Integrated Risk
Committee, the composition and membership of IRC are as follows:
662 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 665
Integrated Risk Committee Member Structure
Chairman Director of Risk Management
Secretary Credit Portfolio Risk Group Head
CORPORATE GOVERNANCE
Alternate Secretary I Market Risk Group Head
Alternate Secretary II Operational Risk Group Head
Permanent Member of Bank Mandiri 1. Director of Risk Management
2. Director of Operations
3. Director of Information Technology
4. Director of Human Capital and Compliance
5. Director of Finance and Strategy
6. SEVP Risk Management
Permanent Member of Subsidiaries 1. Director in charge of the Risk Management function of Bank Syariah Indonesia
2. Director in charge of the Risk Management function of Mandiri Sekuritas.
3. Director in charge of the Risk Management function of AXA Mandiri Financial Services.
4. Director in charge of the Risk Management function of Mandiri Utama Finance.
Non-Permanent Member 1. Board of Directors Member and SEVP related to the material.
2. Group Head/setingkat Group Head dari Perseroan dan LJK AKK yang terkait materi.
Contributor 1. Compliance Group Head
2. Group Head/setingkat Group Head dari Perseroan dan LJK AKK yang terkait materi.
3. Committee Secretary
Invitee 1. SEVP Internal Audit or Group Head of the Internal Audit Directorate of the Company.
2. Operational Risk Senior Head related to the material.
Integrated Risk Committee Members Profile As of 31 December 2025
Name Position Description Educational Background
Chairman and Permanent Member of the
Danis Subyantoro Director of Risk Management
Company
Director of Information
Sunarto Permanent Member of the Company The Educational Background
Technology
is presented in the Board of
Timothy Utama Permanent Member of the Company Director of Operations Directors’ profile in this Annual
Report.
Director of Human Capital and
Eka Fitria Permanent Member of the Company
Compliance
Novita Widya Anggraini Permanent Member of the Company Director of Finance and Strategy
The Educational Background is
Wildan Sanjoyo Permanent Member of the Company SEVP Risk Management presented in the Senior Executive
profile in this Annual Report.
Integrated Risk Committee Charter
Pursuant to POJK No. 17 of 2023 concerning the Implementation of Governance for Commercial Banks article
75 and SEOJK 14/SEOJK.03/2025 states that the Bank must have guidelines and committee work rules, wherein
for the Integrated Risk Committee has been regulated in the Board of Directors Decree No. KEP.DIR/036/2025,
consisting of: purpose of establishment, duties, responsibilities, and authority, structure and membership,
meetings, quorum, decision making, performance evaluation mechanisms, and review periods for committee
guidelines and rules of procedure.
Integrated Risk Committee Duties and Responsibilities
The IRC’s duties, authorities, and responsibilities are:
1. Duties and Authorities:
a. Developing Risk Management policy and its amendments, including Integrated Risk Management strategy
and framework.
b. Monitoring integrated risk profile and management of all integrated risks.
c. Monitoring, overseeing, and enhancing the implementation of integrated risk management on a regular
basis and incidentally as a follow-up to the changes in internal and external conditions that affected the
integrated capital adequacy and risk profile.
d. Discussing strategic matters related to the integrated risk management.
e. Other matters related to developing and evaluating Mandiri Group Integrated policies.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 663
Page 666
2. Responsibilities:
a. Giving recommendations covering integrated risk management framework and methodology to identify.
CORPORATE GOVERNANCE
measure and mitigate risks.
b. Giving recommendations covering strategic matters related to integrated risk management.
c. Giving recommendations to the Board of Directors of Main Entity. covering at least:
- Development of the Integrated Risk Management policy.
- Correction or enhancement of the Integrated Risk Management policy based on the results of the
evaluation.
Performance Implementation in 2025
In fulfilling its duties and responsibilities, IRC convenes meetings at least 2 (two) times a year. Additional meetings
at anytime may be held as needed at the request of one or more members of the committee, at the request of the
Board of Directors, or based on a written proposal from a relevant unit. Such requests shall include discussion
materials and be coordinated with the Committee Secretary.
In 2025, IRC convened 4 (four) online meetings and gave 1 (one) circular recommendations, with the following
details:
Quorum Attendance
No. Meeting Date Meeting Agenda Remark
(%)
Self-Assessment of Bank Mandiri Integrated Risk Profile and
1 6 February 2025 Consolidated Bank Soundness Level for the position of 31 100% Online
December 2024.
Self-assessment of Bank Mandiri Consolidated Risk Profile
2 17 April 2025 100% Online
for the position of 31 March 2025.
Review of the Self-Assessment of Bank Mandiri Integrated
3 30 June 2025 Risk Profile and Consolidated Bank Soundness Level for the 100% Circular
First Semester of 2025.
Self-Assessment of Bank Mandiri Integrated Risk Profile and
4 30 July 2025 Consolidated Bank Soundness Level for the position of 30 100% Online
June 2025.
Self-assessment of Bank Mandiri Consolidated Risk Profile
5 16 October 2025 100% Online
for the position of 30 September 2025.
Integrated Risk Committee Work Plan Year 2026
1. Monitoring the integrated risk profile and the management of all integrated risks.
2. Evaluating and improving the strategies of integrated risk management implementation.
3. Evaluating Mandiri Group Integrated policies.
POLICY & PROCEDURE COMMITTEE
The Policy & Procedure Committee (PPC) is established to support the Board of Directors in regulating corporate
policies through Mandiri Group Regulations, policies, or procedures, as well as granting authority to corporate
officials on an ex-officio basis.
Policy & Procedure Committee Structure and Membership
Based on Directors Decree No. KEP.DIR/037/2024 dated 20 May 2025 concerning the Policy & Procedure
Committee, the structure and membership of PPC are as follows:
664 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 667
1. PPC Category A
Chairman Director of Risk Management
CORPORATE GOVERNANCE
Secretary Policy and Procedure Group Head
Alternate Secretary Compliance Group Head
Permanent Members 1. Director of Operations
2. Director of Risk Management
3. Director of Finance & Strategy
4. Director of Network & Retail Funding
Non-Permanent Member Board of Directors Member and SEVP related to the material
Contributor 1. Director of Human Capital & Compliance
2. Group Head/other Group Head level in relation to the material
3. Committee Secretary
Undangan 1. SEVP Internal Audit or Internal Audit Group Head
2. Operational Risk Senior Head related to the material
2. PPC Category B
Chairman Director of Risk Management
Secretary Policy and Procedure Group Head
Alternate Secretary Compliance Group Head
Permanent Members 1. Director of Risk Management
2. Policy & Procedure Group Head
3. Enterprise Legal Group Head
4. Compliance Group Head
5. Senior Operational Risk Head related to agenda materials.
Non-Permanent Member Board of Directors Member and SEVP related to the material
Contributor 1. Group Head/other Group Head level in relation to the material
2. Committee Secretary
Invitee
SEVP Internal Audit or Internal Audit Group Head
Policy & Procedure Committee Members Profile As of 31 December 2025
PPC Category A
Name Position Description Educational Background
Danis Subyantoro Chairman/Permanent Member Director of Risk Management
Timothy Utama Permanent Member Director of Operations The Educational Background is presented in
Novita Widya Anggraini Permanent Member Director of Finance & Strategy the Board of Directors’ profile section in this
Annual Report.
Director of Network & Retail
Jan Winston Tambunan Permanent Member
Funding
PPC Category B
Name Position Description Educational Background
Chairman/ The Educational Background is presented
Danis Subyantoro Permanent Director of Risk Management in the Board of Directors’ profile section in
Member this Annual Report.
Nurul Akhsani Permanent
Group Head Policy & Procedure -
Sulistyawati Member
Asa Estheria Permanent
Group Head Enterprise Legal -
Vipana Member
The Educational Background is presented
Juliser Permanent
Group Head Compliance in the Compliance Group Head’s profile
Sigalingging Member
section in this Annual Report.
Permanent Senior Operational Risk Head Corporate Center related
Syafelda Indrayuni -
Member to material of the committee agenda
Jhon R.H. Permanent Senior Operational Risk Head Wholesale Banking
-
Pangaribuan Member related to material of the committee agenda
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 665
Page 668
Name Position Description Educational Background
Permanent Senior Operational Risk Head Distribution & Consumer
CORPORATE GOVERNANCE
Hendro Subekti -
Member related to material of the committee agenda
Permanent Senior Operational Risk Head Operation related to
Dini Isnarti -
Member material of the committee agenda
Nurul Kamaril Permanent Senior Operational Risk Head Information Technology
-
Istiana Member related to material of the committee agenda
Policy & Procedure Committee Charter
Pursuant to POJK No. 17 of 2023 concerning the Implementation of Governance for Commercial Banks article 75
and SEOJK No. 14/SEOJK.03/2025 states that the Bank must have guidelines and committee work rules, wherein
for the Policy & Procedure Committee has been regulated in the Board of Directors Decree No. KEP.DIR/037/2025,
consisting of: purpose of establishment, duties, responsibilities, and authority, structure and membership,
meetings, quorum and decision making, performance evaluation mechanisms, and review periods for committee
guidelines and rules of procedure.
Duties, Responsibilities and Authorities
The following are Policy & Procedure Committee duties, responsibilities and authority:
PPC Category A
Duties and Responsibilities:
1. Discuss the formulation and/or adjustment/refinement of the Company’s Policies and Mandiri Group
Regulations.
2. Review proposals for granting ex-officio authority to Company executives.
Authorities:
1. Recommend the formulation and/or adjustment/refinement of the Company’s Policies and Mandiri Group
Regulations.
2. Approve the granting of ex-officio authority to Company executives.
PPC Category B
Duties and Responsibilities:
1. Discuss the formulation and/or adjustment/refinement of the Company’s Procedures.
2. Review proposals for granting ex-officio authority to Company executives apart from the authority of PPC
Category A.
Authorities:
1. Approve and/or recommend the formulation and/or adjustment/refinement of the Company’s Procedures.
2. Approve the granting of ex-officio authority to Company executives apart from the authority of PPC Category A.
Performance Implementation in 2025
In fulfilling its duties and responsibilities, PPC convenes meetings at least 1 (one) times a year. Additional meetings
may be held at anytime as needed at the request of one or more members of the committee, at the request of the
Board of Directors, or based on a written proposal from a relevant unit. Such requests shall include discussion
materials and be coordinated with the Committee Secretary.
During 2025, the Policy & Procedure Committee performed its duties, responsibilities, and authorities by convening
PPC sessions 37 (thirty-seven) times. Of these, 1 (one) decisions were made during meetings, while 36 (thirty-six)
decisions were made through circular resolution, detailed as follows:
666 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 669
No. Date Agenda & Decision Attendance
PPC Category A
CORPORATE GOVERNANCE
Circular Resolution with
1. 8 August 2025 Revision of Buku Arsitektur Kebijakan
100% attendance
Issuance of Kebijakan Anti Pencucian Uang, Pencegahan Pendanaan
Terorisme, dan Pencegahan Pendanaan Proliferasi Senjata Pemusnah Circular Resolution with
2. 13 August 2025 Massal (APU, PPT, dan PPPSPM) and revision of Kebijakan Hukum, 100% attendance
Kepatuhan dan APU, PPT, dan PPPSPM (KHKA) in the form of separating
the Kebijakan APU, PPT, dan PPPSPM’s sub policies
PPC Category B
Revision of Standar Prosedur Operasional (SPO) Business Continuity Circular Resolution with
3. 6 January 2025
Management 100% attendance
Revision of Standar Prosedur Kredit Corporate, Standar Prosedur Kredit Circular Resolution with
4. 9 January 2025
Commercial, dan Standar Prosedur Kredit FI 100% attendance
Revision of Standar Prosedur Operasional (SPO) Credit Collection & Circular Resolution with
5. 9 January 2025
Recovery (CCR) Wholesale 100% attendance
Circular Resolution with
6. 13 February 2025 Revision of Standar Prosedur Operasional (SPO) Procurement
100% attendance
Revision of Policy & Procedure Manual Accounting & Financial Control Policy Circular Resolution with
7. 17 February 2025
Bank Mandiri Hong Kong 100% attendance
Circular Resolution with
8. 21 March 2025 Issuance of Standar Prosedur Operasional (SPO) Pelindungan Data Pribadi
100% attendance
Circular Resolution with
9. 27 March 2025 Revision of Standar Prosedur Operasional (SPO) Layanan Nasabah
100% attendance
Circular Resolution with
10. 17 April 2025 Revision of Standar Prosedur (SP) Pelindungan Nasabah
100% attendance
Circular Resolution with
11. 25 April 2025 Revision of Standar Prosedur Operasional (SPO) Jaringan Kantor
100% attendance
Circular Resolution with
12. 21 May 2025 Revision of Standar Prosedur (SP) Sumber Daya Manusia
100% attendance
Revision of Standar Prosedur Operasional (SPO) Akreditasi Rekanan Circular Resolution with
13. 27 May 2025
Perkreditan 100% attendance
Circular Resolution with
14. 5 June 2025 SME Loan Procedure Standard 100% attendance
Circular Resolution with
15. 30 June 2025 Revision of Standar Prosedur (SP) Akuntansi
100% attendance
Circular Resolution with
16. 7 July 2025 Revision of Standar Prosedur Treasury (SPT)
100% attendance
Revision of Standar Prosedur Operasional (SPO) Credit Collection & Circular Resolution with
17. 10 July 2025
Recovery Retail 100% attendance
Circular Resolution with
18. 11 July 2025 Revision of Standar Prosedur Operasional (SPO) Manajemen Data
100% attendance
Circular Resolution with
19. 8 August 2025 Revision of Standar Prosedur (SP) Akuntansi
100% attendance
Revision of Standar Prosedur Pengelolaan Perusahaan Hasil Penyertaan Circular Resolution with
20. 15 September 2025
Modal (SP4M) 100% attendance
Circular Resolution with
21. 16 September 2025 Revision of Standar Prosedur Operasional (SPO) Treasury Operation
100% attendance
Revision of Standar Prosedur Operasional (SPO) Pengelolaan Pengaduan Circular Resolution with
22. 17 September 2025
Nasabah 100% attendance
Revision of Standar Prosedur Operasional (SPO) Marketing Komunikasi Circular Resolution with
23. 19 September 2025
Produk & Jasa 100% attendance
Circular Resolution with
24. 29 September 2025 Revision of Standar Prosedur Operasional (SPO) Keuangan Berkelanjutan
100% attendance
Circular Resolution with
25. 29 September 2025 Revision of Standar Prosedur (SP) Perpajakan
100% attendance
Revision of Standar Prosedur Operasional (SPO) Penyusunan Kebijakan & Circular Resolution with
26. 2 October 2025
Prosedur 100% attendance
Issuance of Standar Prosedur Pengendalian Internal atas Pelaporan Circular Resolution with
27. 13 October 2025
Keuangan (Internal Control Over Financial Reporting - ICOFR) 100% attendance
Revision of Standar Prosedur Operasional Credit & Collection Recovery Circular Resolution with
28. 18 November 2025
Small Medium Enterprise (SPO CCR SME) 100% attendance
Circular Resolution with
29. 21 November 2025 Revision of Standar Prosedur Operasional (SPO) Banccasurance
100% attendance
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 667
Page 670
No. Date Agenda & Decision Attendance
Revision of Standar Prosedur Anti Pencucian Uang (APU), Pencegahan
CORPORATE GOVERNANCE
Circular Resolution with
30. 21 November 2025 Pendanaan Terorisme (PPT), dan Pencegahan Pendanaan Proliferasi 100% attendance
Senjata Pemusnah Massal (PPPSPM)
Revision of Standar Prosedur Operasional (SPO) Payment - Remittance & Circular Resolution with
31. 26 November 2025
Other Services 100% attendance
Circular Resolution with
32. 2 December 2025 Revision of Standar Prosedur Operasional (SPO) Layanan Trust
100% attendance
Circular Resolution with
33. 15 December 2025 SPK Consumer and SPK Micro 100% attendance
Revision of SPK Corporate, SPK Commercial, SPK Financial Institutions (FI), Circular Resolution with
34. 16 December 2025
dan SPO Segmentasi Nasabah 100% attendance
Revision of Standar Prosedur Operasional (SPO) Layanan Wealth Circular Resolution with
35. 19 December 2025
Management 100% attendance
Revision of Standar Prosedur Operasional (SPO) Business Continuity Circular Resolution with
36. 22 December 2025
Management 100% attendance
Revision of Standar Prosedur Operasional (SPO) Tanggung Jawab Sosial & Circular Resolution with
37. 31 December 2025
Lingkungan 100% attendance
Policy & Procedure Committee Works Plan in 2026
› Adjustment/refinement of Mandiri Group Stipulations.
› Adjustment/refinement of Policies.
› Adjustment/refinement of the Company’s Standard Procedures adjusted with regulatory and business/
operational needs.
RISK MANAGEMENT COMMITTEE
The Risk Management Committee (RMC) is established to support the Board of Directors in managing risks. The
responsibilities include identifying, measuring, and monitoring risks, establishing risk management policies and
strategies.
Risk Management Committee Structure and Membership
Based on the Board of Directors Decree No. KEP.DIR/028/2025 dated 20 May 2025 concerning Risk Management
Committee, the structure and membership of RMC are as follows:
Risk Management Committee Member Structure
Chairman Vice President Director
Secretary Credit Portfolio Risk Group Head
Alternate Secretary Market Risk Group Head
Permanent Member 1. Vice President Director
2. Director of Operations
3. Director of Human Capital & Compliance
4. Director of Risk Management
5. Director of Finance & Strategy
6. Director of Network & Retail Funding
7. Director of Information Technology
8. SEVP Risk Management
Non-Permanent Member
Board of Directors and SEVP members related to the material.
Contributor 1. Compliance Group Head
2. Group Head/other Group Head related to material.
3. Committee Secretary
Invitee 1. Internal Audit SEVP or Internal Audit Directorate Group Head
2. Senior Operational Risk Head related to material
668 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 671
Risk Management & Credit Policy Committee Members Profile As of 31 December 2025
Name Position Description Educational Background
CORPORATE GOVERNANCE
Chairman/Permanent
Henry Panjaitan Vice President Director
Member
Timothy Utama Permanent Member Director of Operations
Eka Fitria Permanent Member Director of Human Capital & Compliance The Educational Background is presented
Danis Subyantoro Permanent Member Director of Risk Management in the Board of Directors’ Profile Section of
this Annual Report.
Novita Widya Anggraini Permanent Member Director of Finance & Strategies
Jan Winston Tambunan Permanent Member Director of Network & Retail Funding
Sunarto Permanent Member Director of Information Technology
The Educational Background is presented
Wildan Sanjoyo Permanent Member SEVP Risk Management in the Executive Officials Profile Section of
this Annual Report.
Risk Management Committee Charter
Pursuant to POJK No. 17 of 2023 concerning the Implementation of Governance for Commercial Banks article 75
and SEOJK No.14/SEOJK.03/2025states that the Bank must have guidelines and committee work rules, wherein
for the Risk Management Committee has been regulated in Board of Directors Decree No. KEP.DIR/028/2025,
consisting of: purpose of establishment, duties, responsibilities, and authority, structure and membership,
meetings, quorum, decision making, mekanisme evaluasi kinerja, dan periode reviu pedoman dan tata tertib kerja
komite.
Risk Management Committee Duties and Responsibilities
The RMC’s duties, authorities, and responsibilities are:
1. Duties and Authorities:
a. Developing Risk Management policy and its amendments, including Risk Management strategy. Risk
Management framework and contingency plan to anticipate the abnormal conditions.
b. Monitoring risk profile and management of all risks to establish risk appetite, risk limit, and integrated risk
management strategy as well as capital adequacy.
c. Performing improvements to the implementation of risk management on a regular basis and incidentally
as a follow-up to changes in internal and external conditions that affected the capital adequacy and
Company risk profile.
d. Discussing strategic matters in the scope of risk management including in Subsidiaries.
2. Authority:
a. Determining a risk management framework and methodology to identify, measure and mitigate risks,
including for stress conditions and contingency plans.
b. Determining items related to business decisions that had specific conditions (such as allocation and limit
allocations in credit portfolio management).
c. Giving recommendations to the President Director regarding:
d. Preparation and/or adjustment/improvement of Policies, Strategies and Guidelines for The Risk
Management Implementation.
e. Enhancement or improvement of the Risk Management implementation based on the evaluation of the
Risk Management implementation.
f. Determination of items related to business decisions, including those that deviated from normal
procedures.
g. Delegating authority to appointed officials to decide and implement operational activities.
Performance Implementation in 2025
In fulfilling its duties and responsibilities, RMC convenes meetings at least 2 (two) times a year. Additional
meetings may be held at anytime as needed at the request of one or more members of the committee, at the
request of the Board of Directors, or based on a written proposal from a relevant unit. Such requests shall include
discussion materials and be coordinated with the Committee Secretary.
In 2025, the RMC approved 12 (twelve) decisions through 8 (eight) meetings and 4 (four) circular decisions, with
the following details:
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 669
Page 672
Quorum Attendance
No. Meeting Date Meeting Agenda Remark
(%)
Self-Assessment of Bank Mandiri’s Individual Risk Profile and
CORPORATE GOVERNANCE
1 15 January 2025 75% Committee Meeting
Bank Soundness Level for Semester II / December 2024.
Approval of the Allocation and Impact Report for Sustainability
2 23 January 2025 100% Committee Meeting
Bond. ESG Repo, and Green Bond.
Self-Assessment of the Integrated Risk Profile and Consolidated
3 6 February2025 100% Committee Meeting
Bank Soundness Level for Semester II / December 2024.
4 21 February 2025 Approval of the 2025 Risk Appetite Threshold (RAT). 100% Circullar
Self-Assessment of the Individual and Consolidated Risk Profile
5 17 April 2025 100% Committee Meeting
as of 31 March 2025.
Review of the Rule Rating Methodology for Individual Bank
6 5 June 2025 100% Circullar
Soundness Level (TKB) for Semester I 2025.
Approval of Proposed Limits for Trading Book Market Risk.
7 17 June 2025 100% Circullar
Banking Book Market Risk, and Liquidity Risk.
Review of the Rule Rating Methodology for Consolidated Bank
8 30 June 2025 100% Circullar
Soundness Level (TKB) for Semester I 2025.
Self-Assessment of Bank Mandiri’s Individual Risk Profile and
9 15 July 2025 100% Committee Meeting
Bank Soundness Level as of June 2025.
Self-Assessment of Subsidiaries’ Risk Profile and Bank
10 30 July 2025 Soundness Level for the Integrated Risk Profile and Consolidated 100% Committee Meeting
Bank Soundness Reporting as of 30 June 2025.
Approval of the 2025 Risk Maturity Index (RMI) Assessment
11 19 September 2025 100% Committee Meeting
Results.
Self-Assessment of Bank Mandiri’s Individual and Consolidated
12 16 October 2025 100% Committee Meeting
Risk Profile as of 30 September 2025.
Risk Management Committee Works Plan in 2026
1. Monitor risk profile and management of all risks in order to establish a risk appetite and integrated risk
management strategies integrated and capital adequacy.
2. Evaluate and determine Risk Management policies, including Risk Management strategies, Risk Management
frameworks and contingency plans to anticipate abnormal conditions.
CREDIT POLICY COMMITTEE
Credit Policy Committee Category A (CPC A) is a committee established to assist the Board of Directors in
formulating credit policies, overseeing policy implementation. monitoring the development and condition of the
credit or financing portfolio, and providing recommendations for corrective actions.
Credit Policy Committee Category B (CPC B) is a committee established to assist the Board of Directors in reviewing
and/or evaluating matters related to Management Limits and in establishing Management Limits in accordance
with its decision-making authority.
Credit Policy Committee Structure and Membership
Based on the Board of Directors Decree No. KEP.DIR/029/2025 dated 20 May 2025 concerning Credit Policy
Committee, the structure and membership of CPC are as follows:
670 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 673
Credit Policy Committee Category A Member Structure
Chairman President Director
Secretary Credit Portfolio Risk Group Head
CORPORATE GOVERNANCE
Alternate Secretary Policy & Procedure Group Head
Permanent Member 1. President Director
2. Vice President Director
3. Director of Operations
4. Director of Risk Management
5. Director of Commercial Banking
6. Director of Corporate Banking
7. Director of Consumer Banking
8. Director of Treasury & International Banking
9. SEVP Risk Management
Non-Permanent Member Board of Directors Member and SEVP related to the material
Contributing Member 1. Director of Human Capital & Compliance.
2. Group Head/other Group Head related to material.
3. Committee Secretary
Invitee 1. Internal Audit SEVP or Group Head of Internal Audit Directorate.
2. Senior Operational Risk Head related to material present.
Credit Policy Committee Category B Member Structure
Chairman President Director
Secretary Credit Portfolio Risk Group
Permanent Member 1. President Director
2. Vice President Director
3. Director of Risk Management
4. Director of Corporate Banking
5. Director of Consumer Banking
6. Director of Finance & Strategy
7. SEVP Risk Management
8. SEVP Corporate Banking
Non-Permanent Member Board of Directors Member and SEVP related to the material
Contributor 1. Director of Human Capital and Compliance
2. Group Head/other Group Head level in relation to the material of Committee agenda.
3. Committee Secretary
Invitee 1. SEVP Internal Audit or Group Head of Internal Audit Directorate.
2. Senior Operational Risk Head in relation to the material of Committee agenda.
Credit Policy Committee Members Profile As of 31 December 2025
CPC Category A
Name Position Description Educational Background
Chairman/Permanent
Riduan President Director
Member
Henry Panjaitan Permanent Member Vice President Director
Timothy Utama Permanent Member Director of Operations
Danis Subyantoro Permanent Member Director of Risk Management The Educational Background is presented in the
Board of Directors’ Profile Section of this Annual
Totok Priyambodo Permanent Member Director of Commercial Banking Report
Mochamad Rizaldi Permanent Member Director of Corporate Banking
Saptari Permanent Member Director of Consumer Banking
Director of Treasury & International
Ari Rizaldi Permanent Member
Banking
The Educational Background is presented in the
Wildan Sanjoyo Permanent Member SEVP Internal Audit
Executives Profile Section of this Annual Report
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 671
Page 674
CPC Category B
CORPORATE GOVERNANCE
Name Position Description Educational Background
Chairman/Permanent
Riduan President Director
Member
Henry Panjaitan Permanent Member Vice President Director
The Educational Background is presented
Danis Subyantoro Permanent Member Director of Risk Management in the Board of Directors’ Profile Section of
Mochamad Rizaldi Permanent Member Director of Corporate Banking this Annual Report
Saptari Permanent Member Director of Consumer Banking
Novita Widya Anggraini Permanent Member Director of Finance & Strategy
Wildan Sanjoyo Permanent Member SEVP Risk Management The Educational Background is presented
in the Executives Profile Section of this
Budi Purwanto Permanent Member SEVP Corporate Banking Annual Report
Credit Policy Committee Charter
Pursuant to POJK No. 17 of 2023 concerning the Implementation of Governance for Commercial Banks article
75 and SEOJK No. 14/SEOJK.03/2025 stated that the Bank must have guidelines and committee work rules,
wherein for the Risk Management & Credit Policy committee has been regulated in Board of Directors Decree No.
KEP.DIR/029/2025, consisting of: purpose of establishment, duties, responsibilities, and authority, structure and
membership, meetings, quorum, decision making, performance evaluation mechanisms, and review periods for
committee guidelines and rules of procedure.
Credit Policy Committee Duties and Responsibilities
1. Category A – Credit Policy
The CPC – Category A’s duties, authorities, and responsibilities are:
a. Monitoring and evaluating the development and quality of the overall credit or financing portfolio.
b. Overseeing the implementation of Credit Policies, formulating solutions in case of obstacles or challenges
in their implementation, conducting periodic reviews of Credit Policies, and providing recommendations to
the Board of Directors when changes or improvements are necessary.
c. Monitoring and evaluating the accuracy of the exercise of credit decision-making authority, the credit
granting process, the development, and the quality of credits granted to related parties and certain large
debtors.
d. Monitoring and evaluating the accuracy of the implementation of the Legal Lending Limit (LLL) provisions,
compliance with laws and regulations related to credit granting, and the resolution of problematic loans
as set out in the Credit Policies.
e. Ensuring and evaluating the Bank’s efforts in meeting the adequacy of loan loss provisions.
f. Submitting periodic written reports and providing recommendations for corrective actions to the Board of
Directors, with copies to the Board of Commissioners, regarding the results of oversight on the implementation
and execution of Credit Policies and the monitoring and evaluation of the items mentioned above.
g. Providing input to the Board of Directors in the formulation and/or adjustment/improvement of the Bank’s
Credit Policies, especially concerning the formulation of prudential principles in lending, for subsequent
approval by the Board of Commissioners.
2. Category B – Credit Policy
The CPC – Category B’s duties, authorities, and responsibilities are as follows:
a. Discussing and/or evaluating agendas related to Management Limits with the following scope:
Type Maximum Master Limit Decision-Making Authority
Up to a maximum of 90% of
Tier A All Limit Proposals Board of Directors Meeting
the Legal Lending Limit (LLL)
Master Limit Proposal at 60%-70% of Legal Lending
Board of Directors Meeting
Up to a maximum of 70% of Limit (LLL)
Tier B
the Legal Lending Limit (LLL) Master Limit Proposal at <60% of Legal Lending
CPC – Category B
Limit (LLL)
Up to a maximum of 50% of
Tier C All Limit Proposals CPC –Category B
the Legal Lending Limit (LLL)
b. Determining Management Limits.
672 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 675
Performance Implementation in 2025
In fulfilling its duties and responsibilities, CPC convenes meetings at least once (1) a year or as deemed necessary
upon the request of one or more members comittee, the Board of Directors, or a written proposal from relevant
CORPORATE GOVERNANCE
work units regarding matters to be discussed. These meetings are coordinated with the Committee Secretary.
In 2025, the CPC Category A provided approvals through 1 (one) circular mechanism, while CPC Category B
approved 5 (five) agenda through 4 (four) committee meetings and 1 (one) circular mechanism, with the following
details:
Quorum
No. Meeting Date Meeting Agenda Committee Remark
Attendance (%)
Revision of the Credit Policy (KPKD) to align with
1 28 July 2025 regulatory provisions of POJK No. 26 of 2024 on CPC Category A 100% Circular
the Expansion of Banking Business Activities.
Approval of Master Limit proposal for Corporate Committee
2 6 January 2025 CPC Category B 100%
Banking segment Meeting
Approval of Master Limit proposal for Corporate Committee
3 30 June 2025 CPC Category B 100%
Banking segment Meeting
Approval of Master Limit proposal for Corporate
4 1 July 2025 CPC Category B 100% Circular
Banking segment
Approval of Master Limit proposal for Corporate Committee
5 30 September 2025 CPC Category B 100%
Banking segment Meeting
Approval of Master Limit proposal for Corporate Committee
6 21 October 2025 CPC Category B 75%
Banking segment Meeting
Credit Policy Committee Works Plan in 2026
1. Formulating policies, overseeing policy implementation, and monitoring the development and condition of the
credit portfolio.
2. Monitoring, evaluating, and establishing Management Limits for Tier B & C of Business Groups.
TRANSFORMATION COMMITTEE
The Transformation Committee (TFC) is established to support the Board of Directors in overseeing and addressing
the Bank’s transformation needs. Its responsibilities include setting strategic directions for transformation
development, identifying and aligning transformation initiatives or projects with the Bank’s business strategy,
addressing and resolving strategic issues related to transformation management, and determining adjustments to
the organization, work units, and executives involved in transformation functions in accordance with the authority
for organizational changes.
Transformation Committee Structure and Membership
Based on the Decree of the Board of Directors No. KEP.DIR/038/2025 dated 20 May 2025 regarding the
Transformation Committee, the membership structure of TFC is as follows:
Transformation Committee Membership Composition
Chairman President Director
Secretary Head of Business Transformation
Alternate Secretary I Head of Corporate Transformation
Alternate Secretary II Group Head of Strategic Investment & Subsidiaries Management
Permanent Member 1. President Director
2. Vice President Director
3. Director of Human Capital and Compliance
4. Director of Operations
5. Director of Financial and Strategy
6. Director of Information Technology
7. Director Risk Management
Non-Permanent Member Board of Directors and SEVP members related to the material.
Contributor 1. Group Head Compliance.
2. Group Head/other Group Head level in relation with material.
3. Committee Secretary.
Invitee 1. Internal Audit SEVP or Internal Audit Directorate Group Head.
2. Senior Operational Risk Head related to the material.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 673
Page 676
Transformation Committee Members Profile As of 31 December 2025
Name Position Description Educational Background
CORPORATE GOVERNANCE
Riduan Chairman/Permanent Member President Director
Henry Panjaitan Permanent Member Vice President Director
The educational
Eka Fitria Permanent Member Director of Human Capital and Compliance
background is presented
Timothy Utama Permanent Member Director of Operations in the Board of Directors’
profile section of this
Novita Widya Anggraini Permanent Member Director of Finance and Strategy
Annual Report
Sunarto Permanent Member Director of Information Technology
Danis Subyantoro Permanent Member Director of Risk Management
Transformation Committee Charter
Pursuant to POJK No. 17 of 2023 concerning the Implementation of Governance for Commercial Banks article 75
and SEOJK No. 14/SEOJK.03/2025stated that the Bank must have guidelines and committee work rules, wherein
for the Transformation Committee has been regulated in the Board of Directors Decree No. KEP.DIR/038/2025,
consisting of: purpose of establishment, duties, responsibilities, and authority, structure and membership,
meetings, quorum, decision making, performance evaluation mechanisms, and review periods for committee
guidelines and rules of procedure.
Duties, Responsibilities and Authorities
The following are Transformation Committee duties, responsibilities and authority:
Duties and Responsibilities:
1. Provide guidance on transformation proposals, including but not limited to initiatives/projects to be
implemented and managed by the transformation unit in alignment with the Bank’s business strategy.
2. Ensure that the implementation of transformation initiatives/projects proceeds according to the established
transformation plan.
3. Address and resolve strategic issues related to transformation management.
Authorities:
1. Define strategic direction for the development of the Bank’s transformation efforts.
2. Determine the initiatives/projects to be implemented and managed by the transformation unit in alignment
with the Bank’s business strategy.
3. Approve organizational adjustments within units and appointments of officers performing transformation
functions, in accordance with organizational change authorities.
Performance Implementation in 2025
In fulfilling its duties and responsibilities, TFC convenes meetings at least 3 (three) times a year. Additional
meetings may be held at anytime as needed at the request of one or more members of the committee, at the
request of the Board of Directors, or based on a written proposal from a relevant unit. Such requests shall include
discussion materials and be coordinated with the Committee Secretary.
Throughout 2025, the Transformation Committee has carried out its duties, responsibilities, and authorities by
making 2 (two) decisions, detailed as follows:
No. Date Agenda & Decision Attendance
1 Meeting quorum with 100%
29 April 2025 Akselerasi Eksekusi Strategi Tabungan Tahun 2025
attendance rate
2 Update Game Plan Retail Banking 2025: Driving Profitable Growth through Meeting quorum with 100%
24 June 2025
Prudent Retail Banking and Ecosystem Orchestration attendance rate
Transformation Committee Works Plan in 2026
1. Evaluation of the 2025 Transformatio
2. Establishment of Strategic Transformation Priorities.
3. Harmonization of Transformation Initiatives with Business Strategy.
4. Resolution of Strategic Transformation Issues.
5. Adjustment of Organizational Structure and Transformation Capabilities.
674 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 677
CREDIT COMMITTEE/RAPAT KOMITE
e. Write-off the book and remove credit charges.
KREDIT
3. The authority and responsibility for loans decision
CORPORATE GOVERNANCE
is attached by individual and not by position where
The Credit Committee/Rapat Komite Kredit (RKK) is each authority holder for loan decision is mutually
established to assist the Board of Directors in making independent and taken the same authority in the
decisions regarding lending activities. These include decision or refusal of a loan proposal.
new loans, additional loans, loan reductions, and/or 4. The authority to terminate loans is utilized in
loan extensions managed by the Business Unit, in line accordance with the applicable lending and
with the established limits of authority. This also covers procedures.
decisions related to the determination or modification 5. The extension of loans period can only be
of loan structures. done after the proportional distribution of
debtor transactions has been carried out to the
Credit Committee Membership and Structure debtor’s operating account at Bank Mandiri. If
The RKK was established based on a Board of Directors the distribution of debtor transactions to the
Decree on the Executive Committee, as last amended operating account has not been carried out
by Board of Directors Decree No. KEP.DIR/027/2025 proportionally, then the extension of loan facility
dated 20 May 2025. must be submitted and requested the approval
from the Credit Committee/Credit Restructuring
The composition of RKK members is determined based Committee according to the limit of authority by
on the Four Eyes Principle, ensuring a proportional informing the condition.
balance between representatives holding business
authority and those holding credit risk authority. To Credit Committee Duties Implementation in 2025
support its implementations, the Credit Committee is In 2025, the Credit Committee has made 3,123 loans
equipped with a Committee Secretary. decisions, consisting of 1,013 in the Corporate
segment, 1,775 in the Commercial segment, 64 in the
Credit Committee Charter SAM segment, and 271 in the SME segment.
Bank Mandiri has established a Credit Committee
Charter, which is stipulated in the Standard Credit Credit Committee Works Plan in 2026
Procedures specific to each business segment. The Credit Committee has set the 2026 works plan,
among others, to provide recommendations and/or
The Credit Committee Charter defines key aspects approval of lending (new, additional, decrease, and or
such as the duties, responsibilities, and authorities of renewal) managed by the Business Unit in accordance
the Credit Committee. The Charter also governs the with the authority of limit, including the determination/
Committee’s structure and membership, ensuring change of loans structure.
proportional representation of both business functions
and credit risk functions.
SOCIAL & ENVIRONMENTAL
Credit Committee Duties and Responsibilities RESPONSIBILITY COMMITTEE (TJSL)
In carrying out its functions, the Credit Committee has
the duties and responsibilities as set forth in the Loans The Social & Environmental Responsibility Committee
Procedure Standards per segment as follows: (TJSL) is established to support the Board of Directors
1. Credit Committee in coordinating across work units and functions to
The Credit Committee shall recommend and/ achieve the following objectives: formulating goals and
or terminate the loans (new, addition, reduction, guidelines for implementing the Bank Mandiri TJSL
and/or renewal) managed by the Business Unit in (Social and Environmental Responsibility) Program,
accordance with the authority limit, including the mapping and preparing the TJSL Program, and assisting
credit structure determination/amendment. the Board of Directors in evaluating its implementation.
2. Credit Committee – Restructuring
a. Credit Committee – Restructuring is authorized Social & Environmental Responsibility Committee
to recommend and or decide as authorized by: Structure and Memberships
b. Restructuring and completion of loans for Based on the Decree of the Board of Directors No.
Collectability 3, 4, 5 and collectability 1 and 2 KEP.DIR/031/2025 dated 22 May 2025 on the Social
post restructuring which is still managed by & Environmental Responsibility Committee (SERC), the
the Credit Recovery Unit. structure and membership of the SERC are as follows:
c. Restructuring of collectability Credits 1 and 2
category watch lists. Social & Environmental Responsibility Committee
d. Recovery/settlement of loans extraction
tables, including deciding the acquired assets
(AYDA).
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 675
Page 678
Member Structure
Head Director of Finance and Strategy
Secretary Group Head Corporate Secretary
CORPORATE GOVERNANCE
Substitute Secretary Head of Government Project 3
Permanent Members 1. Director of Finance and Strategy
2. SEVP Corporate Relation
3. Group Head Corporate Secretary
4. Group Head Environment. Social & Governance
5. Group Head Strategy & Performance Management
6. Group Head Distribution Strategy
7. Group Head Micro Development & Agent Banking
8. Head of Government Project 3
Non-Permanent Members Members of the Board of Directors and relevant Senior Executive Vice Presidents (SEVPs)
Contributor a. Director of Human Capital and Compliance
b. Group Heads or other equivalent positions relevant to the subject matter
c. Committee Secretary
Invitees a. Senior Executive Vice President of Internal Audit or Group Head of the Internal Audit
Directorate
b. Senior Operational Risk Head relevant to the subject matter
Social & Environmental Responsibility Committee Members Profile As of 31 December 2025
Position in the
Name Position in the Company Educational Background
Committee
The educational background is presented in the
Novita Widya Anggraini Chairman/Permanent Director of Finance and Strategy
Board Directors Profile in this Annual Report.
The educational background is presented in the
Adhika Vista Secretary/Permanent Group Head Corporate Secretary
Corporate Secretary Profile in this Annual Report.
The educational background is presented in the
M. Wisnu Trihanggodo Permanent Member SEVP Corporate Relation
Corporate Secretary Profile in this Annual Report.
Group Head Environment. Social &
Monica Yoanita Octavia Permanent Member -
Governance
Group Head Strategy &
Antonius Kunta Widyatmaka Permanent Member -
Performance Management
Ashraf Farahnaz Permanent Member Group Head Distribution Strategy -
Group Head Micro Development &
Bayu Trisno Arief Setiawan Permanent Member -
Agent Banking
Yoga Sulistijono Permanent Member Head of Government Project 3 -
Social & Environmental Responsibility Committee Charter
Pursuant to POJK No. 17 of 2023 concerning the Implementation of Governance for Commercial Banks article 75
and SEOJK No. 14/SEOJK.03/2025 stated that the Bank must have guidelines and committee work rules, wherein
for the Social & Environmental Responsibility Committee has been regulated in the Board of Directors Decree No.
KEP.DIR/031/2025, consisting of: purpose of establishment, duties, responsibilities, and authority, structure and
membership, meetings, quorum, decision making, performance evaluation mechanisms, and review periods for
committee guidelines and rules of procedure.
Duties, Responsibilities and Authorities
The following are the Social & Environmental Responsibility Committee duties, responsibilities and authority:
Duties and Responsibilities:
1. Coordinate across work units/divisions to define goals and implementation guidelines for Bank Mandiri’s
Social and Environmental Responsibility (TJSL) Program;
2. Conduct mapping and preparation of the TJSL Program; and
3. Assist the Board of Directors in evaluating the implementation of the TJSL Program.
676 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 679
Authorities:
1. Determine and coordinate the work units responsible for implementing Bank Mandiri’s TJSL Program,
CORPORATE GOVERNANCE
ensuring that the program meets its established targets; and
2. Request data and information related to the TJSL Program.
Performance Implementation in 2025
In fulfilling its duties and responsibilities, SERC convenes meetings at least 2 (two) times a year. Additional
meetings may be held at anytime as needed at the request of one or more members of the committee, at the
request of the Board of Directors, or based on a written proposal from a relevant unit. Such requests shall include
discussion materials and be coordinated with the Committee Secretary.
In 2025, the Social & Environmental Responsibility Committee has carried out its duties, responsibilities, and
authorities by making 2 (two) decisions, detailed as follows:
Quorum Attendance
No. Meeting Date Meeting Agenda
(%)
1 19 December 2025 TJSL Performance Reporting in 2025 100
Approval of the 2026 Social and Environmental Responsibility Program and
2 29 December 2025 100
Budget Plan
Social & Environmental Responsibility Committee Work Plans for 2026
1. Mapping and compiling Bank Mandiri's TJSL Program.
2. Evaluating the implementation of Bank Mandiri's TJSL Program.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 677
Page 680
CORPORATE SECRETARY
CORPORATE GOVERNANCE
678 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 681
CORPORATE GOVERNANCE
The Corporate Secretary ensures that Bank Mandiri’s strategic information is communicated accurately. timely.
and in full compliance with regulations. Through effective coordination between internal governance bodies and
stakeholders. this function strengthens trust and reinforces the Bank’s reputation.
The Corporate Secretary serves a strategic role in ensuring that Bank Mandiri operates in full compliance with
legal requirements, banking regulations, and Good Corporate Governance principles. This function ensures that all
material information is disclosed to stakeholders, including shareholders, supervisory authorities, analysts, capital
market participants, and the public, in an accurate, complete, and timely manner. The Corporate Secretary also
coordinates the Bank’s strategic communications, ensuring consistent and transparent messaging that supports
the Bank’s reputation as a trusted financial institution.
As the primary liaison between the Bank’s internal governance bodies, the Board of Directors. Board of
Commissioners, and committees, and external parties such as the Financial Services Authority. Bank Indonesia,
government institutions, shareholders, and the public, the Corporate Secretary plays a critical role in facilitating
information flow and governance processes. The Corporate Secretary reports to the Board of Directors and is
appointed in accordance with Board decisions and regulatory requirements. At Bank Mandiri, this function is
carried out by the Corporate Secretary Group, led by an executive at the Senior Vice President level or above,
ensuring effective execution, professionalism, and alignment with banking governance standards.
Legal References of Appointment
The establishment, appointment and implementation of functions and duties of Corporate Secretary refer to:
1. Law No. 16 of 2025 on the fourth amendment of Law No. 19 of 2022 of State-Owned Enterprises.
2. SOE Minister Regulation No. PER-2/MBU/03/2023 of 2023 concerning Guidelines for Governance and
Significant Corporate Activities of State-Owned Enterprises.
3. POJK No. 35/POJK.04/2014 concerning Corporate Secretary of Issuers and Public Companies.
4. Articles of Association of Bank Mandiri
5. Board of the Director’s Decree No. KEP. DIR/047/2023 dated 1 December 2023.
6. Board of the Director’s Decree No. KEP. DIR/071/2024 dated 23 December 2024.
7. Board of the Director’s Decree No. KEP. DIR/086/2025.
8. Board of the Director’s Decree No. KEP. DIR/088/2025.
Appointment and Profile of the Corporate Secretary
In reference with Board of Directors Decree No. KEP.DIR/088/2025 on Organizational Structure, the Corporate
Secretary of Bank Mandiri is under the supervision of SEVP Corporate Relations, which reports to the President
Director. The appointment and dismissal of Corporate Secretary are determined based on the Board of Directors’
decision.
Pursuant to the Board of Directors Decree No. KEP.DIR/071/2024 dated 23 December 2024, the Company
appointed M. Ashidiq Iswara as Corporate Secretary effective 1 January 2025, replacing M. Wisnu Trihanggodo,
SEVP Corporate Relations, who previously served as Acting Corporate Secretary. This appointment was reported to
the OJK through letter No. CRL.CSC/CMA.25/2025 dated 3 January 2025.
On 1 December 2025, the Company appointed Adhika Vista as Corporate Secretary, replacing M. Ashidiq Iswara,
based on Board of Directors Decree No. KEP.DIR/086/2025 dated 1 December 2025. This appointment was reported
to the OJK through letter No. CRL.CSC/CMA.4993/2025 dated 1 December 2025.
The profile of Corporate Secretary is presented below:
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 679
Page 682
CORPORATE GOVERNANCE
M. Ashidiq Iswara*
Corporate Secretary
(1 January - 30 November 2025)
Age : 47 Years old
Citizenship : Indonesia
Domicile : Jakarta
Certification
Risk Management Level 6
Educational Background
› Bachelor’s Degree in Meteorology and Geophysics Engineering. Institut Teknologi Bandung (2003)
Professional Background
› Corporate Secretary of PT Bank Mandiri (Persero) Tbk (1 January – 30 November 2025)
› Regional CEO 1/Sumatra 1, Bank Mandiri (January2024-January 2025)
› Regional CEO 10/Sulawesi & Maluku, Bank Mandiri (February 2021-January 2024)
› Department Head Treasury Wholesale Coverage, Treasury Group Bank Mandiri (November 2019 –
February 2021)
* Served as Corporate Secretary of PT Bank Mandiri (Persero) Tbk until 30 November 2025.
680 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 683
CORPORATE GOVERNANCE
Adhika Vista*
Corporate Secretary
(1 December 2025 - present)
Age : 49 Years old
Citizenship : Indonesia
Domicile : Jakarta
Certification
Risk Management Level 5
Educational Background
› Bachelor’s Degree in Accounting, Universitas Mercu Buana (1999)
› Master’s Degree in Management, Universitas Gadjah Mada (2007)
Professional Background
› Corporate Secretary of PT Bank Mandiri (Persero) Tbk (1 December 2025 – present)
› Department Head Institutional Relation, Corporate Secretary Group (January 2025 - December 2025)
› Area Head Jakarta Gambir, Regional IV/Jakarta 2 (January 2024 - January 2025)
› Government Business Head, Regional VI/Jawa 1 (June 2022- January 2024)
* Serving as Corporate Secretary of PT Bank Mandiri (Persero) Tbk since 1 December 2025.
Corporate Secretary Structure
The functions and duties are divided into 6 (six) fields:
1. Bank activities as a public company. including implementing corporate governance, specifically those related
to capital market rules.
2. Corporate Communication Activities.
3. Secretariat Activities.
4. Security Activities.
5. Social and Environmental Responsibility Activities (CSR).
6. Other Activities.
The coordination and supervision of each department are directly under the Corporate Secretary. which is guided
by the Corporate Secretary Policy and Standards.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 681
Page 684
Corporate Secretary Group
CORPORATE GOVERNANCE
Group Head Corporate
Secretary
Corporate Social Strategic Planning,
Instittutional Corporate Capital Market
Responsibility Budgeting &
Relation Communication Assurance
Center Reporting
Team
Institutional Media Capital Market General Affair
CSR Operation
Relation 1 Relations Intelligence
Team
External Policy Budgeting &
Institutional CSR Non Program
Communication Assurance Controling
Relation 2
Internal CSR Program Strategic &
Communication Planning
Corporate Activation Reporting &
Analysis
682 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 685
CORPORATE GOVERNANCE ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 683
Page 686
Functions and Duties of Corporate Company 2. Carrying out reputational risk management
Referring to Article 5 of POJK No. 35/POJK.04/2014 functions which include the process of
CORPORATE GOVERNANCE
concerning Corporate Secretary of Issuers or Public identifying. measuring. monitoring and
Companies. the functions of the Corporate Secretary controlling the reputational risk management.
is as follows: 3. Organizing and carrying out certain
1. Following the development of the capital market. activities (e.g. events/sponsorships) as the
especially the applicable laws and regulations of implementation of a corporate communication
the capital markets. strategy.
2. Providing input to the Board of Directors and the 4. Monitoring and updating the content of brand
Board of Commissioners to comply with the rules guideline material from time to time to ensure
and regulations of the capital market. conformity with current needs.
3. Assisting the Board of Directors and the Board 5. Developing and implementing product and
of Commissioners in implementing corporate service communication marketing strategies
governance which includes: based on applicable internal regulations.
a. Disclosure of information to the public.
including the availability of information on the C. Secretariat Activities
Company’s Website; 1. Organizing and documenting the Meetings of
b. Timely submission of reports to the OJK; the Board of Directors Meetings and Board of
c. Organizing and documenting the General Commissioners.
Meeting of Shareholders; 2. Administration of the company documents
d. Organizing and documenting the Meetings including regulating or stipulating the
of the Board of Directors and/or Board of regulations concerning letters and
Commissioners; and management of the company documents.
e. Implementing an orientation program for 3. Organizing activities to support the
the Board of Directors and/or the Board of functions and work activities of the Board of
Commissioners. Commissioners and Board of Directors.
4. As a liaison between the Company and 4. Supporting the functions and work activities
shareholders. the OJK and other stakeholders. of the Board of Commissioners and Board of
Directors, among others:
Corporate Secretary Guidelines Policy and Standards a. Implementation of protocols
In line with OJK Regulation. the Corporate Secretary b. Management of administration. facilities
also has in place the Policy and Standard of Guidelines and benefits.
as the foundation in carrying out its functions and
duties. The scope of activities of responsibility of the D. Security Activities
Corporate Secretary are as follows: Carry out security activities aimed at supporting
the smooth and orderly operational activities of
A. Bank Activities as a Public Company the Company. including regulating and stipulating
1. Carrying out Information Disclosure including regulations on the implementation of Bank security
reporting to Regulators regarding the Bank
status as a Public Company. E. Social and Environmental Responsibility
2. Organizing and documenting the General Activities (TJSL)
Meeting of Shareholders. 1. Develop CSR planning as a strategy and
3. Carrying out report submissions according to implementation guide to ensure the
the provisions of other laws under the authority effectiveness and success of CSR
of the Corporate Secretary unit. 2. Implement CSR activities in the form of:
4. Managing the administration of Bank Mandiri a. Micro and small business financing (MSE
shareholders. Funding Program); and/or
5. Organizing other activities related to the b. Provision of Assistance and/or other
Corporate Actions and/or other information activities. including coaching (MSE Non-
disclosures. Funding Program).
6. Carrying out the Bank’s compliance with the 3. The Board of Directors evaluates the
capital market regulations. implementation of the Bank’s CSR Activities
to measure performance and achievement
B. Corporate Communication Activities of benefits both to the Bank and to the
1. Establishing strategies and managing the environment.
implementation of corporate communications 4. The Board of Commissioners supervises the
that present the company’s image to all bank implementation of CSR Activities.
stakeholders.
684 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 687
F. Other Activities
Carry out Special Assignments from the central government in order to carry out the functions of public
CORPORATE GOVERNANCE
benefit and national research and innovation.
Corporate Secretary Competence Enhancement Programs
In 2025. the Corporate Secretary participated in various training programs, seminars, and workshops to strengthen
competencies and maintain up-to-date knowledge of developments in the capital market. Details of these
development activities are presented in Chapter 3 Company Profile, under the Corporate Secretary Competency
Development section. in this Annual Report.
During the same period. the Corporate Secretary team also took part in training initiatives covering legal, accounting,
secretarial, and reporting matters, and attended forums discussing regulatory updates. These efforts ensure that
all secretarial processes and functions remain aligned with prevailing regulatory standards and requirements.
Corporate Secretary Report Fiscal Year 2025
In compliance with Article 11 of POJK No. 35/POJK/2014, the Corporate Secretary of Bank Mandiri has prepared
periodical reports at least once in a year regarding the implementation of the corporate secretary functions to the
Board of Directors and copied to the Board of Commissioners.
Transparency of Report Submissions
In 2025. the Corporate Secretary disseminated information to the public through various channels. including mass
media. the Company’s official website. Public Expose sessions. IDX Electronic Reporting Facilities for Issuers, and
the OJK Electronic Reporting System. The Corporate Secretary also submitted periodic and incidental reports
to regulators and government institutions such as OJK, IDX, LPS, the Ministry of Finance, and the State-Owned
Enterprises Regulatory Agency (BP BUMN). The reporting details are as follows:
Periodic Reports
No. Report Type Destination Report Period Number
1 Annual Report OJK, IDX, Ministry of Trade Annually 1
2 Sustainability Report OJK, IDX Annually 1
Consolidated Financial Statements of the OJK.,IDX, Ministry of Finance. State-Owned
3 Quarterly 4
Company and Subsidiaries Enterprises Regulatory Agency (BP BUMN)
OJK, IDX, Bank Indonesia, Ministry of Finance,
4 Financial Statements State-Owned Enterprises Regulatory Agency Annually 1
(BP BUMN), & Board of Trustees
Share Ownership Composition Report/
5 OJK, IDX Monthly 12
Shareholder Registration
6 Foreign Exchange Payables Report OJK, IDX Monthly 12
7 Annual Rating/Ranking Results Report OJK, IDX, & Board of Trustees Annually 1
State-Owned Enterprises Regulatory Agency
8 Company Performance Report Quarterly 4
(BP BUMN)
State-Owned Enterprises Regulatory Agency
9 Company Performance Report Annually 1
(BP BUMN)
Insidentil Reports
No. Report Subject Date Address To Total
3 January 2025,
1 Change of Corporate Secretary OJK & BEI 2
1 December 2025
Notification of the Annual General Meeting of Shareholders
2 17 January 2025 OJK 1
(AGMS) Plan
Announcement of the Annual General Meeting of Shareholders
3 3 February 2025 OJK, BEI, & KSEI 1
(AGMS)
Submission of Advertisement Proof for the Notification of the
4 3 February 2025 OJK, BEI, & KSEI 1
Annual General Meeting of Shareholders (AGMS)
Disclosure of Information on Certain Shareholders / Report on
5 Share Ownership of the Members of the Board of Directors and 14 February 2025, 7 November 2025
OJK & BEI 4
Board of Commissioners
Report on Material Information or Facts – Submission of Press 5 February 2025, 19 September 2025,
6 OJK & BEI 3
Release on the Company’s Performance Presentation 28 October 2025
Disclosure of Information on the Share Buyback Plan and the
7 1 4 February 2025 O JK, BEI, & KSEI 1
Transfer of Shares Resulting from the Buyback
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 685
Page 688
No. Report Subject Date Address To Total
Re-Announcement of the Annual General Meeting of Shareholders
CORPORATE GOVERNANCE
8 14 February 2025 OJK, BEI, & KSEI 1
(AGMS)
Submission of Advertisement Proof for the Re-Announcement of
9 14 February 2025 OJK, BEI, & KSEI 1
the Annual General Meeting of Shareholders (AGMS)
Submission of Advertisement Proof for the Share Buyback
10 14 Februari 2025 OJK, BEI, & KSEI 1
Information
11 Invitation to the Annual General Meeting of Shareholders (AGMS) 3 Maret 2025 OJK, BEI, & KSEI 1
12 Invitation to the General Meeting of Shareholders (GMS) 3 March 2025 OJK, BEI, & KSEI 1
Submission of Advertisement Proof for the Invitation to the Annual
13 3 March 2025 OJK, BEI, & KSEI 1
General Meeting of Shareholders (AGMS)
14 Prospectus 4 March 2025 OJK, BEI, & KSEI 1
Submission of Advertisement Proof for the Brief Additional
15 4 March 2025 OJK, BEI, & KSEI 1
Information
Update on the Disclosure of Information regarding the Share
16 Buyback Plan and the Transfer of Shares Resulting from the 20 March 2025 OJK, BEI, & KSEI 1
Buyback
Transfer of the Company’s Series B Shares Owned by the
17 24 March 2025 OJK, BEI, & KSEI 1
Government to PT Biro Klasifikasi Indonesia
18 Debt Securities Issuance 25 March 2025 OJK, BEI, & KSEI 1
Summary of Minutes of the Annual General Meeting of
19 26 March 2025 OJK, BEI, & KSEI 1
Shareholders (AGMS)
Submission of Advertisement Proof for the Results of the Annual
20 26 March 2025 OJK, BEI, & KSEI 1
General Meeting of Shareholders (AGMS)
21 Disclosure of Information on Corporate Action (Cash Dividend) 27 March 2025 OJK, BEI, & KSEI 1
Report on the Availability of Funds for the Payment of Bank 17 April 2025 OJK, BEI, & KSEI
22 1
Mandiri Sustainable Bond II Phase I Year 2020 Series A
23 Change in the Audit Committee 29 April 2025, 2 September 2025 OJK & BEI 2
24 Buyback or Payment of Debt Securities and/or Sukuk 14 May 2025 OJK, BEI, & KSEI 1
Report on the Utilization of Proceeds from the Sustainable Public
25
Offering of Green Bonds I Bank Mandiri Phase II Year 2025 27 May 2025 OJK, BEI, & KSEI 1
26 Change of Temporary Address of the Head Office 2 June 2025 OJK, BEI, & KSEI 1
Notification of the Extraordinary General Meeting of Shareholders
27 23 June 2025, 3 November 2025 OJK 2
(EGMS) Plan
Announcement of the Extraordinary General Meeting of OJK, BEI, & KSEI
28 30 June 2025, 12 November 2025 2
Shareholders (EGMS)
Submission of Advertisement Proof for the Notification of the
29 30 June 2025, 12 November 2025 OJK, BEI, & KSEI 2
Extraordinary General Meeting of Shareholders (EGMS)
Invitation to the Extraordinary General Meeting of Shareholders
30 9 July 2025, 27 November 2025 OJK, BEI, & KSEI 2
(EGMS)
Submission of Advertisement Proof for the Invitation to the
31 9 July 2025, 27 November 2025 OJK, BEI, & KSEI 2
Extraordinary General Meeting of Shareholders (EGMS)
Re-Announcement of the Extraordinary General Meeting of
32 3 August 2025 OJK, BEI, & KSEI 1
Shareholders (EGMS)
Submission of Advertisement Proof for the Change of Schedule of
33 3 August 2025 OJK, BEI, & KSEI 1
the Extraordinary General Meeting of Shareholders (EGMS)
Summary of Minutes of the Extraordinary General Meeting of
34 5 August 2025, 23 Desember 2025 OJK, BEI, & KSEI 2
Shareholders (EGMS)
Submission of Advertisement Proof for the Results of the
35 5 August 2025, 23 Desember 2025 OJK, BEI, & KSEI 2
Extraordinary General Meeting of Shareholders (EGMS)
36 Change of Public Accounting Firm 24 July 2025 OJK, BEI, & KSEI 1
Determination of the Effective Appointment of the President
37 2 December 2025, OJK, BEI, & KSEI 1
Director and Vice President Director
38 Distribution of Interim Dividends 19 December 2025 OJK, BEI, & KSEI 1
Determination of the Effective Appointment of the Company’s
39 19 December 2025 OJK, BEI, & KSEI 1
Management
40 Change in the Company’s Management 19 December 2025 OJK, BEI, & KSEI 1
Submission of the Announcement on the Schedule and
OJK, BEI, & KSEI
41 Procedures for the Distribution of Interim Dividends for Financial 22 December 2025 1
Year 2025
Submission of Advertisement Proof for the Interim Dividend OJK, BEI, & KSEI
42 22 December 2025 1
Distribution Schedule
686 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 689
Press Release
Bank Mandiri proactively disseminates updates on its activities and initiatives through the issuance of press
releases. The following outlines the press releases published throughout 2025:
CORPORATE GOVERNANCE
No Date Title Release
1 3 January Bank Mandiri Appoints M Ashidiq Iswara as Corporate Secretary
2 7 January Ready to Advance National Basketball, Bank Mandiri Officially Becomes the Main Partner of IBL 2025
3 10 January Encouraging Foreign Investment, Bank Mandiri Promotes IT Sector to Hong Kong Investors
4 14 January Bank Mandiri Strengthens KUR Distribution in Bali-Nusra, Boosts Food Security and People's Economy
Presenting Comprehensive Financial Services, Bank Mandiri and Mindstores Launch Alfamart Quick Commerce
5 16 January
Feature on Livin'
6 17 January Bank Mandiri Involves Customers in Environmental Conservation Through Livin' Planet
7 17 January Bank Mandiri Holds WMM 2024 Summit: Young Entrepreneurs' Inspirational Journey to the Top 4 and Best of The Best
8 21 January Ready to Accelerate Investment in Indonesia, Bank Mandiri Again Holds Mandiri Investment Forum (MIF) 2025
9 21 January Accelerating Digital Services, Mandiri Remittance Strengthens Transfer Services for PMIs
Utilizing Data Analytics, Bank Mandiri Achieves International Recognition in the Field of Information and
10 22 January
Communication Technology
Expanding Credit Card Business Ecosystem, Bank Mandiri Establishes Partnership with Harley Davidson Club Indonesia
11 22 January
(HDCI)
12 24 January Hockey Flows in the Year of the Wood Snake! Enjoy Special Chinese New Year Promo from Bank Mandiri
13 25 January Supporting the Strengthening of National Nutrition, Bank Mandiri Distributes Loans for Agriculture to Food Processing
Bank Mandiri Encourages Acceleration of Financial Inclusion Through Strategic Collaboration with Sucor Sekuritas and
14 27 January
Sucor AM
Consistently Supporting PMI and the Diaspora, Bank Mandiri Records Remittance Transactions in 2024 to Reach IDR2
15 30 January
Trillion
16 31 January Bank Mandiri Develops Transactional Services at Sunan Gunung Djati State Islamic University (UIN SGD) Bandung
17 3 February Bank Mandiri is Greener! Best ESG Score in KBMI IV version of Sustainalytics
Enlivening Chinese New Year 2025, Bank Mandiri Strengthens Digital Services and Innovation with Customers in 3
18 3 February
Cities
19 7 February Bank Mandiri Encourages Asset Growth with Digitalization and Wholesale Ecosystem
20 8 February Encouraging Energy Transition, Bank Mandiri Actively Participates in International Carbon Trading
Celebrating the Closing of Chinese New Year 2025 with Customers in Jakarta, Bank Mandiri Strengthens Digital
21 10 February
Services and Innovation
Mandiri Investment Forum 2025: Investment and Innovation Strategies to Encourage Sustainable Economic Growth in
22 11 February
Indonesia
23 13 February Encouraging People's Economic Growth, Bank Mandiri Upgrades MSME Actors Through the 2024 uRBan Festival
24 13 February Bank Mandiri is Greener! Best ESG Score in KBMI IV version of Sustainalytics
25 14 February Encouraging Employee Quality Improvement, Bank Mandiri Meets Two International Standards
26 17 February Implementing Sustainable Innovation, Bank Mandiri Wins Two Alpha SouthEast Asia Awards 2024
27 17 February Bank Mandiri Drives MSMEs to Upgrade, SOE Houses Become Economic Growth Engines
28 21 February Top Global! Bank Mandiri Enters TIME's List of Best Companies in Asia Pacific 2025
Supporting the People's Economy, Bank Mandiri Accelerates the Digitalization of Traditional Markets Through Livin'
29 22 February
Pasar
30 22 February Financial Conditions Remain Solid, Bank Mandiri Affirms Commitment to Maintain Banking Stability
31 25 February Respectful Workplace Policy Becomes Bank Mandiri's Effort to Create an Inclusive Work Environment
Developing Business Capacity, Bank Mandiri Provides Intellectual Property and Export Rights Training for MSME Actors
32 25 February
in Medan
33 25 February Supporting National Economic Consolidation, Bank Mandiri Welcomes the Establishment of BPI Danantara
34 28 February Realizing a People's Economy, Bank Mandiri's MSME Loans in 2024 Increase
Accelerating Financial Solutions, Bank Mandiri Strengthens Commitment and Expands Inclusion for Farmers and
35 3 March
MSMEs
36 7 March Bank Mandiri Records 10-Fold Surge in Livin' Investment, Boosts Digital Finance Acceleration
37 7 March Celebrating the Warmth of Ramadan 1446 H, Bank Mandiri Holds Iftar and Compensation for 350 Orphans
Bank Mandiri Holds Free Homecoming Program 2025: Strengthening the Social Spirit and SOE Ecosystem in the
38 10 March
Moment of Victory
39 10 March Bank Mandiri Strengthens Sustainable Financing & Product Policy
40 10 March Ramadan 1446 H, Bank Mandiri Group Sponsors 3,050 Orphans, and the Elderly and 45 Foundations in East Java
41 11 March Sharing the Goodness of Ramadan 1446 H, Bank Mandiri Group Sponsors 1,600 Orphans in Bali and Nusra
42 11 March Bank Mandiri and Perbasi Officially Synergize, Accelerating the Birth of Indonesian Basketball Stars
43 13 March Anticipating Customer Needs during Ramadan & Eid al-Fitr, Bank Mandiri Prepares Net Cash of IDR31.6 Trillion
44 14 March Pay One Tap! Bank Mandiri Releases QRIS Tap on Livin' by Mandiri
45 14 March Ramadan 1446 H, Bank Mandiri Group Sponsors 3,200 Orphans and 45 Foundations in Central Java
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 687
Page 690
No Date Title Release
46 14 March Ramadan 1446 H, Bank Mandiri Group Sponsors 1,750 Orphans and 45 Foundations in Kalimantan
CORPORATE GOVERNANCE
47 14 March Ramadan 1446 H, Bank Mandiri Group Sponsors 850 Orphans in Papua
48 16 March Bank Mandiri Groundbreaking Menara Mandiri Kendari, a Form of Financial Services Expansion in Southeast Sulawesi
49 16 March Ramadan 1446 H, Bank Mandiri Group Sponsors 2,050 Orphans and 35 Foundations in Sulawesi and Maluku
50 17 March Ramadan 1446 H, Bank Mandiri Group Sponsors 3,740 Orphans and 45 Foundations in West Java
Bank Mandiri Prepares IDR766 Billion in Cash in Anticipation of Needs in the Months of Ramadan and Eid al-Fitr in
51 18 Mar
Papua
52 19 March Bank Mandiri Prepares Net Cash of IDR2.32 Trillion in Kalimantan
53 19 March Ramadan 1446 H, Bank Mandiri Group Sponsors 3,050 Orphans and 45 Foundations in Southern Sumatra
Ramadan 1446 H, Bank Mandiri Group Sponsors 3,050 Recipients and 45 Foundations in North Sumatra, Riau and Riau
54 19 March
Islands
55 19 March Achieving Calm and Victory, Bank Mandiri Again Holds Ramadan Blessing Festival in Papua
56 20 March Bank Mandiri Issues Global Bond of US$800 million with 3.5 times oversubscription amid Global Market Uncertainty
Bank Mandiri Successfully Raised Senior Unsecured Fixed Rate Notes of US$800 million 4.900%, Records 3.5-times
57 20 March
Oversubscription
58 22 March Supporting SDGs, Bank Mandiri Optimizes Recycling System and Access to Clean Water
59 23 March Boosting the People's Economy, Bank Mandiri Distributes IDR 9.01 Trillion KUR to 77,500 MSMEs until February 2025
Sharing the Goodness of Ramadan 1446 H, Bank Mandiri Group Sponsors 57,600 Orphans, and the Elderly and 668
60 24 March
Foundations
61 24 March Strengthening Digital Dominance, Bank Mandiri Wins Three Prestigious Global Awards
62 25 March Consistent with Business Acceleration, Bank Mandiri 2025 AGMS Agrees to Distribute Dividends of IDR43.51 Trillion
63 26 March Bank Mandiri Prepares Net Cash of IDR3.1 Trillion in East Java in Anticipation of the Eid al-Fitr Holiday
64 26 March Welcoming the Homecoming Flow, Bank Mandiri Presents Promos at Rest Areas and Ferries
65 27 March Deputy Minister of SOEs Ensures the Readiness of Money Stocks Ahead of Eid
66 28 March Bank Mandiri Holds Free Homecoming Program 2025, 8,500 Travelers Depart with 170 Buses
67 28 March Safe and Comfortable Homecoming, Bank Mandiri Presents a Service Post for Travelers
68 9 April Accelerating Supply Chain Financing, Bank Mandiri Accelerates Business Synergy with Copra Supplier Financing
69 11 April LinkedIn Top Companies 2025: Bank Mandiri Again Wins First Rank in Career Development in Indonesia
70 17 April Bank Mandiri Presents Digital Solutions for DHE SDA, Boosting National Export Efficiency
71 18 April BALI 7s 2025 Presented By Bank Mandiri: Asia's Largest Early Childhood Football Festival Held Again
Encouraging the Education of Students, Bank Mandiri Strengthens Al-Inaaroh Al-Hikam Boarding School Facilities in
72 22 April
Cirebon
73 23 April Bank Mandiri Distributes IDR182.4 Billion KUR to 1,440 MSMEs in Southeast Sulawesi until February 2025
74 23 April Welcoming Earth Day: Bank Mandiri Drives Transition to a Low-Carbon Economy
Bank Mandiri Distributes Prizes for Winners of the Top Lottery Program for Customers who own Savings Partners
75 24 April
(TabMu) in Jambi
76 27 April Encouraging MSMEs to Upgrade, Bank Mandiri Distributes KUR of IDR 12.8 Trillion as of March 2025
77 28 April Expanding Business Reach, Bank Mandiri Presents Alor Branch Office
78 29 April Bank Mandiri Starts 2025 with Healthy and Sustainable Growth
Celebrating National Education Day, Bank Mandiri Strengthens ESG Social Pillars Through Inclusive and Sustainable
79 2 May
Education Initiatives
80 2 May Accelerating the Expansion of Financial Inclusion, Bank Mandiri's Digital Transactions Increase
PMI Entrepreneurship Drive, Synergy of Bank Mandiri and Indonesian Consulate General in Penang Holds Mandiri
81 4 May
Sahabatku Program
Winning the Title of Champion of the Year and 12 Prestigious Awards, Bank Mandiri Strengthens Commitment to
82 5 May
Superior Talent
Smart Investment, Independent Finance 2025: Mandiri Group and IDX Collaboration to Expand Financial Education to
83 6 May
Remote Areas of the Country
84 6 May PSSI and FIFA Present a Child-Friendly Football Field in the Bank Mandiri Wijayakusuma Area
85 6 May Encouraging MSMEs to Go International, Bank Mandiri Introduces Garut Export House
86 7 May Five Years in a Row, Bank Mandiri Again Enters Forbes World's Best Bank 2025
87 9 May Bank Mandiri's ESG Acceleration: Sustainable Portfolio Rises, Financial Inclusion Expands
88 9 May Boosting Non-Cash Transactions, Bank Mandiri Digitizes ITB Campus Canteen
89 9 May Accelerating Social and Environmental Synergy, Bank Mandiri Supports Bandungan to Become a Leading Area
90 14 May Sparking PMI's Entrepreneurial Spirit, Mandiri Program Sahabatku Greets 250 Migrant Workers in Japan
91 15 May Livin' by Mandiri Records Positive Performance Through Transaction and User Growth
92 16 May Accelerating Financial Inclusion in Rural Areas, Bank Mandiri Collaborates with BUMDes and Local MSMEs
93 19 May Bank Mandiri Economist: Economic Acceleration 2025 Requires Fiscal and Monetary Synergy to Face Global Risks
94 22 May Innovation Yields Achievements, Bank Mandiri Recognized by The Asian Banker
95 22 May Mandiri Village Friends Target 200 Families at Risk of Stunting in Papua
96 23 May Mandiri Sahabat Desa Targets 200 Families at Risk of Stunting in Central Sulawesi
688 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 691
No Date Title Release
97 26 May Jakarta Great Sale Festival 2025: Let's Shop in Jakarta Global City and Celebrate 500 Years of Jakarta
CORPORATE GOVERNANCE
Through Indonesia Maritime Week 2025, Bank Mandiri Strengthens Roles and Services for the National Maritime
98 26 May
Ecosystem
Supporting the Acceleration of Digital Transactions at FJGS 2025, Bank Mandiri Strengthens the Retail and Financial
99 27 May
Inclusion Sector
Bank Mandiri's Synergy with Indonesia Eximbank through the Signing of Credit Agreements and MSME Capacity
100 28 May
Development
101 30 May Indonesia To Host Asean U-23 Championship Mandiri Cup™ 2025 From 15 To 29 July
Through Indonesia Maritime Week 2025, Bank Mandiri Strengthens Roles and Services for the National Maritime
102 31 May
Ecosystem
103 4 June Accelerating the Digital Ecosystem, Bank Mandiri Strengthens Wholesale Service Synergy through Kopra by Mandiri
Collaborating with Mindstores, Bank Mandiri Accelerates Quick Commerce with Up to 50% Discount Promo on Sukha
104 4 June
Feature
105 6 June Enlivening the Warmth of Eid al-Adha 1446 H, Bank Mandiri Distributes Sacrificial Meat to All Over Indonesia
Strengthening Social Commitment, Bank Mandiri Region I/Sumatra 1 Distributes Sacrificial Animal Meat to 980
106 6 June
Recipients
107 8 June Mandiri Sahabat Desa Focuses on 200 Families at Risk of Stunting in Yogyakarta
108 9 June Accelerating Young Athletes to the World, Mandiri Ciputra Golfpreneur Junior World Championship 2025 Officially Held
109 11 June Accelerating Green Transformation, MSCI Raises Bank Mandiri's ESG Rating to AA Score
110 11 June Spreading Cashback and Attractive Prizes, Road to MJM 2025 Echoes the Spirit of Jogja for Indonesia
111 11 June Accelerating Indonesian Golf Achievements, Mandiri Indonesia Open 2025 Ready to Be Held
Accelerating the Regional Economy, Bank Mandiri Establishes Strategic Synergy with the Tebing Tinggi City
112 12 June
Government
113 15 June Road to MJM 2025, Bank Mandiri Strengthens Social and Environmental Commitment for the Community in Yogyakarta
114 16 June New Face! Livin' by Mandiri Accelerates Complete and Dynamic Digital Banking Services
115 19 June Mandiri Jogja Marathon 2025 Held Again, Ready to Accelerate Tourism and ESG with 9,200 Runners
116 21 June Mandiri Health Service: Bank Mandiri Serves 1,650 Servants Ahead of Jogja Marathon 2025
117 22 June Record! Mandiri Jogja Marathon 2025 Reaches the Top, 9,200 Runners and NDX AKA Enliven Prambanan
118 24 June Mandiri Sahabat Desa Targets 200 Families at Risk of Stunting in East Nusa Tenggara
Bank Mandiri Encourages Retired PMI to Become Resilient Entrepreneurs Through the Foster Father Program in
119 24 June
Indramayu
120 26 June Ministry of PKP Collaborates with Bank Mandiri and BP Tapera to Accelerate Subsidized Housing Financing
Through Mandiri Looping for Life, Bank Mandiri Successfully Accelerates the Green Movement at the Mandiri Jogja
121 27 June
Marathon 2025
122 1 July Accelerating Sustainable Commitment, Bank Mandiri Wins 16 FinanceAsia Awards 2025
Mandiri Jogja Marathon Becomes a Motor to Accelerate Local Consumption, Lifestyle Events Are More Strategic to
123 1 July
Boost the Regional Economy
124 1 July Accelerating MSME Business Capacity, Bank Mandiri's KUR Distribution Reaches IDR 20.19 Trillion as of May 2025
125 2 July Accelerating Achievements, Mandiri Bintan Marathon Strengthens International Standards
126 3 July Growing an Inclusive Economy, Bank Mandiri Equips 70 Creative Entrepreneurs to Upgrade in Depok
Encouraging an Inclusive Economy and Financial Literacy, Bank Mandiri Strengthens Synergy for Creative Business
127 8 July
Actors
128 8 July Accelerating People's Economic Growth, Bank Mandiri Distributes BSU to 2.89 Million Workers
Simplifying Customer Needs, Bank Mandiri Wins 6 Awards from Asian Banking & Finance: Wholesale & Retail Awards
129 9 July
2025
130 10 July Bank Mandiri Accelerates Health Workers' Welfare Through Synergy with ARSSI
131 11 July Mandiri Sahabatku Accelerates Financial Literacy and Investment Insights for Migrant Workers in Malaysia
132 11 July Mandiri Traveloka Card Looks New, Accelerates Credit Card Transactions and Encourages Digital Lifestyle
133 15 July Rising to 115 out of 120, Bank Mandiri's Acceleration Gets Global Recognition by The Banker
134 15 July Bank Mandiri's Commitment to Build a Village Economy, Strengthen Support for Red and White Cooperatives
Encouraging East Java Automotive Activity, Bank Mandiri and Mandiri Utama Finance Hold Mandiri Auto Fest 2025 in
135 16 July
Surabaya
136 16 July Bank Mandiri Strengthens ESG Commitment through Clean Water Program Collaboration in Cibalong, Tasikmalaya
137 18 July Bank Mandiri's Commitment to Build a Village Economy, Strengthen Support for Red and White Cooperatives
Launching the Red and White Village/Village Cooperative (KDKMP), Strengthening Digitalization and Cooperative
138 19 July
Facilities
139 19 July ASEAN U-23 Mandiri Cup 2025: Indonesia Locks Three Points After Defeating the Philippines
Bank Mandiri Supports the Launch of Red and White Village/Village Cooperatives (KDKMP), Strengthening
140 21 July
Digitalization and Cooperative Facilities
141 22 July ASEAN U-23 Mandiri Cup 2025: Indonesia Advances to Semifinals After Holding Malaysia to Draw
142 23 July Bank Mandiri Strengthens Commitment to Support the People's Economy Through the Expansion of Mandiri Agent
143 24 July Consistently Makes It Easier for Customers, QRIS Transactions Between Countries at Livin' by Mandiri Grow Threefold
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 689
Page 692
No Date Title Release
Encouraging the Housing and Automotive Sector, Bank Mandiri Spreads Promos at Mandiri Vaganza Auto and Housing
CORPORATE GOVERNANCE
144 24 July
Expo 2025
145 26 July ASEAN U23 Mandiri Cup 2025: Indonesia Beats Vietnam After Defeating Thailand Through Penalty Shootout
146 27 July Bank Mandiri Strengthens ESG Principles Through Real Actions to Handle Plastic Waste
147 29 July Through the Foster Father Program, Bank Mandiri Bridges PMI Retirees from Malang to Become Entrepreneurs
148 30 July Bank Mandiri Strengthens Village Economy Through Sorghum Cultivation in Bogor Regency
149 1 August Bank Mandiri Strengthens ESG Commitment Through Green Mortgages
Accelerating the Strengthening of National Human Resources, Mandiri Sahabatku Encourages the Empowerment of
150 2 August
125 PMI in Kuala Lumpur
151 3 August Penetrating the American Market, Bank Mandiri's Fostered Madura Batik MSMEs Upgrade to the Global Stage
152 4 August Bank Mandiri Prepares New Leadership Formation to Strengthen National Economic Acceleration
153 5 August Bank Mandiri Strengthens ESG Commitment Through Green Mortgages
Welcoming the 80th Indonesian Independence Day, Bank Mandiri Accelerates the Financial Literacy Generation
154 7 August
Through SimPel
Accelerating Inclusive Finance, Bank Mandiri Enlivens the 2025 DKI Jakarta Provincial Government Market
155 8 August
Digitalization Competition
156 10 August Bank Mandiri Wins 6 Awards from The Digital Banker: Global Transaction Banking Innovation Awards 2025
157 11 August Bank Mandiri Expands QRIS Tap Livin' Service to Yogyakarta, Public Transportation Payments Are More Practical
9,500 Surabaya Residents Celebrate the Peak of the "Shop 'Til U Drive" Lottery, Collaboration of Bank Mandiri and
158 12 August
Pakuwon Group
159 12 August Mandiri Sahabat Desa Moves the Economy Through Reservoir Cleanup Action in West Java
160 12 August Bank Mandiri Supports MSMEs through Livin' Merchant and the MSME Hyperlocal Program
161 13 August Realizing National Food Security, Bank Mandiri Entrepreneurship Kebumen Farmers
162 14 August Collaborating with PwC, Bank Mandiri Presents Wealth Advisory Services for Main Customers
163 14 August Bank Mandiri Accelerates the People's Economy through Entrepreneurship Program Synergy
164 20 August Celebrating Independence Day, Bank Mandiri Spreads Promo Titled 'FOMO ANNIVERSARY RI 80'
165 21 August Optimizing AI Technology, Bank Mandiri Wins Cloudera APAC Award 2025
166 21 August Bank Mandiri Strengthens Financial Literacy and Sustainable Finance Through the GEMPITA Lestari Program with UI
Presenting "Mandiri Looping for Life at LaLaLa Festival 2025, Bank Mandiri Invites the Young Generation to Support the
167 22 August
Circular Economy
168 23 August Bank Mandiri Retains the Best Bank in Indonesia Title for Three Consecutive Years from Euromoney
169 25 August Bank Mandiri Wins Four OJK Awards, Affirms Commitment to Accelerate Financial Inclusion
170 26 August Bank Mandiri Positively Welcomes BI Rate Reduction, Strengthens Role in Driving National Economic Growth
171 27 August Bank Mandiri Presents Mandiri Duta Bio Energy Card, Synergy of Easy Transactions and Healthy Lifestyle
172 28 August Despite the Challenges, Bank Mandiri Economists Project Indonesia's Economy to Grow 5% in 2025
173 28 August Bank Mandiri Accelerates Achievement and Inclusivity Through the 2nd Southeast Asia Deaf Games 2025
174 31 August Collaborating with Materai.ID, Bank Mandiri Strengthens State Revenue Through e-Stamp Purchase Service
175 1 September Simplifying Digital Services, Livin' by Mandiri Becomes a Complete Customer Transaction Ecosystem
176 4 September Bank Mandiri Presents Various Appreciation Programs at the 22nd Harpelnas: "From the Heart to Give Meaning"
Bank Mandiri becomes the Regional Bank with the Best ESG Risk Rating in ASEAN from the Sustainalytics Rating
177 5 September
Agency
178 8 September Bank Mandiri Strengthens ESG Commitment Through Livin' Planet and Activation of Looping For Life Sustainability
179 9 September Accelerating MSME Business, Bank Mandiri's Livin' Merchant Wins AIBP Enterprise Innovation Awards 2025
Supporting the Government's Priority Programs, Bank Mandiri's Mineral Downstream Loans Reach IDR35.75 Trillion as
180 11 September
of June 2025
It's Getting Easier! Starting from IDR1 Million, Customers Can Now Invest in Secondary SBN Directly from Livin' by
181 13 September
Mandiri
182 15 September Bank Mandiri Hands Over Ambulances to YPSIM, Strengthens Access to Education and Health in Medan
183 16 September Synergy with Indosat Ooredoo, Bank Mandiri Accelerates Digital Ecosystem and Financial Access in Sumatra
184 16 September Bank Mandiri Ready to Optimize IDR55 Trillion Fund to Strengthen National Economic Acceleration
185 17 September Bank Mandiri Holds Livin' Fest 2025, MSME and Creative Economy Synergy Expo
186 18 September Bank Mandiri Accelerates Wealth Management Services through the Inauguration of Mandiri Private Office Surabaya
Bank Mandiri Records Solid Performance in the Second Quarter of 2025, Strengthens Commitment to Synergy to
187 19 September
Advance the Country
188 19 September Ministry of Housing Collaborates with Bank Mandiri to Socialize KPP to Accelerate the 3 Million Houses Program
Bank Mandiri and Pertamina Lubricants Strengthen Business Ecosystem Synergy, Encourage People's Economic
189 26 September
Growth in North Sumatra
190 26 September Bank Mandiri Consistently Strengthens ESG Commitments in the First Semester of 2025
Supporting National Education, Mandiri Peduli Sekolah to Provide a Decent Learning Environment in 27 Locations
191 27 September
throughout Indonesia
192 27 September Supporting National Education, Mandiri Peduli Sekolah to Present a Decent Learning Environment in Greater Jakarta
193 27 September Supporting National Education, Mandiri Peduli Sekolah to Present a Decent Learning Environment in Northern Sumatra
690 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 693
No Date Title Release
Supporting National Education, Mandiri Peduli Sekolah to Present a Decent Learning Environment in Palembang and
CORPORATE GOVERNANCE
194 27 September
Jambi
195 27 September Supporting National Education, Mandiri Peduli Sekolah to Present a Decent Learning Environment in West Java
Supporting National Education, Mandiri Peduli Sekolah to Present a Decent Learning Environment in the Central Java
196 27 September
Region
197 27 September Supporting National Education, Mandiri Peduli Sekolah to Present a Decent Learning Environment in East Java
198 27 September Supporting National Education, Mandiri Peduli Sekolah to Present a Decent Learning Environment in Kalimantan
199 27 September Supporting National Education, Mandiri Peduli Sekolah to Present a Decent Learning Environment in Sulawesi
200 27 September Supporting National Education, Mandiri Peduli Sekolah to Present a Decent Learning Environment in Nusa Tenggara
201 27 September Supporting National Education, Mandiri Peduli Sekolah to Present a Decent Learning Environment in Papua
202 29 September Accelerating the Economy, Bank Mandiri Distributes IDR 31.79 Trillion KUR to 273,045 MSMEs until August 2025
203 30 September Mandiri Sahabatku Present in Taiwan, Encourages PMI to Become Strong and Independent Entrepreneurs
204 30 September Bank Mandiri Achieves International Recognition in the Field of Cash Management and Treasury from Global Finance
Bank Mandiri Supports Creative Industry at INACRAFT as a Momentum for the 27th Anniversary: Synergy to Advance
205 30 September
the Country
206 1 October Supporting the National Economy, Mandiri Loans amounted to IDR1,729 Trillion, Growing 10.4%
207 1 October Bank Mandiri Supports the Launch of KMILN, Accelerating Diaspora Services Through Livin' by Mandiri
Bank Mandiri Celebrates 27th Anniversary with Cheap Market in Nawasena, A Form of Synergy to Advance the Country
208 2 October
for the Community
209 2 October 27th Anniversary, Bank Mandiri Boosts Mortgages with Affordable Housing Promos for Customers
Encouraging Improvement of People's Quality of Life, Independent Clean Action Involves 1,350 Participants Throughout
210 3 October
Indonesia
Bank Mandiri Embeds Disbursement Feature Options in Livin' Merchants, Accelerating Cash Flow and Presenting
211 4 October
Added Value for Business Actors
Encouraging Improvement of People's Quality of Life, Independent Clean Action Involves 100 Participants in Northern
212 5 October
Sumatra
Livin', Kopra, and Livin' Merchant Innovations Lead Bank Mandiri to Achieve "Indonesia Customer Experience of the
213 5 October
Year" 2025
Encouraging Improvement of People's Quality of Life, Independent Clean Action Involves 150 Participants in Southern
214 5 October
Sumatra
215 6 October Bank Mandiri Absorbs 63% of IDR55T Funds to Strengthen Labor-Intensive Industries and People's Economy
216 7 October The Largest Art Event in Southeast Asia, ITB Art Market 2025 Comes to Create an Inclusive and Innovative Art Space
In Synergy with the Ministry of Housing, Bank Mandiri Accelerates the 3 Million Houses Program through KPP
217 8 October
Socialization in Medan
218 9 October Celebrating the 27th Anniversary, Bank Mandiri Holds Livin' Fest with Synergy of MSMEs and Creative Economy
Bank Mandiri Celebrates 27th Anniversary with Cheap Market in North Sumatra, A Form of Synergy to Advance the
219 10 October
Country for the Community
Bank Mandiri Celebrates 27th Anniversary with Cheap Market in South Sumatra, A Form of Synergy to Advance the
220 10 October
Country for the Community
Bank Mandiri Celebrates 27th Anniversary with Cheap Market in West Java, A Form of Synergy to Advance the Country
221 10 October
for the Community
Bank Mandiri Celebrates 27th Anniversary with Cheap Market in Semarang, A Form of Synergy to Advance the Country
222 10 October
for the Community
Bank Mandiri Celebrates 27th Anniversary with Cheap Market in East Java, A Form of Synergy to Advance the Country
223 10 October
for the Community
Bank Mandiri Celebrates 27th Anniversary with Cheap Market in Kalimantan, A Form of Synergy to Advance the Country
224 10 October
for the Community
Bank Mandiri Celebrates 27th Anniversary with Cheap Market in Sulawesi, A Form of Synergy to Advance the Country
225 10 October
for the Community
Bank Mandiri Celebrates 27th Anniversary with Cheap Market in East Nusa Tenggara, A Form of Synergy to Advance
226 10 October
the Country for the Community
Bank Mandiri Celebrates 27th Anniversary with Cheap Market in Papua, A Form of Synergy to Advance the Country for
227 10 October
the Community
228 13 October Encouraging Synergy to Advance the Country, Bank Mandiri Disburses Infrastructure Loans of IDR412.13 Trillion
229 14 October Bank Mandiri Strengthens Kendal Regional Tax Digitalization, Encourages Local Economic Independence
230 14 October Livin' Fest 2025 Medan Held on October 25, Bank Mandiri Accelerates Cross-Sector Synergy
231 15 October Mandiri Bakti Kesehatan Targets 7,000 Beneficiaries in 12 Regions of Indonesia
232 15 October Mandiri Bakti Kesehatan Targets 600 Beneficiaries in Riau
233 15 October Mandiri Bakti Kesehatan Targets 600 Beneficiaries in South Sumatra
234 15 October Mandiri Bakti Kesehatan Targets 600 Beneficiaries in West Java
235 15 October Mandiri Bakti Kesehatan Targets 650 Beneficiaries in Central Java
236 15 October Mandiri Bakti Kesehatan Targets 600 Beneficiaries in East Java
237 15 October Mandiri Bakti Kesehatan Targets 600 Beneficiaries in Central Kalimantan
238 15 October Mandiri Health Service Targets 600 Beneficiaries in Sulawesi and Maluku
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 691
Page 694
No Date Title Release
239 15 October Mandiri Bakti Kesehatan Targets 500 Beneficiaries in Bali
CORPORATE GOVERNANCE
240 15 October Mandiri Bakti Kesehatan Targets 400 Beneficiaries in Papua
Bank Mandiri Strengthens Its Role as a Strategic Partner of the Government Through Digital Export Acceleration at TEI
241 15 October
2025
242 16 October Livin' Fest 2025 Officially Opened, Bank Mandiri Celebrates 27 Years of Synergy to Advance the Country
243 16 October Bank Mandiri Receives Appreciation from BKKBN for Commitment to Accelerating Stunting Control
Bank Mandiri Again Wins Best Bank in Indonesia Global Finance Version, Strengthening Digital Transformation and
244 20 October
Inclusive Economy
245 21 October Realizing Economic Inclusivity, Bank Mandiri Distributes Micro Loans to 654 Thousand Women Entrepreneurs
246 22 October Bank Mandiri Boosts People's Economic Growth Through Mandiri Micro Fest (MMF) 2025
247 23 October Livin' Fest Medan 2025 Officially Opened, a Forum for MSME Synergy and the Productive Sector by Bank Mandiri
Perfect! Livin' Fest Bandung 2025 Officially Opened, Bank Mandiri Celebrates 27 Years of Synergy to Advance the
248 23 October
Country
249 24 October Synergy to Advance the Country, Bank Mandiri Celebrates Sustainable Action “Looping for Life” at Livin' Fest 2025
Solid Performance in the Third Quarter of 2025, Bank Mandiri Strengthens Its Role as a Driver of National Economic
250 27 October
Growth
251 28 October Synergy to Advance the Country, Bank Mandiri Guides Japanese PMI to Become Entrepreneurs in Their Own Country
252 29 October Bank Mandiri Emphasizes Business Optimism, Share Buyback Becomes a Signal of Fundamental Strength
Jakarta Coffee Week's Decade-Long Journey, Presenting Epic Collaborations of Industry Players and Coffee Lovers in
253 29 October
Indonesia
254 30 October Synergy to Advance the Country Through Digital Innovation, Bank Mandiri Wins 8 International Awards
255 31 October Bank Mandiri Accelerates National Coffee Industry Through Jakarta Coffee Week 2025
Encouraging Improvement of People's Quality of Life, Independent Clean Action Involves 200 Participants in Bali and
256 1 November
Nusa Tenggara
Encouraging Improvement of the Quality of Life of the Community, Independent Clean Action Involves 50 Participants
257 1 November
in Papua
258 3 November Bank Mandiri Ready to Distribute IDR3.22 Trillion BLTS Kesra 2025 Through Branch Network and Mandiri Agents
Strengthening the Fisheries Sector, Bank Mandiri Hands Over Fishing Gear Assistance to Fishermen in Bukamog
259 4 November
Village, Central Sulawesi
260 4 November Bank Mandiri Presents Livin' Fest 2025 in Palembang, Synergizing MSMEs and Creative Industries
261 5 November Bank Mandiri Strengthens ESG Commitment through Solid Sustainability Performance
262 6 November Let's Have a Fun at Livin' Fest Semarang 2025! Bank Mandiri Synergizes MSMEs and Creative Economy
263 7 November Bank Mandiri Holds Livin' Fest 2025 in Balikpapan, MSME and Creative Economy Synergy Expo
264 10 November Bank Mandiri Collaborates with IKA UII to Issue GPN Co-Brand Debit Card to Strengthen Financial Inclusion
265 11 November Strengthening the Productive Sector, Bank Mandiri Disburses IDR38.11 Trillion KUR until October 2025
Through the Foster Father Program, Bank Mandiri Encourages East Lombok PMI Retirees to Become Independent
266 12 November
Entrepreneurs in Their Own Country
267 13 November Bank Mandiri Officially Opens Livin' Fest 2025 in Palembang, Synergizing MSMEs and Creative Industries
268 17 November Encouraging National Food Security, Bank Mandiri Helps Kebumen Farmers Avoid Crop Failure
Livin' Run Fest 2025 Palembang Successfully Held, Presenting Bank Mandiri's Running Synergy, Music, MSMEs, and
269 17 November
Digital Innovation
270 18 November Bank Mandiri Expands Treasury Services to Support National Economic Acceleration
271 19 November Practical! Bank Mandiri and KAI Group Inaugurate the Implementation of QRIS Tap in Public Transportation
Synergy with the Ministry of Housing, Bank Mandiri Accelerates the 3 Million Houses Program Through Socialization of
272 20 November
KPP in Tangerang
273 20 November Bank Mandiri Officially Opens Livin' Fest 2025 in Makassar, Synergizing MSMEs and Creative Industries
Bank Mandiri Officially Opens Livin' Fest 2025 in Balikpapan, Strengthening Kalimantan's MSME and Creative Industry
274 20 November
Ecosystem
275 21 November Dominating Digital Transactions, Bank Mandiri Named Indonesia's Best Transaction Bank 2025
Mandiri Sahabatku Perdana Comes to Ansan, Strengthens Financial Literacy, Investment Access, and Fisheries
276 24 November
Business Opportunities for South Korean PMI
277 26 November Realizing an Inclusive Green Economy, Bank Mandiri Strengthens Financing Strategy for the Renewable Energy Sector
Bank Mandiri Strengthens Synergy to Advance the Country Through Accelerating KUR and Strengthening West
278 27 November
Kalimantan Regional Commodities
Bank Mandiri Holds Livin' Fest Jayapura 2025, Encourages Synergy of MSMEs, Creative Industries, and Financial
279 27 November
Services
Bank Mandiri Present for Sumatra, Thousands of Emergency Response Assistance Distributed to Residents Affected
280 30 November
by Disasters
Proof of Synergy to Advance the Country, Bank Mandiri Named Indonesia's Best Corporate, Investment and Wholesale
281 1 December
Bank 2025
282 1 December Customer Appreciate, Bank Mandiri Names Seven Winners of the 2025 MAMA Awards Racing Points Program
283 1 December Accelerating the People's Economy, Bank Mandiri Holds Profit Shopping Mandiri Program at Jayapura Mall
284 2 December Bank Mandiri Issues IDR5 Trillion Sustainability Bonds to Expand Sustainable Financing
692 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 695
No Date Title Release
Knock! OJK Determines Riduan and Henry Panjaitan to Pass Eligibility Test as President and Vice President of Bank
CORPORATE GOVERNANCE
285 2 December
Mandiri
Economic Outlook 2026: Bank Mandiri Economists Value Recovery Acceleration Is Maintained Through Government
286 3 December
Policy Synergy
287 3 December Bank Mandiri Accelerates the Distribution of 67,000 Disaster Aid for Sumatran Residents
288 4 December Livin' Fest 2025 Officially Comes to Bali, Bank Mandiri Raises the Potential of MSMEs and Creative Industries
289 5 December Bank Mandiri Wins 5 BI Awards, Emphasizes Strategic Role in National Economic Stability
Bank Mandiri Strengthens West Java's People's Economy Through Financial Services Synergy and Empowerment
290 8 December
Programs
291 8 December Livin' by Mandiri Acceleration Supports Digital Ecosystem Expansion and Community Added Value
292 9 December Consistent for Four Consecutive Years, Bank Mandiri Again Won 1st Place in ARA 2024 for Annual Report Transparency
293 9 December Fulfilling Customer Needs During the Nataru Holiday, Bank Mandiri Prepares Net Cash of IDR25 Trillion
294 10 December Accelerating Digital Financing, Kopra by Mandiri Presents Deposit Collateral Credit (KAD) Feature
Peak of Livin' Fest 2025 Officially Held in Surabaya, Bank Mandiri Encourages the Acceleration of MSMEs and Creative
295 11 December
Industries Through Cross-Sector Synergy
296 13 December Holiday Gets More Exciting, Bank Mandiri Distributes Year-End FOMO Promo of up to IDR2.5 million
297 14 December Present in the Midst of Residents, Bank Mandiri Again Distributes Disaster Aid at Three Points in North Sumatra
Loans and Deposits Grow by Double Digits, Liquidity Maintained to Support Bank Mandiri's Performance Acceleration
298 15 December
Ahead of the Close of 2025
Present in Person, President Director and Board of Directors of Bank Mandiri Ensure Readiness for Assistance for
299 17 December
People Affected by Disasters in Sumatra
300 19 December Bank Mandiri's EGMS Affirms Shareholder Support and Strengthening Strategy Towards 2026
301 21 December Bank Mandiri Refreshes Commissioners, Strengthens Supervision Amid Expansion
302 22 December Solid Fundamentals, Bank Mandiri Plans 2025 Interim Dividend of IDR9.3 Trillion
303 23 December Unlimited Solidarity, Independent Volunteers and SOEs Care to Help Respond to Sumatra Disaster
Reflecting Market Confidence, Sustainable Sustainability Bonds 1 Phase 1 Year 2025 Bank Mandiri Oversubscribed
304 23 December
3.10 Times
305 24 December Easing the Burden of Customers Affected by the Sumatra Disaster, Bank Mandiri Provides Credit Relaxation
306 25 December Strong Credit Growth and Deposits Increase, Bank Mandiri's Intermediation Function Solid at the End of the Year
Bulletin
Bank Mandiri publishes an annual bulletin as part of its commitment to informing and educating stakeholders.
The following are the bulletins issued during 2025:
No. Buletin Number Month Theme
1 539 January A New Spirit Inspires New Creations
2 540 February Moving in Harmony, In Tune with Achievements
3 541 March Ramadan Harmony: A Blessed Moment in Every Time
4 542 April Kartini of Today, Independent for the Nation
5 543 May Growing Sustainably with Mandiri
6 544 June Accelerating the Nation’s Economic Potential
7 545 July Mandiri’s Steps Toward an Advanced Indonesia
8 546 August Moving Forward Together to Realize Shared Visions
9 547 September From the Heart, Giving Meaning
10 548 October Synergy to Advance the Nation
11 549 November Celebrating the Journey, Welcoming New Hopes
12 550 December Reweaving the Stories of the Year
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 693
Page 696
INVESTOR RELATIONS
CORPORATE GOVERNANCE
Investor Relations ensures that the capital market community receives clear. consistent. and reliable information
on Bank Mandiri’s performance and strategic direction. strengthening market confidence and reinforcing a positive
investment outlook.
The Investor Relations (IR) function at Bank Mandiri serves a vital role in maintaining effective communication
between the Bank and the capital market community. IR provides information that enabling investors. shareholders.
analysts. and other market participants to gain a clear understanding of the Bank’s financial health. business
strategy. and outlook. Through structured communication flows. IR supports a fair and credible market perception
of the Bank’s performance.
The IR unit ensures that essential information is delivered accurately and reliably across a range of channels.
including analyst and investor meetings. public exposes. strategic presentations. roadshows. report publications.
and participation in investor conferences both domestically and internationally. This active engagement broadens
access to information and strengthens Bank Mandiri’s relationship with the investment community.
Aligned with Good Corporate Governance principles. IR places strong emphasis on transparency and precision in its
disclosures. Regular updates on financial performance. strategic priorities. and market developments are provided
to equip investors with the necessary insights to evaluate the Bank’s long-term value and potential.
By maintaining consistent and responsive communication. Investor Relations contributes to sustaining market
confidence and reinforces Bank Mandiri’s standing as a stable. transparent. and value-driven financial institution.
Group Head Investor Relations Profile
Laurensius Teiseran
Group Head Investor Relations
Age : 37 Years old
Citizenship : Indonesia
Domicile : Jakarta
Educational Background
Bachelor in Economics from Atma Jaya University.
694 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 697
Professional Background
› Group Head of Investor Relations at Bank Mandiri (2021-present)
CORPORATE GOVERNANCE
› Senior Vice President at CGS CIMB Securities (2019-2021)
› Vice President at Credit Suisse Securities (2014-2019)
› Equity Research Analyst at Bahana Sekuritas (2013-2014)
› Research Asisstant at United Nation Development Program (2012-2013)
Investor Relations Contact
The contacts for Bank Mandiri Investor Relations are as follows:
Investor Relations Group
Menara Mandiri II Lt. 26.
Jl. Jend. Sudirman Kav.54-55 Jakarta 12190 Indonesia
Tel: 021 3002 3000 ext. 7125207
Email: ir@bankmandiri.co.id
Website: https://www.bankmandiri.co.id/web/ir
Investor Relations Duties and Responsibilities
The following are duties and responsibilities of Investor Relations:
1. Creating. developing and maintaining cooperative relationships with constituents of the Indonesian Capital
Market. including Fund Managers. buy-side & sell-side Analysts. Stock Brokers. Investments Bankers. and
Rating Agencies.
2. Provide accurate qualitative and quantitative information to form a long-term valuation of Bank Mandiri shares
through various means including: Quarterly Earnings Call. Investor Conference. Teleconference. Web-Casts. IR
Website. Broker Sponsorship. Road Show & Non- Deal Road Show both Local and International.
3. Representing the Company’s management in meetings with analysts and investors either one-on-one or public
presentation sessions to communicate opinions. attitudes and reactions to company issues and provide
strategic feedback for the Company’s management.
4. Observe the sales patterns and share ownership of the Company. including managing and developing an
investor database and contact reports.
5. Maintain transparency. accuracy and timeliness of the disclosure of relevant information to capital market
communities.
Investor Relations Activities in 2025
In 2025. Investor Relations strengthened communication with investors and shareholders through a wide range
of activities and engagement channels. These initiatives included domestic and international roadshows. face-
to-face meetings with investors. and ongoing dialogue with analysts and investment managers. Through these
interactions. Investor Relations supported deeper understanding of the Bank’s strategic priorities and operational
performance.
To ensure consistent and transparent information flow. Investor Relations provided regular updates through press
releases. corporate presentations. public expose sessions. and routine meetings with analysts and investors.
These efforts are designed to build stakeholder confidence and reinforce Bank Mandiri’s commitment to Good
Corporate Governance.
The following is detailed list of Investor Relations activities in 2025:
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 695
Page 698
No. Activities Total Description Location Participant
Jakarta, Singapore,
CORPORATE GOVERNANCE
Thailand, Kuala Lumpur,
Conferences related to the Com- Existing and Potential
1 Investor Conference 25 Times Taipei, Hong Kong,
pany's performance updates Investor
Japan, United Kingdom,
United States
Virtual Investor Confer- Virtual conference related to the Existing and Potential
2 4 Times Jakarta
ence Company's performance updates Investor
Singapore, Kuala
Meeting at the Shareholders' Lumpur, Hong Kong,
Existing and Potential
3 Non-Deal Roadshow 5 Times office location for the Company's Thailand, United States
Investor
performance updates of America, United
Kingdom, Europe
Virtual meeting with Sharehold-
Virtual Non-Deal Road- Existing and Potential
4 0 Times ers for the Company's perfor- Jakarta
show Investor
mance updates
The Company's performance Existing and Potential
5 Adhoc Investor Meeting ±300 Times Jakarta
updates Investor
Quarterly Earnings Call/ Presentation of quarterly finan- Existing Investor and
6 4 Times Jakarta
Analyst Meeting cial performance reports Analyst
The Company's meeting with
Review Meeting with Credit Rating Agencies (CRA)
7 4 Times Jakarta Rating Agencies
Credit Rating Agencies to update Bank Mandiri's rating
every year
Investor Relations Training in 2025
To enhance its communication capabilities and stay adaptive in a dynamic capital market environment. Bank
Mandiri’s Investor Relations team participated in a range of training programs and workshops throughout 2025.
These initiatives aim to strengthen technical expertise and strategic understanding. ensuring the team delivers
high-quality and effective communication to the investment community. Several training programs attended by
the Investor Relations team in 2025 included:
Types of Training and Competency
No. Time and Location Organizers
Development / Training Materials
1 The CFO: Becoming a Strategic Partner Program 18 October 2024. University of Pennsylvania The Wharton School
2 Competence in Banking Risk Management 07 August 2021. Jakarta Institute LSPP
3 Competence in Banking Risk Management Level 5 11 August 2025, Jakarta Institute LSPP
696 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 699
INTERNAL AUDIT
CORPORATE GOVERNANCE
Internal Audit provides independent and structured assurance to ensure effective governance. risk management.
and internal control. This role supports consistent compliance across all business units and subsidiaries of Bank
Mandiri.
In carrying out its duties. Internal Audit is granted full. unrestricted. and unobstructed access to all records. data.
physical assets. and personnel relevant to its audit assignments. This level of access is essential to conducting
comprehensive evaluations. At the same time. Internal Audit is responsible for maintaining the confidentiality and
integrity of all information obtained during the audit process. in line with professional standards and the audit code
of ethics.
Internal Audit operates independently and objectively. led by the Chief Audit Executive who reports directly to the
President Director and the Board of Commissioners through the Audit Committee. The Chief Audit Executive is
appointed and dismissed by the President Director with the approval of the Board of Commissioners and is reported
to the Financial Services Authority. Serving as the third line of defense. Internal Audit continues to strengthen
internal control quality across all lines of defense by advancing audit methodologies. leveraging data analytics. and
applying modern audit tools to enhance the effectiveness and efficiency of the audit process.
Active Roles and Oversight of the Board of Directors and Board of Commissioners to the Internal Audit
Members of the Board of Directors of Bank Mandiri are responsible for ensuring that an adequate internal
control framework is in place to identify. measure. monitor. and control all risks faced by the Bank. The Board of
Directors must also ensure that the Internal Audit Unit (SKAI) receives complete access to information related
to business developments. initiatives. projects. products. operational changes. and identified risks. In addition.
the Board of Directors is responsible for ensuring the timely and optimal follow-up of all Internal Audit findings
and recommendations. and for providing the Chief Audit Executive with the necessary resources and budget to
execute the annual audit plan effectively.
The Board of Commissioners of Bank Mandiri is responsible for ensuring that the Board of Directors establishes
and maintains an effective and efficient internal control system. The Board of Commissioners reviews the
effectiveness of the internal control system at least once a year based on information provided by Internal Audit
and appoints an independent external quality assessor to review the performance of Internal Audit. taking into
account recommendations from the Audit Committee.
In carrying out the internal audit function. Bank Mandiri conducts communication with the OJK at least once a year.
either virtually or in person. This communication is led by the Chief Audit Executive and covers discussions on risk
areas identified by both OJK and Internal Audit. the Bank’s risk mitigation measures. the status of follow-up actions
on identified weaknesses. findings and recommendations from internal audits conducted during the year. and the
Bank’s annual audit plan.
Bank Mandiri follows up on all recommendations provided by OJK to enhance the effectiveness and efficiency
of the internal audit function. The implementation of internal audit function. including structure. authority. and
principal duties of Internal Audit. as well as other operational aspects. complies fully with the OJK regulations on
the implementation of internal audit functions at commercial banks.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 697
Page 700
Profile of Head of Internal Audit
CORPORATE GOVERNANCE
Adi Pranantias
Senior Executive Vice President/SEVP
Internal Audit
Age: 58 Years old
Citizenship: Indonesia
Domicile: Jakarta
Education Background
Obtained Bachelor Degree in Management Economics from Universitas Pancasila. Indonesia (1990).
Basis of Appointment
Serves as SEVP Internal Audit based on the Board of Directors’ Decree No. KEP.DIR/024/2024 dated 23 April
2024.
Professional Background
› Middle Corporate 1 Group Head (2018-2019)
› Commercial Banking 1 Group Head (2019-2022)
› Commercial Banking 4 Group Head (2022-2023)
› Senior Executive Vice President Wholesale Risk (2023-2024)
› Senior Executive Vice President Internal Audit (April 2024 - present)
Qualifications/Professional Certifications of Internal Audit
› Qualified Internal Auditor - Managerial (QIA) (2024)
› Risk Management Level 7 Certification (2024)
› Bank Internal Audit – Audit Manager (SKBAIB) (2024)
698 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 701
Organizational Structure of Internal Audit
CORPORATE GOVERNANCE
Board of Commissioners President Director
Integrated Governance
Audit Committee SEVP Internal Audit
Committee
Wholesale &
Corporate Center IT Audit Retail Audit Senior Investigator
Audit
Retail Production
Wholesale Cyber &
& Goverment Quality Assurance Investigation 1
Banking Audit IT Security Audit
Product Audit
Treasury & IT Infrastructure Audit
Retail Funding
Overseas Network & Technology Transformation & Investigation 2
Distribution Audit
Audit Resillience Audit Data Analytics
Institutional &
IT Digital & Retail Transaction Audit
Capital Market Data Analytic
Retail Audit & Consumer Audit Transformation
Audit
Corporate IT Wholesale Counterpart &
Center Audit Business Audit Operations Support
IT Governance &
Specialist Corporate Center MIS & Counterpart Operations
Reporting
Audit
Specialist Specialist
Information :
Director/Audit Committee/Commissioner Audit Manager/Department Head (DH)
SEVP Functional Officer equivalent to DH
Group Head (GH) Team Structure
Functional Officer equivalent to GH Structure Report
Functional Report
Internal Audit Position in the Organizational Structure
At Bank Mandiri. Internal Audit is directly responsible to the President Director and can communicate directly
with the Board of Directors. the Board of Commissioners and the Audit Commitee. Internal Audit operates 4 (four)
Units which works are adapted to Bank Mandiri’s business strategy. namely the Wholesale & Corporate Centre
Audit Group. Retail Audit Group. IT Audit Group and Senior Investigator. In addition. Internal Audit also has 2 (two)
Departments. the Quality Assurance Department and Audit Transformation and Data Analytics. which is directly
responsible to the Senior Executive Vice President/Chief Audit Executive.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 699
Page 702
Parties in Charge of the Appointment and Dismissal of the Head of Internal Audit
The Chief Audit Executive is appointed and dismissed and is directly responsible to the President Director with the
approval of the Board of Commissioners by considering the Audit Committee recommendations and subsequently
CORPORATE GOVERNANCE
reported to the OJK. The appointment has been reported to the OJK through a letter dated 3 May 2024.
Internal Audit Charter
Internal Audit has a Charter ratified by the President Director and President Commissioner. which was last updated
on 12 February 2025. The Internal Audit Charter provides guidance regarding the purpose. position. authority.
responsibilities and scope of internal Audit works. The position. authority and responsibilities expressed formally
in the Internal Audit Charter are in accordance with the POJK No. 1/POJK.03/2019 on Implementation of Internal
Audit function in the Commercial Banks.
Internal Audit Duties and Responsibilities
In carrying out its functions. the duties and responsibilities of Internal Audit are as follows:
1. Act as a System Supervisor for Investigation activities. including for Investigations carried out by work units
outside the Internal Audit.
2. Assisting the duties of the President Director and the Board of Commissioners in conducting oversight by
outlining operationally both in the planning. implementation. and monitoring audit results.
3. Inspecting and evaluating the efficiency and effectiveness in finance. accounting. commercial. operations.
human resources. information technology and other activities through audit.
4. Identifying any possibilities for improving and enhancing the efficiency of the use of resources and funds.
5. Providing suggestions for improvement and objective information about the activities examined at all levels
of management.
6. Providing consultation and assurance related to strategic poin during planning or during the implementation
of operational activities.
7. Maintaining the confidentiality of information during the serves in accordance with the prevailing laws and
regulations.
Internal Audit Authority
The authorities of Internal Audit are. among others:
1. Conducting internal audit activities of all working units in the Bank’s organization. subsidiaries and affiliates in
accordance with the prevailing governance.
2. Communicating directly with the Board of Directors. Board of Commissioners. and the Audit Committee. as
well as Integrated Governance Committee.
3. Communicating and coordinating with external parties including regulators and external auditors.
4. Organizing the meetings periodically and incidental with the President Director. Board of Commissioners. and
Audit committee.
5. Access all information. records. employees. and including but not limited to accounts and resources and other
matters deemed necessary in connection with their tasks and functions.
6. Investigating cases/issues in every aspect and element of activities that indicate fraud and violations of the
code of conduct in the organization of the Bank. Subsidiaries and affiliates in accordance with applicable
governance.
7. Participating in the strategic meeting without voting rights.
Internal Audit Personnel Composition
In carrying out its duties. the Bank’s Internal Audit is supported by competent and qualified resources. The
following is Internal Audit personnel composition:
Position Total Employee
SEVP/Chief Audit Executive 1
Chief Auditor 3
Senior Investigator Head 1
Audit Manager 11
Investigator Head 2
Department Head 3
Specialist Auditor 3
700 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 703
Position Total Employee
Specialist Investigator 2
CORPORATE GOVERNANCE
Lead Auditor 30
Lead Investigator 2
Team Leader 4
Section Head 1
Investigator 8
Senior Auditor 25
Auditor 61
Junior Investigator 5
Officer 8
Supporting 13
Internal Audit Professional Certification
Internal Audit continuously enhances the competencies of its personnel through a range of ongoing educational
programs. These include nationally and internationally recognized professional certifications. as well as
attachment programs and training conducted both domestically and abroad. The professional certifications held
by Internal Audit personnel as of 2025 are presented in the table below.
National Profession Certification in 2025
Certifications Total Personnel
Qualified Internal Auditor – Basics 10
Qualified Internal Auditor - Advance 22
Qualified Internal Auditor - Managerial 8
Bank Internal Audit - Auditor 98
Bank Internal Audit – Audit Supervisor 40
Bank Internal Audit – Audit Manager 4
General Banking 62
Chartered Accountant 3
Certified Legal Auditor 2
Certified Internal Audit Executive 2
Risk Management Level 4 Certification 134
Risk Management Level 5 Certification 41
Risk Management Level 6 Certification 3
Risk Management Level 7 Certification 2
EnCase Certified Examiner 1
Cisco Certified Network Associate 1
Certified Master of Handwriting Analyst 1
Certified Anti-Fraud Manager 2
Certified Handwriting Analyst 2
Certified Forensic Auditor 13
Computer Hacking Forensic Investigator 8
Fraud Risk Management Profesional 4
Compliance Sertification 1
Competency Based Interview Sertification 4
Certified International Trade and Finance 1
Certified Internasional of Enterprise Risk Management 1
Certified Investment Banking 1
Certified Risk Professional 1
Magnet Certified Forensic Examiner 2
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 701
Page 704
International Profession Certification in 2025
Certifications Total Personnel
CORPORATE GOVERNANCE
Certified Internal Auditor 2
Certified Fraud Examiner 3
Certified Information System Auditor 12
Certified Information Security Manager 3
Certified in the Governance of Enterprise IT 3
Control Objectives for Information and Related Technology 2
Information Technology Infrastructure Library 8
Certified Information Systems Security Professional 2
Certification in Control Self Assessment 1
Certified Ethical Hacker 1
Certified in Risk and Information Systems Control 1
Activity/Organization Position Period
Banking Internal Auditor Association (IAIB) 2 (two) Audit Manager (AM) serving as board members. 2023-2026
In 2025. several institutions conducted benchmarking visits to Bank Mandiri’s Internal Audit. The list of institutions
that carried out these benchmarking activities is as follows:
No. Benchmarking Date Institutions Focus Discussion
End-to-end investigation audit process and development of competencies
1 28 May 2025 PT Mitra Transaksi Indonesia
related to investigation audits
2 7 July 2025 PT Perkebunan Nusantara I Audit process. data analyticsm quality assurance and investigation
Audit process. continuous auditing. GIAS implementation. quality
3 14 July 2025 ASABRI
assurance
4 5 August 2025 Mandiri Utama Finance Data analytics and continuous auditing
Audit process. KPI. audit development. methodology & strateg audit. and
5 24 September 2025 PT BRI (Persero) Tbk.
data analytics
Methodology audit. technology & data analytics. performance evaluation.
6 20 October 2025 PT Bank DKI (Bank Jakarta)
and anti fraud strategy
7 28 November 2025 Universitas Indonesia ICoFR Collaboration. Internal Audit. and External Audit at Bank Mandiri
8 10 December 2025 PT Trakindo Utama Quality Assurance
Auditor Code of Ethics
The Internal Auditors of Bank Mandiri are required to be professional and obey the established code of ethics. The
Bank Mandiri Internal Auditor’s code of ethics are as follows:
1. Integrity
Internal Auditors demonstrate integrity in their work and behavior.
2. Objectivity
Internal Auditors maintain an impartial and unbiased attitude when performing internal audit activities and
making decisions.
3. Competency
Internal Auditors must possess and apply the knowledge. skills. and abilities to fulfill their roles and
responsibilities successfully.
4. Exercise Due Professional Care
Internal Auditors apply due professional care in planning and performing internal audit activities.
5. Confidentiality
Internal Auditors use and protect information appropriately.
Internal Audit Capacity Building
The Internal Audit competency development is presented in the Profile Chapter of this Annual Report.
702 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 705
Information System of Internal Audit
To improve the effectiveness of audit implementation and provide a full picture to the Management regarding the
audits. the audit activities consisting of planning. implementation. reporting and monitoring stages are carried out
CORPORATE GOVERNANCE
using an application called the Audit Management Information System (SIMANIS) which is carried out internally
as a system of recording and monitoring the results of audits and investigations. The SIMANIS application had
been applied since 21 February 2020 and. is constantly developed to improve from previous versions.
Audit Methods
Internal Audit applies a risk-based audit (RBA) methodology for internal audit activities by focusing on high-risk
areas. The application of this methodology is in accordance with the needs of the Company. regulatory and best
practices.
The application of a RBA methodology requires good cooperation between Internal Audit and the Operational Risk
Management Unit and the Client.
The following is the grand design of risk-based audit application at Bank Mandiri:
1. Strategy 2. Objectives 3. Processes 4. Risk 5. Control
Indentify business Indentify business Indentify processes Indentify Risk Indentify controls to
strategy objectives supporting business associated with the provide assurance
strategy & objectives processes on risk
16. Assesment 6. Risk Appetite
Re-assess Establish risk
appropriateness appetite and
of auditees’s risk tolerance
proprotosation
Note :
15. ARS Step 1 - 3 : Implemented by Business Unit / Risk Owner 7. Classification
Step 4 - 9 : Owners are facilitated by the SOR unit by using
Determine Audit Determine risk
Rating Score policies. methodologies. and tools from the Risk classification for the
Management Unit individuals’ risks
Step 10 - 16 : Implemented by Internal Audit
14. Fieldwork 8. Risk Response
Execute audit and Determine risk
agree findings with response mitigation
auditees measures
13. Scope 12. Audit Plan 11. Approach 10. Evaluation 9. Risk Priorisation
Agree the scope Development of Agree risk maturity Evalution of risk Prioritise areas for
with auditees internal audit plan and audit approach assestment by audit
with auditees auditees
Internal Audit Work Programs
In 2025. Internal Audit prepared an audit plan consisting of 41 (forty-one) assignment subjects. which include
Thematic Audits. General Audits. Mandatory Audits. Subsidiary Audits. and Consulting. These assignments are
carried out by three work units in Internal Audit. namely the Wholesale & Corporate Center Audit Group Unit. Retail
Audit Group. and Information & Technology Audit Group. The details of the assignment subjects are presented in
the following chart.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 703
Page 706
CORPORATE GOVERNANCE
5 1
19 1
General Thematic
Audits Audits
41
4
2 Assignment 13 2
Other Audit
Activities Mandatory
6
Audit of
Subsidiaries
3
Audit Activities in 2025
The dynamic development of the internal audit methodology encouraged the Company’s Internal Audit unit to be more
responsive and proactive. With this change, the audit plan which was originally static had become more dynamics,
adapting to the conditions and needs of the Company. In 2025, audit activities were carried out based on the previously
prepared audit plan hence the audit results will be followed up and used as material to make continuous improvements
in the Company.
Findings and Follow Up on Internal Audit Results
Year Outstanding Closed Total
2016 0 628 628
2017 0 627 627
2018 0 547 547
2019 0 470 470
2020 0 357 357
2021 0 660 660
2022 0 761 761
2023 0 996 996
2024 1* 1,393 1,394
2025 637* 573 1,210
*) 638 management action plans are currently in the ‘Resolution Process’. with committed completion dates starting from 31 January 2026.
704 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 707
Internal Audit Function Standard Implementation c. Directly communicate with Internal Audit
The Financial Services Authority (OJK) published POJK about various matters relating to internal audit
No. 1/POJK.03/2019 on the Implementation of the activities.
CORPORATE GOVERNANCE
Internal Audit Function in Commercial Banks, effective d. Follow up on findings from Internal Auditors
as of January 29, 2019, replacing the previously and External Auditors.
applied Standard for the Implementation of the Internal e. Together with the Board of Commissioners.
Audit Function in Banks (SPFAIB). Following the approving the Annual Audit Plan and budget
issuance of this regulation, Internal Audit has adopted allocation. considering recommendations
its requirements into several internal policies, namely from the Audit Committee.
the Internal Audit Charter, the Bank Mandiri Internal 4. Responsibilities of the Board of Commissioners
Control Policy (KICN), the Internal Audit Standards Related to the Internal Audit Function:
and Guidelines (SPIA), and the Internal Audit Technical e. Approving and evaluating Internal Audit Policy
Guidelines (PTIA), which were most recently updated that has obtained the approval of the Board of
in 2025. Directors.
f. Ensuring that the Board of Directors and
OJK Regulation No. 38/POJK.03/2016 and OJK Subsidiaries have an Internal Audit that
Circular No. 21/SEOJK.03/2017 performs internal audit functions.
In conducting Audit. in particular IT Audit. the Bank g. Providing approval of the appointment
is also subject to the provisions set out in the POJK and dismissal of the Chief Audit Executive
No. 11/POJK.03/2022 on the Implementation of as proposed by the Board of Directors.
Information Technology by Commercial Banks. and considering recommendations from the Audit
SEOJK No. 21/SEOJK.03/2017 on Risk Management Committee.
Application in the use of Information Technology by h. Ensuring that Internal Audit has access to the
Commercial Banks. which aims at improving IT Audit necessary information and/or data about the
work process in Bank Mandiri. Bank to carry out its duties.
i. Providing approval of the Internal Audit
Global Internal Audit Standards (GIAS) Charter. considering recommendations from
In addition to regulatory. the implementation of Internal the Audit Committee. as proposed by the
Audit of Bank Mandiri adjusts to Global Internal Audit Board of Directors based on suggestions from
Standards (GIAS) stipulated by the Institute of Internal Internal Audit.
Auditors (IIA). j. Together with the President Director. approving
the Annual Audit Plan and budget allocation.
Internal Audit Function considering recommendations from the Audit
1. Under the framework of securing business Committee.
activities according to vision and mission of k. Ensuring that the Board of Directors has
PT Bank Mandiri (Persero) Tbk.. and providing followed up on findings from Internal Auditors
foundation and guidelines for Internal Audit (IA) and External Auditors.
which constitutes a part of the Internal Control l. Ensuring that the Board of Directors establishes
System. will be necessarily required to establish and maintains an adequate. effective. and
Internal Audit Charter. Internal Audit Charter is efficient Internal Control System.
compiled based on external provisions regarding m. Reviewing the effectiveness and efficiency
the Implementation of Internal Audit Function at of the Internal Control System based on
Commercial Banks and International Professional information obtained from Internal Audit at
Practices Framework from the Institute of Internal least once a year.
Auditors (IIA). n. Appointing an independent external quality
2. Internal Audit assists the organization in achieving reviewer to conduct a review of Internal Audit’s
its objectives through internal audit activities performance. considering recommendations
(assurance and consulting) and investigative from the Audit Committee. at least once every
activities to provide an independent assessment of 3 (three) years.
internal control. application of risk management. o. Supervising and advising on the
and good corporate governance process within implementation of internal audit functions
company’s organization. in accordance with regulations. the Bank’s
3. Members of the Board of Directors shall be articles of association. and/or resolutions of
responsible for: the General Meeting of Shareholders or the
a. Establishes and maintains an adequate. Minister.
effective. and efficient Internal Control System.
b. Propose of the Internal Audit Charter. based
on suggestions from Internal Audit.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 705
Page 708
PUBLIC ACCOUNTANT
CORPORATE GOVERNANCE
External audit ensures that Bank Mandiri’s financial statements are prepared with the highest standards of
transparency and integrity, providing independent assurance to stakeholders on the accuracy and reliability of the
Bank’s financial information.
Referring to POJK No. 37/POJK.03/2019 and SEOJK Financial Services Activities and other relevant
No. 9/SEOJK.03/2020 on Transparency and Publication regulations.
of Conventional Commercial Bank Reports, as well as 3. Following the evaluation of technical and
SEOJK 14/2025 on Commercial Banks Governance, financial aspects of the proposals submitted by
Bank Mandiri implements an external audit process participating Public Accounting Firms, the Board
that is independent, professional, and fully aligned of Directors submitted the procurement results
with regulatory standards. The Bank appoints public to the Board of Commissioners through the Audit
accountants and/or Public Accounting Firms (KAP) Committee.
that meet the required competency and independence 4. The Audit Committee provided recommendations
criteria, and ensures that the audit is conducted in to the Board of Commissioners regarding the
accordance with the Public Accountants Professional procurement results as the basis for proposing the
Standards and the approved audit scope. appointment of the Public Accounting Firm at the
Annual GMS on 25 March 2025.
In line with these regulations. the appointment of 5. The Public Accounting Firm was formally appointed
the KAP is carried out in line with OJK provisions at the Annual GMS on 25 March 2025.
governing the use of public accountant services in the 6. Bank Mandiri subsequently communicated the
financial services sector, and is approved by the Board appointment decision from the Annual GMS to all
of Commissioners based on recommendations from participating Public Accounting Firms.
the Audit Committee. Through this mechanism, Bank
Mandiri ensures that the external audit is conducted Bank Mandiri applies the principles of Professional
objectively and effectively, covering the issuance of Ethics in carrying out the determination of External
an opinion on the fairness of the financial statements. Auditors. which are:
an evaluation of internal control effectiveness, and a 1. Professional responsibility
review of areas previously examined by Internal Audit. 2. Public interests
3. Integrity
Appointment of Public Accountant 4. Objectivity
Pertaining to the resolution of the Annual GMS dated 5. Professional competence and prudence
25 March 2025, the Meeting has agreed to appoint 6. Confidentiality
Public Accounting Firm Purwanto Susanti dan Surja 7. Professional behaviour
(formerly Purwantono, Sungkoro & Surja (a member 8. Technical standard.
firm of Ernst & Young Global Limited)) which will audit
the Company's Consolidated Financial Statements, Public Accountant Firm, Accountant Name and Audit
Micro and Small Business Funding Program (PUMK) Fees and Other Services
Financial Statements, and other reports for 2025 Total fees for audit work and other services provided
Financial Year. by Public Accounting Firm Purwanto Susanti dan Surja
(formerly Purwantono, Sungkoro & Surja (a member
The following are Public Accountant Firm appointment firm of Ernst & Young Global Limited)) as Public
stages for Fiscal Year 2025 Financial Statements: Accountant Firm and Yovita as Public Accountant for
1. The Board of Commissioners requests the Board 2025 fiscal year amounted to Rp Rp16,253,571,429
of Directors to appoint a Public Accountant (AP) (including OPE and VAT) is an audit and other
and a Public Accounting Firm (KAP). services fees for the 2025 financial year amounting to
2. The Procurement Team for the Public Accounting Rp16,253,571,429 (including OPE and VAT) processed
Firm (KAP) for the 2025 Financial Statements, in one procurement and the same engagement letter.
appointed by the Board of Directors, carried out
the procurement process in accordance with The details of the Audit and other services fees for the
POJK Number 9 of 2023 on the Use of Public 2025 financial year are as follows:
Accountants and Public Accounting Firms in
706 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 709
Fees for Audit Services and Non-Audit Services
Fee
No. Types of Services
(Including OPE & VAT)
CORPORATE GOVERNANCE
Audit Services
Bank Mandiri Consolidated Financial Statement Audit Services
Audit of the Consolidated Financial Statements in accordance with SAK (Financial Accounting Standards)
1. Rp13,673,896,113
in Indonesia and SPAP (Public Accountants Professional Standards).
2. Review of Bank Publication Reports Rp129,472,000
3. Summary of Management Comments, Suggestions and Responses (Management Letter). Rp99,064,000
4. Audit of the Financial Statements of PT Bank Mandiri (Persero) Tbk Dili Branch, Timor Leste. Rp453,880,000
5. Audit on Trust Activities as part of the general audit object for the Bank in accordance with the OJK Rp164,416,000
Regulation.
The audit of PUMK Financial Statements was in accordance with SAK ETAP (Entities without Public
6. Accountability) in Indonesia, the provisions of the Ministry of BUMN and the PUMK Program Accounting Rp171,192,000
Guidelines.
Subtotal Rp14,691,920,113
Audit and Audit-Related Services Related to Corporate Actions
Issuance of an Accountant’s Statement (Comfort Letter) on the Consolidated Financial Statements of Rp6,000,000,000
7. PT Bank Mandiri (Persero) Tbk and its Subsidiaries as of December 31, 2024 and 2023, related to Bank
Mandiri’s USD Global Bonds Issuance Year 2025.
Audit of the Consolidated Financial Statements of PT Bank Mandiri (Persero) Tbk and its Subsidiaries as Rp9,500,000,000
8.
of June 30, 2025, related to Bank Mandiri’s Sustainability Bond I Issuance Year 2025.
Reissuance of the Audit Report on the Consolidated Financial Statements of PT Bank Mandiri (Persero)
9. Tbk and its Subsidiaries as of June 30, 2025, related to Bank Mandiri’s Sustainability Bond I Issuance Year Rp450,000,000
2025.
Issuance of an Accountant’s Statement (Comfort Letter) with respect to the Consolidated Financial
10. Statements of PT Bank Mandiri (Persero) Tbk and its Subsidiaries as of June 30, 2025, related to Bank Rp3,600,000,000
Mandiri’s Sustainability Bond I Issuance Year 2025.
Issuance of an Accountant’s Statement (Comfort Letter) with respect to the Consolidated Financial
11. Statements of PT Bank Mandiri (Persero) Tbk and its Subsidiaries as of December 31, 2024 and 2023, Rp1,800,000,000
related to Bank Mandiri’s Sustainability Bond I Issuance Year 2025.
Limited Review of the Consolidated Financial Statements of Bank Mandiri and its Subsidiaries as of Rp7,500,000,000
12.
October 31, 2025, related to Bank Mandiri’s Project Alpha 2025.
Subtotal Rp28,850,000,000
Total Audit and Audit-Related Services Rp43,541,920,113
Non-Audit Services
Other Services Related to Consolidated Financial Statements of Bank Mandiri
1. Independent Auditor’s Report on Compliance with Laws and Regulations and Internal Controls for the Rp132,720,000
Year Ended December 31, 2025.
2. Limited Assurance for the Bank's Performance Evaluation Report. Rp57,400,000
3. AUP (Agreed Upon Procedures) on Bank Reporting System to BI. Rp96,992,000
AUP (Agreed Upon Procedures) on policies and control procedures implemented by the Bank in providing Rp114,184,000
4.
custodian services in accordance with OJK.
AUP (Agreed Upon Procedures) on Key Performance Indicators (KPI) for Collegial and Individual Rp509,040,000
5.
Directors.
6. AUP (Agreed Upon Procedures) on Information Package and Bank Corporation Structure. Rp504,000,000
AUP (Agreed Upon Procedures) for Security Audit report implemented by the Bank in the provision of BI Rp147,315,316
7.
Scriptless Securities Settlement System (BI-SSSS) Sub-Registry Services.
Subtotal Rp1,561,651,316
Other Services Related to Corporate Actions
AUP (Agreed Upon Procedures) on compliance with its obligations to pay principal and interest on loans Rp500,000,000
8.
and issued securities.
Subtotal Rp500,000,000
Total Non-Audit Services Rp2,061,651,316
Total Audit Fee for Bank Mandiri Consolidated Financial Statements and Other Services Rp16,253,571,429
Total Audit Fee for Corporate Action and Other Services Rp29,350,000,000
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 707
Page 710
Historical Assisgnments of Public Accountant and Public Accountant Firm
History of the Public Accountant and Public Accountant Firm assignments that have audited the Financial
CORPORATE GOVERNANCE
Statements of Bank Mandiri for the last 10 (ten) years:
Periods
Name of Public Periods
of Public
Year Public Accountant Firms Accountant/Signing of Public Fees**)
Accountant
Partner Accountant*)
Firm
Purwanto Susanti dan Surja (dahulu
2025 Purwantono, Sungkoro & Surja (a member 1st Period Yovita 5th Period 16,253,571
firm of Ernst & Young Global Limited))***
Rintis, Jumadi, Rianto & Rekan (formerly
2024 Tanudiredja, Wibisana, Rintis & Rekan (a 4th Period Lucy Luciana Suhenda 4th Period 16,707,600
member firm of PricewaterhouseCoopers
Tanudiredja, Wibisana, Rintis & Rekan
2023 3rd Period Lucy Luciana Suhenda 3rd Period 16,707,600
(firma anggota jaringan global PwC)
Tanudiredja, Wibisana, Rintis & Rekan
2022 2nd Period Lucy Luciana Suhenda 2nd Period 15,943,636
(firma anggota jaringan global PwC)
Tanudiredja, Wibisana, Rintis & Rekan
2021 1st Period Lucy Luciana Suhenda 1st Period 16,380,000
(firma anggota jaringan global PwC)
Purwantono, Sungkoro &
2020 Tanudiredja, Wibisana, Rintis & Rekan 4th Period 3rd Period 13,232,827
Surja (EY)
2019 Purwantono, Sungkoro & Surja (EY) 3 Period
rd
Benyanto Suherman 2nd Period 12,607,100
2018 Purwantono, Sungkoro & Surja (EY) 2 Period
nd
Benyanto Suherman 1 Period
st
11,990,000
2017 Purwantono, Sungkoro & Surja (EY) 1 Period
st Danil Setiadi Handaja 3 Period
rd
10,000,000
2016 Purwantono, Sungkoro & Surja (EY) 2nd Period Danil Setiadi Handaja 2nd Period 7,850,000
*) Based on Financial Services Authority Regulation (POJK) Number 9 of 2025, the cumulative calculation for the limitation on the use of audit
services has been accumulated since the 2017 financial year.
**) Fee including OPE & VAT Details of Fees are presented on the Fees of Audit Services and Other Services’ Table
***) The accounting firm’s name change became effective as of 18 July 2025.
Auditor Fee Information
In connection with our audit of the consolidated financial statements for the year ended 31 December 2025, the
following fees were paid or are payable to EY Indonesia and other EY Firms located outside of Indonesia:
Amount
Nature of Fees were paid or are payable to EY (in Rp before VAT)
Financial Statement Audit
› Audit of the consolidated financial statements of PT Bank Mandiri (Persero) Tbk for the fiscal year
ended 31 December 2025.
› Audit of the financial statements of PT Bank Syariah Indonesia Tbk, PT AXA Mandiri Financial Services,
PT Mandiri Sekuritas, PT Bank Mandiri Taspen, PT Mandiri Tunas Finance, PT Mandiri Utama Finance,
Bank Mandiri Hong Kong Branch, Bank Mandiri Shanghai Branch, and Bank Mandiri Singapore Branch 53,091,819,739
(Subsidiaries and Overseas Branches of PT Bank Mandiri (Persero) Tbk) for the financial year ended
31 December 2025.
› Audit of the financial statements of PT Bank Mandiri (Persero) Tbk, PT Bank Syariah Indonesia Tbk,
PT AXA Mandiri Financial Services, and PT Mandiri Tunas Finance (Subsidiaries of PT Bank Mandiri
(Persero) Tbk) for the six-month period ended 30 June 2025.
Audit of Special Purpose Financial Statement, Financial Statement Reviews, and Other Services
› Limited review of the financial statements of PT Bank Mandiri (Persero) Tbk and its controlled
subsidiary (PT Bank Syariah Indonesia Tbk), which are included in the consolidated financial
statements, for the ten-month period ended 31 October 2025. 14,729,476,861
› Audit of special purpose financial statements, limited assurance, and other services provided to PT
Bank Mandiri (Persero) Tbk and its controlled subsidiaries included in the consolidated financial
statements for the financial year ended 31 December 2025.
TOTAL 67,821,296,600
708 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 711
Audit Opinion
Opinions on the results of the 2016-2025 Financial Year Financial Statements are as follows:
CORPORATE GOVERNANCE
Year Opinion of Financial Statements
The Consolidated Financial Statements present fairly, in all material respects, in accordance with the Financial Accounting
2025
Standards in Indonesia (unmodified audit opinion).
The Consolidated Financial Statements present fairly, in all material respects, in accordance with the Financial Accounting
2024
Standards in Indonesia (unmodified audit opinion).
The Consolidated Financial Statements present fairly, in all material respects, in accordance with the Financial Accounting
2023
Standards in Indonesia (unmodified audit opinion).
The Consolidated Financial Statements present fairly, in all material respects, in accordance with the Financial Accounting
2022
Standards in Indonesia (unmodified audit opinion).
The Consolidated Financial Statements present fairly, in all material respects, in accordance with the Financial Accounting
2021
Standards in Indonesia (unmodified audit opinion).
The Consolidated Financial Statements present fairly, in all material respects, in accordance with the Financial Accounting
2020
Standards in Indonesia (unmodified audit opinion).
The Consolidated Financial Statements present fairly, in all material respects, in accordance with the Financial Accounting
2019
Standards in Indonesia (unmodified audit opinion).
The Consolidated Financial Statements present fairly, in all material respects, in accordance with the Financial Accounting
2018
Standards in Indonesia (unmodified audit opinion).
The Consolidated Financial Statements present fairly, in all material respects, in accordance with the Financial Accounting
2017
Standards in Indonesia (unmodified audit opinion).
The Consolidated Financial Statements present fairly, in all material respects, in accordance with the Financial Accounting
2016
Standards in Indonesia (unmodified audit opinion).
Relationship among Bank Mandiri, Public Accountants, and Regulators
Bank Mandiri maintains transparent and collaborative relationships with Public Accountants and regulators,
while fully adhering to all prevailing laws and regulatory requirements. To ensure the quality of the external audit
process, the Audit Committee, together with Internal Audit, oversees the audit work performed by the Public
Accounting Firm.
Prior to the audit commencement, the Public Accountant presents the audit plan to the Audit Committee, including
the methodology, testing approach, and sample coverage. This information is also shared with Internal Audit to
facilitate proper coordination. Throughout the audit process, regular discussions are held to review progress,
preliminary findings, and other key matters, including issues related to the effectiveness of internal controls.
The Audit Committee continuously monitors the performance of the Public Accountant through meetings attended
by relevant members of the Board of Directors. These meetings also address the follow-up actions taken by the
Bank in response to findings reported by the Public Accounting Firm. This strong coordination ensures that the
audit process is thorough, effective, and produces comprehensive insights that support improved governance
quality.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 709
Page 712
INTERNAL CONTROL SYSTEM
CORPORATE GOVERNANCE
The Internal Control System ensures that every process within Bank Mandiri operates securely. systematically.
and in alignment with governance principles. enabling effective risk management and reliable achievement of the
Bank’s strategic objectives.
Bank Mandiri’s Internal Control System (ICS) is Management Oversight and Control Culture
established by the Board of Directors and approved The control environment reflects the commitment.
by the Board of Commissioners as a continuous conduct. and oversight of Bank Mandiri’s Board of
mechanism to protect assets. enhance compliance. Directors and Board of Commissioners in ensuring that
reduce potential losses and irregularities. and operations align with governance principles. The Board
strengthen the overall effectiveness of the organisation. of Commissioners oversees the effectiveness of the
The ICS is embedded across all levels of the Bank as Internal Control System and encourages improvements
part of its risk management process to identify events where needed. while the Board of Directors establishes
that may affect operations. manage risks within internal control policies. strategies. and procedures
the defined risk appetite. and provide reasonable and monitors their adequacy. Both governing bodies
assurance in achieving the Bank’s strategic objectives. foster strong ethics. integrity. and an organisational
The implementation of the ICS refers to Bank Mandiri’s culture that emphasises the importance of internal
Internal Control Policy (KICN). controls across the Bank.
Control Objectives Supervision by management is carried out through
The objectives of effective ICS implementation are the establishment of a control culture through
grouped into 4 (four) main objectives as follows: the stipulation of policies and practices of human
resources. as follows:
1. Compliance Objectives
To ensure that all business activities of the 1. Bank has written policies and procedures regarding
Bank have been carried out in accordance with human resources. including recruitment. career
the prevailing laws and regulations. both the path. payroll and remuneration system. as well as
provisions issued by the Government. the Banking employee coaching and development.
Supervisory Authority. the Capital Market Authority 2. The Bank evaluates the performance. competence
as well as the Bank’s internal policies. provisions. and application of cultural values by employees on a
and procedures. regular basis. the results of which become the basis
for employee assignment and placement.
2. Purpose of Information 3. The Bank has an adequate organizational structure
To provide accurate. complete. timely and relevant and reflects the field of duties and responsibilities
information needed in making appropriate and established in accordance with applicable
accountable decisions. including financial and non- regulations.
financial reporting needed by internal and external 4. The Bank has a written policy regarding the
parties of the Bank. provisions and procedures for changing the
organizational structure.
3. Operational Objectives 5. The management of the Bank is carried out by
To increase effectiveness and efficiency in using referring to the principles of Good Corporate
assets and other resources and protect the Bank Governance.
from the risk of losses including those caused by 6. The Bank’s decision-making is determined in the
fraud events. Board of Directors meeting.
7. The decision-making process is carried out in a
4. Risk Culture Objectives bottom-up and top-down manner.
To identify weaknesses and assess deviations 8. The Bank establishes policies aimed at preventing
early and reassess the reasonableness of existing opportunities to commit irregularities or violations
policies and procedures within the Bank on an of the precautionary principle.
ongoing basis. 9. The Bank applies the principle of transparency
hence employees can communicate to the relevant
management about any issues that occur in the
Bank’s operational activities.
710 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 713
10. The entire process of recruitment. development and The risk assessment methodology forms the basis for
career path is carried out taking into account the developing a risk profile that is periodically updated.
CORPORATE GOVERNANCE
competence of employees. Based on the results. the Bank determines whether
11. Management assigns and places employees based a particular risk should be accepted. mitigated. or
on job exposure. level of knowledge. ability. mastery avoided by adjusting business activities. When new
of technical competence and application of behavior risks arise or existing risks remain uncontrolled. the
and results of employee performance assessment. internal control system must be reviewed through
12. The Board of Directors establishes a corporate continuous evaluation of changes in conditions and the
culture that reflects the values underlying the effectiveness of existing controls.
conduct of the entire Bank’s levels.
13. All levels of the Bank are required to have integrity Following the assessment. the Board of Directors
and uphold ethical values. determines the appropriate risk response. including
14. Management becomes a role model. always mitigation measures and enhancements to internal
increases the engagement level of all employees controls. to ensure that Bank operations remain secure
and has a high personal commitment to the and aligned with strategic objectives.
development of a sound Bank.
15. Management is obliged to improve an effective risk Control and Separation of Functions Activities
culture and ensure that it is inherent at every level of Control activities include control activities and
the organization. segregation of duties. with the following description:
For the oversight of the Board of Directors and control 1. Control Activities
culture. the Bank sets strategies & objectives as Control activities engage all levels of the Company.
requirements for an effective event identification. risk which includes planning. setting policies and
assessment and risk response process. consisting of: procedures. implementing controls and early
verification processes to ensure that policies and
1. Strategic Objectives. the high-level targets and in procedures have been consistently adhered to. and
line with the Bank’s vision and mission. are activities that cannot be separated from every
2. Operational Objectives. the derivative goals function or activity of the Bank on a daily basis.
and strategic objectives at the operational level Control activities are implemented at all levels of
(activities. work units and others). functions according to the Bank’s organizational
structure. which includes:
The Bank has standard procedures for targets setting in
accordance with the vision. mission and risk appetite. a. Top Level Review
The Board of Directors regularly requests
Risk Recognition and Assessment reports and explanations from Unit Heads
The Board of Directors identifies events that may to review performance against targets.
influence Bank Mandiri’s ability to execute its This review enables the Board to promptly
strategies and achieve its objectives. This includes identify issues. including control weaknesses.
recognising events that may create risks requiring financial reporting errors. or potential fraud.
assessment and response. as well as opportunities
that may support strategic development. In doing so. b. Functional Review
the Board considers all aspects of the organisation to The review is carried out by Internal Audit
ensure a comprehensive view of potential events. during examinations or regulatory reporting by
assessing the risk evaluations prepared by the
Risk assessment is carried out through several Risk Management Unit. analysing operational
activities. from identifying and analysing to measuring and financial data by verifying transactions
risks. across all processes that may pose potential against risk reports. and reviewing each unit’s
losses to the Bank. Bank Mandiri has a written risk work plan and budget to identify significant
management policy established by the Board of deviations and determine necessary corrective
Directors and approved by the Board of Commissioners actions.
as the foundation for effective risk management. The
assessment covers both quantitative and qualitative
risks. as well as risks that can be controlled and those
that cannot.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 711
Page 714
c. Control of information systems recording. customer information delivery.
The Bank ensures transaction accuracy and credit documentation review and monitoring.
CORPORATE GOVERNANCE
compliance with authorization procedures. activities that may create conflicts of interest.
implements IT controls to maintain system and maintaining the independence of the risk
and data confidentiality and integrity. and management function.
applies information system controls covering
data center operations. system procurement d. Directors and Employees have an adequate
and maintenance. servers. workstations. job description that contains functions. duties.
networks. and application controls to ensure authorities and responsibilities.
reliable transaction processing and effective
audit procedures. e. The Board of Directors and Employees are
prohibited from concurrently holding positions
d. Physical controls in the Bank’s internal environment that can
Physical asset controls are implemented cause conflicts of interest.
to ensure the security of the Bank’s
assets. including safeguarding records Accountancy. Information and Communication
and documentation. restricting access to Systems
applications. and conducting periodic asset
appraisals. 1. Accounting System
The Bank applies an accounting system based
e. Documentation on written policies that comply with generally
The Bank properly documents all policies. accepted accounting principles. covering the
procedures. systems. and work standards. methods and recording processes used to identify.
updates them regularly to reflect current classify. analyse. book. and report all transactions.
operations. and ensures their availability This system must be implemented consistently.
to internal auditors. external auditors. and including monthly reconciliations between
supervisory authorities. The Internal Audit Unit accounting data and the management information
evaluates the accuracy and completeness system. with proper documentation. Each unit
of these documents during routine and non- is required to record transactions promptly and
routine audits. accurately. ensure alignment with the general
ledger. clear suspense accounts. and use standard
2. Segregation of Duties forms or working papers equipped with appropriate
a. The separation of functions is intended for security features and adequate documentation.
everyone in his/her position to not have the
opportunity to commit and hide errors or 2. Information
deviations in the performance of his/her The Bank implements an information system
duties at all levels of the organization and all capable of generating reports on business
steps of operational activities. activities. financial condition. risk management.
and compliance to support the Board of Directors
b. The organizational structure is made by and Board of Commissioners. Internal controls
separating the functions of recording. audit. ensure reliable information across all functional
operational and non-operational (segregation activities. particularly high-risk areas. with
of duties). hence to create a system of dual secured data. monitoring by internal auditors. and
control. dual custody and avoid duplication adequate contingency programs. The Bank also
of work in every activity and avoid conflicts of ensures effective information security to maintain
interest. the confidentiality. integrity. and availability of all
managed data.
c. In implementing segregation of duties. the
Bank allocates key tasks to multiple individuals 3. Communication
to reduce the risk of data manipulation or asset The Bank maintains a communication system
misuse. This separation applies not only to that delivers information to all stakeholders. both
front and back-office activities but also to fund internal and external. including regulators. external
approval and disbursement. management of auditors. shareholders. and customers. The Internal
customer and owner accounts. transaction Control System ensures effective communication
712 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 715
channels so that management and employees Evaluation of Internal Control System Implementation
understand and comply with applicable policies The Board of Directors ensures the implementation
CORPORATE GOVERNANCE
and procedures. Management also ensures of a reliable and effective Internal Control System
that information on policies. risk exposures. and fosters a strong risk-aware culture across the
transactions. and operational performance is organisation. while Internal Audit periodically evaluates
accessible to relevant stakeholders as needed. and enhances the system through reviews of business
units and subsidiaries. Evaluation results are reported
Monitoring Activities and Correcting Deficiencies to the Board of Directors for follow-up and monitoring.
The Board of Directors continuously monitors the with the Board of Commissioners. through the Audit
effectiveness of Internal Control System. including IT Committee. reviewing these outcomes. Based on the
security and usage. with the Board of Commissioners 2025 assessment. Bank Mandiri’s ICS is considered
ensuring proper oversight. Key risks are regularly adequate.
evaluated by Business Units. Compliance. Risk
Management. and Internal Audit to assess the Effectiveness of Internal Control System
adequacy of the ICS amid internal or external changes. The effectiveness of Bank Mandiri’s Internal Control
Any weaknesses identified by relevant units or System relies on the integration of its five interrelated
other parties are promptly reported to Management. components. which must be consistently applied
and material issues are escalated to the Board of across the organisation. Management is responsible
Commissioners for corrective action. for ensuring that the ICS operates reliably and
effectively while fostering a strong risk-aware culture
Compliance with SEOJK No. 35/SEOJK.03/2017 at all organisational levels.
on Internal Control Standard Guidelines for
Commercial Banks Internal Audit continuously evaluates and enhances
Bank Mandiri’s Internal Control System comprises the effectiveness of the ICS by reviewing operational
five interconnected components applied across processes to support the achievement of corporate
the organisation to support the Bank’s objectives. objectives. Evaluation results are submitted to
following regulatory requirements and international Management for follow-up and monitoring. Overall.
internal control practices. namely: Management considers the ICS to be effective. while
recognising the need for ongoing improvements in line
1. Oversight by Management and a Control Culture with the Bank’s growing scale and business complexity.
2. Risk Identification and Assessment
3. Control Activities and Separation of Functions
4. Accounting. Information. and Communication
Systems
5. Monitoring Activities and Deviation Correction
Actions
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 713
Page 716
INTERNAL CONTROL OVER FINANCIAL
REPORTING
CORPORATE GOVERNANCE
Bank Mandiri is consistently committed to implementing effective Internal Control over Financial Reporting (ICOFR)
to ensure that the financial reporting process is reliable, transparent, and in compliance with applicable accounting
standards and regulations.”
As part of the Bank’s commitment to enhancing good corporate governance, Bank Mandiri has implemented Inter-
nal Control over Financial Reporting (ICOFR) to ensure that the financial reporting process is reliable, transparent,
and in compliance with Financial Accounting Standards and applicable regulatory requirements.
In its implementation, Bank Mandiri refers to OJK Regulation No. 15 of 2024 concerning the Integrity of Bank Finan-
cial Reporting. As part of compliance with this regulation, the Bank has established internal policies that serve as
guidelines for all Bank personnel in implementing ICOFR, which, among others, stipulate prohibitions for all Bank
personnel from engaging in actions that may cause financial information and financial statements to materially
misrepresent the actual condition.
The ICOFR activities include, among others:
1. Determination of materiality and scope of ICOFR for 2025
2. Preparation of Business Process Mapping (BPM) and Risk Control Metrics (RCM) documentation
3. Implementation of control design evaluation (Test of Design Effectiveness/TOD) and Test of Operational Ef-
fectiveness (TOE).
To ensure that ICOFR activities are conducted consistently, the Bank has designated the Compliance Group as a
Special Work Unit responsible for carrying out bank-wide oversight functions, including monitoring the implemen-
tation of ICOFR in Subsidiaries.
Internal Control Report on the Bank’s Financial Reporting Process
In 2025, the Bank commenced the systematic implementation of Internal Control over Financial Reporting (ICOFR)
in accordance with OJK Regulation No. 15 of 2024 concerning the Integrity of Bank Financial Reporting, to ensure
that all information presented in the Financial Statements for the year ended 31 December 2025 is reliable, free
from potential material misstatement, and in accordance with applicable accounting principles.
The Board of Directors of Bank Mandiri is responsible for the implementation and maintenance of internal control
over the Bank’s financial reporting. Based on the results of the ICOFR effectiveness assessment, the Board of Di-
rectors of Bank Mandiri has concluded that the implementation of ICOFR for the financial statements for the year
ended 31 December 2025 was effective.
The implementation of ICOFR inherently has limitations and therefore cannot fully prevent or detect misstatements
in the financial reporting process. Accordingly, Bank Mandiri continuously conducts evaluations and ongoing en-
hancements to ensure that the effectiveness of ICOFR is maintained in line with the Bank’s operations and/or evolv-
ing regulatory requirements in the future.
714 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 717
COMPLIANCE FUNCTION
CORPORATE GOVERNANCE
Bank Mandiri’s Compliance Function ensures that every business activity aligns with regulatory requirements.
strengthens operational integrity. and safeguards the Bank from risks that may impact long-term sustainability.
As Bank Mandiri’s business grows and technology Director In Charge of the Compliance Function
advances rapidly, the Bank faces increased challenges The Director who oversees the Company’s Compliance
in managing compliance risks. These challenges Function is Mrs. Eka Fitria as Human Capital and
necessitate preventive measures to minimize violations Compliance Director.
of internal regulations and applicable laws.
Compliance Unit
With all transactions now technology-driven, Bank The Compliance Group serves as the Work Unit
Mandiri is required to act swiftly and collaboratively to responsible for the Compliance Function (SKK) at
enhance its systems and strategies to meet societal Bank Mandiri. This unit reports directly to the Director
needs effectively. Proper and timely management overseeing the Compliance Function. In its capacity as
of compliance risks, in alignment with the latest risk the Compliance Unit. the Compliance Group fulfills the
management practices, helps to mitigate risks at an following requirements:
early stage. Addressing these exposures requires
a robust compliance function to prevent fraud and 1. Independence.
potential financial losses to the Company. 2. Understanding the applicable provisions and laws
and regulations.
Bank Mandiri implements its compliance function by 3. Not performing other duties outside of the
referring to OJK Regulation No. 46/POJK.03/2017 Compliance Function.
on the Implementation of the Compliance Function 4. Have a high commitment to implement and develop
for Commercial Banks. Bank Mandiri has established a Compliance Culture.
compliance policies and standard procedures that
outline the roles and responsibilities of the Compliance In line with OJK Regulation No. 18/POJK.03/2014
Unit (SKK) in performing its compliance functions. on the Implementation of Integrated Governance for
Financial Conglomerates. the Compliance Group also
Organizational Structure of Compliance Functions serves as the Integrated Compliance Unit (SKKT).
Organizations that carry out compliance functions are Its role includes monitoring and evaluating the
regulated in Bank Mandiri’s Compliance Policy which is implementation of compliance functions across all
further elaborated in detail in the Standard Compliance Financial Services Institutions (LJK) that are part of
Procedures. The organization consists of: the Mandiri Group financial conglomerate.
1. Director in charge of the Compliance Function To effectively execute its compliance functions,
2. Compliance Unit the Compliance Group is structured into 5 (five)
departments and 3 (three) functional units of
Compliance Officers, organized as follows:
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 715
Page 718
CORPORATE GOVERNANCE
Group Head
Compliance Group
Executive
Deputy GH Compliance
Officer
Coporate Segmen
Financial Report IT Compliance Compliance Liaison Officer Compliance
Governace Retail Digital
Control Head System Head Officer
Banking
QA &
Corporate
Center
Regulatory
GCG & Ethic
Compliance Segmen
Wholesale &
Digital Banking
Compliance
System Gratifikasi &
Management Support Service
Compliance
Performance
Management
Profile of Head of Compliance Function
The Bank’s Compliance Unit is led by the Head of Compliance Unit. The appointment and/or dismissal of the Head
of Compliance Unit refers to the Bank’s Compliance Policy and is reported to the Regulator.
Bank Mandiri has appointed Juliser Sigalingging as Group Head of Compliance & AML-CFT based on Board of
Directors Decree No. KEP.DIR/HC.459/2020 dated 4 March 2020 concerning the Appointment and Designation of
Employee Positions. Since October 2025, he has served as Group Head of Compliance following the separation of
the AML-CFT function into a dedicated group.
Juliser Sigalingging
Group Head Compliance
Age : 54 Years old
Citizenship : Indonesian
Domicile : Jakarta
716 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 719
Educational Background
› Bachelor degree in Accounting Economics from University of Sumatera Utara (1996).
CORPORATE GOVERNANCE
› Master degree in Financial Management from University of Satyagama (2000).
Professional Background
› Group Head Compliance Group (2025)
› Group Head of Compliance & AML CFT Group (2020).
› Chief Auditor of retail audit group (2015).
› PIC Chief Auditor of Retail Audit Group (2015).
Compliance Functions Duties and Responsibilities
The duties and responsibilities of the Compliance Group Head in carrying out compliance functions. in general
are as follows:
1. Developing measures to support the creation of a Compliance Culture in all business activities of the Bank at
every level of the organization.
2. Identifying. measuring. monitoring. and controlling Compliance Risk by referring to Financial Services Authority
regulations regarding the Implementation of Risk Management for Commercial Banks.
3. Carrying out assessment and evaluation on the effectiveness. adequacy and suitability of policies. stipulations.
systems and procedures of the Bank with the prevailing laws and regulations.
4. Reviewing and/or providing recommendations to update and refine the policies. regulations. systems and
procedures of the Bank to be in accordance with Bank Indonesia regulations and prevailing laws and regulations.
5. Making efforts to ensure the policies. stipulations. systems and procedures. as well as the Bank’s business
activities are in accordance with the OJK regulations and prevailing laws and regulations.
Compliance Function Capacity Building
The following are trainings and education participated by the staffs of Compliance Unit during 2025.
No. Date Employee Education and Development
1 5 January 2025 PRIVACY, GOVERNANCE, AND COMPLIANCE: DATA SHARING
2 5 January 2025 LEADERSHIP REFLECTIONS INTERNALIZING THE 5 KEY CHARACTERISTICS OF MDNA
3 5 January 2025 HOW TO THINK STRATEGICALLY
4 5 January 2025 CREATING GROWTH PROJECTIONS FOR YOUR BUSINESS
5 5 January 2025 CREATING A COMMUNICATIONS STRATEGY
6 5 January 2025 WORK ON PURPOSE
7 5 January 2025 HOW TO MAKE STRATEGIC THINKING A HABIT
8 5 January 2025 STRATEGIC AGILITY
9 5 January 2025 BUSINESS PROCESS IMPROVEMENT
10 6 January 2025 FROM COMPLIANCE TO CULTURE: A PSYCHOLOGICAL SAFETY FRAMEWORK FOR INCLUSION
11 30 January 2025 INTRODUCTION TO WHOLESALE BANKING
12 21 Februari 2025 UJIAN SERTIFIKASI MANAJEMEN RISIKO JENJANG 6
13 7 March 2025 TALENT MEET - BEYOND LEADERSHIP: FROM INDIVIDUAL EXCELLENCE TO COLLECTIVE BRILLIANCE
14 13 March 2025 LEADER AS DECISION MAKERS
15 13 March 2025 PEMBEKALAN SERTIFIKASI MANAJEMEN RISIKO JENJANG 4
16 13 March 2025 MANDIRI STRATEGIC THINKING INITIATIVES (MSTI)
17 19 March 2025 SOSIALISASI BINCANG PMS 2025
18 21 April 2025 FACILITATING SKILLS
19 22 April 2025 EFFECTIVE FACILITATING 2025
20 29 April 2025 TRAINING SPARK DAN SOSIALISASI KEBIJAKAN PENGELOLAAN TAD
21 5 May 2025 PELATIHAN CALON ASESOR KOMPETENSI
22 7 May 2025 E-LEARNING MANDATORY STRATEGI ANTI FRAUD & PELINDUNGAN DATA PRIBADI
23 9 May 2025 SERTIFIKASI AUDITOR BCM ISO 22301:2019
24 10 May 2025 SERTIFIKASI CALON ASESOR KOMPETENSI
25 16 Mei 2025 SOSIALISASI ANTI FRAUD & ANTI GRATIFIKASI
26 19 May 2025 PROSES PERKREDITAN DARI ASPEK KEPATUHAN (BMPK, AKTIVA PRODUKTIF, KEWENANGAN MEMUTUS)
27 20 May 2025 UJIAN SERTIFIKASI MANAJEMEN RISIKO JENJANG 4
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 717
Page 720
No. Date Employee Education and Development
28 23 May 2025 PROFESSIONAL RECOGNITION PROGRAM FOR QUALIFIED INTERNAL AUDITOR (QIA)
CORPORATE GOVERNANCE
29 26 May 2025 PENGENDALIAN GRATIFIKASI - MODUL 6
30 26 May 2025 GOOD CORPORATE GOVERNANCE (GCG) - MODUL 5
31 3 June 2025 REFRESHMENT MANAJEMEN RISIKO
32 16 June 2025 E-LEARNING MANDATORY DRIVING SUSTAINABILITY CHAMPION
33 16 June 2025 KONSINYERING SKEMA KEPATUHAN
34 17 June 2025 CULTURE ACTIVATION BERGERAK BERDAMPAK CAPTAIN CULTURE SQUAD (L3) & CULTURE SQUAD (L4)
35 18 June 2025 FORUM HUMAN CAPITAL MANDIRI GROUP TERINTEGRASI
36 20 June 2025 MANDATORY E-LEARNING DRIVING SUSTAINABLE CHANGE
37 20 June 2025 MANDIRI STICKY RELATIONSHIP ACADEMY (MSRA)
38 26 June 2025 REFRESHMENT SERTIFIKASI MANAJEMEN RISIKO JENJANG 5
39 4 July 2025 CYBERSECURITY 101: STRATEGI BANK MANDIRI MELAWAN PHISING
40 4 July 2025 MANDATORY E-LEARNING CYBER RISK AWARENESS 2025
41 7 July 2025 MANDIRI LEARNING FESTIVAL 2025
42 9 July 2025 REFRESHMENT AUDIT SURVEILLANCE 2 ISO 37001:2016 SISTEM MANAJEMEN ANTI PENYUAPAN (SMAP)
43 10 July 2025 RESERTIFIKASI AUDITOR ISO SMAP 37001:2016
44 11 July 2025 CULTIVATING A MILITANT MINDSET WITH BERGERAK BERDAMPAK
45 15 July 2025 COMMUNICATION SUMMIT 2025 ACCELERATING IMPACT THROUGH COMMUNICATION EXCELLENCE
46 17 July 2025 PEMBEKALAN SERTIFIKASI MANAJEMEN RISIKO JENJANG 5
47 17 July 2025 THE LEARNING PODCAST - MLF 2025
48 21 July 2025 KONSINYERING MODUL ODP RISK
49 4 August 2025 E-LEARNING MANDATORY PELINDUNGAN NASABAH DAN PENANGANAN PENGADUAN NASABAH
50 5 August 2025 UJIAN SERTIFIKASI MANAJEMEN RISIKO JENJANG 5
51 11 August 2025 INNOVATORS JOURNEY EPS 2: GATHERING INFORMATION - LET'S VALIDATE YOUR IDEA
52 11 August 2025 OPERATIONS STRATEGY FOR BUSINESS
53 11 August 2025 DATA-DRIVEN DECISIONS IN BUSINESS OPERATIONS
54 12 August 2025 FORUM KEPATUHAN
55 15 August 2025 BUSINESS PROCESS MAPPING (BPM) FOR ICOFR
56 1 September 2025 SDP
57 8 September 2025 UJI KEPATUHAN 2025 : LEVEL 4 DAN L5
58 8 September 2025 UJI KEPATUHAN 2025 : LEVEL L3+ DAN L3
59 8 September 2025 STRATEGY PODCAST 17 JULI 2025 - THE MAIN TRANSACTION BANK - IBU FAUZIAH ANNA
60 16 September 2025 MANAGE BURNOUT AT WORK WITH THESE SIMPLE STRATEGIES
61 16 September 2025 THE MOST POWERFUL YOU: 7 PATHS TO CAREER BLISS (BOOK BITE)
62 16 September 2025 SMARTER FASTER BETTER (BLINKIST SUMMARY)
63 16 September 2025 UJI KEPATUHAN 2025 : LEVEL L2
64 17 September 2025 BERGERAK BERDAMPAK
65 1 October 2025 AWARENESS & INTERNAL AUDIT ISO 37002:2021 - WHISTLEBLOWING MANAGEMENT SYSTEM
66 3 October 2025 REFRESHMENT SMR JENJANG 4: PENGUATAN KERANGKA MANAJEMEN RISIKO DALAM MENJAGA
KESEHATAN BANK
67 28 October 2025 STRATEGIC PROJECT RISK MANAGEMENT
68 2 November 2025 PROJECT MANAGEMENT FOUNDATIONS: FACILITATING LESSONS LEARNED
69 2 November 2025 FACILITATING PROCESS IMPROVEMENT IN TEAMS
70 2 November 2025 THE NEW AGE OF RISK MANAGEMENT STRATEGY FOR BUSINESS
71 10 November 2025 INTERNAL CONTROL OVER FINANCIAL REPORTING (ICOFR)
72 13 November 2025 DEVELOPING A PROBLEM-SOLVING MINDSET
73 14 November 2025 REFRESHMENT SERTIFIKASI MANAJEMEN RISIKO JENJANG 6
74 18 November 2025 STRATEGIC SELLING: HOW TO COMMUNICATE WITH THE C-SUITE AND DECISION MAKERS
75 19 November 2025 SOSIALISASI & WORKSHOP PERSIAPAN SELURUH L3+ DAN L3 DIR HCC MENUJU PRE-FORSA 2025
76 24 November 2025 PRACTICE ROLE PLAY: STRUCTURING A DEAL IN A NEGOTIATION
77 24 November 2025 PRACTICE ROLE PLAY: NEGOTIATING A CONTRACT WITH A LONG-TERM PARTNER
78 24 November 2025 STRATEGIC NEGOTIATION
79 24 November 2025 OPTIMALISASI PEMBIAYAAN INKLUSIF MAKROPRUDENSIAL
718 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 721
No. Date Employee Education and Development
80 25 November 2025 LEARNING MISSION STRATEGY BANK MANDIRI
CORPORATE GOVERNANCE
81 28 November 2025 INNOVATOR'S JOURNEY EPS 3: BUILDING PROTOTYPE
82 4 December 2025 5 REASONS YOUR CAREER IS STALLED AND HOW TO GET UNSTUCK
83 8 December 2025 INNOVATORS JOURNEY EPS 1: BUILDING FOUNDATION
84 17 December 2025 PROBLEM-SOLVING FOR FOUNDERS
85 17 December 2025 STRATEGIC HUMAN RESOURCES
86 17 December 2025 PRICING STRATEGY: VALUE-BASED PRICING
87 18 December 2025 HR RECRUITING COMMUNICATION STRATEGIES TO ATTRACT AND RETAIN TOP TALENT
88 18 December 2025 SERTIFIKASI HC KNOWLEDGE BASIC LEVEL
89 18 December 2025 SOCIAL SUCCESS AT WORK
90 18 December 2025 PERFORMANCE MANAGEMENT: SETTING GOALS AND MANAGING PERFORMANCE
91 18 December 2025 BENEFIT CAMP
92 19 December 2025 HOW TO BE MORE STRATEGIC IN SIX STEPS
93 19 December 2025 ADVICE FOR LEADERS DURING A CRISIS
94 19 December 2025 CRISIS COMMUNICATION PLANNING AFTER A RANSOMWARE OR OTHER CYBERSECURITY ATTACK
95 19 December 2025 DISRUPTIVE TECHNOLOGIES CASE STUDIES FOR BUSINESS LEADERS
96 19 December 2025 BODY LANGUAGE SECRETS FOR POWERFUL PRESENTATIONS
97 19 December 2025 HIDDEN GENIUS: HOW SUCCESSFUL PEOPLE THINK (BOOK BITE)
98 19 December 2025 NANO TIPS TO IMPROVE WORKPLACE COMMUNICATION WITH ELAYNE FLUKER
99 19 December 2025 NANO TIPS TO BUILD VISIBILITY AT WORK WITH MELODY WILDING
100 19 December 2025 CLOSING THE CONFIDENCE GAP
101 19 December 2025 A CEO’S GUIDE TO A CAREER IN ADVERTISING AND MARKETING
102 19 December 2025 SALES: BOUNCING BACK FROM A LAYOFF
103 19 December 2025 PUBLIC SPEAKING: FIND YOUR CONFIDENCE
104 19 December 2025 A NEW WAY TO THINK: YOUR GUIDE TO MANAGEMENT EFFECTIVENESS (BOOK BITE)
105 19 December 2025 MANAGING PEOPLE - STEVE JOBS
106 19 December 2025 SOCIAL SELLING WITH LINKEDIN
107 19 December 2025 AVOIDING PHISHING SCAMS
108 19 December 2025 SALES STRATEGIES AND APPROACHES IN A NEW WORLD OF SELLING
109 21 December 2025 DESIGNING GROWTH STRATEGIES
110 21 December 2025 HERE IS WHAT I SEE: HELPFUL BUSINESS ENGLISH FOR SHARING YOUR PROJECT VISION
111 21 December 2025 NANO TIPS FOR BUILDING A SUPPORTIVE NETWORK WITH GEMMA, TATIANA, AND ERIN
112 21 December 2025 BUSINESS DEVELOPMENT: STRATEGIC PLANNING
113 21 December 2025 NANO TIPS FOR ADDING VALUE TO YOUR ORGANIZATION WITH ELIANA GOLDSTEIN
114 21 December 2025 HOW TRUST WORKS: THE SCIENCE OF RELATIONSHIPS (BOOK BITE)
115 21 December 2025 DATA-DRIVEN PRODUCT MANAGEMENT
116 21 December 2025 CIRCULAR ECONOMY BUSINESS STRATEGIES
117 21 December 2025 NANO TIPS TO COMMUNICATE ASSERTIVELY AND SET BOUNDARIES WITH SHADÉ ZAHRAI
118 21 December 2025 NANO TIPS FOR CREATING CAPTIVATING VIRTUAL PRESENTATIONS WITH LORRAINE K. LEE
119 21 December 2025 PRACTICE ROLE PLAY: SET IMPROVEMENT GOALS WITH A STRUGGLING EMPLOYEE
120 21 December 2025 PRACTICE ROLE PLAY: GIVE FEEDBACK ON PRIORITIZATION
121 21 December 2025 PRACTICE ROLE PLAY: FEEDBACK ON PRESENTATION SKILLS
122 21 December 2025 COMMUNICATING WITH CLARITY AS A MANAGER
123 21 December 2025 FACILITATE EMPLOYEE SKILL DEVELOPMENT AND CAREER MOBILITY AS A MANAGER
124 22 December 2025 STARTUP STORIES: FAMOUS IPHONE PHOTO LEADS TO ONLINE COURSES
125 22 December 2025 TALKING TO CUSTOMERS
126 22 December 2025 THE ART OF BOUNCING BACK
127 22 December 2025 MEMANUSIAKAN MANUSIA: SENI MENGANGKAT HARKAT KARYAWAN SEBAGAI MANUSIA
128 22 December 2025 THE COACHING HABIT (GETABSTRACT SUMMARY)
129 22 December 2025 TALENT: HOW TO IDENTIFY ENERGIZERS, CREATIVES, AND WINNERS (BOOK BITE)
130 22 December 2025 NANO TIPS FOR BUILDING A CAREER IN CYBERSECURITY
131 22 December 2025 WHAT DOES A LEADER DO - BARACK OBAMA
132 22 December 2025 BUILD YOUR TEAM'S AGILITY AND RESILIENCE
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 719
Page 722
No. Date Employee Education and Development
133 22 December 2025 PRODUCT MANAGEMENT TIPS
CORPORATE GOVERNANCE
134 22 December 2025 PRODUCT MANAGEMENT: CUSTOMER DEVELOPMENT
135 22 December 2025 STRATEGIES FOR CREATING VIRAL SHORT FORM CONTENT
136 23 December 2025 HUMBLE LEADERSHIP: THE POWER OF RELATIONSHIPS, OPENNESS, AND TRUST (GETABSTRACT SUMMARY)
137 23 December 2025 TRAIN YOUR BRAIN'S AWARENESS-FOCUS LOOP
138 23 December 2025 SMART BREVITY: THE POWER OF SAYING MORE WITH LESS (BOOK BITE)
139 23 December 2025 JOB SKILLS: LEARNING RETAIL SALES
140 23 December 2025 EXCEL POWER QUERY TIPS AND TECHNIQUES
141 23 December 2025 HOW TO GET FEDRAMP AUTHORIZED
142 23 December 2025 MATERI KPS PRA RAKER HCSTM
143 23 December 2025 THE BUSINESS SECTOR AND THE SUSTAINABLE DEVELOPMENT GOALS
144 24 December 2025 AT YOUR BEST: MANAGING YOUR TIME AND PRIORITIES (BOOK BITE)
145 24 December 2025 HOW THOUGHT LEADERSHIP CAN DIFFERENTIATE YOUR BRAND
146 24 December 2025 NANO TIPS FOR SMARTER LEARNING AND BETTER RELATIONSHIPS WITH SHADÉ ZAHRAI
147 24 December 2025 WISE LEADERS NOT SMART LEADERS - JACK MA
148 24 December 2025 THE FIVE TS OF GREAT COACHES - PART 1 - IT’S NOT (ONLY) ABOUT WINNING - HARVARD BUSINESS REVIEW
149 24 December 2025 WHAT MAKES A GREAT LEADER - HARVARD BUSINESS REVIEW
150 24 December 2025 EACH MODEL EXPLAINED - DISRUPTIVE HR
151 25 December 2025 CUSTOMER SERVICE STRATEGY
152 26 December 2025 HOLDING YOUR TEAM ACCOUNTABLE
153 26 December 2025 ADAPTING LEADERSHIP TO BEHAVIORAL STYLES
Compliance Policies and Standard Procedures
Bank Mandiri has established comprehensive compliance policies and standard procedures to guide all
employees in fostering a strong Compliance Culture. These policies ensure that the Bank’s activities consistently
align with prevailing laws and regulations and adhere to the principle of prudence. To maintain their relevance and
effectiveness, the compliance policies and standard procedures are reviewed periodically, at least once a year, in
accordance with the Bank’s needs and any updates to relevant laws and regulations.
Bank Mandiri Compliance Policy
Bank Mandiri’s Compliance Policy serves as a comprehensive guide for all employees to uphold and implement a
strong Compliance Culture within the organization. The policy includes key components such as General Policy,
Organizational Structure, Authority and Responsibility, Compliance Risk Management, Reporting, and Monitoring.
In addition. the Compliance Policy defines fundamental Compliance Principles. which consist of:
1. The Company always complies with prevailing laws and regulations and applies the principle of prudence in
carrying out all its activities (mandatory).
2. The Board of Commissioners and Board of Directors are role models based on honesty and integrity hence the
implementation of compliance becomes the Company’s culture (starts from the top).
3. All levels of the Company are fully responsible for carrying out compliance in each of their respective activities.
Bank Mandiri Standard Compliance Procedures
The Standard Compliance Procedures provide in detailed the Compliance Policy. as a practical guide to implement
the Compliance Function. The procedures cover key aspects such as Organization, duties, and responsibilities;
Governance and compliance work programs; Execution of compliance functions; Compliance tools; Enhance the
effectiveness of compliance functions; Identification and management of compliance risks; Mitigation strategies
for compliance risks; as well as Collaboration between the Compliance Unit (SKK) and other key units. including
Internal Audit Unit (SKAI) and Risk Management Unit (SKMR), particularly operational risk management.
The compliance function is implemented through Compliance Assurance Services (CAS), which include
Supervisory services, Review/examination services, Consultation services, and Regulatory services.
720 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 723
Bank Mandiri Compliance Technical Guidelines b. The management of digitalized and end-to-end
The Compliance Technical Guidelines outline the integrated regulations is facilitated through
operational procedures and technical work processes the Integrated Policy and Procedure System
CORPORATE GOVERNANCE
in implementing compliance function. as a detailed (IPPS), which includes Policy & Procedure
elaboration of the Standard Compliance Procedures. Corner (Popcorn) as a module for publishing
and disseminating internal and external
To support the implementation of the integrated regulations.
compliance function. Bank Mandiri has established c. To drive the implementation of the code of
the Mandiri Group Principle Guideline (MGPG) and the conduct and support the Anti-Fraud Strategy
Mandiri Subsidiary Management Principles Guideline (SAF) program, the Bank has also established
(MSMPG). These guidelines serve as a framework for a whistleblowing policy and reporting
ensuring effective and consistent compliance practices mechanism known as the Whistleblowing
across the financial conglomerate. System - Letter to CEO (WBS-LTC). The WBS-
LTC aims to detect irregularities and/or acts
As the Main Entity. Bank Mandiri requires all financial or indications of fraud within Bank Mandiri,
institutions within the Financial Conglomerate to promote awareness and concern among
adopt compliance policies aligned with Bank Mandiri’s all employees, and enhance the company’s
Compliance Policy. These policies are tailored to meet reputation in the eyes of stakeholders.
the specific regulatory requirements of each industry
within the respective Financial Services Institutions 2. Improvement of Compliance Culture
(LJK). For Overseas Units. the compliance policies As part of fostering a compliance culture, Bank
are adjusted to adhere to the laws and regulations Mandiri conducted a compliance testing program in
applicable in the local jurisdiction. Q3 2025 for all employees across the organization.
Compliance Strategy 2025 3. Improvement of Human Resources (HR)
To support the achievement of Bank Mandiri’s vision Competence
in 2025, Bank Mandiri has established a compliance To improve the quality of human resources and
strategy so as to minimize the possibility of compliance implement competency standards in compliance,
risks and improve the compliance culture in each of the the Bank will conduct a Compliance Certification
Bank’s activities. program at the national level, which will be
attended by all employees of the Compliance Unit
Compliance Function Work Programs in 2025 and Compliance Unit in the Work Unit.
To support the improvement of the Compliance Culture,
the following were efforts made by the Company: 4. Improvement of Awareness of Compliance Culture
1. Strengthening Compliance Infrastructure and As an effort to increase employee awareness on the
Function Systems importance of a Compliance Culture that can have
2. Improvement of Compliance Culture an impact on compliance risk, the Bank conducts
3. Improvement of Human Resources (HR) an awareness improvement program through the
Competence creation of a list of report obligations.
4. Improvement of Awareness of Compliance Culture
5. Compliance Risk Management 5. Compliance Risk Management
6. Implementation of Governance Compliance risk management is carried out
7. Strengthening Integrated Governance regularly to minimize the occurrence of compliance
8. Reward & Punishment in the Implementation of risks. The compliance risk management process
Compliance Functions that has been carried out are:
a. Analysis of new provisions as a basis for
Compliance Work Plan Implementation in 2025 preparing compliance risks and conducting
1. Strengthening Compliance Function prudential meetings with relevant work units
Infrastructure and Systems to discuss the fulfilment of obligations for new
The compliance infrastructure and systems regulations.
currently in place at Bank Mandiri will be b. Socialization of new provisions resumes to all
strengthened as follows: employees through electronic media.
a. Reviewing and refining compliance policies,
guidelines, and technical instructions.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 721
Page 724
6. Implementation of Governance role of the compliance function in each work
As a form of Bank Mandiri’s commitment and unit. The evaluation is expected to improve the
consistency in implementing Governance to quality of compliance culture implementation
CORPORATE GOVERNANCE
maintain business continuity, Bank Mandiri makes and compliance risk management in minimizing
continuous improvements to the implementation risks that may occur due to non-compliance with
of Governance. To improve the implementation of prevailing regulations.
Governance continuously, Bank Mandiri conducts
a Governance self-assessment – bank only based Evaluation of Compliance Function Effectiveness
on POJK No. 17 of 2023 and SEOJK No. 14/ The effectiveness of the Compliance Function is
POJK.03/2025 concerning the Implementation of evaluated annually by the Compliance Director using
Governance for Commercial Banks. the Annual Work Plan, KPIs, and non-KPI programs to
support continuous improvement. KPI assessment
7. Strengthening Integrated Governance covers four key areas: Financial, Customer, Internal
The synergy of compliance with financial institutions Business, and Development. Based on the 2025
in the Bank Mandiri Financial Conglomerate evaluation, the Compliance Function demonstrated
covers several subjects, including compliance strong performance in meeting regulatory requirements
risk management, and the implementation of and internal standards.
Integrated Governance
a. In relation to the integrated compliance risk Compliance Indicators in 2025
management process, the Bank will hold a In 2025, Bank Mandiri established several compliance
discussion forum on the compliance risks of indicators to monitor, evaluate, and enhance
each Financial Conglomerate, and monitor the compliance performance, as follows:
implementation of the Financial Conglomerate
compliance function in the Financial 1. Risk Profile
Conglomerate through regular quarterly This indicator assesses the potential losses that
reporting. the Bank may face from inherent Compliance Risk.
b. In relation to the implementation of Integrated Individually, the level of inherent Compliance Risk
Governance, Bank Mandiri conducts a is categorized as low over a certain future period,
self-assessment of the implementation while the quality of Compliance Risk Management
of Integrated Governance based on OJK implementation is considered adequate. In the
Regulation No. 18/POJK.03/2014 and OJK event that minor weaknesses are identified, such
Circular Letter No. 15/SEOJK.03/2015 weaknesses can be addressed through normal
concerning the Implementation of Integrated business activities. For 2025, the following can be
Governance for Financial Conglomerates. This conveyed:
self-assessment is conducted twice a year (in • Bank Mandiri’s Inherent Compliance Risk is at
the June and December periods) and involves Level 2 (Low to Moderate)
all entities within the Bank Mandiri Financial • The Quality of Compliance Risk Management
Conglomerate. Implementation at Bank Mandiri is at Level 2
c. In relation to the implementation of Integrated (Satisfactory)
Governance, Bank Mandiri urges Financial
Service Institutions in Financial Conglomerate 2. Compliance Testing Program
to participate in Good Corporate Governance In order to build a culture of compliance, the Bank
assessment activities by independent conducted a compliance testing program from
parties, namely The Indonesian Institute for 8 September to 19 September 2025, which was
Corporate Governance (IICG) with the aim of subsequently extended from 22 September to 30
improving the application of the principles of September 2025. The program involved employees
Good Corporate Governance in the Financial across all levels of the organization and was aimed
Conglomerates of Bank Mandiri. at increasing employee awareness of applicable
regulations and provisions.
8. Reward & Punishment in the Implementation of
Compliance Functions
In order to develop the compliance function,
the Internal Control Score (ICS) parameter has
been prepared as one of the components of the
performance assessment of Bank Mandiri’s
work units related to the implementation and
722 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 725
IMPLEMENTATION OF ANTI-MONEY
LAUNDERING, COUNTER-TERRORISM
CORPORATE GOVERNANCE
FINANCING, AND PREVENTION OF THE
WEAPONS OF MASS DESTRUCTION
PROGRAMS PROLIFERATION FINANCING
Bank Mandiri is committed to safeguarding financial system integrity through risk-based AML, CTF, and CPF
programs. reinforced by advanced technology and consistent oversight across the organisation.
Bank Mandiri proactively responds to the rapid National Commercial Banks at 8.95 and the aggregate
advancement of innovation and digitalization in the score of all National Reporting Entities (500 reporting
financial services sector through a digital-based entities) at 8.03.
business transformation program. The digital
transformation forms an integral part of the Bank’s In addition, Bank Mandiri also received various other
long-term, bank-wide “Game Changing Technology” awards, attaining the highest rating in the 2025
business strategy, aimed at improving competitiveness, Effectiveness Index Assessment of the AML–CTF
operational efficiency, and service quality for customers. Regime Performance, recording a score of 8.56 (rated
“Effective”), surpassing the national aggregate score
Aligned with digital transformation, cybercrime threats of 6.53 (rated “Fairly Effective”). These achievements
such as account hacking, online gambling activities, underscore Bank Mandiri’s commitment and consistent
and online fraud have also increased and may exploit efforts in implementing the AML, CTF, and PFWMD
banking services. Bank Mandiri balances its digital regimes in an effective and sustainable manner.
transformation by upholding prudential principles,
security, and confidentiality, including strengthening Bank Mandiri’s commitment to integrity and
risk mitigation to prevent the misuse of banking services performance effectiveness in implementing the AML,
for Money Laundering (ML), Terrorism Financing (TF), CTF, and PFWMD programs is demonstrated through
and/or the Financing of the Proliferation of Weapons of its active participation in various strategic forums
Mass Destruction (PFWMD). and regulatory coordination initiatives. These include
serving as a drafting team member and key respondent
The strengthening of Anti-Money Laundering (AML), in the National and Sectoral Risk Assessments; acting
Counter-Terrorism Financing (CTF), and Counter- as a Subject Matter Expert in the Tactical Hub Project
Proliferation Financing of Weapons of Mass Destruction – Public–Private Partnership for the development of
(PFWMD) programs is carried out in alignment with operational alerts on criminal offences; and providing
regulations, risk management practices, the Bank’s analysis-based insights to enhance the quality of
Business Plan, and international best practices. Bank policies.
Mandiri’s vision, “To become your preferred financial
partner,” is realized through a range of strategic Bank Mandiri also delivers significant contributions
initiatives across Procedures and Processes, Systems by supporting national strategic programs that are the
and Technology, and Human Resource development. focus of PPATK monitoring and the Mutual Evaluation
This integrated approach is designed to enhance the Review (MER) process. In addition, Indonesia’s
effectiveness and optimization of the AML, CTF, and successful admission as a full member of the
PFWMD programs, while ensuring the Bank’s transaction Financial Action Task Force (FATF) in October 2023
monitoring and processing systems consistently meet has further reinforced Bank Mandiri’s commitment to
both national and global compliance standards. consistently and sustainably supporting the AML, CTF,
and PFWMD regimes. Collectively, these achievements
In 2025, Bank Mandiri once again reaffirmed its and contributions strengthen Bank Mandiri’s role in
commitment to integrity in the implementation of AML, advancing the AML, CTF, and PFWMD framework in
CTF, and PFWMD through the achievement of the Indonesia, enhance stakeholder confidence, and reflect
Highest Rating in the 2025 Financial Integrity Rating the Bank’s active participation in raising both national
on Money Laundering and Terrorism Financing for the and global integrity standards.
Core Capital-Based Bank Group 4 category, with a score
of 9.55. This score exceeded the aggregate score of
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 723
Page 726
AML. CTF. and PFWMD Organizational Structure In carrying out the oversight function over the
Bank Mandiri has established governance bodies that adequacy of the implementation of the AML, CFT,
assign strategic oversight and management of the AML, and PFSPM Program in the Region, AMLO actively
CORPORATE GOVERNANCE
CTF, and PFWMD programs to the Board of Directors coordinates with the AML & CFT Group, which serves
and the Board of Commissioners. These bodies are as the system overseer for AMLO. This coordination
responsible for ensuring the effective implementation includes, among other things, alignment in the
of the AML, CTF, and PFWMD programs, including implementation of the applicable AML, CFT & PFSPM
the management of strategic issues and matters of policies and procedures, as well as AMLO’s standard
concern to regulators and/or stakeholders. Oversight work processes in supervising the implementation of
of the AML, CTF, and PFWMD implementation is AML, CFT, and PFSPM in the Region.
exercised through deliberations in meetings of the
Board of Directors and the Board of Commissioners. In addition, AMLO periodically submits monthly reports
on the implementation of its duties and responsibilities
In 2025, Bank Mandiri undertook an organizational in supervising AML, CFT, and PFSPM in the Region to
reorganization by establishing a dedicated AML & the AML & CFT Group. Such reports include, among
CFT Group, which was previously integrated within the other things, follow-up actions on the results of
Compliance Unit. The formation of the AML & CFT Group Suspicious Financial Transaction indication analyses,
reflects Bank Mandiri’s commitment and contribution the implementation of both onsite and on-desk Branch
to strengthening the implementation of the AML, CTF, reviews, as well as initiatives to enhance AML, CFT, and
and PFWMD programs in Indonesia. The AML & CFT PFSPM awareness at the Branch level.
Group now operates as a specialized unit reporting
directly to the Director in charge of the Compliance To enhance AMLO’s competencies, the AML &
Function. This organizational enhancement is intended CFT Group also periodically conducts training and
to ensure independence and sharpen the Bank’s focus attachment programs. These programs are focused
on oversight, risk management, and compliance in the on improving the quality of suspicious transaction
implementation of AML, CTF, and PFWMD programs, analyses, as well as strengthening understanding of
while also serving as a strategic response to emerging the applicable regulations and the latest trends and
threats. typologies.
The establishment of the AML & CFT Group was also The organizational structure for the AML, CTF, and
intended to sharpen roles and responsibilities in PFWMD framework is illustrated as follows:
mitigating the misuse of Bank Mandiri’s services by
perpetrators of money laundering, terrorism financing,
and the financing of the proliferation of weapons of
mass destruction. In addition, the formation of the
AML & CFT Group serves to strengthen oversight of the
effectiveness of the AML, CTF, and PFWMD programs
across all members of Bank Mandiri’s Financial
Conglomeration.
AML & CFT Group is led by Group Head AML & CFT
in charge of carrying out supervision on AML, CTF,
and PFWMD programs implementation at Bank
Mandiri. Bank Mandiri has also appointed Anti-
Money Laundering Officers (AMLOs) in each region
across Indonesia (Regions I to XII), who act as the
primary safeguards and subject matter experts for
the implementation of the AML, CTF, and PFWMD
programs at the regional level. In addition, Bank
Mandiri designates Branch Managers as the persons
in charge (PICs) for the implementation of the AML,
CTF, and PFWMD programs at each branch.
724 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 727
Head Office Region
Director of
CORPORATE GOVERNANCE
Human Capital &
Compliance
Group Head AML Regional
& CFT CEO I-XII
AML - CFT AML - CFT AML - CFT AML - CFT
Transaction System Data Reporting & Advisory & RBC Head I-XII Area Head
Monitoring Analytics Liaison Business Strategy
TL AMLO I-XII Branch Manager*
Note :
: Coordination lines related to the implementation
of APU, PPT, and PPPSPM programs
AMLO I-XII
RBC : Regional Business Control
AMLO : Anti-Money Laundering Officer
TL : Team Leader *) Served as the PIC for the implementation of
APU, PPT, and PPPSPM at the Branch level.
Profile of the Head of the Special Work Unit (UKK) for AML, CFT & PPFWMD
The UKK for AML, CFT & PPFWMD of Bank Mandiri is led by a Head of UKK for AML, CFT & PPFWMD (Group
Head AML & CFT). Bank Mandiri has appointed Anzar Mulyantoro as Group Head AML & CFT based on Board of
Directors Decree No. KEP.DIR/HC.1598/2025 dated 27 October 2025 on the Definitive Appointment of Employee
Positions.
Anzar Mulyantoro
Group Head AML & CFT Group
Age : 48 Years Old
Citizenship : Indonesian
Domicile : Jakarta
Educational Background
Master of Management in Financial Management, Universitas Gadjah Mada (2007)
Professional Background
› Group Head AML & CFT (2025)
› Deputy Group Head Compliance & AML-CFT Group (2023)
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 725
Page 728
Dutis and Responsibilities of AML, CFT & PPFWMD
In ensuring the effectiveness and adequacy of AML, CFT & PPFWMD Program implementation, the AML & CFT
Group generally has the following duties and responsibilities:
CORPORATE GOVERNANCE
1. Ensuring that policies and procedures related to AML, CFT & PPFWMD are developed, evaluated, and updated
in alignment with prevailing regulations.
2. Ensuring appropriateness of development methodology and updating of Individual Risk Assessment (IRA) for
money laundering, terrorism financing, and/or proliferation financing risks within the Bank.
3. Overseeing effectiveness of AML, CFT & PPFWMD Program implementation across the Bank Mandiri Financial
Conglomeration.
4. Ensuring that the preparation and submission of AML, CFT & PPFWMD reports to regulators are carried out
in a complete, accurate, timely manner and in line with established criteria.
5. Ensuring continuous enhancement of transaction monitoring systems and supporting systems for AML, CFT
& PPFWMD Program implementation.
6. Ensuring effective management of working relationships, coordination, and communication with regulators,
law enforcement agencies, and/or relevant authorities in AML, CFT & PPFWMD Program implementation.
Policies and Procedures for the Implementation of the AML. CTF. and PFWMD Programs
Bank Mandiri has established policies and procedures for the implementation of the AML, CTF, and PFWMD
programs that are aligned with prevailing laws and regulations as well as international best practices. To maintain
their relevance and effectiveness, these policies and procedures are reviewed periodically, at least once a year,
taking into account the Bank’s needs and developments in applicable regulations, with the details as follows:
1. AML, CTF, and PFWMD Policy
The AML, CTF, and PFWMD Policy serves as the Bank’s guiding framework for the implementation of the AML,
CTF, and PFWMD programs at a high-level, strategic, and long-term perspective. This policy governs key aspects,
including organizational structure and authority; policy compliance and consistency; prudential principles;
customer acceptance and Walk-In Customers (WIC); customer monitoring; implementation of the AML, CTF, and
PFWMD programs across the branch network and subsidiaries; Know Your Employee; whistleblower protection;
training; and reporting.
2. AML, CTF, and PFWMD Standard Procedures
The AML, CTF, and PFWMD Standard Procedures provide guidance for all parties within Bank Mandiri in
implementing the AML, CTF, and PFWMD programs. These Standard Procedures, among others, govern the
following aspects:
a. The determination of duties, responsibilities, and authorities of the Board of Directors, the Board of
Commissioners, and the dedicated AML, CTF, and PFWMD Special Work Unit.
b. The implementation of Know Your Customer (KYC) for prospective customers, existing customers, Walk-In
Customers (WIC), and Beneficial Owners (BO) as the basis for customer identification, monitoring, and risk
management.
c. The implementation of the AML, CTF, and PFWMD programs in the provision of high-risk products and
services, as well as in the use of supporting professional services.
d. The refusal of business relationships, transactions, and/or the termination of business relationships.
e. AML, CTF, and PFWMD reporting obligations to regulators and/or competent authorities.
f. Document administration and record-keeping.
g. The implementation of the AML, CTF, and PFWMD programs in overseas branches and financial
conglomeration members.
h. Management information systems.
i. Human resources and training.
Implementation of the AML, CTF, and CPF Work Program in 2025
Throughout 2025, Bank Mandiri implemented a series of AML, CTF, and PFWMD work programs, with the following
achievements:
1. Policies and Procedures
a. Review and update of AML, CTF, and PFWMD policies and procedures.
b. Update of the risk assessment for Money Laundering, Terrorism Financing, and/or Proliferation Financing
(Individual Risk Assessment/IRA).
c. Enhancement of customer data quality through customer data updating initiatives.
d. Integrated evaluation and monitoring of the AML, CTF, and PFWMD programs application across the
domestic and overseas branch network as well as members of the Financial Conglomeration.
e. Identification, review, and assessment of ML, TF, and/or PFWMD risks related to the development of new
technology-based products and existing products.
2. System & Technology
Enhancement of transaction monitoring systems and surrounding systems supporting the implementation
of the AML, CTF, and PFWMD programs.
3. Human Resources
Strengthening awareness and competencies across all levels of Bank Mandiri employees. including
overseas branches and members of the Financial Conglomeration, through training programs, attachments,
socialization activities, and forums.
726 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 729
4. Participation in National Strategic Programs
a. Participation in the 2025 Financial Integrity Rating on Money Laundering/Terrorist Financing (FIR on
CORPORATE GOVERNANCE
ML/TF) assessment conducted by PPATK. Bank Mandiri achieved the Highest Rating in the 2025 FIR
on ML/TF for the Core Capital-Based Bank Group (KBMI) 4 category. with a score of 9.55, exceeding the
aggregate score of Commercial Banks (8.95) and all Reporting Entities (8.03).
b. Participation in the 2025 Effectiveness Index Assessment of the AML–CTF Regime conducted by PPATK.
in which Bank Mandiri attained the highest ranking among Reporting Entities with a score of 8.56 (rated
“Effective”), surpassing the national aggregate score of 6.53 (rated “Fairly Effective”).
c. Preparation and/or updating of the 2025 National Risk Assessment (NRA) and Sectoral Risk Assessment
(SRA) documents.
d. Involvement as a Subject Matter Expert (SME) in national and international seminars, including those on
Financial Crimes and Sanctions Risk Management: Navigating Complexities.
e. Participation as a respondent and Subject Matter Expert (SME) in regulatory studies, research, and
surveys related to money laundering, including strategic analyses on phishing and reasons for suspicious
transactions in Suspicious Transaction Reports (STRs), indicators of suspicious financial transactions
related to the misuse of the Free Nutritious Meal Program, and the draft OJK regulation on dormant
accounts.
f. Active participation in activities organized by regulators, including:
1) Participation in the 23rd Anniversary National Movement of Indonesia’s AML–CTF Regime. including
social services, bazaars, the main anniversary event, joint external sports competitions (Fourfeo).
and the Best Report Award (BREW) 2025 competition, in which Bank Mandiri secured third place.
2) Participation in the GROW NOW (Green and Restore Our World) tree-planting initiative in Bogor, West
Java.
3) Provision of insights and analytical data to PPATK in support of the monitoring of Indonesia’s
National Strategic Programs, covering:
a) Dormant account data;
b) Free Nutritious Meal Program;
c) Merah Putih Cooperative Program;
d) Government assistance programs;
e) Illegal gold mining activities; and
f) Customer/debtor data based on specific criteria.
FUNDING TO SOCIAL AND/OR POLITICAL
ACTIVITIES
Through a sustained social and environmental commitment. Bank Mandiri ensures that business success goes
hand in hand with empowering communities and protecting the environment.”
Bank Mandiri recognizes that its role extends beyond financial performance to tangible contributions to society
and the environment. As such. the Bank integrates social and environmental considerations into its strategy and
operations and has allocated Rp251.1 billion in 2025 to support community development and environmental
initiatives.
Costs (Rp)
No. Description
2021 2022 2023 2024 2025
1 Education 30.5 billion 40.3 billion 48.4 billion 33.7 billion 58.1 billion
2 Social & Community 30.1 billion 49.8 billion 79.5 billion 156.1 billion 86.5 billion
3 Religious Facility 19.3 billion 12.6 billion 11.7 billion 12 billion 19.4 billion
4 General Infrastructure 13.4 billion 12.6 billion 17.0 billion 21.4 billion 34.5 billion
Facility
5 Natural Disaster 5.5 billion 3.8 billion 0.9 billion 1.7 billion 3.6 billion
6 Health Facility 33.5 billion 17.8 billion 15.7 billion 15.8 billion 28.4 billion
7 Environmental Conservation 0.9 billion 0.6 billion 1.4 billion 9.3 billion 20.6 billion
Total 132.4 billion 137.6 billion 174.6 billion 250 billion 251.1 billion
The detailed description is presented in the section of Social & Environmental Responsibility in this Annual
Report. and separately in the 2025 Sustainability Report. During 2025, Bank Mandiri did not provide any funding
for political activities or political parties.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 727
Page 730
SIGNIFICANT LITIGATION
CORPORATE GOVERNANCE
Bank Mandiri addresses all legal matters with prudence and transparency to ensure compliance and protect the
interests of the Bank and its stakeholders.
In 2025, Bank Mandiri addressed several legal cases involving various legal matters, consisting of cases that
have obtained final and binding legal decisions (inkracht) as well as those still in progress. Throughout 2025,
Bank Mandiri did not encounter any corporate criminal cases. Details of legal cases as of 31 December 2025 are
presented in the following table:
No. Litigation Civil Criminal
1. Cases/Litigation under settlement process 174 -
2. Resolved Cases/Litigation (has had permanent legal force) 243 -
Significant Litigation In 2025
Among the aforementioned civil cases, there are 2 (two) civil cases that significantly impact Bank Mandiri, as
detailed below:
Civil Cases
Impact to Company Management Sanctions
No. Principal Lawsuit Solution Status Compensation Claim
Conditions Efforts imposed
Case No. 337/
Bank Mandiri has
Pdt.G/2024/PN.Jkt.
Examination at the Risk of paying prevailed in the
1. Utrl between Wida None Rp956,873,838,534
High Court Level indemnity case up to the High
Murtini Soedibyo et
Court level.
al, and Bank Mandiri
Bank Mandiri has
Case No. 1310/ attended court
Pdt.G/2025/PN. The risk of having proceedings and
Jkt.Sel between Examination at the to pay damages will prepare its
2. None Rp209,090,000,000
Arnold F. Limanauw, High Court Level and potential loss response and
et al, and Bank of assets. evidence to support
Mandiri Bank Mandiri's
position.
Impact of Litigations on the Company
The legal proceedings encountered by Bank Mandiri in 2025 did not have a significant impact on the Company.
Effective risk mitigation measures enabled the Bank to manage the inherent risks associated with these cases
appropriately.
Litigations Involving the Board of Commissioners and Board of Directors
Throughout 2025, no significant civil or criminal legal cases were faced by the incumbent members of Bank
Mandiri’s Board of Directors and Board of Commissioners.
Administrative Sanctions from OJK to the Company
Throughout 2025, no material administrative sanctions affected Bank Mandiri’s business continuity, and no
administrative sanctions were imposed on any members of the Board of Directors or Board of Commissioners.
728 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 731
SIGNIFICANT LITIGATION OF SUBSIDIARIES
CORPORATE GOVERNANCE
Litigations
In 2025. several Bank Mandiri subsidiaries were involved in legal matters. including cases that had reached final
and binding decisions (inkracht) and others still in process. Details of these legal matters are presented in the
following table.
No. Litigation Civil Industrial Relations
1. Cases/Litigation under settlement process 370 1
2. Resolved Cases/Litigation (has had permanent legal force) 273 1
Significant Cases Faced by Subsidiary Boards of Directors and Commissioners
Throughout 2025, no members of the Boards of Directors or Boards of Commissioners of Bank Mandiri’s
subsidiaries were involved in civil or criminal legal cases.
Disclosure of Administrative Sanctions from OJK to Subsidiaries
In 2025, there were no material administrative sanctions imposed by OJK that affected the business continuity of
subsidiaries, nor were any administrative sanctions imposed on Directors or Commissioners.
Significant Cased of Subsidiaries and Sub-subsidiaries
The following outlines significant legal cases involving the subsidiaries and sub-subsidiaries during 2025.
The following is a summary of significant legal matters involving each subsidiary and sub-subsidiary during 2025,
None of these cases had a material impact on the Company’s operations. Details of cases that have been concluded
or have obtained final and binding legal status are presented below:
1. AXA Mandiri Financial Services
No. Litigation Civil Industrial Relations
1. Cases/Litigation under settlement process 6 0
2. Resolved Cases/Litigation (has had permanent legal force) 12 0
2. Mandiri Sekuritas
No. Litigation Civil Industrial Relations
1. Cases/Litigation under settlement process 0 0
2. Resolved Cases/Litigation (has had permanent legal force) 0 0
3. PT Mandiri Manajemen Investasi
No. Litigation Civil Industrial Relations
1. Cases/Litigation under settlement process 0 0
2. Resolved Cases/Litigation (has had permanent legal force) 0 0
4. PT Mandiri Tunas Finance (MTF)
No. Litigation Civil Industrial Relations
1. Cases/Litigation under settlement process 49 0
2. Resolved Cases/Litigation (has had permanent legal force) 27 0
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 729
Page 732
5. Bank Mandiri Taspen
CORPORATE GOVERNANCE
No. Litigation Civil Industrial Relations
1. Cases/Litigation under settlement process 4 0
2. Resolved Cases/Litigation (has had permanent legal force) 10 0
6. PT Mandiri Utama Finance (MUF)
No. Litigation Civil Industrial Relations
1. Cases/Litigation under settlement process 29 0
2. Resolved Cases/Litigation (has had permanent legal force) 31 1
7. Mandiri Capital Indonesia
No. Litigation Civil Industrial Relations
1. Cases/Litigation under settlement process 0 0
2. Resolved Cases/Litigation (has had permanent legal force) 0 0
8. Bank Syariah Indonesia
No. Litigation Civil Industrial Relations
1. Cases/Litigation under settlement process 282 1
2. Resolved Cases/Litigation (has had permanent legal force) 193 0
9. Mandiri International Remittance
No. Litigation Civil Industrial Relations
1. Cases/Litigation under settlement process 0 0
2. Resolved Cases/Litigation (has had permanent legal force) 0 0
10. Bank Mandiri Europe Ltd.
No. Litigation Civil Industrial Relations
1. Cases/Litigation under settlement process 0 0
2. Resolved Cases/Litigation (has had permanent legal force) 0 0
730 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 733
INFORMATION ACCESS AND
CORPORATE DATA
CORPORATE GOVERNANCE
Bank Mandiri ensures that all essential information is disclosed openly, accurately, and promptly as part of its
commitment to transparency and public trust.
Bank Mandiri upholds transparency by providing adequate, accurate, and timely information to shareholders and
stakeholders through multiple channels. Throughout 2025, the Bank disclosed key information and financial and
non-financial reports via its official bilingual website, mass media, public exposes, the IDX Electronic Reporting
Facility, the OJK Electronic Reporting System, and the Ministry of SOEs portal, All information is made accessible
to ensure public transparency and effective information disclosure.
Corporate Secretary Website Call
Adhika Vista www.bankmandiri.co.id 1400 (021) 5299 7777
Menara Mandiri 1
Jalan Jenderal Sudirman Kav 54-55
Jakarta 12190 Indonesia
Tel : 021 524 5299
Website : www.bankmandiri.co.id
Email : corporate.communication@
bankmandiri.co.id
Head Office Address Contact Address
Menara Mandiri 1 Contact Care
Jalan Jenderal Sudirman Kav 54-55 Email :
Jakarta 12190 Indonesia mandiricare@bankmandiri.co.id
Tel : 62-21 5265045
Fax : 62-21 5274477. 527557 Media Social
facebook: https://id/facebook.com/
officialbankmandiri/
twitter: @bankmandiri
Instagram: @bankmandiri
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 731
Page 734
CODE OF CONDUCT
CORPORATE GOVERNANCE
The Code of Conduct serves as the foundation of integrity at Bank Mandiri. guiding all personnel to act professionally.
ethically. and responsibly in every business interaction.
Bank Mandiri implements a Code of Ethics that summarizes the basic principles of personal and professional
conduct as guidelines in carrying out the Company’s activities. The Code of Ethics applies to all employees, both
contract and permanent employees, as well as members of the Board of Commissioners and the Board of Directors.
The implementation of the Code of Ethics aims to encourage professional, responsible, fair, ethical, and trustworthy
behavior in every business interaction.
The Code of Ethics serves as a behavioral guideline for Bank Mandiri personnel in carrying out their duties and daily
activities, as well as in conducting business relationships with customers, partners, and colleagues. The existence
of these basic rules as set out in the Code of Ethics constitutes one of Bank Mandiri’s commitments to governance
principles, which have supported Mandiri Inhealth in achieving its established Vision and Mission. Work ethics
represent the elaboration of the basic principles of personal and professional conduct expected to be carried
out by Bank Mandiri personnel in performing their duties. Business ethics represent moral principles related to
individual conduct, the protection of bank assets, and the conduct of the Bank’s business, including in interactions
with stakeholders, as the basis for the conduct of Bank Mandiri personnel in carrying out business activities. This
constitutes a standard of conduct that must be implemented at all levels of the organization.
Code of Conduct Basic Principles
The main points of Bank Mandiri’s code of conduct contain arrangements for work ethics and business ethics.
The work ethic that regulates Bank Mandiri personnel’s behaviors covers the following aspects:
A conflict of interest is a condition where Bank personnel. in carrying out their duties and responsibilities. have
interests outside their official duties. whether related to personal. family. or other parties' interests. which may
lead to a loss of objectivity in decision-making and policy implementation. Therefore. all Bank personnel:
1. Must avoid activities that may lead to conflicts of interest. If such situations are unavoidable. they must
report them to their immediate superior.
2. Are prohibited from approving and/or requesting approval for credit facilities. special interest rates. or
other privileges for themselves. their families. companies in which they or their families have interests.
Conflict of interest and other parties related to them.
3. Are prohibited from working for other companies. whether as a director, employee, consultant, or member
of the board of commissioners. unless assigned or granted written permission by the Bank’s Board of
Directors.
4. Are prohibited from becoming the Bank’s partners, either directly or indirectly.
5. Are prohibited from using the Bank’s assets for personal, family, or other external parties’ interests.
6. In conducting securities transactions, foreign exchange trading, precious metals, derivative transactions,
and other goods for personal interests, such transactions are only allowed if there is no conflict of interest,
violation of insider trading regulations by the Capital Market Authority, or other applicable regulations.
Confidentiality refers to all information or data that must be kept confidential in accordance with applicable
laws and regulations as well as the Bank's internal policies. Therefore, all Bank personnel:
1. Must understand and maintain the confidentiality of all information. whether related to customers or
other matters. ensuring its use is solely for the Bank's interests in compliance with applicable regulations.
2. Are prohibited from using or disclosing information to external parties regarding:
a. Customer information or data. as well as other data required to be kept confidential under applicable
laws and regulations.
Confidentiality of b. The Bank's activities with the Government of the Republic of Indonesia.
Information c. The Bank's internal policies and work procedures.
d. Information Systems Management. Data. and Reports.
e. Employee data. whether active or inactive.
f. The Bank's business activities, including those with customers and partners, unless approved by
authorized Bank officials or mandated by applicable laws.
To prevent misuse, the dissemination of customer information within the Bank's internal environment must be
carried out cautiously and only with relevant parties.
The obligation to safeguard specific confidential matters remains binding on former Bank employees.
732 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 735
Abuse of position refers to actions that contravene prevailing laws and regulations, including the use of
authority attached to one’s position for personal interests, the interests of family members, or other related
parties. Therefore, all Bank personnel are required to observe the following provisions:
CORPORATE GOVERNANCE
1. Bank personnel are prohibited from committing unlawful acts, including but not limited to abusing their
authority and deriving benefits, either directly or indirectly, from information obtained through the Bank’s
business activities for personal gain, for family members, or for other parties, whether or not such actions
Abuse of Position
cause losses to the Bank.
2. In the procurement of goods and services from third parties for the Bank’s official purposes, Bank
personnel must seek to obtain the best possible price. If any price reductions (discounts) are obtained,
such discounts must be for the benefit of the Bank.
Bank personnel are prohibited from using their position to borrow from customers or incur debts to
customers.
Gratification refers to the giving of benefits in a broad sense, including money, goods, rebates (discounts),
commissions, interest-free loans, travel tickets, accommodation facilities, holiday trips, free medical treatment,
and other facilities, whether received domestically or abroad, and whether provided through electronic means
or otherwise.
Bribery refers to the act of offering, promising, giving, receiving, or requesting an undue advantage of any
value (whether financial or non-financial), directly or indirectly, regardless of location, in violation of applicable
laws and regulations, as an inducement or reward for a party to act or refrain from acting in relation to the
performance of their duties.
In carrying out daily business activities, Bank personnel are required to maintain good working relationships with
all stakeholders based on an anti-bribery culture that prohibits bribery and other similar practices. Therefore, all
Bank personnel are required to observe the following provisions:
1. Bank personnel are prohibited from requesting or accepting, permitting, or agreeing to receive any
gratification (gift or reward) from other parties/third parties related to their position and contrary to their
obligations under applicable laws and regulations.
2. This prohibition also includes requesting or accepting, permitting, or agreeing to receive gifts or rewards
Anti-Bribery and from third parties who obtain or seek to obtain facilities from the Bank in the form of credit facilities (cash
Gratification loans and/or non-cash loans), or in connection with the purchase or discounting of bills of exchange,
promissory notes, checks, commercial papers, or other evidence of obligations, as well as other facilities
related to the Bank’s operational activities and work related to the procurement of goods and services
by the Bank. (The types of gratification and the reporting mechanisms are regulated under separate
provisions.)
3. Bank personnel are prohibited from accepting gifts in any form during religious holidays from customers,
partners, or other parties that may give rise to potential conflicts of interest.
4. In the event that customers, partners, or other parties that may give rise to potential conflicts of interest
provide gifts in the form of goods or other items on certain occasions, such as weddings, bereavement,
or similar events, if the acceptance of such gifts is believed to create negative impacts and influence the
Bank’s decisions, and the value of the gifts exceeds reasonable limits, the Bank employee who receives
such gifts must promptly return them with a courteous explanation.
5. If, for any reason, it is difficult to return the gifts as mentioned above, the Bank employee receiving such
gratification must immediately report the matter to their superior to determine the appropriate follow-up
actions in accordance with the applicable regulations.
If customers, partners, or other parties provide promotional items, Bank employees may accept such
items provided that the acceptance of the promotional items is not believed to create negative impacts
or influence the Bank’s decisions.
Insider Conduct refers to actions by Bank employees who exploit information regarding the Bank's financial
condition. planned activities. and/or other material information that has not been made public. which is
reasonably suspected to influence the decisions of investors or shareholders (insider information) for the
purpose of trading stocks or other securities (such as bonds or stock options). Therefore. all Bank personnel:
1. If possessing insider information. are prohibited from using such information for personal gain. for their
family. or for third parties by:
a. Influencing customers. individuals. or institutions to conduct transactions with the Bank.
Insider Conduct
b. Disseminating confidential information to customers. individuals. or institutions.
2. Are prohibited from using insider information to buy or trade securities unless the information has been
made widely available to the public.
3. Are prohibited from abusing their position to gain direct or indirect benefits for themselves. their family
members. or other parties. and/or influencing decision-making processes related to themselves.
4. In making decisions to sell or purchase the Bank’s assets and other services. must prioritize the Bank's
interests without being influenced by Insiders.
The integrity and accuracy of Bank data refer to a condition where all data/documents/transaction records of
the Bank must be presented correctly and accurately and must be accountable. Therefore. all Bank personnel:
1. Are prohibited from recording and/or altering and/or deleting records with the intent to obscure
Bank Data Integrity and transactions/information.
Accuracy 2. Are prohibited from manipulating documents.
Corrections to data. including modifications or deletions. are only permitted based on the authorization of an
authorized officer in accordance with procedures established by the Bank.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 733
Page 736
The integrity of the banking system is a condition where all levels of the Bank uphold the integrity of the banking
system by being vigilant. self-aware. and avoiding the involvement of the Bank in criminal activities in the
Banking System financial and banking sectors. Therefore. all Bank employees:
CORPORATE GOVERNANCE
Integrity 1. Must be alert to unusual and suspicious transactions.
2. Must take preventive measures to detect accounts suspected of being used for money laundering.
terrorism financing. corruption. and other criminal activities.
In conducting its business and operations. the Bank ensures alignment between economic. social. and
environmental aspects. which are crucial factors in achieving corporate progress and sustainability. This
creates a condition where the Bank not only excels in financial performance (profit) but is also recognized as
an entity that contributes to societal well-being (people) and environmental preservation (planet).
Therefore. all Bank employees:
Sustainable Finance 1. Serve a role in contributing to sustainable development. environmental conservation. and societal well-
being.
2. Are required to consider the potential negative impacts on economic. social. and environmental
conditions arising from any policy enacted.
3. Must assess and account for social and environmental risks in every decision-making process.
4. Are prohibited from engaging in partnerships or business relations with parties that have the potential to
harm the environment.
Business ethics are moral principles related to Individual Behaviour. Protection of Bank Property. and the Conduct of
Banking Business. serving as the foundation for the behaviour of the Bank’s management in carrying out business
activities. which consist of:
1. Personal Integrity
Every member of the Bank:
a. Upholds moral values. maintains self-respect. and demonstrates strong discipline.
b. Preserves personal integrity in accordance with applicable rules. regulations. policies. and
systems.
c. Commits to maintaining the Bank's image and reputation.
d. Acts and behaves in alignment with a pure conscience.
e. Conducts themselves honorably and responsibly. remaining free from influences that could
Individual Conduct compromise objectivity in performing duties or cause the Bank to lose business or its reputation.
f. Avoids activities that may lead to conflicts of interest.
g. Refrains from actions that could weaken or undermine the integrity of Indonesia's banking system.
2. Discriminatory Treatment/Actions
Every member of the Bank:
a. Respects human rights.
b. Prevents all forms of discriminatory practices.
3. Harassment
Every member of the Bank is required to avoid any actions that violate public order and morality.
1. Bank Assets
Every member of the Bank:
a. Maintains and protects all Bank assets. both tangible and intangible.
b. Uses Bank assets solely for activities related to the Bank's interests.
c. Utilizes Bank assets responsibly. ensuring they are used appropriately for their intended purposes.
2. Confidential Information Protection
Every member of the Bank:
Protection of Bank a. Protects valuable and confidential information from loss. misuse. disclosure. and theft.
Assets b. Does not disseminate reports or information about the Bank that is confidential in nature.
3. Bank Intellectual Property
Every Bank employee:
a. Safeguards the Bank's intellectual property.
b. Dedicates their competencies for the Bank's benefit as part of its intellectual property.
4. Recording and Reporting
Every Bank employee is responsible for the accuracy and completeness of records and
reports presented.
1. Misrepresentation
Every member of the Bank representing the Bank:
a. Acts in accordance with their duties. responsibilities. and authority when interacting with third
parties.
b. Provides accurate information. documents. and reports in compliance with applicable regulations.
Bank Business
c. Avoids actions that may cause misunderstandings by others.
Operations
2. Relationships with Business Partners
Every member of the Bank. when interacting with business partners:
a. Prioritizes the Bank's interests.
b. Prevents corruption. collusion. nepotism. and negative perceptions of the Bank.
c. Adheres to principles of professionalism and fairness. grounded in good faith.
734 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 737
3. Behavior in Competition (We Compete Fairly)
Every member of the Bank is responsible for fostering and maintaining healthy competition in conducting
business.
CORPORATE GOVERNANCE
4. Relationships with Other Organizations
Every member of the Bank:
a. Engages in business contacts with other organizations. including competitors. based on mutually
beneficial principles. particularly for the Bank.
b. Avoids any improper collaborations or alliances with other parties.
5. Obtaining and Using Third-Party Information
Every Bank employee avoids improper methods of obtaining confidential information from third parties
or competitors.
6. Relationships with Regulators
Every Bank employee upholds ethical principles and adheres to applicable regulations in fostering
relationships with regulators.
Fair Competition unequal opportunities or differential treatment of
Bank Mandiri is committed to upholding Fair individuals or groups in company activities and
Competition in all business activities. social interactions within the workplace.
1. We do not agree or cooperate with competitors.
suppliers. or customers in ways that could restrict 2. Acts/Behaviors of Violence: Engaging in any
competition or distort the market. actions. deeds. or behaviors. including threats
2. We do not supply. obtain. or exchange information or gestures indicating intent to act. coercion.
that could limit competition or create unfair or arbitrary deprivation against others in the
advantages. workplace. whether occurring publicly or privately.
3. We do not abuse a dominant position in the market that may cause physical. psychological. sexual. or
to eliminate competitors or manipulate market economic harm. damage. or suffering.
conditions unfairly.
3. Acts/Behaviors of Harassment: Engaging in any
Promoting Equality and Preventing Discrimination in attitudes. words. actions. deeds. behaviors. or
the Workplace gestures. whether in the workplace or through
The Respectful Workplace Policy (RWP) establishes various communication media. that violate laws
clear guidelines for fostering a safe work environment or human rights regulations. These actions are
that upholds respect and protects the dignity of every intended to intimidate and negatively impact
individual. This policy ensures that all Bank personnel. physical. psychological/mental. sexual. or
including external parties who interact with the Bank. economic aspects. causing individuals to feel
are safeguarded from discrimination. exclusion. intimidated. humiliated. offended. demeaned. or
bullying. harassment. and any form of physical or non- embarrassed. Such behavior results in difficulty
physical violence. thereby supporting a harmonious performing tasks or creates a perception of
and productive workplace. working in a non-conducive corporate environment.
potentially posing risks to security. health. and
As part of RWP implementation. all members of the safety.
Bank are required to value equality and diversity. and
to refrain from any disrespectful conduct that may The Head of Work Unit has the role. duty. and
offend. intimidate. or diminish others. These principles responsibility to realize and maintain a harmonious.
are designed to strengthen an inclusive and conducive inclusive. conducive and productive work environment
work culture while supporting the Bank’s business in their respective work units.
sustainability and upholding fundamental Human
Rights. In the event of any prohibited actions and/or behaviours
as described above, employees may report such matters
All members of the Bank are prohibited from engaging directly to their respective Unit Head through employee
in the following actions. including but not limited to: grievance handling mechanism, or via Whistleblowing
System – Letter to CEO (WBS-LTC) and HC4U channels.
1. Discriminatory Actions/Behavior: Engaging in any Subsequent follow-up actions and investigations will
acts of distinction. marginalization. restriction. be conducted in line with applicable authority and
and/or exclusion. whether directly or indirectly. prevailing regulations within the Bank.
based on religion. ethnicity. race. ethnic group.
affiliation. social group. social status (including Environment. health and safety
marital and economic status). gender. language. Bank Mandiri is committed to fostering a sustainable.
political preference. or disability. which have the safe. and inclusive environment. Our principles guide
effect or purpose of reducing or eliminating the responsible operations while safeguarding employee
recognition. exercise. or enjoyment of human rights well-being and promoting environmental stewardship.
and fundamental freedoms. Such actions result in
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 735
Page 738
Compliance to Code of Conduct
1. Committed to environmental responsibility by
Bank Mandiri enforces a robust Code of Conduct that
embedding ESG standards. supporting green
establishes fundamental principles for personal and
CORPORATE GOVERNANCE
technologies. setting Net Zero Emission targets.
professional behavior across the organization. The
and prioritizing sustainable financing with robust
Code of Conduct applies uniformly to all employees.
frameworks like Environmental and Social Risk
including contractual and permanent staff. as well as
Management (ESRM).
members of the Board of Commissioners and Board of
2. Promoting health and well-being by providing
Directors.
comprehensive health insurance. social security.
and post-retirement support. ensuring equal access
Compliance with the Code of Conduct is essential
to care. fostering a safe and inclusive workplace.
to fostering a culture of integrity. professionalism.
and enhancing wellness through on-site facilities.
accountability. and trustworthiness. It ensures that
trusted providers. and proactive programs.
all employees adhere to ethical standards in their
3. Ensuring safety and business continuity by
interactions. both internally with colleagues and
proactively managing risks. conducting regular
externally with business partners. By upholding the
training and simulations. implementing robust
Code of Conduct. Bank Mandiri aims to maintain
response strategies. and maintaining a secure
consistent. responsible. and fair practices throughout
environment through stringent safety protocols
its operations. strengthening the foundation of good
and preparedness plans.
corporate governance.
Environmental Responsibility
1. Embedding Environmental. Social. and Dissemination of the Code of Conduct
Governance (ESG) standards into operations to The code of conduct has been communicated and
minimize environmental impacts and promote socialized to the Board of Commissioners and its
sustainability. supporting elements. Directors. executives one level
2. Supporting green technologies and setting targets below the Board of Directors and all employees.
for Net Zero Emissions. including through:
3. Prioritizing financing for environmentally
responsible projects and implementing frameworks 1. Company Website.
like ESRM to mitigate risks. 2. Email administrator delivered to all employees of
the Company.
Health and Well-being 3. Integration into Bank Mandiri’s internal policies,
1. Providing equitable health insurance. social ranging from Collective Labour Agreement
security. and life protection for employees and (CLA) as a regulation mutually agreed upon by
their families. including post-retirement support. Management and Bank Mandiri Employees Union,
2. Ensuring equal access to health services while Human Capital Standard Operating Procedures,
fostering a safe. respectful. and discrimination- Human Capital Technical Guidelines, to MSMPG
free work environment. which governs policies between parent company
3. Offering on-site health facilities. trusted provider and all subsidiaries of the Company.
partnerships. and proactive wellness programs to 4. Standing banners. flyers and other advertising
enhance employee well-being. media in the Company’s office area.
4. Supporting employees throughout their careers and
beyond through retirement benefits and continued In addition. the code of conduct can also be accessed at
care initiatives. any time by all employees of Bank Mandiri through the
Bank Mandiri portal called the Knowledge Management
Safety Practices System (KMS).
1. Proactively identifying and managing risks to
safeguard employees. customers. and operations. Code of Conduct Implementation and Enforcement
2. Ensuring readiness through structured plans. Bank Mandiri ensures the effective implementation
regular training. and simulations. and enforcement of its Code of Conduct by providing
3. Coordinating swift and reliable responses to employees with a transparent mechanism to report
maintain safety and operational continuity. alleged violations. Employees can submit reports
4. Implementing systems and strategies to sustain through a whistleblowing system known as the Letter to
business operations during disruptions. CEO (LTC). Proven violations of the Code of Conduct are
5. Upholding a secure and supportive environment subject to appropriate sanctions. in line with applicable
through consistent maintenance. inspection. and regulations.
adherence to safety protocols.
736 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 739
Efforts to uphold and reinforce compliance with the Code of Conduct are carried out with a strong sense of
commitment and responsibility. These efforts include the following:
CORPORATE GOVERNANCE
1. Statement of Compliance with Bank Mandiri’s Code of Ethics Bank Mandiri personnel are required to read,
properly understand, and sign the “Statement of Compliance of Bank Personnel with the Code of Ethics.”
2. Commitment of Management and All Bank Mandiri Employees The commitment of management and all Bank
Mandiri employees not to accept money and/or goods, gratuities, and/or gifts related to their obligations or
duties is published through mass media and the Company’s website.
3. Conflict of Interest Bank Mandiri personnel are required to make an annual disclosure related to conflicts
of interest every year, and each work unit is required to submit a quarterly report on transactions/decisions
containing conflicts of interest.
4. Integrity Pact The integrity pact is signed by authorized officials and all Bank Mandiri partners/vendors involved
in the credit granting process, procurement of goods and services, and partner accreditation. In addition, the
signing of the Annual Integrity Pact is carried out by the entire Board of Commissioners, Board of Directors,
and Executive Officers of Bank Mandiri as part of the implementation of gratuity control. All Bank Mandiri
employees also sign an Integrity Pact for the implementation of gratuity control once a year
5. Awareness Program New Bank Mandiri employees will receive the Bank Mandiri Code of Ethics induction
program, known as the jump start program, as well as continuous and consistent policy socialization.
Website E-mail
https://bmri-wbsltc.tipoffs.info/ bmri-wbsltc@tipoffs.info
SMS / WA
0811-900-7777
Each report received will be handled by an independent consultant who will analyze the report and request further
details from the whistleblower before forwarding it to the Bank. The Bank will then follow up on the complaint in
accordance with applicable regulations.
Types of Sanctions for Code of Conduct Violation
Types of Violations Sanctions
› First Written Admonition
Minor Sanctions
› Second Written Admonition
› First Written Warning
Moderate Sanctions
› Second Written Warning
› Firm and Final Written Warning
Severe Sanctions
› Termination/Dismissal of Employment
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 737
Page 740
Total Violations of Code of Conduct
In 2025. a total 403 (four hundred three) violations of the code of conduct were recorded with the following details:
CORPORATE GOVERNANCE
Types of Sanctions 2023 2024 2025
First Written Admonition 173 205 150
Second Written Admonition 54 79 67
First Written Warning 52 35 75
Second Written Warning 14 26 32
Firm and Final Written Warning 11 16 20
Termination of Employment 61 64 59
Total 365 425 403
The number of violations of the code of conduct based on the categories of sanctions are as follows:
Types of Sanctions 2023 2024 2025
Minor 227 284 217
Moderate 66 61 107
Severe 72 80 79
Total 365 425 403
738 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 741
ANTI-CORRUPTION PROGRAM
CORPORATE GOVERNANCE
Bank Mandiri is committed to fostering a culture of anticorruption and anti-bribery throughout the organization.
This commitment is realized by embedding corporate core values and implementing robust regulations and policies
aimed at preventing corruption. These include internal control policies, Employee Discipline Regulations, the Code
of Conduct, and Business Ethics. The Bank also integrates anti-corruption efforts into its corporate culture by
instilling integrity as a core value across all levels of the organization, ensuring that ethical behavior is consistently
practiced and reinforced.
The actions taken by Bank Mandiri to address issues 5. Imposition of sanctions ranging from mild to
of corruption practices. specifically in the Code of severe for violators of this prohibition.
Conduct. have been regulated as follows: As part of the fight against corruption. on 4
November 2014. Bank Mandiri signed a joint
1. Comply with external and internal regulations commitment with the Corruption Eradication
Commission (KPK) regarding the Integrated
2. Prohibit all levels of the Bank from requesting or Prevention Commitment.
receiving. agreeing to receive a gift or reward from
a third party that obtains or seeks to obtain facilities As an implementation of the commitment. Bank Mandiri
from the Company in the form of a “cash loan and has done the following:
non-cash loan” facility. or in order to purchase or
discount letters notes. promissory notes. checks 1. Established a gratuity Control Unit which is part
and trade papers or other proof of liability. or other of the Compliance unit as coordinator of gratuity
facilities related to the Bank’s operations and those control at Bank Mandiri.
related to the procurement of goods and services
from the Bank. 2. Issued provisions regarding the gratuity control
program within the Bank Mandiri, which every year
3. Prohibition to all levels of the Bank in misusing or according to the needs of the Company are
their authority and taking advantage both directly continually refined in line with the development
and indirectly from the knowledge obtained from of the Company and/or fulfilment of the laws and
the Company’s business activities to: regulations and lastly as refined in 2025.
a. Personal advantage
b. Benefits for family members 3. Conduct dissemination of the gratuity control
c. Benefits for other parties program to all levels of Bank Mandiri and the
Bank’s stakeholders.
4. A prohibition for all Bank personnel from providing
gratuities related to their position and contrary to
their obligations or duties to Civil Servants or State
Officials
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 739
Page 742
GRATIFICATION POLICY
CORPORATE GOVERNANCE
Bank Mandiri recognizes the importance of controlling gratification to ensure the company’s operations adhere to
business principles that uphold the value of integrity. This control mechanism is a crucial part of embedding the
values of Good Governance within the Bank for all employees, driving behavior based on ethics and responsibility
in daily interactions with customers, vendors, partners, and other stakeholders. In addition, this mechanism
safeguards the organization from actions that violate the principles of gratification prohibition while strengthening
ethical and sustainable business practices.
Bank Mandiri has established an Operating Technical Guideline for Gratification Control that stipulates the
prohibition on receiving gratuities for all employees. The Bank remains committed to continuously enhancing the
effectiveness of its gratification control measures, ensuring they align with evolving standards and best practices
for the Bank’s good governance.
Anti-Bribery Management System
To continuously foster Gratification Control program. specifically on anti-bribery that in line with the ISO
37001:2016 Standard of Anti-Bribery Management System. Bank Mandiri has stipulated the following matters:
1. Prohibits bribery practices and its kinds in the company’s environment;
2. Compliance with laws and regulations and other prevailing rules related to anti-bribery;
3. Align the anti-bribery policies with the company’s objectives;
4. Corporate governance that fosters the achievement of anti-bribery goals;
5. Commitment to fulfil the requirements of Anti-Bribery Management System;
6. Promote the improvement of anti-bribery awareness to related stakeholders;
7. Carry out sustainable improvement principles in the Anti-Bribery Management System;
8. Provide responsibility. authority. and independency to Anti-Bribery Compliance Functions;
9. Sanctions to the violators of the rules in the Anti-Bribery Management System.
Bank Mandiri has received ISO 37001:2016 Certificate of Anti-Bribery Management System for the scope of
Procurement & Vendor Management since 10 August 2020 and addition of Internal Audit Process scope. thereby
it changed to become Procurement. Vendor Management and Internal Audit Process since 20 September 2022.
The updated ISO 37001:2016 Anti-Bribery Management System certificate with the scope of Procurement. Vendor
Management and Internal Audit Process was obtained on 13 October 2023.
Gratification Control Management
The Organization Structure of Gratification Control Unit (UPG) is managed by the Compliance Unit. namely the
Compliance Group. The UPG is established according to the Board of Directors Decree No. KEP.DIR/64/2021
dated 8 December 2021. and renewed by the Board of Directors Decree No. KEP.DIR/64/2021 dated 8 December
2021. The UPG functions to control gratuities within Bank Mandiri. which in carrying out their duties are assisted
Regional Business Control (RBC) – Anti Money. Laundering Officer (AMLO).
Gratification Reporting Mechanism
Bank Mandiri has a gratification reporting mechanism that is adjusted to the KPK reporting mechanism. with the
following charts:
740 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 743
.1a
Report submitted directly to KPK through GOL KPK (copy to UPG)
CORPORATE GOVERNANCE
.4
Reporter
.1b .3
Login/Submit Review & Verification
Check Status
UPG
.2
Email Notification
.6 .5
Gratification Determination Letter Upload Gratification Determination Letter
Socialization of Gratification Policy
Socialization on gratification control is conducted on an ongoing basis across all organizational levels. In its
implementation, the Gratification Control Unit (UPG) coordinates with RBC-AMLO. These activities are delivered
directly to working units at the Head Office, Regional Offices, and Branch Offices, as well as through regular
classes such as ODP, SDP, and BBMC. Throughout 2025, socialization activities were conducted for Bank Mandiri
employees and third parties through vendor meetings.
Other media used in disseminating gratification control policies are:
1. Installation of Gratification Control Posters on email blasts, screen savers, home pages of internal websites of
Bank Mandiri employees, and Mandiri Magazine.
2. Invite all Bank Mandiri customers/vendors not to provide gratuities related to religious celebrations through the
media of national newspapers and Bank Mandiri’s social media (Instagram Story, X, and Facebook), as well as
Memorandums and Letters to the Board of Commissioners, Directors and Employees of Bank Mandiri at the
Head Office and Regionals and Subsidiaries.
Gratification Reports In 2025
Bank Mandiri employees who accept/reject gratuities must report their receipt/rejection directly to the KPK
through the GOL application (Online Gratification) with the http://gol.kpk.go.id address or UPG through the
Mandiri Online Gratification application (GO Mandiri) with the web address of https://ipa.corp.bankmandiri.co.id/
GOMandiri.
Throughout 2025, the Gratification Control Unit (UPG) received a total of 52 reports on the receipt/rejection of
gratuities. The reported gratuities included bribes, food/beverages, honorariums related to official duties, as well
as goods and/or official facilities.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 741
Page 744
INTERNAL FRAUD
CORPORATE GOVERNANCE
Bank Mandiri upholds the highest standards of integrity by ensuring every business process is protected from
fraud. conflicts of interest. and undue influence. This commitment forms the foundation of the Bank’s trust and
long-term operational sustainability.
Anti-Fraud Strategy Implementation 1. Pillar 1: Prevention
Bank Mandiri has implemented its Anti-Fraud Strategy The responsibility of all levels of the Bank (work
in line with POJK No. 12 of 2024 on the Implementation units) and part of the Fraud Control System to
of Anti-Fraud Strategies for Financial Services reduce the potential of fraud. The programs of this
Institutions, POJK No. 17 of 2023 and SEOJK No. 14/ pillar include:
SEOJK.03/2025 concerning Implementation of Good a. Anti-Fraud Awareness. such as socializing the
Corporate Governance for Commercial Banks. Anti-Fraud Statement. Employee Awareness
Program. and Customer Awareness Program.
Bank Mandiri implements a comprehensive anti-fraud Employees are trained. socialized. and made
strategy in line with OJK regulations. including adopting aware of fraud awareness through internal
an anti-bribery management system and establishing media channels of the bank that reach all
a dedicated function responsible for coordinating employees. as well as being required to
anti-fraud efforts across the organisation. In credit take block leave. The Customer Awareness
approval and disbursement. the Bank ensures full Program is implemented by utilizing
independence and applies the four eyes principle social media effectively. periodically. and
between business and risk units to prevent undue dynamically.
influence. Procurement of goods and/or services is b. Vulnerability Identifications. such as the
governed by regularly updated policies that uphold application of Risk Management principles
Good Corporate Governance. ensure clear segregation where all policies and procedures are
of duties. and minimise fraud risks. All budgeting. designed while observing the internal control
expenditure processes. and allocations of social and as well as GCG and Compliance principles.
environmental responsibility funds are carried out Employee’s works according to their authority
independently from any internal or external interests. and responsibility is stated in each of their
All governance organs. the Board of Directors. Board of descriptions. and signed by the employee
Commissioners. Bank Committees. Sharia Supervisory concerned. In addition. the Annual Disclosure
Board. Executive Officers. and employees. must reject was signed by all employees at the beginning
any instructions from shareholders. affiliated parties. of the year.
or other external parties that violate GCG principles. c. Know Your Employee (KYE) is a principle
constitute or indicate criminal acts. or may cause applied by the Bank to know each employee
potential loss to the Bank. well. both in terms of ability and personality.
KYE is carried out through the selection of
As part of its commitment to strengthening internal candidates as well as monitoring the character
controls. the Bank continuously enhances its policies and lifestyle of employees.
and provisions to align with best practices and
regulatory standards. These improvements extend 2. Pillar 2: Detection
to various operational policies. including Standard The responsibility of all units as first line. second
Operating Procedures (SOP). Technical Operational line. and third line of defense and is part of the
Instructions (PTO). and other internal regulations. fraud control system in order to identify and identify
ensuring a robust and adaptive framework for fraud fraud in the bank business activities. The programs
prevention and control. implemented by Bank Mandiri in this pillar include:
In reference with the above regulatory. Bank Mandiri’s
Anti-Fraud Strategy regulates 4 pillars. as follows:
742 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 745
a. Whistleblowing System-Letter to CEO. which has been carried out and managed by an independent party
to minimize conflicts of interest and provide a sense of security to the whistleblowers.
CORPORATE GOVERNANCE
b. Fraud Detection System. which has been implemented to support bank detection activities. including
transactional and non-transactional fraud.
c. Surprise Audit. which is prioritized for business units that are high-risk or prone to fraud.
d. Surveillance System. which is aimed at monitoring and testing the effectiveness of the internal control
system (including the fraud control system).
3. Pillar 3: Investigation. Reporting. Sanctions and Legal Processes
Part of the Fraud Control System in fraud handling via investigations and the results are reported to the
President Director. Board of Commissioners. and Regulators. including proposals of sanctions and legal
processes for the perpetrators. To strengthen the function of this Pillar. the authority to carry out investigations
and the imposition of sanctions has been delegated to each region so as to accelerate case handling process
and the recovery.
4. Pillar 4: Monitoring. Evaluation and Follow-up
Part of the Fraud Control System to monitor the follow-up to the results of investigations and evaluations of
fraud incidents. to improve on weaknesses and strengthen the Internal Control System to prevent the recurrence
of fraud due to similar weaknesses. Reports to the President Director and the Board of Commissioners are
carried out in an orderly manner to monitor the predetermined follow-up list.
Total Fraud As of 31 December 2025
Frauds Committed (Internal)
Internal Fraud in 1 Year Members of BOC & BOD Permanent Employees Non-Permanent Employees
2024 2025 2024 2025 2024 2025
Total Fraud - - 45 35 27 23
Resolved - - 45 35 27 23
In resolving process internally - - - - - -
Not resolved - - - - - -
Followed up through legal
- - - - - -
processes
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 743
Page 746
PREVENTION OF INSIDER TRADING
CORPORATE GOVERNANCE
Bank Mandiri ensures that all financial decisions are carried out with prudence and compliance through the strict
enforcement of its Insider Trading Policy.”
Bank Mandiri enforces a strict Insider Trading Policy governing securities and financial transactions by its
executives. This policy is designed to prevent conflicts of interest and ensure full adherence to Capital Market
Authority regulations and applicable laws.
The Corporate Secretary Standard Guidelines stipulates the Insider Trading actions as stated in Chapter III No. 5
letter d. which are:
1. The insiders who have insider information. such as information about the Bank’s financial situation. Bank
activity plans and/or other unpublished material information which may be expected to influence the decisions
of investors or shareholders. are prohibited to buying and/or selling the Bank shares.
2. The insiders who have insider information are prohibited from influencing any party including the Insider’s
family to make a purchase or sale of shares.
3. The insiders other than the Board of Directors and Board of Commissioners who commit violations as
stipulated above and proven to conduct transactions and/or provide insider information will be subject to
disciplinary sanctions as stipulated in the Human Resources Guidelines Standard.
4. The Board of Directors and the Board of Commissioners and parties due to their positions. professions/
relationships with the Bank that carries out insider trading are accountable in accordance with prevailing
regulations.
5. Annual Disclosure/Annual Statement includes a prohibition on insider trading. The obligation for the Bank’s
executive to provide an annual statement is regulated in the code of conduct and/or Human Resources
Guidelines Standard.
In 2025. there were no insider trading occurred in Bank Mandiri.
744 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 747
WHISTLEBLOWING SYSTEM: LETTER TO
CEO
CORPORATE GOVERNANCE
To maintain and enhance the Bank’s reputation and in line with the second pillar of the Anti-Fraud Strategy (SAF),
the Detection Pillar, Bank Mandiri has established a Whistleblowing System (WBS). This mechanism, known as the
Whistleblowing System - Letter to CEO (WBS-LTC), serves as a medium for reporting suspected violations. WBS-LTC
aims to detect indications or acts of fraud and/or non-fraud, foster awareness among all employees, and enhance
the Bank’s reputation in the eyes of stakeholders.
Independent Party Management of WBS-LTC
To ensure confidentiality and trust in the reporting process, the reception and administration of WBSLTC
reports are managed by an independent third party. This independent management creates a safe environment,
encouraging employees and stakeholders to report indications or acts of fraud and/or non-fraud. The types of
fraud that can be reported through WBS-LTC include corruption, asset misappropriation, financial statement fraud,
deception, disclosure of confidential information, and other actions that can be classified as fraud in accordance
with applicable laws and regulations.
Development of WBS-LTC
The development and enhancement of the WBS-LTC are carried out continuously to ensure its implementation
becomes increasingly effective. By 2025, several improvements have been implemented, with details as follows:
› An identity of the whistleblower is a must
› For employees only
2009
› Media only through mail, email and SMS
› WBS-LTC is managed by internal parties
› It is allowed not to include the identity of the whistleblower
› Vendors can report
2013 › Media Reporting plus WBS-LTCswebsite
› WBS-LTC reports include fraud reports/indications of fraud
› WBS-LTC is managed by internal parties
› WBS-LTC management involves independent parties
› The reporting party comes from internal or external parties
› The whistleblower can provide full identity or anonymous (identity is only known to independent parties)
2018
› Media reporting: SMS/WA, email, website and mail
› Broader WBS-LTC reports include fraud/indication, non-fraud reports and inputs/ideas for business
process improvement
› Bank Mandiri's cooperation agreement (PKS) with KPK No. 83 of 2021, No. Dir.PKS/6/2021 dated 2 March
2021 concerning the handling of complaints in an effort to eradicate criminal acts of corruption signed by
2021-2022
the Director of Compliance & Human Resources
› Strengthening the implementation of the LTC WBS program for members of financial conglomerates
› Bank Mandiri has been able to access the KPK Whistleblowing System (KWS) application to report
Corruption Crimes (TPK)
2023-2025 › Bank Mandiri has renewed the Secure Socket Layer (SSL) for the Whistleblowing System for Corruption
Crimes (WBSTPK) to ensure secure access to the Whistleblowing System application of the Corruption
Eradication Commission (KPK)
Purposes and Objectives of WBS-LTC
The WBS-LTC program as one of the Anti-Fraud Strategy programs. aims to:
1. Detect indications or acts of fraud and/or non-fraud that may harm customers. the Bank. or other parties
through reports submitted by employees or external parties. Reports can be submitted with clear identification
or anonymously. followed by investigations or other appropriate actions.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 745
Page 748
2. Promote awareness and care among all employees to actively safeguard their work units from losses due
to indications or acts of fraud and/or non-fraud. thereby improving the quality of supervision and fostering a
CORPORATE GOVERNANCE
stronger sense of ownership among employees.
3. Enhance the Bank’s reputation among stakeholders. particularly in the context of corporate governance. by
showcasing a robust anti-fraud system. thereby elevating the Bank’s image.
WBS-LTC Management
The management of WBS-LTC engages the independent third party. which aims. among others. to:
1. Be Independent and professional.
2. Minimize the risk of conflict of interest.
3. Provide a sense of security for the whistleblower.
4. Increase stakeholder trust in WBS-LTC management.
5. The whistleblower can monitor the status of the follow-up to the WBS-LTC report being submitted.
Reporting Media
Bank Mandiri has provided reporting media for acts or indications of fraud and/or non-fraud that can harm the
customers and Bank Mandiri as follows:
Website E-mail
https://bmri-wbsltc.tipoffs.info/ bmri-wbsltc@tipoffs.info
SMS / WA
0811-900-7777
Confidentiality of Whistleblowers
As Bank Mandiri’s commitment to maintaining the confidentiality of reporting data. the Bank provides:
1. Guarantee on the confidentiality of the whistleblower identity.
2. Guarantee for the confidentiality of the contents of the report submitted by the whistleblower.
Protection for Whistleblowers
Protection of Employees who submit reports containing information related to disciplinary violations and breaches
of applicable stipulations/regulations. as long as the information submitted by the Employee is true. according to
the facts and does not constitute a false report including no involvement of the whistleblower.
Types of Violations that can be Reported
Reports that can be submitted through the WBS-LTC include the following:
1. Fraud. which consists of:
a. Corruption
b. Misuse of assets
c. Fraudulent financial reporting
d. Fraud
e. Disclosure of confidential information
f. Other actions equated to fraud in accordance with prevailing laws and regulations
746 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 749
2. Non-Fraud. which includes actions other than fraud. such as:
a. Violations of the Code of Conduct. Business Ethics. Respectful Workplace Policy (RWP). or implementation
CORPORATE GOVERNANCE
of other employment regulations.
b. Employee complaints. customer/non-customer complaints. and/or ideas/suggestions for improving
products. services. and business processes.
Dissemination of WBS-LTC
To enhance understanding of the WBS-LTC at all levels within the organization, Bank Mandiri consistently and
continuously conducts socialization efforts through various methods, including the installation of posters.
Information on WBS-LTC is also disseminated through email blasts, employees’ PC screen savers, the internal
website homepage of Bank Mandiri employees, Majalah Mandiri, as well as through social media and print media,
so that the WBS-LTC can be implemented more effectively in the future.
WBS-LTC Reporting Mechanism
- Fraud
- Code of Conduct
- Business ethics
GH Compliance
1b
1a 5a Senior Investigator
Website, Email - Customer Complaints
3 4
Whatapp, SMS, - Suggestions and
Ideas
1 2 5 5b
8 7 6
Pengelola WBS-
Third-Party
LTC Internal Milist CPLHC/ Other Working
Reporter WBS-LTC
(Compliance CPL Audit/Nota Units
Administrator
Group)
- Violations of
Employment
Regulations
5c - RWP
- Employee
Complaints
HCEOM Group
Information:
1. The whistleblower submits a WBS-LTC report through the website, email, or WhatsApp & SMS to Third Parties.
c. Third Parties request information, documents or supporting evidence to the Whistleblower if the reporting
has not met the 4W1H principle.
d. The whistleblower completes the information.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 747
Page 750
2. Third Party delivers WBS-LTC report to Compliance Group.
3. Compliance Group analyzes WBS-LTC reports and forwards them to the relevant Work Units (HCEOM or SIV)
according to the classification of report types.
CORPORATE GOVERNANCE
4. GH Compliance provides approval for the proposed determination of follow-up actions on the WBS-LTC reports.
5. The Compliance Group forwards the WBS-LTC reports to the relevant Working Units.
6. The Working Units responsible for following up the WBS-LTC reports submit the results of the follow-up actions
to the Compliance Group.
7. The Compliance Group forwards the reports to the third party.
8. The Third Party informs the whistleblower of the follow-up results
WBS-LTC Handling Results
Reports of violation whistleblowing entered through WBS-LTC media either through the website, e-mail, or SMS/
WA were as follows:
Submission Media Report Classifications Followed Up Resolved
Year
Letters Email Website SMS/WA Call Fraud Non Fraud Reports Reports
2025 2 103 79 227 0 47 364 411 411
2024 4 52 79 122 0 38 219 257 257
2023 9 42 55 60 1 46 121 167 167
2022 1 47 66 23 0 30 107 137 137
2021 2 28 30 17 0 26 51 77 77
2020 4 24 38 9 0 29 46 75 75
2019 4 24 10 10 0 23 25 48 48
2018 0 7 1 0 0 2 6 8 8
Violation Reports Sanctions/Follow-Ups In 2025
Any whistleblowing that is confirmed as a violation following the investigation process will be subject to sanctions
in accordance with applicable regulations.
748 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 751
RELATED PARTY TRANSACTIONS
CORPORATE GOVERNANCE
All related-party transactions must comply with the arm’s length principle. ensuring decisions remain objective and
aligned with the Bank’s best interests.
Bank Mandiri ensures that all transactions with related parties are conducted transparently. fairly. and in accordance
with Good Corporate Governance principles. These transactions may include credit exposures. professional
services. procurement of goods or services. asset transfers. construction or lease agreements. joint business
arrangements. and other financial activities. All relevant policies and procedures are designed to identify. control.
and mitigate potential conflicts of interest.
The Bank has established specific policies and procedures governing related-party transactions. including clear
definitions. transaction scope. mechanisms for identifying and monitoring exposures. and the application of the
arm’s length principle. Transactions must be carried out under terms no more favorable than those offered to non-
related parties under similar conditions. Any material transaction or those posing potential conflicts of interest
must obtain approval from the Board of Commissioners. with interested Directors or Commissioners excluded
from the decision-making process.
Bank Mandiri also applies exposure limits appropriate to its business complexity and conducts independent
monitoring through periodic reviews or audits. Reporting mechanisms to the Board of Directors and. when required.
the Board of Commissioners are in place to address policy exceptions or identified conflict-of-interest risks.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 749
Page 752
IMPLEMENTATION OF STATE PROPERTY
ASSETS REPORTING (LHKPN)
CORPORATE GOVERNANCE
Through its comprehensive LHKPN policy. Bank Mandiri upholds transparency. accountability. and compliance for
all employees required to disclose their assets.
Policy of State Property Assets Reporting (LHKPN)
Bank Mandiri has established an asset disclosure policy for the State Property Assets Reporting (LHKPN) through
Board of Directors Decree No. KEP.DIR/037/2022 dated 25 October 2022. This policy provides comprehensive
guidance on asset reporting within PT Bank Mandiri (Persero) Tbk to ensure regulatory compliance and promote
transparency. The policy outlines employees who are required to submit LHKPN reports. the reporting procedures.
the roles and responsibilities of LHKPN administrators and relevant units. as well as sanctions for employees who
fail to meet their reporting obligations.
Mandatory Reporting of LHKPN
Based on the LHKPN Policy. Mandatory Report of LHKPN are Structural Executives within Bank Mandiri and is an
Indonesian citizen. namely:
1. Members of the Board of Commissioners
2. Members of the Board of Directors
3. Executives one level under the Board of Directors
4. Board of Directors and Board of Commissioners of Subsidiaries/Affiliates. which are consolidated with the
Company.
LHKPN Management
LHKPN reporting manager consists of LHKPN Management Coordinator and e-LHKPN Management Administrators
with these following details:
1. LHKPN Management Coordinator is the Corporate Secretary and Group Head Human Capital Services with the
following scopes of duties:
a. Coordinating with Corruption Eradication Commission (KPK) in monitoring. filling. and submitting LHKPN
as well as socializing the obligations to the LHKPN.
b. Coordinating with the Ministry of State-Owned Enterprises and KPK regarding the management and
administration of the LHKPN Compulsory Application.
2. e-LHKPN Management Administrators is a Corporate Secretary Group and Human Capital Services Group with
the following scope of duties:
a. Managing and updating data required to report LHKPN within Bank Mandiri as well as updating the data
of mandatory report LHKPN in Bank Mandiri office environment.
b. Managing and monitoring LHKPN reporting obligations within Bank Mandiri.
LHKPN Reporting In 2025
LHKPN reporting for 2025 reporting-obligated individuals in the 2026 reporting period shows that, out of a total of
182 (one hundred eighty-two) reporting-obligated individuals, 172 (one hundred seventy-two) individuals, or 94%,
had fulfilled their reporting obligation.
750 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 753
SHARES BUYBACK AND BONDS BUYBACK
CORPORATE GOVERNANCE
Buyback Policy
Bank Mandiri through its letter No. CEO/60/2025 dated 18 March 2025, submitted a request for approval of the
Bank’s shares buyback for at most Rp1,170,000. The Bank’s plan on shares buyback was approved by Financial
Services Authority (FSA) through its letter No.S- 34/PB.21/2025 dated 21 March 2025 and approved by Annual
General Meeting of Shareholders held on 25 March 2025 notarized by Notary Utiek R. Abdurachman, SH., MLL,
MKn. in Jakarta. The Bank's share buyback will be held as treasury shares with the total buyback amounting to a
maximum of Rp1,170,000,000,000 including buyback costs and taxes.
The Bank conveyed its information disclosure to the FSA in connection with the plan of shares buyback previously
issued and listed on the Indonesia Stock Exchange for as many as Rp1,170,000 through its letter No.CRL.SCS/
CMA.600/2025 dated 14 February 2025. The buyback is conducted for a period of 12 months following the Annual
General Meeting of Shareholders on a gradual basis, which is within a period between 25 March 2025 to 25 March
2026.
The Bank’s share buyback was conducted, among other purposes, to maintain the stability of the Bank’s
share price so that it continues to reflect the Bank’s fundamental conditions, as well as to strengthen stakeholder
confidence in the Bank’s value and long- term prospects. Furthermore, another objective is the transfer of shares
from the buyback for the implementation of the employee stock ownership program.
As of 31 December 2025, the Bank had repurchased a total of 84,250,000 shares (par value of Rp125 (full amount)
per share) at an acquisition price of Rp403,625 and average purchase price of Rp4,791 (full amount) pr share, based
on the monthly report data from PT Datindo Entrycom as Bank Mandiri’s Share Registrar. The report on the buyback
realization has been carried out by the Bank through letter No. CEO/02/2026 dated 13 January 2026 concerning the
Submission of the Realization of the Buyback Report of PT Bank Mandiri (Persero) Tbk Shares for December 2025.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 751
Page 754
FUNDING FOR RELATED PARTIES AND
LARGE EXPOSURES
CORPORATE GOVERNANCE
Transparency. compliance. and oversight form the foundation of Bank Mandiri’s approach to managing related-
party funding and large exposures. ensuring the integrity of its governance practices.
Bank Mandiri ensures that all funding to related parties and the provision of large exposures are carried out in
accordance with established procedures and continue to deliver fair value to the Company. The Bank applies
prudential principles through portfolio diversification. exposure limits. and full compliance with the OJK regulations
on Legal Lending Limits (LLL) and large exposures for conventional commercial banks. All credit facilities provided
to related parties. including executives. Directors. and Commissioners. are granted fairly and transparently and
must receive prior approval from the Board of Commissioners in line with good governance principles.
As part of its oversight mechanism. the Board of Commissioners receives quarterly reports on credit exposures
exceeding Rp3 trillion per individual. including facilities discontinued within the last three months. Further
information regarding related-party funding and large exposures is presented in the Management Discussion and
Analysis section of this Annual Report.
Total Funding to Related Parties as of December 2025
Total
No. Funding
Debtors (person) Nominal (Rp billion)
1. To Related Parties
a. To Principal Debtors 13 15,635
b. Individual 437 303
c. Group 0 0
2. To Principal Debtors (Borrowers Group) 20 384,867
BANK STRATEGIC PLAN
The Bank’s Strategic Plan, both long and medium term, is described in the Strategy section of the 2025 Chapter of
Management Analysis and Discussion in this Annual Report.
752 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 755
TRANSPARENCY OF FINANCIAL AND NON-
FINANCIAL CONDITIONS
CORPORATE GOVERNANCE
Bank Mandiri upholds transparency by consistently disclosing financial and non-financial information in
accordance with prevailing regulations.
Details of Information Disclosure and Publications
1. Monthly Financial Statements: Submitted to regulators and published on the Bank Indonesia (BI) and Bank
Mandiri websites.
2. Quarterly Financial Statements: Submitted to regulators and published through the OJK reporting system. the
Bank Mandiri website. and newspapers or other electronic media.
3. Annual Financial Statements: Submitted to regulators and published through the OJK reporting system. the
Bank Mandiri website. and the reporting system for issuers or public companies.
4. Annual Report: Prepared in accordance with regulatory provisions and submitted to regulators. rating
agencies. banking development institutions. research institutions. and financial publications. The report is
also published on the Company’s website.
5. Corporate Governance Information: Covering the Annual Corporate Governance Report. Vision. Mission.
Corporate Values. Board of Commissioners and Directors’ compositions and profiles. and governance-related
documents such as the Articles of Association and Committee Charters. all published on the Bank Mandiri
website.
6. Product and Service Information: Comprehensive details about Bank Mandiri’s products. services. and office
network are published through the Annual Report and the Bank Mandiri website. making it accessible to
customers. investors. and the public.
7. Consumer Protection Information: Includes procedures for submitting complaints. information security.
and tips for safely using banking services. published on the Bank Mandiri website to comply with consumer
protection provisions.
8. Additional Information: Covers other topics aimed at enhancing information transparency. financial education.
and public service outreach.
IMPLEMENTATION OF GOVERNANCE
WITHIN THE BANK’S BUSINESS GROUP
(KUB)
Bank Mandiri consistently and sustainably implements governance within the Bank’s Business Group (KUB) to
ensure that Good Corporate Governance principles are effectively applied across the KUB. This implementation
aims to create strategic alignment and risk mitigation, thereby supporting the sustainability and prudent growth of
a healthy Bank Business Group.
In 2025, the structure of Bank Mandiri’s KUB is as follows:
Subsidiaries
Holding Company
No. Name of Company % Shareholding
PT. Bank Mandiri (Persero) Tbk. 1 PT. Bank Syariah Indonesia Tbk 51,47%
2 PT Bank Mandiri Taspen 51,098%
3 Bank Mandiri (Europe) Limited 100,00%
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 753
Page 756
REPORTING INTEGRITY AND INFORMATION
TECHNOLOGY SYSTEMS
CORPORATE GOVERNANCE
With integrity in reporting and strong IT governance. Bank Mandiri ensures the highest standards of transparency
and data security.
Bank Mandiri ensures the integrity of its financial reporting processes by producing accurate. transparent. and
reliable financial information in accordance with OJK regulations on financial reporting integrity. All parties.
including the Controlling Shareholder. the Board of Directors. the Board of Commissioners. Executive Officers. and
affiliated parties. are prohibited from engaging in actions that could result in financial reports misrepresenting the
Bank’s actual condition or violating accounting standards and applicable regulations.
In providing information to stakeholders. Bank Mandiri prepares. publishes. and discloses both financial and non-
financial reports accurately. timely. and reliably. in compliance with OJK regulations on transparency. consumer
protection. product governance. sustainable finance. and Bank reporting through OJK’s reporting system.
In managing information technology. Bank Mandiri complies with OJK regulations governing IT implementation.
including the application of proper IT governance. IT risk management. cyber resilience and security. and the
development of an IT architecture covering planning. design. implementation. and control. A secure and robust IT
environment supports the reliability of data and the quality of the Bank’s reporting.
Detailed disclosure on IT is presented in Chapter 4 Information Technology in this Annual Report.
754 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 757
INTEGRATED GOVERNANCE REPORT
CORPORATE GOVERNANCE
Through a robust integrated governance framework. Bank Mandiri ensures alignment. accountability. and consistent
oversight across the Financial Conglomerate.
Bank Mandiri enforces a robust integrated governance framework across its Financial Conglomerate through
regular coordination and evaluation of Good Corporate Governance implementation within all entities under the
Mandiri Group. This is supported by the Integrated Governance Guidelines and the establishment of key integrated
governance organs, which collectively ensure accountability, policy alignment, and consistent oversight across the
Group.
IMPLEMENTATION OF INTEGRATED GOVERNANCE
In compliance with Financial Services Authority Regulation (POJK) No. 18/POJK.03/2014 on the Implementation
of Integrated Governance for Financial Conglomerates. The Bank Mandiri Financial Conglomerate, has developed
Integrated Governance Guidelines. These guidelines serve as a reference for Bank Mandiri and all Financial
Services Institutions within the conglomerate. In addition, the Bank has strengthened its governance structure by
establishing the Integrated Governance Committee, Integrated Compliance Unit, Integrated Risk Management Unit,
and Integrated Internal Audit Unit.
SELF-ASSESSMENT OF INTEGRATED GOVERNANCE
Self-Assessment Report of Integrated Governance During 1 (One) Fiscal Year
Self-assessment of Bank Mandiri and Financial Service Institutions within the Bank Mandiri Financial
Conglomerates refers to the OJK Circular No. 15/SEOJK.03/2015 concerning the Implementation of Integrated
Governance for Financial Conglomerates and refers to sectoral regulations of Financial Service Institutions.
The assessment is carried out on 3 (three) aspects of governance. namely structure. process and outcome on the
following 7 (seven) Assessment Factors for Integrated Governance Implementation:
1. Implementation of duties and responsibilities of the Directors of the Main Entity.
2. Implementation of duties and responsibilities of the Board of Commissioners of the Main Entity.
3. Duties and responsibilities of the Integrated Governance Committee.
4. Duties and responsibilities of the Integrated Compliance Unit.
5. Duties and responsibilities of the Integrated Internal Audit Unit.
6. Implementation of Integrated Risk Management.
7. Development and implementation of Integrated Governance Guidelines.
The Integrated Governance assessment every semester involves all Directors and Board of Commissioners,
Risk Management Unit, Internal Audit Unit, Compliance Unit and Corporate Secretary and Entity in the Financial
Conglomerates.
Rating Score
In the first semester of 2025. Bank Mandiri has conducted an Integrated Governance assessment and obtained
the following score:
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 755
Page 758
Ratings Definition of Rating
The assessment of the Financial Conglomerates’ implementation of Integrated Governance resulted in an overall
CORPORATE GOVERNANCE
1 very good rating. This reflects the adequate application of Integrated Governance principles practices. Identified
(Very good) weaknesses. if any. were generally minor and could be addressed effectively through standard corrective actions
taken by the Main Entity and/or the respective Financial Service Institutions.
In the second semester of 2025. Bank Mandiri has conducted an Integrated Governance assessment and obtained
the following score:
Ratings Definition of Rating
The assessment of the Financial Conglomerates’ implementation of Integrated Governance resulted in an
1 overall very good rating. This reflects the adequate application of Integrated Governance principles practices.
(Very good) Identified weaknesses. if any. were generally minor and could be addressed effectively through standard
corrective actions taken by the Main Entity and/or the respective Financial Service Institutions.
INTEGRATED GOVERNANCE STRUCTURE. PROCESS. & OUTCOME
The implementation of Integrated Governance across the conglomerate is generally rated as good. reflecting
compliance with the three key aspects of Integrated Governance: structure. process. and outcome. This assessment
underscores the commitment of all entities within Bank Mandiri financial conglomerate to maintaining robust and
effective governance practices.
From the structure aspect, Bank Mandiri has adjusted the Membership of the Integrated Governance Committee
through the Board of Directors Decree No. KEP.DIR/062/2025 dated 29 August 2025, and has also refined the
Charter of the Integrated Governance Committee.
From the process aspect, Bank Mandiri held 2 (two) Integrated Governance Committee meetings during 2025,
where the implementation of such meetings was in accordance with the applicable provisions, namely at least 1
(one) meeting per semester. The discussions in the Committee meetings included, among others, the work plan and
realization of the Integrated Working Unit as well as other strategic matters related to the Mandiri Group Financial
Conglomeration.
From the outcome aspect, the Mandiri Group participated in the Corporate Governance Perception Index (CGPI)
2024 research and rating program organized by an Independent Party in 2025. 7 (seven) subsidiaries within the
Bank Mandiri Financial Conglomerate participated in the CGPI ranking in 2025. In the CGPI assessment, 5 (five)
companies: PT Bank Syariah Indonesia, PT Bank Mandiri Taspen, PT Mandiri Sekuritas, PT Mandiri Tunas Finance
and PT AXA Mandiri Financial Services achieved the “Most Trusted” rating, while 2 (two) companies: PT Mandiri
Utama Finance and PT Mandiri Capital Indonesia earned the “Trusted” rating.
STRUCTURE OF FINANCIAL CONGLOMERATES
The Financial Conglomeration structure of Bank Mandiri consists of Bank Mandiri as the Financial Conglomeration
Holding Company and 20 (twenty) Financial Conglomeration Members operating across various financial service
sectors. The Financial Conglomeration structure of Bank Mandiri is as follows:
756 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 759
CORPORATE GOVERNANCE
Capital Offshore Venture Pension
Banking Financing Insurance
Market Business Capital Fund
51.47% 51.1% 51% 99.99% 99.99% 100% 100% 99.99% 51%
100% 99.91% PT Mitra Transaksi Indonesaia
99.99%
Ownership 100%
Shareholding Structure 99.9%
Shareholding Structure of Financial Conglomerates
As of 31 December 2025, the shareholding structure of the Mandiri Group Financial Conglomeration is presented
as follows:
No. Financial Conglomeration Member % Shareholding
1 PT Bank Mandiri (Persero) Tbk PIKK › PT Danantara Asset Management (Persero): 52%
› Public : 48%
2 PT Bank Syariah Indonesia AKK › PT Bank Mandiri (Persero) Tbk: 51.47%
› PT Bank Negara Indonesia (Persero) Tbk: 23.24%
› PT Bank Rakyat Indonesia (Persero) Tbk: 15.38%
› Public: 9.91%
3 PT Bank Mandiri Taspen AKK › PT Bank Mandiri (Persero) Tbk: 51.098%
› PT Taspen (Persero): 48.437%
› IB Made Putra Jandhana: 0.465%
4 Bank Mandiri Europe Ltd. AKK › PT Bank Mandiri (Persero) Tbk: 100.00%
5 PT Mandiri Tunas Finance AKK › PT Bank Mandiri (Persero) Tbk: 51.00%
› PT Tunas Ridean: 49.00%
6 PT Mandiri Utama Finance AKK › PT Bank Mandiri (Persero) Tbk :99.99%
› PT Mandiri Sekuritas: 0.01%
7 PT AXA Mandiri Financial Services AKK › PT Bank Mandiri (Persero) Tbk: 51.00%
› National Mutual International Pty.Ltd.: 49.00%
8 PT Mandiri Sekuritas AKK › PT Bank Mandiri (Persero) Tbk: 99.99%
› Koperasi Bank Mandiri (Mandiri MCO): 0.01%
9 PT Mandiri Capital Indonesia AKK › PT Bank Mandiri (Persero) Tbk: 99.99%
› PT Mandiri Sekuritas: 0.01%
10 Mandiri International Remittance Sdn. Bhd AKK › PT Bank Mandiri (Persero) Tbk: 100.00%
11 PT Mandiri Manajemen Investasi AKK › PT Mandiri Sekuritas: 99.93%
› Koperasi Bank Mandiri (Mandiri MCO): 0.07%
12 Mandiri Securities Pte. Ltd. AKK › PT Mandiri Sekuritas: 100.00%
13 PT Mitra Transaksi Indonesia AKK › PT Mandiri Capital Indonesia: 99.99%
› PT Mandiri Sekuritas: 0.01%
14 Mandiri Investment Management Pte. Ltd. AKK PT Mandiri Manajemen Investasi: 100%
15 Dana Pensiun Bank Mandiri AKK Establishment of the pension fund: Bank Mandiri
16 Dana Pensiun Bank Mandiri Satu AKK Establishment of the pension fund: Bank Mandiri
17 Dana Pensiun Bank Mandiri Dua AKK Establishment of the pension fund: Bank Mandiri
18 Dana Pensiun Bank Mandiri Tiga AKK Establishment of the pension fund: Bank Mandiri
20 Dana Pensiun Bank Mandiri Empat AKK Establishment of the pension fund: Bank Mandiri
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 757
Page 760
No. Financial Conglomeration Member % Shareholding
21 Dana Pensiun Lembaga Keuangan PT AXA Mandiri AKK Establishment of the pension fund: PT AXA Mandiri Financial
CORPORATE GOVERNANCE
Financial Services Services
22 PT Krida Upaya Tunggal AKK · Dana Pensiun Bank Mandiri Empat: 99.90%
· Yayasan Kesejahteraan Purna Karyawan Bapindo: 0.10%
MANAGEMENT STRUCTURE OF FINANCIAL CONGLOMERATES
Pursuant to OJK Regulation No.18/POJK.03/2014 regarding Governance Practices of Financial Conglomerates.
the management structure of Bank Mandiri Financial Conglomerates is as follows:
BOARD OF COMMISSIONERS AND DIRECTORS OF BANK MANDIRI FINANCIAL
CONGLOMERATES
The Board of Commissioners and Directors of Bank Mandiri have duties and responsibilities related to Integrated
Governance as follows:
Board of Commissioners:
1. Supervising the implementation of duties and responsibilities. and providing advice to the Bank Mandiri Board
of Directors as stipulated in the Articles of Association and prevailing laws.
2. Supervising the implementation of Integrated Governance.
Board of Directors:
1. Having full responsibility for the implementation of Bank Mandiri management.
2. Managing Bank Mandiri in accordance with the authority and responsibility as stipulated in the Articles of
Association and the prevailing laws and regulations.
3. Ensuring the application of TKT in financial conglomerates.
4. Arranging and informing Integrated Governance Guidelines to all Subsidiaries.
5. Directing. monitoring and evaluating the implementation of Integrated Governance Guidelines.
6. Following up on the direction/advice of Bank Mandiri Board of Commissioners in order to improve the
Integrated Governance Guidelines
ORGANS STRUCTURE OF SUBSIDIARIES IN BANK MANDIRI FINANCIAL CONGLOMERATES
Management Structure in Mandiri Group consists of the Board of Commissioners. the Board of Directors and the
Sharia Supervisory Board of Subsidiaries. All of those have the responsibility assigned in the Integrated Governance
Guidelines as follows:
Board of Commissioners:
1. Supervising the implementation of governance. duties and responsibilities of the Board of Directors and
following up on audit results from internal and external parties.
2. Establishing committees or appointing parties to carry out functions that support the duties and responsibilities
of the Board of Commissioners at least audit committees/functions. and compliance monitoring committees/
functions.
3. Organizing the Board of Commissioners meetings which at least includes frequency. attendance and decision-
making procedures.
4. Developing the Board of Commissioners charter.
Board of Directors:
1. Implementing the corporate governance principles.
2. Preparing the Corporate Governance Guidelines.
3. Following up on audit results and recommendations from the Internal Audit Unit. external auditors. and the
results of supervision from the authorities.
4. Organizing the Board of Directors meetings.
5. Developing the charter that at least include the procedures for decision-making and meeting documentation.
758 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 761
Sharia Supervisory Board:
1. The Sharia Supervisory Board must carry out its duties and responsibilities in accordance with the principles
CORPORATE GOVERNANCE
of Governance.
2. The Sharia Supervisory Board is responsible for providing advice to the Board of Directors and monitoring
activities in accordance with Sharia Principles.
3. The implementation of the duties and responsibilities of the Sharia Supervisory Board is adjusted to the
prevailing laws and regulations in each Subsidiary.
4. Members of the Sharia Supervisory Board must provide sufficient time to carry out their duties and
responsibilities optimally.
5. Developing the Sharia Supervisory Board charter.
BANK MANDIRI
Company Management
Board of Commissioners Board of Directors
› President Commissioner/Independent Commissioner: › President Director : Riduan
Zulkifli Zaini* › Vice President Director: Henry Panjaitan
› Vice President Commissioner: Rudy Salahuddin Ramto* › Director of Operations : Timothy Utama
› Commissioner : Muhammad Yusuf Ateh › Director of Human Capital & Compliance : Eka Fitria
› Commissioner : Luky Alfirman* › Director of Risk Management : Danis Subyantoro
› Commissioner : Yuliot › Director of Commercial Banking : Totok Priyambodo
› Commissioner Independen : Mia Amiati › Director of Corporate Banking : Mochamad Rizaldi
› Commissioner : Bintoro K. Pardewo* › Director of Consumer Banking : Saptari
› Director of Treasury & International Banking : Ari Rizaldi
› Director of Finance & Strategy : Novita Widya Anggraini
› Director of Network & Retail Funding : Jan Winston
Tambunan
› Director of Information Technology : Sunarto
*) Effective upon obtaining approval from Financial Services Authority
BANK SYARIAH INDONESIA
Company Management
Board of Commissioners Board of Directors Sharia Supervisory Board
› President Commissioner: Muhadjir › President Director: Anggoro Eko Cahyo › Chairman: Hasanudin
Effendy › Vice President Director: Bob Tyasika › Member: Mohamad Hidayat
› Commissioner: Meidy Ferdiansyah* Ananta › Member: Oni Sahroni
› Commissioner: Mochamad Agus › Director of Sales & Distribution: Anton › Member: Abdul Ghofur Maimoen
Rofiudin Sukarna › Member: Jaih Mubarok
› Commissioner: Kamaruddin Amin › Director of Compliance & Human
› Independent Commissioner: Felicitas Capital: Arief Adhi Sanjaya
Tallulembang › Director of Finance & Strategy: Ade
› Independent Commissioner: Nizar Cahyo Nugroho
Ahmad Saputra › Director of Wholesale Transaction
› Independent Commissioner: Banking: Zaidan Novari
Muhammad Syafii Antonio* › Director of Information Technology:
› Independent Commissioner: Addin Muharto Hadi Suprapto
Jauharudin* › Director of Risk Management: Grandhis
Helmi Harumansyah
› Director of Retail Banking: Kemas Erwan
Husainy
› Director of Treasury & International
Banking: Firman Nugraha
*) Effective upon obtaining approval from Financial Services Authority
BANK MANDIRI TASPEN
Company Management
Board of Commissioners Board of Directors
› President Commissoner/Independent: Junaidi Hisom* › President Director: Panji Irawan*
› Independent Commissioner: Boedi Armanto* › Vice President Director: Rudi As Aturridha*
› Commissioner: Suhajar Diantoro* › Director: Rio Lanasier*
› Independent Commissioner: Prasetio* › Director: Henrisa Yunan Lubis*
› Independent Commissioner: Marjana* › Director: Rima Cahyani*
› Independent Commissioner: Suwartini* › Director: Mahrauza Purnaditya*
› Commissioner: Edi Eko Cahyono* › Director: Rizky Olyvia Nasution*
› Director: Noer Fajrieansyah*
*Under the process of OJK fit & proper test
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 759
Page 762
BANK MANDIRI EUROPE LIMITED
Company Management
CORPORATE GOVERNANCE
Board of Directors
› Independent Non-Executive Director (NED) & Chairman: Dian Triansyah Djani
› Independent Non-Executive Director (NED): Geoffrey McD
› Chief Executive and Executive Director: Rifki Ega Syahputra*
*Currently pending approval from the Ministry of State-Owned Enterprises as the holder of the Series A Dwiwarna Share.
MANDIRI SEKURITAS
Company Management
Dewan Komisaris Direksi
› President Commissioner/Independent Commissioner: Hoesen › President Director: Mohamad Oki Ramadhana
› Commissioner: Muhammad Amir Uskara* › Director: Theodora Vinca Natalie Manik
› Director: Alex Widi Kristiono
› Director: Juwita Lestari*
› Director: Faisal Rino Bernando*
*) Effective upon obtaining approval from Financial Services Authority following the completion of the assessment capability and compliance (fit
and proper test)
MANDIRI CAPITAL INDONESIA
Company Management
Board of Commissioners Board of Directors
› President Commissioner: Laurensius Teiseran › President Director: Ronald Samuel Simorangkir
› Independent Commissioner: Alamanda Shantika Santoso › Director: Wisnu Setiadi
MANDIRI TUNAS FINANCE
Company Management
Board of Commissioners Board of Directors
› President Commissioner: Nugraha Indra Permadi › President Director: Pinohadi G. Sumardi
› Independent Commissioner: Fendy Eventius Mugni › Director: R. Eryawan Nurhariadi
› Independent Commissioner: Subarna › Director: William Francis Indra
MANDIRI UTAMA FINANCE
Company Management
Board of Commissioners Board of Directors Sharia Supervisory Board
› President Commissioner: Vacant › President Director: Vacant › Chairman: Abdul Gofarrozin
› Commissioner: Vacant › Director: Vacant › Member: M. Ziyad Ulhaq
› Independent Commissioner: › Director: Dapot Parasian Sukoco
Kusman Yandi Sinaga
MANDIRI INTERNATIONAL REMITTANCE
Company Management
Board of Directors
› President Director: Fitri Wahyu Adihartati
› Operation Director: Azman Mohd Hashim
› Non-Executive Director: Rolland Setiawan
› Non-Executive Director: Boniangga Anugrah
760 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 763
AXA MANDIRI FINANCIAL SERVICES
Company Management
CORPORATE GOVERNANCE
Board of Commissioners Board of Directors Sharia Supervisory Board
› President Commissioner: Trilaksito Singgih › President Director: Handojo Gunawan › Chairman: Zainut Tauhid
Hudanendra Kusuma Sa’adi
› Commissioner: Sally Joy O’Hara › Compliance Director: Rudy Kamdani › Member: M. Cholil Nafis
› Independent Commissioner: Agus Retmono › Director: Rudi Nugraha › Member: Amin
› Independent Commissioner: Choky Leonard Tobing › Director: Uke Giri Utama
› Director: Aayush Poddar
* As of 31 December 2025, the Fit and Proper Test assessment by the Financial Services Authority (OJK) is still in progress.
MANDIRI MANAJEMEN INVESTASI
Company Management
Board of Commissioners Board of Directors
› Commissioner: Indra Budiman* › Director: Hardiyanto Pilia
› Commissioner: Riyanto Prabowo* › Director: Ernawan R. Salimsyah
› Independent Commissioner: Tjut Andjani Yuzar*
*) Effective upon obtaining approval from Financial Services Authority following the completion of the assessment capability and compliance
(fit and proper test)
MANDIRI SECURITIES PTE LTD
Company Management
Board of Directors
› Executive Director: Soo Ka Chun
› Non-Executive Director: Jonathan Wiliam Asali
› Non-Executive Director: RM. Omar Yusuf ND
MITRA TRANSAKSI INDONESIA
Company Management
Board of Commissioners Board of Directors
› President Commissioner: Vacant › Director: Avit Dwi Suharsa
› Commissioner: Vacant
MANDIRI INVESTMENT MANAGEMENT PTE LTD
Company Management
Board of Directors
› Executive Director and CEO : Baskoro Adi
› Non-Executive Director: Riki Frindos
DANA PENSIUN BANK MANDIRI
Company Management
Supervisory Board Board of Directors
› Chairman: Wildan Sanjoyo › President Director: Abdul Hadie
› Member: Bily Arkan › Director: Nurdiansyah
› Director: Savitri Nirwani D. Sagala
DANA PENSIUN BANK MANDIRI SATU
Company Management
Supervisory Board Board of Directors
› Chairman: Ferdianto Munir › President Director: Hafidz Rukmana
› Member: Ratmoko Hadi › Director: Wawan Purwandi
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 761
Page 764
DANA PENSIUN BANK MANDIRI DUA
Company Management
CORPORATE GOVERNANCE
Supervisory Board Board of Directors
› Chairman: Eny Kurniasih M. Mukarromah › President Director: : Reynhard U. Bakara
› Member: Husni Suhud › Director: Hadi Pranowo
DANA PENSIUN BANK MANDIRI TIGA
Company Management
Supervisory Board Board of Directors
› Chairman: M. Abi Kustomi › President Director: : Benny W. Kurnaman
› Member: RM Cahyo RE Wibowo › Director: Dyah Eti Irawati
DANA PENSIUN BANK MANDIRI EMPAT
Company Management
Supervisory Board Board of Directors
› Chairman: Dadang Ramadhan P › President Director: Ahmad Syafrizal
› Member: Anggoro Teguh › Director: Retno Dyah Pujiastuti
DANA PENSIUN LEMBAGA KEUANGAN PT AXA MANDIRI FINANCIAL SERVICES
Company Management
Supervisory Board Management
› Chairman: Agus Retmono › President Director: Juanita S
› Member: Choky Leonard Tobing › Director: Karjadi Pranoto
KRIDA UPAYA TUNGGAL
Company Management
Board of Commissioners Board of Directors
› Chairman: Linda H Manurung › President Director: Juanita S
› Member: Sugiharto › Director: Eddy Alfian
INTEGRATED GOVERNANCE COMMITTEE
Bank Mandiri has established the Integrated Governance Committee. comprising Independent Commissioners
from Bank Mandiri as the Main Entity and Independent Commissioners representing each industry within the Bank
Mandiri Financial Conglomerate. This structure ensures comprehensive oversight and alignment across all entities
within the conglomerate.
The Integrated Governance Committee has at least the following duties and responsibilities:
1. Supervise the implementation of Governance in each financial institution in the Bank Mandiri Financial
Conglomerates in accordance with the Integrated Governance Guidelines.
2. Supervise the implementation of the duties and responsibilities of the Board of Directors of Bank Mandiri.
as well as provide direction or advice to the Board of Directors of Bank Mandiri on the implementation of the
Integrated Governance Guidelines.
3. Evaluate the implementation of Integrated Governance at least through an assessment of the adequacy of
internal controls and the implementation of compliance functions in an integrated manner.
4. Provide recommendations to the Board of Commissioners of Bank Mandiri. regarding:
a. Hasil evaluasi pelaksanaan Tata Kelola Terintegrasi;
b. Penyempurnaan Pedoman Tata Kelola Terintegrasi.
INTEGRATED COMPLIANCE UNIT
To align with the provisions of OJK Regulation No. 18/POJK.03/2014, Bank Mandiri has established the Compliance
Group as its Integrated Compliance Unit. This unit is responsible for overseeing and ensuring the effective
implementation of the compliance function across the Mandiri Group.
762 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 765
The duties and responsibilities of Integrated Compliance 1. Conducting an audit of the Subsidiary either
Unit are as follows: individually. jointly or based on reports from the
Subsidiary’s Internal Audit Unit.
CORPORATE GOVERNANCE
1. Monitoring and evaluating the implementation 2. Monitoring the implementation of Internal audits at
of compliance function in all Financial Service each Subsidiary Company by conducting:
Institutions of Financial Conglomerates. a. Evaluation of the Subsidiary’s audit plan in
2. Preparing the integrated compliance report to the order to align with the integrated audit plan.
Director in charge of the Compliance Function and b. Evaluation of internal and external audits
the annual report of Integrated Governance. results of Subsidiaries and follow-ups to
3. Organizing forums with Financial Service prepare an integrated internal audit report.
Institutions of Financial Conglomerates regarding
the implementation of the integrated compliance In 2025. the Integrated Internal Audit Unit of Bank
function. Mandiri ensured the implementation of internal control
functions in Subsidiaries by:
During 2025. the Integrated Compliance Unit of Bank
Mandiri has carried out several initiatives on Integrated 1. Conducting audits on 7 (Seven) and reviews on 1
Governance implementation. as follows: (one) Subsidiaries.
2. Evaluating and aligning the audit plan with the
1. Alignment of compliance policies and compliance Subsidiaries prior to preparing the Annual Audit
risk management mechanisms. Plan (AAP) of Bank Mandiri and Subsidiaries.
2. Submission of a letter to all Financial Service 3. Monitoring the Subsidiaries’ Internal Audit Unit’s
Institutions in the Financial Conglomerates Audit Report and its follow-ups on a quarterly
to prepare a Quarterly Integrated Compliance basis.
Implementation Report (LPKT). 4. Preparing the Integrated Internal Audit Function
3. On a quarterly basis. receive a Report on the Implementation Report.
Implementation of the Integrated Compliance
Function (LPKT). In addition. the Integrated Internal Audit Unit of Bank
4. Review and evaluate the Implementation of the Mandiri also carried out the following to improve the
Compliance Function of the Subsidiaries including functions of Integrated Internal Audit Unit. as follows:
the Reports on the Compliance Risk Profile of
the Subsidiaries through the Integrated Risk 1. Placement of the Head of Integrated Internal
Management Forum (IRMF). Audit Unit in most of the Subsidiaries by taking
5. Discussion forum with Financial Conglomerates into account the Integrated Internal Audit Unit
to discuss forward looking and mitigation of recommendations.
compliance issues that occur in Subsidiaries. 2. Internal audit capabilities improvement forum for
6. The inclusion of a reporting framework for the Integrated Internal Audit Unit and Subsidiaries’
managing the compliance function in the Internal Audit Unit through trainings. workshops.
Financial Conglomerates in Bank Mandiri’s internal benchmarking. attachment. and auditors of
provisions to strengthen the synergy of integrated Subsidiaries’ Internal Audit Unit are invited as
compliance function management. guest auditors in audit assignments of the Holding
7. Submission of a resume of new regulations to Internal Audit Unit.
the Financial Conglomerates and monitoring the 3. Conducting periodic assessments of the quality
fulfilment of obligations in the new regulations audit function for 1 (one) Subsidiary Entity.
that have a significant impact and have major 4. Organizing the Integrated Internal Audit Unit of
sanctions. Mandiri Group forum periodically.
5. Providing support for the self-assessment of PA in
Integrated Internal Audit Unit the implementation of the Personal Data Protection
The Main Entity has designed the Internal Audit as the Law (UU PDP).
Integrated Internal Audit Unit that is independent from
the operating unit. The Integrated Internal Audit Unit. in Integrated Risk Management Unit
this case Internal Audit. also collaborated with the 1st Bank Mandiri has established the Integrated Risk
line and 2nd line of Bank Mandiri and the Internal Audit Management Unit. coordinated by the Credit Portfolio
of Subsidiaries to ensure effective implementation of Risk Group. This unit operates independently from other
internal control function in Mandiri Group. operational units and is supported by comprehensive
policies. procedures. and clearly defined risk limits
The Integrated Internal Audit Unit has the duties and to ensure effective risk management across the
responsibilities set out in the Integrated Governance organization.
Guidelines as follows:
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 763
Page 766
The Integrated Risk Management Unit has the duties 1. Conducting Mandiri Group Stress Testing
and responsibilities contained in the Integrated periodically every semester.
CORPORATE GOVERNANCE
Governance Guidelines. as follows: 2. Conducting the Integrated Risk Management
Forum (IRMF) periodically every quarter.
1. Providing input to the Board of Directors of Bank 3. Expansion of the Consolidated Limit.
Mandiri. among others. in the preparation of 4. Conduct of the Integrated Risk and Governance
integrated risk management policies. as well as Conference.
the improvement or refinement of integrated risk 5. Enhancing the strategy of market and liquidity
management policies based on the results of risk management of the Mandiri Group Financial
implementation evaluation. Conglomerates.
2. Monitoring the implementation of integrated 6. Strengthening Operational and Cyber Risk
risk management policies including developing Management in Subsidiaries.
procedures and tools for risk identification.
measurement. monitoring and control.
3. Monitoring risks in financial conglomerates based INTRA-GROUP TRANSACTION POLICY
on the results of the assessment:
4. Risk profile of each Subsidiary in the Financial The rapid growth of Bank Mandiri and its subsidiaries
Conglomerates; across various business segments has fostered strong
a. Integrated risk level of each risk; synergies and collaborations within a unified business
b. Integrated risk profile. ecosystem. This development increases the exposure to
5. Managing stress testing. intragroup transactions within the Mandiri Group. Bank
6. Carrying out periodic reviews to ensure: Mandiri ensures that all Intra-Group Transaction comply
a. The accuracy of the risk assessment with both internal and external regulations. maintaining
methodology; alignment in terms of process and exposure.
b. Adequacy of implementation of management
information systems; Intra-Group Transaction transaction processes
c. Integrated accuracy of policies. procedures and collaborations within the Mandiri Group are
and risk limits. governed by internal regulations. including the Risk
7. Reviewing strategic proposed new business lines Management Policy (KMNR). the Standard Procedure
that can be significantly influential on the risk for Implementing Risk-Based Bank Rating (RBBR).
exposure of financial conglomerates. and Operational Technical Instructions for Risk-Based
8. Providing information to the integrated risk Bank Rating Assessments (RBBR). These are further
management committee on matters that need guided by the Mandiri Subsidiaries Management
to be followed up regarding the results of the Principles Guideline (MSMPG). which serves as a
evaluation on the implementation of integrated risk framework for fostering a collaborative business
management. ecosystem. The policy on Intra-Group Transaction risk
9. Providing input to the integrated risk management also adheres to POJK No.17/POJK.03/2014 dated 19
committee. in order to organizing and improving November 2014 on the Implementation of Integrated
integrated risk management policies. Risk Management for Financial Conglomerates and
10. Arranging and submitting an integrated risk profile SEOJK No.14/SEOJK.03/2015 dated 25 May 2015 on
report periodically to the Directors in charge of the the Implementation of Integrated Risk Management for
integrated risk management function and to the Financial Conglomerates.
integrated risk management committee.
11. Conducting integrated capital adequacy Bank Mandiri actively monitors business performance
assessment. and risks arising from synergies with its subsidiaries.
12. Conducting integrated capital monitoring and ensuring that all Intra-Group Transaction comply with
report submission. regulatory.
In 2025. the Integrated Risk Management Unit The MSMPG plays a pivotal role in guiding the Bank
has carried out several initiatives in implementing and its subsidiaries to create added value by fostering
consolidated/integrated risk management. among a culture of performance while adhering to Good
others: Corporate Governance principles and the Articles of
Association of each entity within the Mandiri Group.
764 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 767
The MSMPG encompasses principles for managing Bank Mandiri’s subsidiaries across various areas. including
Integrated Governance. Anti-Money Laundering. Counter-Terrorism Financing. and Counter-Proliferation Financing
CORPORATE GOVERNANCE
of Weapons of Mass (AML-CFT and CPF). Financial Reporting. Human Resources. Procurement. Subsidiary
Synergy. Strategy and Performance. Corporate Culture Values. Information Technology. Data Management.
Mandiri ESG Guiding Principles and Implementation of Sustainable Financing. Gratification Control. Personal Data
Protection. Vendor Management. Consolidated/Intergrated Risk Management Limit. Investment and Corporate
Action. Business Continuity Management and Investment Management.
MSMPG is implemented by referring to the basic principles of managing Subsidiaries as follows:
1. Subsidiaries are separated entities from Bank Mandiri and have their own legal responsibilities.
2. Management of subsidiaries is carried out professionally and does not intervene in the operational activities
of subsidiaries.
3. Management of Subsidiary Companies is carried out without disregarding the duties and responsibilities of
the Board of Directors and Board of Commissioners of the Subsidiaries in accordance with the Articles of
Association.
4. Management of Subsidiary Companies is aimed at optimizing sustainable profits. reducing risks. fulfilling
regulatory requirements. and good governance.
5. Management of Subsidiary Companies is carried out with controlling. consolidating and/or assisting the
above-mentioned areas with attention to their business characteristic. decision of GMS between Bank Mandiri
and Subdisiary Companies. and the appliacable law and regulations.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 765
Page 768
BAD CORPORATE GOVERNANCE
PRACTICES
CORPORATE GOVERNANCE
Bank Mandiri is firmly committed to preventing bad corporate governance practices to safeguard the integrity and
effectiveness of its governance system. The Bank consistently strengthens its governance framework to ensure
alignment with ethical standards. regulatory requirements. and stakeholder expectations.
Bank Mandiri enforces rigorous oversight to prevent any activities that could compromise its established
governance principles. This commitment is reflected in the Bank’s proactive approach to monitoring, enforcing,
and enhancing governance practices across all organizational levels. Through these measures, Bank Mandiri
maintains the integrity of its governance implementation. as illustrated in the table below.
No Remarks Practices
1 There are reports of company activities that pollute the environment None
2 Non-compliance in fulfilling tax obligations None
3 The inconsistency in the presentation of annual reports and financial statements with applicable regulations and
None
financial accounting standards (SAK)
4 Not submitting legal cases/litigation related to labor and employees None
5 Did not disclose the operating segment review None
6 Discrepancies in the Annual Report file between hardcopy and softcopy on the website None
7 Do not disclose important cases currently being faced by the company. subsidiaries. members of the Board of
None
Directors/Board of Commissioners who are currently serving in the Annual Report
STATEMENT OF GOOD CORPORATE
GOVERNANCE PRINCIPLES
IMPLEMENTATION
Bank Mandiri reaffirms its strong commitment to implementing GCG principles consistently and comprehensively
in accordance with Indonesian banking regulations. All members of the Board of Commissioners, Board of
Directors, and employees perform their duties based on the principles of Ethical Conduct, Accountability,
Transparency, and Sustainability, which form the foundation of sound governance in Indonesia’s banking industry.
GCG implementation at Bank Mandiri is carried out through clear organisational structures, effective oversight
mechanisms, and strict adherence to prevailing laws and regulations. During the reporting period, no material
violations of governance provisions were recorded, and the Bank ensured that all policies, processes, and decision-
making activities were conducted independently, objectively, and free from conflicts of interest. Bank Mandiri also
updates its governance policies regularly to remain aligned with national and international best practices, including
self-assessments referencing the ASEAN Corporate Governance Scorecard. This approach underscores Bank
Mandiri’s commitment to upholding the highest standards of governance, preserving public trust, strengthening
operational integrity, and ensuring long-term sustainability in meeting stakeholder expectations.
766 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 769
RISK MANAGEMENT
CORPORATE GOVERNANCE
Bank Mandiri adopts a proactive and integrated approach to risk management as part of its commitment to
Good Corporate Governance. The Bank’s risk management policies are aligned with BI and OJK regulations.
Basel standards. and international best practices, and are reviewed regularly to remain responsive to business
dynamics, regulatory changes, and internal developments. This approach ensures sustainable and sound growth
while maintaining an optimal risk-adjusted return within the Bank’s defined risk appetite.
RISK MANAGEMENT IMPLEMENTATION of 2024 concerning Resolution Plans for Commercial
Banks. In line with this requirement, the Bank will
Bank Mandiri has internally conducted periodic stress undertake an update of its Resolution Plan in 2026.
testing, both individually and at integrated level with
its subsidiaries, as a measure to anticipate the decline In implementing risk management, Bank Mandiri
in macroeconomic stability based on macroeconomic strives to comply with and adheres to the prevailing
scenarios prepared by the Office of Chief Economist. laws and regulations in Indonesia such as:
In addition to internal stress testing, Bank Mandiri 1. Law No. 4 year 2023 on Financial Sector
also participates in regulatory Bottom-up Stress Development and Strengthening.
Testing on a regular basis, which aims to obtain the 2. Regulation of the Minister of State-Owned
Bank’s assessment of regional banking resilience on Enterprise concerning Guidelines for Governance
potential challenges arising after pandemic recovery and Significant Corporate Activities of State-
and hampered economic growth due to the ongoing Owned Enterprises.
factors triggering uncertainty mentioned above. 3. Financial Services Authority Regulation (POJK)
No. 4/POJK.03/2016 dated 26 January 2016
Bank Mandiri has updated its Recovery Plan to prevent, concerning Assessment of Commercial Bank
restore and improve the Bank’s financial condition and Soundness Rating.
business continuity in the event of financial stress, as 4. OJK Regulation No. 18/POJK.03/2016 dated 16
stipulated in OJK Regulation No. 5 of 2024 concerning March 2016 concerning the Implementation of
Determination of Supervisory Status and Handling Risk Management for Commercial Banks
of Commercial Bank Problems. The Recovery Plan 5. OJK Regulation No. 17/POJK.03/2014 dated 18
prepared at least contains an analysis of the Bank’s November 2014 concerning the Implementation
condition, line of business, office network and material of Integrated Risk Management for Financial
subsidiaries of the Bank, the structure of the Bank’s Conglomerates.
business group, the Bank’s business linkages, scenario 6. OJK Regulation No. 18/POJK.03/2014 dated 18
analysis of the impact of changes in the Bank’s November 2014 concerning the Implementation
condition including crisis analysis scenarios (reverse of Integrated Governance for Financial
stress testing) that can occur to the Bank idiosyncratic Conglomerates.
and market-wide shock, recovery options and Recovery 7. OJK Regulation No. 26/POJK.03/2015 dated 11
Plan disclosure. December 2015 concerning the Obligation to
Provide Integrated Minimum Capital for Financial
Bank Mandiri has submitted a Resolution Plan Conglomerates.
document to the Deposit Insurance Corporation (LPS) 8. OJK Regulation No. 42/POJK.03/2015 dated 23
as the resolution authority in Indonesia in 2024. The December 2015 concerning the Obligation to Fulfil
Resolution Plan is a document containing information the Liquidity Coverage Ratio for Commercial Banks
about the Bank, which is in line with the Recovery as amended in POJK No. 20 of 2025.
Action Plan, as well as an analysis of the resolution 9. OJK Regulation No. 11/POJK.03/2016 dated
strategy which is one of the considerations for LPS in 2 February 2016 concerning the Obligation to
handling or resolving the Bank which is designated as Provide Minimum Capital for Commercial Banks, as
a Bank in Resolution. Banks are required to update the amended by OJK Regulation No. 34/POJK.03/2016
Resolution Plan every 2 (two) years if there is a change and lastly amended by OJK Regulation No. 27 of
in financial condition of more than 20% of total assets, 2022.
total liabilities, and/or total equity as of the date of 10. OJK Regulation No. 38/POJK.03/2017 dated
the financial statements contained in the previous 12 July 2017 concerning the Implementation of
Resolution Plan, as stipulated in LPS Regulation No. 2 Consolidated Risk Management for Banks that
Control Subsidiaries.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 767
Page 770
11. OJK Regulation No. 50/POJK.03/2017 dated 17 26. OJK Circular Letter No. 48/SEOJK.03/2017 dated
July 2017 concerning the Obligation to Fulfill the 15 September 2017 concerning Guidelines for
Net Stable Funding Ratio for Commercial Banks Calculating Net Claims for Derivative Transactions
Banks as amended in POJK No. 21 of 2025. Calculation of Risk-Weighted Assets for Credit Risk
12. OJK Regulation No. 5 year 2024 dated 27 March Using a Standardized Approach.
CORPORATE GOVERNANCE
2024 concerning Determining Supervision Status 27. OJK Circular Letter No. 12/SEOJK.03/2018 dated
and Managing Commercial Bank Issues. 21 August 2018 concerning the Application of
13. OJK Regulation No. 12/POJK.03/2018 dated 8 Risk Management and Risk Measurement of
August 2018 concerning the Implementation of Standardized Approach to Interest Rate Risk in
Digital Banking Services by Commercial Banks as Banking Book for Commercial Banks.
has been revoked and amended with POJK No. 38/ 28. OJK Circular Letter No. 6/SEOJK.03/2020 dated 29
POJK.03/2019 dated 19 December 2019 April 2020 concerning Calculation of Risk-Weighted
14. OJK Regulation No. 32/POJK.03/2018 dated 27 Assets for Operational Risk using Standardized
December 2018 concerning the Legal Lending Approach for Commercial Banks.
Limit and Large Exposures for Commercial Banks. 29. OJK Circular Letter No. 24/SEOJK.03/2021
15. OJK Regulation No. 11/POJK.03/ 2019 dated 28 dated 7 October 2021 concerning Guidelines for
March 2019 concerning the Prudential Principle Calculating Risk-Weighted Assets for Credit Risk
in Asset Securitization Activities for Commercial Using Standardized Approach for Commercial
Banks. Banks.
16. OJK Regulation No. 31/POJK.03/2019 dated 2 30. OJK Circular Letter No. 23/SEOJK.03/2022 of 2022
December 2019 concerning the Obligation to Fulfill on the Calculation of Weighted Assets according to
Gearing Ratio for Commercial Banks. Risk for Market Risk for Commercial Banks.
17. OJK Regulation No. 37/POJK.03/2019 dated 19 31. LPS Circular Letter dated 25 October 2024 No. 3/
December 2019 concerning Transparency and ADK1/2025 concerning Guidelines and Format
Publication of Bank Statements, amended in POJK for the Preparation and Submission, Revision, and
No. 18 of 2025 tanggal 04 August 2025. Updating of the Resolution Plan for Commercial
18. OJK Regulation No. 17/POJK.03/2023 dated 14 Banks
September 2023 concerning Implementation 32. Decree of the Deputy for Finance and Risk
of Good Corporate Governance for Commercial Management of the Ministry of State-Owned
Banks. Enterprises No. SK-6/DKU.MBU/10/2023
19. Bank Indonesia Regulation No. 24/16/PBI/2022 concerning Technical Instructions for the Risk
dated 31 October 2022 concerning the Fourth Management and Aggregation Process in the
Amendment to Bank Indonesia Regulation No. State-Owned Enterprise Portfolio Risk Taxonomy.
20/4/PBI/2018 concerning Macroprudential 33. Decree of the Deputy for Finance and Risk
Intermediation Ratio and Macroprudential Liquidity Management of the Ministry of State-Owned
Buffer for Conventional Commercial Banks, Sharia Enterprises No. SK-7/DKU.MBU/10/2023
Commercial Banks, and Sharia Business Units. concerning Technical Instructions for Reporting
20. LPS Regulation No. 1 of 2021 dated March 30, 2021 Risk Management of State-Owned Enterprises.
concerning the Resolution Plan for Commercial 34. Decree of the Deputy for Finance and Risk
Banks as revoked and amended by LPS Regulation Management of the Ministry of State-Owned
No. 2 of 2024 dated September 5, 2024 concerning Enterprises No. SK-8/DKU.MBU/10/2023
the Resolution Plan for Commercial Banks. concerning Technical Instructions for Risk Maturity
21. OJK Circular Letter No. 14/SEOJK.03/2015 dated Index Assessment in State-Owned Enterprises.
25 May 2015 concerning the Implementation 35. OJK Circular No. 11/SEOJK.01/2024 dated
of Integrated Risk Management for Financial 2 October 2024 concerning Reporting and
Conglomerates. Requesting Debtor Information through the
22. OJK Circular Letter No. 15/SEOJK.03/2015 dated Financial Information Services System.
25 May 2015 concerning the Implementation 36. OJK Circular Letter No. 16/SEOJK.03/2023
of Integrated Governance for Financial dated 19 October 2023 concerning Guidelines for
Conglomerates. Calculating Bank Exposure for Central Counterparty.
23. OJK Circular Letter No. 13/SEOJK.03/2017 dated 37. OJK Circular Letter No. 26/SEOJK.03/2025
17 March 2017 concerning the Implementation of dated 19 November 2025 concerning the Internal
Governance for Commercial Banks, which is refined Liquidity Adequacy Assessment Process (ILAAP)
by OJK Circular Letter No.14/SEOJK.03/2025 dated for Commercial Banks.
24 June 2025 concerning the Implementation of 38. OJK Regulation No. 22 of 2025 dated 15 September
Governance for Commercial Banks. 2025 concerning Commercial Bank Reporting
24. OJK Circular Letter No. 14/SEOJK.03/2017 through the Financial Services Authority Reporting
dated 17 March 2017 concerning Assessment of System.
Commercial Bank Soundness Rating. 39. OJK Circular Letter No. 31/SEOJK.03/2025 dated
25. OJK Circular Letter No. 43/SEOJK.03/2017 dated 28 November 2025 concerning Conventional
19 July 2017 concerning The Prudential Principle Commercial Bank Reporting through the Financial
and Reports in Implementing Consolidated Risk Services Authority Reporting System.
Management for Banks that Control Subsidiaries.
768 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 771
40. Bank Indonesia Regulation No. 23/8/PBI/2021
7. Responsibility
concerning the Second Amendment to Bank
Bank Mandiri acts on the prudential principle and
Indonesia Regulation No. 21/9/PBI/2019
in compliance with prevailing laws and regulations.
concerning Integrated Commercial Bank Reporting.
8. Fairness
41. OJK Circular Letter No. 23/SEOJK.03/2022 dated
CORPORATE GOVERNANCE
Bank Mandiri pays attention to the interests of
7 December 2022 concerning the Calculation of
stakeholders based on the principle of equality and
Market Risk-Weighted Assets for Commercial
fairness (equal treatment).
Banks.
42. Board of Governors Regulation No. 23 of 2025 dated
Risk Management Process
20 October 2025 concerning the Macroprudential
Intermediation Ratio and Macroprudential Liquidity
The Company’s Risk Management process as stipulated
Buffer for Conventional Commercial Banks, Islamic
in the Risk Management Policy is as follows:
Commercial Banks, and Sharia Business Units.
1. Risk Management is carried out at all levels of the
43. Board of Governors Regulation No. 21/23/
Bank up to the operational level both transactionally
PADG/2019 dated 6 December 2019 concerning
and at the portfolio level.
Integrated Commercial Bank Reporting.
2. Risk Management is carried out individually and at
44. Board of Governors Regulation No. 8 of 2025
consolidated/integrated level with the Subsidiaries.
dated 27 March 2025 concerning the Third
while taking into account the regulations and
Amendment to Board of Governors Regulation No.
business characteristics of the Subsidiaries.
24/8/PADG/2022 concerning the Implementing
3. The Risk Management process is a dynamic
Regulation for the Fulfillment of Statutory Reserves
process and is routinely compared to industry best
in Rupiah and Foreign Currency for Conventional
practices and applicable regulations to be adjusted
Commercial Banks, Islamic Commercial Banks,
and updated when necessary.
and Sharia Business Units.
4. The implementation of Risk Management is carried
45. Board of Governors Regulation No. 27 of
out in a series consisting of:
2025 dated 1 December 2025 concerning the
a. Risk identification
Implementing Regulation for the Macroprudential
Risk identification aims to determine the types
Liquidity Incentive Policy.
of risks inherent in each functional activity that
46. Bank Indonesia Regulation No. 9 of 2025 dated 26
have the potential to harm the Bank.
November 2025 concerning the Macroprudential
b. Risk measurement
Liquidity Incentive Policy.
Risk measurement aims to determine the risk
exposure inherent in the Bank’s activities to be
BANK RISK MANAGEMENT POLICY compared with the Bank’s risk appetite. hence
the Bank can take risk mitigation measures
RISK MANAGEMENT PRINCIPLES and determine capital to cover residual risk.
c. Risk monitoring
Bank Mandiri’s Risk Management Principles are as Risk monitoring aims to compare the set
follows: risklimits with the risk exposure that is being
1. Capital managed.
Bank Mandiri provides capital according to the d. Risk control
risk appetite and maintains the capital level in Risk control is carried out on the potential for
accordance with prevailing regulations. the occurrence of overreach of the risk limit
2. Transparency that has been set and can be tolerated by the
Bank Mandiri transparently conveys relevant Bank.
information in the risk-taking process and the risk-
taking process itself.
3. Independence RISK MANAGEMENT FRAMEWORK
The management of Bank Mandiri acts
professionally and is free from the pressure and Bank Mandiri’s Risk Management Framework
influence of other parties. is structured within the Bank’s Risk Governance
4. Integrated Structure. comprising three key components: Risk
Bank Mandiri applies Integrated Risk Management Oversight, Risk Policy and Management, and Risk
to Financial Services Institutions that are members Identification, Measurement, Mitigation, and Control.
of the financial conglomerates of Bank Mandiri in These elements are reinforced by the Audit Unit, as
accordance with regulatory provisions. Independent Assurance to ensure the effectiveness of
5. Sustainable implementation.
Risk control is developed continuously to better
fit with existing business conditions and best In essence. the framework and governance of Bank
practices. Mandiri’s risk management can be summarized as
6. Accountability follows:
Bank Mandiri implements policies and procedures
to ensure management accountability to
stakeholders.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 769
Page 772
Risk Oversight
CORPORATE GOVERNANCE
Integrated Governance Risk Monitoring
Committee Committee Audit Committee
Risk Policy Management
Risk Management Asset & Liability Integrated Risk Credit Policy Policy & Procedure Internal Audit
Committee Management Committee Committee Committee
Committee
- Credit Risk - Liquidity Risk - Credit Risk Credit Risk Policy Management
- Market Risk - Interest Rate Risk - Market Risk
- Operational Risk - Forex Risk - Liquidity Risk
- Legal Risk - Pricing - Operational Risk
- Reputation Risk - Legal Risk
- Strategic Risk - Management - Reputation Risk
- Compliance Risk - Recovery Plan - Strategic Risk
- Capital - Compliance Risk
Management - Insurance Risk
- Liquidity Risk - Intra-Group &
Transaction Risk
Risk Identification. Measurement.
Mitigation. Control
Independent
Business Unit Risk Units Compliance
Assurance
Independent
Risk Taking Risk Control Compliance
Assurance
Bank Mandiri’s Risk Governance Structure is developed based on four Risk Management Pillars as follows:
Board of Commissioners and Board of Directors Active Supervision
The risk management framework and governance at Bank Mandiri are structured to ensure comprehensive
oversight and execution. The Board of Commissioners oversees risks through the Audit Committee, Risk
Monitoring Committee, and Integrated Governance Committee. The Board of Directors is responsible for risk policy
and management. facilitated through risk-related Executive Committees. including Management Committee.
Asset & Liability Management Committee. Integrated Risk Committee. Credit Policy Committee, and Policy &
Procedure Committee Capital & Subsidiaries Committee, and Integrated Risk Committee, Operationally, the Risk
Management Unit, in collaboration with the Business Unit and Compliance Unit, carries out the functions of risk
identification, measurement, mitigation, and control.
The duties, responsibilities, and authorities of the Board of Commissioners related to active supervision in Risk
Management activities include, among others:
1. Evaluating and approval of Risk Management Policy;
2. Evaluating the prepared-and-determined strategies by the Board of Directors in managing risks according to
the risk taxonomy;
3. Evaluating the Board of Directors’ responsibility for the implementation of the Risk Management Policy;
4. Evaluating and deciding the Board of Directors’ application related to transactions that require the approval of
the Board of Commissioners;
5. Requesting explanation and/or accountability of the Board of Directors on Financing to certain large borrowers;
6. Providing approval on the funding to related parties;
770 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 773
7. Conducting active oversight, including, among To implement risk management as mandated by the
others, understanding the nature and level of risks Evaluating the prepared-and-determined strategies by
CORPORATE GOVERNANCE
faced by the Bank, assessing the adequacy of the the Board of Directors in managing risks according
quality of risk management and linking the risk to the risk taxonomy, the Board of Commissioners
level with capital adequacy of the Bank, as well is responsible for determining the Bank’s Risk
as providing advice on the implementation of the Classification based on the level of Risk Intensity. This
Risk Management function in accordance with assessment considers the Bank’s size and complexity
applicable regulations; dimensions, as proposed by the Board of Directors. in
8. Conducting active supervision related to anti-Fraud compliance with applicable regulations.
which at least includes the following:
a. Development of anti-Fraud awareness and To implement Integrated Risk Management. the Board
culture in all levels of the organization. of Commissioners is responsible to:
including anti-Fraud declarations and adequate 1. Direct, approve, and evaluate Integrated Risk
communication on behavior categorized as Management policies;
Fraud; 2. Evaluate the implementation of Integrated Risk
b. The signing of integrity pact by all Management policies by the Board of Directors of
organizational ranks of the Bank; the Financial Conglomerate Holding Company.
c. Preparation and supervision of the 3. Ensure the implementation of Integrated
implementation of a code of conduct related Risk Management is in accordance with the
to fraud prevention for all levels of the characteristics and complexity of the Financial
organization; Conglomeration business.
d. Preparation and supervision of the
implementation of an anti-Fraud strategy as a The duties. responsibilities, and authorities of the Board
whole; of Directors related to Risk Management activities
e. Development of the quality of human include:
resources (HR). particularly those related to 1. Developing and proposing Risk Management
increasing awareness and control of Fraud; policies and strategies in writing and
f. Monitoring and evaluation of Frauds and comprehensively;
determination of follow-up; and 2. Responsible for the implementation of the Risk
g. Development of effective communication Management Policy and risk exposure taken by the
channels for the Bank’s internal and external Bank as a whole;
parties. hence all executives and employees 3. Evaluating and deciding transactions that require
of the Bank understand and comply with the the approval of the Board of Directors;
applicable policies and procedures. including 4. Developing a culture of Risk Management at all
policies and procedures for fraud control. levels;
9. Providing approval. oversight and evaluation on the 5. The active supervision of the Board of Directors
implementation of the Action Plan (Recovery Plan). related to anti-Fraud is the same as that of the
10. For Resolution Plan. the Board of Commissioners Board of Commissioners as stated in the duties and
shall: responsibilities of the Board of Commissioners;
a. Overseeing the Bank’s compliance with its 6. Ensuring the improvement of human resource
obligations to prepare the Resolution Plan, competencies related to Risk Management;
revise the Resolution Plan, and/or undertake 7. Ensuring that the Risk Management function has
corrective actions based on the results of the operated independently;
resolvability assessment; 8. Conducting periodic reviews to ensure;
b. Evaluating the Resolution Plan, revising a. Accuracy of risk assessment methodology;
the Resolution Plan, and/or updating the b. Adequacy of Risk Management information
Resolution Plan prepared by the Board of system implementation;
Directors; c. Accuracy of Risk Management policies and
c. Approving the Resolution Plan, revising procedures, as well as setting risk limit and/
the Resolution Plan, and/or updating the risk threshold.
Resolution Plan; and 9. Conducting active supervision includes, among
d. Overseeing the implementation of plans others. understanding the nature and level of risks
to address potential impediments to the faced by the Bank, assessing the adequacy of the
execution of resolution options. quality of risk management, and linking the risk
11. Maintaining and monitoring the Bank’s Soundness level with capital adequacy of the Bank;
Rating and take the necessary measures to 10. Developing and implementing the Bank’s Recovery
maintain and/or improve the Bank’s Soundness Plan. which includes:
Rating; a. Developing a realistic and comprehensive
Recovery Plan;
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 771
Page 774
b. Submitting the Recovery Plan to shareholders 2. Implement the established Integrated Risk
at the GMS for approval; Management Policy;
CORPORATE GOVERNANCE
c. Communicating the Recovery Plan to all ranks 3. Develop a risk culture as part of the implementation
or levels of the Bank’s organization; of Integrated Risk Management in Financial
d. Evaluating and testing (Stress Testing) the Conglomerates;
Action Plan (Recovery Plan) periodically; and 4. Ensure the effectiveness of human resource
e. Implementing the Recovery Plan effectively management which includes the competence.
and in a timely manner. qualifications, and adequacy of human resources
11. Developing and implementing a Resolution Plan in the Main Entity to carry out the Integrated Risk
which includes: Management function;
a. Preparing the Resolution Plan, revising the 5. Ensure that the implementation of Integrated Risk
Resolution Plan, and/or undertaking corrective Management has been carried out independently;
actions based on the results of the resolvability 6. Periodically evaluate the results of the Integrated
assessment in accordance with the principles Risk Management Unit review of the Integrated
of completeness, accuracy, timeliness, and Risk Management process;
integrity; 7. Ensure the implementation of Integrated Risk
b. Ensuring the accuracy and completeness Management in accordance with the characteristics
of data, information, and/or documents in and complexity of the Financial Conglomerates
the preparation, revision, and/or corrective business.
actions related to the Resolution Plan based
on the resolvability assessment results; To enhance the effectiveness of supervisory duties and
c. Submitting the Resolution Plan, its revisions, responsibilities in implementing Risk Management. the
and/or updates to the Board of Commissioners Board of Commissioners and the Board of Directors may
for approval; establish committees in accordance with applicable
d. Submitting the Resolution Plan, its revisions, regulatory provisions.
and/or corrective actions based on the
resolvability assessment results to the Bank Mandiri’s risk management elements consists of:
Indonesia Deposit Insurance Corporation
in accordance with the deadlines set by the 1. Board of Commissioners
regulator; and 2. Committee under the Board Commissioners
e. Implementing plans to address potential 3. Board of Directors
impediments to the execution of resolution 4. Committee under the Board of Directors
options.Maintaining and monitoring the Bank’s 5. Director in charge of Risk Management function;
Soundness Rating and take the necessary 6. Risk Management Unit (SKMR);
measures to maintain and/or improve the 7. Operational Unit (risk-taking unit);
Bank’s Soundness Rating; 8. Internal Audit Unit (SKAI);
12. Maintaining and monitoring the Bank’s Soundness 9. Compliance Unit.
Rating and take the necessary measures to
maintain and/or improve the Bank’s Soundness The Risk Management Unit (SKMR). the Internal Audit
Rating; Unit (SKAI) and the Compliance Unit concurrently serve
13. Implementing other Risk Management functions as an Integrated Unit.
in accordance with laws and regulations, articles
of association, and/or decisions of the General Adequacy of Policies, Procedures, and Limits Setting
Meeting of Shareholders (RUPS)/ Head of the Bank Mandiri implements risk management guided
Policy and Regulation Agency for State-owned by its Risk Management Policy. which serves as the
Enterprises (SOEs). primary framework for managing risks. For specific
business areas such as credit. treasury, and operations.
To comply with risk management regulations set by the Bank has detailed policies and procedures that
the SOEs Policy and Regulatory Agency, the Board define limits for activities at both the portfolio and
of Directors is responsible for classifying subsidiary transactional levels. These policies and procedures are
company risks based on the level of risk intensity. This integrated into every aspect of the Bank’s operations.
classification considers the dimensions of size and evaluated, and updated annually. In line with SEOJK
complexity in alignment with applicable regulations. 34/SEOJK.03/2016 on the Implementation of Risk
Management for Commercial Banks. the Bank’s policies
To implement Integrated Risk Management. the Board and procedures are based on a Risk Management
of Directors is responsible to: Strategy by taking into account the level of risk to be
taken (Risk Appetite). Risk Appetite represents the
1. Develop an Integrated Risk Management Policy in type and level of risk the Bank is willing and able to
writing and comprehensively; take. within its risk capacity. to achieve or exceed its
business objectives.
772 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 775
Bank Mandiri’s Risk Appetite is manifested through the Board of Directors and Executives of the Bank with the
Risk Appetite Framework which is a strategic decision- Board of Directors and/or Executives of Subsidiaries as
CORPORATE GOVERNANCE
making that describes Bank Mandiri’s risk strategy. Risk well as the Integrated Risk Management Unit (SKMRT).
Appetite is reflected in the Bank’s business strategy which is directly responsible to the Director of Risk
and objectives. Management.
Risk appetite is articulated through a Risk Appetite Bank Mandiri actively conducts integrated identification.
Statement (RAS). which is a formal guideline in the measurement. monitoring, and control of Mandiri
risk-taking process to achieve business targets. RAS Group (self-assessment) risk exposures by reporting
is pivotal because it will provide clear and consistent this following assessment:
direction to all levels of Bank Mandiri on the Bank’s risk-
taking ability. 1. The Consolidated Bank Soundness Level with risk-
based approach/Risk-Based Bank Rating (RBBR).
Adequacy of Risk Identification. Measurement. with the assessment scope covering the following
Monitoring, and Control Processes, as well as Risk factors: Risk Profile. Integrated Good Corporate
Management Information Systems Governance. Earnings and Capital, at consolidated
Bank Mandiri conducts Risk Identification. level. During 2025. Bank Mandiri has reported
Measurement. Monitoring, and Control processes, as Consolidated Bank Soundness Level for the
well as operates its Risk Management Information position of 31 December 2024 and 30 June 2025
System. through the Enterprise Risk Management to the Regulator in a timely manner.
(ERM) framework. The ERM implementation at Bank 2. The Consolidated Risk Profile. which is performed
Mandiri employs a two-pronged approach to ensure on 8 (eight) risks (Credit. Market. Liquidity.
that risks are not only well mitigated through daily Operational. Legal. Strategic. Compliance, and
business processes. but also in unexpected conditions Reputation Risk). During 2025. Bank Mandiri has
(downturns) through capital reserves. reported the Consolidated Risk Profile for the
position of 31 December 2024 and 31 March. 30
Internal Control System June, and 30 September 2025 to the Regulator in a
Bank Mandiri implements an Internal Control System timely manner.
for its Risk Management function through the Three 3. The Integrated Risk Profile. which is performed on
Lines Model. where responsibilities are shared among 10 (ten) risks (8 types of risks that are stated in
the first. second, and third lines of defense. The Internal point 2 plus Intra-Group Transaction and Insurance
Audit Unit, as the third line. conducts assurance and Risks). During 2025. Bank Mandiri has reported
consulting activities to evaluate the adequacy of the the Integrated Risk Profile for the position of 31
Bank’s internal control system. risk management, and December 2024 and 30 June 2025 to the Regulator
governance processes. in compliance with applicable in a timely manner.
laws. regulations, and Bank policies.
To support the assessment and reporting process. Bank
Mandiri has been using integrated risk management
INTEGRATED RISK MANAGEMENT information system. namely Risk Assessment
IMPLEMENTATION Consolidation Generator (RACER) System.
Bank Mandiri applies Consolidated and Integrated The assessment of Consolidated/Integrated Risk
Risk Management in line with regulatory requirements. Profile and Consolidated Bank Soundness Level are
beginning with the implementation of consolidated risk recommended by the Integrated Risk Committee (IRC)
management under Bank Indonesia Regulation No. and the approval are provided by the Risk Management
8/6/PBI/2006. later replaced by OJK Regulation No. & Credit Policy Committee (RMPC). The assessment
38/POJK.03/2017. The Bank also adopts Integrated of the Consolidated/Integrated Risk Profile and
Risk Management in accordance with OJK Regulation Consolidated RBBR. which have been approved by the
No. 17/POJK.03/2014 and refers to the Integrated RMPC are then reported to the Regulator and to the
Governance Guidelines based on OJK Regulation No. Integrated Good Corporate Governance Committee.
18/POJK.03/2014. These frameworks are implemented
by upholding core risk management principles. taking BUILDING RISK AWARENESS CULTURE
into account the business characteristics of each
subsidiary, and aligning with the requirements of local To realise its vision “To Be Your Preferred Financial
supervisory authorities. Partner.” Bank Mandiri builds a strong risk-aware
culture across all operational and business activities
As an active supervision of the Main Entity towards to minimise potential risks that may disrupt business
the implementation of Consolidated and Integrated continuity. This culture is applied at every level of
Risk Management. Bank Mandiri has established the the organisation. from senior management to all
Integrated Risk Committee (IRC). consisting of the employees. The Board of Directors and the Board of
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 773
Page 776
Commissioners have established a Risk Appetite Statement (RAS) that defines the level of risk the Bank is willing to
tolerate, aligned with its risk capacity and business objectives. The RAS serves as a reference for decision-making,
and its implementation is closely monitored.
CORPORATE GOVERNANCE
Bank Mandiri integrates risk awareness into product. service, and technology development through the
application of an adequate Risk Management System. Before any product or service is launched or implemented.
comprehensive risk assessments and mitigation measures are conducted. This approach also guides the
formulation of internal policies and technical guidelines. ensuring that a focus on business sustainability is
embedded across all processes.
Strengthening a risk-aware culture requires the involvement of all Bank Mandiri personnel. The AKHLAK values are
internalised as the Bank’s core values and practiced as daily behaviour. encouraging sustainable growth supported
by appropriate risk considerations to ensure long-term resilience. The Bank also implements adaptive and
continuous communication strategies across multiple channels to ensure effective and consistent dissemination of
risk awareness. enabling a strong risk culture within an open. efficient, and effective risk management framework.
RISK AWARENESS PROGRAM
To strengthen risk awareness, particularly operational risk awareness among employees, Bank Mandiri has introduced
several flagship initiatives such as Operational Risk Awareness (OPERA), including Cyber Risk Awareness, Fraud
Awareness, Data Protection Awareness, Compliance Awareness, Anti-Money Laundering Awareness, Customer
Protection Awareness, Policy Awareness , Business Continuity Awareness and Human Capital Awareness. These
programs aim to enhance understanding and improve the effectiveness of operational risk management across
all organisational levels. The initiatives are conducted routinely and comprehensively on bankwide, covering
subsidiaries and overseas branches. Each program is designed with a thematic-based and adaptive approach to
effectively respond to emerging risk trends, addressing both heightened existing risks and the identification of
potential new risks such as Cyber Security, significant internal and external incidents, operational risk updates,
global top risks, Control Testing results, and others. This proactive approach ensures that Bank Mandiri remains
resilient and well-prepared to navigate an evolving risk landscape.
In 2025, alignment initiative on risk awareness program bank-wide was carried out in order for the programs to be
delivered to all employees effectively according to regulatory compliance and eventually could minimize the Bank
operational loss. This initiative is including standardization of program delivery, media or channel, and audience
target.
In general, risk awareness program is divided into two categories based on the dimension of:
Buzz
1. One way is term for risk awareness program which is delivered one-way and doesn’t need any feedback from
employee, such as poster, toon, video, etc.
2. Two way is term for risk awareness which is delivered two-way and need feedback or response from employee,
such as survey and e-learning.
No. Program One-Way Frequency Coverage
Toon
• Employees of Bank Mandiri Regional and Head Office
1 Short cartoon character comics with light and Monthly
• Employees of Bank Mandiri Overseas Branch
contemporary daily content.
Poster
• Employees of Bank Mandiri Regional and Head Office
2 A one-page poster contains quotes/sentences inviting Monthly
• Employees of Bank Mandiri Overseas Branch
employees to be aware of risks.
Letter/Infographics
• Employees of Bank Mandiri Regional and Head Office
3 Articles/infographics contain a comprehensive Quarterly
• Employees of Bank Mandiri Overseas Branch
explanation of risk issues and tips & tricks.
Video
4 Short videos that raise issues or trends in a risk and its Adhoc All Bank Mandiri employees
mitigation.
Modul and Handbook
Material contains a risk management framework as an
5 Adhoc All Bank Mandiri employees
employee guideline, which is delivered through online/
offline treining or by printed media/handook.
774 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 777
No. Program Two-Way Frequency Coverage
Quiz
• Employees of Bank Mandiri Regional and Head Office
1 Short course to assess employee's understandings Monthly
CORPORATE GOVERNANCE
• Employees of Bank Mandiri Overseas Branch
in managing operational risk
Forum
• Employees of Bank Mandiri Regional and Head Office
2 Broadcasts/forums/workshops that discuss issues/ Monthly
• Employees of Bank Mandiri Overseas Branch
trends around risk and mitigation.
Survey
• Employees of Bank Mandiri Regional and Head Office
Survey/checklist contains short questions to
3 Monthly • Employees of Bank Mandiri Overseas Branch
employees through Ms. Form
• Employees of Bank Mandiri’s Subsidiaries.
E-learning
4 Learning to employees contains material with post Annually Organic employees
tests.
BANK RISK MANAGEMENT
To maximise shareholders’ value. Bank Mandiri applies integrated risk management through the Enterprise Risk
Management (ERM) framework. This framework aligns strategic planning. risk appetite. execution. risk assessment,
and performance evaluation into a unified process. Its objective is to create value added for the Bank and its
shareholders while supporting the successful execution of strategic plans outlined in the Corporate Plan. At Bank
Mandiri. ERM implementation adopts a two-prong approach. comprising risk management through capital and risk
management through operational activities, as illustrated in the diagram below.
Bussiness Process
Managing Risk Front End Middle End Back End
Through Operation
Risk Mangement through daily business operations
Two-Prong
Approach
Capital Management & Planning
Managing Risk Regulatory Capital, Stress Test
Through Capital
Capital as buffer for unexpected loss; capital as risk-return allocation
In the application of the two-prong approach. there are 4 (four) main components that function as supporting
pillars. including:
1. Organization & Human Capital
The Risk Management Unit (SKMR) of Bank Mandiri is responsible for managing all risks across the Bank.
including developing supporting tools needed for business processes and risk management. Each business
unit is also supported by a risk counterpart that participates in the four-eye credit approval process. As risk
management is a shared responsibility across the Bank. its effectiveness relies on strong risk awareness
and adequate technical capabilities throughout the organisation. To support this. Bank Mandiri continuously
enhances employee competence through regular training at the Risk Management Academy. knowledge
transfer from international experts, annual socialisation programs. discussion forums. internships, and other
initiatives aligned with corporate culture internalisation. The Bank’s Risk Management structure operates
under the Risk Management Directorate. which oversees Independent Risk Management and Credit Approval
Risk. comprising Wholesale Risk and Retail Risk. The Directorate is led by the Director of Risk Management and
supported by the SEVP Risk Management.
2. Policies and Procedures
The Risk Management Policy (KMNR) is set as the main guidelines on the implementation of risk management
at the operational level and the capital management at the Bank covering:
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 775
Page 778
a. Prudential Principle. which entails capital Governance Unit. ensuring adequate controls over
adequacy. fulfillment of prevailing laws and all model components used in business processes
CORPORATE GOVERNANCE
regulations, and an early warning system. and decision-making. This model management
b. Risk Management. which entails Risk framework includes:
Appetite. Risk Profile. Bank Soundness
Rating. Stress Testing. Recovery Plan, and a. Model Inventory
Resolution Plan, as well as Integrated Risk Through the model inventory. Bank Mandiri
Management. maintains a comprehensive record of all
c. Risk Management for each type of risks. models in use. This inventory includes key
which entails processes of risk identification. information such as statistical results. model
measurement. oversight, and control. purpose. model owner. model developer.
d. Risk Oversight. which entails monitoring of model user. validation outcomes, and related
activities/ methodologies of risk management documentation. The model inventory system
at Bank Mandiri, and the Internal Control also shows each model’s position within
System. the Model Lifecycle. covering the stages of
model initiation. development. validation.
This Risk Management Policy is the basis for implementation. usage, and monitoring.
making procedures and technical guidelines
concerning risk management at Bank Mandiri. b. Model Risk Assessment
An assessment of the level of risk of the
3. System & Data models based on quantifiable observations
The risk management system is developed to about the materiality and complexity of the
support more efficient business processes. models.
enabling faster decision-making while maintaining
prudent principles. Bank Mandiri has implemented c. Model Control
the Integrated Processing System and Loan The monitoring and control of models are
Origination System to improve credit process carried out through continuous assessment.
efficiency and ensure data quality across the This includes model validation. both first-
Corporate. Commercial, and Retail segments. To time validation and on-going validation. First-
enhance collection productivity in the Consumer time validation is performed after model
and Retail segments. the Bank applies the development to ensure the model complies
Integrated Collection System. For managing with academic standards. best practices, and
trading book risk and FRTB reporting. Bank regulatory requirements. On-going validation
Mandiri uses the Summit System and the New is conducted periodically to ensure that the
Treasury Core System (NTCS). Meanwhile, the model continues to perform reliably and
Balance Sheet Manager is utilized to manage remains fit for its intended purpose.
banking book risk and liquidity risk in treasury and
liability management activities. As an integrated With the adoption of the model management
risk information system for assessing the Bank’s framework. there is a segregation of duties between
Risk Profile and Soundness Level. individually. the first line (model owner. model developer, and
consolidated, and integrated. Bank Mandiri has model user). the second line (model validator and
implemented the web-based Risk Assessment model management guiding unit), and the third line
Consolidation Generator System (RACER). (Internal Audit) based on three-line models.
enabling risk assessments to become more
effective. efficient, accurate, accountable, and Bank Mandiri also continues to implement Basel
supported by stronger access controls. II. III, and ERM in compliance with the Financial
Services Authority and the BCBS (Basel Committee
4. Metodologi/Model & Analytics on Banking Supervision) as well as the best
Bank Mandiri continuously applies risk practices. which cover Credit Risk. Market Risk.
measurement aligned with international best Liquidity Risk. Interest Rate Risk on Banking Book
practices by using both quantitative and Position. Operational Risk. Capital Management,
qualitative approaches. including the development and Internal Capital Adequacy Assessment
of risk models such as rating. scoring. Value at Process (ICAAP), as well as Stress Testing and
Risk (VaR). portfolio management. stress testing. Recovery Plan.
fraud models, and other models that support
judgemental decision-making. These models
are validated by an independent Model Validator TYPES OF RISKS AND ITS MITIGATIONS
Unit to ensure their quality and validity. In Bank Mandiri manages 10 (ten) types of risks in an
addition. model risk is managed through a Model integrated manner:
Risk Management framework under the Model
776 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 779
1. Credit Risk
2. Market Risk At the borrower level. credit concentration risk is
CORPORATE GOVERNANCE
3. Liquidity Risk managed by monitoring the Legal Lending Limit (LLL),
4. Operational Risk and the application of Management Limits for large
5. Legal Risk business groups. In general. credit processes and risk
6. Reputation Risk management are carried out end-to-end and integrated
7. Strategic Risk across the Business Unit. Credit Operation Unit, and
8. Compliance Risk Credit Risk Management Unit.
9. Intra-Group Transaction Risk
10. Insurance Risk The Bank regularly reviews and updates its credit policies
in general. credit for segment-specific procedures,
CREDIT RISK MANAGEMENT and risk management tools. These guidelines provide
comprehensive credit risk management instructions for
Bank Mandiri manages and mitigates credit risk at identifying. measuring, and mitigating credit risk in the
every stage of the lending process. end-to-end credit process starting from determining the
target market. credit analysis, approval. documentation.
In the Wholesale segment, credit risk management credit withdrawal. monitoring/supervision. to the
begins with market targeting based on the Loan process of resolving/ restructuring non-performing
Portfolio Guideline, which classifies industry sectors loans.
into Industry Classifications (attractive, neutral,
selective, cautious) according to their outlook and To enhance its social role and awareness of
portfolio quality. The Bank also sets Industry Limits to environmental risks. Bank Mandiri has integrated
minimise credit concentration risk in specific sectors. Environmental. Social, and Governance (ESG) aspects
To ensure a strong pipeline of quality prospective into the Industry Acceptance Criteria Technical
borrowers, the Bank conducts pre-approval processes Guidelines. These guidelines help evaluate and
using various credit risk tools, starting with Clearance select prospective borrowers who meet the required
Process to review assesses reputation,business qualifications and have implemented ESG principles in
operations, and financial condition. This is followed by their business operations. This initiative aligns with OJK
a credit risk assessment that includes rating, financial Regulation No. 40/POJK.03/2019 on the Asset Quality
analysis, and borrower potential, before a final decision Assessment of Commercial Banks. which requires
is made by the Credit Approval Authority through the that a debtor’s business prospects also consider
four-eyes principle involving both the Business Unit environmental preservation efforts. In addition. Bank
and the Credit Risk Management Unit independently. Mandiri has developed a Sustainable Finance Action
After loan disbursement, regular monitoring is carried Plan to strengthen its contribution to environmental
out through quality review and early warning signals to conservation. in accordance with OJK regulations on
detect potential issues early and prepare targeted action Sustainable Finance for Financial Institutions. Issuers,
plans, including collection, recovery, or restructuring and Public Companies. These efforts reinforce the
activities. Bank’s commitment to promoting sustainability and
responsible governance practices.
For the Retail segment. which targets the mass market.
credit processes are more automated. A credit risk In principle. credit risk management at Bank Mandiri
scorecard, aligned with the Risk Acceptance Criteria of is implemented both at the transactional and portfolio
each product. processes loans through an automated levels. At the transactional level. the Bank applies
workflow system (Loan Factory). Monitoring is a four-eyes principle. ensuring that every credit
performed at the portfolio level through Portfolio Quality approval involves independent evaluations by the
Reviews. followed by collection and recovery process Business Unit and the Credit Risk Management Unit
for non-performing portfolios. to achieve objective decision-making. This process is
executed through the Credit Committee, adhering to
To anticipate macroeconomic uncertainties, a what- the established authority limits. with credit approvals
if analysis of wholesale and retail portfolios is carried determined through the Credit Committee Meeting
out through a process of stress testing and sensitivity mechanism.
analysis using certain macroeconomic scenarios.
Credit risks from borrowers and products are accounted
In all lending activities. Bank Mandiri prioritizes for through impairment loss provisions under PSAK 71.
prudence by employing credit analysis through effective since 1 January 2020 (codified as PSAK 109
independent business units and credit risk units. Credit as of 1 January 2024). These provisions are monitored
management is governed by the Credit Policy (KPKD). through the cost of credit indicator.
operationalized through Credit Standard Procedures
(SPK) and Product Manuals. ensuring an end-to-end
risk management process.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 777
Page 780
MARKET RISK MANAGEMENT
CORPORATE GOVERNANCE
Market risk management at Bank Mandiri is conducted by an independent unit following the principle of
segregation of duties. ensuring a clear separation of functions and responsibilities among the front office. middle
office, and back office. The Market Risk Management Organization is divided into two sections; Market Risk
Management – Trading Book, and Market Risk Management – Banking Book.
The framework for and governance of market risk management at Bank Mandiri consist of:
1. The Board of Commissioners. who are responsible for market risk oversight through the Risk Monitoring
Committee. Integrated Governance Committee, and Audit Committee.
2. Directors. who are responsible for the risk policy function through the Executive Committee with respect to
market risk management and recovery plan. the Assets & Liabilities Management Committee. Risk Management
Committee.
3. Risk Management Unit together with the business units and Compliance Group unit. who perform risk
identification. risk calculation. risk monitoring, and risk control.
Bank Mandiri’s Risk Management Framework is designed by considering both internal and external factors, including
but not limited to the Bank’s business dynamics, regulatory requirements, advancements in methodologies and best
practices, as well as risk data. The authority and responsibilities for implementing risk management are defined in
the Risk Management Policy (RMP). Specific guidelines for managing market risk in the trading book and banking
book portfolios are detailed in the Standard Procedure of Treasury (SPT) and Standard Asset & Liability Procedure
Management (SP ALM).
Management and Mechanism of Market Risk Measurement – Trading Book
Trading book market risk refers to the risk arising from potential losses due to activities involving trading book
instruments, encompassing interest rate risk, credit spread risk, equity risk, and exchange rate risk, which can
impact the Bank’s profitability. Bank Mandiri manages market risk by adhering to the principle of segregation of
duties, ensuring a clear separation of functions and responsibilities in treasury unit trade transactions, which
consist of:
Segregation of Duties Principle
1 2 3
Unit Front Office Unit Middle Office Unit Back Office
(Treasury) (Risk Management) (Treasury Operation)
Executing Transactions Monitor. assess. and repost risks Record and evaluate all exposures
arising from all trading activities to daily trading activities using
carried out by the front office unit. market prices from independent
sources.
The measurement of trading book risk is conducted in accordance with regulatory requirements and several internal
indicators. including Value at Risk (VaR). sensitivity simulations, and stress testing. Risk monitoring is carried out
by applying various types of limits on treasury activities. These limits are set in a tiered manner. from the dealer
level to the bank-wide level. to ensure that trading exposure remains consistent with the risk appetite established
by management.
Management and Mechanism of Market Risk Measurement – Banking Book
Banking book market risk refers to the risk arising from changes in interest rates and exchange rates related to
banking book activities. which can impact the Bank’s profitability (earnings perspective) and the economic value of
its capital (economic value perspective). Bank Mandiri manages this risk by optimizing its balance sheet structure
to achieve maximum returns within an acceptable risk level. Management also involves setting limits aligned with
internal policies and prevailing laws and regulations. which are periodically monitored by the relevant work units.
778 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 781
LIQUIDITY RISK MANAGEMENT
2. Perform periodic liquidity risk stress testing to
Liquidity risk arises from the Bank’s inability to meet determine the impact of changes in market factors
CORPORATE GOVERNANCE
its due obligations through cash flow financing and/ and internal factors in extreme conditions (crises)
or high-quality liquid collateral assets without causing on liquidity conditions.
disruption to the Bank’s operations and financial 3. Arrange and conduct a periodic review of the
condition. Liquidity Contingency Plan (LCP) and Recovery
Plan that regulate the Company’s procedure for
Liquidity risk can be divided into two categories: handling worsening liquidity conditions including
1. Funding Liquidity Risk. which is a risk caused by alternative financing strategies such as sale/
the Bank’s inability to liquidate its assets or secure purchase of FX. Money Market instruments, and
funding from other sources. The inability to secure Interbank Securities Repo. Government Bond
cash flow financing that causes liquidity risk can sale, and the use of Standing Facility and repo of
be explained by (1) the Bank’s inability to generate the Bank Indonesia. The determination of liquidity
cash flow from productive assets or asset conditions and financing strategies in the LCP and
liquidation including liquid assets; and/or (2) the Recovery Plan has considered internal and external
Bank’s inability to generate cash flow from funding. conditions.
interbank transactions, and received loans. 4. Monitor external indicators such as Indonesia
2. Market Liquidity Risk. which is a risk caused by the Overnight Index Average (IndONIA). USD Interbank.
Bank’s inability to close out certain positions at a Rupiah interest rate. yield from SUN and UST
market price due to inadequate market liquidity with a 10-year tenor. Outstanding IDR banking
conditions or disruptions in the market. liquidity. USD/IDR exchange rate. credit spread of
default swaps (CDS). Composite Stock Price Index
Liquidity Risk Management is carried out in the following (CSPI), as well as current market information. This
4 (four) stages: monitoring aims to increase awareness of less
1. Identification. to determine risk and sources of stable economic conditions. either due to a global
liquidity risk and the problems it poses so that it crisis or various domestic issues.
may be controlled and mitigated. The identification
of liquidity risk can be conducted by identifying Liquidity Adequacy Ratio
balance sheet components and administrative Bank Mandiri’s liquidity adequacy can be identified
account components that may affect the Bank’s through Liquidity Coverage Ratio, Net Stable Funding
liquidity and identifying market parameters such Ratio, Macroprudential Intermediation Ratio (MIR), and
as crises and other things. Liquidity Reserves. The Liquidity Coverage Ratio (LCR)
2. Measurement. to measure liquidity risk. which is is a ratio of High-Quality Liquid Assets (HQLA) to the
done using 2 (two) approaches. namely (1) Nominal estimated net cash outflow within the next 30 (thirty)
Stock-Based (Liquidity Ratio) which entails the use days in a crisis scenario. The LCR aims to improve
of various financial ratios as an indicator of the the short-term liquidity of a bank during a crisis. As of
level of liquidity risk and (2) Flow-Based (Liquidity December 2025, Bank Mandiri’s LCR reached 137.40%
Gap Analysis). (Bank Only) and 140.19% (consolidated), above the
3. Monitoring is conducted by tracking liquidity risk minimum LCR fulfillment target set by the Regulator
indicators against the established limits. which was 100%.
4. Control. which is an activity that aims to minimize
the impact of liquidity risk by considering the level Another indicator used by Bank Mandiri to determine
of income earned. liquidity adequacy is the Net Stable Funding Ratio
(NSFR). The Net Stable Funding Ratio (NSFR) is a ratio
Tools and Method of available stable funding to required stable funding.
Bank Mandiri manages liquidity risk by measuring the As of December 2025, Bank Mandiri’s NSFR reached
liquidity risk using some indicators. such as primary 109.95% (Bank Only) and 111.09% (consolidated),
reserve (Minimum Statutory Reserves. Macroprudential above the minimum NSFR fulfillment target set by the
Liquidity Buffer, and Cash). secondary reserve (liquidity Regulator which was 100%.
reserves). Macroprudential Intermediation Ratio (MIR).
Liquidity Coverage Ratio (LCR), and Net Stable Funding The Macroprudential Intermediation Ratio (MIR) is a
Ratio (NSFR). ratio of distributed credit and corporate commercial
paper fulfilling certain requirements and are owned
To manage liquidity risk in a measured and by the Bank to third-party funds, commercial paper
comprehensive manner. Bank Mandiri implements the fulfilling certain requirements issued by the Bank, and
following strategies: loans fulfilling certain requirements received by the
1. Determine limits that refer to internal provisions Bank. As of December 2025, Bank Mandiri’s RIM (Bank
and regulatory provisions. Only) reached 84.52%.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 779
Page 782
In addition, Bank Mandiri has liquidity reserves, which serve as a liquid asset above minimum statutory reserves
CORPORATE GOVERNANCE
that are used to meet unscheduled liquidity needs. In managing its liquidity reserves, Bank Mandiri sets a limitation
in the form of safety level, which is a projection of liquidity reserves for the next 1 (one) month. As of December
2025, the Bank’s liquidity reserves were above the safety level.
RISK OPERATIONAL MANAGEMENT
Operational risk arises from inadequacies and/or failures in internal processes. human errors. system malfunctions,
and/or external events that impact the Bank’s operations. including risks related to cyber security. Operational risks
can lead the emergence of other risks. such as reputational risk. strategic risk. legal risk. market risk. credit risk.
compliance risk, and liquidity risk. Effective and consistent management of operational risk is crucial to minimizing
the likelihood of these interconnected risks.
Operational risks are inherent in every product, activity, and operational process of the Bank as part of its business
activities. These risks are also the responsibility of every individual within the Bank. The Risk & Control Owner holds
the primary responsibility for implementing optimal operational risk management to minimize these risks.
In developing an Operational Risk Management Strategy. the Bank applies the following principles:
1. Long-term oriented to ensure the Bank’s business continuity. by maintaining the Bank’s risk exposure managed
in a controlled manner in accordance with the Bank’s internal regulations, as well as prevailing laws and
regulations and other stipulations.
2. Comprehensive and extensive in all parts of the Bank, and remains focused on material and or significant risks
and the most effective mitigation processes.
3. Proactive in identifying and detecting potential control weaknesses and the occurrence of risks hence risks
can always be minimized.
4. Comply with the provisions for the fulfillment of capital adequacy operational risks in accordance with
regulations and the development of risks appetite.
Operational risk management is implemented through a layered lines-of-defense model. where each line of defense
has distinct roles and approaches to addressing operational risks. This framework is based on the principle of
combined assurance. ensuring that a balance between risk & reward is also achieved.
The Risk & Control Owner is fully responsible for managing risks and implementing daily internal controls to ensure
that existing risks are mitigated. This includes continuously improving control designs to align with changes in
processes.
To ensure effective operational risk management. the process is carried out in four stages:
Operational Risk
2
1 Identification
Operational Risk Operational Risk
Control / 4 3 Assessment
Mitigation
Operational Risk
Monitoring
1. Identification, a process to identify potential inherent risks to a product/activity/process. taking into account
internal and external factors. such as data of operational risk incidents. regulatory changes, and audit findings.
This stage includes identifying risk mitigation and control measures.
780 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 783
2. Assessment. which is the process of evaluating by 3. Key Indicator (KI)
considering the potential impact and likelihood of a KI contains key risk indicators (KRIs) and Key
CORPORATE GOVERNANCE
risk can inherently occur. This aims to find out which Control Indicators (KCIs) and serves as an early
risks are more material/significant compared to warning signal that encourages early control
others to ensure more focused control measures actions to be undertaken.
can be prepared. In addition, an assessment is also 4. Issue & Action Management (IAM)
carried out on quantitative control through control IAM is a tool to monitor if known issues are follow-
testing activities to determine whether the control up using a range of activities. such as control
design regulated in the prevailing regulations at the testing. incidents. key indicators, and self-identified
bank has been effectively implemented (operating issues.
effectiveness) and or can still be effectively used 5. Capital Modelling
(design effectiveness). The assessment produces A tool to calculate regulatory capital charge in
a residual risk value which is the risk value after accordance to applicable regulations and as part
considering the controls. of operational risk mitigation.
3. Monitoring, a proses to monitor risks that have To improve its operational risk management
been identified and assessed for their likelihood. effectiveness. the Bank has developed an integrated
Risk monitoring is carried out at all times in every Operational Risk Management System that covers all of
work unit and by its members. The activity follows a the tools above. The system is also implemented in all
hierarchy and is done collectively. including by the work units at the head office and regions.
unit’s head, adhering to the applicable procedures.
Monitoring activities include the early warning The output of operational risk management activities
systems in existing tools/reporting. is an Operational Risk Profile Report that describes
operational risk exposure. The report is submitted
4. Risk Control/Mitigation. which is a process to periodically to the Bank’s Board of Commissioners and
control and mitigate before a risk event occurs Board of Directors, and supports the boards’ active role
through the implementation of adequate and in operational risk management. The report also informs
consistent control procedures, as well as the Bank’s risk management report to regulators as part
implementing follow-up actions plans on control of Risk-Based Bank Rating (RBBR) in accordance with
weaknesses found (thereby potential risks occur) applicable provisions.
in the monitoring process and follow-up on
incidents. The purpose of this process is to ensure Operational Risk Management Organization
that residual risk to the Bank is kept to a minimum. Operational risk management is carried out by all of the
Controls must be consistently implemented Bank’s elements. including the Board of Directors with
according to existing control designs but must active supervision from the Board of Commissioners.
also be continuously reviewed to ensure existing The Boards understand existing risks and have a key
control designs are still effective for mitigation of role in supporting and overseeing risk management
emerging risks. activities at the operational unit level.
Operational Risk Management Tools The operational risk management organization and
To enable work units in implementing operational risk their duties and responsibilities are:
management. the Bank provides the following risk
management tools: 1. Risk Management Committee (RMC). RMC leads
the preparation, adjustment/ improvement of risk
1. Risk & Control Self Assessment (RCSA) management. RMC’s membership. duties, and
RCSA is a register of key risks and control measures authority are stipulated in a Board of Directors’
that inform risk-based control testing to identify Decision on RMC.
potential weaknesses as early on as possible. The 2. Risk & Control Owner. A unit that is fully responsible
tool allows its user to maintain minimum level of for operational risk management and ensuring the
residual risks and to take necessary mitigation effectiveness and compliance of control measures
measures. in every operational activity. A Risk & Control Owner
2. Loss Event Database (LED) maintains the Bank’s operational risk appetite at a
A database of operational risk incidents that level that has been identified. thereby allowing the
are recorded on a risk-based approach with the Bank to achieve its goals and keep an optimal level
aim of being lesson learned. monitoring follow- of regulatory capital charge.
up remediation and future improvements, and 3. Operational Risk Management Unit (Senior
as one of the components of the calculation of Operational Risk by Business Area). A unit
operational risk capital (regulatory capital charge) (attached to a business area) that is responsible
of the Standardized Approach (SA) method. for implementing operational risk management
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 781
Page 784
policies. strategies. frameworks and tools in Reputational risk is managed through monitoring.
collaboration with the Risk & Control Owner. supervision. handling. and resolution efforts
CORPORATE GOVERNANCE
4. Work Unit on Operational Risk Management coordinated by the Corporate Secretary. with support
Development (Bankwide/Enterprise). A unit that is from relevant work units. including Customer Care.
responsible to formulate and disseminate policies. Legal. Retail Product & Fraud Risk Management. IT
strategies. frameworks. and operational risk Application Development & IT Application Support. and
management tools. Business Continuity Management. Reputational risk
5. Internal Audit Unit. This unit carries out independent management adheres to internal policies and applicable
assurance function to ensure that all operational laws and regulations.
defense lines are functioning effectively and
properly. To mitigate this risk. the Bank actively builds a positive
image through conventional media and by producing
positive content on social media platforms.
LEGAL RISK MANAGEMENT
The Mechanism for Managing Reputational Risk
Legal risk is a type of risk faced by Bank Mandiri as a Reputational risk is managed through monitoring.
result of lawsuits and/or legal claims. whether initiated supervision. handling. and resolution mechanisms
by internal or external parties, and/or the identification coordinated by the Corporate Secretary Group. in
of legal weaknesses such as the absence of supportive accordance with the Corporate Secretary Standard
regulations. flaws in agreements such as the failure to Guidelines. Based on these guidelines. there are four
meet the requirements for a valid contract. or imperfect stages of reputational risk management: identification.
collateral binding. measurement. monitoring. and control. These stages
are reflected in each Corporate Secretary activity with
The management of legal risk is handled by the Legal potential reputational risk. such as the Bank’s activities
unit at the Head Office. which is responsible for as a publicly listed company.
regulatory, advisory. litigation, advocacy, and legal
assistance functions, as well as coordination and In such activities. reputational risks can be identified.
supervision. legal education and transformation, and such as delays. errors. or inconsistencies in reporting.
legal risk management for the Bank. In carrying out These may stem from factors such as individuals
these functions. duties, and responsibilities. the Legal lacking knowledge or understanding of disclosure
unit at the Head Office coordinates with the Legal units obligations or insufficient supervision and review
in work units and regional offices. The Head Office by supervisors. To control these risks. Bank Mandiri
Legal unit acts as the system supervisor and provides implements mitigation measures. such as maintaining
guidance to the Legal units in work units and regions. a checklist of disclosure obligations and ensuring
supervisors carry out thorough checks and reviews.
The risk management mechanism. encompassing the
processes of identification. measurement. monitoring, Should reputational risk incidents occur and result in
and control, adheres to the applicable risk management negative perceptions of the Bank. mitigation activities
regulations. Each work unit responsible for products can be carried out to reduce the impact. One method
and/or activities is required to identify and manage involves publishing positive articles in print. online.
risks comprehensively. including but not limited to legal and electronic media. as well as sharing positive
risks. which are inherently present in every product or content on social media to neutralize the negative
activity created or carried out by the company. This is to perceptions. These positive articles may highlight the
ensure that legal risks do not have widespread impacts Company’s business and social activities or its support
or trigger other risks. such as reputational risks. for government programs. in compliance with the
Corporate Secretary Standard Guidelines.
The legal risk management efforts implemented by
Bank Mandiri. both preventive and corrective, are Reputational Risk Management Policy Implementation
deemed sufficient to protect the Bank’s legal interests s part of the implementation of the reputational risk
and minimize significant financial impacts. This is management policy. the Company ensures that all work
reflected in the 2025 Legal Risk Profile Report. which units perform their respective functions effectively
achieved a “Low” risk rating. and in compliance with applicable regulations.
In cases where an incident with reputational risk
implications occurs related to the duties and functions
REPUTATIONAL RISK MANAGEMENT of a specific work unit. that unit is required to provide
detailed information to the Corporate Secretary Group
Reputational risk arises from a decline in the level immediately. This enables prompt management of the
of stakeholder trust caused by negative sentiments incident to minimize its impact.
surrounding the Bank.
782 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 785
STRATEGIC RISK MANAGEMENT
To address customer complaints and inquiries. Bank
Mandiri currently maintains internal channels. including
CORPORATE GOVERNANCE
branch offices. the Call Center at 14000. its official Strategic Risk Management Organization
website. and social media accounts. All complaints and The Bank has established a Risk Management
inquiries are forwarded to the Customer Care Group for Committee and a Risk Management Unit that aim
handling and resolution. In addition to internal channels. to support comprehensive. integrated. measurable.
the Customer Care Group also manages complaints and controlled risk management. Each committee is
from external sources. such as print. online. electronic supported by a working group consisting of groups
media. and social media. directly related to the risk issues within the scope of the
respective committee.
In executing these duties. the Customer Care Group
coordinates with the Corporate Secretary Group. Strategic Risk Management Mechanism
particularly in handling customer complaints reported The Bank’s risk management is governed by a risk
in conventional media and social media. management policy developed in alignment with
Bank Indonesia Regulations (PBI). Financial Services
Authority Regulations (POJK). Basel standards. and
Monitoring and Evaluation international best practices. This policy is regularly
The Corporate Secretary Group conducts periodic reviewed to anticipate changes in business conditions.
monitoring and evaluation of media coverage in regulations. and the Bank’s internal environment. In
print. online. electronic media. and social media managing strategic risks. Bank Mandiri consistently
to measure the effectiveness of the company’s reviews performance and evaluates policies for setting
publication and communication activities. The results business targets. The Bank also takes corrective
of this monitoring and evaluation serve as the basis actions to refine its strategic planning and business
for planning future publication and communication targets. considering internal and external conditions
activities. with the goal of continuously strengthening when necessary.
the Bank’s reputation.
The Implementation of Strategic Risk Management
Communication Support for Government Programs Bank Mandiri’s strategic direction aligns with its
The Corporate Secretary Group continues to play Corporate Plan. which is designed by taking into
an active role in supporting government strategic account the Bank’s core competencies and the shifting
programmes through integrated communication business patterns and consumer behavior toward
activities. A key initiative is the collaboration with digital platforms. Amid economic uncertainties. Bank
the Ministry of SOEs in developing joint publications Mandiri also emphasizes the importance of profitability
using an agenda-setting approach. ensuring that the and credit quality to mitigate future risks. As such. in
Bank’s strategic messages align with government addition to implementing initiatives outlined in the
communication priorities and strengthening synergy Corporate Plan. Bank Mandiri sharpens its business
among institutions in delivering relevant information strategy by focusing on:
to the public. The Corporate Secretary Group also
supports government initiatives through international 1. Focus on driving and implementing sustainable
publications that highlight the global contributions growth strategies. accompanied by optimal cost-
of SOEs. reinforce Indonesia’s SOEs as prominent efficiency programs. to enhance profitability
international players. and enhance the nation’s positive growth.
image globally. In addition. the Group conducts 2. Ensure the achievement of leading indicators for
financial literacy campaigns and financial services both revenue and cost across all financial metrics.
awareness initiatives through social media. YouTube. 3. Prioritize maintaining and increasing a sustainable
WhatsApp official channels. and other platforms to CASA Ratio to support loan growth.
promote financial inclusion and encourage prudent
financial behaviour. Bank Mandiri also collaborates Measures and Plans in Anticipating Strategic Risk
with public figures and influencers to ensure these In anticipating the risk factors faced by Bank Mandiri.
messages reach the broader community and targeted it is essential to implement independent and prudent
segments more effectively. risk management without hindering the Company’s
business expansion processes.
Crisis Management
In the event of a massive reputation crisis with The following outlines the strategic risk management
significant impact on stakeholder trust. the Company strategies for 2024:
will promptly implement immediate action plans to
minimize the effects of the crisis. These actions include
preparing issue management strategies. appointing
internal spokespersons. scheduling crisis response
activities. and conducting an overall evaluation.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 783
Page 786
1. Board of Commissioners
1. Conduct liquidity management by adjusting deposit
and loan interest rates to maintain a healthy Net With respect to Compliance and Integrated
CORPORATE GOVERNANCE
Interest Margin (NIM). Additionally. the Bank can Governance. the Board of Commissioners is
diversify funding sources by reducing reliance mandated to supervise the implementation of
on high-cost funds. exploring alternative. more Compliance Function.
affordable funding sources. and reviewing counter
rates and special rates (retail deposits) in the 2. Integrated Governance Committee
small business. micro. and consumer (individual) The committee is established to assist the Board
segments. of Commissioners in carrying out its supervisory
2. Perform credit assessments that focus on industrial function on the implementation of Integrated
sectors demonstrating positive and sustainable Governance and Integrated Compliance Functions
growth while considering internal capabilities and at Bank Mandiri and its Subsidiaries.
resources in accordance with Bank Mandiri’s Risk
Acceptance Criteria to minimize default risks. 3. Board of Directors/SEVP
Additionally. maintain adequate provisioning to The Board of Directors is responsible to foster and
anticipate potential credit losses. realize Compliance Culture as well as to ensure
3. The Bank focuses on maintaining and sustainably that Compliance Function is implemented at all
increasing the CASA Ratio and CASA volume to levels of the organization and the Bank’s business
support credit expansion by: activities.
a. Optimizing the use of Kopra by Mandiri
through main operating account strategies 4. Director in Charge of Compliance Function
(Kopra Portal and Kopra H2H) to capture the The Director in charge of the Compliance Function
entire customer transaction ecosystem. is responsible for formulating compliance
b. Managing the realization of the Cost of Fund culture strategies. minimizing compliance risk.
(CoF) by balancing liquidity. supporting establishing compliance systems and procedures.
demand deposit growth through transactional and ensuring that all policies. provisions. systems.
solutions for business and corporate clients. and procedures implemented by the Bank are in
and increasing savings market share using accordance with applicable laws and regulations.
Livin’ as an everyday financial app.
4. Strengthen capital accumulation from retained 5. Compliance Unit (i.e.. Compliance Group)
earnings (Tier-1) by optimizing revenue and The Compliance Unit assists and/or represents the
overhead costs. while conducting a deeper review Director in charge of the Compliance Function in
of initiatives that enhance productivity. provide carrying out its duties and responsibilities.
added value. and deliver long-term benefits.
5. Enhance access to capital and financial markets 6. Heads of Units
to secure additional funding. either in the form of Heads of Units are responsible for realizing
equity or debt (subordinated debt). compliance culture in their respective units.
managing compliance risk. and implementing
system/process and/or procedure improvements
COMPLIANCE RISK MANAGEMENT related to compliance issues in their units.
Compliance risk arises from the Bank’s failure to
adhere to and/or implement the provisions of prevailing Compliance Risk Management Mechanism
laws and regulations. To manage compliance risk. Bank Bank Mandiri has established compliance risk
Mandiri has established policies. guidelines. systems. management policies and procedures based on the
and procedures to foster a compliance culture. This applicable rules and regulations. where the risk is
culture serves as a key factor in the successful managed in several stages:
implementation of compliance risk management.
both individually and on a consolidated basis. as well 1. Identification
as in an integrated framework within the Financial Identification of compliance risk is articulated in
Conglomerate. the Compliance Risk Statement (CRS). CRS entails
reference of regulations. risk cause. risk control.
All levels of the Company are fully responsible for and action plans for prevention purpose.
implementing compliance in each of their respective
activities. The organization. duties. and responsibilities 2. Evaluation
with respect to compliance are as follows: All identified risks are assessed by each risk
owner. The output of assessment is a compliance
risk profile for every work unit. Risk assessment
is carried out based on the risk’s occurrence
likelihood and its potential impacts. Risk owners
also assess the effectiveness of control measures.
784 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 787
3. Monitoring c. Compliance Assessment Program
Risk monitoring is part of an adequate compliance This program aims to increase compliance risk
CORPORATE GOVERNANCE
risk management. Monitoring activities include awareness of the risk owners on applicable
identifying and overseeing compliance risk appetite compliance and regulation risks (according to
statement (RAS). their duties and responsibilities).
4. Mitigation d. Compliance Group Competency Improvement
Compliance risk mitigation is carried out by: Program
a. Reviewing risk identification process to ensure To increase understanding related to
the process has been carried out appropriately. compliance risk management. the Company
b. Reviewing the appropriateness of control and partners with an independent party to
mitigation activities. organize compliance training and certification
c. Reviewing the appropriateness of compliance for all Compliance Group personnel.
risk assessment process. including that the
process has considered historical sanction Measures and Plans to Anticipate Compliance Risk
data. To improve compliance risk management. the following
measures are taken:
Compliance Risk Management Implementation
Compliance risk management activities in 2025 were 1. Compliance Risk Management
as follows: a. Define compliance Risk Appetite Statement
(RAS) and monitor sanctions/fines to ensure
1. Defining Risk Appetite Statement (RAS) the appetite that has been set out are under
In 2025, Bank Mandiri defined its compliance Risk control.
Appetite Statement (RAS) at 4 (four) violations per b. Improve compliance risk assessment
month. Throughout the year, the Bank received 1 parameters.
(one) sanction per month, which was well below c. Improve reporting process on compliance
the RAS threshold. function.
2. Improvement of compliance risk awareness
2. Compliance Risk Assessment a. Conduct compliance assessment to improve
Compliance risk assessment is carried out on a employee understanding of the prevailing rules
quarterly and semi-annual basis and submitted to and regulations. particularly those related to
the OJK as part of the Bank’s Risk Profile Report. duties and responsibilities.
According to the self-assessment conducted in b. Provide advice on compliance issues.
Quarter IV 2025. the Bank’s compliance risk level 3. Strengthening monitoring on regulatory mandate
was 2 (low to moderate). Several issues of concern fulfillment
for improvement were employees’ compliance risk a. Disseminate information on the issuance
awareness. data quality. and monitoring of report of laws and regulations. or other policies
submission to regulators. or the results of legal analysis to the Bank’s
management and employees.
3. Compliance Risk Mitigation b. Monitoring the work units’ action plans relating
To mitigate compliance risk. the Bank has to new regulations that have significant
implemented several compliance programs: impacts.
4. Competency Building for Compliance Unit
a. Monitoring the Fulfillment of the Banks’ To improve the quality of personnel in Compliance
Obligations on New Regulations Unit. the Bank collaborates with independent
The Compliance Group conducts Prudential parties to organize training and certification of
Meetings on new regulations. monitors action compliance.
plans that need to be carried out. and issues
reminders on regulatory obligations to the INTRA-GROUP TRANSACTION RISK MANAGEMENT
relevant Units.
carried out with Subsidiaries within Bank Mandiri’s
b. Control Testing Against High-Risk Activities business group in alignment with the Bank’s overall
Control testing is carried out by the Senior business strategy. This process aims to ensure that
Operational Risk Unit on high-risk activities. intra-group transactions are conducted responsibly and
Where discrepancy with applicable regulations do not adversely affect the Bank’s performance or the
is identified. immediate actions are taken to financial stability of its Subsidiaries.
prevent the Bank from suffering any losses.
Bank Mandiri identifies and analyzes activities that may
increase exposure to Intra-Group Transaction Risk.
particularly those that could influence operational.
financial. and reputational performance. The
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 785
Page 788
identification process includes assessing the business including climate risks. specifically in the financing
activities of both Bank Mandiri and its Subsidiaries. aspect.
CORPORATE GOVERNANCE
with particular attention to the complexity and
interconnectedness of transactions. The ESG risk management system in the loan process
includes Bank Mandiri’s loan services for the wholesale
To effectively measure Intra-Group Transaction Risk, and retail segments. Bank Mandiri establishes
the Bank employs a combination of qualitative and and implements Environmental and Social Risk
quantitative approaches as regulated in the prevailing Management (ESRM).
regulations.Regular monitoring Intra-Group Transaction
Risk is conducted to ensure ongoing compliance with This is in line with the efforts made by the Financial
established risk management policies and procedures. Services Authority (OJK) regarding the Asset Quality
Assessment of Commercial Banks. which regulates the
INSURANCE RISK MANAGEMENT assessment of the debtor’s business prospects is also
associated with the debtor’s efforts in maintaining the
Insurance risk arises from the inability of an insurance environment.
company to meet its obligations to policyholders due
to inadequacies in underwriting. pricing. reinsurance ESG Risk Management System
usage. or claims handling. ESG risk assessment on loan is carried out at each
stage of loan disbursement end-to-end and integrated
Bank Mandiri manages this risk through its subsidiaries by the Business Unit. Credit Operation Unit and Credit
engaged in the insurance business. Bank Mandiri Risk Management Unit. Each Business Unit conducts
identifies and analyzes activities that may increase an assessment based on the Loan Portfolio Guideline
insurance risk exposure and impact the performance then carries out a pre-approval process using credit risk
of the Bank. This risk identification process is tailored tools including the application of ESG aspects. for the
to the specific characteristics of the Subsidiaries’ wholesale segment. the assessment is stipulated in the
insurance business activities. To measure insurance Industry Acceptance Criteria (IAC). while for the retail
risk. Bank Mandiri employs a combination of qualitative segment. the assessment is carried out through a credit
and quantitative approaches. These measurements risk scorecard. with reference to the Risk Acceptance
are followed by periodic risk monitoring to ensure Criteria of each product.
alignment with established procedures.
Bank Mandiri establishes risk appetite and industry
The assessment of the Integrated Insurance Risk appetite in line with ESG issues in the Bank’s policies
Profile throughout 2025 was at Low to Moderate as outlined in the Industry Acceptance Criteria (IAC).
level. This reflects low potential loss faced by Details of businesses covered is presented in the
Financial Conglomerates due to Integrated Insurance Environmentally Friendly Financing Policy section of
Risk at a certain time in the future. The quality of the this report and in full in the Sustainability Report.
implementation of the Integrated Management of
Insurance Risk is adequate. there are some weaknesses The Bank periodically reviews and refines general
but these weaknesses can be resolved in the normal credit policies. credit procedures per business segment
course of business. and risk management tools. particularly sectors
with high ESG and climate risks. Each Business Unit
conducts a more detailed and in-depth assessment
ENVIRONMENTAL. SOCIAL. & of each business activity to determine related ESG
GOVERNANCE (ESG) RISK MANAGEMENT requirements in IAC and RAC. including based on input
and involvement from regulators and resource persons.
ESG RISK MANAGEMENT COVERAGE
Bank Mandiri has an early warning system through the
Alignment of ESG aspects is also one of Bank Mandiri’s initiation of the ALERT Forum. engaging the Business
priorities in long-term business transformation. Through Unit and Risk Management Unit. The ALERT Forum
the stream “Conduct Sustainable Business”. Bank functions to identify and monitor risks that could affect
Mandiri has developed ESG frameworks. roadmaps credit quality. including risks related to ESG aspects.
and initiatives with a target focus on the transition to financial performance. and industry prospects. In
a low-carbon economy. emission reduction and net addition. this forum serves a role in evaluating the
zero in bank operations and increasing social impact in implementation of ESG practices by debtors. assessing
achieving SDGs targets. business sustainability. and monitoring mitigation
measures for the impacts of climate change.
To achieve this target. particularly in fostering the
transition to a low-carbon economy. Bank Mandiri
continues to identify. measure and evaluate ESG risks
786 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 789
ESG Risk Surveillance
that are potentially vulnerable to floods and forest fires
The ESG Risk Management framework and governance
have been identified; and sectoral portfolios that are
at Bank Mandiri involves the active role of the Board
CORPORATE GOVERNANCE
characteristically classified as high emission sectors
of Commissioners and the Board of Directors. The
and are affected by government policies to control
Board of Directors monitors the implementation
climate risk. For market risk. the Bank identifies market
and fulfillment of ESG targets through the Risk
value movements in the Bank’s securities portfolio
Management Committee (RMC) forum. held quarterly
which are included in the high emission sector category
with the topic of Sustainable Finance Action Plan
as a result of changes in government policy for carbon
(RAKB) performance. ESG trends. to discussion of
emissions.
critical issues in ESG aspects.
Bank Mandiri manages climate-related financial
Furthermore. the Board of Commissioners supervises aspects in an integrated manner, encompassing the
ESG implementation. fulfillment of ESG targets or identification, measurement, monitoring, and mitigation
commitments through the Risk Monitoring Committee of climate-related risks, as well as the assessment of
(KPR) forum. which is with topics such as reviewing transition opportunities relevant to the Bank’s business
the effectiveness of ESG-related risk management and model. This approach is supported by the development
supervision in financing activities. of a risk management framework, the conduct of
scenario analysis, and the integration of ESG aspects
Bank Mandiri monitors compliance in lending related to into internal business processes. The results of this
ESG aspects in accordance with bank policy. with the assessment provide the basis for strengthening the
following measures: Bank’s resilience to climate change impacts while also
identifying growth areas that may support portfolio
1. Periodically monitor the fulfillment of ESG diversification, funding diversification, operational
requirements. Bank Mandiri reviews regularly to efficiency, and the development of sustainable
ensure that the progress of customer projects is in products and services. The impact of climate change
accordance with the action plan that has been set. on Bank Mandiri’s sustainability across the relevant
To ensure compliance with lending policies and time horizons is as follows:
procedures. Bank Mandiri also conducts periodic
reviews and audits. For debtors who have not 1. Short-Term (1–5 Years): Includes the target to
been able to meet these minimum requirements. complete the transition plan by 2025. strengthening
there will be a periodic monitoring mechanism. credit policies for high-emission sectors. and
determination of action plans and schedules preparing to achieve net-zero emissions for
needed. Scope 1 and Scope 2 through offsetting strategies
currently under internal review.
2. Implement the ALERT system (watchlist) as an 2. Medium-Term (5–10 Years): Encompasses
early warning system to identify risks that can strategic planning to mitigate risks associated
affect the debtor’s credit quality to ensure that with evolving climate regulations while enhancing
preventive actions can be taken immediately efforts toward net-zero. These initiatives include
to prevent credit quality deterioration based on targeted investments in green technology.
financial performance. industry prospects. and collaborative partnerships. and adjustments to
fulfillment of ESG requirements. operational practices to meet emerging regulatory
standards.
3. Conduct an annual review as a form of check and 3. Long-Term (10–36 Years): Focuses on achieving
balance of compliance with the latest internal credit net-zero emissions in financing by 2060. guiding
policy requirements. including ESG requirements. strategies to build a low-carbon economy through
portfolio diversification. green product offerings
CLIMATE RISKS for customers. and the development of a green
ecosystem.
Climate risk is an emerging risk embedded in key
financial risks. Bank Mandiri has assessed key financial Climate Risk Mitigation
risk accordingly and has considered ESG aspects in it. Bank Mandiri is committed to managing its business
Climate risk is also embedded in every other type of and operations by prioritizing ESG principles to become
risk managed by the Bank. Accordingly. Bank Mandiri “Indonesia’s Sustainability Champion for a Better
conducts a comprehensive risk management process Future”. This commitment is Bank Mandiri’s response
in accordance with established procedures. including in supporting the Government’s aspirations towards a
those addressing climate risk. low-carbon economy.
Bank Mandiri has conducted an Pilot Project Climate In sectors that have high climate risk such as
Risk Management & Scenario Analysis in accordance plantations. mining and energy. Bank Mandiri conducts
with OJK guidelines. On credit risk. credit portfolios intensive monitoring in fulfilling the ESG aspects that
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 787
Page 790
have been required by the Bank. Going forward. Bank Mandiri strives to conduct more comprehensive climate risk
impact measurements. such as conducting climate scenario analysis and testing credit portfolios for customers
CORPORATE GOVERNANCE
against climate risks including transition and physical risk.
In addition to risk mitigation measures, Bank Mandiri also responds to the transition toward a low-carbon economy
through the development of sustainable financing solutions, the strengthening of the ESG Desk function to support
customers’ transition journeys, the optimisation of operational digitalisation, and the diversification of funding
sources through sustainable funding instruments. This approach supports a balanced outcome between risk
management, portfolio quality enhancement, cost of funds efficiency, and long-term value creation for the Bank.
Climate related Risks Mitigation
Compliance with policies and regulations related › Bank Mandiri implements sustainable finance in accordance with POJK 51/2017
to climate risk in Indonesia. as well as the legal and POJK 60/2017. and has developed a Sustainable Finance Action Plan (RAKB)
responsibilities arising as part of the implementation for 2025–2029 to support the NZE 2060 target or an earlier achievement.
of policies addressing climate change. › Bank Mandiri establishes an acceptable risk level (risk appetite) and industry-level
standards (industry appetite) aligned with Environmental. Social. and Governance
(ESG) aspects. as outlined in the Industry Acceptance Criteria (IAC) under Internal
Regulation No. B3.P1.T16.IAC.
The impacts of climate change affecting debtors' › In the lending process. Bank Mandiri has implemented Environmental and Social
financial conditions. the transition to low-emission Risk Management (ESRM). starting from the pre-selection process (feasibility
technology products. changes in customer tests). loan analysis. legal and compliance reviews. loan approval. to the monitoring
preferences. and negative publicity related to climate process. The ESG risk management system in the loan process covers all of Bank
change management. Mandiri's loan services (retail. treasury. corporate finance. and consumer finance
segments).
› Bank Mandiri accelerates the digitization of banking services to enhance public
access through digital innovations such as Livin’. Kopra. and Smart Branch.
› Bank Mandiri minimizes reputational risk by analyzing news and public opinion with
negative sentiment and providing strategic and structured responses.
Rising Temperatures. Sea Levels. and Extreme › Conducting a Pilot Project on Climate Risk Stress Testing and creating a watchlist to
Weather. regularly monitor customers affected by climate change-related issues.
› The Business Continuity Management Group has implemented business continuity
management in accordance with the international standard ISO 22301:2019 and
applied the Business Continuity Management Framework to ensure organizational
resilience through the readiness of components such as Building. Equipment.
Technology. Human Resources. and Third Parties (BETH3).
Peluang Transisi Iklim
Sebagai respons terhadap peluang terkait iklim, Bank Mandiri mengintegrasikan agenda transisi ke dalam
pengembangan bisnis, pendanaan, pendampingan nasabah, dan transformasi operasional. Hal ini dilakukan
melalui penguatan solusi pembiayaan berkelanjutan, optimalisasi peran ESG Desk, perluasan akses pendanaan
berorientasi ESG, serta pengembangan kapabilitas digital yang mendukung ekonomi rendah karbon. Langkah
tersebut mendukung penguatan portofolio dan penciptaan nilai jangka panjang secara berkelanjutan.
Medium-Term
Category Opportunity Factor Strategy Short-Term Impact Long-Term Impact
Impact
Sustainable Development Provision of comprehensive Increase in Increase in Stable and
financial of innovative sustainable financing solutions product, system, financing volume sustainable
products sustainable and products and process and portfolio revenue growth
financial products development costs diversification
that are relevant to
customer needs
Access to Improved access to Bank Mandiri has established Initial costs for Lower funding Improved long-term
funding funding from ESG- an ESG Desk that serves as a the issuance and costs through profitability through
oriented investors coordination and advisory hub management of access to ESG more efficient
for customers in their transition sustainable funding investors with funding costs
toward more sustainable instruments medium- to long-
business practices. Through term investment
the ESG Desk, Bank Mandiri horizons
helps customers understand
sustainable financing needs,
ESG readiness, and financing
opportunities that support
the transition agenda,
thereby encouraging gradual
and measurable growth in
sustainable financing.
788 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 791
Medium-Term
Category Opportunity Factor Strategy Short-Term Impact Long-Term Impact
Impact
Operational Operational Customer transition support Higher capital Gradual reduction Improved
CORPORATE GOVERNANCE
efficiency efficiency through through the ESG Desk expenditure for in operating costs profitability and
digitalisation investment in digital in line with the greater resilience
and the use of technology and optimisation of of the business
environmentally environmentally digital systems and model to regulatory
friendly technology friendly energy efficiency changes and
infrastructure energy costs
Development of Development of Bank Mandiri provides various Initial investment Increase in Sustainable
new business new business comprehensive sustainable in product transaction volume revenue growth and
models models based on financing solutions and ESG- development, and non-interest improved long-term
digital services based products for both technology, and the income profitability
and low-emission wholesale and retail customer digital ecosystem
products segments. The availability of
products such as green loans,
sustainability-linked loans, and
other financing solutions enables
Bank Mandiri to address a
wide range of customer needs
while also encouraging greater
adoption of sustainable financing
across all business segments.
On the funding side, Bank
Mandiri issues Green Bonds
and Sustainability Bonds in
both domestic and international
markets to support the financing
of green and transition projects
in line with international
standards (ICMA, ASEAN Green
Bond Standards) and national
regulations.
Governance Bodies’ Involvement on Climate Risk
Coordination of ESG-related aspects. including climate the topic of Sustainable Finance Action Plan (RAKB)
risk. at Bank Mandiri is carried out by ESG Group performance. ESG trends. including discussion of
under the Vice President Director who is authorized critical issues in ESG aspects.
to manage the framework. alignment of provisions in
line with ESG and climate change issues. sustainable The Company’s Board of Commissioners takes an
portfolio management. and responsible operational important role in managing ESG and climate aspects.
strategies of the Bank. including communication and particularly to ensure the integration of ESG and climate
reporting functions to external and internal parties. aspects in Bank Mandiri’s long-term goals. including
Reports from the ESG Unit are regularly forwarded to fostering efforts beyond compliance and adoption of
the Board of Directors as needed. as well as to the best practices. and overseeing the management of risks
Board of Commissioners. and opportunities related to sustainability and climate.
To carry out this task. the Board of Commissioners
In the implementation of ESG and climate management. is supported by the Risk Oversight Committee (ROC).
the Board of Directors takes a role in strategic functions. The Risk Oversight Committee (ROC) forum is held
to: periodically including discussing the effectiveness
of ESG-related risk management and supervision in
1. integrate ESG aspects bank-wide. establish the financing activities.
direction of Bank Mandiri’s Sustainable Finance
(Sustainability) which includes Framework. The functions and obligations of the Board of Directors
Commitment. Strategy. Initiatives. Roadmap and in the implementation of Bank Mandiri’s sustainable
related to climate targets and SDGs achievement; finance are stipulated in Board of Directors Decree No.
2. carry out supervisory functions related to ESG and KEP.DIR/028/2024 on Risk Management Committee
climate risks and opportunities. implementation of (RMC) and Decree of the Board of Commissioners No.
Sustainable Finance. fulfillment of appropriate ESG KEP.KOM/004/2023 dated 13 September 2023 on the
targets and initiatives; Risk Monitoring Committee Charter. The specific organ.
3. accountable in ensuring the achievement of ESG Group. was established in accordance with the
sustainability aspirations to stakeholders; and Decree of the Board of Directors of KEP.DIR/32/2022
4. build the collaboration and partnership needed dated 12 September 2022.
to accelerate the Company’s progress towards
achieving SDGs and climate targets. Climate Risk Resilience
In the reporting period. Bank Mandiri conducted a
The Board of Directors in this case is assisted by Risk climate risk resilience assessment in accordance with
Management Committee (RMC). The forum with Risk OJK Letter No. S-37/D.03/2024. OJK Letter No. S-79/
Management Committee (RMC) is held quarterly on PB.01/2024. and OJK Letter No. S-134/PB.01/2024.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 789
Page 792
RISK ASSESSMENT OF THE BANK
which require KBMI 3 and KBMI 4 banks to assess
climate risks within their portfolios. In this assessment.
CORPORATE GOVERNANCE
climate-related risks were compared against the initial To comprehensively understand the risk exposures
evaluation and aligned with other banking risks in faced by the Bank. Bank Mandiri conducts regular
relation to physical risk events and transition risk. assessments of the Bank Soundness Level and Risk
Profile. The Bank Soundness Level assessment is
The assessment conducted provides an overview of performed and reported to the regulator every six
potential losses and their impact on various bank risks. months. while the Risk Profile assessment is conducted
For transition risks. the assessment was carried out on quarterly.
portfolios in several high-emission sectors by projecting
the impact of increased carbon emissions and changes The Bank Soundness Level assessment complies
in government policies on various bank risks and the with POJK No. 4/POJK.03/2016 and SEOJK No. 14/
Bank’s capital. The transition scenario uses the NGFS SEOJK.03/2017 on the Assessment of Commercial
scenario according to OJK guidelines. namely Net Zero Bank Soundness Level. This assessment covers
2050. Delayed Transition and Current Policies. the Risk Profile. which includes an evaluation of
inherent risks and the quality of risk management
In credit risk. portfolios that are potentially vulnerable implementation. GCG. earnings. and capital. The Risk
to floods and forest fires have been identified as well as Profile assessment focuses on eight primary risks:
sectoral portfolios that are classified as high emission credit risk. market risk. liquidity risk. operational
sectors and affected by government policies to control risk. legal risk. strategic risk. compliance risk. and
climate risk. For market risk. the Bank identifies market reputational risk. Moreover. the Integrated Risk Profile
value movements in the Bank’s securities portfolio assessment includes two additional risks. namely
which are included in the high emission sector category insurance risk and intra-group transaction risk. ensuring
as a result of changes in government policy for carbon a comprehensive understanding of the Bank’s risk
emissions. landscape and alignment with regulatory standards.
We analyze drought/forest fire/flood climate risk events The assessment of Bank Mandiri Individual Risk Profile
to Bank Mandiri’s operations and property which. based as of 31 December 2025 is categorized as rating 1 (Low
on the study. have the potential to cause damage and Risk). with the assessment of Inherent Risk categorized
loss to the Bank’s technology system and property. as as rating 2 (Low to Moderate) and the assessment
well as disruption to employee mobility and health. In of Quality of Risk Management Implementation
this scenario. the Bank already has a Disaster Recovery categorized as rating 1 (strong). as follows:
Plan mitigation plan that includes a contingency plan
for catastrophic events.
Bank Mandiri will continue to develop climate risk stress
testing in accordance with regulatory directives and
the Bank’s needs in planning climate risk management
in the Company’s portfolio. In accordance with
technological advances. going forward it is necessary
to develop specific models and analytics used in
quantifying climate and environmental impacts. more
detailed current data and information. scenarios and
assumptions according to the direction of regulators.
Types of Risks Inherent Risk Rating KPMR Rating Risk Level Rating
Credit Risk Low to Moderate Satisfactory Low to Moderate
Market Risk Low Strong Low
Liquidity Risk Low to Moderate Strong Low
Operational Risk Moderate Satisfactory Low to Moderate
Legal Risk Low Strong Low
Strategic Risk Low Strong Low
Compliance Risk Low to Moderate Strong Low
Reputation Risk Low Satisfactory Low
Composite Rating Low to Moderate Strong Low
790 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 793
REVIEW OF RISK MANAGEMENT SYSTEM Implementation of Sustainable Finance, including
EFFECTIVENESS Social Responsibility
The Bank implements sustainable finance in its
CORPORATE GOVERNANCE
business activities and formulates a Sustainable
The Risk Profile assessment of Bank Mandiri. both
Finance Action Plan, while allocating a portion of its
at the individual and consolidated/integrated levels
funds for Social and Environmental Responsibility
throughout 2025. indicates that the risks faced by the
in accordance with the Financial Services Authority
Bank at both levels have been effectively managed.
regulations applicable to Financial Services Institutions,
This enables Bank Mandiri to sustain its business
Issuers, and Public Companies. Further details on the
development efforts while maintaining sound and
implementation of Sustainable Finance and Social and
effective risk management practices.
Environmental Responsibility are presented in the ESG
Implementation Report in Chapter 6 of this Annual
In addition. accordance with the Regulation of the
Report.
Ministry of SOEs number PER-2/MBU/03/2023
concerning Guidelines for Governance and Significant
Corporate Activities of State-Owned Enterprises in
article 74 paragraph 1 SOEs are required to conduct a WORST-CASE SCENARIO SIMULATION AND
risk maturity index assessment (Risk Maturity Index). STRESS TESTING
The RMI assessment aims to measure the level of
design quality and effectiveness of Risk Management To evaluate Bank Mandiri’s resilience against plausible
implementation in protecting and creating value in exceptional external events. the Bank conducts stress
SOEs. testing as part of its contingency planning and to meet
regulatory requirements in Indonesia. Stress testing at
In 2025 Bank Mandiri has carried out the RMI Bank Mandiri aims to estimate potential losses the Bank
assessment and based on the assessment results. might incur. assess its capital adequacy to absorb these
Bank Mandiri is in the Better Practice Phase where Bank losses. ensure sufficient liquidity to meet contractual or
Mandiri has strong practices (+) in risk management. behavioral obligations. and identify necessary steps to
which on average are close to or in line with global mitigate risks while maintaining capital adequacy.
industry standard practices
The Bank’s stress testing encompasses analyses of
Statements from the Board of Directors and/or the key risks. including credit risk. market risk. and liquidity
Board of Commissioners or the Audit Committee on risk. using statistical and financial models developed
the Adequacy of Risk Management System internally in line with industry best practices. One
The implementation of the internal control system at example is the stress testing model and underlying
Bank Mandiri is assessed as effective and adequate. assumptions that link changes in credit risk to
This effectiveness is reflected in the strong performance macroeconomic factors. thereby providing a more
of key internal control functions. including internal comprehensive understanding of potential impacts.
audit. risk management. compliance. and financial and
operational controls. which collectively ensure that the In general. the result of stress testing throughout 2025
Bank’s risk management framework operates efficiently. indicated that Bank Mandiri was remained capable
of maintaining its capital sufficiency and liquidity by
building immediate anticipation of assets and liabilities
RISK MANAGEMENT ACTIVITY REPORT IN management and preparing policies and systems.
2025
In addition to stress testing at the individual level.
During 2025. Bank Mandiri has conducted and reported stress testing at the level of Mandiri Group along
the following assessments: with its subsidiaries was also performed. The stress
1. Individual Bank Soundness Level applies a risk- testing for the Mandiri Group was one of the ways to
based approach/Risk-Based Bank Rating (RBBR). communicate integrated risk management. whose
where the scope of assessment covers the result was presented to the management of Bank
following factors: Risk Profile. Good Corporate Mandiri. the management of Subsidiaries. and
Governance. Earnings and Capital. The report for regulators for getting feedback and insights regarding
the position of 31 December 2024 and 30 June corporate risk management strategies in a scenario of
2025 has been submitted to the Regulator in a economic collapse.
timely manner.
2. Individual Risk Profile which is performed on 8
risks (Credit. Market. Liquidity. Operational. Legal.
Strategic. Compliance. and Reputation Risk). for
the position of 31 December 2024 and 31 March. 30
June. and 30 September 2025. has been submitted
to the Regulator in a timely manner.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 791
Page 794
Stress testing scenarios are continuously refined by authority. The obligation to prepare a Resolution Plan
taking into account prevailing economic conditions. applies to banks as stipulated in LPS Regulation No. 2
CORPORATE GOVERNANCE
In 2025. global and domestic economic challenges of 2024 concerning Resolution Plans for Commercial
are expected to arise from economic slowdown. rising Banks.
interest rates. and potential escalation of geopolitical
tensions. as well as uncertainties resulting from shifts RISK HANDLING POST PANDEMIC
in international trade policies. particularly the tightening
of tariff measures. 1. Post-Covid-19 Pandemic Risk Management
The occurance of Covid-19 pandemic has greatly
impacted the national economy. Due to the
RECOVERY PLAN pandemic and the implementation of restrictions
on business activities. many corporate debtors
In accordance with POJK 5 of 2024 on the Determination experienced a decline in sales and profits. resulting
of Supervision Status and Managing Commercial Bank in cash flow and liquidity difficulties. Moreover.
Issues. banks are required to prepare and submit a many individual debtors experienced termination
Recovery Plan to the Financial Services Authority (OJK). of employment. As a result. debtors experienced
decreasing ability to meet financial obligations to
The Recovery Plan prepared includes a comprehensive banks and other creditors. hence it was necessary
analysis of the conditions across all business lines to restructure debtors impacted by the Covid-19.
of the Bank and its Subsidiaries. including scenario
analysis of crisis conditions (stress testing) affecting To handle these risks and in order to support
the Bank. both idiosyncratic and market-wide shocks. the government’s efforts to maintain economic
which could jeopardize the Bank’s business continuity stability. the Bank has actively taken a role
(point of non-viability). in providing credit restructuring for debtors
impacted by the Covid-19. The implementation
In line with this regulation. Bank Mandiri’s initial of restructuring is regulated under the national
Recovery Plan was approved by shareholders on 21 economic stimulus policy. in line with the
March 2018. The updated Recovery Plan for 2025 dynamic of policies and regulations issued by the
was submitted to the Financial Services Authority in regulator. including the latest policy. OJK Board
November 2025. of Commissioners Decree (“KDK”) numbered 34/
KDK.03/2022. regarding sectors. segments. and
regions that still require special treatment for bank
RESOLUTION PLAN credit or financing. effective until March 31. 2024.
Apart from preparing the Recovery Plan. Bank Mandiri The government has decided to revoke the Covid-19
developed its first Resolution Plan in 2022. which pandemic status in June 2023 and declared that
was submitted to the Deposit Insurance Corporation Indonesia has entered the endemic period. Post-
(LPS) as the resolution authority in Indonesia. The Covid19 pandemic. mobility and business activities
requirement for preparing a Recovery Plan for Systemic have increased. further improving the economic
Banks and a Resolution Plan for addressing solvency condition. Economic development also has been
issues is mandated by Law No. 4 of 2023 on Financial showing a solid recovery trend.
Sector Development and Strengthening.
Following the expiration of OJK Board of
The Resolution Plan serves as a guide for LPS if Commissioners Decree (“KDK”) numbered 34/
recovery efforts outlined in the Recovery Plan fail KDK.03/2022 on March 31. 2024. OJK issued
to restore the Bank’s condition to meet minimum Press Release (“SP”) numbered SP-41/OJK/
regulatory requirements. resulting in the Bank being GKPB/III/2024 regarding the Announcement of
classified as a Bank in Resolution. The Resolution Plan the End of Bank Credit Restructuring Stimulus in
includes information consistent with the Recovery Plan. Handling the COVID-19 Pandemic. Banks should
supplemented by an analysis of resolution options. continue the credit restructuring schemes for
potential obstacles to implementing those options. borrowers that have already commenced untill the
and communication strategies prior to the resolution repayment of the loan.
authority addressing the Bank’s solvency issues.
Bank Mandiri has managed Covid-19 credit
Following the initial submission. Bank Mandiri is restructuring, with the highest position at Rp96.5
required to update the Resolution Plan document every trillion in June 2021, declining to Rp1.64 trillion as
two years if the Bank experiences a financial condition of December 2025, representing the post-COVID-19
change exceeding 20% of total assets. total liabilities. period. At bankwide level, at the same time, the
and/or total equity as of the financial statement date NPL% of Bank Mandiri is 0.96%, with adequate
included in the previous Resolution Plan. The updated NPL Coverage of 252.60%. Considering these
document must be submitted to the resolution
792 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 795
conditions, the Bank is quite confident that it has successfully managed the pandemic-affected credit portfolio.
This confidence is also reflected in the fact that the expiration of the limited relaxation under OJK Board of
CORPORATE GOVERNANCE
Commissioners Decree numbered 34/KDK.03/2022 on March 31, 2024, did not result in any significant spike,
demonstrating the Bank’s success in achieving a soft-landing post-relaxation.
2. Post Covid-19 Pandemic Credit Monitoring
In addressing the post-pandemic. the Bank continues to carry out credit monitoring mechanisms. both for
debtors on an entity and portfolio basis.
The credit monitoring mechanism is carried out through:
a. Early warning signal analysis of all debtors with special attention to ex-Covid-19 Restructuring debtors.
b. Output of early warning signals for debtors who have the potential to experience a decline in performance
accompanied by an action plan that is monitored on an ongoing basis.
The Bank always conducts credit monitoring to maintain the quality of the managed credit portfolio.
RISK MANAGEMENT UNIT
Bank Mandiri has a dedicated Risk Management Unit responsible for overseeing the Bank’s overall risk appetite.
including the development of supporting tools essential for business processes and effective risk management.
The Risk Management Unit is composed of several specialized work units. including the Credit Portfolio Risk Group.
Market Risk Group. and Operational Risk Group. These units are supervised by the Director of Risk Management.
Danis Subyantoro.
Below is the profile of the group heads. the organizational structure. and the duties and responsibilities of the Bank
Mandiri Risk Management Unit for 2025.
Profile of Risk Management Unit
Adityo Wicaksono
Group Head Operational Risk
Age : 48 Years old
Citizenship : Indonesian
Domicile : Jakarta
Educational Background
› Bachelor of Engineering in Urban and Regional Planning from University of Diponegoro (2001)
› Master of Data Science from Monash University Indonesia (2023)
› Certificate of Bank Risk Management Level 5 (2024)
Professional Background
Serves at Bank Mandiri as:
› Department Head Retail & Distribution (2020)
› Department Head Deposit & Wealth Product Risk (2021)
› Group Head Retail Product Delivery & Fraud Risk Group (2023 – 2024)
› Group Head Operational Risk Group (2024 - present)
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 793
Page 796
CORPORATE GOVERNANCE
Alfanendya Safudi
Group Head Credit Portfolio Risk
Age : 55 Years old
Citizenship : Indonesian
Domicile : Jakarta
Educational Background
› Bachelor in Industrial Engineering from Bandung Institute of Technology (1994)
› Financial Risk Manager (FRM) from Global Association of Risk Professional (2015)
› Chartered Financial Analyst (CFA) from CFA Institute (2019)
› Indonesia Banking Certificate in Risk Management – Level 6
Professional Background
Serves at Bank Mandiri as:
› Department Head of Model Risk Validator (2010-2014).
› Department Head Credit Risk Modelling (2015-2016).
› Department Head Enterprise Risk Management (2016-2018).
› Group Head Credit Portfolio Risk Group (2018-present).
Bily Arkan
Group Head Market Risk
Age : 47 Years old
Citizenship : Indonesian
Domicile : Jakarta
Educational Background
› Bachelor of Accounting Economics from Universitas Trisakti (2000)
› Master of Management from Universitas Indonesia (2005)
Professional Background
Serves at Bank Mandiri as:
› Department Head Trading Risk (2012-2016)
› Department Head Assets & Liability Management (2016-2018)
› Deputy Group Head Retail Collection & Recovery East Indo (2018-2020)
› Group Head Market Risk (2021-present)
794 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 797
Risk Management Organizational Structure
CORPORATE GOVERNANCE
Manajemen Risiko
Danis Subyantoro
Wholesale Risks
Wholesale Risks Enterprise Risk Retail Risk
Wildan Sanjoyo
Corporate Risk 1 Market Risk SME & Micro Risk
Eny Kurniasih M M Bily Arkan Deru Widyarto
Corporate Risk 2
Yandril
Commercial Risk 1 Consumer Credit Risk
Operational Risk
Athur Donald & Analytics
Adityo Wicaksono
Hutagaol Reza Ardiansyah
Executive Credit
Officer
Retail Collection &
Commercial Risk 2 Credit Portfolio Risk Recoveryt
Eco - A Eco - B Estiningsih Alfanendya Safudi Kurniawan Utama
- Iswandi - Andry Yusuf Hasibuan
- Budi Kurniawan - Nurul Akhsani Sulistyawati
- Aried Riadi B - Pangondian Omarmubarak
Pasaribu
- Herudi Purnama
Policy & Procedure
- I Komang Sugiartha
Mardiana
- Dyota Mahoedara
- Ferry Tobing
- Rommy Syailendra
- Tjahjadi Harlianto
- Meb Rullyna Maharani
- Masyuda Derita
- Alvijanti Rahajuningsih
- Maria Nuringati
Duties and Responsibilities of the Risk Management Unit
Bank Mandiri’s Risk Management Unit consists of several work units. namely Market Risk Group. Operational
Risk Group and Credit Portfolio Risk Group supervised by the Director of Risk Management. The duties and
responsibilities of each work unit are as follows.
Unit Operational Risk Group
Functions. Duties and › Prepare and seek approval from the Board of Directors regarding the Bank’s risk appetite and risk
Responsibilities Operational Risk tolerance levels related to operational risk. including cyber security risk.
Group › Establish and manage risk awareness and risk culture programs for the operational risks and cyber
security risks management across all employees to promote precautionary principles in managing
operational and cybersecurity risks.
› Develop. implement. monitor. and evaluate the calculation of operational risk capital charge (regulatory
capital charge) based on methodologies in accordance with applicable regulatory requirements and
Basel guidelines.
› Provide input to management in the development. enhancement. and refinement of the risk
management framework for both operational risks and cyber security risks. including strategy.
policies. and the adequacy of the organizational line of defense.
› Develop and refine procedures. methodologies. and tools for implementing operational risk
management and cyber security risk management.
› Design. develop. and implement the Operational Risk Management System (ORM System). and
monitor its usage to ensure optimal performance by relevant units.
› Conduct socialization. training. and mentoring for the Operational Risk Management Unit during the
implementation of the operational risk management framework across all units of Bank Mandiri.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 795
Page 798
Unit Operational Risk Group
› Monitor and evaluate the adequacy and effectiveness of the implementation of the operational risk
CORPORATE GOVERNANCE
management framework by the Operational Risk Management Unit comprehensively.
› Monitor the implementation of the cyber security risk management framework established by the
Board of Directors and approved by the Board of Commissioners.
› Conduct testing to assess the impact of the implementation of cyber security risk management
strategies and policies on the Bank’s overall risk profile.
› Review and provide recommendations for improvements in business processes and controls to the
Risk Owner Units. the Operational Risk Management Unit. and/or management.
› Provide recommendations for the implementation of cyber security risk management to the Board of
Directors and/or other relevant units.
› Prepare reports on the Bank’s operational risk management profile in accordance with regulatory
requirements and best practices. and submit them regularly to management and regulators.
› Conduct and submit regular reports on the maturity assessment of cyber security risk management
implementation to regulators.
› Provide socialization and mentoring in the implementation of the operational risk framework across all
subsidiaries. including reviewing and offering improvement recommendations.
Unit Credit Portfolio Risk Group
Functions. Duties and › Develop and refine credit risk methodologies. Credit Risk Tools (Rating & Scoring. Watchlist.
Responsibilities Credit Portfolio Stress Testing and Financial Spreadsheet). as well as processes used in lending to meet business
Risk Group development needs. improve credit processes. and keep up with regulatory changes. competition and
best practices.
› Develop a Portfolio Guideline as a reference for credit growth and set a portfolio limit (per economic/
industrial sector. segment. region) as a risk threshold that can be taken by the Bank (risk appetite).
› Carry out portfolio management on a bank-wide scale and per business segment. which includes
allocation arrangements. reallocation and concentration of credit portfolios. sectoral risk monitoring.
as well as stress testing assessment and sectoral sensitivity analysis including portfolio control if
needed.
› Control credit portfolio quality risks and ensure adequate loss reserves for the credit portfolio
› Formulate. prepare and coordinate the implementation of Enterprise Risk Management (ERM) which
includes policies. governance. methodologies. processes and information systems. to support the
implementation of inherent risk management in business processes and risk-based performance. by
referring to international best practices. OJK/ BI regulations and the implementation of Basel II/III. as
well as develop a Recovery Plan and Resolution Plan.
› Conduct/coordinate the process of identifying. measuring and analysing risks individually. as well as
consolidated/integrated. among others through Risk Profile. Risk-Based Bank Rating. and Scenario
Analysis (Stress Testing).
› Carry out the functions of the enterprise risk management model through the implementation of
governance models and validation models. hence the models used by the Bank (risk management
models and business models) have the quality that can be held accountable academically and
business-wise and have met regulatory requirements.
› Manage credit databases and ERM data marts that are accurate. reliable and timely for use in the
modeling process. portfolio management and ERM implementation.
Unit Market Risk Group
Functions. Duties › Implement market risk management processes (identification, measurement, monitoring, and control) for
and Responsibilities Market Risk treasury activities.
Group › Prepare risk profile reports and other reports related to Trading and Banking Book market risk as well as
liquidity risk in accordance with prevailing regulations for internal and external stakeholders.
› Conduct stress testing to identify extreme market scenarios and their impact on the Bank’s exposure.
› Measure market risk using the Standardized Approach, internal methodologies, and market risk modeling,
and perform periodic back testing to verify the accuracy and reliability of internal models.
› Monitor the utilization of Treasury Line, Issuer Limit, and Country Limit.
› Conduct analysis, provide recommendations, and perform market risk control functions over treasury
trading activities for business units and management.
› Manage the Bank’s liquidity risk by applying sound liquidity risk management principles and formulating
alternative liability funding and asset financing strategies to ensure liquidity is managed efficiently with
controlled risk.
› Manage interest rate risk and foreign exchange risk in the banking book portfolio and formulate balance
sheet management strategy recommendations to achieve optimal risk and return in order to maintain
profitability and enhance shareholder value.
› Manage information systems to support the management of interest rate risk, foreign exchange risk, and
liquidity risk.
796 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 799
Risk Management Certification
No Name Position Certification
CORPORATE GOVERNANCE
› Indonesia Banking Certification in Risk Management – Level 6
1 Alfanendya Safudi Group Head Credit Portolio Risk › Financial Risk Manager (FRM)
› Chartered Financial Analyst (CFA)
2 Adityo Wicaksono Group Head Operational Risk Risk Management Certification – Level 5 (LSPP)
3 Bily Arkan Group Head Market Risk Risk Management Certification - Level 6 (LSPP)
Implementation of the Risk Management Unit
In 2025. SKMR has implemented several initiatives/works plans to improve the implementation of Risk
Management. including:
1. Pilot Project Climate Risk Management & Scenario Analysis
2. Implementation of the Transition from JIBOR to IndONIA.
3. New Treasury Core System.
4. Strengthening the Liquidity Management Framework through ILAAP.
5. Anti-Fraud and Personal Data Protection (PDP) Awareness for Internal & External Parties.
6. Enhancement of Product and System Development Processes by Implementing Privacy by Design.
INTEGRATED RISK MANAGEMENT UNIT
Bank Mandiri has established an Integrated Risk Management Unit (SKMRT). coordinated by the Credit Portfolio
Risk Group. which functions as an independent risk management unit separate from the operational units (risk-
taking units). This unit is equipped with adequate policies. procedures. and mechanisms for determining risk limits.
The SKMRT holds authorities and responsibilities as outlined in the Integrated Good Corporate Governance
Guidelines. which include the following:
1. Bank Mandiri. among others. in the preparation of integrated risk management policies. as well as the
improvement or refinement of integrated risk management policies based on the results of implementation
evaluation.
2. Monitor the implementation of integrated risk management policies including the development of procedures
and tools to identify. measure. monitor. and control risks.
3. Conduct risk monitoring in the Financial Conglomerates based on the results of the following assessment:
a. Risk profile of each Financial Services Institution (FSI) in the Financial Conglomerates.
b. Risk level of each integrated risks.
c. cIntegrated risk profile.
4. Conduct stress testing.
5. Conduct periodic reviews to ensure:
a. The accuracy of the risk assessment methodology.
b. The adequacy of management information system implementation.
c. The precision of policy. procedure and determination of Integrated Risks Appropriateness of policies.
procedures and risk limit setting. in an integrated manner.
6. Examine the proposals for new business lines that are strategic and significantly influential towards the
Financial Conglomerates Risks exposure.
7. Provide information to the Integrated Risk Management Committee concerning matters that must be acted
upon the evaluation results of the integrated risk management implementation.
8. Provide information to the Integrated Risk Management Committee. with regard to the formulating and
improvement of integrated risk management policies.
9. Prepare and submit integrated risk profile reports periodically to the Director in charge of the integrated risk
management function and to the Integrated Risk Management Committee.
10. Conduct integrated capital adequacy assessment.
11. Monitor and submit the integrated capital reports.
In 2025. SKMRT has carried out several initiatives in implementing consolidated/ integrated risk management. as
follows:
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 797
Page 800
1. Conducting Mandiri Group Stress Testing periodically every semester.
2. Conducting the Integrated Risk Management Forum (IRMF) periodically every quarter.
CORPORATE GOVERNANCE
3. Enhancing Consolidated Limit.
4. Conducting Integrated Risk and Governance Conference.
5. Management of market risk and liquidity risk within Mandiri Group.
6. Strengthening Operational and Cyber Risk Management in Subsidiaries.
DISCLOSURE OF RISK EXPOSURE
The Bank presents a disclosure of risk exposures for credit risk. market risk. liquidity risk. and operational risk as
follows:
CREDIT RISK EXPOSURES
The Bank presents the disclosure of risk exposure to credit risk. market risk. liquidity risk and operational risk as
follows:
Eksposure Risiko Kredit:
1. Disclosure of Credit Quality on Assets (CR1)
2. Disclosure of Credit Mutation and Overdue Securities (CR2)
3. Additional Disclosures on Credit Quality of Assets (CRB)
4. Additional Disclosures related to the Treatment of Non-Performing Assets (CRB-A)
5. Quantitative Disclosure Related To Credit Risk Mitigation Techniques (CR3)
6. Disclosure of Credit Risk Exposure and Impact of Credit Risk Mitigation Techniques (CR4)
7. Exposure Disclosure by Asset Class and Risk Weights (CR5)
8. Counterparty Credit Risk (CCR1) Exposure Analysis
9. CCR Exposure by Portfolio Category and Risk Weight (CCR3)
10. Net Receivables of Credit Derivatives (CCR6)
11. Disclosure of securitization Exposure in Banking Book (SEC1)
12. Disclosure of securitization Exposure in Trading Book (SEC2)
13. Disclosure of securitization exposure in the banking book when the bank is the originator or sponsor and its
capital requirements (SEC3)
14. Disclosure of Securitization Exposure on banking book and its capital requirements – Bank as investor (SEC4)
15. Credit Risk - Exposure Report Related To Transactions With Central Counterparty Institutions (CCPS)
All tables regarding Credit Risk Exposures can are presented in this Annual Report herein.
MARKET RISK EXPOSURES
Market Risk Disclosure Using Standard Methods and Internal Models
The Bank regularly calculates the Capital Adequacy Ratio (CAR) using a Standardized Method that is reported
monthly to the OJK. while for the consolidated position with its subsidiaries. it is reported quarterly. This reporting
aims to improve the Bank’s quality and quantity so the Bank will be able to absorb potential losses due to financial
and economic crises.
Table 7.1 Disclosure of Market Risk using a Standardized Method
For internal purposes. Bank Mandiri also has calculated using an Internal Method. The CAR calculation using
an internal method is done by applying Value at Risk (VaR). a value describing the maximum losses the Bank
can handle because of market movements affecting the Bank’s risks in normal market conditions with a 99%
confidence level. To obtain the VaR. the method used is Historical Simulation. Realization of Value at Risk of Bank
Mandiri in 2025 is as follows:
798 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 801
Table 7.2 Disclosure of Market Risk using an Internal Model (Value at Risk/VaR) - Bank Only
CORPORATE GOVERNANCE
Disclosure of Interest Rate Risk in Banking Book (IRRBB) Exposures
The Interest Rate Risk in The Banking Book is a risk due to movements of interest rates in the market that run
counter to the position of the Banking Book. which potentially impacts the capital and income of the Bank in the
current period or the future.
According to OJK Circular No. 12/SEOJK.03/2018 on “Implementation of Risk Management and Risk Measurement
using a Standardized Method for Interest Rate Risk in The Banking Book for Commercial Banks”. the Bank uses 2
(two) methods in calculating the IRRBB:
1. Calculation based on changes in the economic value of equity. hereafter EVE. which is a method that measures
the impact of interest rate changes on the economic value of equity of the Bank; and
2. Calculation based on changes in net interest income. hereafter NII. which is a method that measures the
impact of interest rate changes on the income of the Bank.
Based on the sensitivity analysis at the end of December 2025. the impact of interest rate changes on the economic
value of equity and the net interest income is as follows:
1. Table 7.3a Disclosure of Interest Rate Risk in Banking Book (IRRBB) Exposures - Bank Only
2. Table 7.3b Disclosure of Interest Rate Risk in Banking Book (IRRBB) Exposures - Bank Consolidated with
Subsidiaries
In addition to the disclosure of IRRBB exposures. the Bank also discloses foreign exchange risk. The foreign
exchange risk arises because of market movements that run counter to Bank Mandiri’s foreign exchange position.
This risk comes from the Bank’s assets and liabilities in the balance sheet in foreign currencies. from foreign
exchange transactions with customers and counterparties causing open positions in the foreign exchange. or from
a structural position in the foreign exchange due to capital participation.
Table 7.4 Disclosure of Risk Management Implementation Report for IRRBB
All tables regarding Market Risk Exposures are presented in this Annual Report herein.
LIQUIDITY RISK EXPOSURES
In order to improve liquidity resilience. the Bank manages risk by measuring the short-term liquidity adequacy ratio
using the Liquidity Coverage Ratio (LCR) and the long-term using the Net Stable Funding Ratio (NSFR). The Bank
manages the LCR and NSFR ratios in accordance with the provisions of the Regulator. both individually and on a
consolidated basis. above the minimum limit of 100%.
1. Table of Disclosure of Liquidity Coverage Ratio
2. Table of Disclosure of Net Stable Funding Ratio
All tables regarding Liquidity Risk Exposures are presented in this Annual Report herein.
OPERATIONAL RISK EXPOSURE
Calculating Operational Risk-Weighted Assets (RWA)
To calculate its capital expenses and Operational RWA. the Bank employs the Standardized Approach (SA) method
in accordance with OJK Circular Letter No.06/SEOJK.03/2020 regarding Operational RWA using the Standardized
Approach for Commercial Banks.
The operational risk weighted assets position as at 31 December 2025 for Bank only stood at Rp64,518,330 million,
while the operational risk RWA consolidated with the subsidiaries stood at Rp81,656,177 million.
The following table provides information on capital expenses and operational risk RWA with Standardized Approach
(SA) method in accordance with the above OJK provisions.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 799
Page 802
Table 9.1 Disclosure of Operational Risk Quantitative – Bank Only and Consolidated with Subsidiaries
CORPORATE GOVERNANCE
Table on Operational Risk Exposures can are presented in this Annual Report herein.
31 December 2025 Position
No.
Approach Used Capital Expenses ATMR
1 Standardized Approach (Individual) 5,161,466 64,518,330
2 Standardized Approach (Consolidated) 6,532,494 81,656,177
Bank Mandiri has carried out Trial on the calculation of capital expenses operational risk using the Standardized
Approach (SA) according to OJK circular No. 06/SEOJK/03/2020 concerning the Calculation of Operational Risk-
Weighted Assets using Standardized Approach. which is effective as of January 2023. Bank Mandiri was also the
pilot project site in Indonesia for the implementation of Basel III Reform and has complied with the Quantitative
Impact Study reporting per semester to simulate the calculation of capital adequacy ratio using the SA method
under the Basel III Reform.
CREDIT QUALITY DISCLOSURE OF ASSETS (CR1)
1) Bank secara Individu Posisi 31 Desember 2025
(in million rupiah)
Allowances for Impairment
Gross Carrying Value
Allowances Losses Allowances for
Net Value
for Impairment Stage 2 and Impairment Losses
Past Due Past Undue Stage 1 (a+b-c)
Losses Stage 3 (IRB Approach)
Receivables Receivables
a b c d e f g
1 Loan 14,367,696 1,482,740,968 36,315,460 29,071,777 7,243,683 1,460,793,204
2 Securities 10,092 258,537,985 16,258 8,262 7,996 258,531,819
Administrative
3 Account 164,933 485,250,835 869,601 472,283 397,318 484,546,167
Transactions
4 Total 14,542,721 2,226,529,788 37,201,319 29,552,322 7,648,997 - 2,203,871,190
2) Bank Consolidated with Subsidiaries 31 December 2025
(in million rupiah)
Allowances for Impairment
Gross Carrying Value Allowances
Allowances Losses
CKPN Sharia for Impairment Net Value
for Impairment Stage 2 and
Past Due Past Undue Stage 1 Exposure Losses (IRB (a+b-c)
Losses Stage 3
Receivables Receivables Approach)
a b c d e f g h
1 Loan 20,412,841 1,829,555,115 37,096,861 29,284,430 7,812,431 10,967,932 1,801,903,163
2 Securities 10,092 374,338,034 17,863 8,262 9,601 32,113 374,298,150
Administrative
3 Account 171,068 491,428,654 869,608 472,284 397,324 26,183 490,703,931
Transactions
4 Total 20,594,001 2,695,321,803 37,984,332 29,764,976 8,219,356 11,026,228 - 2,666,905,244
3) Additional Disclosures
Past Due Receivables is all Past Due Receivables of more than 90 (ninety) days, either on principal payments and/
or interest payments, or receivables to defaulting debtors.
800 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 803
DISCLOSURE OF CREDIT MUTATION AND OVERDUE SECURITIES (CR2)
(in million rupiah)
CORPORATE GOVERNANCE
1) Bank Only December 2025 a
1 Past Due Loan and Securities on last reporting period 14,213,586
2 Past Due Loan and Securities since last reporting period 9,390,121
3 Past Undue Loan and Securities that return to receivables 756,895
4 Write-Off Value 6,418,091
5 Other Movements (2,050,934)
6 Past Due Loan and Securities on last reporting period (1+2-3-4-5) 14,377,788
(in million rupiah)
2) Bank Consolidated with Subsidiaries December 2025 a
1 Past Due Loan and Securities on last reporting period 19,927,155
2 Past Due Loan and Securities since last reporting period 13,758,319
3 Past Undue Loan and Securities that return to receivables 931,768
4 Write-Off Value 9,295,345
5 Other Movements (3,035,427)
6 Past Due Loan and Securities on last reporting period (1+2-3-4-5) 20,422,933
3) Additional Disclosures
The value of Loans and Securities Maturing Individually and Consolidated in the December 2025 period increased
compared to June 2025. Another change item is added to reconcile the total value of Loans and Securities Maturing
at the end of the reporting period. In general, other changes items decreased due to an increase in Write-offs
compared to the June 2025 period.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 801
Page 804
CREDIT RISK - ADDITIONAL DISCLOSURES ON CREDIT QUALITY OF ASSETS (CRB)
QUANTITATIVE
CORPORATE GOVERNANCE
1) Disclosure of Net Receivables by Region
i. Disclosure of Net Receivables by Region - Bank Only
No. Portfolio Category
Sumatera Jakarta
1 Government Receivables - 48,031,841
2 Public Sector Entities Receivables 12,718,232 164,869,913
3 Multilateral Development Banks and International Institutions Receivables - -
4 Bank Receivables 1,850,016 3,959,687
5 Receivables in the form of Covered Bond - -
6 Securities Companies and Other Financial Services Institutions Receivables 3,002 14,332,795
7 Receivables in the form of Securities/Subordinated Receivables, Equity and Other Capital Instruments - -
8 Loans Secured by Residential Property 6,132,521 29,287,516
9 Loans Secured by Commercial Real Estate 4,000,848 13,661,552
10 Loan by Land Acquisition, Land Processing and Construction - 522,041
11 Loan by Employee or Pensioner 8,052 31,165
12 Micro Business, Small Business, and Retail Portfolio Receivables 47,210,714 77,288,588
13 Corporate Receivables 95,246,802 405,989,554
14 Past Due Receivables 1,080,678 2,146,613
15 Other Assets - -
TOTAL 168,250,867 760,121,265
2) Bank Consolidated with Subsidiaries 31 December 2025
No. Portfolio Category
Sumatera Jakarta
1 Government Receivables - 43,819,576
2 Public Sector Entities Receivables 10,612,221 66,808,182
3 Multilateral Development Banks and International Institutions Receivables
4 Bank Receivables 1,741,588 4,165,073
5 Receivables in the form of Covered Bond
6 Securities Companies and Other Financial Services Institutions Receivables 3,010 11,653,420
7 Receivables in the form of Securities/Subordinated Receivables, Equity and Other Capital Instruments - -
8 Loans Secured by Residential Property 5,620,485 28,736,121
9 Loans Secured by Commercial Real Estate 3,335,607 12,243,811
10 Loan by Land Acquisition, Land Processing and Construction - 264,150
11 Loan by Employee or Pensioner 9,352 41,220
12 Micro Business, Small Business, and Retail Portfolio Receivables 45,657,355 78,427,143
13 Corporate Receivables 92,833,002 376,560,287
14 Past Due Receivables 475,440 1,950,468
15 Other Assets - -
TOTAL 160,288,059 624,669,451
Note: Exposures related to transactions with CCP are presented in a separate template within this Risk Exposure and Capital Disclosure Report section.
802 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 805
CORPORATE GOVERNANCE
(in million rupiah)
31 December 2025
Net Receivables by Region
Sulawesi & Bali & Nusa
Jawa Kalimantan Papua Head Office Overseas Total
Maluku Tenggara
- - - - - 422,853,246 118,772,213 589,657,299
12,741,021 - - 43,066 - 29,541,853 1,045,487 220,959,572
- - - - - - - -
74,654 46 - - - 85,087,564 19,226,290 110,198,259
- - - - - - - -
- - - - - 19,856 - 14,355,653
- - - - - 22,970 - 22,970
19,719,424 2,616,524 3,167,702 2,923,527 966,960 - - 64,814,176
5,171,151 559,039 345,094 309,794 153,441 - - 24,200,919
- - - - - - - 522,041
5,388 6,548 3,976 378 1,472 - - 56,981
61,034,224 14,352,237 20,636,113 12,066,456 6,246,376 25,678,968 363,966 264,877,643
79,405,293 75,180,074 38,479,359 24,181,938 2,812,701 99,493,995 69,905,990 890,695,705
1,288,397 545,432 514,739 80,088 94,436 254,524 - 6,004,907
- - - - - 102,029,539 - 102,029,539
179,439,553 93,259,901 63,146,984 39,605,248 10,275,387 764,982,514 209,313,945 2,288,395,663
(in million rupiah)
31 December 2024
Net Receivables by Region
Sulawesi & Bali & Nusa
Jawa Kalimantan Papua Head Office Overseas Total
Maluku Tenggara
- - - - - 300,810,252 77,617,272 422,247,100
13,867,756 87,676 - 79,769 200 20,765,132 800,284 113,021,220
-
56,668 46 - - - 68,331,651 21,232,523 95,527,550
-
- - - - - 20,238 - 11,676,668
- - - - - 22,970 22,970
18,966,443 2,251,314 2,911,602 2,487,995 765,281 - - 61,739,242
5,241,276 757,284 417,243 269,218 66,980 - - 22,331,419
624,895 - 283,715 - - - - 1,172,760
6,188 7,962 4,725 445 1,728 - - 71,620
58,951,182 15,524,175 20,186,114 11,663,107 6,083,369 23,160,649 304,223 259,957,317
81,597,517 60,043,529 38,720,760 18,152,241 1,958,821 113,465,758 57,972,514 841,304,428
1,167,907 249,457 281,237 64,374 61,164 119,405 18 4,369,468
- - - - - 95,920,957 95,920,957
180,479,833 78,921,444 62,805,396 32,717,149 8,937,543 622,617,012 157,926,833 1,929,362,719
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 803
Page 806
ii. Disclosure of Net Receivables by Region - Bank Consolidated with Subsidiaries
CORPORATE GOVERNANCE
No. Portfolio Category
Sumatera Jakarta
1 Government Receivables - 48,031,841
2 Public Sector Entities Receivables 12,718,232 164,869,913
3 Multilateral Development Banks and International Institutions Receivables - -
4 Bank Receivables 1,850,016 3,959,687
5 Receivables in the form of Covered Bond - -
6 Securities Companies and Other Financial Services Institutions Receivables 3,002 14,332,795
7 Receivables in the form of Securities/Subordinated Receivables, Equity and Other Capital Instruments - -
8 Loans Secured by Residential Property 6,132,521 29,287,516
9 Loans Secured by Commercial Real Estate 4,000,848 13,661,552
10 Loan by Land Acquisition, Land Processing and Construction - 522,041
11 Loan by Employee or Pensioner 8,052 31,165
12 Micro Business, Small Business, and Retail Portfolio Receivables 47,210,714 77,288,588
13 Corporate Receivables 95,246,802 405,989,554
14 Past Due Receivables 1,080,678 2,146,613
15 Other Assets - -
16 Exposure in Subsidiaries - Sharia 87,386,199 194,423,248
TOTAL 255,637,066 954,544,512
No. Portfolio Category
Sumatera Jakarta
1 Government Receivables - 43,819,576
2 Public Sector Entities Receivables 10,612,221 66,808,182
3 Multilateral Development Banks and International Institutions Receivables - -
4 Bank Receivables 1,741,588 4,165,073
5 Receivables in the form of Covered Bond - -
6 Securities Companies and Other Financial Services Institutions Receivables 3,010 11,653,420
7 Receivables in the form of Securities/Subordinated Receivables, Equity and Other Capital Instruments - -
8 Loans Secured by Residential Property 5,620,485 28,736,121
9 Loans Secured by Commercial Real Estate 3,335,607 12,243,811
10 Loan by Land Acquisition, Land Processing and Construction - 264,150
11 Loan by Employee or Pensioner 9,352 41,220
12 Micro Business, Small Business, and Retail Portfolio Receivables 45,657,355 78,427,143
13 Corporate Receivables 92,833,002 376,560,287
14 Past Due Receivables 475,440 1,950,468
15 Other Assets - -
Exposure in Subsidiaries - Sharia 78,451,526 172,810,207
TOTAL 238,739,585 797,479,658
804 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 807
31 December 2025
CORPORATE GOVERNANCE
Net Receivables by Region
Sulawesi & Bali & Nusa
Jawa Kalimantan Papua Head Office Overseas Total
Maluku Tenggara
- - - - - 444,933,343 118,772,213 611,737,397
12,741,021 - - 43,066 - 30,187,026 1,045,487 221,604,745
- - - - - - - -
74,654 46 - - - 83,176,551 19,226,290 108,287,245
- - - - - - - -
- - - - - 19,856 - 14,355,653
- - - - - 22,970 - 22,970
19,719,424 2,616,524 3,167,702 2,923,527 966,960 51,279 - 64,865,455
5,171,151 559,039 345,094 309,794 153,441 - - 24,200,919
- - - - - - - 522,041
5,388 6,548 3,976 378 1,472 39,378,419 - 39,435,400
61,034,224 14,352,237 20,636,113 12,066,456 6,246,376 68,900,656 363,966 308,099,331
79,405,293 75,180,074 38,479,359 24,181,938 2,812,701 102,139,101 69,905,990 893,340,811
1,288,397 545,432 514,739 80,088 94,436 963,810 - 6,714,193
- - - - - 110,888,418 - 110,888,418
117,784,299 29,555,456 19,351,550 9,307,296 1,121,480 - 606,628 459,536,156
297,223,852 122,815,357 82,498,534 48,912,544 11,396,867 880,661,429 209,920,573 2,863,610,734
(in million rupiah)
31 December 2024
Net Receivables by Region
Sulawesi & Bali & Nusa
Jawa Kalimantan Papua Head Office Overseas Total
Maluku Tenggara
- - - - - 320,412,102 77,617,272 441,848,950
13,867,756 87,676 - 79,769 200 21,400,640 800,284 113,656,727
- - - - - - - -
56,668 46 - - - 65,989,432 21,232,523 93,185,331
- - - - - 168,099 - 168,099
- - - - - 247,861 - 11,408,568
- - - - - 22,970 - 22,970
18,966,443 2,251,314 2,911,602 2,487,995 765,281 48,334 - 61,787,576
5,241,276 757,284 417,243 269,218 66,980 - - 22,331,419
624,895 - 283,715 - - - - 1,172,760
6,188 7,962 4,725 445 1,728 36,031,991 - 36,103,611
58,951,182 15,524,175 20,186,114 11,663,107 6,083,369 72,522,783 304,223 309,319,451
81,597,517 60,043,529 38,720,760 18,152,241 1,958,821 115,467,825 57,972,514 843,306,495
1,167,907 249,457 281,237 64,374 61,164 514,802 18 4,764,865
- - - - - 102,729,884 - 102,729,884
108,470,144 28,405,233 16,395,744 8,214,281 942,335 - 10,531 413,700,001
288,949,977 107,326,677 79,201,140 40,931,430 9,879,878 735,061,001 157,937,364 2,455,506,710
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 805
Page 808
CREDIT RISK - ADDITIONAL DISCLOSURES ON CREDIT QUALITY OF ASSETS (CRB)
2) Disclosure of Net Receivables by Economic Sector
i. Disclosure of Net Receivables by Economic Sector - Bank Only
CORPORATE GOVERNANCE
Multilateral
Public Development
Receivables
Government Sector Banks and Bank
No. Economic Sectors in the form of
Receivables Entities International Receivables
Covered Bond
Receivables Institutions
Receivables
31 December 2025
1 Agriculture, Forestry, and Fisheries - 57,637,804 - - -
2 Mining and Extracting - 3,393,297 - 233,336 -
3 Processing Industry - 11,858,323 - - -
4 Electricity, Gas, Hot Water and Cold Water - 41,717,999 - - -
Water Management, Waste Management, Garbage Management
5 - - - - -
and Recycling
6 Construction - 24,553,038 - - -
Wholesale and Retail Trade; Car and Motorcycle Repair &
7 - 3,827,395 - 16,504 -
Maintenance
8 Transportation & Warehousing - 36,144,039 - - -
9 Accommodation and Restaurants - - - - -
10 Information and Communications - 230,362 - - -
11 Finance and Insurance Activities 1,016,956 13,008,210 - 8,084,077 -
12 Real Estate - 227,566 - - -
13 Professional, Science, and Technical Activities - 51,481 - - -
Lease and Lease without Option Rights, Labor, Travel Agents, and
14 - 76 - - -
Other Business Support Activities
Government, Defense, and Mandatory Social Security
15 102,189,758 - - - -
Administration
16 Education - - - - -
17 Human Health and Social Activities - 60,117 - - -
18 Professional, Science, and Technical Activities - - - - -
19 Other Services Activities 44,273,123 - - - -
Household Activities as Employer: Activities that produce goods
20 - - - - -
and services by households that are used to meet their own needs
International Agencies and Other Extra- International Agencies
21 - - - 200,000 -
Activities
22 Household - 267 - 379 -
23 Non-Business 28,753 27,844 - 1,661 -
24 Others 442,148,710 28,221,753 - 101,662,302 -
TOTAL 589,657,299 220,959,572 - 110,198,259 -
31 December 2024
1 Agriculture, Forestry, and Fisheries - 10,651,145 - - -
2 Mining and Extracting - 3,043,641 - 275,382 -
3 Processing Industry - 7,468,571 - - -
4 Electricity, Gas, Hot Water and Cold Water - 15,966,314 - - -
5 Water Management, Waste Management, Garbage Management - 1,667 - - -
and Recycling
6 Construction - 21,747,349 - - -
7 Wholesale and Retail Trade; Car and Motorcycle Repair & - 694,889 - - -
Maintenance
8 Transportation & Warehousing - 29,290,143 - - -
9 Accommodation and Restaurants - - - - -
10 Information and Communications - 1,788,936 - - -
11 Finance and Insurance Activities 5,068,035 2,364,604 - 9,892,959 -
12 Real Estate - 68,127 - - -
806 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 809
(in million rupiah)
CORPORATE GOVERNANCE
Receivables
Micro
Securities in the form Loan by Land
Business,
Companies and of Securities/ Loans Loans Acquisition,
Loan by Small
Other Financial Subordinated Securedby Secured by Land Corporate Past Due
Employee or Business, Other Assets
Services Receivables, Residential Residential Processing Receivables Receivables
Pensioner and Retail
Institutions Equity and Property Property and
Portfolio
Receivables Other Capital Construction
Receivables
Instruments
- - - 458,314 - - 29,047,767 87,055,102 320,516 -
- - - 80,832 - - 68,386 154,321,500 502,696 -
- - - 5,208,087 4,900 - 6,478,459 178,097,992 653,799 -
- - - 62,633 - - 2,101 48,453,704 1,136 -
- - - - - 169 1,644,850 58 -
-
- - - 843,353 282,300 - 116,685 61,090,983 60,190 -
- - 2,575,073 - - 44,975,012 79,145,549 517,981 -
-
- - - 105,599 - - 2,446,236 60,264,721 59,502 -
- - - 1,938,641 - - 9,965,342 9,465,400 64,033 -
- - - 264,557 - - 188,747 42,561,216 9,782 -
14,335,798 - 234 138,197 - - 184,985 17,271,628 7,446 -
- - - 8,901,767 234,841 - 158,262 33,249,324 3,894 -
- - - - - - 395,653 8,535,942 3,102 -
- - - 84,986 - - 1,882,740 12,567,423 13,620 -
- - - - - - 24 1,311 - -
- - - - - - 193,382 831,014 616 -
- - - 426,585 - - 316,104 9,608,776 3,596 -
- - - - - - 5,663 383,992 12 -
- - 87 - - - 6,081,584 704,600 45,260 -
- - - 9,961 3,375 933 -
- - -
- - - - - - - - - -
- - 64,813,855 3,112,294 - 56,981 134,902,699 4,163,209 3,483,877 -
- - - - - - 27,376,804 201,080 242,754 -
19,856 22,970 - - - - 80,877 81,073,014 10,103 102,029,539
14,355,653 22,970 64,814,176 24,200,919 522,041 56,981 264,877,643 890,695,705 6,004,907 102,029,539
- - - 436,283 - - 25,888,238 88,477,320 429,183 -
- - - 90,552 - - 75,760 141,170,881 749,426 -
- - - 5,224,176 552,883 - 6,823,689 160,723,256 465,810 -
- - - 208,129 - - 2,000 36,988,050 1,136 -
- - - - - - 457 5,307,610 - -
- - - 350,978 101,919 - 80,744 52,440,088 106,712 -
- - - 1,736,234 - - 42,838,242 72,021,709 464,479 -
- - - 218,743 - - 2,239,365 49,537,993 32,860 -
- - - 2,394,841 - - 9,288,544 10,177,908 54,432 -
- - - 36,661 - - 213,379 37,084,772 11,623 -
11,656,429 - - - - - 253,360 44,512,334 3,101 -
- - - 8,689,056 517,959 - 8,445 27,787,762 18,341 -
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 807
Page 810
i. Disclosure of Net Receivables by Economic Sector - Bank Only
Multilateral
Public Development
Receivables
Government Sector Banks and Bank
No. Economic Sectors in the form of
Receivables Entities International Receivables
Covered Bond
Receivables Institutions
CORPORATE GOVERNANCE
Receivables
13 Professional, Science, and Technical Activities - 46,642 - - -
14 Lease and Lease without Option Rights, Labor, Travel Agents, and 63,908,282 - - -
Other Business Support Activities -
15 Government, Defense, and Mandatory Social Security - - - - -
Administration
16 Education - 11,642 - - -
17 Human Health and Social Activities - - - - -
18 Professional, Science, and Technical Activities 34,920,589 40,772 - - -
19 Other Services Activities - - - - -
20 Household Activities as Employer: Activities that produce goods - - - 200,000 -
and services by households that are used to meet their own needs
21 International Agencies and Other Extra- International Agencies 288 2,271 - 16,570 -
Activities
22 Household 32,532 43,435 - 1,444 -
23 Non-Business - 98 - - -
24 Others 318,317,375 19,790,974 - 85,141,194 -
TOTAL 422,247,100 113,021,220 - 95,527,550 -
ii. Disclosure of Net Receivables by Economic Sector - Bank Consolidated with Subsidiaries
Securities
Multilateral
Companies
Public Development Receivables
and Other
Government Sector Banks and in the form
No. Economic Sectors Financial
Receivables Entities International of Covered
Services
Receivables Institutions Bond
Institutions
Receivables
Receivables
31 Desember 2025
1 Agriculture, Forestry, and Fisheries - 57,637,804 - - -
2 Mining and Extracting - 3,393,297 - - -
3 Processing Industry - 11,858,323 - - -
4 Electricity, Gas, Hot Water and Cold Water - 41,717,999 - - -
5 Water Management, Waste Management, Garbage - - - - -
Management and Recycling
6 Construction - 24,553,038 - - -
7 Wholesale and Retail Trade; Car and Motorcycle Repair & - 3,827,395 - - -
Maintenance
8 Transportation & Warehousing - 36,144,039 - - -
9 Accommodation and Restaurants - - - - -
10 Information and Communications - 230,362 - - -
11 Finance and Insurance Activities 1,016,956 13,008,210 - - 14,335,798
12 Real Estate - 227,566 - - -
13 Professional, Science, and Technical Activities - 51,481 - - -
14 Lease and Lease without Option Rights, Labor, Travel Agents, - 76 - - -
and Other Business Support Activities
15 Government, Defense, and Mandatory Social Security 102,189,758 - - - -
Administration
16 Education - - - - -
17 Human Health and Social Activities - 60,117 - - -
18 Professional, Science, and Technical Activities - - - - -
19 Other Services Activities 44,273,123 - - - -
20 Household Activities as Employer: Activities that produce - - - - -
goods and services by households that are used to meet their
own needs
808 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 811
(in million rupiah)
Receivables
Micro
Securities in the form Loan by Land
Business,
Companies and of Securities/ Loans Loans Acquisition,
Loan by Small
Other Financial Subordinated Securedby Secured by Land Corporate Past Due
Employee or Business, Other Assets
Services Receivables, Residential Residential Processing Receivables Receivables
Pensioner and Retail
Institutions Equity and Property Property and
Portfolio
CORPORATE GOVERNANCE
Receivables Other Capital Construction
Receivables
Instruments
- - - - - 334,752 1,756,570 2,275 -
-
- - - - - - 40 2,388 - -
- - - - - - 171,130 664,683 551 -
- - - 334,971 - - 328,111 9,138,455 3,743 -
- - - - - 8,599 63,785 70 -
-
- - - - - - 5,480,294 564,104 32,690 -
- - - - - - 146,088 - 155 -
- - - - - - - - - -
- - 60,569,330 2,596,830 - - 139,088,456 11,685,223 1,860,527 -
- - - - - 71,620 24,988,992 317,079 118,776 -
- - - 13,965 - - 1,600,380 10,673,879 11,553 -
20,238 22,970 1,169,911 - - - 98,253 80,208,579 2,023 95,920,957
11,676,668 22,970 61,739,242 22,331,419 1,172,760 71,620 259,957,317 841,304,428 4,369,468 95,920,957
Receivables
Micro
in the form Loan by Land
Business,
of Securities/ Loans Loans Acquisition,
Loan by Small Exposure in
Subordinated Securedby Secured by Land Corporate Past Due
Employee or Business, Other Assets Subsidiaries
Receivables, Residential Residential Processing Receivables Receivables
Pensioner and Retail - Sharia
Equity and Property Property and
Portfolio
Other Capital Construction
Receivables
Instruments
- - 458,314 - - 29,047,767 87,055,102 320,516 - 23,193,317
- - 80,832 - - 68,386 154,321,500 502,696 - 3,044,770
- - 5,208,087 4,900 - 6,478,459 178,097,992 653,799 - -
- - 62,633 - - 2,101 48,453,704 1,136 - 6,681,775
- - - - - 169 1,644,850 - 11,594,157
58
- - 843,353 282,300 - 116,685 61,090,983 60,190 - 15,477,738
- - 2,575,073 - - 44,975,012 79,145,549 517,981 - 29,846,257
- - 105,599 - - 2,446,236 60,264,721 59,502 - 12,181,287
- - 1,938,641 - - 9,965,342 9,465,400 64,033 - 3,628,244
- - 264,557 - - 188,747 42,561,216 9,782 - -
- 234 138,197 - - 184,985 17,271,628 7,446 - 11,106,027
- - 8,901,767 234,841 - 158,262 33,249,324 3,894 - 6,206,904
- - - - - 395,653 8,535,942 3,102 - -
- - 84,986 - - 1,882,740 12,567,423 13,620 - -
- - - - - 24 1,311 - - 256,126
- - - - - 193,382 831,014 616 - 5,192,906
- - 426,585 - - 316,104 9,608,776 3,596 - 11,027,157
- - - - - 5,663 383,992 12 - 3,605,865
- 87 - - - 6,081,584 704,600 45,260 - -
- - - - - 9,961 3,375 - 139,272
933
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 809
Page 812
ii. Disclosure of Net Receivables by Economic Sector - Bank Consolidated with Subsidiaries
Securities
Multilateral
CORPORATE GOVERNANCE
Companies
Public Development Receivables
and Other
Government Sector Banks and in the form
No. Economic Sectors Financial
Receivables Entities International of Covered
Services
Receivables Institutions Bond
Institutions
Receivables
Receivables
21 International Agencies and Other Extra- International Agencies - - - - -
Activities
22 Household - 267 - - -
23 Non-Business 28,753 27,844 - - -
24 Others 464,228,807 28,866,926 - - 19,856
TOTAL 611,737,397 221,604,745 - - 14,355,653
31 December 2024
1 Agriculture, Forestry, and Fisheries - 10,651,145 - - -
2 Mining and Extracting - 3,043,641 - - -
3 Processing Industry - 7,468,571 - - -
4 Electricity, Gas, Hot Water and Cold Water - 15,966,314 - - -
5 Water Management, Waste Management, Garbage - 1,667 - - -
Management and Recycling
6 Construction - 21,747,349 - - -
7 Wholesale and Retail Trade; Car and Motorcycle Repair & - 694,889 - - -
Maintenance
8 Transportation & Warehousing - 29,290,143 - - -
9 Accommodation and Restaurants - - - - -
10 Information and Communications - 1,788,936 - - -
11 Finance and Insurance Activities 5,068,035 2,364,604 - - 11,388,330
12 Real Estate - 68,127 - - -
13 Professional, Science, and Technical Activities - 46,642 - - -
14 Lease and Lease without Option Rights, Labor, Travel Agents, 63,908,282 - - - -
and Other Business Support Activities
15 Government, Defense, and Mandatory Social Security - - - - -
Administration
16 Education - 11,642 - - -
17 Human Health and Social Activities - - - - -
18 Professional, Science, and Technical Activities 34,920,589 40,772 - - -
19 Other Services Activities - - - - -
20 Household Activities as Employer: Activities that produce - - - - -
goods and services by households that are used to meet their
own needs
21 International Agencies and Other Extra- International Agencies 288 2,271 - -
Activities
22 Household 32,532 43,435 - - -
23 Non-Business - 98 - - -
24 Others 337,919,225 20,426,482 - 168,099 20,238
TOTAL 441,848,950 113,656,727 - 168,099 11,408,568
810 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 813
Receivables
Micro
in the form Loan by Land
CORPORATE GOVERNANCE
Business,
of Securities/ Loans Loans Acquisition,
Loan by Small Exposure in
Subordinated Securedby Secured by Land Corporate Past Due
Employee or Business, Other Assets Subsidiaries
Receivables, Residential Residential Processing Receivables Receivables
Pensioner and Retail - Sharia
Equity and Property Property and
Portfolio
Other Capital Construction
Receivables
Instruments
- - - - - - - - - -
- 64,813,855 3,112,294 - 56,981 134,902,699 4,163,209 3,483,877 - -
- - - - - 27,376,804 201,080 242,754 - 175,082,989
22,970 51,279 - - 39,378,419 43,302,565 83,718,121 719,389 110,888,418 141,271,365
22,970 64,865,455 24,200,919 522,041 39,435,400 308,099,331 893,340,811 6,714,193 110,888,418 459,536,156
- - 436,283 - - 25,888,238 88,477,320 429,183 - 24,021,293
- - 90,552 - - 75,760 141,170,881 749,426 - 2,024,270
- - 5,224,176 552,883 - 6,823,689 160,723,256 465,810 - -
- - 208,129 - - 2,000 36,988,050 1,136 - 6,517,034
- - - - - 457 5,307,610 - - 12,320,021
- - 350,978 101,919 - 80,744 52,440,088 106,712 - 16,031,152
- - 1,736,234 - - 42,838,242 72,021,709 464,479 - 19,081,743
- - 218,743 - - 2,239,365 49,537,993 32,860 - 7,199,113
- - 2,394,841 - - 9,288,544 10,177,908 54,432 - 3,134,584
- - 36,661 - - 213,379 37,084,772 11,623 - -
- - - - - 253,360 44,512,334 3,101 - 10,057,099
- - 8,689,056 517,959 - 8,445 27,787,762 18,341 - 5,290,563
- - - - - 334,752 1,756,570 2,275 - -
- - - - - 40 2,388 - - -
- - - - - 171,130 664,683 551 - -
- - 334,971 - - 328,111 9,138,455 3,743 - 4,900,479
- - - - 8,599 63,785 70 - 9,381,831
- - - - - 5,480,294 564,104 32,690 - 3,611,508
- - - - - 146,088 - 155 - -
- - - - - - - - - 157,600
- 60,569,330 2,596,830 - - 139,088,456 11,685,223 1,860,527 - -
- - - - 71,620 24,988,992 317,079 118,776 - -
- - 13,965 - - 1,600,380 10,673,879 11,553 - 151,175,257
22,970 1,218,245 0 0 36,031,991 49,460,387 82,210,646 397,420 102,729,884 138,796,454
22,970 61,787,576 22,331,419 1,172,760 36,103,611 309,319,451 843,306,495 4,764,865 102,729,884 413,700,001
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 811
Page 814
CREDIT RISK - ADDITIONAL DISCLOSURES ON CREDIT QUALITY OF ASSETS (CRB))
3) Disclosure of Net Receivables by Remaining Contract Term
CORPORATE GOVERNANCE
i. Disclosure of Net Receivables by Remaining Contract Term - Bank Only
31 December 2025
Net Receivables by Remaining Contract Term
No. Portfolio Category
> 1 year until 3 > 3 years until Non-
≤ 1 year > 5 years Total
years 5 years Contractual
1 Government Receivables 265,200,377 40,257,747 124,784,158 159,415,017 - 589,657,299
2 Public Sector Entities Receivables 60,188,058 19,232,622 29,813,266 111,725,626 - 220,959,572
3 Multilateral Development Banks and - - - - - -
International Institutions Receivables
4 Bank Receivables 85,416,048 19,013,430 1,717,070 4,051,711 - 110,198,259
5 Receivables in the form of Covered Bond - - - - - -
6 Securities Companies and Other Financial 3,264,692 6,157,026 4,933,935 - - 14,355,653
Services Institutions Receivables
7 Receivables in the form of Securities/ - - - - 22,970 22,970
Subordinated Receivables, Equity and Other
Capital Instruments
8 Loans Secured by Residential Property 295,198 2,304,893 4,345,632 57,868,452 - 64,814,176
9 Loans Secured by Commercial Real Estate 5,874,176 2,368,859 4,516,776 11,441,109 - 24,200,919
10 Loan by Land Acquisition, Land Processing and 317,256 175,293 29,492 - - 522,041
Construction
11 Loan by Employee or Pensioner 1,101 3,232 8,184 44,463 - 56,981
12 Micro Business, Small Business, and Retail 27,027,592 85,856,264 83,206,835 68,786,950 264,877,643
Portfolio Receivables -
13 Corporate Receivables 287,951,613 131,584,947 168,217,515 302,941,629 - 890,695,705
14 Past Due Receivables 1,155,996 1,069,468 945,472 2,833,972 - 6,004,907
15 Other Assets - - - 102,029,539 102,029,539
TOTAL 736,692,107 308,023,781 422,518,335 719,108,931 102,052,509 2,288,395,663
ii. Disclosure of Net Receivables by Remaining Contract Term - Bank Consolidated with Subsidiaries
31 December 2025
Net Receivables by Remaining Contract Term
No. Kategori Portofolio
> 1 year until 3 > 3 years until Non-
≤ 1 year > 5 years Total
years 5 years Contractual
1 Government Receivables 265,846,065 40,307,426 125,186,914 159,554,092 20,842,899 611,737,397
2 Public Sector Entities Receivables 60,355,044 19,466,976 29,982,484 111,800,241 - 221,604,745
3 Multilateral Development Banks and - - - - - -
International Institutions Receivables
4 Bank Receivables 82,395,401 19,029,758 1,721,074 4,051,711 1,089,300 108,287,245
5 Receivables in the form of Covered Bond - - - - - -
6 Securities Companies and Other Financial 3,264,692 6,157,026 4,933,935 - - 14,355,653
Services Institutions Receivables
7 Receivables in the form of Securities/ - - - - 22,970 22,970
Subordinated Receivables, Equity and Other
Capital Instruments
8 Loans Secured by Residential Property 295,302 2,305,999 4,347,798 57,916,355 - 64,865,455
9 Loans Secured by Commercial Real Estate 5,874,176 2,368,859 4,516,776 11,441,109 - 24,200,919
10 Loan by Land Acquisition, Land Processing 317,256 175,293 29,492 - - 522,041
and Construction
11 Loan by Employee or Pensioner 169,761 960,810 1,899,470 36,405,359 - 39,435,400
12 Micro Business, Small Business, and Retail 28,991,067 104,922,127 94,737,836 79,448,301 - 308,099,331
Portfolio Receivables
13 Corporate Receivables 289,185,069 132,002,496 168,982,647 303,161,671 8,929 893,340,811
14 Past Due Receivables 1,320,784 1,320,075 1,102,484 2,970,850 - 6,714,193
15 Other Assets 1,107,908 161,668 3,172 - 109,615,671 110,888,418
16 Exposure in Subsidiaries - Sharia 126,980,207 60,772,399 58,977,501 193,243,497 19,562,552 459,536,156
TOTAL 866,102,733 389,950,912 496,421,583 959,993,186 151,142,320 2,863,610,734
812 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 815
CORPORATE GOVERNANCE
(in million rupiah)
31 December 2024
Net Receivables by Remaining Contract Term
> 1 year until 3 > 3 years until Non-
≤ 1 year > 5 years Total
years 5 years Contractual
126,440,374 46,087,515 81,290,980 168,428,230 - 422,247,100
29,320,864 21,878,143 19,377,047 42,445,165 - 113,021,220
- - - - - -
72,249,259 11,863,098 9,671,378 1,743,816 - 95,527,550
- - - - - -
1,624,868 4,112,744 5,913,244 25,812 11,676,668
- - - - 22,970 22,970
248,871 2,197,804 4,499,689 54,792,878 - 61,739,242
5,130,455 2,197,804 4,499,689 10,503,471 - 22,331,419
302,245 283,715 33,917 552,883
- 1,172,760
702 4,706 8,058 58,154 - 71,620
24,169,646 82,581,734 84,834,882 68,371,056 - 259,957,317
320,899,155 124,358,042 162,735,784 233,311,447 - 841,304,428
1,386,989 686,257 621,382 1,674,841 - 4,369,468
- - - 95,920,957 95,920,957
581,773,428 296,251,561 373,486,051 581,907,752 95,943,927 1,929,362,719
(in million rupiah)
31 December 2024
Net Receivables by Remaining Contract Term
> 1 year until 3 > 3 years until Non-
≤ 1 year > 5 years Total
years 5 years Contractual
98,765,955 40,386,503 124,784,350 159,726,650 18,185,493 441,848,950
47,750,294 19,736,975 29,813,266 111,856,780 - 113,656,727
- - - - - -
66,528,352 19,251,595 2,934,467 4,051,711 419,205 93,185,331
168,099 - - - - 168,099
317,607 6,157,026 4,933,935 - - 11,408,568
- - - - 22,970 22,970
2,779,656 2,306,062 4,348,273 57,912,897 - 61,787,576
4,004,675 2,368,859 4,516,776 11,441,109 - 22,331,419
967,975 175,293 29,492 - - 1,172,760
188,197 814,858 1,556,418 33,544,137 - 36,103,611
29,885,216 106,929,061 93,787,979 78,717,195 - 309,319,451
239,512,942 132,220,625 168,593,256 302,968,150 11,523 843,306,495
400,115 1,216,510 1,054,458 2,894,012 - 4,764,865
5,155,181 191,231 4,053 - 107,689,781 102,729,884
122,894,774 51,792,568 50,898,473 174,129,606 13,984,580 413,700,001
507,148,546 383,547,166 487,255,197 937,242,249 140,313,551 2,455,506,710
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 813
Page 816
CREDIT RISK – ADDITIONAL DISCLOSURES ON ASSET CREDIT QUALITY (CRB)
CORPORATE GOVERNANCE
4) Disclosure of Receivables and Reserve by Region
i. Disclosure of Receivables and Reserve by Region - Bank Only (in million rupiah)
31 December 2025
Region
No. Description
Sulawesi & Bali & Nusa
Sumatera Jakarta Jawa Kalimantan Papua Head Office Overseas Total
Maluku Tenggara
1 Receivables 187,065,651 870,326,028 198,004,856 102,010,894 66,824,868 40,240,034 10,571,508 906,261,849 262,222,775 2,643,528,463
2 Decreased Bills
a. Outstanding 5,466,685 55,504,226 15,879,823 1,449,900 7,640,492 1,461,576 307,767 16,118,610 - 103,829,078
b. Mature 2,420,643 5,302,817 3,980,095 1,040,383 1,009,848 162,535 181,471 1,749,317 - 15,847,108
3 CKPN - Stage 1 986,114 2,964,727 1,265,298 541,674 460,607 202,905 114,524 2,112,866 445,486 9,094,202
4 CKPN - Stage 2 1,007,870 10,547,364 2,836,087 195,682 1,243,993 340,082 68,764 508,391 - 16,748,233
5 CKPN - Stage 3 1,232,200 7,438,276 2,749,897 509,534 504,636 87,022 89,411 1,512,214 - 14,123,190
6 Written-off claims 816,277 2,990,223 1,642,781 308,301 368,869 63,142 91,168 137,232 100 6,418,091
ii. Disclosure of Receivables and Reserve by Region - Consolidated (in million rupiah)
31 December 2025
Region
No. Description
Sumatera Jakarta Jawa Kalimantan Sulawesi & Bali & Nusa Papua Head Office Overseas Total
Maluku Tenggara
1 Receivables* 276,393,367 1,069,335,363 321,050,308 131,812,584 86,524,565 49,670,707 11,713,255 1,022,365,472 262,829,403 3,231,695,023
2 Decreased Bills
a. Outstanding 5,466,685 55,504,226 15,879,823 1,449,900 7,640,492 1,461,576 307,767 16,118,610 - 103,829,078
b. Mature 2,420,643 5,302,817 3,980,095 1,040,383 1,009,848 162,535 181,471 1,749,317 - 15,847,108
3 Impaired 323,278 297,832 1,665,602 57,505 47,074 47,279 3,984 - - 2,442,554
Receivables
Subsidiaries -
Sharia****
4 CKPN - Stage 1 986,114 2,964,727 1,265,298 541,674 460,607 202,905 114,524 2,112,866 445,486 9,094,202
5 CKPN - Stage 2 1,007,870 10,547,364 2,836,087 195,682 1,243,993 340,082 68,764 508,391 - 16,748,233
6 CKPN - Stage 3 1,232,200 7,438,276 2,749,897 509,534 504,636 87,022 89,411 1,512,214 - 14,123,190
7 CKPN in 2,374,196 3,319,392 4,183,850 479,731 479,022 201,079 28,125 - - 11,065,395
Subsidiaries -
Sharia**
8 Write-off 1,654,309 3,480,595 2,793,659 431,259 506,566 167,130 100,809 160,919 100 9,295,345
Receivables**
814 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 817
CORPORATE GOVERNANCE
(in million rupiah)
31 December 2024
Region
No. Description
Sulawesi & Bali & Nusa
Sumatera Jakarta Jawa Kalimantan Papua Head Office Overseas Total
Maluku Tenggara
1 Receivables 148,623,607 633,390,954 175,055,807 61,870,786 50,677,715 31,705,025 8,572,542 760,738,974 161,031,639 2,271,647,653
2 Decreased Bills
a. Outstanding 14,570,702 47,980,743 12,473,901 1,018,401 7,246,749 1,869,192 250,716 11,493,737 - 96,904,141
b. Mature 1,941,491 12,631,241 4,335,369 518,923 704,732 151,256 124,210 1,544,663 96 21,951,980
3 CKPN - Stage 1 1,239,614 3,721,339 1,595,193 739,501 572,871 199,864 150,984 613,322 580,603 9,413,290
4 CKPN - Stage 2 1,176,666 11,106,553 2,668,520 155,114 1,072,031 530,816 52,574 765,751 - 17,528,026
5 CKPN - Stage 3 1,440,848 7,094,090 3,131,410 256,041 409,482 82,335 58,558 1,401,335 78 13,874,176
6 Written-off claims 2,975 10,379 5,914 3,815 2,636 647 172 11,066,469 - 11,093,008
No. 31 December 2024
Region
Description
Sumatera Jakarta Jawa Kalimantan Sulawesi & Bali & Nusa Papua Head Office Overseas Total
Maluku Tenggara
1 Receivables* 238,166,689 818,987,648 294,432,656 107,206,901 79,919,629 41,685,259 9,983,635 1,062,670,294 147,458,607 2,800,511,318
2 Decreased Bills
a, Outstanding 14,570,702 47,980,743 12,473,901 1,018,401 7,246,749 1,869,192 250,716 11,493,737 96,904,141
-
b, Mature 1,941,491 12,631,241 4,335,369 518,923 704,732 151,256 124,210 1,544,663 96 21,951,980
3 Impaired 435,857 337,410 1,885,300 87,820 59,899 85,283 452 - 2,892,021
Receivables -
Subsidiaries -
Sharia****
4 CKPN - Stage 1 1,239,614 3,721,339 1,595,193 739,501 572,871 199,864 150,984 613,322 580,603 9,413,290
5 CKPN - Stage 2 1,176,666 11,106,553 2,668,520 155,114 1,072,031 530,816 52,574 765,751 17,528,026
-
6 CKPN - Stage 3 1,440,848 7,094,090 3,131,410 256,041 409,482 82,335 58,558 1,401,335 78 13,874,176
7 CKPN in 1,904,377 3,289,107 4,059,058 479,415 409,310 209,914 15,106 - 10,367,675
Subsidiaries - 1,388
Sharia**
8 Write-off 676,849 380,024 707,810 123,006 125,356 62,670 846 11,066,469 13,143,031
Receivables** -
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 815
Page 818
Credit Risk - Additional Disclosures on Credit Quality of Assets (CRB)
5) Disclosure of Receivables and Reserve by Economic Sector
CORPORATE GOVERNANCE
i. Disclosure of Receivables and Reserve by Economic Sector - Bank Only
(in million rupiah)
Impaired Receivables (Stage 2 Allowance for Allowance for Allowance for
& Stage 3) Impairment Impairment Impairment
Written-off
No. Economic Sectors Receivables losses losses losses
Receivables
Not Yet Due Already Due (CKPN) – (CKPN) – (CKPN) –
Stage 1 Stage 2 Stage 3
31 December 2025
1 Agriculture, Forestry, and 186,623,834 5,183,684 936,676 627,390 447,283 618,414 135,632
Fisheries
2 Mining and Extracting 189,600,687 2,221,765 1,552,637 578,447 254,021 1,049,940 996
3 Processing Industry 240,271,034 23,724,221 2,579,636 874,632 3,032,761 5,869,413 1,169,474
4 Electricity, Gas, Hot Water and 95,201,596 4,596,532 2,916 269,514 1,030,207 1,780 -
Cold Water
5 Water Management, Waste 1,689,368 2,835 171 4,338 422 112 -
Management, Garbage
Management and Recycling
6 Construction 103,730,915 23,791,269 164,619 258,604 6,832,137 104,410 178,783
7 Wholesale and Retail Trade; 149,721,781 6,335,481 1,173,503 1,064,094 793,323 806,863 458,979
Car and Motorcycle Repair &
Maintenance
8 Transportation & 109,141,516 3,611,165 114,638 335,763 485,096 56,125 13,059
Warehousing
9 Accommodation and 23,195,004 3,160,380 126,943 198,891 507,355 65,377 39,615
Restaurants
10 Information and 46,629,963 2,217,900 21,319 152,720 20,192 11,741 15,517
Communications
11 Finance and Insurance 61,220,356 415,112 19,261 216,161 181,573 12,072 2,494
Activities
12 Real Estat 48,672,474 3,945,083 10,266 136,124 651,040 6,372 145,085
13 Professional, Science, and 9,074,333 35,070 5,529 27,367 4,550 2,427
Technical Activities 323
14 Lease and Lease without 15,446,141 249,553 27,052 105,376 22,271 13,571 5,190
Option Rights, Labor, Travel
Agents, and Other Business
Support Activities
15 Government, Defense, and 148,425,972 - - 3 - - -
Mandatory Social Security
Administration
16 Education 1,033,962 35,938 980 6,268 3,786 364 405
17 Human Health and Social 11,216,219 530,923 8,162 42,565 67,900 4,566 921
Activities
18 Arts, Entertainment, and 395,651 1,977 17 3,414 159 5 -
Recreation
19 Other Services Activities 57,193,790 453,092 91,041 75,091 56,510 47,387 26,869
20 Household Activities as 15,705 333 2,353 182 16 1,420 74
Employer: Activities that
produce goods and services
by households that are used
to meet their own needs
21 International Agencies and 500,000 - - 0 - - -
Other Extra- International
Agencies Activities
22 Household 217,641,253 7,256,783 7,268,956 2,009,757 1,859,826 3,945,831 2,213,213
23 Non-Business 67,608,599 793,696 425,925 256,988 7,937 195,213 417,882
24 Others 859,278,308 15,266,286 1,314,508 1,850,515 489,868 1,309,784 1,593,579
Total 2,643,528,463 103,829,078 15,847,108 9,094,202 16,748,233 14,123,190 6,418,091
816 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 819
Allowance Allowance Allowance
Impaired Receivables for for for
(Stage 2 & Stage 3) Impairment Impairment Impairment Written-off
No. Economic Sectors Receivables
CORPORATE GOVERNANCE
losses losses losses Receivables
(CKPN) – (CKPN) – (CKPN) –
Not Yet Due Already Due Stage 1 Stage 2 Stage 3
31 December 2024
1 Agriculture, Forestry, and 124,777,713 14,711,423 979,313 1,128,509 514,920 545,531 731,723
Fisheries
2 Mining and Extracting 140,989,962 5,181,069 1,537,376 479,762 169,597 787,950 90,585
3 Processing Industry 185,412,814 10,942,510 10,005,644 828,033 3,399,798 6,819,573 1,564,525
4 Electricity, Gas, Hot Water and 50,465,263 4,563,256 2,916 244,222 940,861 1,780 -
Cold Water
5 Water Management, Waste 5,301,770 4,524 189 66,906 824 87 52
Management, Garbage
Management and Recycling
6 Construction 81,098,359 21,625,494 300,647 443,282 7,234,496 200,360 450,300
7 Wholesale and Retail Trade; 116,612,244 3,662,234 1,082,266 1,031,418 713,946 608,885 1,482,600
Car and Motorcycle Repair &
Maintenance
8 Transportation & Warehousing 80,299,966 7,139,188 981,995 293,792 303,997 112,098 64,264
9 Accommodation and 22,681,872 4,882,700 109,188 206,117 742,073 51,909 160,300
Restaurants
10 Information and 38,505,561 210,086 29,140 162,365 23,634 17,468 36,537
Communications
11 Finance and Insurance 72,172,304 407,292 7,627 294,393 184,704 4,354 80,624
Activities
12 Real Estat 37,595,152 4,992,128 152,333 291,854 741,952 133,992 491,250
13 Professional, Science, and 2,130,814 7,672 4,352 10,348 265 2,076 4,317
Technical Activities
14 Lease and Lease without Option 11,765,289 142,747 21,419 118,960 5,489 9,294 30,224
Rights, Labor, Travel Agents,
and Other Business Support
Activities
15 Government, Defense, and 52,976,824 - - 8 - - -
Mandatory Social Security
Administration
16 Education 840,116 22,201 1,000 5,308 4,313 448 561
17 Human Health and Social 9,829,093 613,647 9,057 43,451 73,781 8,273
Activities 5,281
18 Arts, Entertainment, and 72,514 2,049 159 525 180 89 7,656
Recreation
19 Other Services Activities 39,634,125 348,628 64,996 71,060 44,978 30,850 71,768
20 Household Activities as 146,480 1,350 291 207 101 136 1,160
Employer: Activities that
produce goods and services
by households that are used to
meet their own needs
21 International Agencies and - - - 0 - - -
Other Extra- International
Agencies Activities
22 Household 221,564,970 6,033,628 5,124,374 3,077,707 1,674,545 3,147,170 4,940,428
23 Non-Business 21,686,642 406,666 236,005 296,078 12,710 101,778 473,289
24 Others 955,087,809 11,003,649 1,301,692 318,985 740,861 1,293,067 402,571
Total 2,271,647,653 96,904,141 21,951,980 9,413,290 17,528,026 13,874,176 11,093,008
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 817
Page 820
ii. Disclosure of Receivables and Reserve by Economic Sector - Bank Consolidated with Subsidiaries
(in million rupiah)
CORPORATE GOVERNANCE
Receivables Allowance Allowance Allowance
Impaired Receivables
Impairment for for for CKPN in
(Stage 2 & Stage 3)
in Impairment Impairment Impairment Subsidiaries Write-off
No. Economic Sectors Receivables*
Subsidiaries losses losses losses - Receivables*
Not Yet Due Already Due - (CKPN) – (CKPN) – (CKPN) – Sharia**
Sharia** Stage 1 Stage 2 Stage 3
31 December 2025
1 Agriculture, Forestry, and 210,234,554 5,183,684 936,676 128,232 627,390 447,283 618,414 571,094 299,903
Fisheries
2 Mining and Extracting 192,679,218 2,221,765 1,552,637 658 578,447 254,021 1,049,940 22,151 2,068
3 Processing Industry 240,271,034 23,724,221 2,579,636 - 874,632 3,032,761 5,869,413 - 1,169,474
4 Electricity, Gas, Hot Water 102,057,134 4,596,532 2,916 160,422 269,514 1,030,207 1,780 231,506 12,746
and Cold Water
5 Water Management, Waste 14,837,798 2,835 171 1,277,371 4,338 422 112 1,612,629 311,784
Management, Garbage
Management and Recycling
6 Construction 123,106,698 23,791,269 164,619 72,731 258,604 6,832,137 104,410 2,684,816 200,355
7 Wholesale and Retail Trade; 181,029,389 6,335,481 1,173,503 253,343 1,064,094 793,323 806,863 1,300,752 900,353
Car and Motorcycle Repair &
Maintenance
8 Transportation & 121,497,299 3,611,165 114,638 46,163 335,763 485,096 56,125 295,816 25,644
Warehousing
9 Accommodation and 26,884,339 3,160,380 126,943 21,427 198,891 507,355 65,377 123,137 115,601
Restaurants
10 Information and 15,517
Communications 46,629,963 2,217,900 21,319 - 152,720 20,192 11,741 -
11 Finance and Insurance 45,827
Activities 68,256,270 415,112 19,261 21,961 216,161 181,573 12,072 88,286
12 Real Estat
54,998,253 3,945,083 10,266 39,085 136,124 651,040 6,372 147,039 167,388
13 Professional, Science, and 9,074,333 35,070 5,529 - 27,367 4,550 2,427 - 323
Technical Activities
14 Lease and Lease without 15,446,141 249,553 27,052 - 105,376 22,271 13,571 - 5,190
Option Rights, Labor, Travel
Agents, and Other Business
Support Activities
15 Government, Defense, and 148,682,098 - - - 3 - - - -
Mandatory Social Security
Administration
16 Education 6,305,300 35,938 980 27,420 6,268 3,786 364 107,441 11,269
17 Human Health and Social 22,330,293 8,162 8,463 42,565 67,900 4,566 165,670 9,373
Activities 530,923
18 Arts, Entertainment, and 4,102,594 1,977 17 32,976 3,414 159 5 139,526 59,684
Recreation
19 Other Services Activities 57,193,790 453,092 91,041 - 75,091 56,510 47,387 - 26,869
20 Household Activities as 165,097 333 2,353 7,364 182 16 1,420 10,636 5,012
Employer: Activities that
produce goods and services
by households that are used
to meet their own needs
21 International Agencies and 500,000 - - - 0 - - - -
Other Extra- International
Agencies Activities
22 Household 217,641,253 7,256,783 7,268,956 - 2,009,757 1,859,826 3,945,831 - 2,213,213
23 Non-Business 245,278,652 793,696 425,925 344,938 256,988 7,937 195,213 3,481,880 1,962,744
24 Others 1,122,493,521 15,266,286 1,314,508 - 1,850,515 489,868 1,309,784 83,016 1,735,007
TOTAL 3,231,695,023 103,829,078 15,847,108 2,442,554 9,094,202 16,748,233 14,123,190 11,065,395 9,295,345
818 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 821
(in million rupiah)
Receivables Allowance Allowance Allowance
Impaired Receivables
Impairment for for for CKPN in
CORPORATE GOVERNANCE
(Stage 2 & Stage 3)
in Impairment Impairment Impairment Subsidiaries Write-off
No. Economic Sectors Receivables*
Subsidiaries losses losses losses - Receivables*
Not Yet Due Already Due - (CKPN) – (CKPN) – (CKPN) – Sharia**
Sharia** Stage 1 Stage 2 Stage 3
31 December 2024
1 Agriculture, Forestry, and 149,055,698 14,711,423 979,313 168,248 1,128,509 514,920 545,531 633,895 852,166
Fisheries
2 Mining and Extracting 143,978,511 5,181,069 1,537,376 1,695 479,762 169,597 787,950 73,598 97,996
3 Processing Industry 185,412,814 10,942,510 10,005,644 - 828,033 3,399,798 6,819,573 - 1,564,525
4 Electricity, Gas, Hot Water 57,221,791 4,563,256 2,916 176,698 244,222 940,861 1,780 304,816 2,679
and Cold Water
5 Water Management, Waste 18,068,117 4,524 189 1,355,912 66,906 824 87 1,548,807 124,694
Management, Garbage
Management and Recycling
6 Construction 99,952,928 21,625,494 300,647 89,203 443,282 7,234,496 200,360 2,772,892 514,425
7 Wholesale and Retail Trade; 136,372,336 3,662,234 1,082,266 346,934 1,031,418 713,946 608,885 1,063,233 1,909,867
Car and Motorcycle Repair &
Maintenance
8 Transportation & 88,955,127 7,139,188 981,995 25,159 293,792 303,997 112,098 200,248 98,178
Warehousing
9 Accommodation and 25,887,325 4,882,700 109,188 28,233 206,117 742,073 51,909 114,898 206,573
Restaurants
10 Information and 38,505,561 210,086 29,140 - 162,365 23,634 17,468 - 36,537
Communications
11 Finance and Insurance 77,979,169 407,292 7,627 64,985 294,393 184,704 4,354 132,811 89,022
Activities
12 Real Estat 42,894,685 4,992,128 152,333 48,079 291,854 741,952 133,992 128,660
517,479
13 Professional, Science, and 2,130,814 7,672 4,352 - 10,348 265 2,076 - 4,317
Technical Activities
14 Lease and Lease without 11,765,289 142,747 21,419 - 118,960 5,489 9,294 - 30,224
Option Rights, Labor, Travel
Agents, and Other Business
Support Activities
15 Government, Defense, and 52,976,824 - - - 8 - - - -
Mandatory Social Security
Administration
16 Education 5,773,370 22,201 1,000 35,757 5,308 4,313 448 89,060 4,912
17 Human Health and Social 19,235,050 613,647 9,057 10,699 43,451 73,781 5,281 123,142 22,445
Activities
18 Arts, Entertainment, and 3,805,716 2,049 159 34,950 525 180 89 100,287 71,755
Recreation
19 Other Services Activities 39,634,125 348,628 64,996 - 71,060 44,978 30,850 - 71,768
20 Household Activities as 314,532 1,350 291 8,555 207 101 136 12,080 3,874
Employer: Activities that
produce goods and services
by households that are used
to meet their own needs
21 International Agencies and - - - - 0 - - - -
Other Extra- International
Agencies Activities
22 Household 221,564,970 6,033,628 5,124,374 - 3,077,707 1,674,545 3,147,170 - 4,940,428
23 Non-Business 173,812,691 406,666 236,005 496,914 296,078 12,710 101,778 2,993,550 1,565,974
24 Others 1,205,213,878 11,003,649 1,301,692 - 318,985 740,861 1,293,067 75,698 413,192
TOTAL 2,800,511,318 96,904,141 21,951,980 2,892,021 9,413,290 17,528,026 13,874,176 10,367,675 13,143,031
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 819
Page 822
Credit Risk – Additional Disclosures on Asset Credit Quality (CRB)
6) Disclosure of Receivables on Delinquent Days
CORPORATE GOVERNANCE
i. Disclosure of Receivables Based on Delinquent Days - Bank Only
31 December 2025 31 December 2024
Receivables by Past Due Days Receivables by Past Due Days
No. Exposure Type
>90 days >120 days >90 days >120 days
until 120 until 180 >180 days Total until 120 until 180 >180 days Total
days days days days
1 Loan included in Past Due 1,383,948 2,000,015 10,983,733 14,367,696 1,448,335 2,207,252 8,953,652 12,609,239
Receivables
2 Securities included in Past - - 10,092 10,092 - - 8,674 8,674
Due Receivables
TOTAL 1,383,948 2,000,015 10,993,825 14,377,788 1,448,335 2,207,252 8,962,326 12,617,913
ii. Disclosure of Receivables Based on Delinquent Days - Bank Consolidated with Subsidiaries
31 December 2025 31 December 2024
Receivables by Past Due Days Receivables by Past Due Days
No. Exposure Type
>90 days >120 days >90 days >120 days
until 120 until 180 >180 days Total until 120 until 180 >180 days Total
days days days days
1 Loan included in Past Due 2,842,823 2,926,559 14,643,459 20,412,841 2,834,514 2,942,429 12,252,390 18,029,333
Receivables
2 Securities included in Past - - 10,092 10,092 - - 8,674 8,674
Due Receivables
TOTAL 2,842,823 2,926,559 14,653,551 20,422,933 2,834,514 2,942,429 12,261,064 18,038,007
Additional Disclosures on the Treatment of Non-Performing Assets (CRB-A)
Qualitative
1) Disclosure of Performing and Non-Performing Assets
i. Disclosure of Performing and Non-Performing Assets - Bank Only
(in million rupiah)
Non Performing
(Quality of KL, D, M)
Performing
(Quality of L and DPLK) Impaired Not Impaired Receivables
Receivables Have Arrears > 90 Days Have Arrears ≤ 90 Days
Allowance Allowance Allowance Allowance
Gross Gross Gross
Gross Carrying for for for for
Carrying Carrying Carrying
Amount Impairment Impairment Impairment Impairment
Amount Amount Amount
Losses Losses Losses Losses
a b c d e f g h
1 Securities 258,537,985 7,996 10,092 8,262 - - - -
2 Loan 1,482,740,968 23,502,048 14,367,696 12,813,412 - - - -
a. Corporate 1,087,996,995 16,397,147 4,396,608 7,632,427 - - - -
b. Retail 394,743,973 7,104,901 9,971,088 5,180,985 - - - -
3 Administrative 485,244,700 862,906 171,068 6,695 - - - -
Account
Transactions
820 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 823
ii. Disclosures of Performing and Non Performing Assets - Bank Consolidated with Subsidiaries
(in million rupiah)
CORPORATE GOVERNANCE
Non Performing
(Quality of KL, D, M)
Performing Allowance
(Quality of L and DPLK) Impaired Not Impaired Receivables for
Receivables Have Arrears > 90 Days Have Arrears ≤ 90 Days Impairment
Losses
Allowance Allowance Allowance Allowance on Sharia
Gross Gross Gross
Gross Carrying for for for for Exposures
Carrying Carrying Carrying
Amount Impairment Impairment Impairment Impairment
Amount Amount Amount
Losses Losses Losses Losses
a b c d e f g h
1 Securities 374,338,034 9,601 10,092 8,262 - - - - 32,113
2 Loan 1,829,555,115 24,126,279 20,412,841 12,970,582 - - - - 10,967,932
a. Corporate 1,087,996,995 16,397,147 4,396,608 7,632,427 - - - - -
b. Retail 741,558,120 7,729,132 16,016,233 5,338,155 - - - - 10,967,932
3 Administrative 491,428,654 862,911 171,068 6,697 - - - - 26,183
Account
Transactions
Additional Disclosures related to the Treatment of Non-Performing Assets (CRB-A)
2) Disclosure of Performing and Non-Performing Restructuring Assets
i. Disclosure of Performing and Non-Performing Restructuring Assets - Bank Only
(in million rupiah)
Performing Non Performing
Stage 1 Stage 2 Stage 3
(Quality of L and DPLK) (Quality of KL, D, M)
Allowance Allowance Allowance Allowance Allowance
Gross Carrying for Gross for for Gross for Gross for
Gross Carrying
Amount Impairment Carrying Impairment Impairment Carrying Impairment Carrying Impairment
Losses Losses Losses Losses Losses
a b c d e f g h i j
1 Securities 258,537,985 7,996 10,092 8,262 258,537,985 7,996 - - 10,092 8,262
2 Loan 1,482,740,968 23,502,048 14,367,696 12,813,412 1,400,491,999 7,243,683 74,083,906 16,258,365 22,532,759 12,813,412
a. Corporate 1,087,996,995 16,397,147 4,396,608 7,632,427 1,020,834,733 3,217,206 59,388,762 13,379,440 12,170,108 7,432,929
b. Retail 394,743,973 7,104,901 9,971,088 5,180,985 379,657,266 4,026,477 14,695,144 2,878,925 10,362,651 5,380,483
Administrative
3 Account 485,244,700 862,906 171,068 6,695 464,372,484 397,318 20,484,920 465,588 558,364 6,695
Transactions
ii. Disclosure of Performing and Non-Performing Restructuring Assets - Bank Consolidated with Subsidiaries
(in million rupiah)
Performing Non Performing
Stage 1 Stage 2 Stage 3 Sharia Exposure
(Quality of L and DPLK) (Quality of KL, D, M)
Allowance Allowance Allowance Allowance Allowance Allowance
Gross
for Gross for Gross for Gross for Gross for Gross for
Carrying
Impairment Carrying Impairment Carrying Impairment Carrying Impairment Carrying Impairment Carrying Impairment
Amount
Losses Losses Losses Losses Losses Losses
a b c d e f g h i j k l
1 Securities 374,338,034 9,601 10,092 8,262 312,923,953 9,601 - - 10,092 8,262 61,414,081 32,113
2 Loan 1,829,555,115 24,126,279 20,412,841 12,970,582 1,438,043,756 7,812,431 74,262,643 16,313,848 22,850,392 12,970,582 314,811,165 10,967,932
a. Corporate 1,087,996,995 16,397,147 4,396,608 7,632,427 1,020,834,733 3,217,206 59,388,762 13,379,440 12,170,108 7,432,929 - -
b. Retail 741,558,120 7,729,132 16,016,233 5,338,155 417,209,023 4,595,225 14,873,881 2,934,408 10,680,284 5,537,653 314,811,165 10,967,932
Administrative
3 Account 491,428,654 862,911 171,068 6,697 463,799,601 397,324 20,484,937 465,587 558,364 6,697 6,756,820 26,183
Transactions
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 821
Page 824
Quantitative Disclosures on Credit Risk Mitigation Techniques (CR3)
1) Individual Banks Position December 2025
CORPORATE GOVERNANCE
(in million rupiah)
Not Guaranteed Guaranteed Guaranteed Guaranteed Receivables
Receivables Receivables Receivables by Receivables by Secured by
Using Using MRK Collateral Guarantee, Credit
MRK Techniques Security and/or Derivatives
Techniques Credit
Insurance
a b c d e
1 Loan 1,327,446,787 118,978,721 46,423,348 72,555,373
2 Securities 258,529,989 - - -
3 Total 1,585,976,776 118,978,721 46,423,348 72,555,373
4 Past Due Loan and Securities 14,273,040 96,486 6,620 89,866
2) Bank on Consolidated with Subsidiaries Position December 2025
(in million rupiah)
Not Guaranteed Guaranteed Guaranteed Guaranteed Receivables
Receivables Receivables Receivables by Receivables by Secured by
Using Using MRK Collateral Guarantee, Credit
MRK Techniques Security and/or Derivatives
Techniques Credit
Insurance
a b c d e
1 Loan 1,666,687,595 119,052,843 46,497,470 72,555,373
2 Securities 374,296,320 - - -
3 Total 2,040,983,915 119,052,843 46,497,470 72,555,373
4 Past Due Loan and Securities 16,068,069 96,486 6,620 89,866
Disclosure of Credit Risk Exposure and Impact of Credit Risk Mitigation Techniques (CR4)
1) Individual Banks Position December 2025
(in million rupiah)
Net Receivables Before Net Receivables After
Implementation of FKK and MRK Implementation of FKK and MRK RWA and Average Risk Weight
Techniques RWA and Average Risk Weight
Portfolio Category
Statement Statement of Average Risk
of Financial TRA Financial TRA RWA Weight
Position Position (e/(c+d))
a b c d e f
1 Government Receivables 559,362,869 82,724,515 559,362,869 30,294,430 147,374 0,02%
2 Public Sector Entities 191,247,339 90,895,041 122,033,619 26,784,015 63,824,455 42,89%
Receivables
3 Multilateral Development - - - - - 0,00%
Banks and International
Institutions Receivables
4 Bank Receivables 77,807,113 64,913,752 77,521,761 32,389,446 30,556,631 27,80%
5 Receivables from 14,185,898 638,711 14,182,010 148,546 7,275,165 50,77%
Securities Companies
and Other Financial
Institutions1)
6 Receivables in the form of - - - - - 0,00%
Covered Bond
7 Corporate Receivables 679,658,136 181,368,039 647,990,580 56,559,374 615,579,942 87,37%
- General Corporate
Exposure2)
Securities Companies and - - - - - 0,00%
Other Financial Services
Institutions Receivables3)
822 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 825
(in million rupiah)
Net Receivables Before Net Receivables After
Implementation of FKK and MRK Implementation of FKK and MRK RWA and Average Risk Weight
CORPORATE GOVERNANCE
Techniques RWA and Average Risk Weight
Portfolio Category
Statement Statement of Average Risk
of Financial TRA Financial TRA RWA Weight
Position Position (e/(c+d))
a b c d e f
8 Special Financing 146,916,494 15,792,136 145,505,037 2,692,964 153,436,499 103,53%
Exposure4)
9 Receivables in the form of 22,970 - 22,970 - 24,455 106,46%
Subordinated Securities,
Equity, and Other Capital
Instruments
10 Micro Business, Small 260,284,063 43,884,619 243,887,413 4,558,235 188,012,999 75,68%
Business, and Retail
Portfolio
11 Loans Secured by Real 88,170,489 4,440,690 88,170,389 838,606 62,026,443 69,69%
Estate
Loans Secured by 64,814,176 - 64,814,176 - 42,248,821 65,18%
Residential Property which
the payments Are Not
Materially Dependent on
Property Cash Flow
Loans Secured by - - - - - 0,00%
Residential Property
which the payments Are
Materially Dependent on
Property Cash Flow
Loans Secured by 10,771,657 3,210,837 10,771,557 694,253 8,914,595 77,75%
Commercial Property
which the payments Are
Not Materially Dependent
on Property Cash Flow
Loans Secured by 12,584,656 1,229,853 12,584,656 144,354 10,863,028 85,34%
Commercial Property
which the payments Are
Materially Dependent on
Property Cash Flow
12 Loan by Land Acquisition, 489,998 128,109 489,998 26,082 774,119 150,00%
Land Processing and
Construction
13 Past Due Receivables 5,977,392 164,933 5,880,906 27,499 4,997,757 84,59%
14 Other Assets 102,029,539 - 102,029,539 - 77,160,197 75,63%
15 Total 2,126,152,298 484,950,543 2,007,077,091 154,319,197 1,203,816,035 55,70%
2) Bank secara Konsolidasi dengan Entitas Anak
Posisi Desember 2025
(in million rupiah)
Net Receivables Before Net Receivables After
Implementation of FKK and MRK Implementation of FKK and MRK RWA and Average Risk Weight
Techniques RWA and Average Risk Weight
Portfolio Category
Statement Statement of Average Risk
of Financial TRA Financial TRA RWA Weight
Position Position (e/(c+d))
a b c d e f
1 Government Receivables 581,442,966 82,724,515 581,442,966 30,294,430 147,374 0,02%
2 Public Sector Entities 191,892,512 90,895,041 122,678,792 26,784,015 64,147,042 42,92%
Receivables
3 Multilateral Development - - - - - 0,00%
Banks and International
Institutions Receivables
4 Bank Receivables 75,896,099 64,913,752 75,610,748 32,389,446 29,744,120 27,54%
5 Receivables from 14,185,898 638,711 14,182,010 148,546 7,275,165 50,77%
Securities Companies
and Other Financial
Institutions1)
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 823
Page 826
(in million rupiah)
Net Receivables Before Net Receivables After
Implementation of FKK and MRK Implementation of FKK and MRK RWA and Average Risk Weight
CORPORATE GOVERNANCE
Techniques RWA and Average Risk Weight
Portfolio Category
Statement Statement of Average Risk
of Financial TRA Financial TRA RWA Weight
Position Position (e/(c+d))
a b c d e f
6 Receivables in the form of - - - - - 0,00%
Covered Bond
7 Corporate Receivables 682,303,242 181,368,039 650,635,686 56,559,374 618,338,162 87,44%
- General Corporate
Exposure2)
Securities Companies and - - - - - 0,00%
Other Financial Services
Institutions Receivables3)
8 Special Financing 146,916,494 15,792,136 145,505,037 2,692,964 153,436,499 103,53%
Exposure4)
9 Receivables in the form of 22,970 - 22,970 - 24,455 106,46%
Subordinated Securities,
Equity, and Other Capital
Instruments
10 Micro Business, Small 342,883,715 43,885,756 326,412,944 4,558,690 240,105,194 72,55%
Business, and Retail
Portfolio
11 Loans Secured by Real 88,221,768 4,440,690 88,221,668 838,606 62,043,412 69,66%
Estate
Loans Secured by 64,865,455 349 64,865,455 - 42,265,790 65,16%
Residential Property which
the payments Are Not
Materially Dependent on
Property Cash Flow
Loans Secured by - - - - - 0,00%
Residential Property
which the payments Are
Materially Dependent on
Property Cash Flow
Loans Secured by 10,771,657 3,185,057 10,771,557 694,253 8,914,595 77,75%
Commercial Property
which the payments Are
Not Materially Dependent
on Property Cash Flow
Loans Secured by 12,584,656 1,229,853 12,584,656 144,354 10,863,028 85,34%
Commercial Property
which the payments Are
Materially Dependent on
Property Cash Flow
12 Loan by Land Acquisition, 489,998 128,109 489,998 26,082 774,119 150,00%
Land Processing and
Construction
13 Past Due Receivables 6,686,678 164,933 6,590,192 27,499 5,706,814 86,24%
14 Other Assets 110,888,418 - 110,888,418 - 85,816,950 77,39%
15 Exposure in Subsidiaries 456,803,387 8,279,076 363,025,729 2,732,768 187,391,103 51,23%
– Sharia
16 Total 2,698,634,145 493,230,756 2,485,707,158 157,052,421 1,454,950,408 55,05%
Exposure Disclosure by Asset Class and Risk Weights (CR5)
1) Individual Banks Position December 2025
Tagihan Bersih Setelah
Portfolio Category 0% 20% 50% 100% 150% Lainnya
FKK dan Teknik MRK
1 Government Receivables 588,920,429 736,870 - - - - 589,657,299
Tagihan Bersih Setelah FKK
Portfolio Category 20% 50% 100% 150% Lainnya
dan Teknik MRK
Public Sector Entities
2 61,077,553 80,001,175 - 7,738,905 - 148,817,633
Receivables
824 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 827
Tagihan Bersih
Portfolio Category 0% 20% 30% 50% 100% 150% Lainnya Setelah FKK dan
CORPORATE GOVERNANCE
Teknik MRK
3 Multilateral Development
Banks and International - - - - - - - -
Institutions Receivables
Tagihan Bersih
Portfolio Category 20% 30% 40% 50% 75% 100% 150% Lainnya Setelah FKK dan
Teknik MRK
4 Bank Receivables 68,274,035 4,361,860 34,538,441 1,099,053 1,637,818 - - - 109,911,207
Securities Companies and 6,075,253 125,191 - 300,112 7,830,001 - - - 14,330,557
Other Financial Services
Institutions Receivables1)
Tagihan Bersih Setelah
Portfolio Category 10% 15% 20% 25% 35% 50% 100% Lainnya
FKK dan Teknik MRK
5 Receivables in the form of - - - - - - - - -
Covered Bond
Tagihan Bersih
Portfolio Category 20% 50% 65% 75% 80% 85% 100% 130% 150% Lainnya Setelah FKK dan
Teknik MRK
6 Corporate 49,992,205 45,902,846 13,986,845 180,110,749 405,580,311 - 8,976,997 - 704,549,954
Receivables
- General
Corporate
Exposure2)
Securities
Companies and - - - - - - - - - -
Other Financial
Services
Institutions
Receivables3)
Special - - - 4,720,829 122,868,296 20,608,876 - - 148,198,002
Financing
Exposure4)
Tagihan Bersih
Portfolio Category 100% 150% 250% 400% Lainnya Setelah FKK dan
Teknik MRK
7 Receivables in the
form of Securities/ 20,000 2,970 - - - 22,970
Subordinated
Receivables, Equity
and Other Capital
Instruments
Tagihan Bersih
Portfolio Category 45% 75% 85% 100% Lainnya Setelah FKK dan
Teknik MRK
8 Micro Business, Small
Business, and Retail 442,465 243,745,057 10,241 4,190,905 56,981 248,445,649
Portfolio Receivables
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 825
Page 828
Portfolio Category 0%5) 20% 25% 30% 35% 40% 45% 50% 60% 6
9 Loans Secured by Real - - - - -
Estate - - - -
CORPORATE GOVERNANCE
Loans Secured by - 141,619 346,660 7,393,627 5,654,045 3,218,172
Residential Property
which the payments
Are Not Materially
Dependent on Property
Cash Flow
without loan sharing - - - - - -
approach5)
using a loan sharing -
approach (guaranteed)5)
using a loan sharing - - - - -
approach (guaranteed)5)
Loans Secured by - - - -
Commercial Property
which the payments Are
Materially Dependent on
Property Cash Flow
Loans Secured by - - - - 480,572 3,840,063
Commercial Property
which the payments Are
Materially Dependent on
Property Cash Flow
without loan sharing - - - - - -
approach5)
using a loan sharing
approach (guaranteed)5) -
using a loan sharing - - - - -
approach (guaranteed)5)
Loans Secured by
Commercial Property
which the payments Are
Materially Dependent on
Property Cash Flow
Loan by Land
Acquisition, Land
Processing and
Construction5)
Net Receivables After FKK
Portfolio Category 50% 100% 150% Lainnya
and MRK
10 Past Due Receivables 1.894.115 3.977.419 36.871 - 5.908.405
Net Receivables After FKK
Portfolio Category 0% 20% 100% 150% 1250%5) Lainnya
and MRK
11 Other Assets 24.869.342 - 77.160.197 - - - 102.029.539
Net Receivables Statement Net Billings TRA (before Net Billings (After imposition
No Risk Weight FKK Average
of Financial Position FKK imposition) of FKK and MRK Techniques)
1 < 40% 794.109.038 113.539.320 33,43% 812.314.645
2 40%-70% 176.342.464 144.790.475 39,81% 184.080.039
3 75% 317.788.623 46.738.950 14,46% 318.359.390
4 80% 4.453.882 2.031.065 15,05% 4.720.829
5 85% 185.444.130 37.077.135 24,77% 180.120.990
6 90%-100% 607.012.047 136.927.829 36,02% 622.413.995
7 105%-130% 20.965.601 612.868 10,00% 21.024.128
8 150% 20.036.513 3.232.901 31,32% 18.362.271
9 250% - - 0,00% -
10 400% - - 0,00% -
11 1250% - - 0,00% -
12 Total Net 2.126.152.298 484.950.543 33,46% 2.161.396.288
Receivables
826 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 829
Tagihan Bersih Setelah
65%5) 70% 75% 85% 90% 100% 105% 110% 150% Lainnya
FKK dan Teknik MRK
- - - - - - - - - -
-
CORPORATE GOVERNANCE
- 48,060,053 - - - - 64,814,176
-
- - - - - - -
-
- -
- - - -
- -
- - - - -
3,099,615 - 4,045,560 - - 11,465,810
- -
- -
- - - - - -
-
6,652,001 4,571,308 415,252 1,090,448,21 - 12,729,009
0 516,079 - 516,079
2) Consolidated Bank with Subsidiaries
(in million rupiah)
Net Receivables
Portfolio Category 0% 20% 50% 100% 150% Others After FKK and MRK
Techniques
1 Government Receivables 611,000,527 736,870 - - - - 611.737.397
Net Receivables After FKK
Portfolio Category 20% 50% 100% 150% Others
and MRK Techniques
2 Public Sector Entities Receivables 61,077,553 80,646,349 - 7,738,905 - 611,737,397
Net Receivables After FKK and
Portfolio Category 0% 20% 30% 50% 100% 150% Others
MRK Techniques
3 Multilateral Development Banks and
International Institutions Receivables - - - - - - - -
Net Receivables
Portfolio Category 20% 30% 40% 50% 75% 100% 150% Others After FKK and MRK
Techniques
4 Bank Receivables 68,685,493 4,361,860 32,158,993 1,099,053 1,637,818 56,976 - - 108.000.193
Receivables 6,075,253 125,191 - 300,112 7,830,001 - - - 14.330.557
from Securities
Companies and
Other Financial
Institutions¹
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 827
Page 830
Portfolio Category 10% 15% 20% 25%
CORPORATE GOVERNANCE
5 Receivables in the form of Covered Bond - - - -
Portfolio Category 20% 50% 65%5) 75%
6 Corporate Receivables Umum2) 49,992,205 45,902,846 14,086,718
Securities Companies and Other Financial Services Institutions Receivables3) - - - -
Special Financing Exposure4) - - -
Portfolio Category 100% 150%
7 Receivables in the form of Securities/Subordinated Receivables, Equity and Other Capital Instruments 20,000 2,970
Portfolio Category 45% 75%
8 Micro Business, Small Business, and Retail Portfolio Receivables 442,465 286,653,023
Portfolio Category 0%5) 20% 25% 30% 35% 40% 45% 50% 60%
9 Loans Secured by Real Estate - - - - - - - - -
Loans Secured by Residential Property - 154,072 352,921 7,406,008 5,663,437 3,228,733
which the payments Are Not Materially
Dependent on Property Cash Flow
without loan sharing approach5) - - - - - - - - -
using a loan sharing approach - - - -
(guaranteed)5)
using a loan sharing approach - - - - - -
(guaranteed)5)
Loans Secured by Residential Property - - - - - - - -
which the payments Are Materially
Dependent on Property Cash Flow
Commercial Property Secured Loans - - - - - 480,572 3,840,063
whose Payments Are Not Materially
Dependent on Property Cash Flow
without loan sharing approach5) - - - - - - -
using a loan sharing approach - - - - -
(guaranteed)5) - -
using a loan sharing approach - - - - - - -
(guaranteed)5)
Loans Secured by Commercial Property
which the payments Are Materially
Dependent on Property Cash Flow
Loan by Land Acquisition, Land
Processing and Construction5)
Portfolio Category 50% 100%
10 Past Due Receivables 1,895,433 4,684,524
Portfolio Category 0% 20% 100%
11 Other Assets 25,071,468 - 85,816,950
Portfolio Category 0% 20% 25% 35%
12 Exposure in Subsidiaries - Sharia 117,954,178 27,539,295 13,000,323 30,396,026
828 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 831
35% 50% 100% Others Net Receivables After FKK and MRK Techniques
CORPORATE GOVERNANCE
- - - - -
80% 85% 100% 130% 150% Others Net Receivables After FKK and MRK Techniques
180,110,749 407,849,382 9,253,161 - 707,195,060
- - - - -
4,720,829 122,868,296 20,608,876 - - 148,198,002
250% 400%5) Others Net Receivables After FKK and MRK Techniques
- - - 22,970
85% 100% Others Net Receivables After FKK and MRK Techniques
127,507 4,313,239 39,435,400 330,971,634
Net Receivables After FKK
65%5) 70% 75% 85% 90% 100% 105% 110% 150% Others
and MRK Techniques
- - - - - - - - - -
-
- 231 48,060,053 - - - 64,865,455
-
- - - - - - - - - -
-
-
- -
- - - - -
- -
- - - - -
- -
- 3,099,615 - 4,045,560 - 11,465,810
-
- - -
-
- - -
-
- - - - - -
-
6,652,001 4,571,308 - 415,252 1,090,448 12,729,009
-
- 516,079
516,079 -
150% Others Net Receivables After FKK and MRK Techniques
37,734 - 6,617,690
150% 1250%5) Others Net Receivables After FKK and MRK Techniques
- - - 110,888,418
50% 75% 100% Others Net Receivables After FKK and MRK Techniques
61,092,423 40,456,380 102,481,107 - 2,732,768
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 829
Page 832
Net Receivables Statement Net Billings TRA (before Net Billings (After imposition
No Risk Weight FKK Average
of Financial Position FKK imposition) of FKK and MRK Techniques)
1 < 40% 816,833,814 113,539,320 33,43% 874,474,821
CORPORATE GOVERNANCE
2 40%-70% 214,008,111 144,790,475 39,81% 182,310,286
3 75% 360,870,129 46,740,087 14,47% 361,367,229
4 80% 4,453,882 2,031,065 15,05% 4,720,829
5 85% 185,561,396 37,077,135 24,77% 180,238,256
6 90%-100% 618,824,287 136,927,829 36,02% 634,226,236
7 105%-130% 20,965,601 612,868 10,00% 21,024,128
8 150% 20,313,539 3,232,901 31,32% 18,639,297
9 250% - - 0,00% -
10 400% - - 0,00% -
11 1250% - - 0,00% -
12 Exposure in 429,642,152 8,278,691 33,68% 2,732,768
Subsidiaries - Sharia
13 Total Net Receivables 2,241,830,758 484,951,680 33,46% 2,277,001,081
Credit Risk - Counterparty Credit Risk (CCR1) Exposure Analysis
(in million rupiah)
INDIVIDUAL
Alpha used for
Replacement Potential future Net
As of 31 December 2025 EEPE regulatory EAD RWA
cost (RC) exposure (PFE) Receivables
calculations
1 SA-CCR (for derivatives) 7,263,292 4,085,971 1,4 15,888,968 6,650,558
2 Internal Model Method
(for derivatives and SFTs) - -
3 Simple Approach for
credit risk mitigation (for - -
SFTs)
4 Comprehensive Approach
for credit risk mitigation 5,520,731 1,569,142
(for SFTs)
5 VaR for SFTs
- -
6 Total 7,263,292 4,085,971 21,409,698 8,219,700
(in million rupiah)
CONSOLIDATED
Alpha used for
Replacement Potential future Net
As of 31 December 2025 EEPE regulatory EAD RWA
cost (RC) exposure (PFE) Receivables
calculations
1 SA-CCR (for derivatives) 7,297,117 4,093,356 1,4 15,946,663 6,677,212
2 Internal Model Method (for - -
derivatives and SFTs)
3 Simple Approach for credit - -
risk mitigation (for SFTs)
4 Comprehensive Approach 6,653,965 1,622,363
for credit risk mitigation
(for SFTs)
5 VaR for SFTs - -
6 Total 7,297,117 4,093,356 - 22,600,628 8,299,575
830 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 833
Credit Risk – CCR Exposure by Portfolio Category and Risk Weight (CCR3)
Disclosure of CCR Exposure by Portfolio Category and Risk Weighting – Bank Only
CORPORATE GOVERNANCE
as of 31 December 2025 (in million rupiah)
Portfolio Total Net
0% 10% 20% 25% 30% 35% 40% 45% 50% 75% 85% 100% 150% Others
Category Receivables
Government 516,824 - - - - - - - - - - - - - 516,824
Receivables
Public Sector - - 5,125,002 - - - - - 586,183 - - - - 5,711,185
Entities -
Receivables
Multilateral - - - - - - - - - - - - - -
Development -
Banks and
International
Institutions
Receivables
Bank - - 3,579,925 - 483,099 - 8,158,769 - 302,608 - - - - 12,524,401
Receivables
Micro Business, - - - - - - - - - - 6,317 - - 6,317
Small Business,
and Retail
Portfolio
Receivables
Corporate - - 25,739 - - - - - 66,040 194,696 89,389 2,106,533 168,575 - 2,650,971
Receivables
Weighted - - - - - - - - - - - - - - -
exposure of
Credit Valuation
Adjustments
(CVA risk
weighted
assets)
Total 516,824 - 8,730,667 - 483,099 - 8,158,769 - 954,831 194,696 89,389 2,112,850 168,575 - 21,409,698
Disclosure of CCR Exposure by Portfolio Category and Risk Weighting - Consolidated
as of 31 December 2025 (in million rupiah)
Portfolio Total Net
0% 10% 20% 25% 30% 35% 40% 45% 50% 75% 85% 100% 150% Others
Category Receivables
Government 1,531,679 - - - - - - - - - 0 - - - 1,531,679
Receivables
Public Sector - - 5,125,002 - - - - - 586,183 - 0 - - - 5,711,185
Entities
Receivables
Multilateral - - - - - - - - - - - - - - -
Development
Banks and
International
Institutions
Receivables
Bank - - 3,579,925 - 483,099 - 8,181,696 - 338,363 - 0 - - - 12,583,083
Receivables
Micro Business, - - - - - - - 117,393 - - 0 6,317 - - 123,710
Small Business,
and Retail
Portfolio
Receivables
Corporate - - 25,739 - - - - - 66,040 194,696 89,389 2,106,533 168,575 - 2,650,971
Receivables
Weighted - - - - - - - - - - - - -
exposure of - -
Credit Valuation
Adjustments
(CVA risk
weighted
assets)
Exposure in - - - - - - - -
Subsidiaries - - - - - - - -
Sharia
Total 1,531,679 - 8,730,667 - 483,099 - 8,181,696 117,393 990,585 194,696 89,389 2,112,850 168,575 22,600,628
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 831
Page 834
Credit Risk - Net Receivables of Credit Derivatives (CCR6)
As of 31 December 2025 (in million rupiah)
CORPORATE GOVERNANCE
INDIVIDUAL Protection bought Protection sold
Notional Value - -
Single-name credit default swaps - -
Index credit default swaps - -
Total return swaps - -
Credit options - -
Other credit derivatives - -
Total Notional Value - -
Fair value - -
Positive fair value (asset) - -
Negative fair value (liability) - -
As of 31 December 2025 (in million rupiah)
CONSOLIDATED Protection sold
Notional Value -
Single-name credit default swaps -
Index credit default swaps -
Total return swaps -
Credit options -
Other credit derivatives -
Total Notional Value -
Fair value -
Positive fair value (asset) -
Negative fair value (liability) -
Note: Bank Mandiri as bank only and consolidated did not have credit derivative transactions
Credit Risk - Disclosure of securitization Exposure in Banking Book (SEC1)
As of 31 December 2025 (in million rupiah)
Bank as originator Bank as sponsor Bank as
investor
INDIVIDUAL
Traditional Sintetis Sub-total Traditional Sintetis Sub-total Traditional Sintetis Sub-total
1 Retail (total) - 9,220 - 9,220 - - - 25,644 - 25,644
among other
2 Housing loans 9,220 - 9,220 - - - 25,644 - 25,644
3 Credit cards - - - - - - - - -
4 Other retail - - - - - - - - -
exposures
5 Re-securitization - - - - - - - - -
6 Non-retail (total) - - - - - - - - - -
among others
7 Corporate loans - - - - - - - - -
8 Commercial - - - - - - - - -
credit
9 Rent and - - - - - - - - -
accounts
receivable
10 Other non-retail - - - - - - - - -
11 Re-securitization - - - - - - - - -
(in million rupiah)
832 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 835
Bank as originator Bank as sponsor Bank as investor
CONSOLIDATED
Traditional Sintetis Sub-total Traditional Sintetis Sub-total Traditional Sintetis Sub-total
1 Retail (total) - among 9,220 - 9,220 - - - 25,644 - 25,644
CORPORATE GOVERNANCE
other
2 Housing loans 9,220 - 9,220 - - - 25,644 - 25,644
3 Credit cards - - - - - - - - -
4 Other retail - - - - - - - - -
exposures
5 Re-securitization - - - - - - - - -
6 Non-retail (total) - - - - - - - - - -
among others
7 Corporate loans - - - - - - - - -
8 Commercial credit - - - - - - - - -
9 Rent and accounts - - - - - - - - -
receivable
10 Other non-retail - - - - - - - - -
11 Re-securitization - - - - - - - - -
Credit Risk - Disclosure of securitization Exposure in Trading Book (SEC2)
As of 31 December 2025 (in million rupiah)
Bank as originator Bank as sponsor Bank as investor
INDIVIDUAL
Traditional Sintetis Sub-total Traditional Sintetis Sub-total Traditional Sintetis Sub-total
1 Retail (total) - among - - - - - - - - -
other
2 Housing loans - - - - - - - - -
3 Credit cards - - - - - - - - -
4 Other retail - - - - - - - - -
exposures
5 Re-securitization - - - - - - - - -
6 Non-retail (total) - - - - - - - - - -
among others
7 Corporate loans - - - - - - - - -
8 Commercial credit - - - - - - - - -
9 Rent and accounts - - - - - - - - -
receivable
10 Other non-retail - - - - - - - - -
11 Re-securitization - - - - - - - - -
(in million rupiah)
Bank as originator Bank as sponsor Bank as investor
CONSOLIDATED
Traditional Sintetis Sub-total Traditional Sintetis Sub-total Traditional Sintetis Sub-total
1 Retail (total) - among - - - - - - - - -
other
2 Housing loans - - - - - - - - -
3 Credit cards - - - - - - - - -
4 Other retail exposures - - - - - - - - -
5 Re-securitization - - - - - - - - -
6 Non-retail (total) - - - - - - - - - -
among others
7 Corporate loans - - - - - - - - -
8 Commercial credit - - - - - - - - -
9 Rent and accounts - - - - - - - - -
receivable
10 Other non-retail - - - - - - - - -
11 Re-securitization - - - - - - - - -
Notes: Bank Mandiri as bank only and consolidated did not have securitization exposure in trading book
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 833
Page 836
Credit Risk - Disclosure of securitization exposure in the banking book when the bank is the originator or
sponsor and its capital requirements (SEC3)
CORPORATE GOVERNANCE
As of 31 December 2025
Exposure Value
(based on Risk Weighted)
INDIVIDUAL >20% to >50% to >100% to
≤20% Risk 50% 100% <1250% 1250%
Weighted Risk Risk Risk Risk
Weighted Weighted Weighted Weighted
1 Total eksposur - - - 9,220 -
2 Traditional securitization - - - 9,220 -
3 In which the underlying securitization - - - 9,220 -
4 ritel - - - 9,220 -
5 non-ritel - - - - -
6 In which resecuritization - - - - -
7 Senior - - - - -
8 Non-senior - - - - -
9 Synthetic securitization - - - - -
10 In which the underlying securitization - - - - -
11 ritel - - - - -
12 non-ritel - - - - -
13 In which resecuritization - - - - -
14 Senior - - - - -
15 Non-senior - - - - -
As of 31 December 2025
Exposure Value
(based on Risk Weighted)
KONSOLIDASI >20% to >50% to >100% to
≤20% Risk 50% 100% <1250% 1250%
Weighted Risk Risk Risk Risk
Weighted Weighted Weighted Weighted
1 Total eksposur - - - 9,220 -
2 Traditional securitization - - - 9,220 -
3 In which the underlying securitization - - - 9,220 -
4 ritel - - - 9,220 -
5 non-ritel - - - - -
6 In which resecuritization - - - - -
7 Senior - - - - -
8 Non-senior - - - - -
9 Synthetic securitization - - - - -
10 In which the underlying securitization - - - - -
11 ritel - - - - -
12 non-ritel - - - - -
13 In which resecuritization - - - - -
14 Senior - - - - -
15 Non-senior - - - - -
834 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 837
CORPORATE GOVERNANCE
(in million rupiah)
RWA
Capital charge after cap Capital charge after cap
(based on regulatory approach)
IRB RBA IRB RBA IRB RBA
(include IRB SFA SA/SSFA 1250% (include IRB SFA SA/SSFA 1250% (include IRB SFA SA/SSFA 1250%
IAA) IAA) IAA)
- - 9,220 - - - 109,995 - - - 2,486 -
- - 9,220 - - - 109,995 - - - 2,486 -
- - 9,220 - - - 109,995 - - - 2,486 -
- - 9,220 - - - 109,995 - - - 2,486 -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
(in million rupiah)
RWA
Capital charge after cap Capital charge after cap
(based on regulatory approach)
IRB RBA IRB RBA IRB RBA
(include IRB SFA SA/SSFA 1250% (include IRB SFA SA/SSFA 1250% (include IRB SFA SA/SSFA 1250%
IAA) IAA) IAA)
- - 9,220 - - - 109,995 - - - 2,486 -
- - 9,220 - - - 109,995 - - - 2,486 -
- - 9,220 - - - 109,995 - - - 2,486 -
- - 9,220 - - - 109,995 - - - 2,486 -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - - -
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 835
Page 838
CREDIT RISK - Disclosure of Securitization Exposure on banking book and its capital requirements – Bank as
investor (SEC4)
CORPORATE GOVERNANCE
As of 31 December 2025
Exposure Value
(based on Risk Weighted)
INDIVIDUAL >100% to
>20% to 50% >50% to 100%
≤20% Risk <1250% 1250% IRB RBA
Risk Risk
Weighted Risk Risk (include IAA)
Weighted Weighted
Weighted Weighted
1 Total exposure 25,644 - - - - -
2 Traditional securitization 25,644 - - - - -
3 In which the underlying securitization 25,644 - - - - -
4 ritel 25,644 - - - - -
5 non-ritel - - - - - -
6 In which resecuritization - - - - - -
7 Senior - - - - - -
8 Non-senior - - - - - -
9 Synthetic securitization - - - - - -
10 In which the underlying securitization - - - - - -
11 ritel - - - - - -
12 non-ritel - - - - - -
13 In which resecuritization - - - - - -
14 Senior - - - - - -
15 Non-senior - - - - - -
As of 31 December 2025
Exposure Value
(based on Risk Weighted)
CONSOLIDATION >100% to
>20% to 50% >50% to 100% 1250%
≤20% Risk <1250% IRB RBA
Risk Risk Risk
Weighted Risk (include IAA)
Weighted Weighted Weighted
Weighted
1 Total exposure 25,644 - - - - -
2 Traditional securitization 25,644 - - - - -
3 In which the underlying securitization 25,644 - - - - -
4 ritel 25,644 - - - - -
5 non-ritel - - - - - -
6 In which resecuritization - - - - - -
7 Senior - - - - - -
8 Non-senior - - - - - -
9 Synthetic securitization - - - - - -
10 In which the underlying securitization - - - - - -
11 ritel - - - - - -
12 non-ritel - - - - - -
13 In which resecuritization - - - - - -
14 Senior - - - - - -
15 Non-senior - - - - - -
836 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 839
CORPORATE GOVERNANCE
(in million rupiah)
Exposure Value ATMR
Capital charge after cap
(based on regulatory approach) (berdasarkan regulatory approach)
IRB SFA SA/SSFA 1250% IRB RBA IRB SFA SA/SSFA 1250% IRB RBA IRB SFA SA/SSFA 1250%
25,644 - - - 4,172 - - - - - -
25,644 - - - 4,172 - - - - - -
25,644 - - - 4,172 - - - - - -
25,644 - - - 4,172 - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
(in million rupiah)
Exposure Value ATMR
Capital charge after cap
(based on regulatory approach) (berdasarkan regulatory approach)
IRB SFA SA/SSFA 1250% IRB RBA IRB SFA SA/SSFA 1250% IRB RBA IRB SFA SA/SSFA 1250%
25,644 - - - 4,172 - - - - - -
25,644 - - - 4,172 - - - - - -
25,644 - - - 4,172 - - - - - -
25,644 - - - 4,172 - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
- - - - - - - - - - -
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 837
Page 840
Credit Risk - Exposure Report related to Transactions with Central Counterparty Institutions (CCPs)
1) Individual Banks Position December 2025
CORPORATE GOVERNANCE
Net Receivables
No. Component Name After Implementation RWA
of FKK and MRK
1 Total Exposure to QCCP 111,005 2,220
2 Exposure transacted with QCCP (excluding initial margin and default fund contribution) 16,291 326
(i) OTC derivatives 16,291 326
(ii) Derivatives transactions through exchanges - -
(iii) securities financing transactions - -
(iv) netting set (in case cross-product netting is allowed) - -
3 Segregated Initial Margin -
4 Nonsegregated Initial Margin - -
5 Prefunded default fund contribution 94,714 1,894
6 Unfunded default fund contribution - -
7 Total Exposure to NonQCCP - -
8 Exposure transacted via non-QCCP (excluding initial margin and default fund contribution) - -
(i) OTC derivatives - -
(ii) Derivatives transactions through exchanges - -
(iii) securities financing transactions - -
(iv) netting set (in case cross-product netting is allowed) - -
9 Segregated Initial Margin -
10 Nonsegregated Initial Margin - -
11 Prefunded default fund contribution - -
12 Unfunded default fund contribution - -
13 Total Exposure to QCCP and Non-QCCP 111,005 2,220
2) Bank on Consolidated with Subsidiaries Position December 2025
Net Receivables
No. Component Name After Implementation RWA
of FKK and MRK
1 Total Exposure to QCCP 111,005 2,220
2 Exposure transacted with QCCP (excluding initial margin and default fund contribution) 16,291 326
(i) OTC derivatives 16,291 326
(ii) Derivatives transactions through exchanges - -
(iii) securities financing transactions - -
(iv) netting set (in case cross-product netting is allowed) - -
3 Segregated Initial Margin -
4 Nonsegregated Initial Margin - -
5 Prefunded default fund contribution 94,714 1,894
6 Unfunded default fund contribution - -
7 Total Exposure to NonQCCP - -
8 Exposure transacted via non-QCCP (excluding initial margin and default fund contribution) - -
(i) OTC derivatives - -
(ii) Derivatives transactions through exchanges - -
(iii) securities financing transactions - -
(iv) netting set (in case cross-product netting is allowed) - -
9 Segregated Initial Margin - -
10 Nonsegregated Initial Margin - -
11 Prefunded default fund contribution - -
12 Unfunded default fund contribution - -
13 Total Exposure to QCCP and Non-QCCP 111,005 2,220
838 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 841
Table 7.1. Disclosure of Market Risk using a Standardized Approach
CORPORATE GOVERNANCE
(in IDR million)
31 December 2025
No. Types of Risk
Bank Consolidation
Expense Modal RWA Expense Modal RWA
(1) (2) (3) (4) (5) (6)
a. Capital charges based on sensitivity-based method 2,259,169 28,239,611 2,290,101 28,626,264
GIRR risk class 926,717 11,583,963 936,557 11,706,963
CSR risk class (non-securitization) 396,661 4,958,268 401,675 5,020,941
CSR risk class (securitization: non-CTP) - - - -
CSR risk class (securitization: CTP) - - - -
Equity risk class *) - - 10,042 125,519
Commodity Risks Class *) - - - -
Exchange Rat Risks Class 935,790 11,697,380 941,827 11,772,841
b. Capital expense of default risk (DRC) 238,567 2,982,093 239,574 2,994,679
c. Residual risk add-on (RRAO) - - - -
d. Credit Valuation Adjustment (CVA) 373,281 4,666,016 374,576 4,682,197
e. Additional Pillar 1 ATMR - - 317,775 3,972,182
Total 2,871,018 35,887,720 3,222,026 40,275,321
*) This risk is only calculated if there are Subsidiaries that have equity and/or commodity exposure
(in IDR million)
31 December 2024
No. Types of Risk
Bank Consolidation
Expense Modal RWA Expense Modal RWA
(1) (2) (3) (4) (5) (6)
a. Capital charges based on sensitivity-based method 1,180,553 14,756,912 1,207,785 15,097,310
GIRR risk class 538,232 6,727,900 545,175 6,814,687
CSR risk class (non-securitization) 264,180 3,302,255 268,159 3,351,987
CSR risk class (securitization: non-CTP) - - - -
CSR risk class (securitization: CTP) - - - -
Equity risk class *) - - 11,630 145,380
Commodity Risks Class *) - - - -
Exchange Rat Risks Class 378,141 4,726,758 382,821 4,785,257
b. Capital expense of default risk (DRC) 38,998 487,474 40,284 503,547
c. Residual risk add-on (RRAO) - - - -
d. Credit Valuation Adjustment (CVA) 403,605 5,045,063 412,072 5,150,904
e. Additional Pillar 1 ATMR - - 135,475 1,693,432
Total 1,623,156 20,289,449 1,795,615 22,445,192
*) This risk is only calculated if there are Subsidiaries that have equity and/or commodity exposure
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 839
Page 842
Tabel 7.2 Disclosures of Market Risk with Internal Value at Risk/VaR Model - Bank Only
31 Desember 2025 31 Desember 2024
CORPORATE GOVERNANCE
No Jenis Risiko VaR Rata- VaR VaR VaR Akhir VaR Rata- VaR VaR VaR Akhir
Rata Maksimum Minimum Periode Rata Maksimum Minimum Periode
(1) (2) (3) (4) (5) (6) (3) (4) (5) (6)
Risiko Suku
1 33,259 63,561 11,173 33,534 20,675 57,586 6,845 15,803
Bunga
Risiko Nilai
2 28,355 61,741 2,423 45,257 14,272 40,349 1,760 8,948
Tukar
3 Risiko Option 12,063 48,164 480 3,513 5,828 14,847 722 845
Total 38,127 69,331 14,587 42,358 24,019 58,801 7,571 22,164
Tabel 7.3a Disclosure of Interest Rate Risk in Banking Book (IRRBB) Exposures - Individual
Bank Name : PT. Bank Mandiri (Persero). Tbk (Individual)
Report Position : December 2025
Currency : Rupiah and Foreign Exchange
In IDR million ΔEVE ΔNII
December December December December
Period
2024 2025 2024 2025
Parallel up 5,121,749 - 1,198,553 (3,823,449)
Parallel down (4,398,536) (16,888,875) (4,378,629) (2,831,637)
Steepener (3,294,699) (787,702)
Flattener 5,095,363 -
Short rate up 4,947,860 -
Short rate down (6,509,117) (4,941,837)
Negative Maximum Value (absolute) 6,509,117 16,888,875 4,378,629 3,823,449
Tier 1 capital (for ΔEVE) or Projected Income (for ΔNII) 229,932,670 238,082,036 76,058,431 81,783,365
Maximum Value divided by Tier 1 Capital (for ΔEVE) or Projected
2,83% 7,09% 5,76% 4,68%
Income (for ΔNII)
Tabel 7.4 Disclosure of Risk Management Implementation Report for IRRBB - Individual
Bank Name : PT. Bank Mandiri (Persero). Tbk (Individual)
Report Position : December 2025
Currency : Rupiah and Foreign Exchange
Qualitative Analysis
1 Explanation about how the Bank defines IRRBB for risk measurement and control.
The Interest Rate Risk in The Banking Book is a risk due to movements of interest rates in the market that run counter to the position of
the Banking Book. which potentially impacts the capital and rentability (earnings) of the Bank in the current period or the future.
The Bank uses 2 (two) methods in calculating the IRRBB. namely calculation based on changes in the economic value of equity. or ΔEVE.
and calculation based on changes in net interest income. or ΔNII. The simulation of ΔEVE and ΔNII is performed according to interest
rate shock in OJK Circular No. 12/SEOJK.03/2018 dated 21 August 2018.
The Bank controls and mitigates interest rate risk using a recomposition of assets and liabilities or a hedging strategy.
2 Explanation about IRRBB strategic management and mitigation.
The Bank adopts IRRBB control strategies that are in line with the Banks overall business strategies by considering the risk appetite and
risk tolerance approved by the Board of Directors and Board of Commissioner.
Meanwhile. in response to changes in the economic value of equity (ΔEVE). the IRRBB mitigation strategies are formulated based on the
duration of the positions (average repricing maturity) of assets and liabilities. As of December 31. 2025. Bank Mandiri’s individual ΔEVE
was 7.09%. far below the level set by the Regulator of 15%. The decrease of ΔEVE compared to previous period was driven by the Banks
internal strategy in managing assets & liabilities. specifically in optimizing liquidity.
3 Periodic calculation of the Banks IRRBB and the explanation about specific actions taken by the Bank to measure sensitivity to IRRBB.
In ensure IRRBB is monitored properly. the Bank calculates IRRBB every end-of-month of the reporting period and reports and publishes
the result for every quarter position per the prevailing provisions. The measurement of sensitivity to IRRBB is in accordance with OJK
Circular No. 12/SEOJK.03/2018 dated August 21. 2018. which covers all Banking Book positions by looking at changes in economic
value and earnings.
Explanation about shock scenario for interest rates and stress scenario used by the Bank to estimate changes in economic value and
4
earnings.
840 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 843
IRRBB exposures calculation is based on 6 (six) shock scenarios for interest rates:
Estimation of Changes
CORPORATE GOVERNANCE
Scenario Explanation
Economic value Earnings
Parallel Up Interest rate shock that is parallel up √ √
Parallel Down Interest rate shock that is parallel down √ √
Steepener Steep interest rate shock in which short-term interest rates √
go down and long-term interest rates go up
Flattener Flat interest rate shock in which short-term interest rates √
go up and long-term
Short Up Interest rate shock in which short-term interest rates go up √
Short Down Interest rate shock in which short-term interest rates go √
down
5 Modelling assumption used significantly in the Internal Measurement System (IMS) – if any.
The Bank has no modelling assumption that is used significantly in the Internal Measurement System (IMS) because the Bank’s
assumption is different from the modelling assumption used in the IRRBB calculation with a standardized method.
6 Explanation about how the Bank hedges the IRRBB (if any). along with the relevant accounting treatment
The Bank makes hedging transactions on the interest rate risk position by considering risk appetite. business strategies. and projected
future movements of market factors. The Bank does not apply the hedge accounting method in the hedging transaction accounting. The
profit/loss arising from the hedging transaction is recorded in the Bank’s profit/loss statement.
7 Comprehensive explanation about the primary assumptions of modelling and the parameters used to calculate ΔEVE and ΔNII.
The following are the primary assumptions of modelling used to calculate ΔEVE and ΔNII:
a. In the calculation of ΔEVE. cash flows are discounted but do not incorporate commercial margins. In contrast. the calculation of
ΔNII incorporates commercial margins in the cash flows but does not apply discounting to those cash flows.
b. Non-Maturing Deposits (NMD) are liability products withdrawable on demand by customers as they do not have contractual
maturities. For IRRBB measurement. NMD include savings and current accounts. In the calculation of ΔEVE and ΔNII. the initial
step in determining average repricing maturities is performed by identifying core and non-core deposits of NMD products based
on behavioral characteristics. The Bank subsequently applies a uniform slotting method to determine repricing maturities. For core
deposits. the caps applied refer to SEOJK No. 12/SEOJK.03/2018 concerning Risk Management Implementation and Standardized
Approach Measurement for Interest Rate Risk in the Banking Book for Commercial Banks.
c. Instruments with behavioral options. such as consumer loans. retail term deposits. and non-maturing deposits (NMD). have
incorporated their material impacts on ΔEVE and ΔNII through the use of early prepayment models (for consumer loans). early
redemption models (for term deposits). and behavioral analysis for NMD slotting. These models affect the repricing time profile
of the instruments within the repricing gap. The early prepayment and early redemption models consider historical data on early
settlement of the Bank’s fixed-rate loans and early withdrawals of deposits.
d. The Bank does not apply any assumptions other than those stipulated in SEOJK No. 12/SEOJK.03/2018 concerning Risk
Management Implementation and Standardized Approach Measurement for Interest Rate Risk in the Banking Book for Commercial
Banks.
e. The Bank measures IRRBB across the entire banking book by grouping positions based on material currencies. The aggregation
method for ΔEVE is systematically performed by summing the maximum ΔEVE loss from each currency that is material to the
Bank.
Quantitative Analysis
1 Rata-rata repricing maturity yang diterapkan untuk NMD.
› Average Repricing Maturity for IDR Checking Account is 2.22 years (Retail) and 1.16 years (Wholesale)
› Average Repricing Maturity for USD Checking Account is 2.02 years (Retail) and 1.05 years (Wholesale)
› Average Repricing Maturity for IDR Savings Account is 2.44 years (Retail) and 1.01 years (Wholesale)
› Average Repricing Maturity for USD Savings Account is 2.39 years (Retail) and 1.05 years (Wholesale)
2 The longest Repricing maturity applied to NMD.
› The longest repricing maturity for NMD is 6 years.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 841
Page 844
Tabel 7.3b Disclosure of Interest Rate Risk in Banking Book (IRRBB) Exposures - Consolidated
Bank Name : PT Bank Mandiri (Persero). Tbk. (Consolidated)
CORPORATE GOVERNANCE
Position : December 2025
Currency : Rupiah and Foreign Exchange
In IDR million ΔEVE ΔNII
December December December December
Period
2024 2025 2024 2025
Parallel up (2.195.951) (6.160.492) 2.241.388 (5.060.664)
Parallel down 2.873.801 (16.888.875) (4.977.851) (3.419.915)
Steepener (4.026.409) (1.597.626)
Flattener 3.701.361 (1.464.209)
Short rate up 2.144.005 (1.959.626)
Short rate down (3.812.637) (4.975.297)
Negative Maximum Value (absolute) 4.026.209 16.888.875 4.977.851 5.060.664
Tier 1 capital (for ΔEVE) or Projected Income (for ΔNII) 286.910.930 304.433.779 106.053.000 163.386.000
Maximum Value divided by Tier 1 Capital (for ΔEVE) or Projected
1.40% 5.55% 4.69% 3.10%
Income (for ΔNII)
Tabel 7.4 Disclosure of Risk Management Implementation Report for IRRBB – Consolidated
Bank Name : PT Bank Mandiri (Persero). Tbk. (Consolidated)
Position : December 2025
Currency : Rupiah and Foreign Exchange
Qualitative Analysis
1 Explanation about how the Bank defines IRRBB for risk measurement and control
The Interest Rate Risk in The Banking Book is a risk due to movements of interest rates in the market that run counter to the position of
the Banking Book. which potentially impacts the capital and rentability (earnings) of the Bank in the current period or the future.
The Bank uses 2 (two) methods in calculating the IRRBB. namely calculation based on changes in the economic value of equity. or ΔEVE.
and calculation based on changes in net interest income. or ΔNII. The simulation of ΔEVE and ΔNII is performed according to interest
rate shock in OJK Circular No. 12/SEOJK.03/2018 dated 21 August 2018.
The Bank controls and mitigates interest rate risk using a recomposition of assets and liabilities or a hedging strategy.
2 Explanation about IRRBB strategic management and mitigation
The Bank adopts IRRBB control strategies that are in line with the Bank’s overall business strategies by considering the risk appetite and
risk tolerance approved by the Board of Directors.
Meanwhile. in response to changes in the economic value of equity (ΔEVE). the IRRBB mitigation strategies are formulated based on the
duration of the positions (average repricing maturity) of assets and liabilities. As of December 31. 2025. Bank Mandiri’s individual ΔEVE
was 5.55%. far below the level set by the Regulator of 15%.
3 Periodic calculation of the Bank’s IRRBB and the explanation about specific actions taken by the Bank to measure sensitivity to IRRBB
To ensure that IRRBB is properly monitored. the Bank and its Subsidiaries calculate IRRBB for positions at the end of each reporting
month and perform reporting and disclosure for positions at the end of each reporting quarter in accordance with prevailing regulations.
Sensitivity measurement of IRRBB is conducted in line with SEOJK No. 12/SEOJK.03/2018 dated 21 August 2018. covering all banking
book positions by assessing the impact of changes on economic value and earnings.
842 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 845
Qualitative Analysis
Explanation about shock scenario for interest rates and stress scenario used by the Bank to estimate changes in economic value and
CORPORATE GOVERNANCE
4
earnings.
IRRBB exposures calculation is based on 6 (six) shock scenarios for interest rates:
Estimation of Changes
Scenario Explanation
Economic value Earnings
Parallel Up Interest rate shock that is parallel up √ √
Parallel Down Interest rate shock that is parallel down √ √
Steepener Steep interest rate shock in which short-term interest rates √
go down and long-term interest rates go up
Flattener Flat interest rate shock in which short-term interest rates √
go up and long-term interest rates go down
Short Up Interest rate shock in which short-term interest rates go up √
Short Down Shock suku bunga jangka pendek yang menurun √
5 Modelling assumption used significantly in the Internal Measurement System (IMS) – if any.
The Bank has no modelling assumption that is used significantly in the Internal Measurement System (IMS) because the Bank’s
assumption is different from the modelling assumption used in the IRRBB calculation with a standardized method.
6 Explanation about how the Bank hedges the IRRBB (if any). along with the relevant accounting treatment.
The Bank makes hedging transactions on the interest rate risk position by considering risk appetite. business strategies. and projected
future movements of market factors. The Bank does not apply the hedge accounting method in the hedging transaction accounting. The
profit/loss arising from the hedging transaction is recorded in the Bank’s profit/loss statement.
7 Comprehensive explanation about the primary assumptions of modelling and the parameters used to calculate ΔEVE and ΔNII.
The following are the primary assumptions of modelling used to calculate ΔEVE and ΔNII:
a. In the calculation of ΔEVE. cash flows are discounted but do not incorporate commercial margins. In contrast. the calculation of
ΔNII incorporates commercial margins in the cash flows but does not apply discounting to those cash flows.
b. Non-Maturing Deposits (NMD) are liability products withdrawable on demand as they do not have contractual maturities. For
IRRBB purposes. NMD comprise savings and current accounts. In the calculation of ΔEVE and ΔNII. the initial step in determining
the average repricing maturities is performed by identifying core and non-core deposits of NMD products based on behavioral
characteristics. The Bank subsequently applies a uniform slotting method to determine repricing maturities. For core deposits. the
applied caps refer to SEOJK No. 12/SEOJK.03/2018 concerning Risk Management Implementation and Standardized Approach
Measurement for Interest Rate Risk in the Banking Book for Commercial Banks.
c. Instruments with behavioral options. such as consumer loans. retail term deposits. and non-maturing deposits (NMD). have
incorporated their material impacts on ΔEVE and ΔNII through the use of early prepayment models (for consumer loans). early
redemption models (for term deposits). and behavioral analysis for NMD slotting. These models affect the repricing time profile of
the instruments within the repricing gap. The early prepayment and early redemption models take into account historical data on
early settlement of the Bank’s fixed-rate loans and early withdrawals of deposits.
d. The Bank and its Subsidiaries do not apply any assumptions other than those stipulated in SEOJK No. 12/SEOJK.03/2018
concerning Risk Management Implementation and Standardized Approach Measurement for Interest Rate Risk in the Banking
Book for Commercial Banks.
e. The Bank measures IRRBB on a consolidated basis across the entire banking book by grouping positions based on material
currencies. The aggregation method for ΔEVE is systematically performed by summing the maximum ΔEVE loss from each
currency that is material to the Bank.
Quantitative Analysis
1 Average Repricing Maturity applied to NMD.
› Average Repricing Maturity for Retail Checking Account is 1.98 years.
› Average Repricing Maturity for Wholesale Checking Account is 1.67 years.
› Average Repricing Maturity for Retail Savings is 2.29 years.
› Average Repricing Maturity for Wholesale Savings is 0.84 years.
2 The longest Repricing maturity applied to NMD.
› The longest repricing maturity for NMD is 6 years.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 843
Page 846
Table of Disclosure of Liquidity Coverage Ratio
Bank Name : PT. Bank Mandiri (Persero). Tbk
Report Position : Quarter IV 2025
CORPORATE GOVERNANCE
INDIVIDUAL
Reporting Date Position Previous Reporting Date Position
The outstanding
value of obligations
and commitments/
HQLA value after haircut or The outstanding HQLA value after haircut or
No Component contractual
outstanding liabilities and value of obligations outstanding liabilities and
invoice value The
commitments multiplied by the and commitments/ commitments multiplied by the
outstanding value
run-off rate or Contractual invoice contractual invoice runoff rate or Contractual invoice
of obligations and
value times the inflow rate value value times the inflow rate
commitments/
contractual invoice
value
The number of data points
1 used in the calculation of 64 days 64 days
the LCR
HIGH QUALITY LIQUID ASSET (HQLA)
Total High Quality Liquid
2 385.765.794 351.632.213
Asset (HQLA)
CASH OUTFLOWS
Deposits from individual
customers and funding
originating from 514.860.074 36.449.252 500.834.852 35.425.264
Micro and Small Business
3
customers consisted of:
a. Deposits/Stable
300.735.114 15.036.756 293.164.431 14.658.222
Funding
b. Deposits/Less Stable
214.124.959 21.412.496 207.670.421 20.767.042
Funding
Funding originating from
corporate customers 841.187.698 263.178.261 806.336.384 251.424.492
consisted of :
a. Operational savings 596.103.037 141.715.513 593.592.525 141.270.029
4 b. Non-Operational
deposits and/or other
245.084.661 121.462.748 212.743.859 110.154.462
liabilities of a non-
Operational nature
c. Securities in the form
of debt securities
- - - -
issued by banks
(unsecured debt)
Funding secured by collateral
5. - -
(secured funding)
Other cash outflows
(additional requirement). 517.420.690 169.595.041 470.902.480 167.327.861
consisted of:
a. cash outflows from
155.803.663 155.803.663 155.016.904 155.016.904
derivative transactions
b. cash outflows for
increased liquidity - - - -
requirements
6. c. cash outflows on loss
- - - -
of funding
d. cash outflows
on withdrawal of
committed credit 27.887.537 4.191.677 28.113.410 4.306.232
facilities and liquidity
facilities
e. cash outflows for other
contractual obligations
- - - -
related to distribution
of funds
f. cash outflows for other
contingent financing 332.692.453 8.562.664 287.772.166 8.004.725
obligations
g. other contractual cash
1.037.037 1.037.037 - -
outflows
7. CASH OUTFLOWS 469.222.554 454.177.617
844 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 847
CORPORATE GOVERNANCE
(in IDR million)
KONSOLIDASIAN
Reporting Date Position Previous Reporting Date Position
The outstanding
value of obligations
and commitments/ HQLA value after haircut or The outstanding HQLA value after haircut or
contractual outstanding liabilities and value of obligations outstanding liabilities and
invoice value The commitments multiplied by the and commitments/ commitments multiplied by the
outstanding value run-off rate or Contractual invoice contractual invoice runoff rate or Contractual invoice
of obligations and value times the inflow rate value value times the inflow rate
commitments/
contractual
64 days 64 days
512.526.401 458.624.271
685.880.846 51.848.635 666.931.728 50.102.358
334.788.992 16.739.450 331.816.293 16.590.815
351.091.853 35.109.185 335.115.436 33.511.544
335.547.045 987.520.139 316.128.323
1.047.739.836
706.495.507 168.500.738 687.278.682 163.930.740
341.135.361 166.937.339 299.998.263 151.954.390
108.968 108.968 243.194 243.194
650.852 582.948
529.564.332 177.526.833 483.089.763 176.166.542
155.803.663 155.803.663 155.016.904 155.016.904
- - - -
- - - -
29.571.528 4.360.013 29.312.382 4.426.028
- 14.008 - 127.029
335.486.476 8.646.485 290.242.739 8.078.843
8.702.665 8.702.665 8.517.738 8.517.738
565.573.365 542.980.172
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 845
Page 848
INDIVIDUAL
CORPORATE GOVERNANCE
Reporting Date Position Previous Reporting Date Position
The outstanding
value of obligations
and commitments/
HQLA value after haircut or The outstanding HQLA value after haircut or
No Component contractual
outstanding liabilities and value of obligations outstanding liabilities and
invoice value The
commitments multiplied by the and commitments/ commitments multiplied by the
outstanding value
run-off rate or Contractual invoice contractual invoice runoff rate or Contractual invoice
of obligations and
value times the inflow rate value value times the inflow rate
commitments/
contractual invoice
value
CASH INFLOWS
8. Secured lending collateral 7.333.979 - 2.237.869 -
Claims originating from
counterparties were
9. current (inflows from fully 58.182.396 32.549.286 55.242.980 32.271.003
performing exposures) from
counterparties were current
10. Other cash inflows 155.918.149 155.918.149 155.073.675 155.073.675
11. TOTAL CASH INFLOWS 221.434.524 188.467.435 212.554.524 187.344.677
TOTAL ADJUSTED VALUE 1 TOTAL ADJUSTED VALUE 1
12. TOTAL HQLA 385.765.794 351.632.213
TOTAL NET CASH
13. 280.755.119 266.832.939
OUTFLOWS
14. LCR (%) 137.40% 131.78%
Keterangan :
1) Adjusted value is calculated by the imposition of haircut. run-off rate. and inflow rate as well as the maximum limit of HQLA components. such
as the maximum limit of HQLA Level 2B and HQLA Level 2 and the maximum limit of cash inflows that can be calculated in the LCR.
The calculation of the Liquidity Coverage Ratio above is made based on POJK No. 42/POJK.03/2015 concerning Obligations to Fulfill the
Liquidity Coverage Ratio for Commercial Banks and POJK No. 32/ POJK.03/2016 concerning Amendments to the Financial Services Authority
Regulation No. 6/POJK.03/2015 concerning Transparency and Publication of Bank Statements and presented in accordance with SEOJK No.
09/SEOJK.03/2020 concerning Transparency and Publication of Conventional Commercial Bank Reports.
NSFR Qualitative Analysis Report – Individual
Nama Bank : PT. Bank Mandiri (Persero). Tbk (Individual)
Report Position : December 2025
Analysis
1. Bank Mandiri’s Consolidated Net Stable Funding Ratio (NSFR) as of 31 December 2025 was 109.95%. up 1.38% from the previous report
position on 30 September 2025 which was 108.57%. Some of the factors for this increase were as followed:
a. The increase in ASF mainly came from (i) deposits from individual customers. micro and small businesses increased by IDR83.90
trillion; (ii) Deposits from corporate customers increased by IDR18.42 trillion; (iii) Capital (Tier 1 and 2) increased by IDR11.32 trillion.
b. The increase in RSF mainly came from (i) Loans to individuals. micro and small businesses and non-financial companies. increased
by IDR75.50 trillion; (ii) Credit/placements with financial institutions increased by IDR7.95 trillion. (iii) and off-balance sheet IDR5.90
trillion; while other assets decreased by IDR3.49 trillion.
2. The composition of ASF is dominated by deposits from corporate customers of 43.64%. deposits from individual customers and micro and
small businesses of 37.52%.
3. The composition of RSF is dominated by credit 79.31%.
4. There was an exposure to interdependent assets and liabilities amounting to IDR7.43 trillion in the form of acceptances and liabilities.
846 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 849
(in IDR million)
KONSOLIDASIAN
CORPORATE GOVERNANCE
Reporting Date Position Previous Reporting Date Position
The outstanding
value of obligations
and commitments/ HQLA value after haircut or The outstanding HQLA value after haircut or
contractual outstanding liabilities and value of obligations outstanding liabilities and
invoice value The commitments multiplied by the and commitments/ commitments multiplied by the
outstanding value run-off rate or Contractual invoice contractual invoice runoff rate or Contractual invoice
of obligations and value times the inflow rate value value times the inflow rate
commitments/
contractual
8.341.236 510.967 2.906.084 333.654
75.527.230 43.538.987 74.480.569 44.480.380
155.963.878 155.941.014 155.198.577 155.136.126
239.832.343 199.990.967 232.585.230 199.950.159
TOTAL ADJUSTED VALUE 1 TOTAL ADJUSTED VALUE 1
512.526.401 458.624.271
365.582.398 343.030.013
140.19% 133.70%
NSFR Qualitative Analysis Report – Consolidated
Nama Bank : PT. Bank Mandiri (Persero). Tbk (Consolidated)
Report Position : December 2025
Analysis
1. Bank Mandiri’s Consolidated Net Stable Funding Ratio (NSFR) as of 31 December 2025 was 111.09%. up 1.00% from 110.09% as of Sep-
tember 30. 2025. The factors contributing to the increase are as follow:
a. The increase in ASF was primarily driven by (i) Deposits from corporate customers of IDR 88.73 trillion; (ii) Deposits from retail and
SME of IDR 29.30 trillion; and (iii) Capital (Tier 1 & Tier 2) of IDR14.50 trillion. while other liabilities decreased by IDR0.39 trillion.
b. The increase in RSF was primarily driven by (i) Loans to Individuals. Micro & Small Enterprises. and non-financial corporates of
IDR91.66 trillion; (ii) Loans/Placements to Financial Institutions of IDR7.16 trillion; and (iii) Off-balance sheet exposures of IDR6.04
trillion. while other assets decreased by IDR2.01 trillion.
2. The composition of ASF is dominated by deposits from corporate deposits of 41.30% and deposits from individual customers. micro and
small businesses of 39.61%.
3. RSF composition was largely dominated by Loans 81.70%.
4. There was an exposure to Interdependent asset and liabilities amounting to IDR7.43 trillion in the form of acceptances and liabilities.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 847
Page 850
Net Stable Funding Ratio (NSFR) Report - Individual
Nama Bank : PT. Bank Mandiri (Persero). Tbk (Individual)
Report Position : December 2025
CORPORATE GOVERNANCE
Previous Reporting Date Position (September/2025)
Carrying Value Based on Remaining Period
ASF Component (In Million IDR) Weighted
Without a period of Total Value
< 6 months ≥ 6 months ≥ 1 tahun
time1
1 Capital : - < 1 Year ≥ 1 Year - 14.625.187 263.560.108
Capital according
to Minimum Capital
2 248.934.921 - - 14.625.187 263.560.108
Adequacy Requirement
FSA Regulation
3 Other capital instruments - - - - -
Deposits originating from
individual customers and
4 452.723.185 113.415.976 3.897.981 459.926 529.021.669
funding from micro and
small business customers:
Stable deposits and
5 306.880.812 3.597.281 88.192 4.945 295.042.916
funding
Less stable Deposits and
6 145.842.373 109.818.695 3.809.789 454.981 233.978.753
funding
Funding originating from
7 642.399.152 334.542.630 55.618.608 95.302.649 552.882.153
corporate customers:
8 Operational savings 597.887.296 - - - 298.943.648
Other funding comes
9 from corporate 44.511.856 334.542.630 55.618.608 95.302.649 253.938.505
customers
Liabilities that have
10 - 6.470.162 31.105 288.254 -
interdependent asset pairs
11 Liabilities and other equity: 36.773.011 - - - 44
12 NSFR derivative liability
Equity and other
liabilities that were not
included in the above
13 36.773.011 - - - 44
categories Minimum
Capital Adequacy
Requirement
14 Total ASF 1.345.463.974
Previous Reporting Date Position (September/2025)
Carrying Value Based on Remaining Period
ASF Component (In Million IDR) Weighted
Without a period of Total Value
< 6 months ≥ 6 months ≥ 1 tahun
time1
Total HQLA in the framework
15 40.108.106
of calculating the NSFR
Deposits with other financial
16 institutions for Operational 49.770.262 2.150.051 652.867 1.407.084 27.693.674
purposes
Loans classified as Current
and Special Mention
17 - 176.644.825 193.581.190 1.033.220.160 1.039.024.499
(performing) and marketable
securities
to financial institutions
18 guaranteed by HQLA - 855.037 - - 85.504
Level 1
to financial institutions
that are not guaranteed
with Level 1 HQLA
19 - 12.356.635 7.013.653 41.238.002 46.598.323
and loans to financial
institutions without
collateral
848 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 851
CORPORATE GOVERNANCE
Previous Reporting Date Position (December/2025)
Carrying Value Based on Remaining Period No. Ref. from
(In Million IDR) Weighted Total working paper
Value NSFR
Without a period of
< 6 months ≥ 6 months ≥ 1 tahun
time1
- < 1 Year ≥ 1 Year - 15.100.613 274.875.196
1.1
259.774.583 - - 15.100.613 274.875.196
1.2
- - - - - 1.3
2
469.174.585 116.492.087 3.636.753 549.756 547.444.003
3
2.1
326.802.122 3.547.176 73.992 10.458 313.912.584
3.1
2.2
142.372.463 112.944.911 3.562.761 539.298 233.531.419
3.2
724.040.074 457.143.374 34.809.731 101.940.779 636.781.433 4
681.344.408 - - - 340.672.204 4.1
42.695.666 457.143.374 34.809.731 101.940.779 296.109.229 4.2
- 6.602.708 451.401 379.175 - 5
44.051.795 - - - 0 6
6.1
44.051.795 - - - 0 6.2 s.d. 6.5
1.459.100.632 7
Previous Reporting Date Position (December/2025)
Carrying Value Based on Remaining Period No. Ref. from
(In Million IDR) Weighted Total working paper
Value NSFR
Without a period of
< 6 months ≥ 6 months ≥ 1 tahun
time1
40.273.929 1
58.172.265 2.327.694 729.341 1.448.627 32.063.277 2
- 193.531.055 196.323.345 1.131.453.361 1.119.815.855 3
- 2.771.530 - - 277.153 3.1.1
3.1.2
- 10.310.738 7.511.476 44.683.214 49.985.563
3.1.3
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 849
Page 852
Previous Reporting Date Position (September/2025)
Carrying Value Based on Remaining Period
ASF Component (In Million IDR) Weighted
CORPORATE GOVERNANCE
Without a period of Total Value
< 6 months ≥ 6 months ≥ 1 tahun
time1
to non-financial
corporations. retail
customers and micro
and small business
customers. the
central government.
20 governments of - 149.286.600 123.403.458 789.921.941 807.778.679
other countries. Bank
Indonesia. central
banks of other
countries and public
sector entities. which
include:
meet the qualifications
to receive a risk
weight of 35% or less.
21 - 13.692.128 60.638.743 129.151.532 121.113.931
according to the FSA
Circular Letter RWA for
Credit Risk
Residential mortgage-backed
22 loans that are not being - 58.793 160.214 56.290.512 47.956.438
guaranteed. which include:
meet the qualifications to get
a risk weight of 35% or less.
23 - 1.450 1.363 71.009 47.562
according to the FSA Circular
Letter RWA for Credit Risk
Securities categorized as
Current and Substandard
(performing) that are not
being pledged as collateral.
24 - 394.184 2.363.759 16.547.165 15.444.062
have not defaulted on. and
are not included as HQLA.
including shares traded on
the exchange
Assets that have liabilities
25 that are dependent on each - 6.470.162 31.105 288.254 -
other
26 Other assets: - 9.630.037 329.338 113.592.353 123.551.728
Physical commodities that
27 - -
are traded. including gold
Cash. securities and other
assets recorded as initial
margin for derivative
28 contracts and cash or - -
other assets submitted as
default funds to the central
counterparty (CCP)
29 NSFR derivative assets 8.668.099 8.668.099
NSFR of derivative payable
30 before deduction with -
-
variation margin
All other assets that are
31 not included in the above - 961.937 329.338 113.592.353 114.883.629
categories
32 Administrative Account 458.234.614 8.898.706
33 Total RSF 1.239.276.713
34 Net Stable Funding Ratio (%) 108.57%
850 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 853
Previous Reporting Date Position (December/2025)
Carrying Value Based on Remaining Period No. Ref. from
(In Million IDR) Weighted Total working paper
CORPORATE GOVERNANCE
Value NSFR
Without a period of
< 6 months ≥ 6 months ≥ 1 tahun
time1
3.1.4.2
- 148.281.484 137.108.429 817.609.859 837.663.337 3.1.5
3.1.6
- 29.867.423 50.136.006 194.080.967 166.154.343 3.1.4.1
- 56.319 176.790 56.956.969 48.529.978 3.1.7.2
- 465 856 78.099 51.425 3.1.7.1
- 2.243.095 1.389.787 18.044.253 17.154.056 3.2
- 6.602.708 451.401 379.175 - 4
- 8.214.321 330.460 111.521.868 120.066.649 5
- - 5.1
- 5.2
-
7.272.609 7.272.609 5.3
- 5.4
-
- 941.712 330.460 111.521.868 112.794.040 5.5 s.d. 5.12
484.545.404 14.793.795 12
1.327.013.506 13
109.95% 14
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 851
Page 854
Net Stable Funding Ratio (NSFR) Report - Consolidated
Bank Name : PT. Bank Mandiri (Persero). Tbk (Consolidated)
Report Position : December 2025
CORPORATE GOVERNANCE
Previous Reporting Date Position (September/2025)
Carrying Value Based on Remaining Period
ASF Component (In Million IDR) Weighted
Without a period of Total Value
< 6 months ≥ 6 months ≥ 1 tahun
time1
1 Capital : 306.888.716 - - 17.734.269 324.622.985
Capital according
to Minimum Capital
2 306.888.716 - - 17.734.269 324.622.985
Adequacy Requirement
FSA Regulation
3 Other capital instruments - - - - -
Deposits originating from
individual customers and
4 588.439.905 168.592.054 6.344.993 464.582 705.176.710
funding from micro and
small business customers:
Stable deposits and
5 335.133.788 17.974.722 348.916 7.829 335.792.383
funding
Less stable Deposits and
6 253.306.117 150.617.332 5.996.076 456.753 369.384.327
funding
Funding originating from
7 726.378.476 468.251.075 68.705.908 122.370.782 676.979.702
corporate customers:
8 Operational savings 679.596.494 - - - 339.798.247
Other funding comes
9 from corporate 46.781.982 468.251.075 68.705.908 122.370.782 337.181.455
customers
Liabilities that have
10 - 6.470.162 31.105 288.254 -
interdependent asset pairs
11 Liabilities and other equity: 37.742.935 670.123 2.681.446 13.917.472 15.258.239
12 NSFR derivative liability
Equity and other
liabilities that were not
included in the above
13 37.742.935 670.123 2.681.446 13.917.472 15.258.239
categories Minimum
Capital Adequacy
Requirement
14 Total ASF 1.722.037.635
Previous Reporting Date Position (September/2025)
Carrying Value Based on Remaining Period
ASF Component (In Million IDR) Weighted
Without a period of Total Value
< 6 months ≥ 6 months ≥ 1 tahun
time1
Total HQLA in the framework
15 44.454.403
of calculating the NSFR
Deposits with other financial
16 institutions for Operational 53.517.942 4.435.008 652.867 1.407.084 30.709.993
purposes
Loans classified as Current
and Special Mention
17 - 214.750.971 211.459.389 1.372.770.021 1.341.917.926
(performing) and marketable
securities
to financial institutions
18 guaranteed by HQLA - 860.048 - - 86.005
Level 1
to financial institutions
that are not guaranteed
with Level 1 HQLA
19 - 16.620.607 7.252.345 45.356.330 51.475.594
and loans to financial
institutions without
collateral
852 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 855
CORPORATE GOVERNANCE
Previous Reporting Date Position (December/2025)
Carrying Value Based on Remaining Period No. Ref. from
(In Million IDR) Weighted Total working paper
Value NSFR
Without a period of
< 6 months ≥ 6 months ≥ 1 tahun
time1
320.889.276 - - 18.229.623 339.118.899
320.889.276 - - 18.229.623 339.118.899 1.1
- - - - - 1.3
2
615.366.795 173.309.241 5.947.230 553.632 734.475.656
3
2.1
357.672.292 17.223.676 325.732 13.879 356.474.494
3.1
2.2
257.694.503 156.085.565 5.621.498 539.753 378.001.162
3.2
825.040.197 598.034.995 49.418.537 126.713.497 765.710.864 4
775.431.366 - - - 387.715.683 4.1
49.608.832 598.034.995 49.418.537 126.713.497 377.995.182 4.2
- 6.602.708 451.401 379.175 - 5
45.388.630 6.079.081 3.651.643 13.044.179 14.870.000 6
6.1
45.388.630 6.079.081 3.651.643 13.044.179 14.870.000 6.2 s.d. 6.5
1.854.175.420 7
Previous Reporting Date Position (December/2025)
Carrying Value Based on Remaining Period No. Ref. from
(In Million IDR) Weighted Total working paper
Value NSFR
Without a period of
< 6 months ≥ 6 months ≥ 1 tahun
time1
40.273.929 1
58.172.265 2.327.694 729.341 1.448.627 32.063.277 2
- 193.531.055 196.323.345 1.131.453.361 1.119.815.855 3
- 2.771.530 - - 277.153 3.1.1
3.1.2
- 10.310.738 7.511.476 44.683.214 49.985.563
3.1.3
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 853
Page 856
Previous Reporting Date Position (September/2025)
Carrying Value Based on Remaining Period
ASF Component (In Million IDR) Weighted
CORPORATE GOVERNANCE
Without a period of Total Value
< 6 months ≥ 6 months ≥ 1 tahun
time1
to non-financial
corporations. retail
customers and micro
and small business
customers. the
central government.
20 governments of - 172.935.884 136.844.775 1.044.679.067 1.041.568.415
other countries. Bank
Indonesia. central
banks of other
countries and public
sector entities. which
include:
meet the qualifications
to receive a risk
weight of 35% or less.
21 - 23.153.015 64.623.424 150.945.865 144.698.630
according to the FSA
Circular Letter RWA for
Credit Risk
Residential mortgage-backed
22 loans that are not being - 73.812 231.058 62.751.366 53.491.096
guaranteed. which include:
meet the qualifications to get
a risk weight of 35% or less.
23 - 31.720 108.645 49.456.475 32.216.891
according to the FSA Circular
Letter RWA for Credit Risk
Securities categorized as
Current and Substandard
(performing) that are not
being pledged as collateral.
24 - 1.075.887 2.399.142 19.580.918 18.381.295
have not defaulted on. and
are not included as HQLA.
including shares traded on
the exchange
Assets that have liabilities
25 that are dependent on each - 6.470.162 31.105 288.254 -
other
26 Other assets: 7.322.027 10.180.535 529.602 123.235.611 138.022.419
Physical commodities that
27 153.982 130.884
are traded. including gold
Cash. securities and other
assets recorded as initial
margin for derivative
28 contracts and cash or - -
other assets submitted as
default funds to the central
counterparty (CCP)
29 NSFR derivative assets 8.713.532 8.713.532
NSFR of derivative payable
30 before deduction with -
-
variation margin
All other assets that are
31 not included in the above 7.168.045 1.467.003 529.602 123.235.611 129.178.003
categories
32 Administrative Account 461.749.927 9.034.016
33 Total RSF 1.564.138.758
34 Net Stable Funding Ratio (%) 110.09%
854 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 857
Previous Reporting Date Position (December/2025)
Carrying Value Based on Remaining Period No. Ref. from
(In Million IDR) Weighted Total working paper
CORPORATE GOVERNANCE
Value NSFR
Without a period of
< 6 months ≥ 6 months ≥ 1 tahun
time1
3.1.4.2
- 169.330.512 153.102.638 1.087.014.541 1.084.671.575 3.1.5
3.1.6
- 43.128.281 54.697.853 214.668.560 191.226.197 3.1.4.1
- 77.538 241.115 62.710.454 53.463.213 3.1.7.2
- 29.720 124.232 52.608.989 34.272.819 3.1.7.1
- 4.389.564 1.389.787 21.057.757 20.788.769 3.2
- 6.602.708 451.401 379.175 - 4
- 8.888.301 525.259 121.669.055 136.015.646 5
165.397 140.588 5.1
- - 5.2
7.306.435 7.306.435 5.3
- - 5.4
- 1.581.866 525.259 121.669.055 128.568.623 5.5 s.d. 5.12
491.195.179 15.076.619 12
1.669.047.642 13
111.09% 14
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 855
Page 858
MANAGEMENT IMPLEMENTATION
ESGDISCUSSION REPORT
AND ANALYSIS
ESG IMPLEMENTATION
REPORT
DELIVERING
INCLUSIVE
VALUE THROUGH
SUSTAINABILITY
In a world that is transforming rapidly, Bank
Mandiri reaffirms its commitment to placing
sustainability at the core of long-term growth.
By integrating environmental, social, and
governance principles across all business
lines, we strengthen the Bank’s resilience
while delivering broader value for society and
Indonesia’s economic future.
856 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 859
ESG PRACTICES IN
BANK MANDIRI
MANAGEMENT IMPLEMENTATION
ESGDISCUSSION REPORT
AND ANALYSIS
Bank Mandiri delivered significant progress in its
sustainability performance throughout 2025. The
Sustainalytics Rating improved to 9.5 (Negligible
Risk), and the MSCI Rating advanced to AA. Financed
emissions coverage expanded to 56% of the total
loan portfolio, complemented by the issuance of
the Rp5 trillion Green Bond Phase II. The Bank has
also set an ambitious target to achieve 100% CRST
coverage for its bank-only loan portfolio.
Backed by sustainability key achievements, collaboration with various stakeholders
2025 marked as a pivotal year in which Bank to accelerate the transition toward a low-
Mandiri strengthened the application of ESG carbon economy. These efforts reaffirm
principles in a more effective and integrated Bank Mandiri’s position as a catalyst for
manner. The Bank continues to optimise its inclusive and resilient economic growth.
eight strategic initiatives under the three
sustainability pillars to generate greater Going forward, the Bank targets full CRST
measurable impact, support sustainability coverage for its bank-only loan portfolio
targets, and advance the shift toward more and will continue strengthening stakeholder
responsible business practices. partnerships to deepen the integration
of environmental, social, and governance
Bank Mandiri further deepened its aspects across all business lines. Bank
sustainable finance agenda by reinforcing Mandiri remains committed to reinforcing
the synergy between business operations its role as a Sustainability Champion
and sustainability initiatives. The Bank’s and accelerating its contribution toward
priority is to enhance tangible impact Indonesia’s Net Zero Emission target before
through green financing, sustainable 2060.
operational efficiency, and strategic
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 857
Page 860
SUSTAINABILITY
STRATEGY
ESG IMPLEMENTATION REPORT
Bank Mandiri has set out its long-term strategy thereby generating significant positive impact on the
towards sustainability for the 2025–2029 period environment, society, and the national economy.
with the main aspiration of “Becoming Indonesia’s
Sustainability Champion for a Better Future.” This The implementation of Bank Mandiri’s sustainability
aspiration is reflected through three key objectives: strategy for the 2025–2029 period is also aligned with
leading Indonesia’s transition toward a low-carbon its business transformation direction, which focuses
economy, achieving Net Zero Emissions (NZE) in on integrated strategic growth and transformational
operations by 2030, and catalyzing social growth with leadership through ecosystem orchestration. Through
meaningful impact to support the achievement of the this approach, Bank Mandiri aims to strengthen its
Sustainable Development Goals (SDGs). role as a key driver of an inclusive and competitive
financial ecosystem, balancing economic, social, and
To realize this vision, Bank Mandiri has developed environmental performance. The integration of ESG
an ESG Framework comprising three main pillars principles is not only reflected in sustainable products
supported by eight strategic initiatives to be and services but also embedded in risk management,
implemented throughout 2025–2029. This framework governance, and the development of orchestrating
is designed to embed sustainability principles across leaders capable of creating long-term value for all
all operational and business activities of the Bank, stakeholders.
858 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 861
ESG IMPLEMENTATION REPORT
BECOMING INDONESIA’S SUSTAINABILITY CHAMPION
FOR A BETTER FUTURE
VISION
SUSTAINABLE SUSTAINABLE SUSTAINABILITY
BANKING OPERATION BEYOND BANKING
PILLAR
Catalyzing Multiple
Lead Indonesia’s Transition Net Zero Emission (NZE)
Growth for Social Impact
to Low Carbon Economy in Operations by 2030
to Achieve SDGs
COMMITMENT
1. Integrating ESG Aspect 4. Leading Practice in Data 7. Empowering
in Business Process Privacy & Security Digipreneurship in
(Sustainable Finance 5. Diversity, Equity & Society
Framework, Sector Inclusion (Indonesia Migrant
ONGOING Policy Enhancement) Worker, Young
INITIATIVES 2. Develop Sustainable
6. Achieving NZE in Entrepreneur, KUR,
Operations by 2030 Branchless Banking)
Portfolio & Products/
Services a. Green Business
Mindset
(Sustainability/Green b. Digital Carbon
Bond, ESG Repo, Tracking &
Sustainability Linked Monitoring
Loan, Green/Social/ c. Carbon Neutral
Corporate in Transition Initiatives through
Financing) Green Operational &
3. Influencing Key Policy Carbon Offsetting
Maker to Accelerate
Indonesian Low Carbon
Economy
8. S
trengthening ESG Governance, Capacity Development & Disclosure
ENABLERS
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 859
Page 862
SUSTAINABILITY
STRATEGY PILLARS
ESG IMPLEMENTATION REPORT
In carrying out its sustainability principles, Bank Mandiri anchors its strategy on three core pillars: Sustainable
Banking, Sustainable Operation, and Sustainability Beyond Banking. These pillars embody a comprehensive
approach to embedding Environmental, Social, and Governance (ESG) considerations across all of the Bank’s
business and operational activities.
SUSTAINABLE SUSTAINABLE SUSTAINABILITY
BANKING OPERATION BEYOND BANKING
The first pillar emphasizes In the second pillar, Bank In the third pillar, Bank
Bank Mandiri’s focus on Mandiri is committed to Mandiri expands its
conducting sustainable supporting its sustainability sustainability commitment
business by committing to targets by achieving carbon by enhancing activities
lead Indonesia’s transition neutrality in its operations beyond its core banking
to a low-carbon economy. by 2030, aligning with operations, particularly in
This commitment is the aspiration of Net Zero the social domain. These
reflected in the integration Emissions (NZE). This efforts aim to uplift local
of ESG principles across commitment is realized by economies through various
all of the Bank’s business integrating ESG principles empowerment programs
activities, encompassing risk throughout all operational involving communities
management as well as the activities, including raising and local stakeholders.
development of sustainable awareness, implementing Through these initiatives,
financial products and environmentally friendly Bank Mandiri is determined
services. In addition, Bank practices, applying to drive diverse forms
Mandiri consistently serves technologies that ensure of growth that deliver
as a collaborative partner customer data protection, and meaningful social impact,
for stakeholders in shaping managing human resources thereby supporting the
sustainability-related policies with a focus on enhancing Sustainable Development
and as a strategic partner diversity and equity in the Goals (SDGs) in line with its
for customers transitioning workplace. commitment to “Catalyzing
to more environmentally Multiple Growth for Social
friendly business practices. Impact to Achieve SDGs.
860 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 863
SUSTAINABILITY
JOURNEY
ESG IMPLEMENTATION REPORT
Journey to Becoming Indonesia’s
Sustainability Champion for a Better Future
2018 2019 2020 2021
• First Movers IKBI Implementation of the Alignment of RAKB and 1. Member of the National
(Indonesia Sustainable RAKB across 3 pillars: sustainability reporting Sustainable Finance
Finance Initiative) 1. Sustainable Banking disclosures with SDGs, Task Force
• Developed RAKB in 2. Sustainable Operation GRI, SASB, and MSCI 2. Issuance of a US$300
accordance with POJK 3. S
ustainable CSR & million Sustainability
51/2017 Financial Inclusion Bond
3. Calculation of
Comprising 14 initiatives operational carbon
emissions
2024 2023 2022
• Issuance of ESG Guiding Principles and • Commitment to support NDC during • Stipulation of Sustainability
Sustainable Finance Standard Operating Mandiri ESG Festival: “Bank Mandiri Vision and Commitment
Procedures has committed to achieving NZE • Refinement of 3 Pillars into
• Pilot Climate Risk Stress Testing (CRST) (Net Zero Emission) in Operations by 9 initiatives:
covering 50% of the portfolio 2030, Financing by 2060 (or sooner) 1. Sustainable Banking
• Pilot Reporting for Indonesia’s and empowering Digipreneurship.” 2. Sustainable Operation
Sustainable Finance Taxonomy (TKBI) in • Simplification of RAKB 2024–2028 3. Sustainability Beyond
the Energy Sector into 8 initiatives Banking
• Launch of Green Mortgage and Livin’ • First national bank to launch eco- • Formation of ESG Group as
Planet friendly bank cards (recycled prepaid the supervisory unit for ESG
• Establishment of Personal Data and debit cards) implementation
Protection (PDP) Unit and Adjustment of • Pioneer in cardless credit card • Initiation of Mitigation
Affected Internal Policies products Action Projects through
• Issuance of Sustainable Finance • Pioneer in Digital Carbon Tracking land conservation and
Framework and Transition Finance • Issuance of Green Bond Phase 1 restoration
Framework (Rp5 trillion) • Credit Policies for palm oil
• Calculation of Financed Emissions for • Marketing ESG Mutual Funds and CPO sectors, energy,
Second Year Disclosure • Member of the Partnership for coal, mining, and FMCG
• Development of Sustainable Portfolio and Carbon Accounting Financials (PCAF) • First ESG Repo transaction
Products (Wholesale Financing & Retail • Participation in Indonesia’s inaugural in Indonesia amounting to
Products) carbon exchange US$500 million
• MSCI ESG Rating upgraded to BBB
2025
• Sustainanalytics Rating improved to 9.5 (Negligible Risk)
• MSCI Rating improved to AA
• Increased Finance Emission covering 56% of total loan portfolio
• Launched Green Bond Phase II Rp5 Tn
• CRST target to cover 100% of Bank-only loan portfolio
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 861
Page 864
REALIZATION OF ESG PROGRAM
ACHIEVEMENTS COMPARED TO TARGETS
ESG IMPLEMENTATION REPORT
Throughout 2025, Bank Mandiri successfully met several key targets set at the beginning of the year, consistent
with ACGS parameter item B.1.5, which includes among others:
ESG ASPECTS ACHIEVEMENT COMPARED TO 2025 TARGETS
ENVIRONMENTAL PILLAR
ESG Aspects Indicators 2025 Target 2025 Achievement
Sustainable Loan Total sustainable loan/ financing (Rp
Financing trillion, Parent only)
Rp294.25 Trillion Rp315.84 Trillion
% Reduction in operational emissions
Operational Carbon
Emissions
(Scope 1 and 2) compared to the 2019 26% 32%
baseline
SOCIAL PILLAR
ESG Aspects Indicators 2025 Target 2025 Achievement
Employee Development % Employee participation in training programs 80% 104.24%
Employee Development Average training hours per employee 16 hours 87.6 hours
% of employees participating in training
Employee Development
programs out of total employees
80% 1,897.83%
Financial Inclusion % Disbursement of KUR from the allocated quota 95% 106.5%
Average composition of Nominated Talent employees (female and young talent)
Employee Diversity Women 26.5% 26.5%
Young 21% 21%
GOVERNANCE PILLAR
2025
ESG Aspects Indicators 2025 Target
Achievement
Cyber Security Breach Number of reported Cyber Security Breaches 0 0
862 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 865
BANK MANDIRI SUSTAINABLE
FINANCING FRAMEWORK
ESG IMPLEMENTATION REPORT
Bank Mandiri’s Sustainable Sustainable Finance Standards; as strategy, enhance stakeholder trust,
Financing Framework serves well as national requirements such and support national and global
as a cornerstone for guiding as POJK 51/2017, POJK 18/2023, sustainability objectives.
the classification, assessment, and the Indonesian Sustainable
and reporting of sustainable Finance Taxonomy (TKBI). Each The implementation of sustainable
financing activities. It ensures that financing activity under the finance is further reinforced through
capital is channelled responsibly Framework follows a structured the establishment of the ESG Group,
into initiatives that advance process for project selection, fund a permanent unit under the Vice
environmental stewardship and management, monitoring, reporting, President Director that serves as
social development, while providing and independent external review the focal point and key coordinator
a clear structure for the issuance of to ensure strong governance and for sustainability initiatives across
sustainable financial instruments. transparency. the Bank. Further details regarding
The Framework is aligned with Bank Mandiri’s Sustainable
leading international standards In addition, Bank Mandiri has Financing Framework and the
and national regulations, remaining established a Transition Finance Bank’s sustainability achievements
adaptable as global sustainability Framework to support a gradual for 2025 are presented in the
practices evolve. and responsible shift toward a Sustainability Report.
low-carbon economy, reflecting
The legal and regulatory references the Bank’s commitment to
include the Green, Social, enabling industry transition while
Sustainability, and Sustainability- considering Indonesia’s socio-
Linked Principles issued by ICMA economic landscape. Together,
and LMA; Climate Bonds Taxonomy; these frameworks strengthen
European Union Taxonomy; ASEAN the Bank’s sustainable finance
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 863
Page 866
ENVIRONMENTAL
PILLAR
ESG IMPLEMENTATION REPORT
To achieve its aspiration of Net Zero Emission in Operations
by 2030, Bank Mandiri applies three key approaches: a
green business mindset, operational carbon measurement,
and Green Operations initiatives. These include improving
energy efficiency, using low-emission equipment, and
conducting Carbon Offsetting through carbon credits and
climate mitigation programs. These efforts reinforce Bank
Mandiri’s leadership in ensuring operations that balance
environmental, economic, and social performance.
864 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 867
ESG IMPLEMENTATION REPORT
ENVIRONMENTAL PILLAR PERFORMANCE
PROMOTING GREEN OPERATION
The first bank in Indonesia to The first bank in Indonesia
launch Digital Carbon Tracking to launch an environmentally
friendly card
Operational
3 10 244 870 521
Green Building Green Unit
Smart Vehicles with
Certified Office Solar
Branch Electric Vehicles
Building Panel
(EV) and Hybrid
GHG EMISSION MEASUREMENT
GHG Emissions Scope 1 and 2
32%
Bank Mandiri has measured its operational carbon emissions for Scope 1 and
Scope 2, using 2019 emissions as the baseline year. For Scope 3 emissions, the
Bank has calculated emissions from financing activities (Financed Emissions)
in accordance with the Partnership for Carbon Accounting Financials (PCAF) Reduction in Scope 1 and
methodology. Scope 2 emissions compared
to the 2019 baseline
Data Histories emission carbon Scope 1&2 Bank Mandiri (tCO2e)
243,736
358,753
315,278 314,257 302,780 295,713
239,594
243,736
283,113
254,173
tCO2e
249,938
260,082 252,636 192,853 190,920 Scope 1+2 emissions of
75,640 61,105 64,319
Bank Mandiri
42,698 43,077 46,741 52,815
2019 2020 2021 2022 2023 2024 2025
Scope 1 Scope 2
ELECTRICITY CONSUMPTION (GJ)
2023 2024 2025
1.52% yoy
1,040,757 GJ 863,024 GJ 849,889 GJ
FUEL CONSUMPTION (GJ)
2023 2024 2025
18.82% yoy
599,750 GJ 642,865 GJ 763,822 GJ
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 865
Page 868
ESG IMPLEMENTATION REPORT
USE OF RECYCLED WATER (m3)
• 3 Buildings with Reverse Osmosis
Systems (Wisma Danantara Indonesia,
Wisma Mandiri, and Menara Mandiri).
• 29.76% decrease in recycled water
consumption in 2025
WATER USAGE
2023 2024 2025
141,106 m3 88,788 m3 62,367 m3
WASTE REDUCTION
REDUCE, REUSE, RECYCLE
• There were no incidents of Bank Mandiri’s
effluent spills into the environment.
• Through the reverse osmosis process, the
water is further treated into drinking water, and
the processed wastewater is reused for plant
irrigation.
HAZARDOUS
WASTE
Hazardous Waste 2023 2024 2025
167.86% yoy 1,520 Kg 196 Kg 525 Kg
LIQUID Liquid Waste (m3) 2023 2024 2025
WASTE
100,200 m3 81,400 m3 88,774 m3
LIQUID WASTE
TREATED Reverse Osmosis 2023 2024 2025
THROUGH Liquid Waste (m3)
REVERSE 31,610 m3 32,134 m3 25,845 m3
OSMOSIS (m3)
866 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 869
ESG IMPLEMENTATION REPORT
PRODUCTS AND SERVICES SUPPORTING
CLIMATE CHANGE MITIGATION
The range of climate change mitigation–focused products and services offered by Bank Mandiri in 2025 is
presented in the table below:
Livin’ Planet Green Mortgage Digital Banking
Bank Mandiri introduced Livin’ Planet, Bank Mandiri is promoting green financing Bank Mandiri leverages digital banking
an innovative feature within the through the Green Mortgage program for to support climate change mitigation
Livin’ by Mandiri application aimed properties certified as green buildings, through the Livin’ app for retail customers
at raising awareness and driving such as NavaPark BSD City, which has and the Kopra platform for wholesale
customer participation in environmental customers, enabling convenient financial
received Greenship Platinum certification
preservation. Through Livin’ Planet, services without the need to visit
from GBCI. Customers benefit from
customers can calculate their daily carbon physical branches. In addition, Bank
footprint using an integrated carbon incentives such as low interest rates and Mandiri operates 241 Smart Branches
calculator, contribute to tree planting reduced down payments, aligning with the as part of its digital transformation,
programs, and track their planting push toward sustainable development. providing fast, easy, and secure banking
contributions. services. This initiative not only enhances
customer convenience but also reduces
carbon emissions by minimizing
physical document consumption and
transportation, aligning with Bank
Mandiri’s commitment to sustainability.
Corporate in Transition Renewable
MSME Loans
Financing Energy Financing
Bank Mandiri has a robust policy Bank Mandiri offers financing to help Bank Mandiri provides loans to support
framework in place to support the growth clients transition their businesses in business activities that contribute
and strengthening of the MSME sector, alignment with the Paris Agreement or NDC renewable energy projects. By 2025, the
recognizing the vital role of MSMEs in targets. Clients must demonstrate a clear total loans disbursed reached Rp12.9
Indonesia’s economy. This includes climate transition strategy, measurable trillion.
providing Working Capital Loans, goals, and evidence of implementation
Investment Loans, Micro Business Loans within the past 12 months.
(KUM), and participating in the People’s
Business Loans (KUR) program to
empower MSMEs.
Cardless Credit Card Recycled Cards Green Loan
Bank Mandiri launched a virtual credit Bank Mandiri continues to innovate by In 2025, Bank Mandiri disbursed
card without physical cards to reduce introducing environmentally friendly sustainable financing/loans amounting
plastic waste and carbon emissions from products such as debit cards and prepaid to Rp315.84 trillion, consisting of Rp166.2
the production, printing, and delivery of cards made from recycled PVC materials. trillion in Green Financing and Rp149.6
cards to customers. trillion in Social Financing.
Further details are available in the Sustainability Report, which is published separately but remains an integral part
of Bank Mandiri’s overall reporting framework.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 867
Page 870
GREEN FINANCING POLICIES
ESG IMPLEMENTATION REPORT
As part of its sustainability commitment, Bank Mandiri Gradually, Bank Mandiri continues to integrate ESG
strives to contribute indirectly to reducing environmental aspects into its credit policy by setting minimum
impact by implementing environmentally responsible criteria that include positive and negative screening
financing policies. Conversely, the Bank refrains from of prospective debtors’ business activities. This
extending credit to projects or business activities that integration is implemented in the Standard Credit
may have adverse environmental impacts, as outlined Procedure which requires:
below: a. Have environmental management documents
a. Illegal logging; in accordance with the industrial sector and
b. Land clearing on peatlands; prevailing laws and regulations, including an
c. Human rights violations under labor laws and ILO Environmental Impact Assessment (AMDAL)
conventions; document for mandatory business/activity plans
d. Drug abuse; or an Environmental Management Effort (UKL) -
e. Business activities that harm the environment, Environmental Monitoring Effort (UPL) document;
including those that disrupt protected areas such b. Have a PROPER Assessment result (Corporate
as UNESCO World Heritage Sites, wetlands under Performance Rating Program in Environmental
the Ramsar Convention criteria, high biodiversity Management) in accordance with relevant
sites, and areas classified as protected under regulations;
IUCN Category 1 & Category 2 in the Convention c. Have environmental management permits/
on Biological Diversity; certifications or other related environmental
f. Other business activities that do not comply with criteria in accordance with relevant laws and
prevailing laws and regulations, including but regulations.
not limited to: pornography, gambling, money
laundering, activities involving corruption, As part of its commitment to sustainable financing
collusion, and nepotism, and other goods and practices, Bank Mandiri has adopted a credit policy
services that are not in accordance with applicable that incorporates ESG aspects. In addition, the Bank
legal provisions. enforces sectoral credit policies as binding guidelines
for business sectors considered to have high ESG risk.
BANK MANDIRI INDUSTRY ACCEPTANCE CRITERIA
Industry Sector ESG Aspect Criteria
In managing ESG risks in the agricultural sector, particularly in palm oil plantations and CPO production,
Bank Mandiri requires compliance with the Indonesian Sustainable Palm Oil (ISPO) certification or, at
a minimum, proof of ISPO registration from an ISPO Certification Institution. The Bank also considers
Agriculture
the environmental and labor policies of debtors (including Occupational Health and Safety/OHS),
(including the Palm
the procedures for preventing and handling land fires in accordance with applicable standards, and
Oil Sector)
adherence to No Deforestation, No Peat, No Exploitation (NDPE) policies. These include policies on
land clearing, preservation of High Conservation Value (HCV) areas, and Waste Treatment Plant (WTP)
installations. Financing to new companies planning to clear new land will not be provided.
In managing ESG risks in the construction sector, Bank Mandiri requires debtors to have internal
policies (code of conduct) related to environmental and labor standards. In addition, debtors involved
Construction Sector
in toll road operations must have internal policies and standard operating procedures (SOPs) for
accident handling.
In managing ESG risks in the Energy and Energy Use sector, Bank Mandiri requires PROPER documents
or environmental documents approved by the Environmental Agency (BLH), as well as environmental
management certification. For the development of new Coal-Fired Power Plants (PLTU), Bank Mandiri
considers the financing tenure to align with the coal phase-out strategy in line with the applicable
Energy Sector
PLN RUPTL while taking into account the debtor’s environmental policies (carbon emissions, coal
ash, water, and waste management) and labor policies. Meanwhile, for Hydropower Plants (PLTA), a
hydrological feasibility study is mandatory to ensure adequate water flow and to prevent disruption to
the ecosystem or public access.
In managing ESG risks in the Fast-Moving Consumer Goods (FMCG) sector, Bank Mandiri requires its
Fast Moving
debtors to have environmental policies in place (such as those related to the use of chemicals and
Consumer Goods
water & waste management) and to obtain certification from the National Food and Drug Supervisory
(FMCG) Sector
Agency (BPOM).
868 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 871
Industry Sector ESG Aspect Criteria
Bank Mandiri requires its debtors to implement Good Mining Practices in accordance with applicable
ESG IMPLEMENTATION REPORT
laws and regulations. This includes providing an annual Work Plan and Budget (RKAB) approved by the
Ministry of Energy and Mineral Resources (ESDM) and/or other necessary documents related to Good
Mining Practices. Debtors must also have an internal policy (code of conduct) addressing environmental
Metal Mining Sector and labor concerns. In addition, Bank Mandiri mandates that debtors achieve a minimum Blue rating
in the PROPER assessment and/or have an Environmental Impact Analysis (AMDAL) or Environmental
Management and Monitoring Efforts (UKL-UPL) report approved by the Environmental Agency (BLH).
Debtors are also required to have Environmental Management certifications, such as ISO 14001/ISO
45001, or equivalent documents acceptable to the Bank.
In managing ESG risks in the Coal sector, Bank Mandiri does not provide financing for mines in the
exploration stage and requires companies to have a minimum Green PROPER rating. Specifically for
Coal Sector
Coal-Fired Power Plants (PLTU), Bank Mandiri considers the financing tenure to align with the coal
phase-out strategy in accordance with the applicable PLN RUPTL.
Other Transport Bank Mandiri requires debtors in this sector to demonstrate efforts toward energy efficiency and
Equipment Industry emission reductions, supported by documents acceptable to the Bank. Public companies are also
(Shipyards) required to produce a sustainability report.
Debtors must have approved industrial forest management permits, such as the Timber Forest
Healthcare Services Product Utilization Permit (IUPHHK) or Non-Timber Forest Product Utilization Permit (IUPHHBK), and
and Pharmaceutical an approved Business Work Plan (RKU) from the Ministry of Environment and Forestry. They must
Sector also have internal policies for Environmental Management and Occupational Health and Safety (OHS)
Management acceptable to the Bank.
Bank Mandiri requires companies to have a minimum Blue PROPER rating, implement energy
efficiency and emission reduction measures, and ensure adequate electricity supply and water
Pulp & Paper Sector resources. Companies must also have a Wastewater Treatment Plant (IPAL), Waste Treatment Facility
(IPL), Liquid Waste Disposal Permit (IPLC), and a hazardous and toxic waste (B3) treatment facility, as
evidenced by acceptable documentation submitted to the Bank.
Debtors must demonstrate energy efficiency and emission reduction efforts supported by acceptable
Telecommunication documentation (if applicable). They are also required to have internal policies on data privacy in
Sector compliance with prevailing regulations and possess high-capacity systems and capabilities in
cybersecurity.
Transportation Debtors must demonstrate energy efficiency and emission reduction efforts, supported by
Sector documentation acceptable to the Bank.
In managing ESG risks in the Oil and Gas sector, particularly in upstream oil and gas exploitation, Bank
Mandiri requires environmental management certification, energy efficiency initiatives, and emission
reduction measures in compliance with regulatory requirements at the business location. Public
Oil and Gas Sector companies must provide a Sustainability Report or equivalent documentation. Oil and gas business
activities must acquire documents verifying compliance with all Oil and Gas Safety requirements,
including installation and equipment, workforce, general safety, and environmental standards.
Supporting must provide proof of compliance through a Supporting Business Certificate (SKUP).
Bank Mandiri requires certifications such as ISO 14001, ISO 45001, or ISO 22483, as well as compliance
Hotel, Restaurant
with Occupational Health and Safety (OHS) standards. Companies must implement energy efficiency
and Accommodation
and emission reduction measures, supported by acceptable documentation, including the SNI CHSE
certification.
In managing ESG risks in the Fertilizers and Pesticides sector, Bank Mandiri requires the environmental
Fertilizer & management certification, OHS standards, a sustainable corporate social and environmental
Pesticides responsibility program, efforts to improve energy efficiency, and hazardous and toxic waste (B3)
management documentation. If generating liquid waste, a Liquid Waste Disposal Permit (IPLC) is
mandatory, including SOPs for wastewater treatment plant (IPAL) management.
Cement Bank Mandiri requires efforts in energy efficiency, environmental management certification, and
compliance with OHS standards. Cement plants must have hazardous and toxic waste (B3)
management documentation as well as permits or approvals related to liquid waste management.
In managing ESG risks in the Automotive sector, Bank Mandiri requires efforts in energy efficiency,
Automotive environmental management certification, and compliance with OHS standards. Companies must
have a liquid waste disposal permit and hazardous and toxic waste (B3) management documentation
acceptable to the Bank.
Bank Mandiri requires efforts in energy efficiency, environmental management certification, and
Chemical compliance with OHS standards. Companies must have a liquid waste disposal permit and hazardous
and toxic waste (B3) management documentation acceptable to the Bank.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 869
Page 872
ESG IMPLEMENTATION REPORT
Industry Sector ESG Aspect Criteria
For sensitive sectors, Bank Mandiri enforces binding credit policies requiring compliance with ESG-
related regulations and standards, including certifications such as ISO 14001 for environmental
Sectors Sensitive to
management and ISO 45001 or equivalent for occupational health and safety. For debtors unable to
ESG Aspects
meet these requirements, a monitoring mechanism and action plan framework are established to
improve their ESG aspects.
To enhance the implementation of ESG aspects, Bank In practice, Bank Mandiri conducts an initial ESG risk
Mandiri applies a strict monitoring mechanism and screening in accordance with existing policies before
develops targeted action plans for debtors who have proceeding with the credit approval process. This
yet to meet the established criteria. In addition to process involves coordination among the Business Unit,
the development of sectoral credit policies as noted Risk Unit, Legal & Compliance, Credit Operations, and
earlier, the Bank also implements Environmental and the Credit Approval Officer. The Bank’s credit process
Social Risk Management (ESRM) through the use of is designed to ensure comprehensive consideration of
the Environmental and Social Compliance Checklist ESG risk management at every stage.
(ESCC).
INTEGRATION OF ESG IN CREDIT APPROVAL PROCESS
1 Business Unit + 3 Business Unit +
Risk Management Unit Risk Management
Business Unit + Legal +
Risk Management Unit Compliance
LOAN CREDIT COMMITTEE
ANALYSIS MEETING
PRE-SCREEN LEGAL &
COMPLIANCE
2 REVIEW 4
Business Unit + Risk 7 Business Unit + 5
Management Unit + Risk Management +
Credit Operations Unit Credit Operation Unit Credit Operations Unit Authorized Officer
LOAN
LOAN MONITORING DOCUMENTATION LOAN
CREDIT APPROVAL
8 OPERATION UNIT 6
870 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 873
SUSTAINABLE PORTFOLIO
BANK MANDIRI
ESG IMPLEMENTATION REPORT
Bank Mandiri manages a financing portfolio aligned with the Sustainable Business Activities Categories (KKUB)
stipulated in POJK No. 51/2017. Details of Bank Mandiri’s Sustainable Portfolio for the 2023–2025 are presented
as follows:
SUSTAINABILITY BUSINESS CATEGORY PORTFOLIO
(Rp Billion)
No. Sustainable Financing (In accordance with KKUB POJK 51/2017) 2023 2024 2025
1 Renewable Energy 9,727 11,773 12,876
2 Energy Efficiency - - -
3 Pollution Prevention and Control - - -
4 Sustainable Natural Resources Management and Land Use 102,413 111,432 115,662
5 Conservation of Land and Water Biodiversity - - -
6 Clean Transportation 3,926 7,545 10,299
7 Sustainable Water and Wastewater Management 1,171 1,176 5,789
8 Climate Change Adaptation - - -
Eco-Efficient and/or Circular Eco. Adapted Products, Technology
9 5,354 10,621 15,047
& Processes
10 Green Building 6,612 6,268 6,539
11 Other Environmentally Friendly Business Activities 8,776 9,644 9,557
12 Micro, Small, and Medium Business Activities 126,101 134,048 140,072
Total Sustainable Financing 264,080 292,507 279,841
SUSTAINABLE FINANCING
Green Portfolio Sustainable Portfolio Social Portfolio
Rp 166.2 trillion Rp 315.8 trillion Rp 149.6 trillion
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 871
Page 874
ESG IMPLEMENTATION REPORT
GREEN PORTFOLIO
Rp 166.2 trillion
Renewable Energy Management of Biological Natural Clean Transportation
Resources and Sustainable Land Use
Rp12.9 trillion Rp 115.6 trillion Rp 10.2 trillion
Sustainable Water and Wastewater Eco-Efficient and/or Circular Eco Adapted Green Buildings
Management Products, Technology & Processes
Rp 5.8 trillion Rp 15.0 trillion Rp 6.5 trillion
SOCIAL PORTFOLIO BY SEGMENT
Rp 149.6 trillion
SME Segment Micro Segment
Rp 40.7 trillion Rp 99.4 trillion
Corporate Segment Commercial Segment
Rp 92.0 trillion Rp 2.5 trillion
872 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 875
BANK MANDIRI SUSTAINABLE FINANCING
PRODUCTS
ESG IMPLEMENTATION REPORT
SUSTAINABLE FINANCING PRODUCTS
Sustainability Linked Loan (SLL) Green Loan
To support clients in enhancing their sustainability This facility is designed to finance projects and
performance, the Sustainability-Linked Loan (SLL) initiatives with positive environmental impact,
is designed to strengthen borrowers’ sustainability aligned with the Green Loan Principles of the Loan
profiles over the loan period without requiring Market Association (LMA). Since its launch in
financing to be allocated to specific sustainable 2022, Bank Mandiri has acted as Mandated Lead
projects. This financing scheme aligns loan terms Arranger in a US$300 million syndicated Green
with predetermined sustainability objectives, Loan supporting the lithium battery industry. In
measured through Key Performance Indicators (KPI) 2024, this commitment was strengthened through
and evaluated against Sustainability Performance the provision of green credit facilities for the power
Targets (SPT). Through this KPI-based mechanism, and transportation sectors. Bank Mandiri serves as
SLL not only promotes sustainability-focused ESG Coordinator, providing Rp3.5 trillion in green
initiatives but also provides incentives for borrowers financing to support the energy transition program
to achieve the agreed ESG targets. and US$226 million for electric vehicle distribution
and infrastructure development.
Sustainable Client Financing
This type of financing is provided at the client entity Green Mortgage
level to support business activities that promote Bank Mandiri continues to innovate in developing
environmental sustainability or transition toward financial products that support green property
a sustainable economy. The facility adheres to growth. This initiative reflects the integration of
eligible activity criteria under the framework, in line ESG principles into financial products through the
with applicable regulations and international best Sustainable Banking pillar. As of December 2025,
practices. Clients qualify for this financing if their green-certified building loans reached Rp0.71
core business, or at least 90% of their revenue, is trillion, including retail financing through the Green
derived from activities that meet these eligibility Mortgage program, bringing Bank Mandiri’s total
criteria. sustainable portfolio to Rp316 trillion, an increase
of 7.97% (yoy).
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 873
Page 876
ESG IMPLEMENTATION REPORT
SUSTAINABLE FUNDING
Sustainability Bond & ESG Repo Framework finance or refinance assets linked to environmental,
Bank Mandiri’s Sustainability Bond and ESG Repo social, and governance aspects. This marked an
Framework are developed in alignment with the four important milestone in advancing sustainability-
core pillars of the Sustainability Bond Guidelines oriented financial innovation within the national
issued by the International Capital Market banking sector.
Association (ICMA, 2021), namely Use of Proceeds,
Project Evaluation and Selection, Management of Involvement in Green Bonds
Proceeds, Reporting. These frameworks ensure Throughout 2024, Mandiri Group, through Mandiri
that sustainability instruments issued by the Bank Sekuritas, actively supported clients as a trusted
comply with global standards and support projects advisor in structuring green and sustainability
with environmental and social impact. bonds. Advisory assistance included identifying
eligible sustainable projects, ensuring alignment
Green Bond Framework with international standards such as the ICMA
Bank Mandiri’s Green Bond Framework, which Green Bond Principles and LMA Green Loan
governs the issuance of Rupiah-denominated Green Principles, and guiding issuers on transparent
Bonds, complies with OJK Regulation No. 60/2017 reporting practices. During the same year, Mandiri
and also adopts the four pillars of ICMA-2021. Sekuritas also served as Joint Lead Underwriter
Under this framework, Bank Mandiri established for several sustainability-themed bond issuances,
its Sustainable Green Bond Public Offering (PUB) including Social Bonds by PT Pegadaian and PT
Program I at Rp10 trillion, with the first phase Sarana Multigriya Finansial (Persero), as well as
issued in 2023. The allocation of proceeds was Green Bonds by PT Oki Pulp & Paper. All issuances
verified through an independent Second Party underwent independent verification, supported by
Opinion (SPO) from SDGs Hub UI. advisory services across multiple sectors including
financial services, property, agriculture, energy, and
Sustainability Bonds pulp & paper.
In 2021, Bank Mandiri issued its inaugural
Sustainability Bond to finance or refinance eligible Green Bonds Phase II
environmental and social projects under its In 2025, Bank Mandiri issued the Sustainable Green
Sustainability Bond Framework. The issuance was Bond I Phase II with issuance value of Rp5 trillion
strongly supported by investors and aligned with and a idAAA rating from PEFINDO. The issuance
international standards, including the Sustainability received strong investor interest, reflected in an
Bond Guidelines, Green Bond Principles, and Social oversubscription of 2.55 times the offered amount.
Bond Principles issued by ICMA. Proceeds from the bond are allocated to finance and
refinance environmentally sustainable business
ESG Repo activities in accordance with the POJK Green Bond
In 2022, Bank Mandiri executed Indonesia’s first regulation, with at least 70% of the funds directed to
ESG Repo transaction, also among the earliest eligible green projects.
in Southeast Asia. The proceeds were directed to
874 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 877
ESG IMPLEMENTATION REPORT
SUSTAINABLE INVESTMENT
Bank Mandiri has developed a sustainable investment approach through Mandiri Manajemen Investasi
(MMI). MMI integrates ESG factors into its investment portfolios and decision-making processes to
promote long-term value creation and positive social impact. The assessment process applies both
quantitative and qualitative methods, guided by an internal checklist to ensure consistency and relevance
to each company’s profile. In addition, Mandiri Capital Indonesia (MCI) applies environmental and social
criteria in every investment decision, in line with established standards and Bank Mandiri’s broader
sustainability vision. Examples of Bank Mandiri’s sustainable investment portfolio products include Green
Sukuk and Green Bonds, and ESG Mutual Funds.
EFFORTS TO BUILD AN ENVIRONMENTALLY FRIENDLY VALUE CHAIN
AND SUPPORT SUSTAINABLE DEVELOPMENT
Bank Mandiri continues to strengthen an environmentally friendly value chain to help achieve national
sustainable development goals. The various initiatives implemented throughout 2025 reflect the Bank’s
support for Indonesia’s Net Zero Emission (NZE) target by 2060 or earlier. This effort also aligns with ACGS
parameter 8.4.3, which emphasizes the Bank’s commitment to establishing a green value chain consistent
with sustainable development objectives.
The programs carried out in 2025 include, among others:
• Calculating and reporting Scope 3 greenhouse gas (GHG) emissions from financing activities in 10
economic sectors.
• Actively participating in the Carbon Offsetting market through purchasing carbon units, investing in
Nature-Based Solution (NBS) projects, and undertaking other mitigation actions.
• Implementing green financing policies.
• Integrating ESG aspects into the Bank’s loan policies.
• Regularly reviewing and establishing Industry Acceptance Criteria.
• Applying Environmental Social Risk Management (ESRM) through the use of an Environmental and
Social Compliance Checklist (ESCC).
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 875
Page 878
SOCIAL
PILLAR
ESG IMPLEMENTATION REPORT
In fulfilling its social commitment, Bank Mandiri focuses
on community empowerment programs under the
Social Pillar, emphasizing the advancement of Financial
Inclusion. The key areas of focus include Human
Resource Development, Consumer Financial Protection,
and Data Privacy and Security.
876 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 879
ESG IMPLEMENTATION REPORT
SOCIAL PILLAR PERFORMANCE
FOR OUR CUSTOMERS
Satisfaction Score Resolution Rate Customer Complaint
8.6 out of 10 100%
More than
3.1 million users, Launching new apps:
with more than 1.96 Livin’ Planet x
37.2 million million users in Non-
Urban area
Mandiri Looping
users as of
for Life
December 2025
Mandiri’s super app’to grow retail Mandiri’s enabler to acquire offline One stop solution for answer
customer base and at the same merchants, which started as lifestyle needs, 1st banking app with
time ensuring its stickiness through complete point-of-sales platform one-of-a-kind entertainment and
constant release of features with huge scalability shopping experience inside
FOR COMMUNITIES
3.48 million 1,515 participants 111,035
Mandiri Agents
Bank Mandiri accounts Indonesia Migrant Workers 3 million Bank Mandiri
have been acquired through through Mandiri Sahabatku accounts opened through
Mandiri Agent Mandiri Agents
1.6 million 17.6 thousand
MSMEs
beneficiaries of TJSL program Has received training through
and financial inclusion Rumah BUMN program
FOR MANDIRIANS
GENDER DIVERSITY
Board of Commissioners & Directors
3,535,976
84% 16% Training hours
Management Level
38,732 64% 36% 90.48%
Total Employee Total All Employee Employee
(Mandirian) engagement rate
48% 52%
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 877
Page 880
FOR OUR CUSTOMERS
ESG IMPLEMENTATION REPORT
Consumer Protection The regulation emphasizes that debt collection must
As part of its commitment to maintaining customer be conducted in a manner that safeguards the comfort
trust, Bank Mandiri enforces an Operational Bank and protection of debtors as consumers. When using
Policy governing customer protection functions, a Debt Collection Service Company, Bank Mandiri is
further detailed in internal guidelines across business required to ensure the following:
units. This policy underpins the establishment of a 1. Collection is permissible only if the debtor’s
reliable customer protection system while supporting a account is classified as non-performing.
sustainable and stable financial system that safeguards 2. The debtor must be informed if their debt collection
consumer and public interests. Since October 2022, has been handed over to a Debt Collection Service
Bank Mandiri has established a Customer Protection Provider.
Unit in accordance with OJK Regulation No. 22 of 2023 3. Physical or verbal coercion is strictly prohibited in
and Bank Indonesia Regulation No. 3 of 2023, which is debt collection activities.
responsible for: 4. Collection efforts must not target individuals other
than the debtor.
1. Disseminating consumer protection principles to 5. Communication for collection must not be
all bank employees. conducted in a repetitive or disruptive manner.
2. Coordinating the planning and implementation 6. Collection must only be carried out at the debtor’s
of Bank compliance with consumer protection billing address or place of residence.
regulations. 7. Collection can only be conducted between 08:00
3. Coordinating the monitoring and evaluation of and 20:00 in the debtor’s local time zone.
Bank compliance with consumer protection
regulations. To complement the above, Bank Mandiri also regulates
4. Reporting on the implementation and providing the rights of the Creditor to:
recommendations for improvement and 1. Receive adequate explanations about the
development to the Board of Directors regarding characteristics of the products.
Consumer Protection. 2. Access the terms and conditions of deposit
5. Coordinating the preparation and submission of products through Bank Mandiri’s website.
reports related to Consumer Protection. 3. Enjoy ease of transactions via branches, e-banking
6. Receiving, handling, and resolving complaints services, or other facilities designated by the Bank.
submitted by consumers. 4. Obtain interest rates in accordance with the
7. Preparing complaint handling materials to be prevailing regulations at the Bank.
included in the annual report, on the official 5. Receive information on the procedures for handling
website, and/or other media officially managed by and resolving customer complaints.
Bank.
8. Serving as the liaison for complaints submitted In lending, Bank Mandiri consistently applies the
by consumers to the Financial Services Authority principle of prudence and conducts regular portfolio
and/or other relevant authorities. monitoring. The due diligence process is reflected
9. Implementing initiatives to enhance Financial through escalation mechanisms in credit approval
Literacy and Financial Inclusion. and supervision, particularly for large-scale or high-
risk borrowers. During the Loan Monitoring stage, the
In addition, Bank Mandiri has established a debt quality of existing loans is reviewed through various
collection policy that ensures the fulfillment of debtor methods, including the Watchlist mechanism, which
rights as stipulated in: serves as an Early Warning Signal. The assessment
1. Bank Mandiri Credit Policy, with the latest focuses on three key aspects: business prospects,
amendments signed by the Board of Directors and financial performance, and repayment history.
effective since March 7, 2022.
2. Standard Operating Procedure for Credit Collection
& Recovery, last updated in 2022.
3. Other relevant internal regulations.
878 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 881
If indications of credit quality deterioration are 2. MSME Education to Support Infrastructure
identified, Bank Mandiri undertakes credit recovery Development.
ESG IMPLEMENTATION REPORT
efforts for borrowers who still demonstrate viable 3. Mandiri Edukasi Program.
business performance and repayment capability. These 4. Education and Socialization of Student Savings
efforts aim to minimize potential losses and restore Accounts (SIMPEL) and the One Account One
loan performance, including through restructuring Student Program (KEJAR).
measures, as follow: 5. Financial Management and Planning for Payroll
1. Reduction of loan interest rates; Customers.
2. Extension of the loan term; 6. Personal Finance Webinars.
3. Reduction of overdue interest payments; 7. Empowerment of Indonesian Migrant Workers
4. Reduction of overdue principal payments; through the Mandiri Sahabatku Entrepreneurship
5. Provision of additional loan facilities; and/or Program.
6. Conversion of loan into temporary equity 8. Financial Literacy Program (SME Group):
participation. • Mandiri UKM Center (UKMC): A business
model designed to comprehensively tap
Bank Mandiri has established the Business Committee into the potential of MSME entrepreneurs
and the Risk Management & Credit Policy Committee within a certain radius, particularly in cities
(RMPC) to evaluate products and services and assess contributing significantly to Indonesia’s GDP.
related risks. Further details on these committees are • Mandiri UKMC Objectives: Providing a
provided in the Corporate Governance chapter of this platform for MSMEs to access credit financing
Annual Report. more quickly and easily while improving their
competencies through literacy programs,
In addition, The Bank also applies internal policies on mentoring, and training, such as tax advisory,
product marketing and communication in line with financial report education, and more.
regulatory requirements, including OJK Regulation
No. 22 of 2023, the OJK Financial Services Advertising Bank Mandiri regularly conducts employee training
Guidelines and PADK No. 37/PADK.08/2025. All to strengthen capabilities in customer protection, as
marketing activities are reported periodically to the reflected in its Annual Report and Sustainability Report
Board of Directors to ensure compliance and consumer under the Sustainable Operation chapter. In addition,
protection. To enhance public understanding of the Bank has established a complaint-handling
finance and banking, Bank Mandiri implements various mechanism for customers experiencing transaction
financial literacy programs. including: issues or other concerns through the Customer Care
Group, a dedicated unit responsible for managing and
1. MSME Livestock Education – “Seizing Business monitoring complaint resolution in accordance with
Opportunities in the Layer Chicken Farming the established Service Level Agreement (SLA).
Ecosystem.”
CUSTOMER COMPLAINTS HANDLING
• RECEIVE COMPLAINTS • CONDUCT
COMPLAINTS & VERIFICATION INVESTIGATIONS
SUBMISSIONS • DECISION MAKING
• COMPLAINT INPUT
MASS MEDIA, TELEPHONE, EMAIL, SOCIAL MEDIA, UPDATE ON INVESTIGATION
BRANCH MAIL COMPLAINTS RESULTS
SYSTEM
RECEIVE THE INFORM CUSTOMERS OF UPDATE INVESTIGATION
RESULTS OF THE INVESTIGATON RESULTS RESULTS INTO
COMPLAINT
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 879
Page 882
To ensure customer convenience in submitting complaints, Bank Mandiri provides multiple accessible channels
for lodging complaints, both verbally and in writing, including:
ESG IMPLEMENTATION REPORT
Customers are given easy access to complaint services with various media choices both oral and written,
such as the following:
Mandiri Call Layanan MITA WhatsApp
X Account
24 jam through
mandiricare and 0811-8414-000
14000 @bankmandiri
Website Facebook Account
Bank Mandiri Branch
www.bankmandiri.co.id Offices throughout
“Mandiri Care”
choose “contact us” Indonesia
dan“Bank Mandiri”
menu
An official letter addressed
Email: Instagram Account to Bank Mandiri, either
mandiricare@bankmandiri.co.id @bankmandiri delivered directly, or sent
by post.
In addition to the existing complaint channels, Bank Mandiri provides a reporting platform called the Whistleblowing
System – Letter to CEO (WBS-LTC), managed by an independent third party. This system is designed to ensure
professional and impartial handling, minimize conflicts of interest, provide security for whistleblowers, strengthen
stakeholder trust, and enable reporters to track the follow-up of their submissions. Further information about
this system is available in the Corporate Governance chapter of the Annual Report and the Customer Service and
Satisfaction chapter of the Sustainability Report.
PRIVACY AND DATA SECURITY
The Company regards privacy and data security as important elements in maintaining customer trust, supporting
operational resilience, and ensuring the sustainability of its digital transformation. To this end, the Company
implements integrated privacy management, data governance, and information security through internal policies,
oversight at the Board of Commissioners and Board of Directors level, and a personal data protection framework
covering the aspects of assess, protect, sustain, and respond. Its implementation includes the management of
lawful basis for processing and consent, the protection of data subject rights, information security safeguards,
controls over third-party data processing, the strengthening of employee awareness and capabilities, as well as
periodic monitoring, evaluation, and audits to preserve the confidentiality, integrity, and availability of data and
to ensure compliance with applicable regulations. Further details regarding the Company’s approach, policies,
implementation, and enhancements related to privacy and data security are presented in the Sustainability Report,
which is published separately, however, remained an integral part of this Annual Report.
880 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 883
FOR COMMUNITIES
ESG IMPLEMENTATION REPORT
Financial Inclusion To deepen its market reach, Bank Mandiri offers
As part of its commitment to equitable economic growth, special financing schemes for MSMEs connected to its
Bank Mandiri actively promotes financial inclusion by wholesale clients or within financing ecosystems. These
expanding the reach and accessibility of its financial ecosystems are centered around large corporations,
services. These efforts aim to reduce economic disparity multinationals, and state-owned enterprises (SOEs).
and foster more inclusive national growth. Bank Mandiri’s Through this initiative, MSMEs gain access to more
financial inclusion targets include: competitive interest rates compared to the regular
1. Low-income or irregular-income individuals. Micro Business Loan (KUM) program. MSME financing
2. Communities having difficulties in accessing is provided through Working Capital Loans and
banking services. Investment Loans, along with KUM and participation
3. Persons with disabilities. in the government’s People’s Business Credit (KUR)
4. Workers without legal identification documents. program under the micro banking segment.
5. Areas with limited access to formal financial
networks due to geographical constraints, Bank Mandiri strengthened its commitment to
dispersed populations, or low financial literacy. expanding financial access for MSMEs through the
6. Marginalized and/or vulnerable groups, such as development of integrated micro-financing ecosystems
women and children. across the trade and agriculture sectors. Through
7. Micro-entrepreneurs having difficulties in this approach, Bank Mandiri extended financing more
accessing capital or banking services. inclusively to micro-entrepreneurs and merchants
that had previously been underserved by formal
To expand banking access and help reduce social financial services, including through the placement of
inequality, Bank Mandiri actively participates in the Financial Point of Service (PoS) units at wholesale customers’
Inclusion program by providing banking services for micro Distribution Centers and the utilization of Digital
entrepreneurs and MSME business owners. Micro Loans (KUM Digital) to address accessibility
challenges. This ecosystem-based approach also
MSME Loan Access enables Bank Mandiri to enhance financing quality
MSMEs play a vital role in Indonesia’s economy, through stronger linkages among business actors
contributing significantly to employment and overall in the value chain, while at the same time supporting
economic activity. As a key driver of the national higher MSME productivity and income generation.
economy, the government continues to encourage
MSMEs to innovate and move up the value chain to Digital transformation presents both challenges and
strengthen their contribution to economic growth. opportunities for MSMEs. Based on Bank Indonesia
data, digital payment transactions in 2025 reached
Bank Mandiri supports MSME development by 14.26 billion transactions, growing by 39.21% year-
providing wider access to financing, recognizing that on-year. Meanwhile, QRIS transactions continued to
MSME portfolio growth generates positive social record very strong growth, increasing by 140%, with the
impacts such as improved livelihoods, job creation, and number of users reaching 59.53 million and merchants
poverty reduction. By the end of 2025, Bank Mandiri totaling 42.75 million.
recorded 1.27 million MSME borrowers with total
loans amounting to Rp140.1 trillion, representing a To support MSME digitalization, Bank Mandiri launched
4.5% increase from the previous year. The MSME non- the Livin’ Merchant by Mandiri app to expand financial
performing loan (NPL) ratio remained well-managed at access for micro-productive businesses. This point of
1.46%, with MSME financing accounting for 9.4% of the sale (POS) application digitizes payment transactions,
Bank’s total loan portfolio. enabling merchants to receive QRIS payments from
multiple banks and e-wallets. The app is free of charge
and allows MSME users to withdraw funds up to three
times per day.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 881
Page 884
ESG IMPLEMENTATION REPORT
Micro Financing Access • Micro KUR, for loan ceilings up to Rp25 million per
To promote economic growth and job creation, Bank borrower, with a maximum tenure of 2 years.
Mandiri actively enhances MSME competitiveness • KUR for Migrant Workers (KUR TKI), for loan
through Micro Credit financing. Loan distribution is ceilings up to Rp25 million per borrower, with a
carried out using an integrated close loop upstream– tenure aligned to the employment contract or a
downstream approach based on regional strategies, maximum of 12 months.
optimizing the value chain ecosystem of the Bank’s
wholesale customers. From the start of the program in 2008 up to 2025, the
Bank has disbursed KUR to 963,340 million borrowers,
People’s Business Loan (KUR) with a total financing value of Rp68.5 trillion.
People’s Business Credit (KUR) program targets
productive and eligible businesses that lack sufficient Micro Business Loan (KUM)
collateral. The program aims to expand access As part of its support for productive business growth,
to financing and enhance business capacity and the Micro Business Loan (KUM) is designed for micro
competitiveness. entrepreneurs to finance investment or working capital
needs. The product offers competitive interest rates,
Leveraging its strength as a wholesale bank, Bank fixed monthly installments, and a simple, fast approval
Mandiri applies an ecosystem-based KUR distribution process.
strategy. Through this approach, the Bank partners
with its wholesale clients, who recommend their KUM distribution reflects Bank Mandiri’s commitment
business partners or managed entities as eligible KUR to helping MSMEs expand operations, increase
recipients. productivity, and enhance competitiveness. By 2025,
Bank Mandiri had disbursed KUM totaling Rp30.8
There are 3 (three) types of KUR offered by Bank billion to 308,759 active borrowers.
Mandiri:
• Retail KUR, for loan ceilings above Rp25 million up
to a maximum of Rp200 million per borrower, with
a maximum tenure of 3 years for working capital
loans and 5 years for investment loans.
47.0% DEBTORS 53.0%
Rp44.6 trillion Portfolio Rp54.7 trillion
597,761 debtors Total 674,338 debtors
1.72% NPL 1.26%
882 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 885
ESG IMPLEMENTATION REPORT
Financing for Women through MSME Loan
Women play a vital role in strengthening Indonesia’s MSME ecosystem. Bank Mandiri remains committed to
empowering female entrepreneurs by enhancing their business competitiveness and capacity to drive economic
growth and job creation.
Over the past five years, Bank Mandiri has recorded 674,338 active female micro-entrepreneurs with total financing
of Rp55.2 trillion through KUR and KUM products, representing 53.01% of the Bank’s 1.2 million active micro-loan
customers.
Female borrowers also demonstrated stronger credit performance, with a Non-Performing Loan (NPL) ratio of
1.26% as of December 2025, compared to male borrowers with an NPL ratio of 1.72%.
Mandiri Makmur Savings (SiMakmur)
To expand financial access, Bank Mandiri introduced SiMakmur, a rupiah savings account operated through
Mandiri Agents, enabling customers to transact without visiting a branch. The account has no minimum balance,
no monthly fees, and is guaranteed by the Deposit Insurance Corporation (LPS).
Bank Mandiri also strengthens financial inclusion for persons with disabilities through the Inclusive Economic
Acceleration Program, which includes opening 10,000 new savings accounts across West Java, Central Java,
and Yogyakarta. The Bank offers tailored savings products such as Tabungan Now, Tabungan Mitra Usaha, and
Tabungan SimPel for customers with disabilities who do not yet possess a National Identity Number (NIK). Further
information on financial inclusion programs is provided in Bank Mandiri’s Sustainability Report.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 883
Page 886
FOR MANDIRIANS
ESG IMPLEMENTATION REPORT
Activities Supporting the Implementation of Sustainability Strategy
The implementation of this program reflects Bank Mandiri’s commitment to achieving Net Zero Emission (NZE)
in Operations by 2030. Its success relies on the active participation of all employees in daily operations, including
the organization of events and meetings in accordance with established guidelines.
NO MORE
Disposable Plastic/ Drinking Water in Leaving food and drink Using balloons and confetti in the
Packaging (AMDK) implementation of events
SAY YES TO
Using a pitcher/tumbler to Sorting garbage before disposal Save water consumption
consume drinking water
Electronic distribution of internal documents Save electricity and set the air conditioner at Using public transportation
23-25C°
* Refer to Letter No. DCO/1268/2023 and Letter No. DCO/1269/2023 and Memorandum No. DCO/704/2023 Regarding the Appeal for ESG Program Implementation in order to Achieve Net Zero
Emission (NZE) Operations 2030 and Guidelines for the Implementation of More Eco-Friendly Activities/ Events/ Meetings submitted to Subsidiaries, Regions, and each work unit.
Development For Mandirians Sustainability Culture for Mandirians
In managing its human resources, Bank Mandiri applies The Bank initiated the implementation of sustainable
the Human Capital Life Cycle concept to deliver an finance by enhancing the capacity of its employees,
Employee Value Proposition (EVP) aligned with the referred to as Mandirian, to master ESG topics relevant
Bank’s Corporate Plan. The cycle includes: to Bank Mandiri’s business, particularly in developing
1. Organization Structure & Capacity – Organizational financial products and services and adapting the
Development organization to integrate ESG into banking systems
2. Recruitment – Human Resource Recruitment and procedures. The involvement of all Mandirian
3. Onboarding & Employee Relations – Employee through the development of a sustainability culture
Onboarding System and Employee Relations is essential to carry out these changes, beginning
4. Learning & Development with building awareness among Mandirian to protect
5. Performance – Individual Performance and preserve the environment in their daily activities.
Management The sustainability culture programs implemented
6. Reward – Total Reward System include strengthening technical capacity and ESG-
7. Talent & Succession Management related expertise across all employee levels and work
8. Retire & Exit – Employee Termination and units through training, workshops, webinars, and
Retirement certifications.
884 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 887
ESG IMPLEMENTATION REPORT
The ESG Group serves as the ESG coordinator within In 2025, female employees of the Bank accounted for
Bank Mandiri, subsequently on a bankwide basis, 52% of the Company’s total HR. Meanwhile, women in
and collaborates with the Culture Squad in all work management and executive positions represented 28%.
units managed by the Internal Culture Team. The The ratio of salaries and benefits between male and
Culture Squad acts as a liaison to convey ESG-related female employees was equal at 1:1 and was determined
information within their respective work environments. based on performance.
Throughout 2025, Bank Mandiri actively conducted
ESG awareness socialization activities within the Bank. Bank Mandiri also continuously supports its female
The agenda covered global and national commitment employees through the Srikandi Mandiri initiative.
statements, communication of regulatory provisions, Various activities supporting this initiative include
and the implementation of ESG practices carried out women’s leadership sessions, mentoring programs for
at Bank Mandiri across each aspect. In addition, the women, and others. At the end of 2025, the number of
socialization activities were aligned with the scope Bank Mandiri employees was 38,732, consisting of 52%
of work of the relevant units to enhance support for women and 48% men, down 0.37% from the previous
achieving the Net Zero Emission (NZE) 2030 target. year’s total of 38,874 employees. Of this number, 28% of
women held top-level management positions (BOD-1).
Gender Equity
Bank Mandiri implements policies aligned with ESG Employee Turnover
principles, particularly in the social aspect. Under this In 2025, Bank Mandiri’s voluntary employee turnover
social aspect, the Bank adopts initiatives aligned with rate was recorded at 3.27%, equivalent to 1,261
the Respectful Workplace Policy (RWP) in the form of employees, increasing from 2.63% or 1,024 employees in
Human Rights, namely how the Company manages and the previous year. This increase reflects ongoing talent
upholds Human Rights in its operational activities, and mobility within a sound human capital management
accepts as well as treats employees equally regardless framework and in line with industry averages.
of religion, tribe, race, ethnicity, gender, social/economic
status, or disability. This equality and diversity policy Employee Training and Development
is implemented from the initial recruitment process, In addition to benefits, Bank Mandiri employees
within training and promotion systems, and across all receive education and training opportunities
aspects of Human Resources management. In terms of aimed at enhancing their potential and developing
equality, Bank Mandiri provides equal opportunities for competencies aligned with the Bank’s business needs.
all employees to perform without gender distinction. Detailed information on Bank Mandiri’s human capital
Bank Mandiri ensures that all employees have equal development can be found in the Human Resources
opportunities to build their careers, participate in subsection of this Annual Report.
development programs, including promotions to
all available positions along with their respective
compensation and benefits.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 885
Page 888
GOVERNANCE
PILLAR
ESG IMPLEMENTATION REPORT
To strengthen its position in both domestic and regional
markets, Bank Mandiri is committed to becoming the
leading bank by continuously enhancing the quality
of its governance, in line with applicable laws, ACGS
principles, and international best practices, while
expanding new sources of growth.
886 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 889
ESG IMPLEMENTATION REPORT
GOVERNANCE PILLAR PERFORMANCE
STRENGTHENING ESG PRACTICES
Establishment of ESG Group as a ‘control tower’ for
ESG implementation at Bank Mandiri
ESG Implementation in Bank Mandiri is supervised by
the Vice President Director, with its results reported
Most Trusted Company
to Risk Management Committee (RMC) and Board of
Commissioners through the Risk Monitoring Committee
95.36 (KPR).
Bank Mandiri received
the title as one of the
top performers in the Privacy Policy for Bank Mandiri products and all
Corporate Governance & Subsidiaries.
Perception Index (CGPI)
*) Previous Rating: 95.30
Whistleblowing System – Letter to CEO (WBS-LTC)
managed by an independent external party
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 887
Page 890
ESG GOVERNANCE
ESG IMPLEMENTATION REPORT
In delivering its sustainability commitment, Bank Mandiri manages ESG aspects through an integrated sustainable
finance framework and strengthens governance functions responsible for planning, decision-making, monitoring,
and evaluating ESG strategies across the organisation. The summary of the Company’s governance structure and
key roles is presented below:
SUSTAINABILITY GOVERNANCE STRUCTURE
Board of Commissioners / Related Board of
Commissioners Committee
Board of Directors /
Related Board of Directors Committee
ESG Working ESG Coordinator Work Unit
Group
ESG Coordinator Work Unit
- Business Unit
- Risk Management Unit
- Supporting Unit
- Regional Offices I-XII
888 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 891
Duties and Responsibilities of the Directors To strengthen its sustainable finance implementation,
& Board of Commissioners Bank Mandiri established a dedicated ESG Group under
ESG IMPLEMENTATION REPORT
• Monitor and evaluate the Company’s compliance Board Decree SK/KOM/05.2/2022 dated July 18, 2022,
with its Articles of Association, regulatory authority and Management Decree KEP.DKP/32/2022 dated
provisions, and other laws and regulations related September 12, 2022. The unit replaces the previous
to Risk Management. task force and serves as the main coordinator for
• Provide recommendations to the President Director sustainable finance in accordance with POJK 51/2017.
on the formulation of policies, strategies, and
guidelines for implementing Risk Management. The ESG Group functions as the control tower for
ESG implementation across Bank Mandiri and its
Duties and Responsibilities of ESG Unit subsidiaries, led by a Senior Vice President under the
• Develop ESG frameworks, commitments, supervision of the Vice CEO. Its key responsibilities
roadmaps, and targets. include managing the ESG framework, aligning
• Monitor Bank Mandiri’s sustainable portfolio (in policies with sustainability and climate-related
line with POJK 51/2017) and report based on the issues, overseeing sustainable portfolio management,
Indonesia Green Taxonomy. developing responsible operational strategies, and
• Drive the development of Sustainable Finance coordinating ESG communication and reporting both
products and services. internally and externally.
• Integrate ESG key performance indicators (KPIs)
across all units. ESG Management and Oversight
• Ensure ESG disclosures align with best practices. Bank Mandiri ensures that ESG governance is
• Internalize ESG awareness among all employees. implemented effectively and aligned with stakeholder
• Align ESG aspects with all business processes and expectations. Continuous monitoring is carried out
internal policies. to integrate sustainability principles into the Bank’s
• Prepare ESG performance reports for the Board of overall governance framework. The Bank also aims to
Commissioners and Board of Directors, presented manage ESG-related matters effectively in accordance
at the GMS. with regulations, industry best practices, and global
initiatives.
Sustainable Finance Responsibility
The Directors holds primary responsibility for defining For climate risk management, the Board of Directors
the Company’s sustainability direction, encompassing engages the Risk Management Committee (RMC), while
the framework, commitment, strategy, initiatives, and oversight is performed by the Board of Commissioners
roadmap related to climate action and the achievement through the Risk Oversight Committee. Monitoring
of SDGs. These are outlined in the Sustainable Finance activities are conducted through Board, RMC, and ESG
Action Plan (RAKB) 2025–2029, approved by the Board Forum meetings held at least six times a year.
of Commissioners and submitted to the regulator each
November. The responsibility for managing climate-related risks
and opportunities is delegated to the ESG Unit under the
Each Board member ensures the implementation of supervision of the Vice President Director, with regular
the RAKB and the management of ESG-related topics reporting to the RMC and Risk Oversight Committee.
within their respective directorates. The integration and The Board of Directors also plays an active role in
coordination of ESG matters fall under the authority of climate-related discussions, including the Climate
the Vice CEO, executed through the ESG Group with the Risk Stress Testing (CRST), and collaborates with
following scope: regulators such as OJK to strengthen Bank Mandiri’s
• Management of the ESG Framework, climate strategy.
• Alignment of regulations with ESG and climate
change issues,
• Management of the sustainable portfolio,
• Strategies for responsible operations,
• Communication and reporting functions for
internal and external stakeholders.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 889
Page 892
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY
SOCIAL AND ENVIRONMENTAL
RESPONSIBILITY
TANGIBLE
CONTRIBUTION
TO SUSTAINABLE
DEVELOPMENT
Bank Mandiri continues to demonstrate its
commitment to supporting the achievement
of the Sustainable Development Goals
through the disbursement of TJSL funds
amounting to Rp251.1 billion.
890 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 893
SOCIAL AND ENVIRONMENTAL
RESPONSIBILITY COMMITMENTS AND
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY
POLICIES
Bank Mandiri is committed to implementing Social
and Environmental Responsibility programs focused
on sustainability, added-value, and community
well-being. Through initiatives aligned with ESG and
SDG principles, the Bank aims to balance economic
growth with social responsibility and environmental
preservation, creating long-term value for the nation.
Bank Mandiri is committed to implementing To ensure effectiveness, Bank Mandiri
Social and Environmental Responsibility conducts comprehensive assessments
(TJSL) programs aligned with national of community potential and needs so that
development priorities and global each initiative is targeted and sustainable.
sustainability principles. These programs The Bank applies international best
target communities within operational practices by integrating Environmental,
areas as well as broader groups selected Social, and Governance (ESG) principles, the
strategically based on local potential and Sustainable Development Goals (SDGs), and
needs. Throughout 2025, TJSL activities the Creating Shared Value (CSV) concept,
focused on three key areas: education, which emphasizes generating mutual
environment, and micro and small enterprise benefits for both society and the company.
(MSE) development. By empowering By strengthening collaboration with
communities, both fund owners and users, stakeholders and leveraging technology,
the Bank seeks to enhance community Bank Mandiri strives to balance economic
welfare and create opportunities for local growth with social and environmental
economic activities that contribute to responsibility, supporting inclusive,
national growth. equitable, and carbon-neutral development.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 891
Page 894
TJSL LEGAL REFERENCES
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY
TJSL programs and activities are implemented in alignment with Bank Mandiri’s mission and integrated with the
application of ESG principles. The implementation of these programs is also guided by various prevailing laws and
regulations, including:
• Law No. 7 of 1992 concerning Banking as has been amended with
Government Regulation in Lieu of Law No. 2 of 2022 concerning
Job Creation;
• Law No. 19 of 2003 concerning State-Owned Enterprises, as most
recently amended by Law No. 16 of 2025;
• Law No. 40 of 2007 concerning Limited Liability Companies as
last amended by Government Regulation in Lieu of Law No. 2 of
2022 concerning Job Creation;
• POJK No. 51/POJK.03/2017 on the Sustainable Finance Practices
for Finansial Service Institutions, Issuers and Public Companies;
• Government Regulation No. 47 of 2012 concerning Social and
Environmental Responsibility of Limited Liability Companies;
• Regulation of the Minister of State-Owned Enterprises of the
Republic of Indonesia No. PER-1/MBU/03/2023 dated 24
March 2023 concerning the Corporate Social and Environmental
Responsibility Program for State-Owned Enterprises.
In addition, the implementation of Bank Mandiri’s TJSL programs also refers to the principles outlined in the ISO
26000 Standard as a guideline for social responsibility, which include:
ISO 26000 STANDARD PRINCIPLE
01 Human
Rights 02 Manpower
Practices 03 Fair Business
Practices
Organization
Governance
04 Consumer
Issues 05 Environment 06 Community
Engagement &
Development
892 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 895
TJSL VISION AND MISSION
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY
As part of its sustainability commitment, Bank Mandiri has established a TJSL vision and mission as a strategic
guide for the implementation of its social and environmental programs. This vision and mission reflect the Bank’s
direction and core values in creating long-term social, economic, and environmental impact.
VISION
To build a resilient Indonesian society
through TJSL so as to provide inspiration as
a progressive Indonesian financial institution
that grows alongside Indonesia.
MISSION
· To be a trusted key partner in the
development of a resilient and prosperous
society.
· To conduct TJSL programs that support
Bank Mandiri’s strategies based on
optimal governance.
· To be part of Bank Mandiri’s comprehensive
branding strategy as a financial institution
for all stakeholders.
TJSL PRINCIPLES
In accordance with the Regulation of the Minister of State-Owned Enterprises, the implementation of TJSL
programs is guided by four key principles to ensure that activities are carried out systematically, in an integrated
manner, and aligned with the Bank’s priorities and work plans. These four principles include:
1 2 3 4
Integrated, Based Directed, Having a Measurable impact Accountability,
on risk analysis clear direction to Contributing to and Ensuring accountability
and business achieve the Bank’s providing benefits to prevent potential
processes that are objectives; that create change misuse or irregularities.
interconnected with or added value for
stakeholders; stakeholders and the
Bank.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 893
Page 896
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY
TJSL PILLARS
Bank Mandiri implements its strategic initiatives based on four key pillars, social, environmental,
economic, and legal & governance, in accordance with the Regulation of the Minister of State-Owned
Enterprises No. PER-01/MBU/03/2023 concerning the Social and Environmental Responsibility
Program of SOEs.
TJSL PILLARS OF BANK MANDIRI
The implementation of TJSL is guided by four main pillars: social, legal and governance, economic,
and environmental.
01 Environmental Sustainable management of natural resources and the
environment as the foundation supporting all forms of life.
Quality economic growth through the sustainability of
02 Economy employment and business opportunities, innovation, inclusive
industries, adequate infrastructure, and clean energy,
supported by partnerships.
03
Strengthening legal certainty and effective, transparent,
Legal & accountable, and participatory governance to create security
Governance stability and uphold a state based on the rule of law.
04 Social Fulfilment of basic human rights in a fair and equitable manner
to improve the welfare of society as a whole.
PURPOSE OF TJSL TJSL MANAGEMENT
STRUCTURE
The objectives of Bank Mandiri’s TJSL program are as follows: Bank Mandiri’s TJSL
1. Realizing a harmonious relationship between the Bank and the program is managed
community. by the Corporate Social
2. Helping the growth and development of micro, small and Responsibility Department
medium enterprises (MSMEs) that are independent, resilient, and under the coordination of the
competitive with professional management. Corporate Secretary Group.
3. Developing a pattern of coaching micro, small and medium The program is overseen by
enterprises (MSMEs), by prioritizing aspects of equity, the SEVP Corporate Relations,
independence, professionalism, and ethics. who reports directly to the
4. Maintaining environmental sustainability and improving the President Director.
quality of life of community which includes the areas of education,
health, and wellbeing.
894 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 897
TJSL
PROGRAM
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY
Bank Mandiri implements various TJSL programs as part of its commitment to sustainable development. These
programs are divided into two main categories: Mandiri Bersama Mandiri and Bangkit Bersama Mandiri.
MANDIRI BERSAMA MANDIRI PROGRAM
This program is a flagship initiative under the TJSL framework of Bank Mandiri, aimed at fostering community
empowerment and supporting sustainable economic growth in Indonesia. Through a collaborative and innovative
approach, the program is designed to build economically independent communities. As part of Bank Mandiri’s
commitment to the Sustainable Development Goals (SDGs), the program specifically contributes to SDG 8: Decent
Work and Economic Growth.
The key objectives of the program include:
• Improving the economic well-being of communities across Indonesia.
• Strengthening community-based economic empowerment.
• Enhancing financial literacy among underserved and vulnerable groups.
• Supporting sustainable community development.
• Contributing to the Government’s National Economic Recovery Program (PEN).
1 WIRAUSAHA MUDA MANDIRI (WMM)
At the beginning of 2025, the implementation of WMM was focused on the peak stage of the WMM
competition, which served as the main phase in the selection, curation, and assessment of 20 high-
potential young entrepreneurs. Beyond the competition stage, WMM is designed as a continuous
program rather than a one-off initiative. Following the competition, Bank Mandiri implemented an after-
competition program to ensure the sustainability of participants’ and alumni businesses.
In 2025, the program emphasis was placed on maintaining and strengthening
the WMM alumni ecosystem
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 895
Page 898
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY
through a range of initiatives, including: ●
• Collaborative programs with alumni.
• Business mentoring and scaling support for alumni
enterprises.
• Access to financing and continuous financial literacy.
• Strengthening business networks and the WMM alumni
community.
• Integration of alumni into Bank Mandiri’s product and
service ecosystem.
2 RUMAH BUMN (RB)
Rumah BUMN (RB) is a collaborative platform among SOEs
aimed at building a digital economic ecosystem through
the development and empowerment of MSMEs. RB serves
as a centre for education, capacity building, and MSME
digitalisation to enhance business capability, quality, and
independence of entrepreneurs across Indonesia.
In 2025, Bank Mandiri, as one of the 25 SOEs appointed under the Rumah
Kreatif BUMN (RKB) program, managed 23 Rumah BUMN locations across
Indonesia, covering Java, Bali, Nusa Tenggara, Sumatra, Kalimantan,
Sulawesi, Maluku, and Papua.
Through this network, Bank Mandiri strengthened the digital capacity and competitiveness of MSMEs
in support of inclusive and sustainable national economic growth. As of 2025, a total of 17.6 thousand
MSMEs had participated in the program, with 7,928 MSMEs successfully moving up a level, supported
by more than 295 training programs.
3 AKSI BERSIH MANDIRI
Aksi Bersih Mandiri is a program that engages Bank
Mandiri employees and local communities in maintaining
environmental cleanliness and sustainability. Through
collective action and environmental education initiatives,
such as reducing single-use plastics, recycling, and waste
management, the program promotes public awareness
of the importance of preserving a clean and healthy
environment.
In 2025, the program was implemented at 30 strategic locations, including
public areas and national events.
The initiative successfully collected and recycled approximately 12.7 tonnes of inorganic waste and
involved more than 1,350 volunteers from Bank Mandiri employees and surrounding communities.
896 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 899
4 MUDIK BERSAMA MANDIRI
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY
The Mudik Bersama Mandiri Program is an annual social
responsibility initiative of Bank Mandiri, implemented
ahead of Idulfitri to help communities return to their
hometowns safely and comfortably. Through this
program, Bank Mandiri seeks to deliver tangible social
benefits, particularly for those who require travel support
in order to reunite with their families during the Idulfitri
celebrations.
In 2025, more than 8,500 travellers participated in the program, supported by
a fleet of 170 buses.
5 MANDIRI SAHABAT DESA
The Mandiri Sahabat Desa Program is an initiative of
Bank Mandiri focused on empowering rural communities
across Indonesia, particularly in the areas of economic
development, financial inclusion, and skills enhancement.
Through this program, Bank Mandiri provides various forms
of support, including the development of public facilities,
financial literacy improvement, assistance for MSMEs,
healthcare services, and community social activities.
The program aims to foster independent, prosperous,
and economically resilient villages that can contribute to
sustainable national economic development.
Mandiri Sahabat Desa activities in 2025 included:
Support for tourism and MSMEs in Semarang Regency, such as shuttle cars, revitalisation of a
mini theatre, renovation of tourism-area toilets, construction of greenhouses, mini agricultural
laboratory, as well as the provision of waste transport vehicles and cold storage facilities.
Infrastructure development and financial literacy initiatives for 18 villages in the Prambanan area,
Yogyakarta, including the construction of village monuments, facilities for cooperatives, and
integrated farming infrastructure for livestock farmer groups.
Empowerment of sorghum farmers in Jasinga District, Bogor Regency.
Empowerment of farmers in Pamarican, Ciamis Regency, West Java.
Strengthened the people’s economy through active participation in the Merah Putih Village/Sub-
district Cooperative Program (KDKMP).
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 897
Page 900
6
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY
MANDIRI BAKTI KESEHATAN
Mandiri Sehat is an initiative of Bank Mandiri focused on
improving public health, particularly in areas requiring
enhanced access to healthcare services. Through a range
of social responsibility activities, the programme aims
to build healthier and more prosperous communities by
providing direct healthcare services and health education.
Mandiri Sehat activities in 2025 included:
Mandiri Bakti Kesehatan for Abdi Dalem in Yogyakarta.
Efforts to reduce stunting prevalence in Papua, East Nusa Tenggara, Central Sulawesi, and
Yogyakarta.
Mandiri Bakti Kesehatan programs across Indonesia reaching more than 7 thousand underprivileged
beneficiaries.
Provision of healthcare facilities, including 42 ambulance units.
Free mass circumcision services for more than 5 thousand children.
Deployment of disaster response vehicles to support rapid emergency response.
7 MANDIRI SAHABAT DIFABEL
This program aims to empower persons with disabilities by
improving their quality of life through access to education,
skills training, and economic support. Bank Mandiri is
committed to promoting equality and inclusion, ensuring
that every individual has equal opportunities to grow and
contribute to society.
In 2025, support was provided to 210 persons with disabilities through the following initiatives:
Delivery of financial literacy training for disability communities.
Skills training and educational programmes to enhance employment opportunities.
Mentoring and development of MSMEs managed by persons with disabilities.
8 MANDIRI SAHABATKU
This empowerment training program for Indonesian
Migrant Workers focuses on entrepreneurship
preparation, financial literacy and inclusion, as well
as mentoring to enhance business capabilities and
financial independence.
In 2025, a total of 21,074 Indonesian Migrant Workers in Hong Kong, Malaysia,
South Korea, Taiwan, Japan, Indonesia, and Saudi Arabia participated in the
training programs, through both online and in-person formats.
898 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 901
9 MANDIRI LINGKAR HIJAU
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY
Focused on waste management and the circular economy,
this program aims to generate positive environmental
and social impacts. The initiative covers the collection of
waste from the food and beverage industry, research and
processing of waste into products with economic value,
as well as community training on sustainable waste
management practices.
In 2025, the Mandiri Lingkar Hijau program was implemented in Bandung
and Jakarta, involving students, artisans, local communities, and alumni of
Wirausaha Muda Mandiri.
10 MANDIRI AIR BERSIH
Bank Mandiri provides access to clean water for
communities in need through the Mandiri Air programme.
The initiative aims to improve access to clean water and
proper sanitation in areas facing water infrastructure
challenges. The programme includes the development of
clean water and sanitation systems, as well as education on
water management and environmental hygiene to support
improved quality of life.
The main focus areas include:
• Development of clean water and sanitation systems.
• Education on water management and environmental hygiene.
In 2025, the program was implemented at 34 locations across Indonesia, including
Ende Regency, Southwest Sumba Regency, Kupang Regency, Lamongan Regency,
Sleman Regency, and other regions.
11 MANDIRI PEDULI SEKOLAH
This program focuses on improving the quality of
educational facilities and infrastructure in Indonesia
through minor refurbishment activities within school
environments.
In 2025, the program was implemented in 27 schools across Indonesia,
involving employees and community members as volunteers to strengthen
social engagement and community care.
The activities carried out included light renovations such as repainting school facilities, repairing
desks and chairs, providing Mandiri Reading Corners (Pojok Baca Mandiri), and improving other
supporting facilities to create a more comfortable and conducive learning environment.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 899
Page 902
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY
BANGKIT BERSAMA MANDIRI PROGRAM
As part of Bank Mandiri’s commitment to supporting community well-being, the Bangkit Bersama Mandiri Program
is designed to address a range of social, health, education, and environmental challenges. This initiative focuses
not only on short-term assistance but also on building long-term community resilience. The program is aligned
with the SDG priorities, particularly SDG 10:
Reduced Inequalities, with the following main objectives:
Supporting disaster-affected communities through emergency response and post-disaster recovery.
Assisting underprivileged communities in meeting their basic needs.
Improving access to basic infrastructure such as places of worship, sanitation facilities, and other public
amenities.
Building a sustainability ecosystem that supports the social and economic well-being of communities.
900 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 903
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY
1 MANDIRI DISASTER RESPONSE
Peduli Bencana is an emergency response program
focused on disaster management through collaboration
with various stakeholders. Its objective is to accelerate
the response to the impacts of natural disasters on
affected communities by providing basic necessities
and supporting post-disaster recovery efforts. In its
implementation, Bank Mandiri works together with the
National Disaster Management Agency (BNPB), the
Ministry of SOEs, and local governments to ensure that
assistance is delivered quickly, accurately, and with
optimal positive impact.
In 2025, Mandiri Disaster Response was carried out at 33 locations across
Indonesia, including:
The earthquake in Buol Regency; floods in Kudus Regency, Pekalongan City, Tangerang, Sukabumi
Regency, Ternate City, North Luwu Regency, Gresik Regency, Makassar, Jakarta, Bogor, Depok, and
Sukabumi; floods and landslides in Sukabumi Regency and in West Sumatra, North Sumatra, and
Aceh; fires in Kemayoran; the eruption of Mount Ruang; the eruption of Mount Lewotobi; disasters
in Purwakarta; and landslides in Cilacap, as well as other disaster response efforts. Total assistance
provided amounted to more than 300.00 packages containing food, medicines, and other basic
necessities, the construction of temporary shelters for affected residents, and the deployment of
Mandirian disaster response volunteers.
2 MANDIRI BERBAGI KEBAIKAN
The Mandiri Sharing Kindness Program is a social initiative
of Bank Mandiri aimed at supporting communities in
need, particularly during significant occasions such as
Ramadan, Eid al-Adha, and other important holidays.
This program reflects Bank Mandiri’s commitment to
enhancing social welfare and alleviating the burdens of
communities in areas requiring support. Through this
initiative, Bank Mandiri seeks to strengthen the spirit of
sharing and social care.
Mandiri Bakti Kesehatan Activities in 2025:
Distribution of 57,600 Ramadan packages to orphans, underprivileged communities, and the elderly
across Indonesia.
Provision of 50,000 social packages through the Mandiri Affordable Market program, sold at
subsidized prices to pre-prosperous families.
Distribution of 5,000 cans of ready-to-eat meat to communities in Morowali Regency, Nunukan
Regency, Konawe Regency, Bintan Regency, and Seluma Regency.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 901
Page 904
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY
3 DEVELOPMENT OF PUBLIC FACILITIES AND
INFRASTRUCTURE
Program Bantuan Pengembangan Sarana dan Prasarana
merupakan bentuk komitmen tanggung jawab sosial Bank
Mandiri dalam mendukung pembangunan infrastruktur
di berbagai wilayah Indonesia, khususnya di daerah
yang membutuhkan. Melalui program ini, Bank Mandiri
berkontribusi dalam penyediaan fasilitas publik yang
dapat meningkatkan kualitas hidup masyarakat serta
mendorong pembangunan sosial dan ekonomi yang
berkelanjutan.
Facilities and Infrastructure Activities in 2025:
Houses of worship, including mosques, churches, and temples.
Rural roads and bridges to improve community accessibility.
Sanitation facilities and clean water infrastructure in various regions.
Development of other public facilities, including the renovation of uninhabitable houses.
902 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 905
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY
ALIGNMENT OF BANK MANDIRI’S TJSL
PROGRAMS WITH THE SDGS
The following table outlines the alignment of Bank Mandiri’s TJSL programs with the SDGs. Each program is
implemented based on specific priorities and sustainability focuses that support long-term social, economic, and
environmental development objectives:
Mandiri Program Bersama Mandiri
4 8 9 10
Wirausaha Muda Mandiri (WMM)
Priorities: MSE Development
1 4 8 9 10
Rumah BUMN (RB) Bank Mandiri
Priorities: MSE Development
7 13 14 15
Aksi Bersih Mandiri
Priorities: Environment and Social
10 11
Mudik Bersama Mandiri
Priorities: Social, MSE Development
Mandiri Sahabat Desa 1 8 9 10 11
Priorities: Social, MSE Development
1 3 10
Mandiri Bakti Kesehatan
Priorities: Social, Environment
4 8 10
Mandiri Sahabat Difabel
Priorities: Social, Education
5 4 1 10
Mandiri Sahabatku
Priorities: Social, Education, MSE Development
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 903
Page 906
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY
13 15 12
Mandiri Lingkar Hijau
Priorities: Environment, MSE Development
6 3 1 10
Mandiri Air Bersih
Priorities: Social, Environment
4 1 10
Mandiri Peduli Sekolah
Priorities: Education, Social
Bangkit Bersama Mandiri Program
1 2 3 11
Peduli Bencana
Priorities: Social, Environment
1 2 3 10
Mandiri Berbagi Kebaikan
Priorities: Social
9 11
Pembangunan Sarana dan Prasarana Umum
Priorities: Social, Environment
904 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 907
TJSL AWARDS
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY
As a testament to the successful implementation of its TJSL initiatives, Bank Mandiri has received numerous
awards from both national and international institutions, as follow:
11 April 2025 29 April 2025
CSR for Sustainable Business Growth and 7th CSR Brand Equity Awards 2025
Asta Cita Government Programs
Winner of 7th CSR Brand Equity Awards 2025
1. Platinum Trophy in Bank Category
2. TOP CSR Awards 2025 #STAR5
3. TOP Leader on CSR Commitment 2025 The Iconomics Media
TOP CSR Awards 2025
June 2025
June 2025
Asia’s Best Companies 2025
FinanceAsia Awards 2025
Gold – Most Committed to ESG
Best Sustainable Bank, Biggest Sustainable Gold – Best DEI
Impact, Most DEI Progressive, Best Strategic Gold – Best Large Cap Company,
Initiative – Banks Best Managed Company
FinanceAsia FinanceAsia / Asia’s Best Companies
August 2025 1 August 2025
OJK Awards – Hari Indonesia Menabung 2025 Public Expose 2025
Best KEJAR Implementation, Award for Collaboration in healthcare Services
Best Financial Literacy Program, and Disaster Response Programs
Best OJK Peduli Program,
Best SLB Participation MAI (MANDIRI AMAL INSANI)
Otoritas Jasa Keuangan (OJK)
15 October 2025
30 September 2025 Solidaritas Generasi Bebas Stunting
CSR Awards 2025 High Commitment and Tangible Contribution
to the Success of the Program “Gerakan
Impact Leaders Awards
Orang Tua Asuh Cegah Stunting (GENTING)”
Investortrust.id Kementerian Kependudukan dan
Pembangunan Keluarga/BKKBN
23 October 2025
Anugerah Liputan 6 5 November 2025
Inspirational Award for CSR Innovation: Forum Initiative Forum 2025
Driving Innovative Social Impact Inclusive Economy & Empowerment Awards
Liputan 6 Human Initiative
10 December 2025
10 December 2025
Orang Tua Asuh Cegah Stunting (GENTING)
Bazar UMKM Untuk Indonesia
Gold Distinction in the ogram Gerakan Orang
Tua Asuh Cegah Stunting (GENTING) Best Education Initiative
PADI UMKM
Kementerian Kependudukan dan
Pembangunan Keluarga/BKKBN
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 905
Page 908
MANAGEMENT AND DISTRIBUTION
OF TJSL FUNDS
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY
Bank Mandiri consistently reports the allocation and realization of its TJSL budget each year. The following tables
present the allocation and realization of Bank Mandiri’s TJSL budget, including the distribution of funds across
program categories during the reporting year:
Allocation and Realization of Bank Mandiri’s TJSL Budget 2025
2025
Achievement
TJSL Pillar Support to SDGs
(Total Programs) Allocation Realization
1 2 3
Social Pillar 553 Rp 131.5 Billion Rp 138.4 Billion
4 5
7 8 9
Economy Pillar 258 Rp 52.5 Billion Rp 53.2 Billion
10 17
6 11 12
Environmental
Pillar 346 Rp 62 Billion Rp 58.2 Billion
13 14 15
16
Legal and
Governance 17 Rp 4 Billion Rp 1.3 Billion
Pillar
1,174 Rp 250 Billion Rp 251.1 Billion
Total
906 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 909
SOCIAL AND ENVIRONMENTAL RESPONSIBILITY
Distribution of TJSL Funds
Program Unit 2024 2025
Charitable Donations % 44.80 55.14
Community Investments % 54.00 44.36
Commercial Initiatives % 1.20 0.5
Total % 100 100
Contribution Types Unit 2024 2025
Cash Contribution* Rp million 0 0
In-Kind Giving** Rp million 250.03 251.1
Management Overhead Rp million 6.56 1.8
*Bank Mandiri does not provide direct cash assistance to the public. All CSR contributions are carried out through community development
programs and strategic infrastructure projects.
**Total funds realized from CSR programs
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 907
Page 910
CONFORMITY OF THE IMPLEMENTATION
OF CORPORATE GOVERNANCE
TOWARDS THE ASEAN CORPORATE
GOVERNANCE SCORECARD
Level Principles and Recommendations Presentation
A. Rights and Equitable Treatment of Shareholders
A.1 Basic Shareholder Rights
Does the company pay (interim and final/annual) dividends in an equitable and timely manner; that is, all
shareholders are treated equally and paid within 30 days after being (i) declared for interim dividends and
A.1.1 450-451
(ii) approved by shareholders at general meetings for final dividends? In case the company has offered Scrip
dividend, did the company paid the dividend within 60 days.
Right to participate effectively in and vote in general shareholder meetings and should be informed of the
A.2
rules, including voting procedures, that govern general shareholder meetings.
Do shareholders have the opportunity, evidenced by an agenda item, to approve remuneration (fees, 366,367,484,490,
A.2.1 allowances, benefit-in-kind and other emoluments) or any increases in remuneration for the non-executive 492, 497,498,518,
directors/commissioners? 583,688,690,695
Does the company provide non-controlling shareholders a right to nominate candidates for board of
A.2.2 492,516,519,545
directors/commissioners?
A.2.3 Does the company allow shareholders to elect directors/commissioners individually? 488,532
A.2.4 Does the company disclose the voting procedures used before the start of meeting? 488,532
Do the minutes of the most recent AGM record that the shareholders were given the opportunity to ask
A.2.5 495
questions and the questions raised by shareholders and answers given recorded?
Does the company disclose the voting results including approving, dissenting, and abstaining votes for all
A.2.6 496-514
resolutions/each agenda item for the most recent AGM?
A.2.7 Does the company disclose the list of board members who attended the most recent AGM? 494-495,506,510
Does the company disclose that all board members and the CEO (if he is not a board member) attended the
A.2.8 494, 506, 510
most recent AGM?
A.2.9 Does the company allow voting in absentia? 495
A.2.10 Did the company vote by poll (as opposed to by show of hands) for all resolutions at the most recent AGM? 495, 507, 511
Does the company disclose that it has appointed an independent party (scrutineers/inspectors) to count
A.2.11 496, 507, 511
and/or validate the votes at the AGM?
Does the company make publicly available by the next working day the result of the votes taken during the
A.2.12 496-501, 507, 511
most recent AGM/EGM for all resolutions?
A.2.13 Does the company provide at least 21 days’ notice for all AGMs and EGMs? 493, 505, 509
Does the company provide the rationale and explanation for each agenda item which require shareholders’
A.2.14 493, 505, 509
approval in the notice of AGM/circulars and/or the accompanying statement?
Does the company give the opportunity for shareholders to place item/s on the agenda of general meetings
A.2.15 488
and/or to request for general meetings subject to a certain percentage?
A.3 Markets for corporate control should be allowed to function in an efficient and transparent manner.
In cases of mergers, acquisitions and/or takeovers requiring shareholders' approval, does the board of
A.3.1 directors/commissioners of the company appoint an independent party to evaluate the fairness of the 360
transaction price?
A.4 The exercise of ownership rights by all shareholders, including institutional investors, should be facilitated.
Does the company disclose its practices to encourage shareholders to engage with the company beyond
A.4.1 489
general meetings?
A.5 Shares and voting rights
Where the company has more than one class of shares, does the company publicise the voting rights
A.5.1 attached to each class of shares (e.g. through the company website / reports/ the stock exchange/ the 488
regulator's website)?
A.6 Notice of AGM
Does each of the resolutions tabled at the most recent annual general meeting deal with only one item, i.e.,
A.6.1 496-505, 507, 511
there is no bundling of several items into the same resolution?
Are the company's notice of the most recent AGM/circulars fully translated into English and published on the
A.6.2 493, 505, 509
same date as the local-language version?
Does the notice of AGM/circulars have the following details:
908 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 911
Level Principles and Recommendations Presentation
Are the profiles of directors/commissioners (at least age, academic qualification, date of first appointment,
A.6.3 504, 508
experience, and directorships in other listed companies) in seeking election/re-election included?
A.6.4 Are the auditors seeking appointment/re-appointment clearly identified? 708
A.6.5 Were the proxy documents made easily available? 494, 506, 510
A.7 Insider trading and abusive self-dealing should be prohibited
A.7.1 Are the directors/commissioners required to report their dealings in company shares within 3 business days? 185, 477, 774
A.8 Related party transactions by directors and key executives
Does the company have a policy requiring a committee of independent directors/commissioners to review
A.8.1 371-374
material RPTs to determine whether they are in the best interests of the company and shareholders?
Does the company have a policy requiring board members (directors/commissioners) to abstain from
A.8.2 536
participating in the board discussion on a particular agenda when they are conflicted?
Does the company have policies on loans to directors and commissioners either forbidding this practice or
A.8.3 -
ensuring that they are being conducted at arm's length basis and at market rates?
A.9 Protecting minority shareholders from abusive actions
Does the company disclose that RPTs are conducted in such a way to ensure that they are fair and at arms'
A.9.1 751
length?
In case of related party transactions requiring shareholders' approval, is the decision made by disinterested
A.9.2 372
shareholders?
B. Sustainability and Resilience
Sustainability-related disclosure should be consistent, comparable and reliable, and include retrospective
and forward-looking material information that a reasonable investor would consider important in making
B.1
an investment or voting decision
Material Sustainability-related information should be specified
B.1.1 Does the company identify/report ESG topics that are material to the organization’s strategy? 896
B.1.2 Does the company identify climate change as an issue? 896
863, 866,
Does the company adopt an internationally recognized reporting framework or standard for sustainability
B.1.3 Sustainability
(i.e. GRI, Integrated Reporting, SASB, IFRS Sustainability Disclosure Standards)?
Report
If a company publicly sets a sustainability-related goal or target, the disclosure framework should provide that
reliable metrics are regularly disclosed in an easily accessible form
B.1.4 Does the company disclose quantitative sustainability target? 864
Does the company disclose sustainability-related performance progress in relation to its previously set
B.1.5 864
targets?
Does the company confirm that its Sustainability Report / Reporting is reviewed and /or approved by the Sustainability
B.1.6
Board or Board Committee? Report
Corporate governance frameworks should allow for dialogue between a company, its shareholders and
B.2
stakeholders to exchange views on sustainability matters
Does the company engage internal stakeholders to exchange views and gather feedback on sustainability
B.2.1 -
matters that are material to the business of the company?
Does the company engage external stakeholders to exchange views and gather feedback on sustainability
B.2.2 790, 894
matters that are material to the business of the company?
The corporate governance framework should ensure that boards adequately consider material sustainability
risks and opportunities when fulfilling their key functions in reviewing, monitoring and guiding governance
B.3
practices, disclosure, strategy, risk management and internal control systems, including with respect to
climate-related physical and transition risks
Boards should assess whether the company’s capital structure is compatible with its strategic goals and its
associated risk appetite to ensure it is resilient to different scenarios
1, 60, 192, 202, 206,
Does the company disclose that the board reviews on an annual basis that the company's capital and debt
B.3.1 268, 353-355, 490,
structure is compatible with its strategic goals and its associated risk appetite?
531
The corporate governance framework should recognise the rights of stakeholders established by law or
through mutual agreements and encourage active co-operation between corporations and stakeholders in
B.4
creating wealth, jobs, and the sustainability of financially sound enterprises
Does the company disclose a policy and practices that address:
73, 97, 259-260,
B.4.1 The existence and scope of the company's efforts to address customers' welfare? 416, 447, 470, 487,
737, 882
B.4.2 Supplier/contractor selection procedures? 480, 737
The company's efforts to ensure that its value chain is environmentally friendly or is consistent with
B.4.3 1, 877
promoting sustainable development?
B.4.4 The company's efforts to interact with the communities in which they operate? -
53, 77, 93, 97, 693-
B.4.5 The company's anti-corruption programmes and procedures?
695, 878, 883
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 909
Page 912
Level Principles and Recommendations Presentation
B.4.6 How creditors' rights are safeguarded? 480, 880
Does the company have a separate report/section that discusses its efforts on environment/economy and Sustainability
B.4.7
social issues? Report
Where stakeholder interests are protected by law, stakeholders should have the opportunity to obtain
B.5
effective redress for violation of their rights
Does the company provide contact details via the company's website or Annual Report which stakeholders
B.5.1 (e.g. customers, suppliers, general public etc.) can use to voice their concerns and/or complaints for 123, 733
possible violation of their rights?
B.6 Mechanisms for employee participation should be permitted to develop
Does the company explicitly disclose the policies and practices on health, safety and welfare for its
B.6.1 433, 738
employees?
Does the company explicitly disclose the policies and practices on training and development programmes
B.6.2 178
for its employees?
Does the company have a reward/compensation policy that accounts for the performance of the company
B.6.3 337, 367, 620
beyond short-term financial measures?
Stakeholders including individual employee and their representative bodies, should be able to freely
B.7 communicate their concerns about illegal or unethical practices to the board and their rights should not be
compromised for doing this
Does the company have a whistle blowing policy which includes procedures for complaints by employees
B.7.1 and other stakeholders concerning alleged illegal and unethical behaviour and provide contact details via the 747-750
company's website or annual report?
Does the company have a policy or procedures to protect an employee/person who reveals alleged illegal/
B.7.2 748
unethical behaviour from retaliation?
C. Disclosure and Transparency
C.1 Transparent ownership structure
Does the information on shareholdings reveal the identity of beneficial owners, holding 5% shareholding or
C.1.1 180
more?
Does the company disclose the direct and indirect (deemed) shareholdings of major and/or substantial
C.1.2 181, 186-187
shareholders?
C.1.3 Does the company disclose the direct and indirect (deemed) shareholdings of directors (commissioners)? 183-185
C.1.4 Does the company disclose the direct and indirect (deemed) shareholdings of senior management? 188-200
Does the company disclose details of the parent/holding company, subsidiaries, associates, joint ventures
C.1.5 -
and special purpose enterprises/ vehicles (SPEs)/ (SPVs)?
C.2 Quality of Annual Report
Does the company's annual report disclose the following items:
C.2.1 Corporate objectives 96-99
C.2.2 Financial performance indicators 33-42
C.2.3 Non-financial performance indicators 12-15, 18-28
C.2.4 Dividend policy 362
Biographical details (at least age, academic qualifications, date of first appointment, relevant experience,
C.2.5 127-164
and any other directorships of listed companies) of directors/commissioners
Corporate Governance Confirmation Statement
Does the Annual Report contain a statement confirming the company's full compliance with the code of 483, 525, 553, 558,
C.2.6
corporate governance and where there is non- compliance, identify and explain reasons for each such issue? 602, 609
C.3. Remuneration of Members of the Board and Key Executives
C.3.1 Is there disclosure of the fee structure for non-executive directors/commissioners? 606
Does the company publicly disclose [i.e. annual report or other publicly disclosed documents] details of
C.3.2 -
remuneration of each non-executive director/commissioner?
Does the company disclose its remuneration (fees, allowances, benefit-in-kind and other emoluments)
C.3.3 policy/practices (i.e. the use of short term and long-term incentives and performance measures) for its 606
executive directors and CEO?
Does the company publicly disclose [i.e. annual report or other publicly disclosed documents] the details of
C.3.4 -
remuneration of each of the executive directors and CEO [if he/she is not a member of the Board]?
C.4. Disclosure of related party transactions (RPT)
C.4.1 Does the company disclose its policy covering the review and approval of material RPTs? 369
C.4.2 Does the company disclose the name, relationship, nature and value for each material RPTs? 372
C.5 Directors and commissioners’ dealings in shares of the company
C.5.1 Does the company disclose trading in the company's shares by insiders? 183-185, 539, 620
C.6 External auditor and Auditor Report
Where the same audit firm is engaged for both audit and non-audit services
C.6.1 Are the audit and non-audit fees disclosed? 708-711
910 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 913
Level Principles and Recommendations Presentation
C.6.2 Does the non-audit fee exceed the audit fees? 708-711
C.7 Medium of communications
Does the company use the following modes of communication?
C.7.1 Quarterly reporting 233
C.7.2 Company website 233
C.7.3 Analyst's briefing 233
C.7.4 Media briefings /press conferences 689
C.8 Timely filing/release of annual/financial reports
C.8.1 Are the audited annual financial report / statement released within 120 days from the financial year end? -
C.8.2 Is the annual report released within 120 days from the financial year end? -
Is the true and fairness/fair representation of the annual financial statement/reports affirmed by the board
C.8.3 83
of directors/commissioners and/or the relevant officers of the company?
C.9 Company website
Does the company have a website disclosing up-to-date information on the following:
C.9.1 Financial statements/reports (latest quarterly) -
C.9.2 Materials provided in briefings to analysts and media 733
C.9.3 Downloadable annual report 733
C.9.4 Notice of AGM and/or EGM 733
C.9.5 Minutes of AGM and/or EGM 733
C.9.6 Company's constitution (company's by-laws, memorandum and articles of association) 733
C.10 Investor relations
Does the company disclose the contact details (e.g. telephone, fax, and email) of the officer/office
C.10.1 697
responsible for investor relations?
D. Responsibilities of the Board
Board Duties and Responsibilities
Clearly defined board responsibilities and corporate governance policy
D.1.1 Does the company disclose its corporate governance policy / board charter? 457, 527
D.1.2 Are the types of decisions requiring board of directors/commissioners' approval disclosed? 64, 371, 528, 773
Apakah peran dan tanggung jawab dewan direksi/komisaris dinyatakan dengan jelas?
D.1.3 531, 611
Are the roles and responsibilities of the board of directors/commissioners clearly stated?
Corporate Vision/Mission
D.1.4 Does the company have an updated vision and mission statement? 96
Does the board of directors play a leading role in the process of developing and reviewing the company's
D.1.5 73
strategy at least annually?
Does the board of directors have a process to review, monitor and oversee the implementation of the
D.1.6 74
corporate strategy?
D.2 Board structure
Code of Ethics or Conduct
D.2.1 Are the details of the code of ethics or conduct disclosed? 732
D.2.2 Are all directors/commissioners, senior management and employees required to comply with the code/s? 738
Does the company have a process to implement and monitor compliance with the code/s of ethics or
D.2.3 739
conduct?
Board Structure & Composition
D.2.4 Do independent directors/commissioners make up at least 50% of the board of directors/commissioners? 126, 145, 539
Does the company have a term limit of nine years or less or 2 terms of five years* each for its independent
directors/ commissioners?
D.2.5 531, 613
*) The five years term must be required by legislation which pre-existed the introduction of the ASEAN
Corporate Governance Scorecard in 2011
Has the company set a limit of five board seats that an individual independent/non-executive director/
D.2.6 536, 614
commissioner may hold simultaneously?
Does the company have any executive directors who serve on more than two boards of listed companies
D.2.7 615
outside of the group?
Nominating Committee
D.2.8 Does the company have a Nominating Committee? 568
D.2.9 Is the Nominating Committee comprised of a majority of independent directors/commissioners? 568
D.2.10 Is the chairman of the Nominating Committee an independent director/commissioner? 569
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 911
Page 914
Level Principles and Recommendations Presentation
Does the company disclose the terms of reference/ governance structure/charter of the Nominating
D.2.11 570
Committee?
Is the meeting attendance of the Nominating Committee disclosed and if so, did the Nominating Committee
D.2.12 573
meet at least twice during the year?
Remuneration Committee / Compensation Committee
D.2.13 Does the company have a Remuneration Committee? 568
Is the Remuneration Committee comprised entirely of non-executive directors/commissioners with a
D.2.14 568
majority of independent directors/commissioners?
D.2.15 Is the chairman of the Remuneration Committee an independent director/commissioner? 569
Does the company disclose the terms of reference/ governance structure/charter of the Remuneration
D.2.16 571
Committee?
Is the meeting attendance of the Remuneration Committee disclosed and, if so, did the Remuneration
D.2.17 573
Committee meet at least twice during the year?
Audit Committee
D.2.18 Does the company have an Audit Committee? 558
Is the Audit Committee comprised entirely of non-executive directors/commissioners with a majority of
D.2.19 559
independent directors/commissioners?
D.2.20 Is the chairman of the Audit Committee an independent director/commissioner? 559
D.2.21 Does the company disclose the terms of reference/governance structure/charter of the Audit Committee? 560
Does at least one of the independent directors/commissioners of the committee have accounting expertise
D.2.22 559
(accounting qualification or experience)?
Is the meeting attendance of the Audit Committee disclosed and, if so, did the Audit Committee meet at least
D.2.23 564
four times during the year?
Does the Audit Committee have primary responsibility for recommendation on the appointment, and removal
D.2.24 561
of the external auditor?
D.3 Board Processes
Board meetings and attendance
D.3.1 Are the board of directors meeting scheduled before the start of financial year? 561
D.3.2 Does the board of directors/commissioners meet at least six times during the year? 545, 629
Has each of the directors/commissioners attended at least 75% of all the board meetings held during the
D.3.3 544, 629
year?
D.3.4 Does the company require a minimum quorum of at least 2/3 for board decisions? 628
Did the non-executive directors/commissioners of the company meet separately at least once during the
D.3.5 628
year without any executives present?
Access to information
Are board papers for board of directors/commissioners’ meetings provided to the board at least five
D.3.6 545, 628
business days in advance of the board meeting?
D.3.7 Does the company secretary play a significant role in supporting the board in discharging its responsibilities? 686
Is the company secretary trained in legal, accountancy or company secretarial practices and has kept
D.3.8 687
abreast on relevant developments?
Board Appointments and Re-Election
D.3.9 Does the company disclose the criteria used in selecting new directors/commissioners? 532, 539, 575, 614
D.3.10 Did the company describe the process followed in appointing new directors/commissioners? 532, 615
Are all directors/commissioners subject to re-election every 3 years; or 5 years for listed companies in
countries whose legislation prescribes a term of 5* years each?
D.3.11 532, 615
*)The five years term must be required by legislation which pre-existed the introduction of the ASEAN
Corporate Governance Scorecard in 2011.
Remuneration Matters
Do the shareholders or the Board of Directors approve the remuneration of the executive directors and/or
D.3.12 605
the senior executives?
Does the company have measurable standards to align the performance-based remuneration of the executive
D.3.13 directors and senior executives with long-term interests of the company, such as claw back provision and 601
deferred bonuses?
Internal Audit
D.3.14 Does the company have a separate internal audit function? 699
D.3.15 Is the head of internal audit identified or, if outsourced, is the name of the external firm disclosed? 700
D.3.16 Does the appointment and removal of the internal auditor require the approval of the Audit Committee? 561
Risk Oversight
Does the company establish a sound internal control procedures/risk management framework and
D.3.17 710
periodically review the effectiveness of that framework?
912 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 915
Level Principles and Recommendations Presentation
Does the Annual Report/Annual CG Report disclose that the board of directors/commissioners has
D.3.18 conducted a review of the company's material controls (including operational, financial and compliance 57, 69
controls) and risk management systems?
Does the company disclose the key risks to which the company is materially exposed to (i.e. financial,
D.3.19 779
operational including IT, environmental, social, economic)?
Does the Annual Report/Annual CG Report contain a statement from the board of directors/commissioners
D.3.20 or Audit Committee commenting on the adequacy of the company's internal controls/risk management 794
systems?
D.4 People on the Board
Board Chairman
D.4.1 Do different persons assume the roles of chairman and CEO? 126, 145
D.4.2 Is the chairman an independent director/commissioner? 126
D.4.3 Is any of the directors a former CEO of the company in the past 2 years? 126
D.4.4 Are the roles and responsibilities of the chairman disclosed? 530
Lead Independent Director
If the Chairman is not independent, has the Board appointed a Lead/Senior Independent Director and has
D.4.5 N/A
his/her role been defined?
Skills and Competencies
Does at least one non-executive director/commissioner have prior working experience in the major sector
D.4.6 126, 145
that the company is operating in?
D.5 Board Performance
Directors Development
D.5.1 Does the company have orientation programmes for new directors/commissioners? 542, 620
Does the company have a policy and actual practice and programs that encourages directors/commissioners
D.5.2 232
to attend on-going or continuous professional education programmes?
CEO/Executive Management Appointments and Performance
Does the company disclose the process on how the board of directors/commissioners plans for the
D.5.3 574
succession of the CEO/Managing Director/President and key management?
Does the board of directors/commissioners conduct an annual performance assessment of the CEO/
D.5.4 647
Managing Director/President?
Board Appraisal
Did the company conduct an annual performance assessment of the board of directors/commissioners and
D.5.5 552, 647
disclose the criteria and process followed for the assessment?
Director Appraisal
Did the company conduct an annual performance assessment of the individual directors/commissioners
D.5.6 552, 647
and disclose the criteria and process followed for the assessment?
Committee Appraisal
Did the company conduct an annual performance assessment of the board committees and disclose the
D.5.7 553
criteria and process followed for the assessment?
LEVEL 2 BONUS ITEMS
(B)A. Rights and Equitable Treatment of shareholders
Right to participate effectively in and vote in general shareholders meeting and should be informed of the
(B) A.1
rules, including voting procedures, that govern general shareholders meeting
(B) A.1.1 Does the company practice real time secure electronic voting in absentia at general meetings of shareholders? N/A
(B)A.2 Equitable treatment of shareholders
(B)A.2 Notice of AGM
(B)A.2.1 Does the company practice real time secure electronic voting in absentia at general meetings of shareholders? 493, 505, 509
(B).B. Sustainability and Resilience
(B).B.1
(B).B.1.1 Does the company disclose how it manages climate-related risks and opportunities? 790
Sustainability
(B).B.1.2 Does the company disclose that its Sustainability Report/ Sustainability Reporting is externally assured?
Report
Does the company disclose the engagement channel with stakeholder groups and how the company
(B).B.1.3 792
responds to stakeholders’ ESG concerns?
Does the company have a unit / division / committee who is specifically responsible to manage the
(B).B.1.4 678
sustainability matters?
Does the company disclose board of directors/commissioners' oversight of sustainability-related risks and
(B).B.1.5 687
opportunities?
Does the company disclose the linkage between executive directors and senior management remuneration
(B).B.1.6 -
and sustainability performance for the previous year?
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 913
Page 916
Level Principles and Recommendations Presentation
(B).B.1.7 Is the company’s Whistle Blowing System managed by independent parties / institutions? 747
(B).C. Disclosure and transparency
(B).C.1 Quality of Annual Report
(B).C.1.1 Are the audited annual financial report /statement released within 60 days from the financial year end? -
(B).D. Responsibilities of the Board
(B).D.1 Board Competencies and Diversity
(B).D.1.1 Does the company have at least one female independent director/commissioner? -
Does the company have a policy and disclose measurable objectives for implementing its board diversity
(B).D.1.2 126, 145
and report on progress in achieving its objectives?
(B).D.2 Board Structure
(B).D.2.1 Is the Nominating Committee comprise entirely of independent directors/commissioners? 569
Does the Nominating Committee undertake the process of identifying the quality of directors aligned with
(B).D.2.2 570
the company's strategic directions?
(B).D.3 Board Appointments and Re-Election
Apakah perusahaan menggunakan perusahaan pencarian profesional atau sumber eksternal lainnya (seperti
basis data direksi yang disediakan oleh organisasi direksi atau pemegang saham) dalam mencari kandidat
untuk dewan direksi/komisaris?
(B).D.3.1 575, 615
Does the company use professional search firms or other external sources of candidates (such as director
databases set up by director or shareholder bodies) when searching for candidates to the board of directors/
commissioners?
Struktur & Komposisi Dewan
(B).D.4
Board Structure & Composition
Apakah direksi non-eksekutif/komisaris independen membentuk lebih dari 50% dari dewan direksi/komisaris
untuk perusahaan dengan ketua dewan independen?
(B).D.4.1 126, 145
Do independent non-executive directors/commissioners make up more than 50% of the board of directors/
commissioners for a company with independent chairman?
Pengawasan Risiko
(B).D.5
Risk Oversight
Does the company disclose that its Board identified key risk in relation to information technology including
(B).D.5.1 disruption, cyber security, and disaster recovery, to ensure that such risks are managed and integrated into 442
the overall risk management framework?
(B).D.6 Board Performance
(B).D.6.1 Does the company have a separate board level Risk Committee? -
LEVEL 2 - PENALTY
(P)A. Rights and Equitable Treatment of shareholders
(P)A.1 Basic shareholder rights
(P) A.1.1 Did the company fail or neglect to offer equal treatment for share repurchases to all shareholders? N/A
Shareholders, including institutional shareholders, should be allowed to consult with each other on issues
(P)A.2 N/A
concerning their basic shareholder rights as defined in the Principles, subject to exceptions to prevent abuse.
Is there evidence of barriers that prevent shareholders from communicating or consulting with other
(P)A.2.1 N/A
shareholders?
Right to participate effectively in and vote in general shareholders meeting and should be informed of the
(P)A.3
rules, including voting procedures, that govern general shareholders meeting.
(P)A.3.1 Did the company include any additional and unannounced agenda item into the notice of AGM/EGM? N/A
Was the Chairman of the Board and the Chairmen of all Board Committees and the CEO absent from the
(P)A.3.2 N/A
most recent General Meeting?
Capital structures and arrangements that enable certain shareholders to obtain a degree of control
(P)A.4
disproportionate to their equity ownership should be disclosed.
Did the company fail to disclose the existence of:
(P)A.4.1 Shareholders agreement? N/A
(P)A.4.2 Voting cap? N/A
(P)A.4.3 Multiple voting rights? N/A
Capital structures and arrangements that enable certain shareholders to obtain a degree of control
(P)A.5
disproportionate to their equity ownership should be disclosed.
(P)A.5.1 Is a pyramid ownership structure and/ or cross holding structure apparent? 353
(P)A.6 Insider trading and abusive self-dealing should be prohibited.
Has there been any conviction of insider trading involving directors/commissioners, management and
(P)A.6.1 744
employees in the past three years?
(P)A.7 Protecting minority shareholders from abusive action
914 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 917
Level Principles and Recommendations Presentation
Has there been any cases of non compliance with the laws, rules and regulations pertaining to material
(P)A.7.1 488
related party transactions in the past three years?
Were there any RPTs that can be classified as financial assistance (i.e not conducted at arm’s length) to
(P)A.7.2 749
entities other than wholly-owned subsidiary companies?
(P)B.1 The rights of stakeholders that are established by law or through mutual agreements are to be respected.
Have there been any violations of any laws pertaining to labour/employment/ consumer/insolvency/
(P)B.1.1 728
commercial/competition or environmental issues?
Where stakeholders participate in the corporate governance process, they should have access to relevant,
(P)B.2
sufficient and reliable information on a timely and regular basis.
Has the company faced any sanctions by regulators for failure to make announcements within the requisite
(P)B.2.1 729
time period for material events?
(P)B.2.2 Is there any evidence that the company is engaging in greenwashing activities? N/A
(P)C. Disclosure and transparency
(P)C.1 Sanctions from regulator on financial reports
(P)C.1.1 Did the company receive a "qualified opinion" in its external audit report? 931
(P)C.1.2 Did the company receive an "adverse opinion" in its external audit report? N/A
(P)C.1.3 Did the company receive a "disclaimer opinion" in its external audit report? N/A
Has the company in the past year revised its financial statements for reasons other than changes in
(P)C.1.4 N/A
accounting policies?
(P)D. Responsibilities of the Board
(P)D.1 Compliance with listing rules, regulations and applicable laws
Is there any evidence that the company has not complied with any listing rules and regulations apart from
(P)D.1.1 N/A
disclosure rules over the past year?
Have there been any instances where non-executive directors/commissioner have resigned and raised any
(P)D.1.2 -
issues of governance-related concerns?
(P)D.2 Board structure
Does the Company have any independent directors/commissioners who have served for more than nine
years or two terms of five years* each (whichever is higher) in the same capacity?
(P)E.2.1 -
*)The five years term must be required by legislation which pre-existed before the introduction of the ASEAN
Corporate Governance Scorecard in 2011.
Did the company fail to correctly identify the description of all their directors as independent, non-executive,
(P)D.2.2 N/A
and executive?
Does the company have any independent directors/non- executive/commissioners who serve on a total of
(P)D.2.3 N/A
more than five boards of publicly-listed companies?
(P)D.3 External Audit
Is any of the directors or senior management a former employee or partner of the current external auditor
(P)D.3.1 N/A
(in the past 2 years)?
(P)D.4 Board structure and composition
(P)D.4.1 Has the chairman been the company CEO in the last three years? 523-539
(P)D.4.2 Do non-executive directors/commissioners receive options, performance shares or bonuses? -
Do shareholders have the right to participate in:
A.2.1 Amendments to the company's constitution? 486-487
A.2.2 The authorisation of additional shares? 486-487
A.2.3 The transfer of all or substantially all assets, which in effect results in the sale of the company? 486-487
B.1.1 Does the company's ordinary or common shares have one vote for one share? 486-487
Does the company have policies and/or rules prohibiting directors/commissioners and employees to benefit
B.3.1 739
from knowledge which is not generally available to the market?
Does the company have a policy requiring directors/commissioners to disclose their interest in transactions
B.4.1 533-534
and any other conflicts of interest?
Attendance details of each director/commissioner in all directors/commissioners’ meetings held during the
D.2.6 542-544, 627-642
year.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 915
Page 918
REFERENCE TO SEOJK NO. 16/
POJK.04/2021 REGARDING THE FORM AND
CONTENT OF REPORTS OF ISSUERS OR
PUBLIC COMPANIES
Description Page
Key Financial Highlights
The summary of important financial data contained financial information presented in the form of a comparison for 3 (three) financial years or
since starting its business if the Issuer or Public Company had been running its business activities for less than 3 (three) years.
1. Revenue/sales 36
2. Gross profit 36
3. Profit (loss) 36
4. Total profit (loss) attributable to owners of the parent entity and non-controlling interests 36
5. Total comprehensive profit (loss) 36
6. Total comprehensive profit (loss) attributable to owners of the parent entity and non-controlling interests 36
7. Earnings (loss) per share 36
8. Total assets 34
9. Total liabilities 34-35
10. Total equity 35
11. Ratio of profit (loss) to total assets 37-38
12. Ratio of profit (loss) to equity 37-38
13. Ratio of profit (loss) to income/sales 37-38
14. Current ratio 37-38
15. Ratio of liabilities to equity 37-38
16. Ratio of liabilities to total assets 37-38
17. Information and other financial ratios relevant to the issuer or public company and the type of industry 37-38
Stock Highlights
Share information for a Public Company should at least contain:
Shares issued for each quarterly period were presented in the form of a comparison for the last 2 (two) financial
years, at least containing:
a) Number of outstanding shares;
b) Market capitalization based on the price on the stock exchange where the shares were listed;
1. 41-44
c) The highest, lowest and closing share prices were based on prices on the stock exchange where the shares
are listed; and
d) Trading volume on the stock exchange where the shares are listed.
Information in letter b), letter c) and letter d) is only disclosed if the shares are listed on the stock exchange.
In the event of a corporate action causing changes in shares, such as stock splits, reverse stock, stock dividends,
bonus shares, changes in the nominal value of shares, issuance of conversion securities, as well as capital
additions and deductions, stock information as referred to in number 1) should be added with at least an
explanation regarding:
a) The date of implementation of the corporate action;
2. 45
b) The ratio of stock splits, reverse stock, stock dividends, bonus shares, the number of convertible securities
issued, and changes in the nominal value of shares;
c) Number of outstanding shares before and after the corporate action;
d) Number of conversion effects executed (if any); and
e) Share prices before and after corporate actions.
In the event of a temporary suspension of share trading (suspension) and/or delisting of shares in the financial
3. 46
year, the should be explained.
In the event that the temporary suspension of share trading as referred to in number 3) and/or the delisting
4. process was still ongoing until the end of the Annual Report period, it explained the actions taken to resolve the 46
temporary suspension of share trading and/ or cancellation of the share listing (delisting).
Board of Commissioners Report
The Board of Commissioners’ report should at least contain a brief description of:
Assessment of the performance of the Board of Directors regarding the management of Issuers or Public
1. Companies, including the supervision of the Board of Commissioners in the formulation and implementation of 60
strategies for Issuers or Public Companies carried out by the Board of Directors;
2. Views on the business prospects of the Issuer or Public Company prepared by the Board of Directors; and 61
3. Views on the implementation of the governance of the Issuer or Public Company. 61-62
916 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 919
Description Page
Board of Directors Report
The Board of Directors’ report should at least contain a brief description of:
Performance of Issuers or Public Companies, at least containing:
a) Issuer’s or Public Company’s strategy and strategic policies;
b) The role of the Board of Directors in formulating strategies and strategic policies of Issuers or Public
Companies;
1. 73-34
c) The process carried out by the Board of Directors to ensure the implementation of the Issuer’s or Public
Company’s strategy;
d) Comparison between the results achieved with those targeted by the Issuer or Public Company; and
e) Constraints faced by Issuers or Public Companies;
2. Overview of the business prospects of the issuer or Public Company. 74-75
3. Implementation of the governance of the Issuer or Public Company. 75
Signatures of members of the Board of Directors and Board of Commissioners It described:
a) The signature is poured on a separate sheet;
b) A statement that the Board of Commissioners and Board of Directors are fully responsible for the
correctness of the contents of the annual report;
c) Signed by all members of the Board of Commissioners and members of the Board of Directors stating their
names and positions; and
4. d) A written explanation in a separate letter from the person concerned in the event that there is a member of 82-83
the Board of Commissioners or a member of the Board of Directors who does not sign the annual report,
or a written explanation in a separate letter from another member in the event that there is no written
explanation from the person concerned.
The annual report shall be signed by all members of the Board of Directors and all members of the Board of
Commissioners serving during the relevant financial year and shall be made available at the company’s office
from the date of the GMS invitation for inspection by shareholders (Company Law).
Profile of Issuer or Public Company
The profile of the Issuer or Public Company shall at least contain the following information:
Name of the Issuer or Public Company, including any change of name, the reason for the change, and the effective
1. 85-86
date of the name change during the financial year.
Access to Issuers or Public Companies including branch offices or representative offices that allowed the public
to obtain information about Issuers or Public Companies, including:
a) Address;
2. 85-86
b) Telephone number;
c) Electronic mail address; and
d) Website address.
Brief history of the Issuer or Public Company;
It included: date/year of establishment, name, change of company name (if any), and effective date of change
3. 89-90
of company name.
Note: if the company had never changed its name, it should be disclosed.
Vision and mission of Issuer or Public Company and its corporate culture or values; 96-99
Vision and explanation of the Vision. 96
4.
Mission and explanation of the Mission. 97
Corporate Culture. 98-99
Business activities according to the latest article of association, business activities conducted within the financial
5. 100-121
year, and type of goods and/or services.
Operational area of Issuer or Public Company; operational area is an area or region for carrying out operational
6. 122-123
activities or the range of operational activities.
The organizational structure of the Issuer or Public Company in the form of a chart, at least up to the structure
7. of 1 (one) level below the Board of Directors including committees under the Board of Directors (if any) and 124-125
committees under the Board of Commissioners, accompanied by names and positions.
List of industry association memberships both on a national and international scale related to the implementation
8. 87
of sustainable finance.
Profile of the Board of Commissioners, at least contained:
a) Name and position;
b) Recent photos;
c) Age;
d) Citizenship;
e) Educational history and/or certification;
f) Position history, including information on:
1) Legal basis for appointment as member of the Board of Commissioners;
2) The legal basis for the first appointment as a member of the Board of Commissioners who was an
independent commissioner of the Issuer or Public Company concerned;
3) Concurrent positions, either as a member of the Board of Commissioners, member of the Board of
9. Directors, and/or committee member as well as other positions both inside and outside the Issuer or 126-144
Public Company. In the event that a member of the Board of Commissioners did not have concurrent
positions, then this should be disclosed;
4) Work experience and period of time both inside and outside the Issuer or Public Company;
g) Affiliation with other members of the Board of Commissioners, major shareholders, and controllers, either
directly or indirectly, to individual owners, including names of affiliated parties; In the event that a member
of the Board of Commissioners had no affiliation, the Issuer or Public Company should disclose this matter;
h) Statement of independence of the independent commissioner in the event that the independent
commissioner had served more than 2 (two) terms; and
i) Changes in the composition of the members of the Board of Commissioners and the reasons for the
changes. In the event that there was no change in the composition of the members of the Board of
Commissioners, this matter should be disclosed.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 917
Page 920
Description Page
Profile of the Board of Directors, at least contained:
a) Name and position in accordance with the duties and responsibilities;
b) Recent photos;
c) Age;
d) Citizenship;
e) Educational history and/or certification;
f) Position history, including information on:
1) The legal basis for appointment as a member of the Board of Directors of the Issuer or Public
Company concerned;
2) Concurrent positions, either as a member of the Board of Directors, member of the Board of
10. Commissioners, and/or committee member as well as other positions both inside and outside 145-164
the Issuer or Public Company. In the event that a member of the Board of Directors does not have
concurrent positions, then this was disclosed; and
3) Work experience and period of time both inside and outside the Issuer or Public Company;
g) Affiliation with other members of the Board of Directors, members of the Board of Commissioners, major
shareholders, and controllers either directly or indirectly to individual owners, including names of affiliated
parties. In the event that a member of the Board of Directors had no affiliation, the Issuer or Public Company
should disclose this matter; and
h) Changes in the composition of the members of the Board of Directors and the reasons for the changes. In
the event that there was no change in the composition of the members of the Board of Directors, this matter
should be disclosed.
In the event there is a change in the composition of members of the Board of Directors and/or members of the
Board of Commissioners occurring after the financial year-end until the deadline for submission of the Annual
11. 126, 145
Report, the composition presented in the Annual Report shall reflect both the latest and the previous composition
of the Board of Directors and/or Board of Commissioners.
Number of employees by gender, position, age, education level, and employment status (permanent/contracted)
12. 176-177
in the financial year; Disclosure of information could be presented in tabular form.
Name of shareholders and percentage of ownership at the beginning and end of the financial year consisted of
information regarding:
a) Shareholders owning 5% (five percent) or more shares of the Issuer or Public Company;
b) Members of the Board of Directors and members of the Board of Commissioners owning shares of Issuers
13. or Public Companies. In the event that all members of the Board of Directors and/or all members of the 180-185
Board of Commissioners did not own shares, then this matter should be disclosed;
c) Community shareholder group, namely the group of shareholders who each owned less than 5% (five
percent) of the shares of the Issuer or Public Company; The above information could be presented in tabular
form.
Percentage of indirect ownership of shares of Issuers or Public Companies by members of the Board of Directors
and members of the Board of Commissioners at the beginning and end of the financial year, including information
on shareholders registered in the shareholder register for the benefit of indirect ownership of members of the
14. 183-185
Board of Directors and members of the Board of Commissioners;
In the event that all members of the Board of Directors and/or all members of the Board of Commissioners did not
have indirect ownership of the shares of the Issuer or Public Company, this matter should be disclosed.
Number of shareholders and percentage of ownership at the end of the financial year based on classification:
a) ownership of local institutions;
15. b) ownership of foreign institutions; 181
c) local individual ownership; and
d) foreign individual ownership;
Information regarding the main and controlling shareholders of the Issuer or Public Company, either directly or
16. 186-187
indirectly, to the individual owners presented in the form of a scheme or chart;
The name of the subsidiary, associated company, joint venture company where the Issuer or Public Company had
joint control of the entity (if any), along with the percentage of share ownership, line of business, total assets, and
17. 188-200
operating status of the subsidiary, associated company, joint venture company.
For a subsidiary, information about the address of the subsidiary was added.
Chronology of share listing, number of shares, nominal value, and offering price from the beginning of listing
to the end of the financial year as well as the name of the stock exchange where the shares of the Issuer or
18. Public Company were listed, including stock splits, reverse stock, stock dividends, bonus shares, and changes 202-205
in the nominal value of shares, implementation of conversion effects, implementation of capital additions and
subtractions (if any);
Information on other listed securities in addition to the securities referred to in item 18), which have not matured
19. during the financial year, shall at least include the name of the security, year of issuance, interest rate/yield, 214-219
maturity date, offering value, and credit rating (if any).
Information on the use of public accounting services (AP) and public accounting firms (KAP) and their networks/
associations/ allies included:
a) name and address;
b) assignment period;
c) information on audit and/or non-audit services provided;
20. 220
d) audit and/or non-audit fees for each assignment given during the financial year; and
e) in the event that AP and KAP and their networks/ associations/allies, which are appointed do not provide
non-audit services, then the information is disclosed.
f) disclosure of information on the use of AP and KAP services and their networks/associations/allies could
be presented in tabular form.
21. Name and address of capital market supporting institutions and/or professions other than AP and KAP. 221
918 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 921
Description Page
Management Discussion and Analysis
Management discussion and analysis includes analysis and discussion of financial reports and other important information with an emphasis on
material changes that occurred in the financial year, which at least contains:
Operational review per business segment according to the type of industry of the Issuer or Public Company, at
least regarding:
1. a) production, which includes the process, capacity, and development; 280-327
b) revenue/sales; and
c) profitability
Comprehensive financial performance, including a comparison of financial performance over the last 2 (two)
financial years, an explanation of the causes of changes and their impacts, shall at least cover:
a) current assets, non-current assets, and total assets;
2. b) short-term liabilities, long-term liabilities and total liabilities; 328-349
c) equity;
d) income/ sales, beban, profit (loss), other comprehensive income, and Total comprehensive profit (loss); and
e) cash flow;
3. The ability to meet debt or other obligations by presenting relevant ratio calculations. 350-352
4. The collectability level of receivables of the Issuer or Public Company by presenting relevant ratio calculations. 350
Capital structure and management policy over such capital structure, including the basis for determining the
5. 353-355
policy.
Discussion of material commitments for capital expenditure investments, at a minimum including:
a) the purpose of the bond;
b) the expected source of funds to fulfill these commitments;
6. 356
c) currency to be denominated; and
d) measures planned by the Issuer or Public Company to protect the risk from the related foreign currency
position.
Discussion on investment in capital goods realized in the last financial year, at least containing:
a) the purpose of the bond;
7. 356
b) the purpose of investment in capital goods; and
c) the investment value of capital goods issued
8. Material information and facts occurring after the date of the accountant’s report (if any). 363-365
The business prospects of the Issuer or Public Company are related to industrial conditions, the general economy
9. 269
and the international market accompanied by quantitative supporting data from reliable data sources.
Comparison between targets/projections at the beginning of the year book with the results achieved (realization),
regarding:
a) revenue/sales;
10. 360-361
b) profit (loss);
c) capital structure;
d) other matters deemed important to the Issuer or Public Company.
Targets/projections to be achieved by the Issuer or Public Company for the next 1 (one) year, about:
a) revenue/sales;
b) profit (loss);
11. 360-361
c) capital structure;
d) dividend Policy; or
e) other matters deemed important to the Issuer or Public Company.
The marketing aspect of the goods and/or services of the Issuer or Public Company, at least regarding the
12. 270
marketing strategy and market share.
Description of dividends for 2 (two) financial years last, at least:
a) Dividend policy contained information of the percentage of total dividends distributed to net income;
b) Date of payment of cash dividends and/or date of distribution of non-cash dividends;
13. c) Total dividends per share (cash and/or non-cash); 364-365
d) the amount of dividends per year paid.
Disclosure of information may be presented in tabular form. In the event that the Issuer or Public Company did
not distribute dividends in the last two (2) years, such fact shall be disclosed.
Realization of the use of proceeds from public offerings, provided that:
a) if during the financial year the Issuer is required to submit a report on the realization of use of proceeds, the
cumulative realization of use of proceeds up to the end of the financial year shall be disclosed; and
14. 368
b) if there are changes in the use of proceeds as regulated under the Financial Services Authority Regulation
concerning reports on the realization of use of proceeds from public offerings, the Issuer shall explain such
changes.
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 919
Page 922
Description Page
Material information (if any), including but not limited to investment, expansion, divestment, merger/consolidation,
acquisition, debt/capital restructuring, material transactions, affiliated transactions, and conflict of interest
transactions occurring during the financial year, shall at least include:
a) transaction date, value, and object;
b) name of the party conducting the transaction;
c) the nature of the affiliation relationship (if any);
d) explanation regarding the fairness of the transaction;
e) compliance with the relevant provisions;
f) in the event that there was an affiliation relationship, in addition to disclosing the information as referred to
in number a) to number e), the Issuer or Public Company also disclosed information:
› Statement of the Board of Directors that affiliated transactions had gone through adequate procedures
to ensure that affiliated transactions were carried out in accordance with generally accepted business
practices, among others, by complying with the arms-length principle; and
› The role of the Board of Commissioners and the audit committee in carrying out adequate procedures
15. to ensure that affiliated transactions were carried out in accordance with generally accepted business 357-358
practices, among others, is carried out by complying with the arms-length principle;
g) for affiliated transactions or material transactions which became business activities carried out in order
to generate business income and are carried out regularly, repeatedly, and/or continuously, an explanation
was added that the affiliated transactions or material transactions were business activities carried out in
order to generate operating income and run regularly, repeatedly, and/or continuously; In the event that
the affiliated transactions or material transactions referred to have been disclosed in the annual financial
statements, additional information regarding the disclosure reference in the annual financial statements
was added.
h) for disclosure of affiliated transactions and/or conflict of interest transactions resulting from the
implementation of affiliated transactions and/or conflict of interest transactions that have been approved
by independent shareholders, additional information regarding the date of the GMS which approved the
affiliated transactions and/or conflict of interest transactions is added;
i) in the event that there was no affiliated transaction and/ or conflict of interest transaction, this matter
should be disclosed.
Changes in laws and regulations that have a significant impact on the Issuer or Public Company and their impact
16. 374-390
on the financial statements (if any); and
17. Changes in accounting policies, Reasons for changes in accounting policies (if any). 391
The Governance of the Issuer or Public Company
Governance of the Issuer or Public Company shall at least include a brief description of:
RUPS, at least contained:
a) information regarding the resolutions of the GMS in the financial year and 1 (one) year before the financial
year included:
1) resolutions of the GMS in the financial year and 1 (one) year before the financial year are realized in
1. the financial year; and 489-522
2) resolutions of the GMS for the financial year and 1 (one) year before the financial year that have not
been realized and the reasons for not realizing them;
b) in the event that the Issuer or Public Company uses an independent party in the conduct of the GMS to
calculate the votes, then this matter shall be disclosed.
The Board of Directors, at least contained:
a) duties and responsibilities of each member of the Board of Directors
information regarding the duties and responsibilities of each member of the Board of Directors is described
and can be presented in tabular form.
b) a statement that the Board of Directors had guidelines or charter for the Board of Directors;
c) policy and implementation of the frequency of meetings of the Board of Directors, meetings of the Board
of Directors with the Board of Commissioners, and the level of attendance of members of the Board of
Directors in the meeting including attendance at the GMS;
information on the level of attendance of members of the Board of Directors at the meeting of the Board
of Directors, the meeting of the Board of Directors with the Board of Commissioners, or the GMS can be
presented in tabular form.
2. d) training and/or competency improvement of members of the Board of Directors: 607-648
1) policy on training and/or improving the competence of members of the Board of Directors, including
an orientation program for newly appointed members of the Board of Directors (if any); and
2) training and/or competency improvement attended by members of the Board of Directors in the
financial year (if any);
e) the Board of Directors’ assessment of the performance of the committees supporting the implementation
of the Board of Directors’ duties for the financial year shall at least contain:
1) performance appraisal procedures; and
2) the criteria used were performance achievements during the financial year, competence and
attendance at meetings; and
f) in the event that the Issuer or Public Company did not have a committee that supports the implementation
of the duties of the Board of Directors, then this should be disclosed.
920 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 923
Description Page
The Board of Commissioners, at least contained:
a) duties and responsibilities of the Board of Commissioners;
b) a statement that the Board of Commissioners had guidelines or charter for the Board of Commissioners;
c) policy and implementation of the frequency of meetings of the Board of Commissioners, meetings of the
Board of Commissioners with the Board of Directors and the level of attendance of members of the Board
of Commissioners in these meetings, including attendance at the GMS;
d) information on the level of attendance of members of the Board of Commissioners at the meeting of the
Board of Commissioners, the meeting of the Board of Commissioners with the Board of Directors, or the
GMS can be presented in tabular form.
1) training and/or competency improvement of members of the Board of Commissioners:
2) policies on training and/or improving the competence of members of the Board of Commissioners,
including orientation programs for newly appointed members of the Board of Commissioners (if any);
3. 523-552
and
e) performance appraisal of the Board of Directors and the Board of Commissioners as well as each member
of the Board of Directors and the Board of Commissioners, at least containing:
1) performance appraisal implementation procedures;
2) the criteria used were performance achievements during the financial year, competence and
attendance at meetings; and
3) the party conducting the assessment; and
f) The assessment of the Board of Commissioners on the performance of the Committees that support the
implementation of the duties of the Board of Commissioners in the financial year includes:
1) performance appraisal procedures; and
2) the criteria used are performance achievements during the financial year, competence and attendance
at meetings;
Nomination and remuneration of the Board of Directors and the Board of Commissioners, at least it contained:
a) the nomination procedure, including a brief description of the nomination policies and processes for
members of the Board of Directors and/or members of the Board of Commissioners; and
b) Procedures and implementation of remuneration for the Board of Directors and the Board of Commissioners,
including:
4. 600-606
1) procedures for determining remuneration for the Board of Directors and the Board of Commissioners;
2) the remuneration structure of the Board of Directors and the Board of Commissioners such as salary,
allowances, tantiem/bonus and others; and
3) the amount of remuneration for each member of the Board of Directors and member of the Board of
Commissioners;
The Sharia Supervisory Board, for Issuers or Public Companies conducting business activities based on sharia
principles as stated in the articles of association, which shall at least include:
a) name;
b) legal basis for the appointment of the Sharia Supervisory Board;
5. N/A
c) term of office of the Sharia Supervisory Board;
d) duties and responsibilities of the Sharia Supervisory Board; and
e) frequency and manner of providing advice and supervision over compliance with sharia principles in the
capital market by the Issuer or Public Company.
Audit committee, at least it contained:
a) name and position in committee membership;
b) age;
c) nationality;
d) educational history;
e) position history, including information on:
1) legal basis for appointment as committee member;
2) concurrent positions, either as a member of the board of commissioners, member of the board of
6. directors, and/or committee member and other positions (if any); and 556-565
3) Work experience and period of time both inside and outside the issuer or public company;
f) period and term of office of audit committee members;
g) Statement of independence of the audit committee;
h) training and/or competency improvement that have been followed in the financial year (if any);
i) policy and implementation of the frequency of audit committee meetings and the level of attendance of
audit committee members at the meeting; and
j) implementation of the audit committee’s activities for the financial year in accordance with the guidelines
or charter of the audit committee;
Committee or function of nomination and remuneration Issuers or Public Companies, at least it contained:
a) name and position in committee membership;
b) age;
c) nationality;
d) educational history;
e) position history, including information on:
1) legal basis for appointment as committee member;
2) concurrent positions, either as a member of the Board of Commissioners, member of the Board of
Directors, and/or committee member and other positions (if any); and
3) Work experience and period of time both inside and outside the Issuer or Public Company;
f) the period and term of office of the committee members;
7. 566-574
g) committee independence statement;
h) training and/or competency improvement that have been followed in the financial year (if any);
i) description of duties and responsibilities;
j) a statement of having a guideline or charter (charter);
k) policy and implementation of the frequency of meetings and the level of attendance of members at the
meeting;
l) brief description of the implementation of activities in the financial year; and
m) in the event that no nomination and remuneration committee is formed, the Issuer or Public company is
sufficient to disclose the information as referred to in letter i) to letter l) and disclose:
1) reasons for not forming the committee; and
2) the party carrying out the nomination and remuneration function;
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 921
Page 924
Description Page
Other committees owned by the Issuer or Public Company in order to support the functions and duties of the Board
of Directors (if any) and/or committees that supported the functions and duties of the Board of Commissioners,
at least it contained:
a) name and position in committee membership;
b) age;
c) nationality;
d) educational history;
e) position history, including information on:
1) legal basis for appointment as committee member;
2) Concurrent positions, either as a member of the board of commissioners, member of the board of
8. 575-596
directors, and/or committee member and other positions (if any); and
3) work experience and period of time both inside and outside the issuer or public company;
f) the period and term of office of the committee members;
g) committee independence statement;
h) training and/or competency improvement followed in the financial year (if any); and
i) description of duties and responsibilities;
j) a statement that the committee has had guidelines or charters;
k) Policy and implementation of the frequency of committee meetings and the level of attendance of
committee members at the meeting; and
l) Brief description of the committee’s activities for the financial year;
Company secretary, at least it contained:
a) name and position in committee membership;
b) domicile;
c) position history, including:
9. 1) legal basis for appointment as company secretary; and 678-693
2) work experience and period of time both inside and outside the issuer or public company;
d) educational history;
e) training and/or competency improvement that was followed in the financial year; and
f) a brief description of the implementation of the duties of the corporate secretary for the financial year;
Internal Audit, at least it contained:
a) name of the head of the internal audit;
b) position history, including:
1) legal basis for appointment as head of internal audit; and
2) work experience and period of time both inside and outside the issuer or public company;
c) qualification or certification as an internal audit profession (if any);
10. d) training and/or competency improvement that was followed in the financial year; 697-709
e) the structure and position of the internal audit;
f) description of duties and responsibilities;
g) a statement that the internal audit unit had a guideline or charter; and
h) a brief description of the implementation of the internal audit’s duties for the financial year including the
policy and implementation of the frequency of meetings with the board of directors, board of commissioners,
and/ or audit committee;
A description of the internal control system implemented by the issuer or public company, at least it contained:
a) financial and operational control, as well as compliance with other laws and regulations;
11. b) review of the effectiveness of the internal control system; and 710-713
c) statement of the Board of Directors and/or Board of Commissioners on the adequacy of the internal control
system;
The risk management system implemented by the Issuer or Public Company, at least it contained:
a) general description of the risk management system of the Issuer or Public Company;
b) types of risks and how to manage them;
12. 767-855
c) overview of the effectiveness of the risk management system Issuer or Public Company; and
d) statement of the Board of Directors and/or the Board of Commissioners or the audit committee on the
adequacy of the risk management system;
Legal cases that have a material impact faced by the issuer or public company, subsidiaries, members of the
board of directors and members of the board of commissioners (if any), at least it contained:
13. a) Principal case/lawsuit; 728-730
b) Status of settlement of cases/claims; and
c) The effect on the condition of the issuer or public company;
Information on administrative sanctions/ sanctions imposed on issuers or public companies, members of the
14. board of commissioners and members of the board of directors, by the financial services authority and other 728
authorities in the financial year (if any)
Information regarding the code of conduct of the Issuer or Public Company:
a) the points of the code of ethics;
15. b) form of code of conduct dissemination and enforcement efforts; and 732-738
c) statement that the code of conduct applies to members of the Board of Directors, members of the Board of
Commissioners, and employees of the Issuer or Public Company.
A brief description of the policy of providing long-term performance-based compensation to management and/or
employees owned by the issuer or public company (if any), including the management stock ownership program
(MSOP) and/or stock ownership program by employees (employee Stock ownership program/ESOP);
In the case of providing compensation in the form of a management stock ownership program (MSOP) and/or an
16. employee stock ownership program (ESOP), Information disclosed should, at least contain: 366-367
a) Number of shares and/or options;
b) Implementation period;
c) Requirements for eligible employees and/or management; and
d) Execution price or determination of exercise price.
922 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 925
Description Page
Brief description of Information disclosure policy :
a) Share ownership of members of the board of directors and members of the board of commissioners no
17. later than 3 (three) working days after the occurrence of ownership or any change in ownership of shares 537
of a public company; and
b) Implementation of the policy;
Description of the whistleblowing system at the Issuer or Public Company, at least contain:
How to submit a violation report;
a) Protection for whistleblowers;
b) Handling of complaints;
c) The party managing the complaint; and
18. d) The results of the handling of complaints, at least: 745-748
e) Number of complaints received and processed in the financial year; and
1) Follow-up on complaints;
2) In the event that the issuer or public company did not have a whistleblowing system, then this should
be disclosed.
If the Issuer or Public Company does not have a whistleblowing system, such condition shall be disclosed.
Description of the Issuer’s or Public Company’s anti-corruption policy, at least contain:
a) Programs and procedures implemented in overcoming the practice of corruption, kickbacks, fraud, bribery
and/ or gratuities in Issuers or Public Companies; and
19. 739
b) Anti-corruption training/socialization for employees of Issuers or Public Companies;
In the event that the Issuer or Public Company did not have an anti-corruption policy, the reasons for not having
the said policy should be explained.
Implementation of Public Company governance guidelines for Issuers issuing equity securities or Public
Companies, including:
a) Statement of recommendations that had been implemented; and/or
20. 470-479
b) Explanation of recommendations that had not been implemented, along with reasons and alternative
implementations (if any).
disclosure of information can be presented in tabular form.
Social and Environmental Responsibility of the Issuer or Public Company
Information disclosed in the social and environmental responsibility section constitutes the Sustainability
Report as referred to in Financial Services Authority Regulation (POJK) No. 51/POJK.03/2017 concerning the
Implementation of Sustainable Finance for Financial Services Institutions, Issuers, and Public Companies, which
shall at least include:
a) explanation of sustainability strategy; Page 8, 18, 30, 44,
b) overview of sustainability aspects (economic, social, and environmental);
108, 402, 448-449
1. c) brief profile of the Issuer or Public Company;
d) statement from the Board of Directors;
Sustainability
e) sustainability governance; Report
f) sustainability performance;
g) written verification from an independent party, if any;
h) feedback sheet for readers, if any; and
i) response of the Issuer or Public Company to feedback from the previous year’s report.
Page 8, 18, 30, 44,
The Sustainability Report as referred to in item 1) must be prepared in accordance with the Technical Guidelines
108, 402, 448-449
2. for the Preparation of Sustainability Reports for Issuers and Public Companies as set out in Appendix II, which
forms an integral part of this Financial Services Authority Circular Letter.
Sustainability
Report
The Sustainability Report information referred to in item 1) may:
a) be disclosed in other relevant sections outside the social and environmental responsibility section, such as
the Board of Directors’ explanation related to the Sustainability Report disclosed in the relevant section of Page 8, 18, 30, 44,
the Board of Directors’ Report; and/or 108, 402, 448-449
3.
b) refer to other sections outside the social and environmental responsibility section while still referring to the Sustainability
Technical Guidelines for the Preparation of Sustainability Reports for Issuers and Public Companies as set Report
out in Appendix II, which forms an integral part of this Financial Services Authority Circular Letter, such as
the profile of the Issuer or Public Company.
Page 8, 18, 30, 44,
The Sustainability Report as referred to in item 1) constitutes an integral part of the Annual Report but may be 108, 402, 448-449
4.
presented separately from the Annual Report. Sustainability
Report
If the Sustainability Report is presented separately from the Annual Report, the information disclosed in such
Sustainability Report must: Page 8, 18, 30, 44,
a) contain all information as referred to in item 1); and 108, 402, 448-449
5.
b) be prepared in accordance with the Technical Guidelines for the Preparation of Sustainability Reports for Sustainability
Issuers and Public Companies as set out in Appendix II, which forms an integral part of this Financial Report
Services Authority Circular Letter.
Page 8, 18, 30, 44,
If the Sustainability Report is presented separately from the Annual Report, the social and environmental
108, 402, 448-449
6. responsibility section shall state that the information on social and environmental responsibility has been
disclosed in a Sustainability Report presented separately from the Annual Report.
Sustainability
Report
Page 8, 18, 30, 44,
Submission of the Sustainability Report presented separately from the Annual Report must be made 108, 402, 448-449
7.
simultaneously with the submission of the Annual Report. Sustainability
Report
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 923
Page 926
Description Page
Audited Annual Financial Statements
The annual financial statements presented in the Annual Report are prepared in accordance with Indonesian
Financial Accounting Standards and have been audited by a public accountant registered with the Financial
Services Authority (OJK). The financial statements include a statement of responsibility for the financial
1. 927-1464
statements as stipulated in the Financial Services Authority Regulation concerning the responsibility of the
Board of Directors for financial statements, or in the prevailing laws and regulations in the capital market sector
governing periodic reports of securities companies, in the event that the Issuer is a securities company.
Statement Letter of Members of the Board of Directors and Members of the Board of Commissioners on Responsibility for the Annual Report
The statement letter of members of the Board of Directors and members of the Board of Commissioners
1. regarding responsibility for the Annual Report shall be prepared in accordance with the format set out in Appendix 82-83
I, which forms an integral part of this Financial Services Authority Circular Letter.
924 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 927
PRINCIPLES IN THE INDONESIAN
GENERAL GUIDELINES FOR CORPORATE
GOVERNANCE (PUGKI) 2021
Principle Page
Principle 1 – Roles and Responsibilities of the Board of Directors and Board of Commissioners
1.1 Roles and Responsibilities of the Board of Directors 609-610
1.2 Performance Assessment of the Board of Directors and Its Members 645-648
1.3 Roles and Responsibilities of the Board of Commissioners 526-528
1.4 Establishment of Committees 527-528
1.5 Performance Assessment of the Board of Commissioners and Its Members 550-552
1.6 Conflict of Interest 369-371
1.7 Competency Development of Members of the Board of Directors and Board of Commissioners 234-245
Principle 2 – Composition and Remuneration of the Board of Directors and Board of Commissioners
2.1 Composition of the Board of Directors and Board of Commissioners 525, 609
2.2 Remuneration of the Board of Directors and Board of Commissioners 603-606
Principle 3 – Working Relationship between the Board of Directors and Board of Commissioners
523-552, 607-648,
3.1 Nature of the Working Relationship
678-693
523-552, 607-648,
3.2 Access to Information for the Board of Commissioners
678-693
3.3 Responsibility of the Board of Directors and Board of Commissioners for the Impact of the Ownership Structure on the
523-552, 607-648
Corporation
Principle 4 – Ethical and Responsible Conduct
4.1 Code of Ethics and Conduct 732-738
4.2 Organizational Values and Culture 732-738
4.3 Enforcement and Communication of the Code of Ethics, Values, and Culture 732-738
Principle 5 – Risk Management, Internal Control, and Compliance
5.1 Internal Control and Compliance 710-713
5.2 Risk Management 767-855
5.3 Integration of Governance, Risk Management, and Compliance 584-596
5.4 Internal Audit 556-565
Principle 6 – Disclosure and Transparency
6.1 Disclosure Policy 685
6.2 Financial and Sustainability Reporting 927-1464
6.3 Information Dissemination 685, 455
Principle 7 – Protection of Shareholders’ Rights
7.1 Shareholders’ Rights 489-522
7.2 Fair Treatment of Shareholders 489-522
7.3 General Meeting of Shareholders 489-522
Principle 8 – Respect for Stakeholders
8.1 Engagement with Key Stakeholders (stakeholder engagement) 678-693
8.2 Integration of Sustainability into the Business Model Sustainability Report
8.3 Protection of Stakeholders 732-738
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 925
Page 928
halaman ini sengaja dikosongkan
this page is intentionally left blank
926 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 929
FINANCIAL STATEMENTS 2025 ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 927
Page 930
FINANCIAL STATEMENTS 2025
PT Bank Mandiri (Persero) Tbk
dan ent it as anaknya/ and it s subsidiaries
Laporan keuangan konsolidasian tanggal 31 Desember 2025
dan untuk tahun yang berakhir pada tanggal tersebut
beserta laporan auditor independen/
Consolidated financial statements as of 31 December 2025
and for the year then ended
with independent auditor’s report
928 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 931
FINANCIAL STATEMENTS 2025 ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 929
Page 932
The original consolidated financial statements included herein
FINANCIAL STATEMENTS 2025
are in the Indonesian language.
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
LAPORAN KEUANGAN KONSOLIDASIAN CONSOLIDATED FINANCIAL STATEMENTS
TANGGAL 31 DESEMBER 2025 AS OF 31 DECEMBER 2025
DAN UNTUK TAHUN YANG BERAKHIR AND FOR THE YEAR
PADA TANGGAL TERSEBUT THEN ENDED
BESERTA LAPORAN AUDITOR INDEPENDEN WITH INDEPENDENT AUDITOR’S REPORT
Daftar Isi/
Table of Contents
Halaman/Pages
Laporan Posisi Keuangan Konsolidasian/
Consolidated Statement of Financial Position 1-8
Laporan Laba Rugi dan Penghasilan Komprehensif Lain Konsolidasian/
Consolidated Statement of Profit or Loss and Other Comprehensive Income 9 - 11
Laporan Perubahan Ekuitas Konsolidasian/
Consolidated Statement of Changes in Equity 12 - 13
Laporan Arus Kas Konsolidasian/
Consolidated Statement of Cash Flows 14 - 17
Catatan Atas Laporan Keuangan Konsolidasian/
Notes to the Consolidated Financial Statements 18 - 516
************************
930 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 933
FINANCIAL STATEMENTS 2025
The original report included herein is in the Indonesian
language.
Laporan Audit or Independen Independent Audit or’s Report
Laporan No. 00026/ 2.1505/ AU.1/ 07/ 0242- Report No. 00026/ 2.1505/ AU.1/ 07/ 0242-
1/ 1/ II/ 2026 1/ 1/ II/ 2026
Pemegang Saham, Dewan Komisaris, dan Direksi The Shareholders and t he Boards of
Commissioners and Direct ors
PT Bank Mandiri (Per sero) Tbk PT Bank Mandiri (Persero) Tbk
Opini Opinion
Kami telah mengaudit laporan keuangan We have audited the accompanying consolidated
konsolidasian PT Bank Mandiri (Persero) Tbk financial statements of PT Bank Mandiri (Persero)
(“ Bank” ) dan entitas anaknya (secara kolektif Tbk (the “ Bank” ) and its subsidiaries (collectively
disebut sebagai “ Grup” ) terlampir, yang terdiri dari referred to as the “ Group” ), which comprise the
laporan posisi keuangan konsolidasian tanggal consolidated statement of financial position as of
31 Desember 2025, serta laporan laba rugi 31 December 2025, and the consolidated
dan penghasilan komprehensif lain konsolidasian, statement of profit or loss and other
laporan perubahan ekuitas konsolidasian, dan comprehensive income, consolidated statement
laporan arus kas konsolidasian untuk tahun yang of changes in equity, and consolidated statement
berakhir pada tanggal tersebut, serta catatan atas of cash flows for the year then ended, and notes
laporan keuangan konsolidasian termasuk to the consolidated financial statements including
informasi kebijakan akuntansi material. material accounting policy information.
Menurut opini kami, laporan keuangan In our opinion, the accompanying consolidated
konsolidasian terlampir menyajikan secara wajar, financial statements present fairly, in all material
dalam semua hal yang material, posisi keuangan respects, the consolidated financial position of
konsolidasian Grup tanggal 31 Desember 2025, the Group as of 31 December 2025, and its
serta kinerja keuangan dan arus kas consolidated financial performance and cash
konsolidasiannya untuk tahun yang berakhir pada flows for the year then ended, in accordance with
tanggal tersebut, sesuai dengan Standar Akuntansi Indonesian Financial Accounting Standards.
Keuangan di Indonesia.
KAP Purwanto Susanti dan Surja
Registered Public Accountants KMK No. 69/ MK/ SK/ 2025
i
A member firm of Ernst & Young Global Limited
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 931
Page 934
FINANCIAL STATEMENTS 2025
The original report included herein is in the Indonesian
language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00026/ 2.1505/ AU.1/ 07/ 0242- Report No. 00026/ 2.1505/ AU.1/ 07/ 0242-
1/ 1/ II/ 2026 (lanjutan) 1/ 1/ II/ 2026 (continued)
Basis opini Basis for opinion
Kami melaksanakan audit kami berdasarkan We conducted our audit in accordance with
Standar Audit yang ditetapkan oleh Institut Standards on Auditing established by Indonesian
Akuntan Publik Indonesia (“ IAPI” ). Tanggung Institute of Certified Public Accountants
jawab kami menurut standar tersebut diuraikan (“ IICPA” ). Our responsibilities under those
lebih lanjut dalam paragraf Tanggung Jawab standards are further described in the Auditor’s
Auditor terhadap Audit atas Laporan Keuangan Responsibilities for the Audit of the Consolidated
Konsolidasian pada laporan kami. Kami Financial Statements paragraph of our report. We
independen terhadap Grup berdasarkan ketentuan are independent of the Group in accordance with
etika yang relevan dalam audit kami atas laporan the ethical requirements relevant to our audit of
keuangan konsolidasian di Indonesia, dan kami the consolidated financial statements in
telah memenuhi tanggung jawab etika lainnya Indonesia, and we have fulfilled our other ethical
berdasarkan ketentuan tersebut. Kami yakin responsibilities in accordance with such
bahwa bukti audit yang telah kami peroleh adalah requirements. We believe that the audit evidence
cukup dan tepat untuk menyediakan suatu basis we have obtained is sufficient and appropriate to
bagi opini kami. provide a basis for our opinion.
Hal audit ut ama Key audit mat t ers
Hal audit utama adalah hal-hal yang, menurut Key audit matters are those matters that, in our
pertimbangan profesional kami, merupakan hal professional judgment, were of most significance
yang paling signifikan dalam audit kami atas in our audit of the consolidated financial
laporan keuangan konsolidasian periode kini. Hal statements of the current period. Such key audit
audit utama tersebut disampaikan dalam konteks mat t ers were addressed in t he cont ext of our
audit kami atas laporan keuangan konsolidasian audit of the consolidated financial statements
secara keseluruhan, dan dalam merumuskan opini taken as a whole, and in forming our opinion
kami atas laporan keuangan konsolidasian terkait, thereon, and we do not provide a separate
dan kami tidak menyatakan suatu opini terpisah opinion on such key audit matters. For each of the
atas hal audit utama tersebut. Untuk setiap hal key audit matters below, our description of how
audit utama di bawah ini, penjelasan kami tentang our audit addressed such key audit matters is
bagaimana audit kami merespons hal tersebut provided in such context.
disampaikan dalam konteks tersebut.
Kami telah memenuhi tanggung jawab yang We have fulfilled the responsibilities described in
diuraikan dalam paragraf Tanggung Jawab Auditor the Auditor’s Responsibilities for the Audit of the
terhadap Audit atas Laporan Keuangan Consolidated Financial Statements paragraph of
Konsolidasian pada laporan kami, termasuk our report, including in relation to the key audit
sehubungan dengan hal audit utama yang matter communicated below. Accordingly, our
dikomunikasikan di bawah ini. Oleh karena itu, audit included the performance of procedures
audit kami mencakup pelaksanaan prosedur yang designed to respond to our assessment of the
didesain untuk merespons penilaian kami atas risks of material misst atement of the
risiko kesalahan penyajian material dalam laporan accompanying consolidated financial statements.
keuangan konsolidasian terlampir. Hasil prosedur The results of our audit procedures, including the
audit kami, termasuk prosedur yang dilakukan procedures performed to address the key audit
untuk merespons hal audit utama di bawah ini, matter below, provide the basis for our opinion on
menyediakan basis bagi opini kami atas laporan the accompanying consolidated financial
keuangan konsolidasian terlampir. statements.
ii
A member firm of Ernst & Young Global Limited
932 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 935
FINANCIAL STATEMENTS 2025
The original report included herein is in the Indonesian
language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00026/ 2.1505/ AU.1/ 07/ 0242- Report No. 00026/ 2.1505/ AU.1/ 07/ 0242-
1/ 1/ II/ 2026 (lanjutan) 1/ 1/ II/ 2026 (continued)
Hal audit ut ama (lanjut an) Key audit mat t ers (cont inued)
Cadangan kerugian penurunan nilai atas kredit Allowance for impairment losses on loans and
yang diberikan dan piutang/ pembiayaan syariah sharia receivables/ financing
Penjelasan atas hal audit utama: Description of key audit matter:
Seperti yang dijelaskan dalam Catatan 12 atas As described in Note 12 to the accompanying
laporan keuangan konsolidasian terlampir, pada consolidated financial statements, as of
tanggal 31 Desember 2025, total kredit yang 31 December 2025, t he Group’s loans and sharia
diberikan dan piutang/ pembiayaan syariah Grup financing/ receivables was Rp1,849,967,956
adalah Rp1.849.967.956 juta dengan cadangan million and the allowance for impairment losses
kerugian penurunan nilai atau kerugian kredit or expected credit losses (“ ECL” ) on loans and
ekspektasian (“ KKE” ) atas kredit yang diberikan sharia financing/ receivables was Rp48,033,747
dan piutang/ pembiayaan syariah adalah sebesar million and was determined based on the
Rp48.033.747 juta dan ditetapkan berdasarkan applicable Statement of Financial Accounting
Pernyataan Standar Akuntansi Keuangan (PSAK) Standards (SFAS).
yang berlaku.
Untuk menentukan penyisihan kerugian penurunan To determine the allowance for impairment
nilai, Grup mengadopsi model kompleks yang losses, the Group adopted a complex model that
menggunakan sejumlah parameter yang used a number of parameters relied on internal
bergantung pada data input internal dan eksternal, and external data inputs and involved subjective
melibatkan penilaian dan asumsi manajemen yang management judgment and assumptions subject
subjektif dengan tingkat ketidakpastian yang to high degree of uncertainty.
tinggi.
Kredit yang diberikan Loans
Penerapan model KKE oleh Grup dalam The Group’s application of the ECL in calculating
menghitung penyisihan kerugian kredit dari kredit the allowance for credit losses of loans to
yang diberikan adalah signifikan bagi audit kami customers is significant to our audit as it involves
karena melibatkan pelaksanaan pertimbangan the exercise of significant management
manajemen yang signifikan. Area pertimbangan judgment. Key areas of judgment include:
yang utama termasuk: menentukan segmentasi determining credit segmentation based on credit
kredit berdasarkan risiko kredit, menentukan risk, determining the model to calculate ECL,
model untuk perhitungan KKE, menentukan defining default, identification of credit
definisi gagal bayar, identifikasi eksposur kredit exposures with significant deterioration in credit
yang mengalami pemburukan kualitas kredit quality and determining significant assumptions
secara signifikan dan menentukan asumsi used in the ECL model, including forward-looking
signifikan yang digunakan pada model KKE, macroeconomic factors.
termasuk faktor ekonomi makro berorientasi masa
depan.
iii
A member firm of Ernst & Young Global Limited
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 933
Page 936
FINANCIAL STATEMENTS 2025
The original report included herein is in the Indonesian
language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00026/ 2.1505/ AU.1/ 07/ 0242- Report No. 00026/ 2.1505/ AU.1/ 07/ 0242-
1/ 1/ II/ 2026 (lanjutan) 1/ 1/ II/ 2026 (continued)
Hal audit ut ama (lanjut an) Key audit mat t ers (cont inued)
Cadangan kerugian penurunan nilai atas kredit Allowance for impairment losses on loans and
yang diberikan dan piutang/ pembiayaan syariah sharia receivables/ financing (continued)
(lanjutan)
Penjelasan atas hal audit utama: (lanjutan) Description of the key audit matter: (continued)
Piutang/ pembiayaan syariah Shariah receivables/ financing
Penyisihan kerugian penurunan nilai piutang The allowance for impairment losses for
murabahah dihitung berdasarkan PSAK 402 murabahah receivables was calculated based on
“ Akuntansi Murabahah” dan ISAK 402 “ Penurunan SFAS 402 “ Accounting for Murabahah” and IFAS
Nilai Piutang Murabahah” . Cadangan kerugian 402 “ Impairment of Murabahah Receivables” .
penurunan nilai untuk dana qardh, pembiayaan The allowance for impairment losses for fund of
mudharabah dan pembiayaan musyarakah qardh, mudharabah financing and musyarakah
ditentukan berdasarkan PSAK yang berlaku. Grup financing was determined based on prevailing
juga menerapkan Peraturan Otoritas Jasa SFAS. The Group also implemented Financial
Keuangan (POJK) No. 2/ POJK.03/ 2022 “ Penilaian Services Authority Regulation (POJK) No.
Kualitas Aset Bank Umum Syariah dan Unit Usaha 2/ POJK.03/ 2022 “ Asset Quality Ratings for
Syariah” . Sharia Bank and Sharia Business Unit” .
Respons audit: Audit response:
Kredit yang diberikan Loans
Kami mengevaluasi dan menguji rancangan dan We evaluated and assessed the design and
efektivitas operasional pengendalian utama atas operating effectiveness of key controls over the
proses pemberian kredit, segmentasi, penilaian origination, segmentation, regular internal credit
kualitas kredit internal secara regular, serta quality assessments, and recording and
pencatatan dan pengawasan kredit yang diberikan. monitoring of the loans. We gained
Kami memeroleh pemahaman tentang metodologi understanding over methodologies and financial
dan model keuangan untuk perhitungan penyisihan model of the calculation of the allowance for
penurunan nilai, serta melakukan validasi atas data impairment, and validated inputs and key
masukan dan asumsi utama yang digunakan dalam assumptions used in calculating the allowance for
menghitung penyisihan penurunan nilai dengan impairment by comparing to the Group’s
membandingkan ke data historis Grup dan historical data and observable market data.
informasi pasar yang dapat diobservasi.
iv
A member firm of Ernst & Young Global Limited
934 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 937
FINANCIAL STATEMENTS 2025
The original report included herein is in the Indonesian
language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00026/ 2.1505/ AU.1/ 07/ 0242- Report No. 00026/ 2.1505/ AU.1/ 07/ 0242-
1/ 1/ II/ 2026 (lanjutan) 1/ 1/ II/ 2026 (continued)
Hal audit ut ama (lanjut an) Key audit mat t ers (cont inued)
Cadangan kerugian penurunan nilai atas kredit Allowance for impairment losses on loans and
yang diberikan dan piutang/ pembiayaan syariah sharia receivables/ financing (continued)
(lanjutan)
Respons audit: (lanjutan) Audit response: (continued)
Kredit yang diberikan (lanjutan) Loans (continued)
Kami menguji pengendalian umum teknologi We tested the information technology (IT)
informasi (TI) atas sistem perhitungan penyisihan general controls over the allowance for
kerugian penurunan nilai serta pengendalian impairment losses calculation system as well as
aplikasi TI atas kelengkapan data. the IT application controls over the completeness
of the data.
Kami juga menguji tiga tahapan kualitas kredit We also tested the classification into the three-
portofolio sesuai dengan kriteria tahapan (staging) stage credit quality of loan portfolios in
yang ditetapkan oleh manajemen untuk kredit yang accordance with staging criteria established by
diberikan. Kami juga menguji konsistensi antara the management regarding loans. We evaluated
pengalaman historis dan kondisi sekarang dengan consistency of historical experience and the
kerugian terkini pada portofolio serta menilai current circumstances with recent losses in the
kewajaran penyesuaian asumsi masa depan, portfolios and assessed the reasonableness of
analisis faktor ekonomi makro, dan beberapa forward-looking adjustments, macroeconomic
skenario probabilitas tertimbang untuk kredit yang factor analysis and probability-weighted multiple
diberikan. scenarios for loans.
Untuk penyisihan penurunan nilai yang ditentukan With respect to individually assessed allowance
secara individual, kami menguji sampel kredit yang for impairment losses, we tested a sample of
diberikan untuk mengevaluasi apakah identifikasi loans to evaluate whether the timely
dilakukan secara tepat waktu terhadap eksposur identification was made for exposures with
dengan penurunan kualitas kredit yang signifikan significant deterioration in credit quality or
atau yang telah mengalami penurunan nilai. Untuk exposures which have been impaired. For loans
kredit yang diberikan yang diidentifikasi identified to be impaired, we assessed key
mengalami penurunan nilai, kami menilai asumsi assumptions on the expected future cash flows
utama atas arus kas masa depan yang akan from operating activities, including the realizable
diterima yang berasal dari kegiatan operasi, value of realizable collateral based on available
termasuk nilai jaminan yang dapat direalisasikan market information or valuation prepared by the
berdasarkan informasi pasar yang tersedia atau management’s expert or the management itself.
penilaian yang dilakukan oleh pakar manajemen
atau manajemen sendiri.
v
A member firm of Ernst & Young Global Limited
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 935
Page 938
FINANCIAL STATEMENTS 2025
The original report included herein is in the Indonesian
language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00026/ 2.1505/ AU.1/ 07/ 0242- Report No. 00026/ 2.1505/ AU.1/ 07/ 0242-
1/ 1/ II/ 2026 (lanjutan) 1/ 1/ II/ 2026 (continued)
Hal audit ut ama (lanjut an) Key audit mat t ers (cont inued)
Cadangan kerugian penurunan nilai atas kredit Allowance for impairment losses on loans and
yang diberikan dan piutang/ pembiayaan syariah sharia receivables/ financing (continued)
(lanjutan)
Respons audit: (lanjutan) Audit response: (continued)
Kredit yang diberikan (lanjutan) Loans (continued)
Kami memeriksa akurasi perhitungan matematis We tested mathematical accuracy of the
penyisihan penurunan nilai atas dasar sampel dan calculation of allowance for impairment on a
menilai kecukupan pengungkapan atas hal-hal ini sample basis and we assessed the adequacy of
pada laporan keuangan konsolidasian terlampir. disclosures for these matt ers in the notes to the
Kami melibatkan pakar auditor kami dalam accompanying consolidated financial
melakukan prosedur-prosedur di atas sesuai statements. We involved our auditor’s experts in
dengan keahliannya. the performance of these procedures in
accordance with their specific expertise.
Piutang/ pembiayaan syariah Sharia receivables/ financing
Kami mengevaluasi dan menguji rancangan dan We evaluated and assessed the design and
efektivitas operasional pengendalian utama atas operating effectiveness of key controls over the
proses pemberian piutang/ pembiayaan, origination of receivable/ financing,
segmentasi, penilaian kualitas segmentation, regular internal assessment of the
piutang/ pembiayaan internal secara regular, serta quality of receivable/ financing, and recording
pencatatan dan pengawasan untuk piutang and monitoring of the murabahah receivables,
murabahah, pinjaman qardh, pembiayaan funds of qardh, mudharabah financing and
mudharabah dan pembiayaan musyarakah. Kami musyarakah financing. We gained understanding
memeroleh pemahaman tentang metodologi dan over methodologies and financial model of the
model keuangan untuk perhitungan penyisihan calculation of the impairment, and validated
penurunan nilai, serta melakukan validasi atas data inputs, bases, and key assumptions used in
masukan, dasar dan asumsi utama yang digunakan calculating the allowance for impairment for
dalam menghit ung penyisihan penurunan nilai murabahah receivables by comparing to the
piutang murabahah dengan membandingkan ke Group’s historical dat a. We also tested the
data historis Grup. Kami juga menguji bukti objektif objective evidence of impairment by reviewing
adanya penurunan nilai dengan mereview kondisi- conditions that reflect the deterioration of credit
kondisi yang mencerminkan pemburukan risiko risk both for collective portfolio and individual
kredit baik secara portofolio kolektif maupun financing.
pembiayaan individual.
vi
A member firm of Ernst & Young Global Limited
936 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 939
FINANCIAL STATEMENTS 2025
The original report included herein is in the Indonesian
language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00026/ 2.1505/ AU.1/ 07/ 0242- Report No. 00026/ 2.1505/ AU.1/ 07/ 0242-
1/ 1/ II/ 2026 (lanjutan) 1/ 1/ II/ 2026 (continued)
Hal audit ut ama (lanjut an) Key audit mat t ers (cont inued)
Cadangan kerugian penurunan nilai atas kredit Allowance for impairment losses on loans and
yang diberikan dan piutang/ pembiayaan syariah sharia receivables/ financing (continued)
(lanjutan)
Respons audit: (lanjutan) Audit response: (continued)
Piutang/ pembiayaan syariah (lanjutan) Sharia receivables/ financing (continued)
Kami menguji kualitas piutang murabahah, We tested the quality of murabahah receivables,
pinjaman qardh, pembiayaan mudharabah dan funds of qardh, mudharabah financing and
pembiayaan musyarakah sesuai dengan Peraturan musyarakah financing based on the prevailing
Otoritas Jasa Keuangan (POJK) No. Financial Services Authority Regulation (POJK)
2/ POJK.03/ 2022 “ Penilaian Kualitas Aset Bank No. 2/ POJK.03/ 2022 “ Asset Qualit y Ratings for
Umum Syariah dan Unit Usaha Syariah” Sharia Bank and Sharia Business Unit” on
berdasarkan sampel. Kami juga menguji sampling basis. We also assessed consistency of
konsistensi antara pengalaman historis kerugian historical financing loss experience and the
pembiayaan dan kondisi kualitas portofolio current financing quality circumstances
sekarang dibandingkan dengan kerugian terkini compared with recent losses in the financing
pada portofolio pembiayaan. portfolios.
Untuk penyisihan kerugian penurunan nilai aset- On sample basis, for individually provided
aset keuangan ini yang ditentukan secara allowance for impairment losses of these
individual, atas dasar sampel kami mengevaluasi financial assets, we assessed if timely
apakah identifikasi dilakukan secara tepat waktu identification was made for exposures with
terhadap eksposur dengan penurunan kualitas significant deterioration in credit quality or
kredit yang signifikan atau yang telah mengalami exposures which have been impaired. Of these
penurunan nilai. Untuk aset-aset keuangan financial assets identified to be impaired, we
tersebut yang diidentifikasi mengalami penurunan assessed key assumptions on the expected future
nilai, kami menilai kelayakan asumsi-asumsi utama cash flows from operating activities, including
atas arus kas masa depan yang akan diterima dari the value of realizable collateral based on
kegiatan operasi, termasuk nilai jaminan yang available market information or valuation
dapat direalisasikan berdasarkan informasi pasar prepared by either the management’s expert or
yang tersedia atau penilaian yang dilakukan baik the management.
oleh pakar manajemen atau manajemen.
Kami memeriksa akurasi perhitungan matematis We tested mathematical accuracy of the
penyisihan penurunan nilai atas dasar sampel dan calculation of allowance for impairment on a
menilai kecukupan pengungkapan atas hal-hal ini sample basis and we assessed the adequacy of
pada laporan keuangan konsolidasian terlampir. disclosures for these matt ers in the notes to the
Kami melibatkan pakar auditor kami dalam accompanying consolidated financial
melakukan prosedur-prosedur di atas sesuai statements. We involved our auditor’s experts in
dengan keahliannya. the performance of these procedures in
accordance with their specific expertise.
vii
A member firm of Ernst & Young Global Limited
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 937
Page 940
FINANCIAL STATEMENTS 2025
The original report included herein is in the Indonesian
language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00026/ 2.1505/ AU.1/ 07/ 0242- Report No. 00026/ 2.1505/ AU.1/ 07/ 0242-
1/ 1/ II/ 2026 (lanjutan) 1/ 1/ II/ 2026 (continued)
Hal audit ut ama (lanjut an) Key audit mat t ers (cont inued)
Valuasi estimasi terbaik liabilitas kontrak asuransi Valuation of the best estimate insurance contract
dan marjin jasa kontraktual liabilities and contractual service margin
Penjelasan atas hal audit utama: Description of the key audit matter:
Seperti yang dijelaskan dalam Catatan 27, liabilitas As described in Note 27, insurance contract
kontrak asuransi, atas laporan keuangan liabilites, to the consolidated financial
konsolidasian, nilai liabilitas kontrak asuransi, yang statements, the insurance contract liabilities
terutama terdiri dari liabilitas estimasi terbaik dan mainly consist of the best estimate liabilities and
marjin jasa kontraktual masing-masing sebesar contractual service margin of Rp32,164,590
Rp32.164.590 juta dan Rp3.295.245 juta pada million and Rp3,295,245 million, respectively, as
tanggal 31 Desember 2025. of 31 December 2025.
Liabilitas estimasi terbaik (LET) Best estimate liabilities (BEL)
Kewajiban untuk menentukan penyelesaian klaim The determination of the BEL is calculated using
masa depan melibatkan model dalam menentukan complex fulfilment cashflow models and is
penyelesaian arus kas yang kompleks dan sensitif sensitive to economic and non-economic
terhadap asumsi ekonomi dan non-ekonomi yang assumptions set by management. Judgment is
ditetapkan oleh manajemen. Diperlukan involved in setting economic assumptions,
pertimbangan dalam menetapkan asumsi ekonomi, particularly discount rates (including the
khususnya tingkat diskonto (termasuk illiquidity premium adjust ment) and investment
penyesuaian premi ilikuiditas) dan asumsi imbal return assumptions and in determining non-
hasil investasi dan dalam menentukan asumsi non- economic assumptions with respect to mortality,
ekonomi sehubungan dengan mortalitas, morbidity (including medical claims costs),
morbiditas (termasuk biaya klaim medis), persistency, and expenses (including SFAS 117
persistensi, dan beban (termasuk atribusi PSAK attribution).
117).
Terdapat risiko bahwa asumsi tidak mencerminkan There is a risk that assumpt ions do not reflect the
lingkungan ekonomi dan demografi serta economic environment and the Group’s
pengalaman operasional Grup. Dikarenakan demographic and operating experience. Due to
adanya unsur pertimbangan dalam penetapan the element of judgment in setting non-economic
asumsi non-ekonomi dan sensitivitas atas saldo assumptions and the sensitivity of the insurance
kontrak asuransi terhadap perubahan kecil dalam contract balances to small changes in
asumsi, maka terdapat risiko inheren atas estimasi assumptions, there is an inherent risk of
oleh manajemen di area ini. management’s estimation in this area.
viii
A member firm of Ernst & Young Global Limited
938 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 941
FINANCIAL STATEMENTS 2025
The original report included herein is in the Indonesian
language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00026/ 2.1505/ AU.1/ 07/ 0242- Report No. 00026/ 2.1505/ AU.1/ 07/ 0242-
1/ 1/ II/ 2026 (lanjutan) 1/ 1/ II/ 2026 (continued)
Hal audit ut ama (lanjut an) Key audit mat t ers (cont inued)
Valuasi estimasi terbaik liabilitas kontrak asuransi Valuation of the best estimate insurance contract
dan marjin jasa kontraktual (lanjutan) liabilities and contractual service margin
(continued)
Penjelasan atas hal audit utama: (lanjutan) Description of the key audit matter: (continued)
Liabilitas estimasi terbaik (LET) (lanjutan) Best estimate liabilities (BEL) (continued)
Kami menganggap integritas dan kesesuaian atas We consider the integrity and appropriateness of
model dalam menentukan penyelesaian arus kas fulfilment cashflow models used to determine
yang digunakan dalam saldo LET sangat penting BEL to be critical to the valuation of insurance
dalam penilaian saldo kontrak asuransi. Kami juga contract balances. We also consider the key risks
mempertimbangkan risiko-risiko utama terkait that relate to appropriateness of economic and
kesesuaian pengaturan asumsi ekonomi dan non non-economic assumption settings, model
ekonomi, model yang diterapkan pada model applied to the fulfillment cashflow models,
penyelesaian arus kas, kelengkapan dan completeness and accuracy of policyholder data
keakuratan data pemegang polis sebagai as significant.
signifikan.
Marjin jasa kontrak (MJK) Contractual service margin (CSM)
Amortisasi dari MJK diukur dari servis yang The release of CSM is measured based on t he
diberikan, sesuai dengan unit jasa pertanggungan, level of service provided, as measured by
dan sesuai dengan saldo awal MJK yang coverage units, and is based on the opening CSM
disesuaikan dengan mutasi selama periode, adjusted for movements in the period, including
termasuk penambahan terhadap MJK selama additions to the CSM during the period in respect
periode dari bisnis baru, akresi bunga untuk of new business, interest accretion for contracts
kontrak asuransi yang diukur menggunakan Model measured using General Measurement Model
Pengukuran Umum (MPU), perubahan nilai wajar (GMM), the change in fair value of underlying
dari aset yang mendasari untuk kontrak yang items for contracts measured using Variable Fee
diukur dengan Pendekatan Biaya Variabel (PBV) Approach (VFA) and changes in fulfilment
dan perubahan dalam arus kas pemenuhan yang cashflows arising from changes in non-economic
terjadi dari perubahan asumsi non-ekonomi, dan assumptions, and for VFA, changes in economic
untuk PBV, perubahan asumsi ekonomi, yang assumptions, that relate to future service.
terkait dengan jasa masa depan.
Perhitungan MJK adalah komplek dan melibatkan The calculations of CSM are complex and
asumsi yang mengandung subjektivitas dalam involved subjectivity of assumptions in
menentukan unit jasa pertanggungan dan determining coverage units and movements in
pergerakan dalam MJK. the CSM.
ix
A member firm of Ernst & Young Global Limited
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 939
Page 942
FINANCIAL STATEMENTS 2025
The original report included herein is in the Indonesian
language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00026/ 2.1505/ AU.1/ 07/ 0242- Report No. 00026/ 2.1505/ AU.1/ 07/ 0242-
1/ 1/ II/ 2026 (lanjutan) 1/ 1/ II/ 2026 (continued)
Hal audit ut ama (lanjut an) Key audit mat t ers (cont inued)
Valuasi estimasi terbaik liabilitas kontrak asuransi Valuation of the best estimate insurance contract
dan marjin jasa kontraktual (lanjutan) liabilities and contractual service margin
(continued)
Respons audit: Audit response:
Liabilitas estimasi terbaik (LET) Best estimate liabilities (BEL)
Kami memeroleh pemahaman tentang penilaian We gained an underst anding of management's
manajemen atas estimasi terbaik liabilitas kontrak valuation of the best estimate insurance contract
asuransi. Kami mengevaluasi penilaian estimasi liabilities. We evaluated the valuation of the best
liabilitas kontrak asuransi terbaik, dengan estimate insurance contract liabilities, by
melibatkan spesialis kami. Kami memeroleh involving auditor’s expert. We obtained an
pemahaman atas proses manajemen dalam understanding over management’s process for
menetapkan asumsi ekonomi dan non-ekonomi. setting economic and non-economic
Untuk asumsi ekonomi, kami menguji asumsi assumptions. For economic assumptions, we
tingkat diskonto (beserta asumsi premi illikuiditas) tested discount rates (along with the illiquidity
dan asumsi imbal hasil investasi untuk sampel mata premium assumptions) and investment return
uang dengan mengacu pada kurva yield dan assumptions for a sample of currencies by
membandingkan informasi yang digunakan sesuai reference to yield curves and compared the
dengan PSAK yang berlaku. Untuk asumsi non- information used to the prevailing SFAS. For non-
ekonomi, kami membandingkan asumsi utama economic assumptions, we compared the key
selain asumsi beban yang ditetapkan oleh assumptions other than expense assumptions set
manajemen dengan hasil pengalaman manajemen, by management with the results of
dan perkembangan peraturan seputar produk yang management’s experience, and regulatory
ditampilkan dan membandingkan asumsi beban developments around product featured and
dengan tingkat beban historis dan saat ini, serta compared the expense assumptions to the
kebijakan terkait atribusi beban pada kontrak historical and current expenses levels and policy
asuransi. relating to the attribution of expenses to
insurance contracts.
Kami menguji konsistensi asumsi yang digunakan We tested that the assumptions used in the
dalam model dengan basis yang telah disetujui. models were consistent with approved basis. We
Kami memeroleh pemahaman tentang proses obtained an understanding of management’s
manajemen terkait kesesuaian perubahan model, processes over the appropriateness of model
kelengkapan dan keakuratan data polis. changes, completeness and accuracy of policy
data.
x
A member firm of Ernst & Young Global Limited
940 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 943
FINANCIAL STATEMENTS 2025
The original report included herein is in the Indonesian
language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00026/ 2.1505/ AU.1/ 07/ 0242- Report No. 00026/ 2.1505/ AU.1/ 07/ 0242-
1/ 1/ II/ 2026 (lanjutan) 1/ 1/ II/ 2026 (continued)
Hal audit ut ama (lanjut an) Key audit mat t ers (cont inued)
Valuasi estimasi terbaik liabilitas kontrak asuransi Valuation of the best estimate insurance contract
dan marjin jasa kontraktual (lanjutan) liabilities and contractual service margin
(continued)
Respons audit: (lanjutan) Audit response: (continued)
Liabilitas estimasi terbaik (LET) (lanjutan) Best estimate liabilities (BEL) (continued)
Untuk sampel model baru dan perubahan model For a sample of new models and changes to
yang ada, kami membandingkan hasil validasi existing models, we compared management ’s
model manajemen dengan syarat dan ketentuan model validation results with the terms and
kontrak asuransi terkait dan kebijakan penilaian. conditions of the related insurance contracts and
Untuk beberapa model terpilih, kami melakukan the valuation policy. For these selected models,
perhitungan ulang independen atas liabilitas we performed an independent recalculation of
kontrak asuransi untuk sampel kontrak asuransi the insurance contract liabilities for a sample of
dan membandingkan hasilnya dengan output insurance contracts and compared the results to
model arus kas penyelesaian yang digunakan oleh the output of the fulfilment cashflow models used
manajemen dan menguji rekonsiliasi berkas poin by management, and tested reconciliation of
model dengan sistem administrasi polis dan output model point files to the policy administration
model arus kas penyelesaian. system and output of the fulfilment cashflow
models.
Marjin jasa kontrak (MJK) Contractual service margin (CSM)
Kami memeroleh pemahaman atas proses We obtained understanding of management’s
manajemen dalam penentuan unit jasa processes of determination of coverage units and
pertanggungan dan penyusunan model development of CSM calculation model. We
perhitungan MJK. Kami menguji akurasi tested the accuracy of the CSM calculation,
perhitungan MJK, termasuk penentuan dari unit including the determination of coverage units
jasa pertanggungan dan amortisasi MJK, melalui and release of CSM, through reperformance of
perhitungan kembali atas sampel dari Kelompok the calculation for a sample of Insurance
Kontrak Asuransi (KKA), dan membandingkan Contract Group (ICG), and compared the impact
dampak perubahan asumsi dalam pergerakan MJK of assumption changes in the CSM movement to
dengan perubahan perhitungan LET, termasuk related changes in the BEL calculation, including
mempertimbangkan apakah perubahan tersebut considering whether they related to past or
terkait jasa masa lalu atau masa depan. future service.
xi
A member firm of Ernst & Young Global Limited
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 941
Page 944
FINANCIAL STATEMENTS 2025
The original report included herein is in the Indonesian
language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00026/ 2.1505/ AU.1/ 07/ 0242- Report No. 00026/ 2.1505/ AU.1/ 07/ 0242-
1/ 1/ II/ 2026 (lanjutan) 1/ 1/ II/ 2026 (continued)
Hal audit ut ama (lanjut an) Key audit mat t ers (cont inued)
Valuasi estimasi terbaik liabilitas kontrak asuransi Valuation of the best estimate insurance contract
dan marjin jasa kontraktual (lanjutan) liabilities and contractual service margin
(continued)
Respons audit: (lanjutan) Audit response: (continued)
Marjin jasa kontrak (MJK) (lanjutan) Contractual service margin (CSM) (continued)
Kami menguji perhitungan akresi bunga untuk We tested the calculation of interest accretion for
kontrak yang diukur dengan menggunakan MPU, contracts measured using GMM, and tested the
dan menguji perubahan nilai wajar dari aset change in the fair value of underlying items
yang mendasari yang berasal dari perubahan resulting from invest ment movements for
nilai investasi yang diukur dengan model PBV. contracts measured using VFA. For a sample of
Untuk sampel kontrak asuransi yang diterbitkan contracts issued during the period, we tested the
sepanjang periode, kami menguji perhitungan calculation of the initial CSM including, where
saldo awal MJK, termasuk, jika relevan, identifikasi relevant, the identification of onerous contracts
kontrak merugi dan memvalidasi pengungkapan and validated the CSM movement disclosures in
pergerakan MJK di dalam laporan keuangan the consolidated financial statements to the
konsolidasian dengan hasil dari model perhitungan output of the CSM calculation model.
MJK.
Hal lain Ot her mat t er
Laporan keuangan konsolidasian Grup tanggal The consolidated financial statements the Group
31 Desember 2024 dan 2023, serta untuk tahun as of 31 December 2024 and 2023, and for t he
yang berakhir pada tanggal-t anggal tersebut, years then ended, prior to the reclassifications as
sebelum reklasifikasi sebagaimana yang disclosed in note 64 to such consolidated
diungkapkan pada catatan 64 atas financial statements, were audited by other
laporan keuangan konsolidasian tersebut, independent auditor whose reports
diaudit oleh auditor independen lain No. 00031/ 2.1457/ AU.1/ 07/ 0229-4/ 1/ II/ 2025
yang laporan-laporannya masing-masing dated 5 February 2025 and
No. 00031/ 2.1457/ AU.1/ 07/ 0229-4/ 1/ II/ 2025 No. 00027/ 2.1025/ AU.1/ 07/ 0229-3/ 1/ I/ 2024
bertanggal 5 Februari 2025 dan dated 31 January 2024, respectively, expressed
No. 00027/ 2.1025/ AU.1/ 07/ 0229-3/ 1/ I/ 2024 an unmodified opinion in such consolidated
bertanggal 31 Januari 2024 menyatakan opini financial statements. We did not audit or review
tanpa modifikasian atas laporan keuangan the consolidated financial statements of the
konsolidasian tersebut. Kami tidak mengaudit atau Group as of 31 December 2024 and 2023, and
mereviu atas laporan keuangan konsolidasian Grup for the years then ended, prior to the above-
tanggal 31 Desember 2024 dan 2023, serta untuk mentioned reclassifications, and accordingly, we
tahun yang berakhir pada tanggal-t anggal do not express an audit opinion, a review
tersebut, sebelum reklasifikasi tersebut di atas, conclusion, or any other forms of assurance on
dan oleh karena itu, kami tidak menyatakan suatu such consolidated financial statements.
opini audit, kesimpulan reviu, maupun bentuk
keyakinan lain apapun atas laporan keuangan
konsolidasian tersebut.
xii
A member firm of Ernst & Young Global Limited
942 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 945
FINANCIAL STATEMENTS 2025
The original report included herein is in the Indonesian
language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00026/ 2.1505/ AU.1/ 07/ 0242- Report No. 00026/ 2.1505/ AU.1/ 07/ 0242-
1/ 1/ II/ 2026 (lanjutan) 1/ 1/ II/ 2026 (continued)
Informasi lain Ot her informat ion
Manajemen bertanggung jawab atas informasi lain. Management is responsible for t he ot her
Informasi lain terdiri dari informasi yang tercantum information. Other information comprises the
dalam Laporan Tahunan 2025 selain laporan information included in the 2025 Annual Report
keuangan konsolidasian terlampir dan laporan other than the accompanying consolidated
auditor independen kami (“ Laporan Tahunan” ). financial statements and our auditor’s report
Laporan Tahunan diharapkan akan tersedia bagi thereon (the “ Annual Report ” ). The Annual
kami setelah tanggal laporan auditor independen Report is expected to be made available to us
ini. after the date of this independent auditor’s
report.
Opini kami atas laporan keuangan konsolidasian Our opinion on the accompanying consolidated
terlampir tidak mencakup Laporan Tahunan, dan financial statements does not cover the Annual
oleh karena itu, kami tidak menyatakan bentuk Report, and accordingly, we do not express any
keyakinan apapun atas Laporan Tahunan tersebut. form of assurance on the Annual Report.
Sehubungan dengan audit kami atas laporan In connection with our audit of the accompanying
keuangan konsolidasian terlampir, tanggung jawab consolidated financial statements, our
kami adalah untuk membaca Laporan Tahunan responsibilit y is to read the Annual Report when
ketika tersedia dan, dalam melaksanakannya, it becomes available and, in doing so, consider
mempertimbangkan apakah Laporan Tahunan whether the Annual Report is materially
mengandung ketidakkonsistensian material inconsistent with the accompanying consolidated
dengan laporan keuangan konsolidasian terlampir financial statements or our knowledge obtained
atau pemahaman yang kami peroleh selama audit, in the audit, or otherwise appears to be materially
atau mengandung kesalahan penyajian material. misstated.
Ketika kami membaca Laporan Tahunan, jika kami When we read the Annual Report, if we conclude
menyimpulkan bahwa terdapat suatu kesalahan that there is a material misstatement therein, we
penyajian material di dalamnya, kami diharuskan are required to communicate the matter to those
untuk mengomunikasikan hal tersebut kepada charged with governance and take appropriate
pihak yang bertanggung jawab atas tata kelola dan actions based on the applicable laws and
melakukan tindakan yang tepat berdasarkan regulations.
peraturan perundang-undangan yang berlaku.
xiii
A member firm of Ernst & Young Global Limited
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 943
Page 946
FINANCIAL STATEMENTS 2025
The original report included herein is in the Indonesian
language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00026/ 2.1505/ AU.1/ 07/ 0242- Report No. 00026/ 2.1505/ AU.1/ 07/ 0242-
1/ 1/ II/ 2026 (lanjutan) 1/ 1/ II/ 2026 (continued)
Tanggung jawab manajemen dan pihak yang Responsibilit ies of management and t hose
bert anggung jawab at as t at a kelola t erhadap charged wit h governance for t he consolidat ed
laporan keuangan konsolidasian financial st at ement s
Manajemen bertanggung jawab atas penyusunan Management is responsible for the preparation
dan penyajian wajar laporan keuangan and fair presentation of the consolidated financial
konsolidasian tersebut sesuai dengan Standar statements in accordance with Indonesian
Akuntansi Keuangan di Indonesia, dan atas Financial Accounting Standards,
pengendalian internal yang dianggap and for such internal control as management
perlu oleh manajemen untuk memungkinkan det ermines is necessary t o enable t he
penyusunan laporan keuangan konsolidasian yang preparation of consolidated financial statements
bebas dari kesalahan penyajian material, baik yang that are free from material misstatement,
disebabkan oleh kecurangan maupun kesalahan. whether due to fraud or error.
Dalam penyusunan laporan keuangan In preparing the consolidated financial
konsolidasian, manajemen bertanggung jawab statements, management is responsible for
untuk menilai kemampuan Grup dalam assessing the Group’s ability to continue
mempertahankan kelangsungan usahanya, as a going concern, disclosing, as applicable,
mengungkapkan, sesuai dengan kondisinya, matters related to going concern, and using
hal-hal yang berkaitan dengan kelangsungan the going concern basis of accounting,
usaha, dan menggunakan basis akuntansi unless management either intends to liquidate
kelangsungan usaha, kecuali manajemen memiliki the Group or to cease operations, or has no
intensi untuk melikuidasi Grup atau menghentikan realistic alternative but to do so.
operasi, atau tidak memiliki alternatif yang realistis
selain melaksanakannya.
Pihak yang bertanggung jawab atas tata kelola Those charged with governance are responsible
bertanggung jawab untuk mengawasi proses for overseeing the Group’s financial reporting
pelaporan keuangan Grup. process.
xiv
A member firm of Ernst & Young Global Limited
944 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 947
FINANCIAL STATEMENTS 2025
The original report included herein is in the Indonesian
language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00026/ 2.1505/ AU.1/ 07/ 0242- Report No. 00026/ 2.1505/ AU.1/ 07/ 0242-
1/ 1/ II/ 2026 (lanjutan) 1/ 1/ II/ 2026 (continued)
Tanggung jawab audit or t erhadap audit at as Audit or’s responsibilit ies for t he audit of t he
laporan keuangan konsolidasian consolidat ed financial st at ement s
Tujuan kami adalah untuk memeroleh keyakinan Our objectives are to obtain reasonable
memadai tentang apakah laporan keuangan assurance about whether the consolidated
konsolidasian secara keseluruhan bebas dari financial statements taken as a whole are free
kesalahan penyajian material, baik yang from material misst atement, whether due to
disebabkan oleh kecurangan maupun kesalahan, fraud or error, and to issue an independent
dan untuk menerbitkan laporan auditor auditor’s report that includes our opinion.
independen yang mencakup opini kami. Keyakinan Reasonable assurance is a high level of
memadai merupakan suatu tingkat keyakinan assurance, but is not a guarantee that an audit
tinggi, namun bukan merupakan suatu jaminan conducted in accordance with Standards on
bahwa audit yang dilaksanakan berdasarkan Auditing established by the IICPA will always
Standar Audit yang ditet apkan oleh IAPI akan detect a material misst atement when it exist s.
selalu mendeteksi kesalahan penyajian material Misstatements can arise from fraud or error and
ketika hal tersebut ada. Kesalahan penyajian dapat are considered material if, individually or in the
disebabkan oleh kecurangan maupun kesalahan aggregate, t hey could reasonably be expect ed t o
dan dianggap material jika, baik secara individual influence the economic decisions of users taken
maupun secara agregat, dapat diekspektasikan on the basis of these consolidated financial
secara wajar akan memengaruhi keputusan statements.
ekonomi yang diambil oleh pengguna berdasarkan
laporan keuangan konsolidasian tersebut.
Sebagai bagian dari suatu audit berdasarkan As part of an audit in accordance with Standards
Standar Audit yang ditetapkan oleh IAPI, kami on Auditing established by the IICPA, we exercise
menerapkan pertimbangan profesional dan professional judgment and maintain professional
mempertahankan skeptisisme profesional selama skepticism throughout the audit. We also:
audit. Kami juga:
Mengidentifikasi dan menilai risiko kesalahan Ident ify and assess the risks of material
penyajian material dalam laporan keuangan misstatement of the consolidated financial
konsolidasian, baik yang disebabkan oleh statements, whether due to fraud or error,
kecurangan maupun kesalahan, mendesain dan design and perform audit procedures
melaksanakan prosedur audit yang responsif responsive to such risks, and obt ain audit
terhadap risiko tersebut, serta memeroleh evidence that is sufficient and appropriate to
bukti audit yang cukup dan tepat untuk provide a basis for our opinion. The risk of not
menyediakan basis bagi opini kami. Risiko tidak detecting a material misstatement resulting
terdeteksinya kesalahan penyajian material from fraud is higher than for one resulting
yang disebabkan oleh kecurangan lebih tinggi from error, as fraud may involve collusion,
dari yang disebabkan oleh kesalahan, karena forgery, intentional omissions,
kecurangan dapat melibatkan kolusi, misrepresentations, or override of internal
pemalsuan, penghilangan secara sengaja, control.
pernyataan salah, atau pengabaian atas
pengendalian internal.
xv
A member firm of Ernst & Young Global Limited
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 945
Page 948
FINANCIAL STATEMENTS 2025
The original report included herein is in the Indonesian
language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00026/ 2.1505/ AU.1/ 07/ 0242- Report No. 00026/ 2.1505/ AU.1/ 07/ 0242-
1/ 1/ II/ 2026 (lanjutan) 1/ 1/ II/ 2026 (continued)
Tanggung jawab audit or t erhadap audit at as Audit or’s responsibilit ies for t he audit of t he
laporan keuangan konsolidasian (lanjut an) consolidat ed financial st at ement s (cont inued)
Sebagai bagian dari suatu audit berdasarkan As part of an audit in accordance with Standards on
Standar Audit yang ditet apkan oleh IAPI, kami Auditing established by the IICPA, we exercise
menerapkan pertimbangan profesional dan professional judgment and maintain professional
mempertahankan skeptisisme profesional selama skepticism throughout the audit. We also:
audit. Kami juga: (lanjutan) (continued)
Memeroleh suatu pemahaman tentang Obtain an understanding of internal control
pengendalian internal yang relevan dengan relevant to the audit in order to design audit
audit untuk mendesain prosedur audit yang procedures that are appropriate in the
tepat sesuai dengan kondisinya, tetapi bukan circumstances, but not for the purpose of
untuk tujuan menyatakan opini atas expressing an opinion on the effectiveness of
keefektivitasan pengendalian internal Grup. the Group’s internal control.
Mengevaluasi ketepatan kebijakan akuntansi Evaluate the appropriateness of accounting
yang digunakan serta kewajaran estimasi policies used and the reasonableness of
akuntansi dan pengungkapan terkait yang accounting estimates and related disclosures
dibuat oleh manajemen. made by management.
Menyimpulkan ketepatan penggunaan basis Conclude on the appropriateness of
akuntansi kelangsungan usaha oleh management’s use of the going concern basis
manajemen dan, berdasarkan bukti audit yang of accounting and, based on the audit evidence
diperoleh, apakah terdapat suat u obtained, whether a material uncertainty exists
ketidakpastian material yang terkait dengan related to events or conditions that may cast
peristiwa atau kondisi yang dapat significant doubt on the Group’s ability to
menyebabkan keraguan signifikan atas continue as a going concern. If we conclude
kemampuan Grup untuk mempertahankan that a material uncertainty exists, we are
kelangsungan usahanya. Ketika kami required to draw attention in our independent
menyimpulkan bahwa terdapat suatu auditor’s report to the related disclosures in the
ketidakpastian material, kami diharuskan financial statements or, if such disclosures are
untuk menarik perhatian dalam laporan auditor inadequate, to modify our opinion. Our
independen kami ke pengungkapan terkait conclusion is based on the audit evidence
dalam laporan keuangan atau, jika obtained up to the date of our independent
pengungkapan tersebut tidak memadai, auditor’s report. However, future events or
memodifikasi opini kami. Kesimpulan kami conditions may cause the Group to cease to
didasarkan pada bukt i audit yang diperoleh continue as going concern.
hingga tanggal laporan auditor independen
kami. Namun, peristiwa atau kondisi masa
depan dapat menyebabkan Grup tidak dapat
mempertahankan kelangsungan usaha.
xvi
A member firm of Ernst & Young Global Limited
946 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 949
FINANCIAL STATEMENTS 2025
The original report included herein is in the Indonesian
language.
Laporan Audit or Independen (lanjut an) Independent Audit or’s Report (cont inued)
Laporan No. 00026/ 2.1505/ AU.1/ 07/ 0242- Report No. 00026/ 2.1505/ AU.1/ 07/ 0242-
1/ 1/ II/ 2026 (lanjutan) 1/ 1/ II/ 2026 (continued)
Tanggung jawab audit or t erhadap audit at as Audit or’s responsibilit ies for t he audit of t he
laporan keuangan konsolidasian (lanjut an) consolidat ed financial st at ement s (cont inued)
Sebagai bagian dari suatu audit berdasarkan As part of an audit in accordance with Standards on
Standar Audit yang ditet apkan oleh IAPI, kami Auditing established by the IICPA, we exercise
menerapkan pertimbangan profesional dan professional judgment and maintain professional
mempertahankan skeptisisme profesional selama skepticism throughout the audit. We also:
audit. Kami juga: (lanjutan) (continued)
Mengevaluasi penyajian, struktur, dan isi Evaluate the overall presentation, structure,
laporan keuangan konsolidasian secara and content of the consolidated financial
keseluruhan, termasuk pengungkapannya, dan statements, including the disclosures, and
apakah laporan keuangan konsolidasian whether the consolidated financial statements
mencerminkan transaksi dan peristiwa yang represent the underlying transactions and
mendasarinya dengan suatu cara yang events in a manner that achieves fair
mencapai penyajian wajar. present ation.
Memeroleh bukt i audit yang cukup dan tepat Obtain sufficient appropriate audit evidence
terkait informasi keuangan entitas atau regarding the financial information of the
aktivitas bisnis dalam Grup untuk menyatakan entities or business activities within Group to
opini atas laporan keuangan konsolidasian. express an opinion on the consolidated financial
Kami bertanggung jawab atas arahan, statements. We are responsible for the
supervisi, dan pelaksanaan audit grup. Kami direction, supervision, and performance of the
tetap bertanggung jawab sepenuhnya atas group audit. We remain solely responsible for
opini audit kami. our audit opinion.
Kami mengomunikasikan kepada pihak yang We communicate with those charged with
bertanggung jawab atas tata kelola mengenai, governance regarding, among other matters, the
antara lain, ruang lingkup dan saat yang planned scope and timing of the audit and
direncanakan atas audit serta temuan audit significant audit findings, including any significant
signifikan, termasuk setiap defisiensi signifikan deficiencies in internal control that we identify
dalam pengendalian internal yang teridentifikasi during our audit.
oleh kami selama audit.
Kami juga memberikan suatu pernyat aan kepada We also provide those charged with governance with
pihak yang bertanggung jawab atas tata kelola a statement that we have complied with relevant
bahwa kami telah mematuhi ketentuan etika yang ethical requirements regarding independence, and
relevan mengenai independensi, dan to communicate with them all relationships and
mengomunikasikan kepada pihak tersebut seluruh other matters that may reasonably be thought to
hubungan, serta hal-hal lain yang dianggap secara bear on our independence, and where applicable,
wajar berpengaruh terhadap independensi kami, related safeguards.
dan, jika relevan, pengamanan terkait.
xvii
A member firm of Ernst & Young Global Limited
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 947
Page 950
FINANCIAL STATEMENTS 2025
948 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 951
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENT OF
KONSOLIDASIAN FINANCIAL POSITION
Tanggal 31 Desember 2025 As of 31 December 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Catatan/ 31 Desember 2025/ 31 Desember 2024/
Notes 31 December 2025 31 December 2024
ASET ASSETS
Kas 2c,2g,62b.(vii) 33.857.220 31.665.082 Cash
Current accounts with
Giro pada Bank Indonesia 2c,2g,2h,4 238.289.478 105.146.044 Bank Indonesia
Current accounts with
Giro pada bank lain 2c,2f,2g,2h,5,65d other banks
Pihak berelasi 56 201.893 194.411 Related parties
Pihak ketiga 60.750.690 46.474.028 Third parties
60.952.583 46.668.439
Dikurangi: cadangan Less: allowance for
kerugian penurunan nilai (27.621) (30.755) impairment losses
Neto 60.924.962 46.637.684 Net
Penempatan pada Placements with
Bank Indonesia Bank Indonesia
dan bank lain 2c,2f,2g,2i,6,65e and other banks
Pihak berelasi 56 1.286.559 3.107.120 Related parties
Pihak ketiga 49.185.275 60.122.934 Third parties
50.471.834 63.230.054
Dikurangi: cadangan Less: allowance for
kerugian penurunan nilai (1.586) (1.679) impairment losses
Neto 50.470.248 63.228.375 Net
Efek-efek 2c,2f,2j,7,65f Marketable securities
Pihak berelasi 56 17.034.297 20.223.075 Related parties
Pihak ketiga 107.048.973 75.118.481 Third parties
124.083.270 95.341.556
Ditambah/(dikurangi): Add/(less):
diskonto yang belum unamortised
diamortisasi, keuntungan discount,
- neto yang unrealised gains
belum direalisasi dari - net from increase
kenaikan nilai wajar dan in fair value
cadangan kerugian and allowance for
penurunan nilai 644.704 136.495 impairment losses
Neto 124.727.974 95.478.051 Net
Obligasi pemerintah 2c,2f,2k,8 Government bonds
Pihak berelasi 56 292.817.548 287.272.659 Related parties
Tagihan lainnya - transaksi Other receivables - trade
perdagangan 2c,2f,2l,9,65h transactions
Pihak berelasi 56 6.880.657 7.054.667 Related parties
Pihak ketiga 25.191.454 22.919.450 Third parties
32.072.111 29.974.117
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (1.432.270) (1.422.889) impairment losses
Neto 30.639.841 28.551.228 Net
Catatan atas laporan keuangan konsolidasian terlampir merupakan The accompanying notes to the consolidated financial statements form an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian integral part of these consolidated financial statements taken
secara keseluruhan. as a whole.
1
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 949
Page 952
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENT OF
KONSOLIDASIAN (lanjutan) FINANCIAL POSITION (continued)
Tanggal 31 Desember 2025 As of 31 December 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Catatan/ 31 Desember 2025/ 31 Desember 2024/
Notes 31 December 2025 31 December 2024
ASET (lanjutan) ASSETS (continued)
Tagihan atas efek-efek yang dibeli Securities purchased under
dengan janji dijual kembali 2c,2f,2m,10,65i agreements to resell
Pihak berelasi 56 52.242 4.613 Related parties
Pihak ketiga 3.851.535 8.285.525 Third parties
Total 3.903.777 8.290.138 Total
Tagihan derivatif 2c,2f,2n,11 Derivative receivables
Pihak berelasi 56 3.029.980 2.948.995 Related parties
Pihak ketiga 4.247.695 4.812.513 Third parties
Total 7.277.675 7.761.508 Total
Kredit yang diberikan dan Loans and sharia
piutang/pembiayaan syariah 2c,2f,2o,12,65k receivables/financing
Pihak berelasi 56 402.847.579 291.635.100 Related parties
Pihak ketiga 1.447.120.377 1.331.581.512 Third parties
1.849.967.956 1.623.216.612
Dikurangi: cadangan Less: allowance for
kerugian penurunan nilai (48.033.747) (49.354.645) impairment losses
Neto 1.801.934.209 1.573.861.967 Net
Piutang pembiayaan Consumer financing
konsumen 2c,2f,2p,13,65l receivables
Pihak berelasi 56 4.257 41.346 Related parties
Pihak ketiga 40.858.943 41.531.960 Third parties
40.863.200 41.573.306
Dikurangi: cadangan Less: allowance for
kerugian penurunan nilai (1.049.570) (934.353) impairment losses
Neto 39.813.630 40.638.953 Net
Investasi bersih dalam Net investment finance
sewa pembiayaan 2c,2q,14,65m leases
Pihak ketiga 4.153.740 5.757.076 Third parties
Dikurangi: cadangan Less: allowance for
kerugian penurunan nilai (134.987) (103.337) impairment losses
Neto 4.018.753 5.653.739 Net
Tagihan akseptasi 2c,2f,2u,15,65n Acceptance receivables
Pihak berelasi 56 1.161.293 1.698.864 Related parties
Pihak ketiga 6.926.985 7.615.001 Third parties
8.088.278 9.313.865
Dikurangi: cadangan Less: allowance for
kerugian penurunan nilai (26.015) (31.340) impairment losses
Neto 8.062.263 9.282.525 Net
Catatan atas laporan keuangan konsolidasian terlampir merupakan The accompanying notes to the consolidated financial statements form an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian integral part of these consolidated financial statements taken
secara keseluruhan. as a whole.
2
950 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 953
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENT OF
KONSOLIDASIAN (lanjutan) FINANCIAL POSITION (continued)
Tanggal 31 Desember 2025 As of 31 December 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Catatan/ 31 Desember 2025/ 31 Desember 2024/
Notes 31 December 2025 31 December 2024
ASET (lanjutan) ASSETS (continued)
Penyertaan saham 2c,2f,2s,16,65o Investments in shares
Pihak berelasi 56 762.254 1.023.142 Related parties
Pihak ketiga 1.586.054 1.395.592 Third parties
2.348.308 2.418.734
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (1.986) (1.986) impairment losses
Neto 2.346.322 2.416.748 Net
Aset dikuasai untuk dijual 2ao,66 253.774 - Assets held for sale
Biaya dibayar dimuka 17 5.673.038 4.827.723 Prepaid expenses
Pajak dibayar dimuka 2ad,33a 851.625 739.015 Prepaid taxes
Aset tetap 2r.i,2r.ii,18 103.150.275 90.458.680 Fixed assets
Dikurangi: akumulasi Less: accumulated
penyusutan (31.087.944) (27.427.835) depreciation
Neto 72.062.331 63.030.845 Net
Aset takberwujud 2r.iii,19 17.767.867 15.743.152 Intangible assets
Dikurangi: akumulasi Less: accumulated
amortisasi (10.248.709) (8.698.409) amortisation
Neto 7.519.158 7.044.743 Net
Aset lain-lain 2c,2t,2v,2af,20 42.674.907 38.930.431 Other assets
Dikurangi: penyisihan Less: allowance for other
lainnya (2.824.977) (1.587.650) impairment losses
Neto 39.849.930 37.342.781 Net
Aset pajak tangguhan - neto 2ad,33e 4.654.270 8.353.454 Deferred tax assets - net
TOTAL ASET 2.829.948.026 2.427.223.262 TOTAL ASSETS
Catatan atas laporan keuangan konsolidasian terlampir merupakan The accompanying notes to the consolidated financial statements form an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian integral part of these consolidated financial statements taken
secara keseluruhan. as a whole.
3
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 951
Page 954
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENT OF
KONSOLIDASIAN (lanjutan) FINANCIAL POSITION (continued)
Tanggal 31 Desember 2025 As of 31 December 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Catatan/ 31 Desember 2025/ 31 Desember 2024*)/
Notes 31 December 2025 31 December 2024*)
LIABILITAS, DANA LIABILITIES, TEMPORARY
SYIRKAH TEMPORER SYIRKAH FUNDS
DAN EKUITAS AND EQUITY
LIABILITAS LIABILITIES
Obligations due
Liabilitas segera 2w 4.537.458 5.703.731 immediately
Simpanan dari nasabah Deposits from customers
Demand deposits
Giro dan and wadiah
giro wadiah 2c,2f,2x,21 demand deposits
Pihak berelasi 56 197.248.837 154.155.472 Related parties
Pihak ketiga 468.860.753 414.420.537 Third parties
Total 666.109.590 568.576.009 Total
Tabungan dan Saving deposits and
tabungan wadiah saving
wadiah 2c,2f,2x,22 deposits
Pihak berelasi 56 5.100.519 6.339.043 Related parties
Pihak ketiga 616.814.451 573.852.753 Third parties
Total 621.914.970 580.191.796 Total
Deposito berjangka 2c,2f,2x,23 Time deposits
Pihak berelasi 56 206.265.493 53.490.298 Related parties
Pihak ketiga 322.607.155 243.976.854 Third parties
Total 528.872.648 297.467.152 Total
Total simpanan dari Total deposits from
nasabah 1.816.897.208 1.446.234.957 customers
Simpanan dari Deposits from
bank lain other banks
Giro, Demand deposits, wadiah
giro wadiah dan demand deposits
tabungan 2c,2f,2y,24 and saving deposits
Pihak berelasi 56 101.674 4.299.236 Related parties
Pihak ketiga 5.920.795 4.790.802 Third parties
Total 6.022.469 9.090.038 Total
Inter-bank call money 2c,2f,2y,25 Inter-bank call money
Pihak berelasi 56 750.375 1.931.400 Related parties
Pihak ketiga 7.263.507 8.030.154 Third parties
Total 8.013.882 9.961.554 Total
Deposito berjangka 2c,2f,2y,26 Time deposits
Pihak berelasi 56 817.075 289.710 Related parties
Pihak ketiga 5.902.117 7.701.407 Third parties
Total 6.719.192 7.991.117 Total
Total simpanan dari Total deposits from
bank lain 20.755.543 27.042.709 other banks
Liabilitas kontrak asuransi 2z,27 37.850.988 35.487.487 Insurance contract liabilities
*) Direklasifikasi, lihat Catatan 64 *) Reclassified, see Note 64
Catatan atas laporan keuangan konsolidasian terlampir merupakan The accompanying notes to the consolidated financial statements form an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian integral part of these consolidated financial statements taken
secara keseluruhan. as a whole.
4
952 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 955
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENT OF
KONSOLIDASIAN (lanjutan) FINANCIAL POSITION (continued)
Tanggal 31 Desember 2025 As of 31 December 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Catatan/ 31 Desember 2025/ 31 Desember 2024*)/
Notes 31 December 2025 31 December 2024*)
LIABILITAS, DANA LIABILITIES, TEMPORARY
SYIRKAH TEMPORER SYIRKAH FUNDS
DAN EKUITAS (lanjutan) AND EQUITY (continued)
LIABILITAS (lanjutan) LIABILITIES (continued)
Liabilitas atas efek-efek yang Securities sold
dijual dengan janji under agreements
dibeli kembali 2c,2f,2m,28,59 repurchase liabilities
Pihak berelasi 56 20.212 - Related parties
Pihak ketiga 39.935.677 90.256.225 Third parties
Total 39.955.889 90.256.225 Total
Liabilitas derivatif 2c,2f,2n,11 Derivative payables
Pihak berelasi 56 2.467.837 2.133.504 Related parties
Pihak ketiga 4.373.784 5.203.494 Third parties
Total 6.841.621 7.336.998 Total
Liabilitas akseptasi 2c,2f,2u,29 Acceptance payables
Pihak berelasi 56 1.728.332 2.565.287 Related parties
Pihak ketiga 6.191.001 6.570.726 Third parties
Total 7.919.333 9.136.013 Total
Liabilitas pajak tangguhan 2ad,33e 27.996 9.278 Deferred tax liabilities
Liabilitas dikuasai untuk dijual 2ao,66 127.472 - Liabilities held for sale
Efek-efek yang diterbitkan 2c,2f,2aa,30,59 Debt securities issued
Pihak berelasi 56 6.425.220 4.580.825 Related parties
Pihak ketiga 55.886.791 36.639.142 Third parties
62.312.011 41.219.967
Dikurangi: biaya penerbitan Less: unamortised
yang belum diamortisasi (106.780 ) (78.900) debt issuance cost
Neto 62.205.231 41.141.067 Net
Estimasi kerugian atas Estimated losses on
komitmen dan commitments and
kontinjensi 2c,31b 895.791 1.114.013 contingencies
Beban yang masih harus dibayar 2af,32 6.168.983 5.466.461 Accrued expenses
Utang pajak 2ad,33b 3.327.702 3.078.642 Taxes payable
Employee benefit
Liabilitas imbalan kerja 2ai,34,51 7.899.583 7.160.018 liabilities
Provisi 112.537 264.275 Provision
Liabilitas lain-lain 2c,35 42.339.668 32.656.899 Other liabilities
Pinjaman yang diterima 2c,2f,2ab,36,59 Fund borrowings
Pihak berelasi 56 2.245.296 4.627.957 Related parties
Pihak ketiga 152.427.126 143.288.024 Third parties
Total 154.672.422 147.915.981 Total
*) Direklasifikasi, lihat Catatan 64 *) Reclassified, see Note 64
Catatan atas laporan keuangan konsolidasian terlampir merupakan The accompanying notes to the consolidated financial statements form an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian integral part of these consolidated financial statements taken
secara keseluruhan. as a whole.
5
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 953
Page 956
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENT OF
KONSOLIDASIAN (lanjutan) FINANCIAL POSITION (continued)
Tanggal 31 Desember 2025 As of 31 December 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Catatan/ 31 Desember 2025/ 31 Desember 2024/
Notes 31 December 2025 31 December 2024
LIABILITAS, DANA LIABILITIES, TEMPORARY
SYIRKAH TEMPORER SYIRKAH FUNDS
DAN EKUITAS (lanjutan) AND EQUITY (continued)
LIABILITAS (lanjutan) LIABILITIES (continued)
Pinjaman dan efek-efek Subordinated loans and
subordinasi 2c,2f, 2ac,37,59 marketable securities
Pihak berelasi 56 35.000 40.000 Related parties
Pihak ketiga 355.112 364.015 Third parties
390.112 404.015
Dikurangi: biaya penerbitan Less: unamortised
yang belum diamortisasi (333) (453) issuance cost
Neto 389.779 403.562 Net
TOTAL LIABILITAS 2.212.925.204 1.860.408.316 TOTAL LIABILITIES
DANA SYIRKAH TEMPORARY SYIRKAH
TEMPORER 2f,2ae,38 FUNDS
Simpanan dari nasabah Deposits from customers
Pihak berelasi 56 Related parties
Giro - investasi terikat Demand deposits
dan giro - restricted investment and
mudharabah - mudharabah demand
investasi deposits - unrestricted
tidak terikat 38a.1a 19.137.701 19.798.526 investment
Tabungan - investasi Saving deposits
terikat dan - restricted investment
investasi and unrestricted
tidak terikat - investment
mudharabah 38a.2a 1.101.408 375.768 - mudharabah
Deposito mudharabah - Mudharabah time
investasi deposits - unrestricted
tidak terikat 38a.3 46.178.777 37.757.408 investment
66.417.886 57.931.702
Pihak ketiga Third parties
Giro - investasi terikat Demand deposits
dan giro - restricted investments and
mudharabah mudharabah musytarakah
musytarakah 38a.1a 24.899.562 17.389.993 demand deposits
Tabungan - investasi Saving deposits
terikat dan - restricted investment
investasi tidak and unrestricted
terikat - investment
mudharabah 38a.2a 98.215.131 84.878.381 - mudharabah
Deposito mudharabah - Mudharabah time
investasi deposits - unrestricted
tidak terikat 38a.3 99.334.364 92.461.883 investment
222.449.057 194.730.257
Total simpanan dari Total deposits from
nasabah 288.866.943 252.661.959 customers
Catatan atas laporan keuangan konsolidasian terlampir merupakan The accompanying notes to the consolidated financial statements form an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian integral part of these consolidated financial statements taken
secara keseluruhan. as a whole.
6
954 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 957
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENT OF
KONSOLIDASIAN (lanjutan) FINANCIAL POSITION (continued)
Tanggal 31 Desember 2025 As of 31 December 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Catatan/ 31 Desember 2025/ 31 Desember 2024/
Notes 31 December 2025 31 December 2024
LIABILITAS, DANA LIABILITIES, TEMPORARY
SYIRKAH TEMPORER SYIRKAH FUNDS
DAN EKUITAS (lanjutan) AND EQUITY (continued)
DANA SYIRKAH TEMPORARY SYIRKAH
TEMPORER (lanjutan) FUNDS (continued)
Simpanan dari bank lain Deposits from other banks
Pihak ketiga Third parties
Giro Mudharabah - Mudharabah demand
investasi deposits - unrestricted
tidak terikat 38b 52.357 47.282 investment
Tabungan Mudharabah - Mudharabah saving
investasi deposits - unrestricted
tidak terikat 38b 616.794 536.509 investment
Deposito Mudharabah - Mudharabah time
investasi deposits - unrestricted
tidak terikat 38b 84.730 94.515 investment
Total simpanan dari Total deposits from
bank lain 753.881 678.306 other banks
TOTAL DANA SYIRKAH TOTAL TEMPORARY
TEMPORER 289.620.824 253.340.265 SYIRKAH FUNDS
EKUITAS EQUITY
Ekuitas yang dapat diatribusikan Attributable equity to
kepada pemilik Entitas Induk the Parent Entity
Modal saham - nilai nominal Share capital -
Rp125 (nilai penuh) Rp125 (full amount)
per lembar saham masing-masing par value per share
pada tanggal 31 Desember 2025 as of 31 December 2025
dan 2024 and 2024, respectively
Modal dasar - 1 lembar saham Authorised capital - 1 Dwiwarna
Seri A Dwiwarna dan Series A share and
127.999.999.999 lembar 127,999,999,999 Series B
saham biasa Seri B pada tanggal common shares as of
31 Desember 2025 dan 31 December 2025 and
2024 2024
Modal ditempatkan dan disetor - Issued and fully
1 lembar saham paid-in capital -
Seri A Dwiwarna dan 1 Dwiwarna Series A
93.333.333.331 lembar share and 93,333,333,331
saham biasa Seri B pada tanggal Series B common shares
31 Desember 2025 dan as of 31 December 2025
2024 40a 11.666.667 11.666.667 and 2024
Tambahan modal disetor/ Additional paid-in capital/
agio saham 40b 18.095.274 18.095.274 agio
Saham treasuri 1f,40d (403.625) - Treasury shares
Selisih kurs karena Differences arising from
penjabaran laporan translation of
keuangan dalam financial statements in
mata uang asing 2e 152.018 10.289 foreign currencies
Catatan atas laporan keuangan konsolidasian terlampir merupakan The accompanying notes to the consolidated financial statements form an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian integral part of these consolidated financial statements taken
secara keseluruhan. as a whole.
7
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 955
Page 958
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENT OF
KONSOLIDASIAN (lanjutan) FINANCIAL POSITION (continued)
Tanggal 31 Desember 2025 As of 31 December 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Catatan/ 31 Desember 2025/ 31 Desember 2024/
Notes 31 December 2025 31 December 2024
LIABILITAS, DANA LIABILITIES, TEMPORARY
SYIRKAH TEMPORER SYIRKAH FUNDS
DAN EKUITAS (lanjutan) AND EQUITY (continued)
EKUITAS (lanjutan) EQUITY (continued)
Keuntungan/(kerugian) neto yang belum Net unrealised gain/(loss) from
direalisasi dari kenaikan/(penurunan) increase/(decrease) in fair
nilai wajar aset keuangan value of financial assets
dalam kelompok nilai wajar classified as fair value
melalui penghasilan through other
komprehensif lain setelah comprehensive income
dikurangi pajak tangguhan 2j,2k 1.146.052 (2.160.850) - net of deferred tax
Bagian efektif lindung nilai Effective portion of
arus kas 2n (11.218) (8.885) cash flow hedges
Selisih bersih revaluasi Net differences in fixed
aset tetap 2r.i 38.445.684 34.772.745 assets revaluation
Keuntungan neto aktuarial Net actuarial gain from
program imbalan pasti defined benefits
setelah dikurangi program - net of
pajak tangguhan 2ai 1.374.981 1.595.606 deferred tax
Penghasilan komprehensif Other comprehensive
lainnya 85.052 85.052 income
Selisih transaksi dengan Difference in transactions
pihak nonpengendali 1g (309.938) (309.938) with non-controlling parties
Saldo laba (saldo rugi sebesar Retained earnings (accumulated
Rp162.874.901 telah losses of Rp162,874,901
dieliminasi dengan tambahan were eliminated against
modal disetor/agio saham additional paid-in capital/
pada saat kuasi - agio as a result of quasi-
reorganisasi pada reorganisation
tanggal 30 April 2003) on 30 April 2003)
Sudah ditentukan penggunaannya 5.380.268 5.380.268 Appropriated
Belum ditentukan penggunaannya 218.129.454 214.670.201 Unappropriated
Total saldo laba 223.509.722 220.050.469 Total retained earnings
293.750.669 283.796.429
Kepentingan nonpengendali Non-controlling interests in
atas aset bersih Entitas Anak net assets of consolidated
yang dikonsolidasi 2d,39 33.651.329 29.678.252 Subsidiaries
TOTAL EKUITAS 327.401.998 313.474.681 TOTAL EQUITY
TOTAL LIABILITIES,
TOTAL LIABILITAS, DANA TEMPORARY
SYIRKAH TEMPORER SYIRKAH FUNDS
DAN EKUITAS 2.829.948.026 2.427.223.262 AND EQUITY
Catatan atas laporan keuangan konsolidasian terlampir merupakan The accompanying notes to the consolidated financial statements form an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian integral part of these consolidated financial statements taken
secara keseluruhan. as a whole.
8
956 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 959
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
LAPORAN LABA RUGI DAN PENGHASILAN CONSOLIDATED STATEMENT OF
KOMPREHENSIF LAIN PROFIT OR LOSS AND OTHER
KONSOLIDASIAN COMPREHENSIVE INCOME
Untuk Tahun yang Berakhir For the Year Ended
pada Tanggal 31 Desember 2025 31 December 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Tahun yang berakhir
pada tanggal 31 Desember/
Years ended 31 December
Catatan/
Notes 2025 2024
PENDAPATAN DAN BEBAN INCOME AND EXPENSE
OPERASIONAL FROM OPERATIONS
Pendapatan bunga dan Interest income and
pendapatan syariah 2f,2af,41,56 sharia income
Pendapatan bunga 139.649.437 129.638.641 Interest income
Pendapatan syariah 24.763.029 21.597.386 Sharia income
Total pendapatan bunga dan Total interest income and
pendapatan syariah 164.412.466 151.236.027 sharia income
Beban bunga dan Interest expense and
beban syariah 2f,2af,42,56 sharia expense
Beban bunga (49.066.026) (41.590.079) Interest expense
Beban syariah (9.136.405) (7.889.028) Sharia expense
Total beban bunga dan Total interest expense and
beban syariah (58.202.431) (49.479.107) sharia expense
PENDAPATAN BUNGA NET INTEREST AND
DAN SYARIAH - NETO 106.210.035 101.756.920 SHARIA INCOME
Pendapatan asuransi - neto 2ag 550.415 2.520.813 Insurance income - net
PENDAPATAN BUNGA, NET INTEREST,
SYARIAH DAN SHARIA AND
ASURANSI - NETO 106.760.450 104.277.733 INSURANCE INCOME
Pendapatan operasional lainnya Other operating income
Provisi dan komisi 2ah,43 27.553.414 23.447.520 Fees and commissions
Pendapatan dari kelompok Income from fair value
nilai wajar melalui through profit or loss
laba rugi - neto 2c,2e,2n,44 6.343.482 4.483.298 classification - net
Lain-lain 45 14.105.539 14.240.197 Others
Total pendapatan Total other operating
operasional lainnya 48.002.435 42.171.015 income
Pembentukan cadangan kerugian Allowance for impairment
penurunan nilai 2c,46 (10.359.492) (11.811.786) losses
Pembalikan penyisihan Reversal of allowance for
estimasi kerugian estimated losses on
atas komitmen dan commitments and
kontinjensi 2c,31b 259.675 33.829 contingencies
Allowance for other
Pembentukan penyisihan impairment losses
lainnya dan kerugian and operational
risiko operasional - neto 2t,47 (1.231.070) (151.047) risk losses - net
Catatan atas laporan keuangan konsolidasian terlampir merupakan The accompanying notes to the consolidated financial statements form an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian integral part of these consolidated financial statements taken
secara keseluruhan. as a whole.
9
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 957
Page 960
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
LAPORAN LABA RUGI DAN PENGHASILAN CONSOLIDATED STATEMENT OF
KOMPREHENSIF LAIN PROFIT OR LOSS AND OTHER
KONSOLIDASIAN (lanjutan) COMPREHENSIVE INCOME (continued)
Untuk Tahun yang Berakhir For Year Ended
Pada Tanggal 31 Desember 2025 31 December 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Tahun yang berakhir
pada tanggal 31 Desember/
Years ended 31 December
Catatan/
Notes 2025 2024
Keuntungan dari penjualan Gain on sale of
efek-efek dan obligasi marketable securities and
pemerintah - neto 2j,2k,48 463.146 150.297 government bonds - net
Beban operasional lainnya 2f,2ai Other operating expenses
Salaries and employee
Beban gaji dan tunjangan 49,51,56 (26.635.454 ) (23.990.763) benefits expenses
Beban umum dan General and
administrasi 2r,50 (30.422.281 ) (26.519.633) administrative expenses
Lain-lain 52 (10.526.670 ) (8.100.050) Others
Total beban operasional Total other operating
lainnya (67.584.405 ) (58.610.446) expenses
INCOME FROM
LABA OPERASIONAL 76.310.739 76.059.595 OPERATION
Beban bukan Non-operating expense
operasional - neto 53 106.824 343.891 - net
LABA SEBELUM BEBAN INCOME BEFORE
PAJAK 76.417.563 76.403.486 TAX EXPENSE
Beban pajak Tax expense
Kini 2ad,33c,33d (12.084.460 ) (13.347.034) Current
Tangguhan 2ad,33c,33e (2.986.970 ) (1.891.331) Deferred
Total beban pajak - neto (15.071.430 ) (15.238.365) Total tax expense - net
LABA TAHUN NET INCOME
BERJALAN 61.346.133 61.165.121 FOR THE YEAR
PENGHASILAN KOMPREHENSIF OTHER COMPREHENSIVE
LAIN INCOME
Pos-pos yang tidak akan Items that will not be
direklasifikasi reclassified to
ke laba rugi profit or loss
Keuntungan revaluasi Gain on fixed assets
aset tetap 2r.i 3.672.939 108.911 revaluation
Catatan atas laporan keuangan konsolidasian terlampir merupakan The accompanying notes to the consolidated financial statements form an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian integral part of these consolidated financial statements taken
secara keseluruhan. as a whole.
10
958 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 961
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
LAPORAN LABA RUGI DAN PENGHASILAN CONSOLIDATED STATEMENT OF
KOMPREHENSIF LAIN PROFIT OR LOSS AND OTHER
KONSOLIDASIAN (lanjutan) COMPREHENSIVE INCOME (continued)
Untuk Tahun yang Berakhir For the Year Ended
pada Tanggal 31 Desember 2025 31 December 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Tahun yang berakhir
pada tanggal 31 Desember/
Years ended 31 December
Catatan/
Notes 2025 2024
PENGHASILAN KOMPREHENSIF OTHER COMPREHENSIVE
LAIN (lanjutan) INCOME (continued)
Pos-pos yang akan Items that will be
direklasifikasi reclassified to
ke laba rugi (lanjutan) profit or loss (continued)
Keuntungan aktuarial Actuarial gain from
program imbalan pasti 2ai (324.493) 167.984 defined benefits program
Pajak penghasilan Income tax related to
terkait pos-pos yang tidak items that will not be
akan direklasifikasi reclassified to
ke laba rugi 107.915 (17.024) profit or loss
3.456.361 259.871
Penyesuaian akibat Difference arising from
penjabaran laporan translation of financial
keuangan dalam statements in foreign
mata uang asing 2e 140.873 161.227 currencies
Perubahan nilai wajar aset Changes in fair value of
keuangan dalam financial assets
kelompok nilai wajar classified as fair value
melalui penghasilan through other
komprehensif lain 2j,2k 4.375.263 (533.762) comprehensive income
Bagian efektif dari lindung nilai Effective portion of
arus kas 2n (5.863) (25.927) cash flow hedges
Pajak penghasilan terkait Income tax related to
pos-pos yang akan items that will be
direklasifikasi reclassified to
ke laba rugi (838.846) 120.235 profit or loss
3.671.427 (278.227)
Penghasilan komprehensif lain Other comprehensive
tahun berjalan - income for the year
setelah pajak penghasilan 7.127.788 (18.356) - net of income tax
TOTAL TOTAL
PENGHASILAN COMPREHENSIVE
KOMPREHENSIF INCOME
TAHUN BERJALAN 68.473.921 61.146.765 FOR THE YEAR
Laba tahun berjalan yang Net income for the
diatribusikan kepada: year attributable to:
Pemilik Entitas Induk 56.293.950 55.782.742 Parent Entity
Kepentingan nonpengendali 2d 5.052.183 5.382.379 Non-controlling interest
61.346.133 61.165.121
Total penghasilan komprehensif Total comprehensive
tahun berjalan yang income for the year
diatribusikan kepada: attributable to:
Pemilik Entitas Induk 63.192.562 55.740.401 Parent Entity
Kepentingan nonpengendali 2d 5.281.359 5.406.364 Non-controlling interest
68.473.921 61.146.765
LABA PER SAHAM 2aj,40g EARNINGS PER SHARE
Dasar dan dilusian (dalam Basic and diluted (full
Rupiah penuh) 603,23 597,67 amount of Rupiah)
Catatan atas laporan keuangan konsolidasian terlampir merupakan The accompanying notes to the consolidated financial statements form an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian integral part of these consolidated financial statements taken
secara keseluruhan. as a whole.
11
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 959
Page 962
FINANCIAL STATEMENTS 2025
The original consolidated financial statements included herein are in the Indonesian language.
960
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Untuk Tahun yang Berakhir For the Year Ended
pada Tanggal 31 Desember 2025 31 December 2025
(Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
31 Desember 2025/31 December 2025
Keuntungan/
(kerugian) neto
yang belum
direalisasi
dari kenaikan/
(penurunan)
nilai wajar
aset keuangan
dalam
kelompok
nilai wajar
melalui
penghasilan Keuntungan
komprehensif neto
Selisih kurs lain setelah aktuarial
karena dikurangi program
Modal saham penjabaran pajak imbalan
yang laporan tangguhan/ pasti Kepentingan
diperoleh keuangan Net unrealized setelah nonpengendali
dan dimiliki dalam mata gain/(loss) from dikurangi Selisih atas aset
kembali uang asing/ increase/ Bagian Selisih pajak transaksi neto Entitas
Tambahan (saham Difference (decrease) in efektif bersih tangguhan/ dengan pihak Saldo laba/Retained earnings Anak yang
Modal modal treasuri)/ arising from fair value of lindung nilai revaluasi Net actuarial Penghasilan nonpengendali dikonsolidasi/
ditempatkan disetor/ Share capital translation of financial assets arus kas/ aset tetap/ gain from komprehensif Difference in Non-controlling
dan disetor/ agio saham/ acquired and financial through other Effective Net defined lainnya/ transaction Sudah Belum interest in net
Issued and Additional repossessed statements in comprehensive portion of difference in benefits Other with non- ditentukan ditentukan assets of Total
Catatan/ fully paid-in paid-in (treasury foreign income - net of cash flow fixed assets program - net comprehensive controlling penggunaannya/ penggunaannya consolidated ekuitas/
Notes capital capital/agio shares) currencies deferred tax hedges revaluation of deferred tax income parties /Appropriated /Unappropriated Total Subsidiaries Total equity
Saldo pada tanggal Balance as of
1 Januari 2025 11.666.667 18.095.274 - 10.289 (2.160.850) (8.885) 34.772.745 1.595.606 85.052 (309.938) 5.380.268 214.670.201 220.050.469 29.678.252 313.474.681 1 January 2025
Pembagian laba: Distribution of income:
Dividen atas laba bersih Dividend on net income
tahun 2024 40c - - - - - - - - - - - (43.510.539) (43.510.539) - (43.510.539) for the year 2024
Dividen interim atas laba Interim dividend on net
bersih tahun 2025 40c - - - - - - - - - - - (9.324.158) (9.324.158) - (9.324.158) income for the year 2025
Pembelian saham treasuri 1f - - (403.625) - - - - - - - - - - - (403.625) Purchase of treasury shares
Perubahan pada kepentingan Changes in non-controlling
nonpengendali atas pembayaran interest arising from
dividen dan perubahan distribution of dividens and
ekuitas Entitas Anak - - - - - - - - - - - - - (1.308.282 ) (1.308.282) changes in Subsidiary’s equity
Laba tahun berjalan - - - - - - - - - - - 56.293.950 56.293.950 5.052.183 61.346.133 Net income for the year
Penghasilan komprehensif lain Other comprehensive
tahun berjalan - - - 141.729 3.306.902 (2.333) 3.672.939 (220.625) - - - - - 229.176 7.127.788 income for the year
Saldo pada tanggal Balance as of
31 Desember 2025 11.666.667 18.095.274 (403.625) 152.018 1.146.052 (11.218) 38.445.684 1.374.981 85.052 (309.938) 5 .380.268 218.129.454 223.509.722 33.651.329 327.401.998 31 December 2025
ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari The accompanying notes to the consolidated financial statements form an integral part of these
laporan keuangan konsolidasian secara keseluruhan. consolidated financial statements taken as a whole.
12
Page 963
The original consolidated financial statements included herein are in the Indonesian language.
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN (lanjutan) CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)
Untuk Tahun yang Berakhir For the Year Ended
pada Tanggal 31 Desember 2025 31 December 2025
(Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
31 Desember 2024/31 December 2024
Keuntungan/
(kerugian)
neto
yang belum
direalisasi
dari kenaikan/
(penurunan)
nilai wajar
aset keuangan
dalam
kelompok
nilai wajar
melalui
penghasilan Keuntungan
komprehensif neto
Selisih kurs lain setelah aktuarial
karena dikurangi program
penjabaran pajak imbalan
laporan tangguhan/ pasti Kepentingan
keuangan Net unrealised setelah nonpengendali
dalam mata gain/(loss) from dikurangi atas aset
uang asing/ increase/ Bagian Selisih pajak Selisih Saldo laba/Retained earnings neto Entitas
Difference (decrease) in efektif bersih tangguhan/ transaksi Anak yang
Modal Tambahan arising from fair value of lindung nilai revaluasi Net actuarial Penghasilan dengan pihak dikonsolidasi/
ditempatkan modal disetor/ translation of financial assets arus kas/ aset tetap/ gain from komprehensif nonpengendali/ Non-controlling
dan disetor/ agio saham/ financial through other Effective Net defined lainnya/ Difference in Sudah Belum interest in net
Issued and Additional statements in comprehensive portion of difference in benefits Other transaction with ditentukan ditentukan assets of Total
Catatan/ fully paid-in paid-in foreign income - net of cash flow fixed assets program - net comprehensive non-controlling penggunaannya/ penggunaannya/ consolidated ekuitas/
Notes capital capital/agio currencies deferred tax hedges revaluation of deferred tax income parties Appropriated Unappropriated Total Subsidiaries Total equity
Saldo pada tanggal Balance as of
1 Januari 2024 11.666.667 17.643.264 (146.299) (1.837.760) 1.429 34.716.693 1.517.183 85.052 (97.202) 5.380.268 191.923.489 197.303.757 26.642.178 287.494.962 1 January 2024
Pembayaran dividen dari laba Dividend payment from
bersih tahun 2023 40c - - - - - - - - - - (33.036.034) (33.036.034) - (33.036.034) 2023 net income
Perubahan pada kepentingan Changes in non-controlling
nonpengendali atas pembayaran interest arising from distribution
dividen dan perubahan of dividends and changes
ekuitas Entitas Anak - - - - - - - - - - - - (1.307.313) (1.307.313) in Subsidiary’s equity
Laba tahun berjalan - - - - - - - - - - 55.782.742 55.782.742 5.382.379 61.165.121 Net income for the year
Transfer pendapatan komprehensif lain Transfer of other comprehensive
ke saldo laba karena penghentian income to retained earnings due to
aset keuangan yang diukur derecognition of financial assets
pada nilai wajar melalui penghasilan measured at fair value through
komprehensif lain - - - - - - - - - - 4 4 - 4 other comprehensive income
Dampak pengalihan kepemilikan Impact of transfer of
pada Entitas Anak dari ownership in a Subsidiary
kepentingan nonpengendali - - - - - - - - (305.486 ) - - - (713.514) (1.019.000) from non-controlling interest
Dampak pengalihan pengendalian Impact of control transfer
atas Entitas Anak kepada of a Subsidiary to a
entitas sepengendali - 452.010 - - - - - - 92.750 - - - (349.463) 195.297 entity under common control
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH
Penghasilan komprehensif lain Other comprehensive
tahun berjalan - - 156.588 (323.090 ) (10.314) 56.052 78.423 - - - - - 23.985 (18.356) income for the year
Saldo pada tanggal Balance as of
31 Desember 2024 11.666.667 18.095.274 10.289 (2.160.850) (8.885) 34.772.745 1.595.606 85.052 (309.938 ) 5.380.268 214.670.201 220.050.469 29.678.252 313.474.681 31 December 2024
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari The accompanying notes to the consolidated financial statements form an integral part of these
laporan keuangan konsolidasian secara keseluruhan. consolidated financial statements taken as a whole.
961
13
FINANCIAL STATEMENTS 2025
Page 964
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
LAPORAN ARUS KAS CONSOLIDATED STATEMENT OF
KONSOLIDASIAN CASH FLOWS
Untuk Tahun yang Berakhir For the Year Ended
pada Tanggal 31 Desember 2025 31 December 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Tahun yang berakhir
pada tanggal 31 Desember/
Years ended 31 December
Catatan/
Notes 2025 2024
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS OPERATING
OPERASIONAL ACTIVITIES
Penerimaan pendapatan Receipts from interest
bunga 135.685.903 126.307.045 income
Penerimaan pendapatan Receipts from sharia
syariah 24.761.655 21.444.104 income
Penerimaan pendapatan Receipts from provision,
provisi, komisi commission and
dan premi 37.214.656 36.542.783 premium income
Pembayaran beban Payments of interest
bunga (46.694.494) (41.137.244) expense
Pembayaran beban Payments of sharia
syariah (9.185.844) (7.844.161) expense
Pembayaran beban Payments of insurance
asuransi (8.389.121) (10.574.450) expense
Penerimaan dari Receipts from the
penjualan obligasi sale of government
pemerintah - diukur bonds - measured at
pada nilai wajar fair value
melalui laba rugi 459.600.567 489.371.973 through profit or loss
Pembelian obligasi Acquisition of government
pemerintah - diukur bonds - measured at
pada nilai wajar fair value
melalui laba rugi (471.524.315) (498.026.362) through profit or loss
Pendapatan dari Income from
kelompok nilai wajar fair value through profit
melalui laba rugi - neto 8.071.537 4.473.622 or loss classification - net
Pendapatan operasional Other operating
lainnya - lain-lain 4.261.159 4.927.284 income - others
Beban operasional Other operating
lainnya - lain-lain (10.383.605) (9.613.944) expenses - others
Salaries and employee
Beban gaji dan tunjangan (26.116.921) (28.501.269) benefits expenses
Beban umum dan General and
administrasi (24.299.679) (20.406.171) administrative expenses
Pendapatan bukan Non-operating
operasional - neto 53 104.547 335.917 income - net
Pembayaran pajak Payment of corporate
penghasilan badan (11.338.737) (13.438.576) income tax
Arus kas dari aktivitas Cash flows from operating
operasional sebelum activities before
perubahan aset dan changes in operating
liabilitas operasional 61.767.308 53.860.551 assets and liabilities
(Kenaikan)/penurunan atas (Increase)/decrease in
aset operasional: operating assets:
Penempatan pada Placements with
Bank Indonesia Bank Indonesia
dan bank lain (1.022.430) (958.884) and other banks
Efek-efek - diukur pada Marketable securities
nilai wajar melalui - measured at fair value
laba rugi (26.425.082) 1.973.193 through profit or loss
Catatan atas laporan keuangan konsolidasian terlampir merupakan The accompanying notes to the consolidated financial statements form an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian integral part of these consolidated financial statements taken
secara keseluruhan. as a whole.
14
962 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 965
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
LAPORAN ARUS KAS CONSOLIDATED STATEMENT OF
KONSOLIDASIAN (lanjutan) CASH FLOWS (continued)
Untuk Tahun yang Berakhir For the Year Ended
pada Tanggal 31 Desember 2025 31 December 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Tahun yang berakhir
pada tanggal 31 Desember/
Years ended 31 December
Catatan/
Notes 2025 2024*)
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS OPERATING
OPERASIONAL (lanjutan) ACTIVITIES (continued)
(Kenaikan)/penurunan atas (Increase)/decrease in
aset operasional: (lanjutan) operating assets: (continued)
Tagihan lainnya - transaksi Other receivables
perdagangan (2.097.994) (3.929.564) - trade transactions
Kredit yang diberikan (193.509.441) (237.605.954) Loans
Sharia receivables/
Piutang/pembiayaan syariah (42.257.111) (39.585.822) financing
Tagihan atas efek-efek Securities purchased
yang dibeli dengan under agreements
janji dijual kembali 4.386.361 14.402.790 to resell
Piutang pembiayaan Consumer financing
konsumen (994.335) (10.319.670) receivables
Investasi bersih dalam Net investment
sewa pembiayaan 1.346.033 (319.986) finance leases
Pajak dibayar dimuka (112.610) (302.483) Prepaid taxes
Biaya dibayar dimuka (845.315) (2.107.934) Prepaid expenses
Aset lain-lain (3.502.246) 851.950 Other assets
Penerimaan atas aset
keuangan yang telah Recovery of written-off
dihapusbukukan 9.844.380 9.312.913 financial assets
Kenaikan/(penurunan) Increase/(decrease) in
atas liabilitas operasional operating liabilities and
dan dana syirkah temporer: temporary syirkah funds:
Bank konvensional Conventional banking
Giro 94.403.943 18.549.199 Demand deposits
Tabungan 41.785.241 70.964.416 Saving deposits
Deposito berjangka 230.133.571 11.951.464 Time deposits
Interbank call money (1.947.672) 2.679.658 Interbank call money
Obligations due
Liabilitas segera (1.166.273) 1.218.775 immediately
Liabilitas kontrak Insurance contract
asuransi 27 2.182.623 (533.653) liabilities
Utang pajak lainnya (495.442) 488.808 Other taxes payable
Liabilitas lain-lain (1.213.929) 2.793.362 Other liabilities
Bank syariah - dana syirkah Sharia bank - temporary
temporer syirkah funds
Giro - investasi Demand deposits
terikat - restricted investment
dan giro and mudharabah
mudharabah musytarakah
musytarakah 6.853.820 4.818.540 demand deposits
Tabungan - Saving deposits
investasi terikat - restricted investment
dan investasi and mudharabah
tidak terikat saving deposits
tabungan - unrestricted
mudharabah 14.142.673 7.510.475 investment
*) Direklasifikasi, lihat Catatan 64 *) Reclassified, see Note 64
Catatan atas laporan keuangan konsolidasian terlampir merupakan The accompanying notes to the consolidated financial statements form an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian integral part of these consolidated financial statements taken
secara keseluruhan. as a whole.
15
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 963
Page 966
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
LAPORAN ARUS KAS CONSOLIDATED STATEMENT OF
KONSOLIDASIAN (lanjutan) CASH FLOWS (continued)
Untuk Tahun yang Berakhir For the Year Ended
pada Tanggal 31 Desember 2025 31 December 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Tahun yang berakhir
pada tanggal 31 Desember/
Years ended 31 December
Catatan/
Notes 2025 2024
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS OPERATING
OPERASIONAL (lanjutan) ACTIVITIES (continued)
Kenaikan/(penurunan) Increase/(decrease) in
atas liabilitas operasional operating liabilities and
dan dana syirkah temporer: temporary syirkah funds:
(lanjutan) (continued)
Bank syariah - dana syirkah Sharia bank - temporary
temporer (lanjutan) syirkah funds (continued)
Deposito Mudharabah time
mudharabah - deposits
investasi - unrestricted
tidak terikat 15.284.065 14.729.578 investment
Kas neto yang diperoleh dari/ Net cash provided by/(used in)
(digunakan untuk) aktivitas operasional 206.540.138 (79.558.278) operating activities
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS INVESTASI INVESTING ACTIVITIES
Kenaikan Increase in
efek-efek - marketable securities -
selain diukur pada other than measured at
nilai wajar fair value through
melalui laba rugi (2.844.099) (4.213.227) profit or loss
Penurunan Decrease in
obligasi pemerintah - selain government bonds -
diukur pada other than measured at
nilai wajar fair value
melalui laba rugi 11.096.966 29.535.716 through profit or loss
Penerimaan dari penjualan Proceeds from sale of
aset tetap 18b 40.148 35.890 fixed assets
Pembelian aset tetap 18a (5.456.304) (6.141.551) Acquisition of fixed assets
Pembelian aset Acquisition of
takberwujud 19 (2.048.023) (2.402.345) intangible assets
Kenaikan investasi Increase in
Entitas Anak (1.000) (15.072) Subsidiaries’ investment
Penyertaan pada Investment in
Entitas Lain - (20.000) Other Entity
Penerimaan dari pengalihan Proceeds from control transfer
pengendalian atas Entitas Anak - 951.284 of a Subsidiary
Kas neto yang diperoleh Net cash provided
dari aktivitas by investing
investasi 787.688 17.730.695 activities
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS FINANCING
PENDANAAN ACTIVITIES
Penerimaan dari efek-efek Receipts from debt
yang diterbitkan 37.518.161 25.460.904 securities issued
Pembayaran atas efek-efek Payments of debt
yang diterbitkan (17.159.816) (36.082.179) securities issued
Penerimaan dari pinjaman Receipts from fund
yang diterima 151.881.750 99.255.831 borrowings
Pembayaran atas pinjaman Payments of fund
yang diterima (148.739.809) (48.433.335) borrowings
Catatan atas laporan keuangan konsolidasian terlampir merupakan The accompanying notes to the consolidated financial statements form an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian integral part of these consolidated financial statements taken
secara keseluruhan. as a whole.
16
964 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 967
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
LAPORAN ARUS KAS CONSOLIDATED STATEMENT OF
KONSOLIDASIAN (lanjutan) CASH FLOWS (continued)
Untuk Tahun yang Berakhir For the Year Ended
pada Tanggal 31 Desember 2025 31 December 2025
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Tahun yang berakhir
pada tanggal 31 Desember/
Years ended 31 December
Catatan/
Notes 2025 2024
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS FINANCING
PENDANAAN (lanjutan) ACTIVITIES (continued)
Pembayaran atas Payments of
pinjaman dan subordinated loans
efek-efek and marketable
subordinasi 59 (17.338) (16.887) securities
(Penurunan)/kenaikan liabilitas (Decrease)/increase in
atas efek-efek yang securities sold
dijual dengan janji 59 under agreements to
dibeli kembali (52.356.534) 53.371.351 repurchase liabilities
Pembayaran liabilitas sewa 35 (1.842.146) (1.651.500) Payments for lease liabilities
Pembayaran dividen 40c (43.510.539) (33.036.034) Payments of dividends
Pembelian saham treasuri (403.625) - Purchase of treasury shares
Penambahan kepemilikan pada Acquisition of interest
Entitas Anak dari kepentingan in a Subsidiary from
nonpengendali - (1.019.000) non-controlling interest
Kas neto yang (digunakan untuk)/ Net cash (used in)/provided
diperoleh dari aktivitas pendanaan (74.629.896) 57.849.151 by financing activities
KENAIKAN/(PENURUNAN) NET INCREASE/(DECREASE)
NETO KAS DAN IN CASH AND
SETARA KAS 132.697.930 (3.978.432) CASH EQUIVALENTS
DAMPAK PERUBAHAN EFFECTS OF EXCHANGE
SELISIH KURS RATE CHANGES ON
TERHADAP CASH AND CASH
KAS DAN SETARA KAS 3.210.036 4.214.862 EQUIVALENTS
REKLASIFIKASI KAS DAN RECLASSIFICATION OF
SETARA KAS CASH AND CASH
KE ASET DIKUASAI EQUIVALENTS TO ASSETS
UNTUK DIJUAL 66 (68.900) - HELD FOR SALE
CASH AND CASH
KAS DAN SETARA KAS PADA EQUIVALENTS AT THE
AWAL TAHUN 244.038.123 243.801.693 BEGINNING OF YEAR
CASH AND CASH
KAS DAN SETARA KAS PADA EQUIVALENTS AT THE
AKHIR TAHUN 379.877.189 244.038.123 END OF YEAR
Kas dan setara kas Cash and cash equivalents
pada akhir tahun at the end of year
terdiri dari: consists of:
Kas 62.B.(vii) 33.857.220 31.665.082 Cash
Giro pada Current accounts with
Bank Indonesia 4 238.289.478 105.146.044 Bank Indonesia
Giro pada Current accounts with
bank lain 5 60.952.583 46.668.439 other banks
Investasi jangka pendek Liquid short-term investments
likuid dengan jangka waktu with maturity period
jatuh tempo tiga bulan of three months
atau kurang sejak or less from
tanggal perolehan 46.777.908 60.558.558 the date of acquisition
Total kas dan Total cash and
setara kas 379.877.189 244.038.123 cash equivalents
Catatan atas laporan keuangan konsolidasian terlampir merupakan The accompanying notes to the consolidated financial statements form an
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian integral part of these consolidated financial statements taken
secara keseluruhan. as a whole.
17
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 965
Page 968
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM 1. GENERAL INFORMATION
a. Pendirian usaha a. Establishment
PT Bank Mandiri (Persero) Tbk (selanjutnya PT Bank Mandiri (Persero) Tbk (hereinafter referred
disebut “Bank Mandiri” atau “Bank”) didirikan pada to as “Bank Mandiri” or the “Bank”) was established
tanggal 2 Oktober 1998 di Negara Republik on 2 October 1998 in the Republic of Indonesia
Indonesia dengan Akta Notaris Sutjipto, S.H., based on Notarial Deed No. 10 of Sutjipto, S.H.,
No. 10, berdasarkan Peraturan Pemerintah under Government Regulation No. 75 Year 1998
No. 75 Tahun 1998 tanggal 1 Oktober 1998. Akta dated 1 October 1998. The deed of establishment
pendirian dimaksud telah disahkan oleh Menteri was approved by the Ministry of Justice of the
Kehakiman Republik Indonesia berdasarkan Surat Republic of Indonesia in its Decision Letter
Keputusan No. C2-16561.HT.01.01.TH.98 No. C2-16561.HT.01.01.TH.98 dated 2 October
tanggal 2 Oktober 1998, serta diumumkan pada 1998 and was published in Supplement No. 6859 of
Tambahan No. 6859 dalam Berita Negara State Gazette of the Republic of Indonesia No. 97
Republik Indonesia No. 97 tanggal 4 Desember dated 4 December 1998.
1998.
Bank Mandiri didirikan melalui penggabungan Bank Mandiri was established through the merger
usaha PT Bank Bumi Daya (Persero) (“BBD”), of PT Bank Bumi Daya (Persero) (“BBD”), PT Bank
PT Bank Dagang Negara (Persero) (“BDN”), Dagang Negara (Persero) (“BDN”), PT Bank
PT Bank Ekspor Impor Indonesia (Persero) (“Bank Ekspor Impor Indonesia (Persero) (“Bank Exim”)
Exim”) dan PT Bank Pembangunan Indonesia and PT Bank Pembangunan Indonesia (Persero)
(Persero) (“Bapindo”) (selanjutnya secara (“Bapindo”) (hereinafter collectively referred to as
bersama-sama disebut “Bank Peserta the “Merged Banks”).
Penggabungan”).
Berdasarkan Pasal 3 Anggaran Dasar Bank Based on Article 3 of the Bank’s Articles of
Mandiri, ruang lingkup kegiatan Bank Mandiri Association, Bank Mandiri is engaged in banking
adalah melakukan usaha di bidang perbankan activities in accordance with prevailing laws and
sesuai dengan ketentuan dan peraturan regulations. The Bank commenced its operations
perundang-undangan yang berlaku. Bank Mandiri on 1 August 1999. The Bank’s Parent Entity is the
mulai beroperasi pada tanggal 1 Agustus 1999. Government of the Republic of Indonesia through
Entitas Induk Bank adalah Pemerintah Republik the Ministry of State-Owned Enterprises which is
Indonesia melalui Kementerian BUMN yang the Ministry within the Indonesian Government that
merupakan Kementerian dalam Pemerintah is in charge of state-owned enterprises
Indonesia yang membidangi urusan pembinaan development affairs.
badan usaha milik negara.
Anggaran Dasar Bank Mandiri telah mengalami The Articles of Association of Bank Mandiri has
beberapa kali perubahan, sebagaimana terakhir been amended several times, the latest amendment
berdasarkan Akta Pernyataan Keputusan Rapat under Deed of Annual General Meeting of
Umum Pemegang Saham Tahunan No. 12, Shareholders No. 12, dated 24 April 2025 made
tanggal 24 April 2025, yang dibuat di hadapan before Utiek R. Abdurachman, S.H., M.LI., M.Kn,
Utiek R. Abdurachman, S.H., M.LI., M.Kn., Notaris notary in Jakarta. This amendment has been
di Jakarta. Perubahan tersebut telah submitted to and approved by the Ministry of Laws
diberitahukan kepada Menteri Hukum Republik of the Republic of Indonesia, in its Decision Letter
Indonesia sesuai dengan surat penerimaan No. AHU-AH.01.03-0113069 and registered in the
pemberitahuan No. AHU-AH.01.03-0113069 dan Company Register No. AHU-0090215.AH.01.11.
terdaftar pada Daftar Perseroan Year 2025, dated on 25 April 2025.
No. AHU-0090215.AH.01.11. Tahun 2025 tanggal
25 April 2025.
18
966 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 969
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
b. Penggabungan usaha b. Merger
Pada akhir bulan Februari 1998, Pemerintah At the end of February 1998, the Government of the
Republik Indonesia (selanjutnya disebut Republic of Indonesia (hereinafter referred to as
“Pemerintah”) mengumumkan rencana untuk “Government”) announced its plan to restructure
melakukan restrukturisasi atas Bank Peserta the Merged Banks.
Penggabungan.
Sehubungan dengan rencana restrukturisasi In connection with the restructurisation plan, the
tersebut, Pemerintah mendirikan Bank Mandiri Government established Bank Mandiri in October
pada bulan Oktober 1998 dengan melakukan 1998 through the payment of cash and the transfer
penyetoran tunai dan pengalihan saham the Government’s shares of the Merged Banks
Pemerintah pada Bank Peserta Penggabungan (Note 40a and 40b). The difference between the
(Catatan 40a dan 40b). Selisih antara harga transfer price and the book value of the shares at the
transfer dan nilai buku saham pada saat time of the restructurisation was not calculated as it
restrukturisasi tidak dihitung karena dinilai tidak was considered not practicable to do so. All losses
praktis. Seluruh kerugian yang timbul selama incurred during the year of restructuring were
periode restrukturisasi diakui dalam Program recognised in the Recapitalisation Program.
Rekapitalisasi.
Rencana restrukturisasi tersebut dirancang untuk The restructurisation plan was designed to merge
menggabungkan usaha Bank Peserta the Merged Banks’ business into Bank Mandiri on
Penggabungan ke dalam Bank Mandiri pada July 1999 and the recapitalisation of Bank Mandiri.
bulan Juli 1999 dan rekapitalisasi Bank Mandiri. The restructurisation of the Merged Banks into Bank
Restrukturisasi Bank Peserta Penggabungan ke Mandiri also covered the following:
dalam Bank Mandiri juga mencakup:
i. Restrukturisasi kredit yang diberikan; i. Restructurisation of loans;
ii. Restrukturisasi aset non-kredit yang ii. Restructurisation of non-loan assets;
diberikan;
iii. Rasionalisasi kantor cabang di dalam dan iii.Rationalisation of domestic and overseas
luar negeri; offices;
iv. Rasionalisasi sumber daya manusia. iv. Rationalisation of human resources.
Berdasarkan Akta Notaris Sutjipto, S.H., No. 100 Based on the Notarial Deed of Sutjipto, S.H.,
tanggal 24 Juli 1999, Bank Peserta No. 100 dated 24 July 1999, the Merged Banks were
Penggabungan secara hukum melakukan legally merged into Bank Mandiri. The Merger Deed
penggabungan usaha ke dalam Bank was legalised by the Ministry of Justice of the
Mandiri. Akta Penggabungan Usaha tersebut Republic of Indonesia in its Decision Letter
disahkan oleh Menteri Kehakiman Republik No. C-13.781.HT.01.04.TH.99 dated 29 July 1999
Indonesia dengan Surat Keputusan and approved by the Governor of Bank Indonesia in
No. C-13.781.HT.01.04.TH.99 tanggal 29 Juli its Decision Letter No. 1/9/KEP.GBI/1999 dated
1999 dan disetujui oleh Gubernur Bank Indonesia 29 July 1999. The merger was declared effective by
dengan Surat Keputusan No. 1/9/KEP.GBI/1999 the Department Chief of the South Jakarta Industry
tanggal 29 Juli 1999. Penggabungan tersebut and Trade Office in its Decision Letter
dinyatakan sah oleh Kepala Kantor Departemen No. 09031827089 dated 31 July 1999.
Perindustrian dan Perdagangan Jakarta Selatan
melalui Surat Keputusan No. 09031827089
tanggal 31 Juli 1999.
19
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 967
Page 970
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
b. Penggabungan usaha (lanjutan) b. Merger (continued)
Pada tanggal efektif penggabungan usaha: Effective from the date of the merger:
i. Semua aset dan liabilitas Bank Peserta i. All assets and liabilities of the Merged Banks
Penggabungan dialihkan ke Bank Mandiri were transferred to Bank Mandiri as the
sebagai Bank Hasil Penggabungan; Surviving Bank;
ii. Semua operasi dan aktivitas bisnis Bank ii. All operations and business activities of the
Peserta Penggabungan dialihkan dan Merged Banks were transferred and operated by
dioperasikan oleh Bank Mandiri; Bank Mandiri;
iii. Bank Mandiri mendapat tambahan modal iii. Bank Mandiri received additional paid-in capital
disetor sebesar Rp1.000.000 (nilai penuh) amounted to Rp1,000,000 (full amount) or
atau setara dengan 1 (satu) lembar saham equivalent to 1 (one) share representing the
yang merupakan sisa saham yang dimiliki remaining shares owned by the Government in
oleh Pemerintah pada masing-masing Bank the Merged Banks (Notes 40a and 40b).
Peserta Penggabungan (Catatan 40a
dan 40b).
Pada tanggal efektif dimaksud, Bank Peserta On the effective date, the Merged Banks were
Penggabungan secara hukum dibubarkan tanpa legally dissolved without liquidation process and
proses likuidasi dan Bank Mandiri sebagai Bank Bank Mandiri, as the Surviving Bank, received all
Hasil Penggabungan menerima seluruh hak dan the rights and obligations from the Merged Banks.
liabilitas dari Bank Peserta Penggabungan.
c. Rekapitalisasi c. Recapitalisation
Dalam rangka mengatasi kondisi ekonomi yang In response to the effects of the adverse economic
memburuk di Indonesia pada sektor perbankan, conditions on the banking sector in Indonesia, on
pada tanggal 31 Desember 1998, Pemerintah 31 December 1998, the Government issued
telah mengeluarkan Peraturan Pemerintah No. 84 Government Regulation No. 84 Year 1998
Tahun 1998 tentang Program Rekapitalisasi Bank regarding Recapitalisation Program for Commercial
Umum yang bertujuan untuk meningkatkan Banks, which was designed to increase the paid-in
permodalan bank umum agar dapat memenuhi capital of commercial banks to enable them to meet
Rasio Kecukupan Modal (Capital Adequacy Ratio the minimum requirement of Capital Adequacy
yang selanjutnya disebut “CAR”) minimum sesuai Ratio (“CAR”) in accordance with prevailing
dengan ketentuan yang ditetapkan. Keikutsertaan regulation. The eligibility of commercial banks for
bank umum dalam Program Rekapitalisasi inclusion in the Recapitalisation Program is based
didasarkan pada persyaratan dan prosedur yang on requirements and procedures set forth in the
ditetapkan dalam Surat Keputusan Bersama Joint Decrees No. 53/KMK.017/1999 and
Menteri Keuangan dan Gubernur Bank Indonesia No. 31/12/KEP/GBI dated 8 February 1999 of the
No. 53/KMK.017/1999 dan No. 31/12/KEP/GBI Ministry of Finance and the Governor of Bank
tanggal 8 Februari 1999. Berdasarkan Surat Indonesia. Based on the Joint Decrees, the
Keputusan Bersama tersebut, Pemerintah antara Government, among others, shall implement the
lain harus melakukan Program Rekapitalisasi Recapitalisation Program for Commercial Banks
Bank Umum terhadap seluruh Bank Milik Negara, with respect to all State-Owned Banks, Regional
Bank Pembangunan Daerah dan Bank Umum Development Banks, and Commercial Banks, with
yang berstatus “Bank Take Over” oleh Badan the status of “Bank Take Over”, by the Indonesian
Penyehatan Perbankan Nasional (“BPPN”). Bank Restructuring Agency (Badan Penyehatan
Perbankan Nasional or “BPPN”).
Pada tanggal 28 Mei 1999, Pemerintah On 28 May 1999, the Government issued
mengeluarkan Peraturan Pemerintah No. 52 Government Regulation No. 52 of 1999
Tahun 1999 (PP No. 52/1999) tentang (PP No. 52/1999) regarding additional capital
penambahan penyertaan modal Pemerintah investment by the Government of Republic of
Republik Indonesia pada Bank Mandiri melalui Indonesia in Bank Mandiri through issuance of
penerbitan Obligasi Rekapitalisasi Pemerintah Government Recapitalisation Bonds to be issued
oleh Menteri Keuangan dengan nilai maksimum then by the Ministry of Finance with a value
Rp137.800.000. Pelaksanaan PP No. 52/1999 of up to Rp137,800,000. The implementation of
diatur dalam Surat Keputusan Bersama Menteri PP No. 52/1999 was set forth in Joint Decrees of
Keuangan dan Gubernur Bank Indonesia the Ministry of Finance and the Governor of
No. 389/KMK.017/1999 dan No. 1/10/KEP/GBI Bank Indonesia No. 389/KMK.017/1999 and
tanggal 29 Juli 1999. No. 1/10/KEP/GBI dated 29 July 1999.
20
968 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 971
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
c. Rekapitalisasi (lanjutan) c. Recapitalisation (continued)
Selama Obligasi Rekapitalisasi Pemerintah While the Government Recapitalisation Bonds had
tersebut belum diterbitkan, pada saat itu Bank not yet been issued, at the point in time, Bank
Mandiri mengakui adanya “Tagihan kepada Mandiri accounted the bonds as “Due from the
Pemerintah” sebesar Rp137.800.000 sesuai Government” amounted to Rp137,800,000 in
dengan penegasan Komitmen Pemerintah melalui accordance with the Government’s Commitment
surat dari Menteri Keuangan through the Ministry of Finance’s letter
No. S-360/MK.017/1999 tanggal 29 September No. S-360/MK.017/1999 dated 29 September 1999
1999 dan persetujuan Menteri Negara and the approval of the Ministry of State-Owned
Pendayagunaan BUMN melalui surat No. S-510/ Enterprises in letter No. S-510/M-PBUMN/1999
M-PBUMN/1999 tanggal 29 September 1999. dated 29 September 1999.
Sesuai dengan Surat Bank Indonesia Based on Bank Indonesia Letter No. 1/1/GBI/DPIP
No. 1/1/GBI/DPIP tanggal 11 Oktober 1999 perihal dated 11 October 1999, regarding Issuance of
Penerbitan Obligasi/Surat Utang Pemerintah Government Bonds/Debentures in connection with
dalam rangka penyertaan modal Pemerintah the Government of Republic of Indonesia's capital
Republik Indonesia di Bank Mandiri, Bank investment in Bank Mandiri, Bank Indonesia agreed
Indonesia menyetujui tagihan kepada Pemerintah to include the above receivable as Bank Mandiri’s
tersebut di atas termasuk dalam modal inti Bank core capital (Tier 1) for the purposes of calculating
Mandiri (Tier I) dalam perhitungan Rasio Capital Adequacy Ratio (CAR) as of 31 July 1999
Kecukupan Modal (CAR) pada tanggal 31 Juli until 30 September 1999, with a condition that not
1999 sampai dengan 30 September 1999, dengan later than 15 October 1999 the Government
syarat bahwa selambat-lambatnya tanggal Bonds/Debentures should have been received by
15 Oktober 1999, Obligasi/Surat Utang Bank Indonesia.
Pemerintah telah diterima oleh Bank Indonesia.
Berdasarkan Peraturan Pemerintah No. 97 Tahun Based on Government Regulation No. 97 year 1999
1999 tanggal 24 Desember 1999 tentang dated 24 December 1999 regarding the Addition of
Penambahan Penyertaan Modal Negara Republik State Capital of the Republic of Indonesia into the
Indonesia ke dalam Modal Perusahaan Perseroan Capital of the Company (Persero) of PT Bank
(Persero) PT Bank Mandiri dalam Rangka Mandiri in Relation to the Commercial Bank
Program Rekapitalisasi Bank Umum, Pemerintah Recapitalisation Program, the Government
menambah penyertaan modal sampai sejumlah increased its capital investment to a maximum of
maksimum Rp42.200.000, sehingga penyertaan Rp42,200,000, so that the total maximum of
secara keseluruhan menjadi setinggi-tingginya investment become amounted to Rp180,000,000.
sebesar Rp180.000.000.
Dalam rangka pelaksanaan Peraturan Pemerintah In relation to the implementation of the above
No. 52 dan No. 97 Tahun 1999 tersebut di atas, Government Regulations No. 52 and No. 97
maka dalam Perjanjian Rekapitalisasi Sementara year 1999, in the Temporary Recapitalisation
antara Pemerintah dengan Bank Mandiri beserta Agreement between the Government and Bank
perubahannya, Pemerintah telah mengeluarkan Mandiri and its amendment, the Government issued
Obligasi Rekapitalisasi Pemerintah dalam 2 (dua) Government Recapitalisation Bonds in 2 (two)
tahap, yaitu sebesar Rp103.000.000 pada tanggal tranches which amounted to Rp103,000,000 on
13 Oktober 1999 dan Rp75.000.000 pada tanggal 13 October 1999 and Rp75,000,000 on
28 Desember 1999, sehingga pada tanggal 28 December 1999 so that as of 31 December 1999
31 Desember 1999 jumlah keseluruhan Obligasi the total Government Recapitalisation Bonds issued
Rekapitalisasi Pemerintah yang diterbitkan in accordance with the aforementioned agreements
berdasarkan perjanjian tersebut menjadi sebesar become amounted to Rp178,000,000.
Rp178.000.000.
21
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 969
Page 972
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
c. Rekapitalisasi (lanjutan) c. Recapitalisation (continued)
Berdasarkan Kontrak Manajemen pada tanggal Based on the Management Contract dated 8 April
8 April 2000 antara Bank Mandiri dan Pemerintah, 2000 between Bank Mandiri and the Government,
ditetapkan jumlah kebutuhan rekapitalisasi Bank the total amount of recapitalisation required by Bank
Mandiri adalah sebesar Rp173.931.000 atau lebih Mandiri was Rp173,931,000, or less than the
kecil dari jumlah Obligasi Rekapitalisasi amount of the Government Recapitalisation Bonds.
Pemerintah. Dari kelebihan tersebut, sebesar The excess of Rp1,412,000 was used as additional
Rp1.412.000 digunakan sebagai tambahan modal paid-in capital and the remaining excess balance of
disetor, sedangkan sisanya sebesar Rp2.657.000 Rp2,657,000 was returned to the Government on
dikembalikan kepada Pemerintah pada tanggal 7 July 2000 in the form of Government
7 Juli 2000 dalam bentuk Obligasi Rekapitalisasi Recapitalisation Bonds equivalent to 2,657,000
Pemerintah sebanyak 2.657.000 unit. units.
Sesuai Surat Menteri Keuangan Republik Based on the Letter from the Ministry
Indonesia No. S-174/MK.01/2003 tanggal of Finance of the Republic of Indonesia
24 April 2003 tentang pengembalian kelebihan No. S-174/MK.01/2003 dated 24 April 2003
Obligasi Rekapitalisasi Pemerintah yang regarding the return of the excess of Government
sebelumnya digunakan sebagai tambahan modal, Recapitalisation Bonds, which was previously used
Bank Mandiri telah mengembalikan Obligasi as additional paid-in capital, Government
Rekapitalisasi Pemerintah sebesar Rp1.412.000 Recapitalisation Bonds amounted to Rp1,412,000
kepada Pemerintah pada tanggal 25 April 2003 were returned to the Government by Bank Mandiri
(Catatan 40b). on 25 April 2003 (Note 40b).
Menteri Keuangan Republik Indonesia The Ministry of Finance of Republic of Indonesia
mengeluarkan Surat Keputusan (“KMK-RI”) issued Decree Letter (“KMK-RI”)
No. 227/KMK.02/2003 tanggal 23 Mei 2003 dan No. 227/KMK.02/2003 dated 23 May 2003 and
KMK-RI No. 420/KMK-02/2003 tanggal KMK-RI No. 420/KMK-02/2003 dated
30 September 2003 yang antara lain memutuskan 30 September 2003, among others, confirmed that
jumlah final tambahan penyertaan modal the final amount of the addition of the Government’s
Pemerintah di Bank Mandiri sebesar capital investment participation in Bank Mandiri
Rp173.801.315 (Catatan 40b). amounted to Rp173,801,315 (Note 40b).
d. Penawaran umum perdana saham dan kuasi- d. Initial public offering of share and quasi-
reorganisasi reorganisation
Penawaran umum perdana saham Bank Initial public offering of Bank Mandiri’s share
Mandiri
Bank Mandiri telah menyampaikan pernyataan Bank Mandiri had submitted its registration for an
pendaftaran sehubungan dengan Penawaran Initial Public Offering (“IPO”) to Financial Services
Umum Perdana Saham (Initial Public Offering Authorities (“FSA”), previously the Capital Market
yang selanjutnya disebut “IPO”) kepada Otoritas Supervisory Board and Financial Institution
Jasa Keuangan (“OJK”), dahulu Badan Pengawas (“Bapepam and LK”) on 2 June 2003 and became
Pasar Modal dan Lembaga Keuangan (“Bapepam effective based on the Letter from the Chairman of
dan LK”), pada tanggal 2 Juni 2003 dan telah Bapepam and LK No. S-1551/PM/2003 dated
dinyatakan efektif berdasarkan Surat Ketua 27 June 2003.
Bapepam dan LK No. S-1551/PM/2003 tanggal
27 Juni 2003.
Nama perusahaan berubah dari semula PT Bank The Bank’s name was changed from PT Bank
Mandiri (Persero) menjadi PT Bank Mandiri Mandiri (Persero) to PT Bank Mandiri (Persero) Tbk
(Persero) Tbk berdasarkan perubahan Anggaran based on an amendment to the Articles of
Dasar yang dilaksanakan dengan Akta Notaris Association which has been executed with Notarial
Sutjipto, S.H., No. 2 tanggal 1 Juni 2003. Deed of Sutjipto, S.H., No. 2 dated 1 June 2003.
22
970 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 973
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
d. Penawaran umum perdana saham dan kuasi- d. Initial public offering of share and quasi-
reorganisasi (lanjutan) reorganisation (continued)
Penawaran umum perdana saham Bank Initial public offering of Bank Mandiri’s share
Mandiri (lanjutan) (continued)
Perubahan nama Bank ini telah disetujui oleh The change of the Bank’s name had approved by the
Menteri Hukum dan Hak Asasi Manusia Republik Ministry of Law and Human Rights of the Republic of
Indonesia berdasarkan Surat Keputusan Indonesia in its Decision Letter
No. C-12783.HT.01.04.TH.2003 tanggal 6 Juni No. C-12783.HT.01.04.TH.2003 dated 6 June 2003
2003 dan telah diumumkan pada Berita Negara that was published in the State Gazette Republic of
Republik Indonesia No. 63 tanggal 8 Agustus Indonesia No. 63 dated 8 August 2003, Supplement
2003, Tambahan Berita Negara Republik State Gazette of Republic of Indonesia No. 6590.
Indonesia No. 6590.
Pada tanggal 14 Juli 2003, Bank Mandiri On 14 July 2003, Bank Mandiri had an IPO of its
melakukan IPO atas 4.000.000.000 lembar 4,000,000,000 Series B common shares through,
Saham Biasa Seri B, dengan nilai nominal Rp500 with a nominal value of Rp500 (full amount) per share
(nilai penuh) per lembar saham yang dijual dengan with an initial selling price of Rp675 (full amount) per
harga Rp675 (nilai penuh) per lembar saham. share. The IPO to public represents a divestment of
Penawaran umum kepada masyarakat tersebut 20.00% of the ownership of the Government’s share
merupakan divestasi atas 20,00% saham Bank in Bank Mandiri (Note 40a).
Mandiri milik Pemerintah (Catatan 40a).
Pada tanggal 14 Juli 2003, sebanyak On 14 July 2003, 19,800,000,000 of Bank Mandiri’s
19.800.000.000 lembar Saham Biasa Seri B Bank Series B common shares were listed on the Jakarta
Mandiri telah dicatatkan di Bursa Efek Jakarta dan Stock Exchange and Surabaya Stock Exchange
Bursa Efek Surabaya berdasarkan surat based on Jakarta Stock Exchange’s Approval Letter
persetujuan dari Bursa Efek Jakarta No. S-1187/BEJ.PSJ/07-2003 dated 8 July 2003 and
No. S-1187/BEJ.PSJ/07-2003 tanggal 8 Juli 2003 Surabaya Stock Exchange’s Approval Letter
dan Bursa Efek Surabaya No. JKT-028/LIST/BES/VII/2003 dated 10 July 2003.
No. JKT-028/LIST/BES/VII/2003 tanggal 10 Juli
2003.
Kuasi-reorganisasi Quasi-reorganisation
Untuk menghilangkan konsekuensi negatif karena In order for Bank Mandiri to eliminate the negative
dibebani dengan saldo rugi, Bank Mandiri consequences of being burdened by accumulated
melakukan kuasi-reorganisasi sesuai keputusan losses, the Bank undertook quasi-reorganisation as
Rapat Umum Pemegang Saham Luar Biasa approved in the Extraordinary General Meeting of
(“RUPS-LB”) tanggal 29 Mei 2003. Shareholders (“RUPS-LB”) on 29 May 2003.
Penyesuaian kuasi-reorganisasi telah dibukukan The quasi-reorganisation adjustments were booked
pada tanggal 30 April 2003, saldo rugi sebesar on 30 April 2003, which the accumulated losses of
Rp162.874.901 dieliminasi ke akun tambahan Rp162,874,901 were eliminated against additional
modal disetor/agio saham. paid-in capital/agio.
Anggaran Dasar Bank Mandiri telah mengalami Bank Mandiri’s Articles of Association were amended
perubahan sehubungan dengan perubahan due to the changes in additional paid-in capital as a
tambahan modal disetor karena adanya result of quasi-reorganisation, based on Notarial
kuasi-reorganisasi sesuai dengan Akta Notaris Deed of Sutjipto, S.H., No. 130 dated 29 September
Sutjipto, S.H., No. 130 tanggal 29 September 2003.
2003.
Perubahan ini telah disahkan oleh Menteri Hukum This change was approved by the Ministry of Law
dan Hak Asasi Manusia Republik Indonesia and Human Rights of the Republic of Indonesia in its
berdasarkan Surat Keputusan Decision Letter No. C-25309.HT.01.04.TH.2003
No. C-25309.HT.01.04.TH.2003 tanggal dated 23 October 2003 and was published in the
23 Oktober 2003 dan diumumkan pada Berita State Gazette Republic of Indonesia No. 910 dated
Negara Republik Indonesia No. 910 tanggal 23 October 2003 Supplement No. 93.
23 Oktober 2003, Tambahan No. 93.
23
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 971
Page 974
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
d. Penawaran umum perdana saham dan kuasi- d. Initial public offering of share and quasi-
reorganisasi (lanjutan) reorganisation (continued)
Kuasi-reorganisasi (lanjutan) Quasi-reorganisation (continued)
Pada tanggal 30 Oktober 2003, RUPS-LB Bank On 30 October 2003, Bank Mandiri’s RUPS-LB
Mandiri menyetujui kuasi-reorganisasi pada approved the quasi-reorganisation as of
tanggal 30 April 2003 tersebut sebagaimana 30 April 2003, which were notarised by Sutjipto, S.H.,
terdapat dalam Akta Notaris Sutjipto, S.H., in Notarial Deed No. 165 dated 30 October 2003.
No. 165 tanggal 30 Oktober 2003.
e. Divestasi kepemilikan saham oleh Pemerintah e. Divestment of Government share ownership
Pada tanggal 11 Maret 2004, Pemerintah telah On 11 March 2004, the Government divested
melakukan divestasi lanjutan atas 10,00% another 10.00% of its ownership in Bank Mandiri
kepemilikan di Bank Mandiri atau sebanyak which was equivalent to 2,000,000,000 Series B
2.000.000.000 lembar Saham Biasa Seri B melalui common shares through private placement
private placement (Catatan 40a). (Note 40a).
f. Penawaran umum obligasi dan medium term f. Public offering of subordinated bonds and
notes subordinasi, penawaran umum obligasi medium term notes, public offering of bonds
dan medium term notes, penawaran umum and medium term notes, limited public offering
terbatas saham, perubahan modal saham Bank of shares, changes in share capital of Bank
Mandiri dan pembelian kembali saham Bank Mandiri and repurchase of Bank Mandiri shares
Mandiri
Penawaran umum obligasi dan medium term Public offering of Bank Mandiri subordinated
notes subordinasi Bank Mandiri bonds and medium term notes
Pada tanggal 23 Juni 2023, Bank Mandiri On 23 June 2023, Bank Mandiri issued Subordinated
menerbitkan Medium Term Notes Subordinasi II Medium Term Notes II Bank Mandiri Year 2023 with
Bank Mandiri Tahun 2023 dengan nilai nominal nominal value of Rp100,000.
sebesar Rp100.000.
Penawaran umum obligasi dan medium term Public offering of Bank Mandiri bonds and
notes Bank Mandiri medium term notes
Pada tanggal 19 Desember 2025, Bank Mandiri On 19 December 2025, Bank Mandiri issued
menerbitkan Obligasi Keberlanjutan Berkelanjutan Continuous Sustainability Bond I Bank Mandiri Phase
I Bank Mandiri Tahap I Tahun 2025 (“Obligasi I Year 2025 (“Continuous Sustainability Bond I Phase
Keberlanjutan Berkelanjutan I Tahap I”) dengan I”) with nominal value of Rp5,000,000. Public offering
nilai nominal sebesar Rp5.000.000. Penawaran of Continuous Sustainability Bond I Bank Mandiri
Umum Berkelanjutan Obligasi Keberlanjutan Phase I Year 2025 was effective based on Letter of
Berkelanjutan I Bank Mandiri Tahap I Tahun 2025 FSA Capital Market No. S-134/D.04/2025 dated
efektif sesuai Surat OJK Pasar Modal 12 December 2025.
No. S-134/D.04/2025 tanggal 12 Desember 2025.
Pada tanggal 25 Maret 2025, Bank Mandiri On 25 March 2025, Bank Mandiri issued Continuous
menerbitkan Obligasi Berwawasan Lingkungan Green Bond I Bank Mandiri Phase II Year 2025
Berkelanjutan I Bank Mandiri Tahap II Tahun 2025 (“Continuous Green Bond I Phase II”) with nominal
(“Obligasi Berwawasan Lingkungan Berkelanjutan value of Rp5,000,000.
I Tahap II”) dengan nilai nominal sebesar
Rp5.000.000.
Pada tanggal 24 Maret 2025, Bank Mandiri On 24 March 2025, Bank Mandiri issued the fifth
menerbitkan Euro Medium Term Notes (EMTN) Euro Medium Term Notes (EMTN), with a nominal
kelima, dengan nilai nominal sebesar value of USD800,000,000 (full amount) in the
USD800.000.000 (nilai penuh) di Singapore Singapore Exchange (SGX).
Exchange (SGX).
24
972 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 975
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
f. Penawaran umum obligasi dan medium term f. Public offering of subordinated bonds and
notes subordinasi, penawaran umum obligasi medium term notes, public offering of bonds
dan medium term notes, penawaran umum and medium term notes, limited public offering
terbatas saham, perubahan modal saham Bank of shares, changes in share capital of Bank
Mandiri dan pembelian kembali saham Bank Mandiri and repurchase of Bank Mandiri shares
Mandiri (lanjutan) (continued)
Penawaran umum obligasi dan medium term Public offering of Bank Mandiri bonds and
notes Bank Mandiri (lanjutan) medium term notes (continued)
Pada tanggal 4 Juli 2023, Bank Mandiri On 4 July 2023, Bank Mandiri issued Continuous
menerbitkan Obligasi Berwawasan Lingkungan Green Bond I Bank Mandiri Phase I Year 2023
Berkelanjutan I Bank Mandiri Tahap I Tahun 2023 (“Continuous Green Bond I Phase I”) with nominal
(“Obligasi Berwawasan Lingkungan Berkelanjutan value of Rp5,000,000. Public offering of Continuous
I Tahap I”) dengan nilai nominal sebesar Green Bond I Bank Mandiri Phase I Year 2023 was
Rp5.000.000. Penawaran Umum Berkelanjutan effective based on Letter of FSA Capital Market No.
Obligasi Berwawasan Lingkungan Berkelanjutan I S-137/D.04/2023 dated 21 June 2023.
Bank Mandiri Tahap I Tahun 2023 efektif sesuai
Surat OJK Pasar Modal No. S-137/D.04/2023
tanggal 21 Juni 2023.
Pada tanggal 4 April 2023, Bank Mandiri On 4 April 2023, Bank Mandiri issued the fourth Euro
menerbitkan Euro Medium Term Notes (EMTN) Medium Term Notes (EMTN), with
keempat, dengan nilai nominal sebesar a nominal value of USD300,000,000 (full amount) in
USD300.000.000 (nilai penuh) di Singapore the Singapore Exchange (SGX).
Exchange (SGX).
Pada tanggal 19 April 2021, Bank Mandiri On 19 April 2021, Bank Mandiri issued the third
menerbitkan EMTN ketiga, yaitu Sustainability EMTN, namely the Sustainability Bond Bank
Bond Bank Mandiri 2021, dengan nilai nominal Mandiri 2021, with a nominal value of
sebesar USD300.000.000 (nilai penuh) di SGX. USD300,000,000 (full amount) in the SGX.
Pada tanggal 13 Mei 2020, Bank Mandiri On 13 May 2020, Bank Mandiri issued the second
menerbitkan EMTN kedua, dengan nilai nominal EMTN with nominal value of USD500,000,000
sebesar USD500.000.000 (nilai penuh) dan pada (full amount) and on 11 April 2019, the Bank issued
tanggal 11 April 2019, menerbitkan EMTN the first EMTN with nominal value of
pertama, dengan nominal sebesar USD750,000,000 (full amount) in the SGX.
USD750.000.000 (nilai penuh) di SGX.
Pada tanggal 12 Mei 2020, Bank Mandiri On 12 May 2020, Bank Mandiri issued Continuous
menerbitkan Obligasi Berkelanjutan II Bank Bonds II Bank Mandiri Phase I Year 2020
Mandiri Tahap I Tahun 2020 (“Obligasi (“Continuous Bonds II Phase I”) with nominal value of
Berkelanjutan II Tahap I”) dengan nilai nominal Rp1,000,000. Public offering of Continuous Bonds II
sebesar Rp1.000.000. Penawaran Umum Bank Mandiri Phase I Year 2020 was effective based
Berkelanjutan Obligasi Berkelanjutan II Bank on Letter of FSA Capital Market No. S-133/D.04/2020
Mandiri Tahap I Tahun 2020 efektif sesuai Surat dated 30 April 2020.
OJK Pasar Modal No. S-133/D.04/2020 tanggal
30 April 2020.
Pada tanggal 15 Juni 2017, Bank Mandiri On 15 June 2017, Bank Mandiri issued Continuous
menerbitkan Obligasi Berkelanjutan I Bank Bonds I Bank Mandiri Phase II Year 2017
Mandiri Tahap II Tahun 2017 (“Obligasi ("Continuous Bonds I Phase II") with
Berkelanjutan I Tahap II”) dengan nilai nominal a nominal value of Rp6,000,000.
sebesar Rp6.000.000.
25
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 973
Page 976
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
f. Penawaran umum obligasi dan medium term f. Public offering of subordinated bonds and
notes subordinasi, penawaran umum obligasi medium term notes, public offering of bonds
dan medium term notes, penawaran umum and medium term notes, limited public offering
terbatas saham, perubahan modal saham Bank of shares, changes in share capital of Bank
Mandiri dan pembelian kembali saham Bank Mandiri and repurchase of Bank Mandiri shares
Mandiri (lanjutan) (continued)
Penawaran umum obligasi dan medium term Public offering of Bank Mandiri bonds and
notes Bank Mandiri (lanjutan) medium term notes (continued)
Pada tanggal 30 September 2016, Bank Mandiri On 30 September 2016, Bank Mandiri issued
menerbitkan Obligasi Berkelanjutan I Bank Continuous Bonds I Bank Mandiri Phase I Year 2016
Mandiri Tahap I Tahun 2016 (“Obligasi (“Continuous Bonds I Phase I”) with nominal amount
Berkelanjutan I Tahap I”) dengan nilai nominal of Rp5,000,000. Public offering of Continuous Bonds
sebesar Rp5.000.000. Penawaran Umum I Phase I, Continuous Bonds I Phase II, and
Berkelanjutan Obligasi Berkelanjutan I Tahap I, Continuous Bonds I Phase III was effective based on
Obligasi Berkelanjutan I Tahap II dan Obligasi Letter of FSA Capital Market No. S-530/D.04/2016
Berkelanjutan I Tahap III efektif sesuai Surat OJK dated on 22 September 2016.
Pasar Modal No. S-530/D.04/2016 tanggal
22 September 2016.
Penawaran umum terbatas saham Bank Limited public offering of Bank Mandiri shares
Mandiri
Untuk penguatan struktur permodalan, Bank To strengthen the capital structure, the Bank
Mandiri meningkatkan modal ditempatkan dan increased its issued and paid-up capital through the
disetor melalui Penawaran Umum Terbatas Limited Public Offering ("LPO") with Pre-emptive
(“PUT”) dengan Hak Memesan Efek Terlebih Rights ("HMETD"). Bank Mandiri had submitted the
Dahulu (“HMETD”). Terkait dengan PUT tersebut, first and second registration statement regarding of
Bank Mandiri telah menyampaikan pernyataan this LPO to the Financial Services Authority (“FSA”),
pendaftaran pertama dan kedua kepada Otoritas previously the Capital Market Supervisory Board and
Jasa Keuangan (“OJK”), dahulu Badan Pengawas Financial Institution ("Bapepam and LK") on
Pasar Modal dan Lembaga Keuangan (“Bapepam 26 December 2010 and 18 January 2011. Capital
dan LK”), pada tanggal 26 Desember 2010 dan Market Supervisory Board and Financial Institution
tanggal 18 Januari 2011. Bapepam dan LK on 27 January 2011 based on the Bapepam and LK
berdasarkan Surat Pelaksana Ketua Bapepam Acting Chief Letter No. S-807/BL/2011 stated that the
dan LK No. S-807/BL/2011 tanggal LPO with HMETD of Bank Mandiri had been
27 Januari 2011 menyatakan bahwa pendaftaran effective. The Bank also obtained an approval from
PUT dengan HMETD Bank Mandiri tersebut telah the shareholders based on the decision of
efektif. Bank Mandiri juga telah memperoleh Extraordinary General Meeting of Shareholder dated
persetujuan pemegang saham sesuai hasil on 28 January 2011 as stated in Notary Deed by
keputusan RUPS-LB tanggal 28 Januari 2011 Dr. A. Partomuan Pohan, S.H., LLM No. 15 dated
sebagaimana terdapat dalam Akta Notaris 25 February 2011 and had been reported to the
Dr. A. Partomuan Pohan, S.H., LLM No. 15 Ministry of Law and Human Rights Republic of
tanggal 25 Februari 2011 yang telah dilaporkan Indonesia with the receipt No. AHU-AH.01.10-07446
kepada Menteri Hukum dan Hak Asasi Manusia dated 10 March 2011. The Bank also registered it to
Republik Indonesia dengan bukti penerimaan Company Listing No. AHU-0019617.AH.01.09 Year
laporan No. AHU-AH.01.10-07446 tanggal 2011 dated 10 March 2011.
10 Maret 2011 dan telah didaftarkan pada Daftar
Perseroan No. AHU-0019617.AH.01.09 Tahun
2011 tanggal 10 Maret 2011.
Total HMETD yang diterbitkan Bank Mandiri Total number of HMETD issued by Bank Mandiri was
adalah sebanyak 2.336.838.591 lembar saham 2,336,838,591 shares at a price of Rp5,000 (full
dengan harga sebesar Rp5.000 (nilai penuh) per amount) per share which had been determined on
lembar yang telah ditetapkan pada tanggal 25 January 2011 and the execution period of Pre-
25 Januari 2011 dan pelaksanaan periode emptive Rights trading started from 14 February 2011
perdagangan HMETD dimulai tanggal until 21 February 2011.
14 Februari 2011 sampai dengan tanggal
21 Februari 2011.
26
974 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 977
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
f. Penawaran umum obligasi dan medium term f. Public offering of subordinated bonds and
notes subordinasi, penawaran umum obligasi medium term notes, public offering of bonds
dan medium term notes, penawaran umum and medium term notes, limited public offering
terbatas saham, perubahan modal saham Bank of shares, changes in share capital of Bank
Mandiri dan pembelian kembali saham Bank Mandiri and repurchase of Bank Mandiri shares
Mandiri (lanjutan) (continued)
Penawaran umum terbatas saham Bank Limited public offering of Bank Mandiri shares
Mandiri (lanjutan) (continued)
Pemerintah Republik Indonesia sebagai The Government of the Republic of Indonesia as the
pemegang saham mayoritas Bank Mandiri, tidak controlling shareholder of Bank Mandiri, did not
melaksanakan haknya untuk memperoleh execute its right to acquire the HMETD, and
HMETD, namun mengalihkannya kepada transferred it to other public shareholders.
pemegang saham publik lainnya, sehingga As a result of this, Government’s ownership in Bank
komposisi persentase kepemilikan saham Mandiri was reduced or diluted from 66.68%, prior to
Pemerintah pada Bank Mandiri menjadi berkurang the execution of HMETD, to 60.00% after the
atau mengalami dilusi dari sebesar 66,68% execution of the HMETD.
sebelum periode pelaksanaan HMETD menjadi
sebesar 60,00% setelah pelaksanaan HMETD.
Perubahan modal saham Bank Mandiri Changes in share capital of Bank Mandiri
Rincian perubahan modal saham ditempatkan dan The details of changes in issued and fully paid-in-
disetor (Catatan 40a) adalah sebagai berikut: capital (Note 40a) are as follows:
Total saham/
Number of
shares
Setoran awal dalam pendirian oleh Initial capital injection by
Pemerintah di tahun 1998 4.000.000 the Government in 1998
Penambahan modal disetor oleh Increase in paid-in capital by
Pemerintah di tahun 1999 251.000 the Government in 1999
4.251.000
Penambahan modal disetor oleh Increase in paid-in capital by
Pemerintah di tahun 2003 5.749.000 the Government in 2003
10.000.000
Penurunan nilai nominal saham Decrease in par value per share
dari Rp1.000.000 (nilai penuh) from Rp1,000,000 (full amount)
menjadi Rp500 (nilai penuh) per saham to Rp500 (full amount) per share
melalui stock split di tahun 2003 20.000.000.000 through stock split in 2003
Saham yang berasal dari konversi MSOP I
pada tahun 2004 132.854.872 Shares from conversion of MSOP I in 2004
Saham yang berasal dari konversi MSOP I
pada tahun 2005 122.862.492 Shares from conversion of MSOP I in 2005
Saham yang berasal dari konversi MSOP I
pada tahun 2006 71.300.339 Shares from conversion of MSOP I in 2006
Saham yang berasal dari konversi MSOP II
pada tahun 2006 304.199.764 Shares from conversion of MSOP II in 2006
Saham yang berasal dari konversi MSOP I
pada tahun 2007 40.240.621 Shares from conversion of MSOP I in 2007
Saham yang berasal dari konversi MSOP II
pada tahun 2007 343.135 Shares from conversion of MSOP II in 2007
Saham yang berasal dari konversi MSOP III
pada tahun 2007 77.750.519 Shares from conversion of MSOP III in 2007
27
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 975
Page 978
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
f. Penawaran umum obligasi dan medium term f. Public offering of subordinated bonds and
notes subordinasi, penawaran umum obligasi medium term notes, public offering of bonds
dan medium term notes, penawaran umum and medium term notes, limited public offering
terbatas saham, perubahan modal saham Bank of shares, changes in share capital of Bank
Mandiri dan pembelian kembali saham Bank Mandiri and repurchase of Bank Mandiri shares
Mandiri (lanjutan) (continued)
Perubahan modal saham Bank Mandiri Changes in share capital of Bank Mandiri
(lanjutan) (continued)
Total saham/
Number of
shares
Saham yang berasal dari konversi MSOP I
pada tahun 2008 8.107.633 Shares from conversion of MSOP I in 2008
Saham yang berasal dari konversi MSOP II
pada tahun 2008 399.153 Shares from conversion of MSOP II in 2008
Saham yang berasal dari konversi MSOP III
pada tahun 2008 147.589.260 Shares from conversion of MSOP III in 2008
Saham yang berasal dari konversi MSOP II
pada tahun 2009 86.800 Shares from conversion of MSOP II in 2009
Saham yang berasal dari konversi MSOP III
pada tahun 2009 64.382.217 Shares from conversion of MSOP III in 2009
Saham yang berasal dari konversi MSOP II
pada tahun 2010 6.684.845 Shares from conversion of MSOP II in 2010
Saham yang berasal dari konversi MSOP III
pada tahun 2010 19.693.092 Shares from conversion of MSOP III in 2010
Penambahan modal melalui PUT Increase of capital through Limited Public
dengan HMETD Offering (LPO) with Pre-emptive Rights
pada tahun 2011 2.336.838.591 in 2011
Penurunan nilai nominal saham dari Decrease of par value of share
Rp500 (nilai penuh) menjadi from Rp500 (full amount) to
Rp250 (nilai penuh) per saham Rp250 (full amount) per share
melalui stock split di tahun 2017 23.333.333.333 through stock split in 2017
Penurunan nilai nominal saham dari Decrease of par value of share
Rp250 (nilai penuh) menjadi from Rp250 (full amount) to
Rp125 (nilai penuh) per saham Rp125 (full amount) per share
melalui stock split di tahun 2023 46.666.666.666 through stock split in 2023
Total 93.333.333.332 Total
Pemecahan nilai nominal saham Bank Mandiri: Stock split of Bank Mandiri:
Berdasarkan keputusan RUPS-LB tanggal Based on the decision of the Extraordinary General
21 Agustus 2017 yang dituangkan dalam Akta Meeting of Shareholders (“RUPS-LB”) dated
No. 36, tanggal 24 Agustus 2017, yang dibuat di 21 August 2017 as stated in the Notarial Deed of
hadapan Ashoya Ratam S.H., M.Kn., pemegang Ashoya Ratam, S.H., M.Kn., No. 36 dated
saham Bank Mandiri antara lain menyetujui 24 August 2017, the shareholders of Bank Mandiri,
pemecahan nilai nominal saham (stock split) Bank approved the stock split of the Bank from Rp500
dari Rp500 (nilai penuh) per saham menjadi (full amount) per share to Rp250 (full amount) per
Rp250 (nilai penuh) per saham sehingga modal share which resulted increase in issued capital into
ditempatkan menjadi sejumlah 46.666.666.666 46,666,666,666 shares consisting of 1 (one)
lembar saham yang terdiri atas 1 (satu) lembar Dwiwarna Series A share and 46,666,666,665
saham Seri A Dwiwarna dan 46.666.666.665 Series B shares.
lembar saham Seri B.
28
976 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 979
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
f. Penawaran umum obligasi dan medium term f. Public offering of subordinated bonds and
notes subordinasi, penawaran umum obligasi medium term notes, public offering of bonds
dan medium term notes, penawaran umum and medium term notes, limited public offering
terbatas saham, perubahan modal saham of shares, changes in share capital of Bank
Bank Mandiri dan pembelian kembali saham Mandiri and repurchase of Bank Mandiri shares
Bank Mandiri (lanjutan) (continued)
Perubahan modal saham Bank Mandiri Changes in share capital of Bank Mandiri
(lanjutan) (continued)
Berdasarkan keputusan RUPS Tahunan tanggal Based on the decision of the Annual General
14 Maret 2023 yang dituangkan dalam Akta Meeting of Shareholders (“RUPS”) dated 14 March
No. 12 tanggal 16 Maret 2023, yang dibuat di 2023, as stated in the Notarial Deed of Utiek R.
hadapan Utiek R. Abdurachman S.H., MLI., M.Kn., Abdurachman S.H., MLI., M.Kn., No. 12 dated
pemegang saham Bank Mandiri antara lain 16 March 2023, the shareholders of Bank Mandiri,
menyetujui pemecahan nilai nominal saham among others, approved a stock split of the Bank
(stock split) Bank dari Rp250 (nilai penuh) per from Rp250 (full amount) per share to Rp125 (full
saham menjadi Rp125 (nilai penuh) per saham amount) per share. This results in an increase in the
sehingga modal ditempatkan menjadi sejumlah issued capital to a total of 93,333,333,332 shares,
93.333.333.332 lembar saham yang terdiri atas consisting of 1 (one) Dwiwarna Series A shares and
1 (satu) lembar saham Seri A Dwiwarna dan 93,333,333,331 Series B common shares.
93.333.333.331 lembar saham Seri B.
Untuk saham Seri A Dwiwarna milik Negara For the Dwiwarna Series A shares owned by the
Republik Indonesia akan tetap dipertahankan Republic of Indonesia, 1 (one) share will be
1 (satu) saham dan sisanya akan diperhitungkan retained, and the remaining will be allocated to
untuk menambah saham Seri B milik Negara increase the Series B common shares owned by the
Republik Indonesia. Pelaksanaan stock split Republic of Indonesia. The stock split was effective
berlaku efektif pada tanggal 6 April 2023. on 6 April 2023.
Pembelian kembali saham Bank Mandiri Repurchase of Bank Mandiri shares
Tahun 2020 Year 2020
Bank Mandiri melalui surat No. CEO/30/2020 Bank Mandiri through letter No. CEO/30/2020 dated
tanggal 18 Maret 2020 mengajukan permohonan 18 March 2020 submit a request for approval of
persetujuan pelaksanaan pembelian kembali repurchase of the Bank’s treasury stock to FSA
saham Bank Mandiri kepada OJK secara bertahap gradually with maximum amount Rp2,000,000, and
sebanyak-banyaknya sebesar Rp2.000.000, dan has been approved by FSA through letter
telah disetujui oleh OJK melalui surat No. S-50/PB.31/2020 dated 19 March 2020.
No. S-50/PB.31/2020 tanggal 19 Maret 2020.
Bank Mandiri melalui surat No. CEO/30/2020 Bank Mandiri through letter No. CEO/30/2020 dated
tanggal 18 Maret 2020 mengajukan permohonan 18 March 2020 submit a request for approval of
persetujuan pelaksanaan pembelian kembali repurchase of the Bank’s treasury stock to FSA
saham Bank Mandiri kepada OJK secara bertahap gradually with maximum amount Rp2,000,000, and
sebanyak-banyaknya sebesar Rp2.000.000, dan has been approved by FSA through letter
telah disetujui oleh OJK melalui surat No. S-50/PB.31/2020 dated 19 March 2020.
No. S-50/PB.31/2020 tanggal 19 Maret 2020. Furthermore, Bank Mandiri has declared this
Selanjutnya, Bank Mandiri telah menyampaikan information to Indonesia Stock Exchange (“IDX”) on
keterbukaan informasi kepada Bursa Efek 20 March 2020 regarding execution plan of
Indonesia (“BEI”) tanggal 20 Maret 2020 repurchase treasury stock that had been issued and
sehubungan dengan rencana pembelian kembali registered in IDX with maximum amount
saham yang telah dikeluarkan dan tercatat di BEI Rp2,000,000. Treasury stock repurchase will be
sebanyak-banyaknya sebesar Rp2.000.000. executed gradually for 3 (three) months since
Pembelian kembali tersebut akan dilakukan 20 March 2020 until 19 June 2020.
secara bertahap untuk periode 3 (tiga) bulan
terhitung sejak tanggal 20 Maret 2020 sampai
dengan tanggal 19 Juni 2020.
29
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 977
Page 980
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
f. Penawaran umum obligasi dan medium term f. Public offering of subordinated bonds and
notes subordinasi, penawaran umum obligasi medium term notes, public offering of bonds
dan medium term notes, penawaran umum and medium term notes, limited public offering
terbatas saham, perubahan modal saham of shares, changes in share capital of Bank
Bank Mandiri dan pembelian kembali saham Mandiri and repurchase of Bank Mandiri shares
Bank Mandiri (lanjutan) (continued)
Pembelian kembali saham Bank Mandiri Repurchase of Bank Mandiri shares (continued)
(lanjutan)
Tahun 2020 (lanjutan) Year 2020 (continued)
Bank Mandiri telah melakukan pembelian kembali Bank Mandiri has executed repurchase of Bank
saham sebanyak 35.400.000 lembar saham (nilai Mandiri shares amounted to 35,400,000 shares
nominal Rp250 (nilai penuh) per lembar saham) (nominal value of Rp250 (full amount) per share)
dengan harga perolehan sebesar Rp150.895. with acquisition price of Rp150,895. In December
Pada bulan Desember 2022, Bank Mandiri telah 2022, Bank Mandiri had released 35,400,000
melepaskan saham treasuri sebanyak 35.400.000 treasury shares.
lembar saham.
Tahun 2025 Year 2025
Bank melalui surat No. CEO/60/2025 tanggal The Bank, through its letter No. CEO/60/2025 dated
18 Maret 2025 mengajukan permohonan 18 March 2025, submitted a request for approval of
persetujuan rencana pembelian kembali the Bank’s shares buyback for at most
(buyback) saham Bank sebanyak-banyaknya Rp1,170,000. The Bank’s plan on shares buyback
sebesar Rp1.170.000. Rencana buyback saham was approved by Financial Services Authority (FSA)
Bank telah disetujui oleh Otoritas Jasa Keuangan through its letter No.S-34/PB.21/2025 dated
(OJK) melalui surat No. S-34/PB.21/2025 pada 21 March 2025 and approved by Annual General
tanggal 21 Maret 2025 dan telah mendapatkan Meeting of Shareholders held on 25 March 2025
persetujuan pada Rapat Umum Pemegang notarized by Notary Utiek R. Abdurachman, SH.,
Saham Tahunan Bank yang diselenggarakan MLL, MKn. in Jakarta. The Bank's share buyback
pada tanggal 25 Maret 2025, yang diaktakan oleh will be held as treasury shares with the total
Notaris Utiek R. Abdurachman, SH., MLL, MKn. di buyback amounting to a maximum of Rp1,170,000,
Jakarta. Buyback saham Bank akan disimpan including buyback costs and taxes.
sebagai saham treasuri dengan jumlah seluruh
buyback sebesar-besarnya Rp1.170.000 sudah
termasuk biaya buyback dan pajak.
Bank juga telah menyampaikan keterbukaan The Bank conveyed its information disclosure to the
informasi kepada OJK sehubungan dengan FSA in connection with the plan of shares buyback
rencana pembelian kembali saham yang telah previously issued and listed on the Indonesia Stock
dikeluarkan dan tercatat di Bursa Efek Indonesia Exchange for as many as Rp1,170,000 through its
sebanyak-banyaknya sebesar Rp1.170.000 letter No.CRL.SCS/CMA.600/2025 dated
melalui surat No. CRL.SCS/CMA.600/2025 14 February 2025. The buyback is conducted for a
tanggal 14 Februari 2025. Pembelian kembali period of 12 months following the Annual General
tersebut dilaksanakan untuk periode 12 bulan Meeting of Shareholders on a gradual basis, which
setelah tanggal Rapat Umum Pemegang Saham is within a period between 25 March 2025 to
Tahunan secara bertahap, yaitu dalam periode 26 25 March 2026.
Maret 2025 sampai dengan 25 Maret 2026.
Buyback Bank dilakukan antara lain dengan The Bank’s share buyback was conducted, among
tujuan untuk menjaga stabilitas harga saham Bank other purposes, to maintain the stability of the
agar tetap mencerminkan kondisi fundamental Bank’s share price so that it continues to reflect the
Bank serta untuk memperkuat kepercayaan Bank’s fundamental conditions, as well as to
pemangku kepentingan terhadap nilai dan strengthen stakeholder confidence in the Bank’s
prospek jangka panjang Bank. Lebih lanjut, tujuan value and long-term prospects. Furthermore,
lainnya adalah pengalihan saham hasil buyback another objective is the transfer of shares from the
untuk pelaksanaan program kepemilikan saham buyback for the implementation of the employee
bagi pegawai. stock ownership program.
30
978 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 981
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
f. Penawaran umum obligasi dan medium term f. Public offering of subordinated bonds and
notes subordinasi, penawaran umum obligasi medium term notes, public offering of bonds
dan medium term notes, penawaran umum and medium term notes, limited public offering
terbatas saham, perubahan modal saham of shares, changes in share capital of Bank
Bank Mandiri dan pembelian kembali saham Mandiri and repurchase of Bank Mandiri shares
Bank Mandiri (lanjutan) (continued)
Pembelian kembali saham Bank Mandiri Repurchase of Bank Mandiri shares (continued)
(lanjutan)
Tahun 2025 (lanjutan) Year 2025 (continued)
Pada posisi tanggal 31 Desember 2025, Bank As of 31 December 2025, the Bank had
telah melakukan pembelian kembali saham repurchased a total of 84,250,000 shares (par value
sejumlah 84.250.000 lembar saham (nilai nominal of Rp125 (full amount) per share) at an acquisition
Rp125 (nilai penuh) per lembar saham) dengan price of Rp403,625 and average purchase price of
harga perolehan sebesar Rp403.625 dan rata-rata Rp4,791 (full amount) pr share, based on the
harga pembelian sebesar Rp4.791 (nilai penuh) monthly report data from PT Datindo Entrycom as
per lembar saham, berdasarkan data laporan Bank Mandiri’s Share Registrar. The report on the
bulanan dari PT Datindo Entrycom selaku Biro buyback realization has been carried out by the
Administrasi Efek Bank Mandiri. Laporan realisasi Bank through letter No. CEO/02/2026 dated
buyback sudah dilakukan Bank melalui surat No. 13 January 2026 concerning the Submission of the
CEO/02/2026 tanggal 13 Januari 2026 perihal Realization of the Buyback Report of PT Bank
Penyampaian Laporan Realisasi Pembelian Mandiri (Persero) Tbk Shares for December 2025.
Kembali Saham PT Bank Mandiri (Persero) Tbk
periode Desember 2025.
g. Entitas Anak g. Subsidiaries
Entitas Anak yang tercakup dalam laporan Subsidiaries included in the consolidated financial
keuangan konsolidasian adalah sebagai berikut: statements are as follows:
Persentase
Kepemilikan %/
Percentage of
Ownership %
31 31
Desember Desember
2025/ 2024/
31 31
Jenis Usaha/ Kedudukan/ December December
Nama Entitas Anak Nature of Business Domicile 2025 2024 Name of Subsidiaries
PT Bank Syariah Indonesia Tbk Perbankan syariah/ PT Bank Syariah Indonesia Tbk
(dahulu PT Bank Syariah Mandiri)*) Sharia banking Jakarta 51,47 51,47 (formerly PT Bank Syariah Mandiri)*)
Perbankan/
Bank Mandiri (Europe) Limited (BMEL) Commercial banking London 100,00 100,00 Bank Mandiri (Europe) Limited (BMEL)
PT Mandiri Sekuritas Sekuritas/Securities Jakarta 99,99 99,99 PT Mandiri Sekuritas
PT Bank Mandiri Taspen Perbankan/ PT Bank Mandiri Taspen
(dahulu PT Bank Mandiri Taspen Pos) Commercial banking Jakarta 51,10 51,10 (formerly PT Bank Mandiri Taspen Pos)
Pembiayaan konsumen/
PT Mandiri Tunas Finance (MTF) Consumer financing Jakarta 51,00 51,00 PT Mandiri Tunas Finance (MTF)
Mandiri International Remittance Layanan remittance/ Mandiri International Remittance
Sendirian Berhad (MIR) Remittance service Kuala Lumpur 100,00 100,00 Sendirian Berhad (MIR)
Asuransi jiwa/
PT AXA Mandiri Financial Services (AMFS) Life insurance Jakarta 51,00 51,00 PT AXA Mandiri Financial Services (AMFS)
Pembiayaan konsumen/
PT Mandiri Utama Finance (MUF) Consumer financing Jakarta 99,99 99,99 PT Mandiri Utama Finance (MUF)
Modal ventura/
PT Mandiri Capital Indonesia (MCI) Venture capital Jakarta 99,99 99,99 PT Mandiri Capital Indonesia (MCI)
*) Lihat Catatan 68 - Peristiwa setelah tanggal laporan. *) See Note 68 - Subsequent events
31
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 979
Page 982
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
g. Entitas Anak (lanjutan) g. Subsidiaries (continued)
Total aset Entitas Anak tersebut (sebelum The Subsidiaries’ total assets (before elimination)
eliminasi) masing-masing sebagai berikut: are as follows:
Total aset (sebelum eliminasi)/
Tahun Total assets (before elimination)
beroperasi
komersial/ 31 Desember 31 Desember
Year of 2025/ 2024/
commercial 31 December 31 December
Nama Entitas Anak operation 2025 2024 Name of Subsidiaries
PT Bank Syariah Indonesia Tbk PT Bank Syariah Indonesia Tbk
(dahulu PT Bank Syariah Mandiri)*) 1955 456.192.606 408.613.432 (formerly PT Bank Syariah Mandiri)*)
Bank Mandiri (Europe) Limited 1999 4.974.960 4.210.018 Bank Mandiri (Europe) Limited
PT Mandiri Sekuritas 1992 6.068.239 5.161.354 PT Mandiri Sekuritas
PT Bank Mandiri Taspen PT Bank Mandiri Taspen
(dahulu PT Bank Mandiri Taspen Pos) 1970 73.025.174 66.232.344 (formerly PT Bank Mandiri Taspen Pos)
PT Mandiri Tunas Finance 1989 28.008.732 34.425.456 PT Mandiri Tunas Finance
Mandiri International Remittance Mandiri International Remittance
Sendirian Berhad 2009 37.556 33.157 Sendirian Berhad
PT AXA Mandiri Financial Services 1991 43.813.450 41.914.379 PT AXA Mandiri Financial Services
PT Mandiri Utama Finance 2015 18.784.576 15.191.908 PT Mandiri Utama Finance
PT Mandiri Capital Indonesia 2015 6.406.076 5.967.873 PT Mandiri Capital Indonesia
Total 637.311.369 581.749.921 Total
*) Lihat Catatan 68 - Peristiwa setelah tanggal laporan. *) See Note 68 - Subsequent events
PT Bank Syariah Indonesia Tbk (dahulu PT Bank Syariah Indonesia Tbk (formerly
PT Bank Syariah Mandiri) PT Bank Syariah Mandiri)
Pada tanggal 12 Oktober 2020, PT Bank Mandiri On 12 October 2020, PT Bank Mandiri (Persero)
(Persero) Tbk (“Bank Mandiri”), PT Bank Rakyat Tbk (“Bank Mandiri”), PT Bank Rakyat Indonesia
Indonesia (Persero) Tbk (“BRI”), PT Bank Negara (Persero) Tbk (“BRI”), PT Bank Negara Indonesia
Indonesia (Persero) Tbk (“BNI”), (Persero) Tbk (“BNI”), PT Bank Syariah Mandiri
PT Bank Syariah Mandiri (“BSM”), PT Bank (“BSM”), PT Bank BRIsyariah Tbk (“BRIS”), and
BRIsyariah Tbk (“BRIS”), dan PT Bank BNI PT Bank BNI Syariah (“BNIS”) have signed
Syariah (“BNIS”) telah menandatangani a Conditional Merger Agreement (“CMA”) for the
Conditional Merger Agreement (“CMA”) atau business merger of BSM, BRIS, and BNIS (Merger
Perjanjian Penggabungan Bersyarat dalam Participating Banks).
rangka penggabungan usaha BSM, BRIS, dan
BNIS (Bank Peserta Penggabungan).
Berdasarkan CMA, setelah tanggal efektif Based on CMA, after the effective date of the
penggabungan, BRIS akan menjadi entitas merger, BRIS will become the surviving legal entity
yang menerima penggabungan secara and all shareholders of BNIS and BSM will become
hukum atau surviving legal entity dan seluruh shareholders of the entity receiving the
pemegang saham BNIS dan BSM akan amalgamation based on the amalgamation ratio.
menjadi pemegang saham dari entitas yang
menerima penggabungan berdasarkan rasio
penggabungan.
Izin Penggabungan diperoleh dari OJK melalui The Merger Approval was obtained from the FSA
Salinan Keputusan Dewan Komisioner OJK through a copy of the Decree of the FSA Board
No. 4/KDK.03/2021 tanggal 27 Januari 2021 of Commissioners No. 4/KDK.03/2021 dated
tentang Pemberian Izin Penggabungan BSM dan 27 January 2021 regarding the Granting of Permits
BNIS ke dalam BRIS serta Izin Perubahan Nama to Merge BSM and BNIS into BRIS as well as
dengan Menggunakan Izin Usaha PT Bank Permits to Change Names by Using PT Bank
BRIsyariah Tbk Menjadi Izin Usaha Atas Nama BRIsyariah Tbk Business Permit to Become
PT Bank Syariah Indonesia Tbk Sebagai Bank Business Permit in the Name of PT Bank Syariah
Hasil Penggabungan. Indonesia Tbk as the Merged Bank.
32
980 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 983
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
g. Entitas Anak (lanjutan) g. Subsidiaries (continued)
PT Bank Syariah Indonesia Tbk (dahulu PT Bank Syariah Indonesia Tbk (formerly
PT Bank Syariah Mandiri) (lanjutan) PT Bank Syariah Mandiri) (continued)
BRIS awalnya didirikan dengan nama PT Bank BRIS was initially established under the name of
Jasa Arta (“BJA”) berdasarkan Akta Pendirian PT Bank Jasa Arta (“BJA”) based on the Deed of
No. 4 tanggal 3 April 1969 yang dibuat dihadapan Establishment No. 4 dated 3 April 1969 of Liem
Liem Toeng Kie, S.H., notaris di Jakarta. Akta Toeng Kie, S.H., notary in Jakarta. The deed has
pendirian ini disahkan oleh Menteri Kehakiman been approved by the Minister of Law of Republic of
Republik Indonesia dalam Surat Keputusan Indonesia in its Decision Letter No. J.A.5/70/4 dated
No. J.A.5/70/4 tanggal 28 Mei 1970 dan telah 28 May 1970 and has been published in the State
diumumkan dalam Berita Negara Republik Gazette of Republic of Indonesia No. 43 dated
Indonesia No. 43 tanggal 28 Mei 1971, Tambahan 28 May 1971, Supplement No. 242/1971.
No. 242/1971.
BJA memperoleh izin usaha untuk beroperasi BJA obtained its business license to operate as
sebagai bank umum dari Menteri Keuangan a commercial bank from Minister of Finance of the
Republik Indonesia No. D.15.1-4-40 tanggal Republic of Indonesia No. D.15.1-4-40 dated
3 Juli 1969. Sejak tanggal 16 Oktober 2008, BJA 3 July 1969. Since 16 October 2008, BJA has
telah memperoleh izin perubahan kegiatan usaha obtained license from Bank Indonesia to change its
bank, dari bank konvensional menjadi bank umum business activities, from a conventional bank into
yang melaksanakan kegiatan usaha berdasarkan a commercial bank based on sharia principles.
prinsip syariah dari Bank Indonesia.
Perubahan nama dan kegiatan usaha The changes in name and business activity based
berdasarkan prinsip syariah dari BJA menjadi on sharia principles from BJA to PT Bank Syariah
PT Bank Syariah BRI didasarkan pada BRI was based on BJA Shareholders’ Approval
Pernyataan Keputusan Persetujuan Bersama Decision Statement, as stated in the Deed No. 45
Seluruh Pemegang Saham Perseroan Terbatas dated 22 April 2008 made before Fathiah Helmi,
BJA, sesuai dengan Akta No. 45 tanggal S.H., notary in Jakarta.
22 April 2008 yang dibuat di hadapan Fathiah
Helmi, S.H., notaris di Jakarta.
Pada tahun 2009, PT Bank Syariah BRI In 2009, PT Bank Syariah BRI changed its name to
melakukan perubahan nama menjadi PT Bank PT Bank BRISyariah based on PT Bank Syariah
BRISyariah sesuai dengan Akta Keputusan BRI Shareholders’ Approval Decision Statement, as
Persetujuan Bersama Seluruh Pemegang Saham stated in Notarial Deed No. 18 dated 14 April 2009
PT Bank Syariah BRI No. 18 tanggal 14 April 2009 made before Fathiah Helmi, S.H., notary in Jakarta
dibuat dihadapan Fathiah Helmi, S.H., notaris di which was subsequently amended by
Jakarta yang selanjutnya diubah dengan Akta PT Bank Syariah BRI Shareholders’ Approval
Keputusan Persetujuan Bersama Seluruh Decision Statement, as stated in Notarial Deed
Pemegang Saham PT Bank Syariah BRI No. 20 No. 20 dated 17 September 2009 made, before
tanggal 17 September 2009, dibuat di hadapan Fathiah Helmi, S.H., notary in Jakarta, which has
Fathiah Helmi, S.H., notaris di Jakarta, yang been approved by the Minister of Law and Human
telah mendapat persetujuan dari Menteri Hukum Rights of the Republic of Indonesia in its Decision
dan Hak Asasi Manusia Republik Indonesia Letter No. AHU-53631.AH.01.02.TH2009 dated
dalam Surat Keputusan 5 November 2009. It was announced in the State
No. AHU-53631.AH.01.02.TH2009 tanggal Gazette of the Republic of Indonesia No. 96 dated
5 November 2009 yang telah diumumkan dalam 1 December 2009, Supplement No. 27908 and
Berita Negara Republik Indonesia No. 96 tanggal Decision Letter from the Governor of Bank
1 Desember 2009, Tambahan No. 27908 Indonesia No. 11/63/KEP.GBI/DpG/2009 dated
dan Surat Keputusan Gubernur Bank Indonesia 15 December 2009.
No. 11/63/KEP.GBI/DpG/2009 tanggal
15 Desember 2009.
33
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 981
Page 984
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
g. Entitas Anak (lanjutan) g. Subsidiaries (continued)
PT Bank Syariah Indonesia Tbk (dahulu PT Bank Syariah Indonesia Tbk (formerly
PT Bank Syariah Mandiri) (lanjutan) PT Bank Syariah Mandiri) (continued)
Pada tanggal 27 Desember 2013, PT Bank On 27 December 2013, PT Bank BRISyariah
BRISyariah mendapatkan izin sebagai bank obtained a license to operate as foreign
devisa berdasarkan surat keputusan Gubernur exchange bank based on the Decision Letter
Bank Indonesia No. 15/139/KEP.GBI/DpG/2013. of the Governor of Bank Indonesia
No. 15/139/KEP.GBI/DpG/2013.
Perjanjian Antar Pemegang Saham Bank Hasil Agreement between Shareholders of the Merged
Penggabungan tanggal 26 Januari 2021 antara Bank dated 26 January 2021 between PT Bank
PT Bank Mandiri (Persero) Tbk (“Bank Mandiri”), Mandiri (Persero) Tbk (“Bank Mandiri”), PT Bank
PT Bank Negara Indonesia (Persero) Tbk (“BNI”), Negara Indonesia (Persero) Tbk (“BNI”), and
dan PT Bank Rakyat Indonesia (Persero) Tbk PT Bank Rakyat Indonesia (Persero) Tbk (“BRI”)
(“BRI”) menyetujui bahwa Bank Mandiri agreed that Bank Mandiri is a party who exercises
merupakan pihak yang melakukan Pengendalian control over the Merged Bank.
atas Bank Hasil Penggabungan.
Selanjutnya keputusan RUPS-LB BRIS terkait Subsequently, the decision of the BRIS’ EGMS
penggabungan BSM dan BNIS kedalam BRIS regarding the merger of BSM and BNIS into BRIS
dinyatakan kembali dalam Akta Pernyataan was restated in the Deed of Statement of Meeting
Keputusan Rapat PT Bank BRIsyariah Tbk Resolutions of PT Bank BRIsyariah Tbk No. 37
No. 37 tanggal 14 Januari 2021 yang dibuat di dated 14 January 2021 made before notary Jose
hadapan notaris Jose Dima Satria S.H., M.Kn., Dima Satria S.H., M.Kn., notary in Jakarta.
notaris di Jakarta.
Perubahan ini telah diterima dan dicatat oleh This amendment was accepted and recorded by the
Menteri Hukum dan Hak Asasi Manusia Republik Minister of Law and Human Rights of the
Indonesia dalam surat keputusan Republic of Indonesia in its Decision Letter
No. AHU-AH.01.10-0011384 tanggal 28 Januari No. AHU-AH.01.10-0011384 dated 28 January
2021 yang berlaku efektif 1 Februari 2021. 2021 which was effective on 1 February 2021.
Transaksi pembentukan PT Bank Syariah The transaction for the establishment of PT Bank
Indonesia Tbk tersebut merupakan kombinasi Syariah Indonesia Tbk is a business combination of
bisnis entitas sepengendali dimana pemegang entities under common control where the controlling
saham pengendali (ultimate shareholder) dari shareholder (ultimate shareholder) of Bank Mandiri,
Bank Mandiri, BNI dan BRI adalah Pemerintah BNI and BRI is the Government of the Republic of
Republik Indonesia. Oleh karena itu, transaksi Indonesia. Therefore, transactions are treated
diperlakukan berdasarkan metode penyatuan based on the pooling of interest method in
kepemilikan sesuai Pernyataan Standar Akuntansi accordance with Statement of Financial Accounting
Keuangan (“PSAK”) 338 “Kombinasi Bisnis Entitas Standards (“SFAS”) 338 “Business Combination of
Sepengendali”. Entities Under Common Control”.
Perbedaan antara jumlah imbalan yang The difference between the amount of consideration
dialihkan dan jumlah tercatat investasi yang transferred and the carrying amount of the
diperoleh dari transaksi ini diakui sebagai “Selisih investment obtained from this transaction is
Nilai Transaksi Kombinasi Bisnis Entitas recognised as “Difference in Value from Business
Sepengendali” dan disajikan sebagai bagian Combination Transactions of Entities Under
"Tambahan Modal Disetor" di bagian ekuitas pada Common Control” and presented as “Additional
laporan posisi keuangan konsolidasian. Ekuitas Paid-in Capital” in the equity section in the
dari PT BRIsyariah Tbk dan PT Bank BNI Syariah consolidated statement of financial position. Prior to
sebelum tanggal penggabungan disajikan sebagai the date of the merger, the equity of
“ekuitas merging entities” pada bagian ekuitas. PT BRIsyariah Tbk and PT Bank BNI Syariah is
presented as “merging entities equity” in the equity
section.
34
982 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 985
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
g. Entitas Anak (lanjutan) g. Subsidiaries (continued)
PT Bank Syariah Indonesia Tbk (dahulu PT Bank Syariah Indonesia Tbk (formerly
PT Bank Syariah Mandiri) (lanjutan) PT Bank Syariah Mandiri) (continued)
Rincian jumlah imbalan yang dialihkan dan jumlah Details of the amount of consideration transferred
tercatat yang diperoleh adalah sebagai berikut: and the carrying amount received are as follows:
Jumlah
Jumlah imbalan tercatat
yang investasi/ Tambahan
dialihkan/ Investment modal disetor/
The consideration carrying Additional
transferred amount paid-in capital
PT Bank Syariah Indonesia Tbk 10.905.424 11.232.496 327.072 PT Bank Syariah Indonesia Tbk
Selanjutnya keputusan RUPS-LB BRIS antara lain Furthermore, the decisions of the BRIS' EGMS,
terkait Perubahan Anggaran Dasar BRIS among others related to the Amendment to the
dinyatakan kembali dalam Akta Pernyataan BRIS Articles of Association, were restated in the
Keputusan Rapat Perubahan Anggaran Dasar Deed of Statement of Meeting Resolutions on the
Perubahan Nama PT Bank BRIsyariah Tbk Amendment of the Articles of Association for the
No. 38 tanggal 14 Januari 2021 yang dibuat di Change of Name of PT Bank BRIsyariah Tbk
hadapan Jose Dima Satria S.H., M.Kn., notaris di No. 38 dated 14 January 2021 made before Jose
Jakarta yang antara lain perubahan nama menjadi Dima Satria S.H., M.Kn., notary in Jakarta, which,
PT Bank Syariah Indonesia Tbk. among others, changed its name to PT Bank
Syariah Indonesia Tbk.
Perubahan ini telah mendapat persetujuan This change was approved by the Minister of Law
Menteri Hukum dan Hak Asasi Manusia Republik and Human Rights of the Republic of Indonesia in
Indonesia dalam Surat Keputusan its Decision Letter No. AHU-0006268.AH.01.02
No. AHU-0006268.AH.01.02 tahun 2021, dan year 2021, and has been received and recorded
telah diterima dan dicatatkan Menteri Hukum dan by the Minister of Law and Human Rights
Hak Asasi Manusia Republik Indonesia dalam of the Republic of Indonesia in its Decision
Surat Keputusan No. AHU-AH.01.03.0061498 dan Letter No. AHU-AH.01.03.0061498 and
No. AHU-AH.01.03.0061501 yang seluruhnya No. AHU-AH.01.03.0061501 which are all set on
ditetapkan tanggal 1 Februari 2021. 1 February 2021.
Selanjutnya perubahan Anggaran Dasar PT Bank Furthermore, changes to the PT Bank Syariah
Syariah Indonesia Tbk melalui Akta Pernyataan Indonesia Tbk Articles of Association through the
Perubahan Anggaran Dasar PT Bank Syariah Deed of Statement of Amendment to the Articles of
Indonesia Tbk No. 146 tanggal 24 Juni 2022 yang Association of PT Bank Syariah Indonesia Tbk
dibuat di hadapan Jose Dima Satria S.H., M.Kn., No. 146 dated 24 June 2022 made before Jose
notaris di Jakarta mengenai penambahan Dima Satria, S.H., M.Kn., notary in Jakarta,
klasifikasi saham Entitas Anak sehingga regarding the addition of the classification of the
mengakibatkan Perubahan Komposisi Subsidiary’s shares resulting in a Change in the
Kepemilikan Entitas Anak dan Perubahan Composition of Subsidiary’s Ownership and
Pengendalian dari Negara Republik Indonesia a Change in Control from the Republic of Indonesia
yang semula Pemegang Saham Pengendali which was originally Ultimate Controlling
Terakhir (PSPT) menjadi Pemegang Saham Shareholders (PSPT) to Controlling Shareholders
Pengendali (PSP) dan telah diterima dan dicatat (PSP) and has been accepted and recorded
oleh Menteri Hukum dan Hak Asasi Manusia by the Minister of Law and Human Rights of the
Republik Indonesia dalam Surat Keputusan Republic of Indonesia in its Decision Letter
No. AHU-AH.01.03-0269107 tanggal 22 Juli 2022 No. AHU-AH.01.03-0269107 dated 22 July 2022
perihal Penerimaan Pemberitahuan Perubahan regarding Acceptance of Notification of
Anggaran Dasar PT Bank Syariah Indonesia Tbk. Amendments to the Articles of Association of
PT Bank Syariah Indonesia Tbk.
35
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 983
Page 986
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
g. Entitas Anak (lanjutan) g. Subsidiaries (continued)
PT Bank Syariah Indonesia Tbk (dahulu PT Bank Syariah Indonesia Tbk (formerly
PT Bank Syariah Mandiri) (lanjutan) PT Bank Syariah Mandiri) (continued)
Selanjutnya perubahan Anggaran Dasar PT Bank Furthermore, the latest changes to the PT Bank
Syariah Indonesia Tbk melalui Akta Pernyataan Syariah Indonesia Tbk Articles of Association
Keputusan Rapat Perubahan Anggaran Dasar PT through the Deed of Statement of Meeting
Bank Syariah Indonesia Tbk No. 191 tanggal Resolutions on Amendments to the Articles of
29 Desember 2022 dibuat di hadapan Muhammad Association of PT Bank Syariah Indonesia Tbk No.
Muazzir, S.H., M.Kn., sebagai pengganti dari Jose 191 dated 29 December 2022 made before
Dima Satria S.H., M.Kn., notaris di Jakarta Muhammad Muazzir, S.H., M.Kn., as a replacement
mengenai modal ditempatkan dan disetor PT for Jose Dima Satria S.H., M.Kn., notary in Jakarta
Bank Syariah Indonesia Tbk melalui mekanisme regarding the issued and paid-up capital of PT Bank
Penambahan Modal dengan Memberikan Hak Syariah Indonesia Tbk through the Capital Increase
Memesan Efek Terlebih Dahulu I ("PMHMETD I"). mechanism by Providing Pre-emptive Rights I
("PMHMETD I").
Anggaran Dasar ini terkait modal ditempatkan dan This Article of Association regarding PT Bank
disetor PT Bank Syariah Indonesia Tbk menjadi Syariah Indonesia Tbk's issued and
sebanyak 46.129.260.138 (empat puluh enam paid-up capital become 46,129,260,138 (forty six
miliar seratus dua puluh sembilan juta dua ratus billion one hundred and twenty nine million two
enam puluh ribu seratus tiga puluh delapan) hundred sixty thousand one hundred thirty eight)
lembar saham dengan nilai nominal seluruhnya shares with a total nominal value of Rp23,064,630.
sebesar Rp23.064.630.
Anggaran Dasar ini telah diterima dan dicatat oleh This Article of Association has been received and
Menteri Hukum dan Hak Asasi Manusia Republik recorded by the Minister of Law and Human Rights
Indonesia dalam Surat Keputusan of the Republic of Indonesia in its Decision Letter
No. AHU-AH.01.03-0497431 tanggal No. AHU-AH.01.03-0497431 dated 29 December
29 Desember 2022 perihal Penerimaan 2022 regarding Acceptance of Notification of
Pemberitahuan Perubahan Anggaran Dasar Amendments to the Articles of Association of
PT Bank Syariah Indonesia Tbk (“BSI”). PT Bank Syariah Indonesia Tbk (“BSI”).
Perubahan Anggaran Dasar BSI melalui Akta The amendment to BSI's Articles of Association was
Pernyataan Keputusan Rapat Umum Pemegang made through the Deed of Decision of the Annual
Saham Tahunan PT Bank Syariah Indonesia Tbk General Meeting of Shareholders PT Bank Syariah
No. 37 tanggal 17 Mei 2024 yang dibuat Indonesia Tbk No. 37 dated 17 May 2024, which
dihadapan Ashoya Ratam S.H., M.Kn., notaris di made before Ashoya Ratam S.H., M.Kn., a notary in
Jakarta mengenai penyesuaian Anggaran Dasar Jakarta, regarding the adjustment of BSI's Articles
BSI dengan ketentuan-ketentuan baru yang terkait of Association with new provisions related to BSI
dengan BSI sebagai Bank Umum Syariah dan as a Sharia Commercial Bank. BSI had received
telah mendapatkan persetujuan dari Menteri approval from the Minister of Law and Human
Hukum dan Hak Asasi Manusia Republik Rights of the Republic of Indonesia in its Decision
Indonesia dalam Surat Keputusan No. AHU- Letter No. AHU-0035266.AH.01.02.Year 2024
0035266.AH.01.02.Tahun 2024 tanggal dated 13 June 2024, and was received and
13 Juni 2024 dan telah diterima dan dicatat oleh recorded by the Minister of Law and Human Rights
Menteri Hukum dan Hak Asasi Manusia Republik of the Republic of Indonesia in its Decision Letter
Indonesia dalam Surat Keputusan No. AHU-AH.01.03-0145286 dated 13 June 2024,
No. AHU-AH.01.03-0145286 tanggal 13 Juni 2024 regarding the Receipt of Notification of
perihal Penerimaan Pemberitahuan Perubahan Amendments to the Articles of Association of
Anggaran Dasar PT Bank Syariah Indonesia Tbk. PT Bank Syariah Indonesia Tbk.
36
984 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 987
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
g. Entitas Anak (lanjutan) g. Subsidiaries (continued)
PT Bank Syariah Indonesia Tbk (dahulu PT Bank Syariah Indonesia Tbk (formerly
PT Bank Syariah Mandiri) (lanjutan) PT Bank Syariah Mandiri) (continued)
Selanjutnya perubahan Anggaran Dasar terakhir Subsequently, the most recent amendment to the
diputuskan dalam RUPS Luar Biasa BSI tanggal Articles of Association was decided at the
22 Desember 2025, dengan keputusannya antara Extraordinary General Meeting of Shareholders
lain menyetujui perubahan Anggaran Dasar (EGMS) of BSI on 22 December 2025, with
Perseroan dalam rangka penyesuaian dengan decisions including approving changes to the
peraturan perundang-undangan dan kebijakan Company’s Articles of Association in order to
antara lain (a) Undang-Undang No. 19 Tahun comply with laws and regulations and policies,
2003 tentang Badan Usaha Milik Negara including (a) Law No. 19 of 2003 concerning State-
sebagaimana diubah terakhir dengan Undang- Owned Enterprises, as last amended by Law No. 16
Undang No. 16 Tahun 2025 tentang Perubahan of 2025 concerning the Fourth Amendment to Law
keempat atas Undang-Undang No. 19 Tahun No. 19 of 2003 concerning State-Owned
2003 tentang Badan Usaha Milik Negara dan (b) Enterprises, and (b) Financial Services Authority
Peraturan Otoritas Jasa Keuangan No. 2 Tahun Regulation No. 2 of 2024 concerning the
2024 mengenai Penerapan Tata Kelola Syariah Implementation of Sharia Governance for Sharia
Bagi Bank Umum Syariah dan Unit Usaha Syariah Commercial Banks and Sharia Business Units,
berikut peraturan pelaksanaannya. along with its implementing regulations.
Perubahan Anggaran Dasar Perseroan ini berlaku The amendment to the Company’s Articles of
efektif sejak tanggal 23 Januari 2026, yaitu sejak Association shall become effective as of 23 January
diterbitkannya Keputusan Menteri Hukum 2026, being the date of issuance of the Decree of
Republik Indonesia Nomor the Minister of Law of the Republic of Indonesia
AHU-0003351.AH.01.02.TAHUN 2026 tentang Number AHU-0003351.AH.01.02.TAHUN 2026
Persetujuan Perubahan Anggaran Dasar concerning the Approval of the Amendment to the
Perseroan Terbatas PT Perusahaan Perseroan Articles of Association of the Limited Liability
(Persero) PT Bank Syariah Indonesia Tbk dan Company PT Perusahaan Perseroan (Persero) PT
Penerimaan Pemberitahuan Perubahan Anggaran Bank Syariah Indonesia Tbk and the Acceptance of
Dasar PT Perusahaan Perseroan (Persero) PT Notification of Amendments to the Articles of
Bank Syariah Indonesia Tbk dari Menteri Hukum Association of PT Perusahaan Perseroan (Persero)
Republik Indonesia Nomor AHU-AH.01.03- PT Bank Syariah Indonesia Tbk from the Minister of
0019406. Law and Human Rights of the Republic of Indonesia
Number AHU-AH.01.03-0019406.
BSI melaksanakan layanan bullion berdasarkan BSI conducts bullion services based on the
persetujuan OJK sebagaimana Surat OJK No S- approval of OJK as stated in OJK Letter No. S-
53/PB.22/2025 tanggal 12 Februari 2025 perihal 53/PB.22/2025 dated 12 February 2025, regarding
Penyelenggaraan Kegiatan Usaha Bulion the Implementation of Bullion Business Activities of
PT Bank Syariah Indonesia Tbk. Izin yang PT Bank Syariah Indonesia Tbk. The license
diperoleh BSI tersebut mencakup kegiatan obtained by BSI includes gold trading and gold
perdagangan emas dan penitipan emas sesuai custody activities in accordance with the provisions
dengan ketentuan POJK No. 17 Tahun 2024 of POJK No. 17 of 2024 concerning the
tentang Penyelenggaraan Kegiatan Usaha Bulion. Implementation of Bullion Business Activities. The
Bank memperoleh tambahan izin layanan bullion bank obtained an additional bullion service license
dalam hal simpanan emas berdasarkan surat OJK for gold deposits based on OJK Letter No. S-
No S-259/PB.22/2025 tanggal 10 November 2025 259/PB.22/2025 dated 10 November 2025.
perihal Penyelenggaraan Produk Simpanan Emas
Kegiatan Usaha Bulion Bank Saudara.
Layanan bulion dilakukan melalui digital channel Bulion services are conducted through the digital
BYOND yang memungkinkan BSI menyediakan channel BYOND, which allows BSI to provide
berbagai produk terkait emas bagi nasabahnya, various gold-related products for its customers,
seperti jual-beli, penitipan dan simpanan emas such as buying and selling, custody, and gold
sesuai prinsip syariah. deposits in accordance with Sharia principles.
37
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 985
Page 988
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
g. Entitas Anak (lanjutan) g. Subsidiaries (continued)
PT Bank Syariah Indonesia Tbk (dahulu PT Bank Syariah Indonesia Tbk (formerly
PT Bank Syariah Mandiri) (lanjutan) PT Bank Syariah Mandiri) (continued)
Sejak tanggal 27 Januari 2026, Bank Mandiri tidak Since 27 January 2026, Bank Mandiri lost its control
lagi memiliki pengendalian atas BSI (Catatan 68). over BSI (Note 68).
Kantor Pusat PT Bank Syariah Indonesia Tbk The Head Office of PT Bank Syariah Indonesia Tbk
beralamat di Gedung The Tower, Jalan Gatot is located at The Tower Building, Jalan Gatot
Subroto No. 27, Kel. Karet Semanggi, Kec. Subroto No. 27, Karet Semanggi Sub-district,
Setiabudi, Jakarta Selatan 12930. Setiabudi District, South Jakarta 12930.
Bank Mandiri (Europe) Limited Bank Mandiri (Europe) Limited
Selanjutnya perubahan Anggaran Dasar terakhir Furthermore, the last amendment to the Articles of
diputuskan dalam RUPS Luar Biasa BSI tanggal Association was decided at the Extraordinary
22 Desember 2025, dengan keputusannya antara General Meeting of Shareholders of BSI on
lain menyetujui perubahan Anggaran Dasar 22 December 2025, with decisions including
Perseroan dalam rangka penyesuaian dengan approving amendments to the Company's Articles
peraturan perundang-undangan dan kebijakan of Association in order to adjust to laws and
antara lain (a) Undang-Undang Nomor 19 Tahun regulations and policies, including (a) Law Number
2003 tentang Badan Usaha Milik Negara 19 of 2003 concerning State-Owned Enterprises as
sebagaimana diubah terakhir dengan Undang last amended by Law Number 16 of 2025
Undang Nomor 16 Tahun 2025 tentang concerning the Fourth Amendment to Law Number
Perubahan keempat atas Undang-Undang Nomor 19 of 2003 regarding State-Owned Enterprises, and
19 Tahun 2003 tentang Badan Usaha Milik Negara (b) Financial Services Authority Regulation Number
dan (b) Peraturan Otoritas Jasa Keuangan Nomor 2 of 2024 regarding the Implementation of Sharia
2 Tahun 2024 mengenai Penerapan Tata Kelola Governance for Sharia Commercial Banks and
Syariah Bagi Bank Umum Syariah dan Unit Usaha Sharia Business Units along with its implementing
Syariah berikut peraturan pelaksanaannya. regulations.
Bank Mandiri (Europe) Limited (“BMEL”) didirikan Bank Mandiri (Europe) Limited (“BMEL”) was
dan berkedudukan di London, Inggris pada established and domiciled in London, United
tanggal 22 Juni 1999 berdasarkan “The Kingdom on 22 June 1999 based on “The
Companies Act 1985 of the United Kingdom”. Companies Act 1985 of the United Kingdom”. BMEL
BMEL didirikan melalui konversi dari Bank Exim was established through the conversion of the
cabang London menjadi Entitas Anak yang dimiliki London branch of Bank Exim into a wholly owned
penuh oleh Bank Mandiri dan efektif beroperasi Subsidiary of Bank Mandiri and has been operating
sejak tanggal 31 Juli 1999. effectively since 31 July 1999.
Sebagai Entitas Anak yang memiliki lisensi Bank As a Subsidiary that has a Commercial Bank license
Komersial di United Kingdom, BMEL disupervisi in the United Kingdom, BMEL is supervised by the
oleh Prudential Regulation Authority (“PRA”) dan Prudential Regulation Authority (“PRA”) and The
Financial Conduct Authority (“FCA”) di bawah Financial Conduct Authority (“FCA”), which are
naungan Bank of England serta HM Treasury of under the supervision of the Bank of England and
the United Kingdom. HM Treasury of the United Kingdom.
PT Mandiri Sekuritas PT Mandiri Sekuritas
PT Mandiri Sekuritas (”Mandiri Sekuritas”), dahulu PT Mandiri Sekuritas ("Mandiri Sekuritas"), formerly
bernama PT Merincorp Securities Indonesia known as PT Merincorp Securities Indonesia
(“MSI”), didirikan berdasarkan Akta ("MSI"), incorporated under Deed
No. 1 tanggal 2 Desember 1991 yang dibuat di No. 1 dated 2 December 1991 of notary Sutjipto,
hadapan notaris Sutjipto, S.H. S.H.
38
986 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 989
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
g. Entitas Anak (lanjutan) g. Subsidiaries (continued)
PT Mandiri Sekuritas (lanjutan) PT Mandiri Sekuritas (continued)
Mandiri Sekuritas merupakan hasil penggabungan Mandiri Sekuritas is the result of the merger of PT
usaha PT Bumi Daya Sekuritas (“BDS”), PT Exim Bumi Daya Sekuritas ("BDS"),
Sekuritas (“ES”) dan PT Merincorp Securities PT Exim Sekuritas ("ES") and PT Merincorp
Indonesia (“MSI”) yang ditempuh dengan cara Securities Indonesia ("MSI") which was
meleburkan BDS dan ES ke dalam MSI. accomplished by merging BDS and ES into MSI.
MSI memperoleh izin usaha sebagai perantara MSI obtained a license as a securities portfolio
perdagangan portofolio efek dan penjamin broker and underwriter of the securities portfolio
emisi portofolio efek dari Ketua Badan from the Chairman of the Capital Market and
Pengawas Pasar Modal dan Lembaga Financial Institutions Supervisory Agency
Keuangan (“Bapepam dan LK”) berdasarkan ("Bapepam and LK") by its decree letter
Surat Keputusan No. KEP-12/PM/1992 dan No. KEP-12/PM/1992 and No. KEP-13/PM/1992
No. KEP-13/PM/1992 dan memulai kegiatan and started its operational activities on
operasionalnya pada tanggal 23 Januari 1992. 23 January 1992. The merger was based on the
Penggabungan usaha tersebut berdasarkan Akta Deed No. 116 dated 31 July 2000 of notary
No. 116 tanggal 31 Juli 2000 yang dibuat di Ny. Vita Buena, S.H., which was approved by the
hadapan notaris Ny. Vita Buena, S.H., yang telah Minister of Law and Legislation of the Republic of
disetujui oleh Menteri Hukum dan Perundang- Indonesia on 25 August 2000 by Decree
undangan Republik Indonesia pada tanggal No. C-18762.HT.01.04-TH.2000 and business
25 Agustus 2000 berdasarkan Surat Keputusan permits obtained previously by MSI can still be used
No. C-18762.HT.01.04-TH.2000 dan izin usaha by PT Mandiri Sekuritas.
yang diperoleh MSI sebelumnya masih bisa tetap
digunakan oleh PT Mandiri Sekuritas.
PT Mandiri Sekuritas memiliki 99,93% dari total PT Mandiri Sekuritas owns 99.93% of total shares
saham PT Mandiri Manajemen Investasi, Entitas of PT Mandiri Manajemen Investasi, a Subsidiary
Anak yang didirikan tanggal 26 Oktober 2004 dan that was established on 26 October 2004 and
bergerak di bidang manajemen dan penasihat engaged in investment management and advisory.
investasi. Mandiri Sekuritas juga memiliki 100% Mandiri Sekuritas also owns 100% of the total
dari total saham Mandiri Securities Pte. Ltd., shares of Mandiri Securities Pte. Ltd., a company
perusahaan yang memperoleh lisensi layanan which obtained a capital market service license for
pasar modal untuk jenis usaha “Dealing in the business type "Dealing in Securities and
Securities and Advising Corporate Finance and Advising Corporate Finance and Monetary Authority
Monetary Authority of Singapore” berdasarkan of Singapore" based on license
lisensi No. CMS100566-1 tanggal No. CMS100566-1 dated 10 November 2016.
10 November 2016.
Pada tanggal 28 Desember 2012, Bank Mandiri On 28 December 2012, Bank Mandiri increased its
melakukan penambahan penyertaan modal dalam capital investment in form of cash at Mandiri
bentuk tunai pada Mandiri Sekuritas, sebesar Sekuritas, amounted to Rp29,512. Bank Mandiri
Rp29.512. Bank Mandiri telah memperoleh obtained approval from Bank Indonesia through its
persetujuan dari Bank Indonesia melalui surat letter dated 31 October 2012 and the circular
tertanggal 31 Oktober 2012 dan Keputusan resolution of shareholders dated 27 December 2012
Pemegang Saham Di Luar Rapat (circular for the capital investment increment.
resolution) tertanggal 27 Desember 2012 atas
penambahan penyertaan modal tersebut.
Setelah dilaksanakannya penambahan After the execution of the additional capital
penyertaan modal tersebut, porsi kepemilikan investment, the Bank's ownership at Mandiri
Bank Mandiri pada Mandiri Sekuritas meningkat Sekuritas increased from 95.69% to 99.99% of the
dari 95,69% menjadi 99,99% dari total seluruh total shares issued by Mandiri Sekuritas. Mandiri
saham yang telah dikeluarkan Mandiri Sekuritas. Sekuritas is domiciled at Menara Mandiri 1, Jalan
Mandiri Sekuritas berdomisili di Menara Mandiri 1, Jenderal Sudirman Kav. 54-55, Jakarta.
Jalan Jenderal Sudirman Kav. 54-55, Jakarta.
39
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 987
Page 990
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
g. Entitas Anak (lanjutan) g. Subsidiaries (continued)
PT Bank Mandiri Taspen PT Bank Mandiri Taspen
PT Bank Sinar Harapan Bali (“BSHB”) didirikan PT Bank Sinar Harapan Bali ("BSHB") was
sebagai Bank Pasar pada tanggal established as the Micro Banking on 23 February
23 Februari 1970 dengan nama MAI Bank Pasar 1970 under the name MAI Bank Pasar Sinar
Sinar Harapan Bali. Harapan Bali.
Selanjutnya, pada tanggal 3 November 1992, Subsequently, on 3 November 1992, BSHB
BSHB mengalami perubahan bentuk badan transformed into Limited Liability Company based
hukum menjadi Perseroan Terbatas berdasarkan on Deed No. 4 by notary Ida Bagus Alit Sudiatmika,
Akta No. 4 yang dibuat di hadapan Ida Bagus Alit S.H., notary in Denpasar and obtained a business
Sudiatmika, S.H., notaris di Denpasar dan license as a Commercial Bank under the decree
memperoleh izin usaha sebagai Bank Umum letter of the Minister of Finance of the Republic of
berdasarkan surat keputusan Menteri Keuangan Indonesia No. 77/KMK.017/1994 dated 10 March
Republik Indonesia No. 77/KMK.017/1994 tanggal 1994.
10 Maret 1994.
Pada tanggal 3 Mei 2008, dilangsungkan On 3 May 2008, shareholders of BSHB and Bank
penandatanganan Akta Akuisisi antara pemegang Mandiri signed the acquisition deed as stated in the
saham BSHB dan Bank Mandiri, sebagaimana Acquisition Deed No. 4 dated 3 May 2008 of notary
tertuang dalam Akta Akuisisi No. 4 tanggal 3 Mei I Wayan Sugitha, S.H., notary in Denpasar. The
2008 dibuat oleh I Wayan Sugitha, S.H., Notaris di signing of the Acquisition deed is the beginning of
Denpasar. Penandatanganan Akta Akuisisi ini Bank Mandiri's ownership of 80.00% BSHB shares,
menandai awal kepemilikan Bank Mandiri atas wherein the management of BSHB will be carried
80,00% saham BSHB, dimana selanjutnya out separately from Bank Mandiri as a stand-alone
pengelolaan BSHB akan dilakukan secara bank with the main focus on developing Micro and
terpisah dari Bank Mandiri sebagai bank yang Small Businesses.
tetap berdiri sendiri (stand-alone bank) dengan
fokus utama pada pengembangan bisnis Mikro
dan Usaha Kecil.
Pada tanggal 24 Juli 2015, OJK telah menyetujui On 24 July 2015, the FSA has approved the name
perubahan nama PT Bank Sinar Harapan Bali changes of PT Bank Sinar Harapan Bali to
menjadi PT Bank Mandiri Taspen Pos dan PT Bank Mandiri Taspen Pos and given permission
memberikan izin untuk melakukan kegiatan usaha to conduct business under the name of Bank
dengan nama Bank Mantap. Perubahan nama Mantap. Name and logo changes approved by FSA
disertai pula izin perubahan logo dari OJK pada on 31 July 2015 and announced to public on
tanggal 31 Juli 2015. Perubahan nama dan logo 7 August 2015.
tersebut telah diumumkan kepada publik pada
tanggal 7 Agustus 2015.
Pada tanggal 9 Oktober 2017, Bank Mandiri On 9 October 2017, Bank Mandiri Taspen Pos held
Taspen Pos mengadakan RUPS-LB yang an Extraordinary General Meeting of Shareholders
menyetujui perubahan komposisi pemegang which approved the changes in the composition of
saham dan perubahan nama dari semula shareholders and the changes of name from
bernama PT Bank Mandiri Taspen Pos menjadi PT Bank Mandiri Taspen Pos to PT Bank Mandiri
PT Bank Mandiri Taspen (“Bank Mantap”). Taspen (“Bank Mantap”).
Untuk menguatkan ekspansi usaha dan menjadi To expand the business and become National Bank
Bank Nasional yang memiliki jaringan usaha di that have branches in all over Indonesia, based on
seluruh pelosok Indonesia, berdasarkan Akta Deed of General Meeting of Shareholders Decision
Keputusan Rapat Umum Pemegang Saham No. 53 dated 31 October 2016 of notary I Gusti
No. 53 tanggal 31 Oktober 2016 dari notaris I Gusti Ngurah Putra Wijaya, S.H., notary in Denpasar as
Ngurah Putra Wijaya, S.H., notaris di Denpasar, affirmed by Meeting Affirmation Decision
yang mana kemudian ditegaskan dengan No. 7 dated 5 March 2019 regarding Transfer of
Penegasan Keputusan Rapat No. 7 tanggal Bank’s Head Office Location.
5 Maret 2019 mengenai Pemindahan Kedudukan
Kantor Pusat Bank.
40
988 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 991
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
g. Entitas Anak (lanjutan) g. Subsidiaries (continued)
PT Bank Mandiri Taspen (lanjutan) PT Bank Mandiri Taspen (continued)
Akta perubahan tersebut telah dilaporkan kepada The Deed has been submitted to Ministry of Law
Menteri Hukum dan Hak Asasi Manusia Republik and Human Right of Republic of Indonesia as stated
Indonesia sebagaimana surat penerimaan on notification acceptance letter of the change of the
pemberitahuan perubahan data Perseroan Company’s Information dated 11 March 2019
tertanggal 11 Maret 2019 No. AHU-AH.01.03- No. AHU-AH.01.03.-138220 and registered on the
138220 dan telah didaftarkan pada daftar Company register No. AHU-0039461.AH.01.11
Perseroan No. AHU-0039461.AH.01.11 Tahun Year 2019 dated 11 March 2019.
2019 tanggal 11 Maret 2019.
Perubahan Anggaran Dasar tersebut juga telah The Change of Bank’s Article of Association has
disetujui berdasarkan Keputusan Menteri Hukum also been approved based on the Decree of Ministry
dan Hak Asasi Manusia Republik Indonesia of Law and Human Right of Republic Indonesia No.
No. AHU-0012925.AH.01.02 Tahun 2019 tentang AHU-0012925.AH.01.02 Year 2019 regarding
Persetujuan Perubahan Anggaran Dasar Approval of Amendments to the Article of
Perseroan Terbatas PT Bank Mandiri Taspen Association of PT Bank Mandiri Taspen and has
serta telah mendapat persetujuan dari Otoritas received approval from FSA No. S-5/PB.1/2019
Jasa Keuangan No. S-5/PB.1/2019 tanggal dated 28 January 2019 regarding Separation and
28 Januari 2019 tentang Rencana Pemisahan dan Transfer of Head Office Location Plan, Bank
Pemindahan Alamat Kantor Pusat (“KP”), Bank Mantap transfered their Head Office from
Mantap memindahkan Kantor Pusatnya yang Denpasar-Bali to Central Jakarta. The head office
semula berkedudukan dan berkantor pusat di relocation was then carried out effectively on
Denpasar-Bali menjadi berkedudukan dan 11 March 2019.
berkantor pusat di Jakarta Pusat. Perpindahan
kantor pusat tersebut kemudian dilaksanakan
secara efektif pada tanggal 11 Maret 2019.
Berdasarkan Keputusan Sirkuler Pemegang Based on Circular Decision of Shareholder
Saham PT Bank Mandiri Taspen tanggal PT Bank Mandiri Taspen dated 16 December 2020
16 Desember 2020 sebagaimana telah as stated on Deed of General Meeting of
dituangkan dalam Akta Pernyataan Keputusan Shareholders Resolutions Statement No. 41 dated
Rapat No. 41 tanggal 28 Desember 2020, 28 December 2020, the ownership of Bank Mandiri
komposisi kepemilikan saham Bank Mandiri di in Bank Mantap become 51.098%, PT Taspen
Bank Mantap menjadi 51,098%, dan saham (Persero) became 48.437%, and individual
PT Taspen (Persero) menjadi 48,437% serta ownership became 0.465%. The change in the
pemegang saham individual menjadi 0,465%. composition of share ownership has been effective
Perubahan komposisi kepemilikan saham since 13 January 2021 with the approval and receipt
tersebut berlaku efektif sejak tanggal 13 Januari of notification of the changes to the Article of
2021 dengan didapatkannya persetujuan dan Association of PT Bank Mandiri Taspen from
penerimaan pemberitahuan perubahan Anggaran Ministry Law and Human Rights regarding the
Dasar PT Bank Mandiri Taspen dari Kementerian changes in authorised capital, issued capital and
Hukum dan Hak Asasi Manusia terkait perubahan paid-in in capital, and from administrative
modal dasar, modal ditempatkan dan modal perspective, by reporting to FSA about the Change
disetor, serta dari sisi administratif dengan of the Shareholder Composition.
dilakukannya laporan perubahan komposisi
permodalan ke Otoritas Jasa Keuangan.
Sebelum tanggal 1 Januari 2011, goodwill yang Prior to 1 January 2011, goodwill arising from the
timbul dari akuisisi PT Bank Mandiri Taspen acquisition of PT Bank Mandiri Taspen amounted to
sebesar Rp19.219 diamortisasi dengan Rp19,219 was amortised using the straight-line
menggunakan metode garis lurus selama 5 (lima) method over 5 (five) years with the consideration of
tahun dengan pertimbangan atas estimasi estimation of economic benefits of the goodwill.
manfaat ekonomis atas goodwill tersebut. Efektif Effective on 1 January 2011, in accordance with
tanggal 1 Januari 2011, sesuai SFAS 103, “Business Combinations”, goodwill is not
PSAK 103, “Kombinasi Bisnis”, goodwill tidak amortised but tested for impairment annually. Bank
diamortisasi tapi diuji penurunan nilai setiap Mandiri periodically evaluates the impairment of
tahunnya. Bank Mandiri secara berkala goodwill in accordance with SFAS 236, “Impairment
melakukan evaluasi terhadap penurunan of Assets” (Note 2r).
nilai goodwill tersebut sesuai PSAK 236
“Penurunan Nilai Aset” (Catatan 2r).
41
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 989
Page 992
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
g. Entitas Anak (lanjutan) g. Subsidiaries (continued)
PT Mandiri Tunas Finance PT Mandiri Tunas Finance
PT Mandiri Tunas Finance (“MTF”), dahulu PT Mandiri Tunas Finance (“MTF”), formerly
PT Tunas Financindo Corporation (“TFC”) adalah PT Tunas Financindo Corporation (“TFC”) is a
perusahaan yang bergerak dalam kegiatan company that engaged in consumer financing
pembiayaan konsumen. activities.
TFC didirikan berdasarkan Akta Notaris Misahardi TFC was established based on Notarial Deed of
Wilamarta, S.H., No. 262 tanggal 17 Mei 1989 dan Misahardi Wilamarta, S.H., No. 262 dated 17 May
disahkan oleh Menteri Kehakiman dalam Surat 1989 and approved by the Ministry of Justice
Keputusan No. C2-4868.HT.01.01.TH.89 tanggal through its Decision Letter
1 Juni 1989 serta diumumkan dalam Lembaran No. C2-4868.HT.01.01.TH.89 dated 1 June 1989
Berita Negara No. 57, Tambahan No. 1369 and published in State Gazette No. 57, Supplement
tanggal 18 Juli 1989. Kegiatan komersial TFC No. 1369 dated 18 July 1989. TFC commenced its
dimulai tahun 1989. TFC memperoleh izin usaha commercial activities in 1989. TFC obtained a
sebagai perusahaan pembiayaan dalam bidang business license to operate as leasing, factoring
sewa menyewa biasa, anjak piutang dan and consumer financing company from Minister of
pembiayaan konsumen dari Menteri Keuangan Finance based on its Decision Letter
berdasarkan Surat Keputusan No. 1021/KMK.013/1989 dated 7 September 1989,
No. 1021/KMK.013/1989 tanggal 7 September No. 54/KMK.013/1992 dated 15 January 1992.
1989, No. 54/KMK.013/1992 tanggal 15 Januari
1992.
Pada tahun 2000 PT Tunas Financindo In 2000, PT Tunas Financindo Corporation (TFC)
Corporation (TFC) telah berubah nama menjadi changed its name to PT Tunas Financindo Sarana
PT Tunas Financindo Sarana (TFS) berdasarkan (TFS) based on Notarial Deed of Adam
Akta Notaris Adam Kasdarmadji, S.H., No. 49 Kasdarmadji, S.H No. 49 dated 18 August 2000 and
tanggal 18 Agustus 2000 dan disahkan oleh was approved by the Minister of Law and Legislation
Menteri Hukum dan Perundang-Undangan dalam under Decree No. C-21195 HT.01.04.TH.2000
Surat Keputusan No. C-21195 HT.01.04.TH.2000 dated 22 September 2000. TFC obtained a
tanggal 22 September 2000. TFC memperoleh izin business license to conduct leasing, factoring, and
usaha untuk melakukan kegiatan sewa guna consumer financing activities from the Minister of
usaha, ajak piutang dan pembiayaan Finance based on its Decision Letter
konsumendari Menteri Keuangan berdasarkan No. 19/KMK.017/2001 dated 19 January 2001.
Surat Keputusan No. 19/KMK.017/2001 tanggal
19 Januari 2001.
Sesuai dengan Akta Notaris Based on Notarial Deed of Dr. A. Partomuan Pohan,
Dr. A. Partomuan Pohan, S.H., LLM pada tanggal S.H., LLM, dated 6 February 2009, entered into and
6 Februari 2009, dilakukan penandatanganan signed a sales and purchase agreement with TFS’s
Akta Jual Beli antara pemegang saham TFS shareholders (PT Tunas Ridean Tbk and PT Tunas
(PT Tunas Ridean Tbk dan PT Tunas Mobilindo Mobilindo Parama) and Bank Mandiri to acquire
Parama) dengan Bank Mandiri, dimana Bank 51.00% ownership of TFS through purchase of
Mandiri mengakuisisi 51,00% kepemilikan saham 1,275,000,000 shares of TFS (the nominal value of
atas TFS melalui pembelian 1.275.000.000 Rp100 (full amount)) per share amounted to
lembar saham TFS (nilai nominal Rp100 (nilai Rp290,000.
penuh)) per lembar saham dengan harga
Rp290.000.
Pengalihan 51,00% kepemilikan TFS kepada The acquisition of 51.00% of TFS shares ownership
Bank Mandiri ini telah disahkan dalam RUPS-LB by Bank Mandiri was approved in the Extraordinary
TFS sebagaimana tertuang dalam Berita Acara General meeting of Shareholders Meeting of TFS as
RUPS-LB No. 8 tanggal 6 Februari 2009 dan telah stated in the Minutes of Extraordinary General
dicatatkan dalam Sistem Administrasi Badan meeting of Shareholders’ No. 8 dated 6 February
Hukum Kementerian Hukum dan Hak Asasi 2009 and listed in Legal Entity Administration
Manusia sebagaimana ditegaskan melalui Surat System of Ministry of Law and Human Rights as
Kementerian Hukum dan Hak Asasi Manusia affirmed by the Ministry of Law and Human Rights
No. AHU-AH.01.10-01575 tertanggal 11 Maret through its Letter No. AHU-AH.01.10-01575 dated
2009. 11 March 2009.
42
990 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 993
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
g. Entitas Anak (lanjutan) g. Subsidiaries (continued)
PT Mandiri Tunas Finance (lanjutan) PT Mandiri Tunas Finance (continued)
Akuisisi ini juga telah disetujui oleh Bank This acquisition had been approved by Bank
Indonesia melalui Keputusan Gubernur Bank Indonesia through the Decree of the Governor of
Indonesia No. 11/3/DPB1/TPB1-1 tertanggal Bank Indonesia No. 11/3/DPB1/TPB1-1 dated
8 Januari 2009. 8 January 2009.
Perubahan nama TFS menjadi MTF dilaksanakan The amendment of the TFS’ name to become MTF
pada tanggal 26 Juni 2009, sesuai Akta was undertaken on 26 June 2009, in accordance
Pernyataan Keputusan Rapat PT Tunas with a Deed of Resolution of Meeting Decision of
Financindo Sarana No. 181 tanggal 26 Juni 2009 PT Tunas Financindo Sarana No. 181 dated
yang ditandatangani oleh notaris Dr. Irawan 26 June 2009, notarised by notary Dr. Irawan
Soerodjo, S.H., M.Si dan telah disahkan oleh Soerodjo, S.H., M.Si and the articles of Association
Menteri Hukum dan Hak Asasi Manusia Republik was approved by the Ministry of Law and Human
Indonesia dalam Surat Keputusan No. AHU- Rights Republic of Indonesia in its Decision Letter
40506.AH.01.02.Tahun 2009 pada tanggal No. AHU-40506.AH.01.02.Tahun 2009 dated
20 Agustus 2009 dan MTF telah memperoleh izin 20 August 2009 and MTF has obtained a business
usaha sebagai perusahaan pembiayaan dalam license to operate as leasing, factoring, and
bidang sewa guna usaha, anjak piutang, dan consumer financing company from Ministry of
pembiayaan konsumen dari Menteri Keuangan Finance in its Decision Letter No. KEP-
berdasarkan Surat Keputusan Menteri Keuangan 352/KM.10/2009 dated on 29 September 2009.
No. KEP-352/KM.10/2009 tanggal 29 September MTF is domiciled in Graha Mandiri, Jalan Imam
2009. MTF berdomisili di Graha Mandiri, Jalan Bonjol No. 61, Central Jakarta 10310.
Imam Bonjol No. 61, Jakarta Pusat 10310.
Mandiri International Remittance Sendirian Mandiri International Remittance Sendirian
Berhad Berhad
Mandiri International Remittance Sendirian Mandiri International Remittance Sendirian Berhad
Berhad (“MIR”) merupakan Entitas Anak yang (“MIR”), a wholly owned Subsidiary of Bank Mandiri
seluruh sahamnya dimiliki oleh Bank Mandiri dan and became a Malaysian legal entity since 17 March
menjadi badan hukum Malaysia sejak tanggal 2009 based on registration No. 850077-P. MIR is
17 Maret 2009 dengan registrasi No. 850077-P. engaged in money remittance service under the
MIR merupakan perusahaan penyedia jasa regulations of the Bank Negara Malaysia (“BNM”).
pengiriman uang (remittances) di bawah
ketentuan Bank Negara Malaysia (“BNM”).
MIR telah mendapat persetujuan dari Bank MIR has obtained an approval from Bank Indonesia
Indonesia (“BI”) melalui surat No. 10/548/DPB1 (“BI”) through letter No. 10/548/DPB1 dated
tanggal 14 November 2008 dan persetujuan dari 14 November 2008 and approval from BNM to
BNM untuk melakukan kegiatan operasional conduct operational activities through its letter No.
melalui surat No. KL.EC.150/1/8562 tanggal KL.EC.150/1/8562 dated 18 November 2009. MIR
18 November 2009. Pembukaan kantor MIR officially commenced its operations on
dilakukan pada tanggal 29 November 2009 yang 29 November 2009 and is currently located in
berlokasi di Wisma MEPRO, Kuala Lumpur, Wisma MEPRO, Kuala Lumpur, Malaysia. MIR has
Malaysia. MIR telah memiliki 8 cabang di Malaysia 8 branches around Malaysia and could provide
dan telah dapat melayani kiriman uang ke 9 remittance service to 9 (nine) countries which are
(sembilan) negara, yaitu Indonesia, Filipina, Indonesia, Philippines, Thailand, Singapore, India,
Thailand, Singapura, India, Nepal, Pakistan, Nepal, Pakistan, Bangladesh and Vietnam.
Bangladesh, dan Vietnam.
43
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 991
Page 994
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
g. Entitas Anak (lanjutan) g. Subsidiaries (continued)
PT AXA Mandiri Financial Services PT AXA Mandiri Financial Services
PT AXA Mandiri Financial Services ("AXA PT AXA Mandiri Financial Services (“AXA Mandiri”)
Mandiri") merupakan perusahaan joint venture is a joint venture company between PT Bank
antara PT Bank Mandiri (Persero) Tbk (“Bank Mandiri (Persero) Tbk (“Bank Mandiri”) and National
Mandiri”) dengan National Mutual International Mutual International Pty. Limited (“NMI”) that is
Pty. Limited (“NMI”) yang bergerak di bidang engaged in life insurance. AXA Mandiri was
asuransi jiwa. AXA Mandiri didirikan dengan nama formerly established under the name of
PT Asuransi Jiwa Staco Raharja pada PT Asuransi Jiwa Staco Raharja on 30 September
30 September 1991 dengan Akta Notaris Muhani 1991 by Notarial Deed No. 179 of Muhani
Salim, S.H., No. 179. Salim, S.H.
Akta pendirian disetujui oleh Menteri Kehakiman The deed of establishment was approved by the
Republik Indonesia melalui surat Minister of Justice of the Republic of Indonesia
No. C2-6144.HT.01.01.TH.91 tanggal through its letter No. C2-6144.HT.01.01.TH.91
28 Oktober 1991. Entitas Anak mendapatkan ijin dated 28 October 1991. The Subsidiary obtained its
usaha asuransi jiwa melalui Surat Keputusan life insurance license through General Directorate of
Direktorat Jenderal Lembaga Keuangan Finance Institution Decision Letter
No. KEP.605/KM.13/1991 tentang Pemberian Izin No. KEP.605/KM.13/1991 regarding Granting of
Usaha Asuransi Jiwa Nasional dan memulai National Life Insurance Business License and
kegiatan operasionalnya pada tanggal officially commenced its operations activities on
4 Desember 1991. 4 December 1991.
Nama Entitas Anak lalu berubah menjadi The Subsidiary’s name was then changed to
PT Asuransi Jiwa Mandiri dan selanjutnya PT Asuransi Jiwa Mandiri and subsequently
berubah menjadi PT AXA Mandiri Financial changed to PT AXA Mandiri Financial Services.
Services.
Perubahan ini disetujui oleh Menteri Kehakiman This change was approved by the Ministry of Justice
dan Hak Asasi Manusia dalam surat and Human Rights in its Decision Letter No. C-
No. C-28747.HT.01.04.TH.2003 pada tanggal 28747.HT.01.04.TH.2003 dated 10 December
10 Desember 2003 dan diumumkan pada 2003, and was published in State Gazette of the
Lembaran Berita Negara Republik Indonesia Republic of Indonesia No. 64, Supplement No. 7728
No. 64, Tambahan No. 7728 tanggal 10 Agustus dated 10 August 2004 with shareholders
2004 dengan komposisi pemegang saham NMI composition consists of NMI 51.00% and Bank
sebesar 51,00% dan Bank Mandiri sebesar Mandiri amounting to 49.00%.
49,00%.
Pada Rapat Umum Pemegang Saham tanggal At the General Meeting of Shareholders on
17 Mei 2010 (dalam pasal 7), pemegang saham 17 May 2010 (in article 7), Bank Mandiri’s
Bank Mandiri telah menyetujui pembelian saham shareholders approved the purchase of shares by
oleh Bank Mandiri sebesar 2,00% dari total saham Bank Mandiri amounting to 2.00% of the total shares
yang diterbitkan dan disetor penuh secara issued and fully paid up directly from NMI.
langsung dari NMI.
Sebelum tanggal 1 Januari 2011, goodwill yang Prior to 1 January 2011, goodwill arising from the
timbul dari akuisisi AXA Mandiri sebesar acquisition of AXA Mandiri amounted to Rp40,128
Rp40.128 diamortisasi dengan menggunakan was amortised using the straight-line method over 5
metode garis lurus selama 5 (lima) tahun dengan (five) years with the estimation of economic benefits
pertimbangan atas estimasi manfaat ekonomis of the goodwill. Effective on 1 January 2011, in
atas goodwill tersebut. Efektif tanggal 1 Januari accordance with SFAS 103 “Business
2011, sesuai PSAK 103 “Kombinasi Combinations”, goodwill is not amortised but tested
Bisnis”, goodwill tidak diamortisasi tapi diuji for impairment annually. Bank Mandiri periodically
penurunan nilai setiap tahunnya. Bank Mandiri evaluates the impairment of goodwill in accordance
secara berkala melakukan evaluasi terhadap with SFAS 236, “Impairment of Assets” (Note 2r).
penurunan nilai goodwill tersebut sesuai PSAK
236 “Penurunan Nilai Aset” (Catatan 2r).
44
992 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 995
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
g. Entitas Anak (lanjutan) g. Subsidiaries (continued)
PT AXA Mandiri Financial Services (lanjutan) PT AXA Mandiri Financial Services (continued)
Saldo goodwill pada tanggal 31 Desember 2025 The balance of goodwill on 31 December 2025 and
dan 2024 adalah sebesar Rp37.194. Kantor Pusat 2024 amounted to Rp37,194. The Head Office of
AXA Mandiri terletak di AXA Tower, Jalan Prof. Dr. AXA Mandiri is located at AXA Tower, Jalan Prof.
Satrio Kav. 18, Jakarta Selatan 12940. Dr. Satrio Kav. 18, South Jakarta 12940.
PT Mandiri Utama Finance PT Mandiri Utama Finance
Pada tanggal 16 April 2014, Bank Mandiri On 16 April 2014, Bank Mandiri and PT Asco
bersama PT Asco Investindo (“ASCO”) dan Investindo (“ASCO”) and PT Tunas Ridean
PT Tunas Ridean (“TURI”), telah menandatangani (“TURI”), signed an agreement of preliminary
perjanjian kesepakatan awal untuk mendirikan agreement to set up a financing company to
sebuah perusahaan pembiayaan untuk accelerate Bank Mandiri financing portfolio
mengakselerasi penyaluran pembiayaan Bank distribution, especially in the segment of vehicle
Mandiri khususnya pada segmen pembiayaan financing.
kendaraan bermotor.
Pada tanggal 22 Oktober 2014, Bank Mandiri On 22 October 2014, Bank Mandiri with ASCO and
bersama ASCO dan TURI telah menandatangani TURI signed a shareholders' agreement for
perjanjian pemegang saham dimana telah establishment of a financing company with an
disepakati pendirian suatu perusahaan authorised capital of Rp400,000 and an ownership
pembiayaan dengan modal dasar Rp400.000 composition of the Bank Mandiri (51%), ASCO
dengan komposisi kepemilikan adalah Bank (37%) and TURI (12%). Subsequently, on 23
Mandiri (51%), ASCO (37%) dan TURI (12%). December 2014, in accordance with letter
Selanjutnya, pada tanggal 23 Desember 2014 No. S-137/PB.31/2014, Bank Mandiri obtained
sebagaimana disebutkan dalam surat a principle license of equity participation in the new
No. S-137/PB.31/2014, Bank Mandiri telah financing company from Bank Supervision FSA.
memperoleh izin prinsip penyertaan modal pada
perusahaan pembiayaan baru tersebut dari OJK
Pengawasan Bank.
Akta ini telah disahkan oleh Kementerian Hukum The deed was approved by the Ministry of Law and
dan Hak Asasi Manusia Republik Indonesia dalam Human Rights of the Republic of Indonesia in
Surat Keputusan No. AHU-0003452.AH.01.01 Decree Letter No. AHU-0003452.AH.01.01 Year
Tahun 2015 tanggal 26 Januari 2015. 2015 dated 26 January 2015.
Bersamaan dengan penandatanganan akta Concurrent with the signing of the deed of
pendirian tersebut dilakukan penempatan modal incorporation, a capital placement of Rp100,000
sebesar Rp100.000 dan Bank Mandiri juga had been done and the Bank also made capital
melakukan penyetoran modal sebesar Rp51.000 injection amounted to Rp51,000 as stipulated in the
sesuai dengan komposisi kepemilikan saham Bank’s shareholding composition in PT Mandiri
Bank Mandiri di PT Mandiri Utama Finance (MUF). Utama Finance (MUF).
Pasca penandatanganan akta pendirian, MUF After the signing of the establishment deed, MUF
menyampaikan permohonan izin usaha submitted application of financing company
perusahaan pembiayaan kepada OJK Industri business license to FSA Non-Bank Financial
Keuangan Non Bank (”OJK IKNB”). Atas Industry (“FSA IKNB”). Upon request, the FSA IKNB
permohonan tersebut, OJK IKNB telah has issued a decree letter of IKNB Board of
menerbitkan Surat Keputusan Dewan Komisioner Commissioners of the FSA No. KEP-81/D.05/2015
Otoritas Jasa Keuangan No. KEP-81/D.05/2015 regarding the “Granting Financing Company to
tentang “Pemberian Izin Usaha Perusahaan PT Mandiri Utama Finance” on 25 June 2015
Pembiayaan kepada PT Mandiri Utama Finance” through FSA letter No. SR-3516 /NB.111/2015
pada tanggal 25 Juni 2015 yang disampaikan dated 26 June 2015, regarding “Granting Financing
melalui surat OJK No. SR-3516/NB.111/2015 Company Business License to PT Mandiri Utama
tanggal 26 Juni 2015 perihal “Pemberian Izin Finance”.
Usaha Perusahaan Pembiayaan PT Mandiri
Utama Finance”.
45
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 993
Page 996
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
g. Entitas Anak (lanjutan) g. Subsidiaries (continued)
PT Mandiri Utama Finance (lanjutan) PT Mandiri Utama Finance (continued)
Pada tanggal 24 Agustus 2015, MUF mulai On 24 August 2015, MUF has performed the initial
melaksanakan tahapan kegiatan operasional awal operational activities through cooperation with
melalui kerja sama dengan dealer-dealer dan primary dealers and showrooms, as well as vehicle
showroom-showroom utama serta pencairan financing disbursement to limited customers to
pembiayaan kendaraan bermotor kepada meet the requirements of the FSA IKNB, and fully
nasabah terbatas untuk memenuhi persyaratan operated commercially on January 2016 through its
OJK IKNB, dan pada akhirnya di bulan Januari branches which already have operational permit
2016, MUF telah dapat beroperasi komersial from FSA IKNB.
secara penuh melalui jaringan kantor yang sudah
mendapatkan izin dari OJK IKNB.
Pada tanggal 28 Desember 2016, telah dilakukan On 28 December 2016, the signing of the deed has
penandatanganan akta yang dituangkan dalam been executed as outlined in Notarial Deed of Utiek
Akta Notaris Utiek Rochmuljati Abdurachman, Rochmuljati Abdurachman, S.H., M.LI., M.Kn.,
S.H., M.LI., M.Kn., No. 16 tanggal 28 Desember No. 16 dated 28 December 2016, and was
2016, dan telah disahkan oleh Kementerian approved by the Ministry of Law and Human Rights
Hukum dan Hak Asasi Manusia Republik of the Republic of Indonesia in Decree letter
Indonesia dalam Surat Keputusan No. AHU- No. AHU-AH.01.03-0113772 Year 2016 dated
AH.01.03-0113772 Tahun 2016 tanggal 29 29 December 2016 which approved the increase in
Desember 2016 dimana menyetujui penambahan capital placement by Rp200,000, therefore increase
penempatan modal sebesar Rp200.000, sehingga the issued capital and paid-up capital of MUF
modal ditempatkan dan modal disetor MUF become amounted to Rp300,000.
menjadi Rp300.000.
Pada tanggal 11 April 2017, telah dilakukan On 11 April 2017, the signing of the deed has been
penandatanganan akta yang dituangkan dalam executed as outlined in Notarial Deed of Ashoya
Akta Notaris Ashoya Ratam S.H., M.Kn., Ratam S.H., M.Kn., No. 10 dated 11 April 2017 and
No. 10 tanggal 11 April 2017 dan telah disahkan was approved by the Ministry of Law and Human
oleh Kementerian Hukum dan Hak Asasi Manusia Rights of the Republic of Indonesia in Decree letter
Republik Indonesia dalam Surat Keputusan No. AHU-0010397.AH.01.02 Year 2017 dated
No. AHU-0010397.AH.01.02 Tahun 2017 tanggal 10 May 2017 which changed the authorised capital
10 Mei 2017 dimana dilakukan perubahan modal to Rp500,000.
dasar menjadi Rp500.000.
Pada tanggal 29 Agustus 2017, telah dilakukan On 29 August 2017, the signing of the deed has
penandatanganan akta yang dituangkan dalam been executed as outlined in Notarial Deed of
Akta Notaris Ashoya Ratam S.H., M.Kn., No. 56 Ashoya Ratam S.H., M.Kn., No. 56 dated
tanggal 29 Agustus 2017, dan telah disahkan oleh 29 August 2017, and was approved by the Ministry
Kementerian Hukum dan Hak Asasi Manusia of Law and Human Rights of the Republic of
Republik Indonesia dalam Surat Keputusan Indonesia in Decree Letter No. AHU-AH.01.03-
No. AHU-AH.01.03-0169081 Tahun 2017 tanggal 0169081 Year 2017 dated 6 September 2017 which
6 September 2017 dimana menyetujui approved the increase in capital placement by
penambahan penempatan modal sebesar Rp100,000, therefore increase the issued capital
Rp100.000, sehingga modal ditempatkan dan and paid-up capital of MUF become amounted to
modal disetor MUF menjadi Rp400.000. Rp400,000.
Pada tanggal 24 November 2017, telah dilakukan On 24 November 2017, the signing of the deed has
penandatanganan akta yang dituangkan dalam been executed as outlined in Notarial Deed of
Akta Notaris Ashoya Ratam S.H., M.Kn., No. 60 Ashoya Ratam S.H., M.Kn., No. 60 dated
tanggal 24 November 2017 dan telah disahkan 24 November 2017, and was approved by the
oleh Kementerian Hukum dan Hak Asasi Manusia Ministry of Law and Human Rights of the Republic
Republik Indonesia dalam Surat Keputusan of Indonesia in Decree Letter No. AHU-AH.01.03-
No. AHU-AH.01.03-0195073 Tahun 2017 tanggal 0195073 Year 2017 dated 27 November 2017
27 November 2017 dimana menyetujui Which approved the increase in capital placement
penambahan penempatan modal sebesar by Rp100,000, therefore increase the issued capital
Rp100.000, sehingga modal ditempatkan dan and paid-up capital of MUF become amounted to
modal disetor MUF secara penuh menjadi Rp500,000.
Rp500.000.
46
994 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 997
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
g. Entitas Anak (lanjutan) g. Subsidiaries (continued)
PT Mandiri Utama Finance (lanjutan) PT Mandiri Utama Finance (continued)
Selanjutnya, MUF mengurus izin Unit Usaha Furthermore, MUF processed the Sharia Business
Syariah (“UUS”) ke OJK-IKNB Syariah dan Unit (“UUS”) license to FSA-IKNB Sharia and has
telah memperoleh izin Unit Usaha Syariah obtained MUF Sharia Business Unit (“UUS”) license
(“UUS”) MUF melalui Surat Keputusan Dewan through the Decree Letter of the Board of
Komisioner Otoritas Jasa Keuangan Commissioners of the Financial Services Authority
No. KEP-36/NB.223/2018 tentang “Pemberian Izin No. KEP-36/NB.223/2018 regarding “Granting the
Pembukaan Unit Usaha Syariah Perusahaan License of Opening Sharia Business Unit of
Pembiayaan kepada PT Mandiri Utama Finance” Financing Company to PT Mandiri Utama Finance”
pada tanggal 27 April 2018 yang disampaikan dated 27 April 2018 through FSA letter
melalui surat OJK No. S-626/NB.223/2018 tanggal No. S-626/NB.223/2018 dated 15 May 2018
15 Mei 2018 perihal “Penyampaian Salinan Izin regarding to “Transmission of copy of License for
Pembukaan Unit Usaha Syariah Perusahaan Opening Sharia Business Unit of Financing
Pembiayaan PT Mandiri Utama Finance”. Pada Company to PT Mandiri Utama Finance”. In 2021,
tahun 2021, MUF telah melakukan peningkatan MUF has increased its equity allocation for the
alokasi ekuitas untuk bisnis Unit Usaha Syariah Sharia Business Unit (“UUS”) operation from
(“UUS”) dari Rp50.000 menjadi Rp75.000. Rp50,000 to Rp75,000.
Sesuai dengan kebijakan mengenai Qanun Aceh, In accordance with the policy regarding Aceh
maka MUF pada tanggal 19 November 2021, telah Qanun, on 19 November 2021, MUF has closed the
melakukan penutupan Izin Pembiayaan Conventional Financing License for the Banda Aceh
Konvensional untuk Kantor Cabang (“KC”) Banda Branch Office (“KC”), but still has Sharia Financing
Aceh, namun tetap memiliki Izin Pembiayaan License as the Banda Aceh Sharia Unit Branch
Syariah sebagai Kantor Cabang Unit Syariah Office (“KC-US”). MUF is domiciled at Menara
(“KC-US”) Banda Aceh. MUF berdomisili di Mandiri 1, Jalan Jenderal Sudirman Kav. 54-55,
Menara Mandiri 1, Jalan Jenderal Sudirman Kav. South Jakarta 12190.
54-55, Jakarta Selatan 12190.
Pada tanggal 28 November 2024, Bank Mandiri On 28 November 2024, Bank Mandiri has signed
telah menandatangani dokumen Akta Jual Beli the Share Sale and Purchase Deed No. 44 between
Saham No. 44 antara Bank Mandiri dengan Bank Mandiri and PT Asco Investindo and the Share
PT Asco Investindo dan Akta Jual Beli Saham Sale and Purchase Deed No. 46 between Bank
No. 46 antara Bank Mandiri dengan PT Tunas Mandiri and PT Tunas Ridean. Since the signing of
Ridean. Sejak ditandatanganinya Akta tersebut, the Deed, Bank Mandiri has 99.99% of the shares
Bank Mandiri memiliki sebesar 99,99% saham from the previous 51%.
yang sebelumnya 51%.
Jumlah
tercatat Selisih
kepentingan transaksi
nonpengendali dengan pihak
Jumlah yang dialihkan/ nonpengendali/
imbalan yang Carrying Difference in
dialihkan/ amount of transactions
The non-controlling with non-
consideration interest controlling
transferred transferred parties
PT Mandiri Utama Finance 1.019.000 713.514 (305.486) PT Mandiri Utama Finance
47
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 995
Page 998
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
g. Entitas Anak (lanjutan) g. Subsidiaries (continued)
PT Mandiri Capital Indonesia PT Mandiri Capital Indonesia
Pada tanggal 23 Juni 2015, Bank Mandiri bersama On 23 June 2015, Bank Mandiri and PT Mandiri
PT Mandiri Sekuritas telah mendirikan Entitas Sekuritas have established new subsidiary engaged
Anak baru yang bergerak di bidang modal ventura in venture capital under the name of
dengan nama PT Mandiri Capital Indonesia PT Mandiri Capital Indonesia ("MCI").
(“MCI”).
Pendirian perusahaan ditandai dengan The establishment of the company was marked by
penandatanganan akta pendirian antara Bank the signing of the establishment deed between
Mandiri dan PT Mandiri Sekuritas dimana Bank Bank Mandiri and PT Mandiri Sekuritas in which the
Mandiri melakukan penyertaan modal sebesar Bank invested capital amounted to Rp9,900,
Rp9.900 yang mewakili 99% kepemilikan saham representing 99% share ownership in MCI and
dalam MCI dan PT Mandiri Sekuritas melakukan PT Mandiri Sekuritas injected capital amounted to
penyertaan modal sebesar Rp100 yang mewakili Rp100 which represents a 1% share ownership in
1% kepemilikan saham dalam MCI, sehingga MCI, therefore the capital structure of MCI is
struktur permodalan MCI adalah sebesar amounted to Rp10,000.
Rp10.000.
Penyertaan modal Bank Mandiri dalam rangka Bank Mandiri's equity participation in the
pendirian MCI telah memperoleh persetujuan establishment of MCI was approved by the FSA as
Otoritas Jasa Keuangan sebagaimana tercantum stated in its letter No. S-48/PB.31/2015 regarding
dalam surat Otoritas Jasa Keuangan the Application for Approval of Equity Participation
No. S-48/PB.31/2015 perihal Permohonan of PT Bank Mandiri (Persero) Tbk for the
Persetujuan Penyertaan Modal PT Bank Mandiri Establishment of Venture Capital Company on
(Persero) Tbk dalam Rangka Pendirian 11 June 2015.
Perusahaan Modal Ventura pada tanggal
11 Juni 2015.
Pada tanggal 26 Juni 2015, pendirian On 26 June 2015, the establishment of MCI was
MCI telah memperoleh pengesahan approved by the Minister of Law and Human Rights
dari Menteri Hukum dan Hak Asasi through Letter of Legalization of Establishment No.
Manusia melalui Surat Pengesahan Pendirian AHU-2445684.AH.01.01. Year 2015. MCI obtained
No. AHU-2445684.AH.01.01. Tahun 2015. MCI a license to carry out business activities in the
telah memperoleh izin untuk melaksanakan venture capital sector on 10 November 2015
kegiatan usaha di bidang modal ventura pada through the Decree Letter of the Board of
tanggal 10 November 2015 melalui Surat Commissioners of the Financial Services Authority
Keputusan Dewan Komisioner Otoritas Jasa No. KEP-113/D.05/2015, therefore MCI may carry
Keuangan No. KEP-113/D.05/2015, sehingga out full operational activities.
MCI dapat melaksanakan kegiatan operasional
secara penuh.
MCI memiliki 99,99% dari total saham MCI owns 99.99% of the total shares of PT Mitra
PT Mitra Transaksi Indonesia yang merupakan Transaksi Indonesia which is a third party processor
pengolah pihak ketiga dan penyedia layanan and acquirer service provider that provides end-to-
pengakuisisi yang menghadirkan proses dan end processes and networks for payment solutions
jaringan end-to-end untuk solusi pembayaran di in Indonesia, a Subsidiary of MCI which was
Indonesia. Entitas Anak MCI yang didirikan established on 13 January 2016 and engaged in
tanggal 13 Januari 2016 dan bergerak di bidang business support services related to financial
jasa penunjang usaha terkait jasa keuangan, services, specifically financial services in the field of
secara khusus jasa keuangan dalam bidang payment by card.
pembayaran dengan menggunakan kartu.
48
996 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 999
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
g. Entitas Anak (lanjutan) g. Subsidiaries (continued)
PT Mandiri Capital Indonesia (lanjutan) PT Mandiri Capital Indonesia (continued)
Terakhir, pada tanggal 27 Desember 2022, Lastly, on 27 December 2022, MCI had obtained
MCI telah memperoleh persetujuan perubahan approval for the amendment to the Articles of
Anggaran Dasar terkait peningkatan modal Association regarding the increase in authorised
dasar dan modal ditempatkan dari Menteri Hukum and issued capital by the Minister of Law and
dan Hak Asasi Manusia dengan Surat Human Rights with Letter of Approval of the
Persetujuan Perubahan Anggaran Dasar Amendments to the Articles of Association
No. AHU-0129677.AH.01.02. Tahun 2022 No. AHU-0129677.AH.01.02. Year 2022 as stated
sebagaimana tertuang di dalam Akta No. 7 in Deed No. 7 dated 26 December 2022 in which
tanggal 26 Desember 2022 dimana penyertaan investment in shares of Bank Mandiri amounted to
saham Bank Mandiri menjadi sebesar Rp3,358,400 representing 99.99% share ownership
Rp3.358.400 yang mewakili 99,99% kepemilikan in MCI and PT Mandiri Sekuritas amounted to
saham dalam MCI dan PT Mandiri Sekuritas Rp100 representing 0.01% share ownership in MCI,
menjadi sebesar Rp100 yang mewakili 0,01% therefore MCI's capital structure is Rp3,358,500.
kepemilikan saham dalam MCI, sehingga struktur MCI is located at Menara Mandiri 2, 10th floor, Jalan
permodalan MCI adalah sebesar Rp3.358.500. Jenderal Sudirman Kav. 54-55, South Jakarta
MCI berlokasi di Menara Mandiri 2, Lantai 10, 12190.
Jalan Jenderal Sudirman Kav. 54-55, Jakarta
Selatan 12190.
h. Struktur dan manajemen h. Structure and management
Kantor pusat Bank Mandiri berkedudukan di Jalan Bank Mandiri’s head office is located at Jalan
Jenderal Sudirman Kavling 54-55 Jakarta Selatan, Jenderal Sudirman Kavling 54-55, South Jakarta,
Indonesia. Indonesia.
Struktur dan jumlah kantor dalam dan luar negeri Bank Mandiri’s structure and number of Bank
Bank Mandiri adalah sebagai berikut: Mandiri's domestic and foreign offices are as
follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Kantor wilayah dalam negeri 12 12 Domestic regional offices
Kantor cabang dalam negeri: Domestic branches:
Kantor Cabang 139 139 Branch Offices
Kantor Cabang Pembantu 2.014 2.053 Sub-Branch Offices
Total kantor cabang dalam negeri 2.153 2.192 Total domestic branches
Kantor luar negeri 7 7 Overseas offices
49
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 997
Page 1000
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
h. Struktur dan manajemen (lanjutan) h. Structure and management (continued)
Untuk mendukung pencapaian aspirasi Bank To support Bank Mandiri in achieving its aspiration
Mandiri, yaitu menjadi partner finansial pilihan to be the primary customers' financial partner, Bank
utama nasabah, Bank Mandiri mengelompokkan Mandiri divided its organisation structure into
unit-unit kerja di struktur organisasinya menjadi 3 strategic business units (“SBU”) to 3 (three) major
kelompok, yaitu: groups, which are:
1. Business Units, berfungsi sebagai motor 1. Business Units, are responsible as the Bank’s
utama pengembangan bisnis Bank atau unit main business development or operational
yang menjadi segmen operasional (Segmen segment unit (operating segment), consists of
Operasi), yang terdiri dari dua segmen utama two main segments, which are Wholesale
yaitu segmen Wholesale Banking yang terdiri Banking segment which consists of Corporate
dari Corporate Banking, Commercial Banking, Banking, Commercial Banking, Government
Hubungan Kelembagaan, Treasury & Institutional, Treasury & International Banking
International Banking dan segmen Consumer and Consumer Banking segment which
Banking terdiri dari Credit Cards, Consumer consists of Credit Cards, Consumer Loan,
Loans, Personal Loan, dan Micro Personal Loan, and Micro Development &
Development & Agent Banking. Agent Banking.
2. Support Functions, berfungsi sebagai 2. Support Functions, are responsible as
supporting unit yang mendukung operasional supporting units that provide overall support to
Bank secara keseluruhan yang terdiri dari Bank’s operations consisting of Special Asset
Special Asset Management, Risk Management, Risk Management which
Management yang membawahi Wholesale supervises Wholesale Risk and work units
Risk dan unit kerja di bawah Risk under the Risk Management, Information
Management, Information Technology yang Technology, which oversees Technology and
membawahi Teknologi dan Informasi dan Information, Digital Banking, Operations,
Digital Banking, Operations, Human Capital Human Capital and Compliance, Finance and
and Compliance, Finance and Strategy, Strategy, Internal Audit, and Corporate
Internal Audit, dan Corporate Relations. Relations.
3. Network and Retail Banking yang berfungsi 3. Network and Retail Banking are responsible as
sebagai direktorat yang melakukan penjualan directorate that sell products and services to
produk dan jasa kepada segmen retail retail segments of Bank’s customers, consisting
nasabah Bank Mandiri, terdiri dari 12 Kantor of 12 Regional Offices that are spread out
Wilayah yang tersebar di seluruh wilayah across Indonesia and wealth management.
Indonesia dan wealth management.
Bank Mandiri telah melakukan perubahan struktur Bank Mandiri has made changes to the
organisasi yang berlaku efektif tanggal organisational structure which effective on
27 November 2025 sebagaimana tertuang dalam 27 November 2025 as stated in the Board of
Keputusan Direksi No. KEP.DIR/088/2025 tanggal Directors' Decision No. KEP.DIR/088/2025 dated
22 Desember 2025 tentang Struktur Organisasi. 22 December 2025 regarding Organisational
Perubahan struktur organisasi Bank Mandiri Structure. Changes in the organisational structure of
tersebut dengan menata ulang organisasi untuk Bank Mandiri by rearranging the organisation to
memenuhi kebutuhan dan perkembangan Bank. meet the needs and development of the Bank.
50
998 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1001
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
h. Struktur dan manajemen (lanjutan) h. Structure and management (continued)
Susunan Dewan Komisaris Bank Mandiri adalah The members of Bank Mandiri’s Board of
sebagai berikut: Commissioners are as follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Dewan Komisaris Board of Commissioners
Komisaris Utama/ President Commissioner/
Komisaris Independen : Zulkifli Zaini*) Muhamad Chatib Basri Independent Commissioner
Wakil Komisaris Deputy President Commissioner/
Utama/Komisaris Independen : Rudy Salahuddin Ramto**) Zainudin Amali Independent Commissioner
Komisaris Independen : Muhammad Yusuf Ateh Loeke Larasati A. Independent Commissioner
Komisaris : Luky Alfirman***) Muliadi Rahardja Independent Commissioner
Komisaris : Yuliot Heru Kristiyana Independent Commissioner
Komisaris Independen : Mia Amiati Rionald Silaban Commissioner
Komisaris Independen : Bintoro K. Pardewo**) Faried Utomo Commissioner
Komisaris :- Arif Budimanta Commissioner
Komisaris :- Muhammad Yusuf Ateh Commissioner
Komisaris :- Tedi Bharata Commissioner
*) Sesuai hasil keputusan Rapat Umum Pemegang Saham Luar Biasa Bank *) In accordance with the resolution of the Extraordinary General Meeting of
Mandiri tanggal 19 Desember 2025, yang bersangkutan dialihkan Shareholders of Bank Mandiri dated 19 December 2025, the individual has
jabatannnya dimana pengalihan jabatan tersebut berlaku efektif setelah been reassigned, with the reassignment becoming effective upon obtaining
mendapat persetujuan dari Otoritas Jasa Keuangan atas pelaksanaan approval from the Financial Services Authority for the Fit and Proper Test
Penilaian Kemampuan dan Kepatutan serta memenuhi peraturan and compliance with the applicable laws and regulations.
perundang-undangan yang berlaku.
**) Sesuai hasil keputusan Rapat Umum Pemegang Saham Luar Biasa Bank **) In accordance with the resolution of the Extraordinary General Meeting of
Mandiri tanggal 19 Desember 2025, yang bersangkutan diangkat Shareholders of Bank Mandiri held on 19 December 2025, the individual
sebagai anggota Dewan Komisaris Bank Mandiri, dimana pengangkatan was appointed as a member of Bank Mandiri’s Board of Commissioners,
tersebut berlaku efektif setelah mendapat persetujuan dari Otoritas Jasa with the appointment becoming effective upon obtaining approval from the
Keuangan atas Penilaian Kemampuan dan Kepatutan serta memenuhi Financial Services Authority for the Fit and Proper Test and compliance with
peraturan perundang-undangan yang berlaku. the applicable laws and regulations.
***) Sesuai hasil keputusan Rapat Umum Pemegang Saham Tahunan Bank ***) In accordance with the resolution of the Annual General Meeting of
Mandiri tanggal 25 Maret 2025, yang bersangkutan diangkat sebagai Shareholders of Bank Mandiri on 25 March 2025, these individuals were
anggota Dewan Komisaris Bank Mandiri, dimana pengangkatan tersebut appointed as member of Bank Mandiri’s Board of Commissioners, with the
berlaku efektif setelah mendapat persetujuan dari Otoritas Jasa appointment becoming effective upon obtaining approval from the Financial
Keuangan atas Penilaian Kemampuan dan Kepatutan serta memenuhi Services Authority for the Fit and Proper Test and compliance with the
peraturan perundang-undangan yang berlaku. applicable laws and regulations.
Susunan Direksi Bank Mandiri adalah sebagai The members of Bank Mandiri's Board of Directors
berikut: are as follows:
31 Desember 2025/
31 December 2025
Direksi Board of Directors
Direktur Utama : Riduan President Director
Wakil Direktur Utama : Henry Panjaitan Deputy of President Director
Direktur Operations : Timothy Utama Director of Operations
Direktur Human Capital and Director of Human Capital and
Compliance : Eka Fitria Compliance
Direktur Risk Management : Danis Subyantoro Director of Risk Management
Direktur Commercial Banking : Totok Priyambodo Director of Commercial Banking
Direktur Corporate Banking : Mochamad Rizaldi Director of Corporate Banking
Direktur Consumer Banking : Saptari Director of Consumer Banking
Direktur Treasury and Director of Treasury and
International Banking : Ari Rizaldi International Banking
Direktur Finance and Strategy : Novita Widya Anggraini Director of Finance and Strategy
Direktur Network and Director of Network and
Retail Funding : Jan Winston Tambunan Retail Funding
Direktur Information Technology : Sunarto Director of Information Technology
51
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 999
Page 1002
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
h. Struktur dan manajemen (lanjutan) h. Structure and management (continued)
Susunan Direksi Bank Mandiri adalah sebagai The members of Bank Mandiri's Board of Directors
berikut: (lanjutan) are as follows: (continued)
31 Desember 2024/
31 December 2024
Direksi Board of Directors
Direktur Utama : Darmawan Junaidi President Director
Wakil Direktur Utama : Alexandra Askandar Deputy of President Director
Direktur Kepatuhan dan Director of Compliance and
SDM : Agus Dwi Handaya Human Resources
Direktur Corporate Banking : Riduan Director of Corporate Banking
Direktur Jaringan dan Retail Banking : Aquarius Rudianto Director of Network and Retail Banking
Direktur Operation : Toni E. B. Subari Director of Operation
Direktur Hubungan Kelembagaan : Rohan Hafas Director of Institutional Relationship
Direktur Keuangan dan Strategi : Sigit Prastowo Director of Finance and Strategy
Direktur Information Technology : Timothy Utama Director of Information Technology
Direktur Treasury dan Director of Treasury and
International Banking : Eka Fitria International Banking
Direktur Manajemen Risiko : Danis Subyantoro Director of Risk Management
Direktur Commercial Banking : Totok Priyambodo Director of Commercial Banking
Komite Audit***) Bank Mandiri terdiri dari: The members of Bank Mandiri’s Audit Committee***)
are as follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Ketua merangkap anggota : Kuswiyoto**) Heru Kristiyana Chairman and member
Anggota : Zainudin Amali**) Muhamad Chatib Basri Member
Anggota : Mia Amiati Zainudin Amali Member
Anggota : Zulkifli Zaini*) Loeke Larasati A. Member
Anggota : Rasyid Darajat Muliadi Rahardja Member
Anggota : Rubi Pertama Rasyid Darajat Member
Anggota :- Rubi Pertama Member
Komite Remunerasi dan Nominasi***) Bank Mandiri Bank Mandiri’s Remuneration and Nomination
terdiri dari: Committee***) are as follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Ketua merangkap anggota : Zainudin Amali**) Muhamad Chatib Basri Chairman and member
Anggota : Kuswiyoto**) Muliadi Rahardja Member
Anggota : Mia Amiati Rionald Silaban Member
Anggota : Muhammad Yusuf Ateh Arif Budimanta Member
Anggota : Yuliot Faried Utomo Member
Anggota : Luky Alfirman*) Muhammad Yusuf Ateh Member
Anggota : Zulkifli Zaini*) Tedi Bharata Member
Sekretaris (ex-officio) Secretary (ex-officio)
merangkap anggota : SEVP/Group Head SEVP/Group Head concurrently a member
Human Capital Human Capital
*) Individu yang bersangkutan dapat melaksanakan tugasnya setelah *) The individual concerned may carry out their duties after obtaining approval
mendapat persetujuan Otoritas Jasa Keuangan atas pelaksanaan from the Financial Services Authority for the Fit and Proper Test assessment
Penilaian Kemampuan dan Kepatutan dan memenuhi peraturan and in compliance with the applicable laws and regulations.
perundang-undangan yang berlaku.
**) Individu yang bersangkutan diberhentikan dengan hormat dari jabatannya **) The individual concerned had been honorably discharged from the position
sesuai dengan keputusan Rapat Umum Pemegang Saham Luar Biasa based on the Extraordinary General Meeting of Shareholders dated 19
tanggal 19 Desember 2025. December 2025.
***) Terdapat perubahan susunan keanggotaan komite di bawah dewan ***) There are changes in the composition of committees under the board of
komisaris efektif pada tanggal 27 Januari 2026 (Catatan 68). commissioners effective on 27 January 2026 (Note 68).
52
1000 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1003
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
h. Struktur dan manajemen (lanjutan) h. Structure and management (continued)
Komite Pemantau Risiko Bank Mandiri terdiri dari: Bank Mandiri’s Risk Oversight Committee are as
follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Ketua merangkap anggota : Kuswiyoto**) Muliadi Rahardja Chairman and member
Anggota : Zainudin Amali**) Loeke Larasati A. Member
Anggota : Muhammad Yusuf Ateh Arif Budimanta Member
Anggota : Mia Amiati Heru Kristiyana Member
Anggota : Yuliot Tedi Bharata Member
Anggota : Luky Alfirman Taufik Hidayat Member
Anggota : Zulkifli Zaini Caroline Halim Member
Anggota Independen
(Non Komisaris) : Taufik Hidayat - Member
Anggota Independen
(Non Komisaris) : Caroline Halim - Member
Komite Tata Kelola Terintegrasi***) Bank Mandiri Bank Mandiri’s Integrated Governance Committee***)
terdiri dari: are as follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Ketua merangkap anggota : Zainudin Amali**) Muhamad Chatib Basri Chairman and member
Anggota : Kuswiyoto**) Zainudin Amali Member
Anggota : Mia Amiati Loeke Larasati A. Member
Anggota Independen
(Non Komisaris) : Taufik Hidayat Muliadi Rahardja Member
Anggota Independen
(Non Komisaris) : Rasyid Darajat Heru Kristiyana Member
Anggota : - Taufik Hidayat Member
Anggota : - Rasyid Darajat Member
Anggota : Perwakilan Komisaris Perwakilan Komisaris Member
Independen Bank Mantap*)/ Independen Bank Mantap*)/
Representative of Representative of
Independent Commissioner Independent Commissioner
Bank Mantap**) Bank Mantap*)
Anggota : Perwakilan Komisaris Perwakilan Komisaris Member
Independen Mansek*)/ Independen Mansek*)/
Representative of Representative of
Independent Independent
Commissioner Mansek*) Commissioner Mansek*)
Anggota : Perwakilan Komisaris Perwakilan Komisaris Member
Independen AMFS*)/ Independen AMFS*)/
Representative of Representative of
Independent Independent
Commissioner AMFS*) Commissioner AMFS*)
Anggota : Perwakilan Komisaris Perwakilan Komisaris Member
Independen MTF*)/ Independen MTF*)/
Representative of Representative of
Independent Independent
Commissioner MTF*) Commissioner MTF*)
Anggota : Perwakilan Komisaris Perwakilan Komisaris Member
Independen MUF*)/ Independen MUF*)/
Representative of Representative of
Independent Independent
Commissioner MUF*) Commissioner MUF*)
*) Menyesuaikan dengan Pejabat dari Entitas Anak terkait. *) Adjusted to the Officers of the relevant Subsidiaries..
**) Individu yang bersangkutan diberhentikan dengan hormat dari jabatannya **) The individual concerned had been honorably discharged from the position
sesuai dengan keputusan Rapat Umum Pemegang Saham Luar Biasa based on the Extraordinary General Meeting of Shareholders dated 19
tanggal 19 Desember 2025. December 2025.
***) Terdapat perubahan susunan keanggotaan komite di bawah dewan ***) There are changes in the composition of committees under the board of
komisaris efektif pada tanggal 27 Januari 2026 (Catatan 68). commissioners effective on 27 January 2026 (Note 68).
53
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1001
Page 1004
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)
h. Struktur dan manajemen (lanjutan) h. Structure and management (continued)
Komite Tata Kelola Terintegrasi***) Bank Mandiri Bank Mandiri’s Integrated Governance
terdiri dari: (lanjutan) Committee***) are as follows: (continued)
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Anggota : Perwakilan Komisaris Perwakilan Komisaris Member
Independen MCI*)/ Independen MCI*)/
Representative of Representative of
Independent Independent
Commissioner MCI*) Commissioner MCI*)
Anggota : Perwakilan Komisaris Perwakilan Komisaris Member
Independen BSI*)/ Independen BSI*)/
Representative of Representative of
Independent Independent
Commissioner BSI*) Commissioner BSI*)
Anggota : Dewan Pengawas Syariah Dewan Pengawas Syariah Member
dari Entitas Anak*)/ dari Entitas Anak*)/
Sharia Supervisory Sharia Supervisory
Board from Subsidiary*) Board from Subsidiary*)
*) Menyesuaikan dengan Pejabat dari Entitas Anak terkait. *) Adjusted to the Officers of the relevant Subsidiaries..
***) Terdapat perubahan susunan keanggotaan komite di bawah dewan ***) There are changes in the composition of committees under the board of
komisaris efektif pada tanggal 27 Januari 2026 (Catatan 68). commissioners effective on 27 January 2026 (Note 68).
Cakupan manajemen dan karyawan kunci antara Management and key personnel includes the Board
lain mencakup Dewan Komisaris, Direksi, Komite of Commissioners, Board of Directors, Audit
Audit dan Komite Pemantau Risiko, Dewan Committee and Risk Oversight Committee, Sharia
Pengawas Syariah serta Senior Executive Vice Supervisory Board as well as Senior Executive Vice
President, Senior Vice President, Area Head, President, Senior Vice President, Area Head, KC
Kepala Kantor Cabang KC dan Kepala Kantor Branch Manager and Overseas Branch Manager.
Cabang Luar Negeri.
Pada tanggal 31 Desember 2025 dan 2024, Ketua As of 31 December 2025 and 2024, the Head of
Internal Audit Bank Mandiri adalah Adi Pranantias. Bank Mandiri's Internal Audit is Adi Pranantias.
Pada tanggal 31 Desember 2025 Sekretaris As of 31 December 2025, the Corporate Secretary
Perusahaan Bank Mandiri adalah M. Ashidiq of Bank Mandiri was M. Ashidiq Iswara, and as of
Iswara dan 31 Desember 2024 Sekretaris 31 December 2024, the Corporate Secretary of
Perusahaan Bank Mandiri adalah Teuku Ali Bank Mandiri was Teuku Ali Usman.
Usman.
Jumlah karyawan Bank Mandiri pada tanggal The number of Bank Mandiri employees as of
31 Desember 2025 sebanyak 38.751 orang 31 December 2025 was 38,751 persons
(31 Desember 2024: sebanyak 38.898 orang) (31 December 2024: 38,898 persons) (unaudited).
(tidak diaudit).
54
1002 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1005
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
Laporan keuangan konsolidasian Bank dan The consolidated financial statements of Bank and
Entitas Anak (“Grup”) ini diselesaikan dan its Subsidiaries (“Group”) were completed and
disetujui untuk diterbitkan oleh Direksi pada tanggal authorised for issuance by the Board of Directors on
5 Februari 2026. 5 February 2026.
Laporan keuangan konsolidasian disusun dan The consolidated financial statements have been
disajikan sesuai dengan Standar Akuntansi Keuangan prepared and presented in accordance with the
di Indonesia yang mencakup Pernyataan dan Indonesian Financial Accounting Standards which
Interpretasi yang dikeluarkan oleh Dewan Standar comprised of the Statements and Interpretations issued
Akuntansi Keuangan Ikatan Akuntan Indonesia dan by the Board of Financial Accounting Standards of the
Dewan Standar Akuntansi Syariah Ikatan Akuntan Indonesian Institute of Accountants and Board of Sharia
Indonesia serta peraturan regulator pasar modal yaitu Accounting Standards of the Indonesian Institute of
Peraturan No. VIII.G.7 tentang Penyajian dan Accountants and capital market regulation
Pengungkapan Laporan Keuangan Emiten atau No. VIII.G.7 regarding Financial Statements
Perusahaan Publik. Presentation and Disclosure for Issuer or Public
Companies.
a. Dasar penyusunan laporan keuangan a. Basis of preparation of the consolidated
konsolidasian financial statements
Kebijakan akuntansi utama yang diterapkan dalam The principal accounting policies adopted in
penyusunan laporan keuangan konsolidasian preparing the consolidated financial statement of
Bank dan Entitas Anak adalah seperti dijabarkan the Bank and Subsidiaries are set out below.
di bawah ini.
Laporan keuangan konsolidasian disusun The consolidated financial statements have been
berdasarkan harga perolehan, kecuali untuk aset prepared under the historical cost, except for
keuangan yang diklasifikasikan dalam kelompok financial assets classified as fair value through other
nilai wajar melalui penghasilan komprehensif lain, comprehensive income, financial assets and
aset dan liabilitas keuangan yang diukur pada nilai liabilities measured at fair value through profit or
wajar melalui laba rugi dan seluruh instrumen loss and all derivative instruments which have been
derivatif yang diukur berdasarkan nilai wajar. measured at fair value. The consolidated financial
Laporan keuangan konsolidasian disusun statement is prepared under the accrual basis of
berdasarkan akuntansi berbasis akrual, kecuali accounting, except for the consolidated statements
laporan arus kas konsolidasian. of cash flows.
Laporan arus kas konsolidasian disusun dengan Consolidated statements of cash flows are prepared
menggunakan metode langsung dengan using the direct method by classifying cash flows in
mengelompokkan arus kas dalam aktivitas- operating, investing and financing activities.
aktivitas operasional, investasi dan pendanaan.
Pos-pos dalam penghasilan komprehensif lainnya Items within other comprehensive income are
disajikan terpisah antara akun-akun yang akan classified separately, between accounts which will
direklasifikasikan ke laba rugi dan akun-akun yang be reclassified to profit or loss and will not be
tidak akan direklasifikasikan ke laba rugi. reclassified to profit or loss.
Laporan keuangan Entitas Anak yang bergerak The financial statement of a Subsidiary engaged in
dalam bidang perbankan syariah disusun sharia banking have been prepared based on:
berdasarkan:
- PSAK 401 “Penyajian Laporan Keuangan - SFAS 401 “Presentation of Financial Statements
Syariah”. for Sharia Banking”.
- PSAK 402 “Akuntansi Murabahah”. - SFAS 402 “Accounting for Murabahah”.
- PSAK 404 “Akuntansi Istishna”. - SFAS 404 “Accounting for Istishna”.
55
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1003
Page 1006
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
a. Dasar penyusunan laporan keuangan a. Basis of preparation of the consolidated
konsolidasian (lanjutan) financial statements (continued)
Laporan keuangan Entitas Anak yang bergerak The financial statement of a Subsidiary engaged in
dalam bidang perbankan syariah disusun sharia banking have been prepared based on:
berdasarkan: (lanjutan) (continued)
- PSAK 405 “Akuntansi Mudharabah”. - SFAS 405 ”Accounting for Mudharabah”.
- PSAK 406 “Akuntansi Musyarakah”. - SFAS 406 “Accounting for Musyarakah”.
- PSAK 407 “Akuntansi Ijarah”. - SFAS 407 “Accounting for Ijarah”.
- PSAK 410 “Akuntansi Sukuk”. - SFAS 410 “Accounting for Sukuk”.
- PSAK 411 “Akuntansi Wa’d”. - SFAS 411 “Accounting for Wa’d”.
- PSAK 412 “Akuntansi Wakaf”. - SFAS 412 "Accounting for Wakaf".
- PSAK lain selama tidak bertentangan dengan - Other prevailing SFAS, as long as it does not
prinsip syariah dan Pedoman Akuntansi contradict with Sharia principle on Accounting
Perbankan Syariah Indonesia (PAPSI). Guidelines for Indonesian Sharia Banking
(PAPSI).
Penyusunan laporan keuangan sesuai dengan The preparation of financial statements in
Standar Akuntansi Keuangan di Indonesia accordance with Indonesian Financial Accounting
mengharuskan penggunaan estimasi dan asumsi. Standards that requires the use of estimates and
Hal tersebut juga mengharuskan manajemen assumptions. It also requires management to make
untuk membuat pertimbangan dalam proses judgements in the process of applying the
penerapan kebijakan akuntansi Grup. Area yang accounting policies of the Group. The area that is
kompleks atau memerlukan tingkat pertimbangan complex or requires a higher level of consideration
yang lebih tinggi atau area di mana asumsi dan or areas where assumptions and estimates could
estimasi dapat berdampak signifikan terhadap have a significant impact on the consolidated
laporan keuangan konsolidasian diungkapkan di financial statements is disclosed in Note 3.
Catatan 3.
Seluruh angka dalam laporan keuangan All figures in the consolidated financial statements,
konsolidasian ini, dibulatkan dan disajikan dalam are rounded and presented in millions Rupiah
jutaan Rupiah (“Rp”), kecuali dinyatakan lain. (“Rp”), unless otherwise stated.
b. Perubahan kebijakan akuntansi b. Changes in accounting policies
Pada tanggal 1 Januari 2025, terdapat standar On 1 January 2025, there are new and revised or
baru dan penyesuaian atau amendemen terhadap amended towards several standards that are
beberapa standar yang masih berlaku yang relevant to the Group operation which is effective for
relevan dengan operasi Grup yang berlaku efektif application from that date as follows:
sejak tanggal tersebut yaitu sebagai berikut:
1. PSAK 117 “Kontrak Asuransi”. PSAK ini 1. SFAS 117 "Insurance Contracts". This SFAS
mengatur pencatatan dan pelaporan kontrak regulates the recording and reporting of
asuransi dengan menerapkan model insurance contracts by applying a
pengukuran yang dapat memberikan measurement model that can provide
transparansi keuntungan maupun kerugian transparency in the profits and losses arising
yang terjadi atas kontrak asuransi, serta from insurance contracts, as well as the factors
faktor-faktor yang mempengaruhi perubahan influencing changes in profits or losses. In
keuntungan atau kerugian. Selain itu, addition, the disclosure and presentation of
pengungkapan dan penyajian kontrak insurance contracts are also enhanced,
asuransi juga ditingkatkan, khususnya terkait particularly concerning the reconciliation of
dengan rekonsiliasi angka laporan keuangan financial statement figures and the distribution
dan distribusi keuntungan di masa depan. of future profits.
56
1004 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1007
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
b. Perubahan kebijakan akuntansi (lanjutan) b. Changes in accounting policies (continued)
Pada tanggal 1 Januari 2025, terdapat standar On 1 January 2025, there are new and revised or
baru dan penyesuaian atau amendemen terhadap amended towards several standards that are
beberapa standar yang masih berlaku yang relevant to the Group operation which is effective for
relevan dengan operasi Grup yang berlaku efektif application from that date as follows:
sejak tanggal tersebut yaitu sebagai berikut:
2. PSAK 109 "Instrumen Keuangan". PSAK ini 2. SFAS 109 “Financial Instruments” addresses
mengatur pengakuan, pengukuran, dan the recognition, measurement, and disclosure
pengungkapan instrumen keuangan of financial instruments coinciding with the
sehubungan dengan penerapan PSAK 117. implementation of SFAS 117.
Metode Transisi Transition methods
PSAK 117 mengubah secara signifikan SFAS 117 significantly changes the
pengakuan, pengukuran dan pengungkapan recognition, measurement and disclosure in
terhadap aset/liabilitas kontrak asuransi, serta relation to insurance contract assets/liabilities
pendapatan dan beban terkait kontrak also revenue and expenses from insurance
asuransi (Catatan 2z). contract (Note 2z).
Sehubungan dengan transisi ke PSAK 117 In relation to transition approach of PSAK 117
“Kontrak Asuransi”, standar mengharuskan “Insurance Contract”, the standard requires
penerapan secara retrospektif menggunakan retrospectively application using the Full
Pendekatan Retrospektif Penuh (“PKP”) Retrospective Approach (“FRA”) unless
kecuali jika tidak praktis, dalam hal ini, impracticable, in which case two options are
terdapat dua opsi yang memungkinkan: possible:
i. Pendekatan Retrospektif yang i. The Modified Retrospective Approach
Termodifikasi (“PRT”); atau (“MRA”); or
ii. Pendekatan Nilai Wajar (“PNW”). ii. The Fair Value approach (“FVA”).
Berdasarkan identifikasi Entitas Anak, Based on the identification of the Subsidiary,
pendekatan transisi yang digunakan adalah the transition approach used are as follows:
sebagai berikut:
- Metode Pendekatan Retrospektif Penuh - Full Retrospective Approach (FRA)
(PRP) untuk produk tradisional dengan method for traditional products with
Model Pengukuran Umum (MPU) untuk General Measurement Model (GMM) for
penerbitan Cohort mulai tanggal 1 Januari Cohort issue from 1 January 2017 until
2017 hingga 31 Desember 2023 (yaitu 31 December 2023 (i.e., Cohort Post
Cohort Post 2017). 2017).
- Metode Pendekatan Retrospektif - Modified Retrospective Approach (MRA)
Termodifikasi (PRT) untuk semua Produk method for all Unit Link Products with
Unit Link dengan model pengukuran Variable Fee Approach (VFA)
Pendekatan Biaya Variabel (PBV) untuk measurement model for all Cohort issue
semua penerbitan Cohort sejak tanggal from inception date until
penerbitan hingga 31 Desember 2023. 31 December 2023.
- Metode Pendekatan Nilai Wajar (PNW) - Fair Value Approach (FVA) method for
untuk produk tradisional dengan MPU traditional products with GMM model
untuk penerbitan Cohort sejak tanggal measurement model for Cohort issue from
penerbitan hingga 31 Desember 2016 inception until 31 December 2016
(yaitu Cohort Pre 2017). (i.e., Cohort Pre 2017).
Entitas Anak telah menerapkan PSAK 117 “Kontrak The Subsidiary has adopted SFAS 117 “Insurance
Asuransi” bersamaan dengan penerapan PSAK Contract” together with SFAS 109 “Financial
109 “Instrumen Keuangan” mulai tahun berjalan. Instruments” effective this current year.
57
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1005
Page 1008
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
b. Perubahan kebijakan akuntansi (lanjutan) b. Changes in accounting policies (continued)
Pada tanggal 1 Januari 2025, terdapat standar On 1 January 2025, there are new and revised or
baru dan penyesuaian atau amendemen terhadap amended towards several standards that are
beberapa standar yang masih berlaku yang relevant to the Group operation which is effective for
relevan dengan operasi Grup yang berlaku efektif application from that date as follows: (continued)
sejak tanggal tersebut yaitu sebagai berikut:
(lanjutan)
Metode Transisi (lanjutan) Transition methods (continued)
2. PSAK 109 "Instrumen Keuangan". PSAK ini 2. SFAS 109 “Financial Instruments” addresses
mengatur pengakuan, pengukuran, dan the recognition, measurement, and disclosure
pengungkapan instrumen keuangan of financial instruments coinciding with the
sehubungan dengan penerapan PSAK 117. implementation of SFAS 117. (continued)
(lanjutan)
Dampak penerapan awal dari PSAK 117 dan The impact of this initial implementation of
PSAK 109 adalah sebesar Rp385.209 SFAS 117 and SFAS 109 is amounted to
(meningkatkan beban - bersih setelah pajak). Rp385,209 (increase expense - net of tax).
Dikarenakan dampak penerapan awal ini tidak Since the initial implementation is insignificant
signifikan terhadap laporan keuangan to the interim consolidated financial statements,
konsolidasian sehingga Manajemen therefore Management decided to recognise
memutuskan untuk mencatat dampak the impact of this implementation in the
penerapan tersebut pada laporan keuangan consolidated financial statements for the
konsolidasian periode berjalan dan tidak current period and not restating the prior period
melakukan penyajian kembali laporan consolidated financial statements.
keuangan konsolidasian periode terdahulu.
3. Amendemen PSAK 221 “Pengaruh 3. Amendments to SFAS 221 “The Effects of
Perubahan Kurs Valuta Asing”, yang berlaku Changes in Foreign Exchange Rates”, is
efektif 1 Januari 2025. Amendemen tentang effective 1 January 2025. This amendment
kekurangan ketertukaran. Amendemen ini clarifies the requirements regarding the
memperjelas pengaturan terkait kondisi ketika condition where the a currency is not
suatu mata uang tidak tertukarkan serta exchangeable and its disclosure. The impact of
pengungkapannya. Dampak atas penerapan the implementation of the amendments
amendemen tersebut di atas tidak material mentioned above are not material to the
terhadap laporan keuangan konsolidasian Group’s consolidated financial statements.
Grup.
c. Instrumen keuangan c. Financial instruments
i. Aset keuangan i. Financial assets
Grup mengklasifikasikan aset keuangannya The Group classified its financial assets in the
dalam kategori (a) aset keuangan yang diukur following categories (a) financial assets
pada nilai wajar melalui laba rugi, (b) aset measured at fair value through profit or loss, (b)
keuangan yang diukur pada nilai wajar melalui financial assets measured at fair value through
penghasilan komprehensif lain dan (c) aset other comprehensive income, and (c) financial
keuangan yang diukur pada biaya perolehan assets measured at amortised cost.
diamortisasi.
Grup memiliki instrumen keuangan utang dan The Group has debt financial instruments and
instrumen keuangan ekuitas. Grup equity financial instruments. The Group further
selanjutnya mengukur semua investasi measures all equity investments at fair value.
ekuitas pada nilai wajar. Saat pengakuan On initial recognition, the Group may make an
awal, Grup dapat membuat pilihan yang tak irrevocable choice to subsequent changes in
terbatalkan untuk menyajikan perubahan the fair value of investments in equity
selanjutnya pada nilai wajar investasi dalam instruments in other comprehensive income.
instrumen ekuitas dalam penghasilan
komprehensif lain.
58
1006 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1009
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
i. Aset keuangan (lanjutan) i. Financial assets (continued)
Grup menggunakan 2 (dua) dasar untuk The Group used 2 (two) methods to classify its
mengklasifikasikan aset keuangan yaitu financial assets, which based on the Group’s
model bisnis Grup dalam mengelola aset business model in managing the financial
keuangan dan karakteristik arus kas asset, and the contractual cash flow of the
kontraktual pembayaran pokok dan bunga financial assets Solely Payment of Principal
(Solely Payment of Principal and Interest and interest (“SPPI”).
(“SPPI”)) dari aset keuangan.
Pengujian SPPI SPPI test
Sebagai langkah pertama dari proses As a first step of its classification process, the
klasifikasi, Grup menilai persyaratan Group assesses the contractual terms of
kontraktual keuangan untuk mengidentifikasi financial to identify whether they meet the SPPI
apakah mereka memenuhi pengujian SPPI. test.
Pokok pinjaman untuk tujuan pengujian ini Principal, for the purpose of this test is defined
didefinisikan sebagai nilai wajar dari aset as the fair value of the financial asset at initial
keuangan pada pengakuan awal dan dapat recognition and may change over the life of the
berubah selama umur aset keuangan financial asset (for example, if there are
(misalnya, jika ada pembayaran pokok atau repayments of principal or amortisation of the
amortisasi premi/diskon). premium/discount).
Elemen bunga yang paling signifikan dalam The most significant element of interest within
perjanjian kredit biasanya adalah a credit contract are typically the consideration
pertimbangan atas nilai waktu dari uang dan for the time value of money and credit risk. To
risiko kredit. Untuk membuat penilaian SPPI, perform the SPPI assessment, the Group
Grup menerapkan pertimbangan dan applies judgement and considers relevant
memperhatikan faktor-faktor yang relevan factors such as the currency in which the
seperti mata uang dimana aset keuangan financial asset is denominated, and the period
didenominasikan dan periode pada saat suku for which the interest rate is set.
bunga ditetapkan.
Penilaian model bisnis Business model assessment
Grup menentukan model bisnisnya The Group determines its business model at
berdasarkan tingkat yang paling the level that best reflects how the group
mencerminkan bagaimana Grup mengelola manages a group of financial assets to achieve
kelompok atas aset keuangannya untuk its business objective.
mencapai tujuan bisnisnya.
Model bisnis Grup tidak dinilai berdasarkan The Group’s business model is not assessed
masing-masing instrumennya, tetapi pada by each instrument, but at a higher level of
tingkat portofolio secara agregat yang lebih aggregated portfolios and is based on
tinggi dan didasarkan pada faktor-faktor yang observable factors such as:
dapat diamati seperti:
- Bagaimana kinerja model bisnis dan aset - How the performance of the business
keuangan yang dimiliki dalam model model and the financial assets held within
bisnis tersebut dievaluasi dan dilaporkan that business model are evaluated and
kepada personel manajemen kunci; reported to the entity’s key management
personnel;
59
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1007
Page 1010
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
i. Aset keuangan (lanjutan) i. Financial assets (continued)
Penilaian model bisnis (lanjutan) Business model assessment (continued)
Model bisnis Grup tidak dinilai berdasarkan The Group’s business model is not assessed
masing-masing instrumennya, tetapi pada by each instrument, but at a higher level of
tingkat portofolio secara agregat yang lebih aggregated portfolios and is based on
tinggi dan didasarkan pada faktor-faktor yang observable factors such as: (continued)
dapat diamati seperti: (lanjutan)
- Risiko yang mempengaruhi kinerja model - The risks that affect the performance of the
bisnis (dan aset keuangan yang dimiliki business model (and the financial assets
dalam model bisnis tersebut) dan held within that business model) and, in
khususnya, bagaimana cara risiko particular the way those risks are
tersebut dikelola; managed;
- Bagaimana manajer bisnis dikompensasi - How business managers are
(misalnya, apakah kompensasi compensated (for example, whether the
didasarkan pada nilai wajar dari aset compensation is based on the fair value of
yang dikelola atau pada arus kas the assets managed or on the contractual
kontraktual yang tertagih); cash flows collected);
- Frekuensi, nilai dan waktu penjualan - The expected frequency, value, and timing
yang diharapkan, juga merupakan aspek of sales are also important aspects of the
penting dari penilaian Grup. Group’s assessment.
Penilaian model bisnis didasarkan pada The business model assessment is based on
skenario yang diharapkan secara wajar tanpa reasonably expected scenarios without taking
mempertimbangkan skenario “worst case” “worst case” or “stress case” scenarios into
atau “stress case”. account.
Jika arus kas setelah pengakuan awal If cash flows after initial recognition are realised
direalisasikan dengan cara yang berbeda dari in a way that is different from the Group’s initial
yang awal diharapkan, Grup tidak mengubah expectations, the Group does not change the
klasifikasi aset keuangan dimiliki yang tersisa classification of the remaining financial assets
dalam model bisnis tersebut, tetapi held in that business model, but incorporates
memasukkan informasi tersebut dalam such information when assessing newly
melakukan penilaian atas aset keuangan originated or newly purchased financial assets
yang baru atau yang baru dibeli selanjutnya. going forward.
(a) Aset keuangan yang diukur pada nilai (a) Financial assets measured at fair value
wajar melalui laba rugi through profit or loss
Aset keuangan diukur pada nilai wajar Financial assets are measured at fair value
melalui laba rugi kecuali tes model bisnis through profit or loss unless the business
dan tes arus kas kontraktual model test and the contractual cash flow
menunjukkan bahwa aset keuangan test show that financial assets entering into
masuk ke dalam klasifikasian diukur classifications are measured at amortised
pada biaya perolehan diamortisasi atau cost or fair value through other
nilai wajar melalui penghasilan comprehensive income.
komprehensif lain.
Klasifikasi ini ditujukan untuk instrumen This classification is intended for held for
keuangan yang dimiliki untuk trading financial instruments or at the time
diperdagangkan atau pada saat of initial recognition has been determined
pengakuan awal telah ditetapkan oleh by the Group to be measured at fair value
Grup untuk diukur pada nilai wajar through profit or loss.
melalui laba rugi.
60
1008 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1011
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
i. Aset keuangan (lanjutan) i. Financial assets (continued)
Penilaian model bisnis (lanjutan) Business model assessment (continued)
(a) Aset keuangan yang diukur pada nilai (a) Financial assets measured at fair value
wajar melalui laba rugi (lanjutan) through profit or loss (continued)
Aset keuangan dikategorikan sebagai A financial asset is classified as held for
dimiliki untuk diperdagangkan jika trading, if it has been acquired or held
diperoleh atau dimiliki terutama untuk principally for the purpose of selling or
tujuan dijual atau dibeli kembali dalam buying in the near term or on initial
waktu dekat atau jika merupakan bagian recognition it is part of a portfolio of
dari portofolio instrumen keuangan identified financial instruments that the
tertentu yang dikelola bersama dan entity manages together and has a recent
terdapat bukti mengenai pola ambil actual pattern of short-term profit-taking.
untung dalam jangka pendek yang
terkini.
Untuk entitas anak asuransi, aset Financial assets for subsidiary in
keuangan dikategorikan sebagai aset insurance industry classified at fair value
keuangan diukur pada nilai wajar melalui through profit or loss if the financial assets
laba rugi, jika dimiliki untuk are held to cover its insurance liabilities
mencadangkan liabilitas asuransi which measure at fair value of the
yang diukur pada nilai wajar dari aset underlying assets. Financial instruments
terkait. Instrumen keuangan yang classified into this category are recognised
dikelompokkan ke dalam kategori ini at fair value on initial recognition,
diakui pada nilai wajarnya pada saat transaction costs are recognised directly in
pengakuan awal. Biaya transaksi diakui the consolidated statements of profit or
secara langsung ke dalam laporan laba loss and other comprehensive income.
rugi dan penghasilan komprehensif lain
konsolidasian.
Keuntungan dan kerugian yang timbul Gains and losses arising from changes in
dari perubahan nilai wajar, penjualan fair value, sale of financial instruments and
instrumen keuangan dan pendapatan interest income on financial instruments
bunga dari instrumen keuangan measured at fair value through profit or
dalam kelompok nilai wajar melalui laba loss are recognised in the consolidated
rugi dicatat di akun pendapatan dari statement of profit or loss and other
kelompok nilai wajar melalui laba rugi - comprehensive income recorded as
neto pada laporan laba rugi dan income from fair value through profit or
penghasilan komprehensif lain loss classification - net.
konsolidasian.
(b) Aset keuangan yang diukur pada nilai (b) Financial assets measured at fair value
wajar melalui penghasilan komprehensif through other comprehensive income
lain
Aset keuangan dikelola dalam model Financial assets are managed in
bisnis yang tujuannya akan terpenuhi a business model which objectives will be
dengan mendapatkan arus kas fulfilled by obtaining contractual cash flows
kontraktual dan menjual aset keuangan and selling financial assets and contractual
dan persyaratan kontraktual dari aset requirements of financial assets which on
keuangan yang pada tanggal tertentu a certain date received cash flow solely
memperoleh arus kas yang semata dari from payment of principal and interest of
pembayaran pokok dan bunga (solely the amount owed.
payments of principal and interest) dari
jumlah pokok terutang.
61
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1009
Page 1012
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
i. Aset keuangan (lanjutan) i. Financial assets (continued)
Penilaian model bisnis (lanjutan) Business model assessment (continued)
(b) Aset keuangan yang diukur pada nilai (b) Financial assets measured at fair value
wajar melalui penghasilan komprehensif through other comprehensive income
lain (lanjutan) (continued)
Pada saat pengakuan awalnya, At the initial recognition, debt instruments
instrumen utang yang diukur pada nilai measured at fair value through other
wajar melalui penghasilan komprehensif comprehensive income are recognised at
lain diakui pada nilai wajarnya ditambah the fair value plus the transaction costs
biaya transaksi dan selanjutnya diukur and subsequently measured at fair value
pada nilai wajarnya dimana keuntungan where the gain or loss from changes in fair
atau kerugian atas perubahan nilai wajar, value, gain or loss from the exchange rate,
keuntungan atau kerugian atas selisih and impairment, are recognised as other
kurs dan kerugian penurunan nilai, diakui comprehensive income. Dividend from
sebagai penghasilan komprehensif lain. equity instrument is recognised in profit or
Dividen dari instrumen ekuitas diakui di loss.
dalam pos laba rugi.
Kerugian kredit ekspektasian diakui Expected credit losses are recognised as
sebagai penambah dari penghasilan additions of other comprehensive income
komprehensif lain di dalam laporan posisi in the statement of financial position (not
keuangan (tidak mengurangi jumlah reducing the number of recorded financial
tercatat aset keuangan dalam laporan assets in financial statements). Interest
keuangan). Pendapatan bunga dihitung income is calculated using the effective
menggunakan metode suku bunga interest rate method.
efektif.
Grup selanjutnya mengukur semua The Group further measures all equity
investasi ekuitas pada nilai wajar. Jika investments at fair value. If Group
manajemen Grup telah memilih untuk management has chosen to present fair
menyajikan keuntungan dan kerugian value gains and losses on equity
nilai wajar atas investasi ekuitas dalam investments in other comprehensive
penghasilan komprehensif lain, tidak ada income, there is no reclassification of fair
reklasifikasi keuntungan dan kerugian value gains and losses to profit or loss
nilai wajar ke laba rugi setelah upon derecognition of those investments.
penghentian pengakuan investasi Dividends from equity instruments are
tersebut. Dividen dari instrumen ekuitas recognised in profit or loss.
diakui di dalam pos laba rugi.
(c) Aset keuangan yang diukur pada biaya (c) Financial assets measured at amortised
perolehan diamortisasi cost
Aset keuangan diukur pada biaya Financial assets are measured at
perolehan diamortisasi jika aset amortised cost if the financial asset is
keuangan dikelola dalam model bisnis managed in a business model to obtain
yang bertujuan untuk memiliki aset a contractual cash flow and the contractual
keuangan dalam rangka mendapatkan arrangement of a financial asset at certain
arus kas kontraktual dan persyaratan date to obtain cash flow solely from
kontraktual dari aset keuangan yang payments of principal and interest of the
pada tanggal tertentu memperoleh arus amount owed.
kas semata dari pembayaran pokok dan
bunga (solely payments of principal and
interest) dari jumlah pokok terutang.
62
1010 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1013
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
i. Aset keuangan (lanjutan) i. Financial assets (continued)
Penilaian model bisnis (lanjutan) Business model assessment (continued)
(c) Aset keuangan yang diukur pada biaya (c) Financial assets measured at amortised
perolehan diamortisasi (lanjutan) cost (continued)
Pada saat pengakuan awal, aset At initial recognition, the financial assets
keuangan yang diukur pada biaya measured at amortised cost are
perolehan diamortisasi diakui pada nilai recognised at the fair value plus the
wajarnya ditambah biaya transaksi dan transaction costs and subsequently
selanjutnya diukur pada biaya perolehan measured at amortised cost by using the
diamortisasi dengan menggunakan suku effective interest rate.
bunga efektif.
Pendapatan bunga dari aset keuangan Interest income from financial assets
yang diukur pada biaya perolehan measured at amortised cost is recorded in
diamortisasi dicatat dalam laporan laba the consolidated statements of profit or
rugi dan penghasilan komprehensif lain loss and other comprehensive income and
konsolidasian dan diakui sebagai is recognised as "Interest income". When
“Pendapatan bunga”. Ketika penurunan the decline in value occurs, the impairment
nilai terjadi, kerugian penurunan nilai loss is recognised as a deduction to the
diakui sebagai pengurang dari nilai carrying amount of the financial asset and
tercatat aset keuangan dan diakui di is recognised in the financial statements as
dalam laporan keuangan konsolidasian "Allowance for impairment losses".
sebagai “Pembentukan cadangan
kerugian penurunan nilai”.
Pengakuan Recognition
Bank menggunakan akuntansi tanggal The Bank use transactions date record to
perdagangan untuk mencatat transaksi efek- transactions in securities and government
efek dan obligasi pemerintah. bonds.
ii. Liabilitas keuangan ii. Financial liabilities
Grup mengklasifikasikan liabilitas keuangan The Group classifies its financial liabilities into
dalam kategori (a) liabilitas keuangan yang the category of (a) financial liabilities measured
diukur pada nilai wajar melalui laba rugi dan; at fair value through profit or loss and; (b)
(b) liabilitas keuangan yang diukur dengan financial liabilities measured at amortised cost.
biaya perolehan diamortisasi.
(a) Liabilitas keuangan yang diukur pada nilai (a) Financial liabilities measured at fair value
wajar melalui laba rugi through profit or loss
Kategori ini terdiri dari dua sub-kategori: This category comprises of two sub-
liabilitas keuangan diklasifikasikan categories: financial liabilities classified as
sebagai nilai wajar melalui laba rugi dan fair value through profit or loss and
liabilitas keuangan yang pada saat financial liabilities designated by the Group
pengakuan awal telah ditetapkan oleh as at fair value through profit or loss upon
Grup untuk diukur pada nilai wajar initial recognition.
melalui laba rugi.
63
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1011
Page 1014
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
ii. Liabilitas keuangan (lanjutan) ii. Financial liabilities (continued)
(a) Liabilitas keuangan yang diukur pada nilai (a) Financial liabilities measured at fair value
wajar melalui laba rugi (lanjutan) through profit or loss (continued)
Liabilitas keuangan diklasifikasikan A financial liability is classified as fair value
sebagai nilai wajar melalui laba rugi jika through profit or loss, if it is acquired or
diperoleh terutama untuk tujuan dijual incurred principally for the purpose of
atau dibeli kembali dalam waktu dekat selling or repurchasing it in the near term
atau jika merupakan bagian dari or if it is part of a portfolio of identified
portofolio instrumen keuangan tertentu financial instruments that are managed
yang dikelola bersama dan terdapat bukti together and for which there is evidence of
mengenai pola ambil untung dalam a recent actual pattern of short-term profit-
jangka pendek yang terkini. Derivatif taking. Derivatives are also categorised as
diklasifikasikan sebagai liabilitas nilai fair value through profit or loss liabilities
wajar melalui laba rugi kecuali ditetapkan unless they are designated and effective
dan efektif sebagai instrumen lindung as hedging instruments.
nilai arus kas.
Keuntungan dan kerugian yang timbul Gains and losses arising from changes in
dari perubahan nilai wajar liabilitas fair value of financial liabilities classified as
keuangan yang diklasifikasikan sebagai fair value through profit or loss are
nilai wajar melalui laba rugi dicatat dalam recorded in the consolidated statements of
laporan laba rugi dan penghasilan profit or loss and other comprehensive
komprehensif lain konsolidasian sebagai income as income from fair value through
pendapatan dari kelompok nilai wajar profit or loss - net. Interest expense from
melalui laba rugi - neto. Beban bunga financial liability classified as trading are
dari liabilitas keuangan diklasifikasikan recorded as income from fair value through
sebagai nilai wajar melalui laba rugi profit or loss - net.
dicatat di akun pendapatan dari
kelompok nilai wajar melalui laba rugi -
neto.
Jika Grup pada pengakuan awal telah If the Group designated certain debt
menetapkan instrumen utang tertentu securities upon initial recognition as at fair
sebagai nilai wajar melalui laba rugi (opsi value through profit or loss (fair value
nilai wajar), maka selanjutnya, option), then this designation cannot be
penetapan ini tidak dapat diubah. changed subsequently.
Perubahan nilai wajar terkait dengan Changes of fair value related to financial
liabilitas keuangan yang ditetapkan untuk liabilities designated at fair value through
diukur pada nilai wajar melalui laba rugi profit or loss are recognised in income
diakui di dalam pendapatan dari from fair value through profit or loss - net.
kelompok nilai wajar melalui laba rugi -
neto.
64
1012 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1015
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
ii. Liabilitas keuangan (lanjutan) ii. Financial liabilities (continued)
(a) Liabilitas keuangan yang diukur pada nilai (a) Financial liabilities measured at fair value
wajar melalui laba rugi (lanjutan) through profit or loss (continued)
Beban bunga dari liabilitas keuangan Interest expense from financial liabilities
yang ditetapkan untuk diukur pada nilai designated at fair value through profit or
wajar melalui laba rugi dicatat di akun loss are recorded as income from fair
pendapatan dari kelompok nilai wajar value through profit or loss - net.
melalui laba rugi - neto.
(b) Liabilitas keuangan yang diukur dengan (b) Financial liabilities at amortised cost
biaya perolehan diamortisasi
Grup mengklasifikasikan seluruh The Group classifies all financial liabilities
liabilitas keuangan sehingga setelah after initial recognition as measured at
pengakuan awal liabilitas keuangan amortised cost, except:
diukur pada biaya perolehan
diamortisasi, kecuali:
1. Liabilitas keuangan yang diukur 1. Financial liabilities measured at fair
pada nilai wajar melalui laba rugi; value through profit or loss;
2. Liabilitas keuangan yang timbul 2. Financial liabilities that arise when
ketika pengalihan aset keuangan a transfer of a financial asset does not
tidak memenuhi syarat penghentian qualify for derecognition or when the
pengakuan atau ketika pendekatan continuing involvement approach is
keterlibatan berkelanjutan applied;
diterapkan;
3. Kontrak jaminan keuangan; 3. Financial guarantee contracts;
4. Komitmen untuk menyediakan 4. Commitment to provide loans at below
pinjaman dengan suku bunga di market interest rates;
bawah pasar;
5. Imbalan kontijensi yang akan 5. Contingent reward recognised by the
diselesaikan dengan kas, dimana acquirer in the business combination.
Grup bertindak selaku pihak
pengakuisisi dalam kombinasi
bisnis.
Pada saat pengakuan awal, liabilitas At initial recognition, financial liabilities at
keuangan yang diukur dengan biaya amortised cost measured at fair value are
perolehan diamortisasi diukur pada nilai deducted by transaction cost. After initial
wajar dikurangi biaya transaksi. Setelah recognition, the Group measures all
pengakuan awal, Grup mengukur financial liabilities at amortised cost using
seluruh liabilitas keuangan yang diukur the effective interest rate method. Effective
dengan biaya perolehan diamortisasi interest rate amortisation is recognised as
dengan menggunakan metode suku “Interest expense”.
bunga efektif. Amortisasi suku bunga
efektif diakui sebagai “Beban bunga”.
65
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1013
Page 1016
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
iii. Penghentian pengakuan iii. Derecognition
Penghentian Pengakuan Aset Keuangan Derecognition of Financial Assets
Penghentian pengakuan aset keuangan Financial assets are derecognised when the
dilakukan ketika hak kontraktual atas arus kas contractual rights to receive the cash flows from
yang berasal dari aset keuangan tersebut these assets have expired or matured or the
berakhir, atau ketika aset keuangan tersebut assets have been transferred and substantially
telah ditransfer dan secara substansial all the risks and rewards of ownership of the
seluruh risiko dan manfaat atas kepemilikan assets are also transferred (if substantially all
aset tersebut telah ditransfer (jika, secara the risks and rewards have not been
substansial seluruh risiko dan manfaat tidak transferred, the Group evaluates to ensure that
ditransfer, maka Grup melakukan evaluasi continuing involvement on the basis of any
untuk memastikan keterlibatan berkelanjutan retained powers of control does not prevent
atas kendali yang masih dimiliki tidak derecognition).
mencegah penghentian pengakuan).
Agunan yang diserahkan oleh Grup di dalam Collateral that is provided by the Group under
perjanjian efek-efek yang dijual dengan janji the agreement of securities sold under
untuk dibeli kembali dan transaksi securities agreements to repurchase and securities
lending dan borrowing tidak dihentikan lending and borrowing transactions are not
pengakuannya karena Grup secara derecognised because the Group substantially
substansial masih memiliki seluruh risiko dan has all the risks and benefits of the collateral,
manfaat atas agunan tersebut, berdasarkan based on the requirement that the repurchase
kesepakatan bahwa harga pembelian price that has been determined at the
kembali telah ditentukan di awal, sehingga beginning, so that the criteria for derecognition
kriteria penghentian pengakuan tidak are not met.
terpenuhi.
Aset keuangan yang dialihkan kepada pihak Financial assets that are transferred to third
ketiga tetapi tidak memenuhi syarat parties but do not qualify for derecognition
penghentian pengakuan disajikan di dalam criteria are presented in the consolidated
laporan posisi keuangan konsolidasian statements of financial position as “Other
sebagai “Aset lain-lain - Tagihan atas efek- assets - Receivables from securities and
efek dan obligasi pemerintah yang government bonds pledged as collateral”,
diagunkan”, dimana pihak penerima memiliki which the recipient has the right to sell or
hak untuk menjual atau mentransfer kembali. transfer back.
Penghentian Pengakuan Liabilitas Derecognition of Financial Liabilities
Keuangan
Penghentian pengakuan liabilitas keuangan Financial liabilities are derecognised when the
dilakukan jika liabilitas keuangan tersebut financial liabilities have expired because the
telah berakhir karena kewajiban yang obligations specified in the contract have been
ditetapkan dalam kontrak telah dilepaskan, released, canceled or expired or if there is
dibatalkan atau kedaluwarsa atau apabila a substantial change in the terms of a financial
terdapat perubahan yang substansial dalam liability, the financial liability contract before the
persyaratan suatu liabilitas keuangan, maka change will be written off and the Group will
kontrak liabilitas keuangan sebelum recognize the new financial liability.
perubahan akan dihapus dan Grup akan
mengakui liabilitas keuangan baru.
66
1014 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1017
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
iii. Penghentian pengakuan (lanjutan) iii. Derecognition (continued)
Hapus buku Write-offs
Dalam hal penghapusbukuan aset keuangan In the case of financial assets’ write-off is
merupakan kelanjutan dari tindakan a continuation of the financial assets’
penyelesaian aset keuangan dengan cara settlement by taking over collaterals, the
pengambilalihan agunan, maka jumlah yang written-off amount is approximately equal to the
dihapusbuku adalah sebesar selisih kurang difference between the fair value of
antara nilai wajar agunan yang diambil alih repossessed assets after taking into account
setelah memperhitungkan taksiran biaya the financial assets’ cost of sales and carrying
penjualan dengan nilai tercatat aset amount.
keuangan.
Aset keuangan dapat dihapusbuku apabila Financial assets can be written-off when the
cadangan kerugian penurunan nilai telah allowance for impairment losses have been
dibentuk 100%. 100% established.
Penghapusbukuan dilakukan secara Full write-off is done to the financial assets’
keseluruhan terhadap nilai tercatat aset carrying amount by debiting the allowance for
keuangan dengan mendebit cadangan impairment losses.
kerugian penurunan nilai.
iv. Modifikasi atas arus kas aset keuangan iv. Modification of financial assets cash flow
Penilaian apakah modifikasi atau An assessment of whether a financial asset has
restrukturisasi atas suatu aset keuangan been modified or restructured substantially or
menghasilkan atau tidak menghasilkan not substantially derecognised is carried out by
penghentian pengakuan, dilakukan oleh unit a business unit whose authorised to modify or
bisnis yang berwenang melakukan restructure financial assets.
restrukturisasi aset keuangan tersebut.
Grup mengakui aset keuangan dimodifikasi Modifications or restructuring to financial
atau direstrukturisasi secara substansial dan assets are considered substantial and the
menghasilkan penghentian pengakuan Group will cease to recognize the original
ketika: financial assets when:
(a) aset keuangan (atau bagiannya) (a) the financial asset (or portion thereof)
berakhir, yaitu jika debitur secara hukum expires, that is, if the debtor is legally
dibebaskan dari tanggung jawab utama released from primary responsibility for the
atas aset tersebut (atau bagiannya), baik asset (or any portion thereof), either by
melalui proses hukum maupun oleh legal process or by the creditor entering
kreditur pembuatan kontrak kredit baru into a new credit contract (for example, the
(sebagai contoh, opsi equity conversion); equity conversion option); or
atau
(b) terdapat konversi mata uang. (b) there is a currency conversion.
67
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1015
Page 1018
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
iv. Modifikasi atas arus kas aset keuangan iv. Modification of financial assets cash flow
(lanjutan) (continued)
Grup menilai apakah modifikasi atau The Group will measure the substantially and
restrukturisasi atas suatu aset keuangan not substantially modified financial assets as
menghasilkan atau tidak menghasilkan follows:
penghentian pengakuan dengan cara berikut:
(a) Modifikasi aset keuangan yang (a) Substantial modification of financial assets
menghasilkan penghentian pengakuan
aset keuangan
1. Saat arus kas kontraktual atas aset 1. When the contractual cashflow on
keuangan direstrukturisasi atau a financial asset is restructured or
dimodifikasi (antara lain ketika kredit modified (including when a credit is
direstrukturisasi) dimana restructured) and the restructuring or
restrukturisasi atau modifikasi modification results in derecognition of
tersebut menghasilkan penghentian the financial asset, therefore the Group
pengakuan aset keuangan, Grup will record the financial asset as a
akan mencatat aset keuangan new/modified financial asset on the
tersebut sebagai aset keuangan modification/restructuring date.
baru/modifikasian pada tanggal
modifikasi/restrukturisasi.
2. Selisih nilai tercatat aset keuangan 2. The difference between the gross
sebelum modifikasi/restrukturisasi amount of the initial financial assets
dengan nilai wajar aset setelah and the fair value of the modified or
modifikasi/restrukturisasi diakui di restructuring assets recorded as profit
laba rugi. or loss.
3. Saat arus kas kontraktual atas aset 3. When the contractual cashflow on a
keuangan direstrukturisasi atau financial asset is restructured or
dimodifikasi (antara lain ketika kredit modified (including when a credit is
direstrukturisasi) dimana restructured) and the restructuring or
restrukturisasi atau modifikasi modification results in derecognition of
tersebut menghasilkan penghentian the financial asset, therefore the Group
pengakuan aset keuangan, Grup will record the financial asset as a
akan mencatat aset keuangan new/modified financial asset on the
tersebut sebagai aset keuangan modification/restructuring date.
baru/modifikasian pada tanggal
modifikasi/restrukturisasi.
4. Selisih nilai tercatat aset keuangan 4. The difference between the gross
sebelum modifikasi/restrukturisasi amount of the initial financial assets
dengan nilai wajar aset setelah and the fair value of the modified or
modifikasi/restrukturisasi diakui di restructuring assets recorded as profit
laba rugi. or loss.
5. Pendapatan atau biaya transaksi 5. Transaction income or costs incurred in
yang terjadi sehubungan dengan connection with a modification event
kejadian modifikasi diakui sebagai recognised as part of gain or loss on
bagian dari keuntungan atau the modification.
kerugian atas modifikasi tersebut.
6. Grup melakukan penilaian apakah 6. Group assess whether new/modified
aset keuangan baru/modifikasian financial assets are assets originating
merupakan aset yang berasal dari from impaired financial assets or
aset keuangan memburuk atau Purchased or Originated Credit-
Purchased or Originated Credit- Impaired (“POCI”) Financial Asset.
Impaired (“POCI”) Financial Asset.
68
1016 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1019
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
iv. Modifikasi atas arus kas aset keuangan iv. Modification of financial assets cash flow
(lanjutan) (continued)
Grup menilai apakah modifikasi atau The Group will measure the substantially and
restrukturisasi atas suatu aset keuangan not substantially modified financial assets as
menghasilkan atau tidak menghasilkan follows: (continued)
penghentian pengakuan dengan cara
berikut: (lanjutan)
(a) Modifikasi aset keuangan yang (a) Substantial modification of financial assets
menghasilkan penghentian pengakuan (continued)
aset keuangan (lanjutan)
7. Pengakuan pendapatan bunga 7. Recognition of interest income on
atas aset yang berasal dari aset assets originating from Impaired
keuangan memburuk ditentukan financial assets is calculated based on
berdasarkan suku bunga efektif an effective interest rate adjusted for
yang telah disesuaikan dengan credit risk (risk-adjusted effective
risiko kredit (risk-adjusted effective interest rate) to discount the cash flows
interest rate) untuk of modified financial assets.
mendiskontokan arus kas aset
keuangan yang telah dimodifikasi.
(b) Modifikasi aset keuangan yang tidak (b) Non-substantial modification of financial
menghasilkan penghentian pengakuan assets
aset keuangan
1. Saat Grup melakukan renegosiasi 1. When the Group renegotiates or
atau modifikasi arus kas modifies contractual cash flows of
kontraktual atas aset keuangan financial assets (including when loans
(antara lain ketika kredit are restructured) that do not meet the
direstrukturisasi) yang tidak criteria for substantial modification of
memenuhi kriteria modifikasi aset financial assets above, the
keuangan yang substansial di atas, restructuring or modification does not
maka restrukturisasi atau result in derecognition of the financial
modifikasi tersebut tidak assets.
menghasilkan penghentian
pengakuan aset keuangan.
2. Jumlah tercatat bruto aset 2. The gross carrying amount of
keuangan dihitung sebesar nilai financial assets is computed at the net
kini (net present value) dari arus present value of modified or
kas neto kontraktual yang telah restructured contractual cash flows,
dimodifikasi atau direstrukturisasi discounted at the initial effective
yang didiskontokan menggunakan interest rate.
suku bunga efektif awal.
3. Grup kemudian mengakui 3. The Group then recognizes the gain
keuntungan atau kerugian dari or loss from the modification (i.e the
modifikasi (yaitu sebesar change in the gross carrying amount
perubahan jumlah tercatat bruto of the financial asset) in the profit or
aset keuangan) dalam laporan laba loss.
rugi.
4. Pendapatan atau biaya transaksi 4. Transaction income or costs incurred
yang terjadi sehubungan dengan in connection with a modification
kejadian modifikasi diakui sebagai event are recognised as an
penyesuaian terhadap jumlah adjustment to the carrying amount of
tercatat aset keuangan yang telah the modified financial asset and
dimodifikasi dan diamortisasi amortised over the remaining term of
selama sisa jangka waktu aset the modified financial asset using the
keuangan modifikasian tersebut initial effective interest rate.
dengan menggunakan suku bunga
efektif awal.
69
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1017
Page 1020
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
iv. Modifikasi atas arus kas aset keuangan iv. Modification of financial assets cash flow
(lanjutan) (continued)
Grup menilai apakah modifikasi atau The Group will measure the substantially and
restrukturisasi atas suatu aset keuangan not substantially modified financial assets as
menghasilkan atau tidak menghasilkan follows: (continued)
penghentian pengakuan dengan cara berikut:
(lanjutan)
(b) Modifikasi aset keuangan yang tidak (b) Non-substantial modification of financial
menghasilkan penghentian pengakuan assets (continued)
aset keuangan (lanjutan)
5. Selisih antara jumlah tercatat bruto 5. The difference between the gross
aset keuangan sebelum dan carrying amount of a financial asset
sesudah modifikasi atau before and after modification or
restrukturisasi diakui sebagai restructuring is recognised as a gain
kerugian atau keuntungan aset or loss of the modified financial asset,
keuangan modifikasian, yang which is an adjustment to the initial
merupakan penyesuaian terhadap gross carrying amount and is
jumlah tercatat bruto awal dan amortised over the remaining term of
diamortisasi selama sisa jangka the financial asset using the initial
waktu aset keuangan dengan effective interest rate (unwinding
menggunakan suku bunga efektif interest).
awal (unwinding interest).
v. Reklasifikasi aset keuangan v. Reclassification of financial assets
Grup diperkenankan untuk melakukan The Group is allowed to reclassify the financial
reklasifikasi atas aset keuangan yang dimiliki assets owned if the Group changes the
jika Grup mengubah model bisnis untuk business model for managing the financial
pengelolaan aset keuangan dan Grup tidak assets and the Group is not allowed to
diperkenankan untuk melakukan reklasifikasi reclassify the financial liabilities.
atas liabilitas keuangan.
Perubahan model bisnis sifatnya harus Changes in the business model should
berdampak secara signifikan terhadap significantly impact the Group's operational
kegiatan operasional Grup seperti activities such as acquiring, disposal or
memperoleh, melepaskan, atau mengakhiri discontinued a line of business. In addition, the
suatu lini bisnis. Selain itu, Grup perlu Group needs to prove the change of business
membuktikan adanya perubahan tersebut model to external parties.
kepada pihak eksternal.
Grup akan mereklasifikasi seluruh aset The Group will reclassify all financial assets
keuangan yang terkena dampak dari impacted by changes in the business model.
perubahan model bisnis. Perubahan tujuan The changes of the Group’s business model
model bisnis Grup harus berdampak sebelum must occur before the reclassification date.
tanggal reklasifikasi.
Yang bukan merupakan perubahan model The following are not considered as change in
bisnis adalah: business model:
(a) perubahan intensi berkaitan dengan aset (a) the change of intention related to certain
keuangan tertentu (bahkan dalam situasi financial assets (even in situations of
perubahan signifikan dalam kondisi significant changes in market conditions).
pasar).
(b) hilangnya sementara pasar tertentu (b) temporary loss of certain markets for
untuk aset keuangan. financial assets.
(c) pengalihan aset keuangan antara bagian (c) the transfer of financial assets between
dari Grup dengan model bisnis berbeda. parts of the Group and different business
models.
70
1018 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1021
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
v. Reklasifikasi aset keuangan (lanjutan) v. Reclassification of financial assets
(continued)
Dampak reklasifikasi aset keuangan Impact of reclassificaton of financial assets
Grup menerapkan reklasifikasi secara The Group applies the reclassifications
prospektif dari tanggal reklasifikasi. Grup prospectively from the reclassification date.
tidak menyajikan kembali keuntungan, The Group does not restate gain, losses
kerugian (termasuk keuntungan atau (including gains and impairment losses), or
kerugian penurunan nilai), atau bunga yang previously recognised interest.
diakui sebelumnya.
Dampak reklasifikasi aset keuangan pada The impact of reclassification of financial asset
laba rugi atau ekuitas dan pengukuran on profit or loss or equity and its initial
awalnya adalah sebagai berikut: measurement is as follows:
Reklasifikasi/ Dampak Dampak
Reclassification Terhadap Laba Terhadap Nilai Tercatat Awal
Rugi/ Ekuitas/ Setelah Reklasifikasi/
Dari/ Ke/ Impact to Profit Impact to Initial Carrying Amount After
From To or Loss Equity Reclassification
1. Nilai wajar pada tanggal reklasifikasi
menjadi jumlah tercatat bruto
yang baru./
Fair value at the reclassification date
becomes the new gross carrying
FVPL Amortised - - amount.
Cost 2. Suku bunga efektif ditentukan pada
dasar nilai wajar aset pada tanggal
reklasifikasi./
Effective interest rate is determined at
the fair value of the asset at
reclassification date.
1. Aset keuangan tetap diukur pada nilai
wajarnya./
Financial assets is measured at fair
value.
FVPL FVOCI - - 2. Suku bunga efektif ditentukan pada
dasar nilai wajar aset pada tanggal
reklasifikasi./
Effective interest rate is determined at
the fair value of the asset at
reclassification date.
Selisih antara nilai
tercatat sebelum
reklasifikasi dan
nilai wajar setelah Nilai wajarnya diukur pada tanggal
Amortised reklasifikasi./ reklasifikasi./
Cost FVPL Difference in - Fair value is measured at reclassification
carrying amount date.
before
reclassification
and fair value after
reclassification.
71
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1019
Page 1022
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
v. Reklasifikasi aset keuangan (lanjutan) v. Reclassification of financial assets
(continued)
Dampak reklasifikasi aset keuangan Impact of reclassificaton of financial assets
(lanjutan) (continued)
Dampak reklasifikasi aset keuangan pada The impact of reclassification of financial asset
laba rugi atau ekuitas dan pengukuran on profit or loss or equity and its initial
awalnya adalah sebagai berikut: (lanjutan) measurement is as follows: (continued)
Reklasifikasi/ Dampak
Reclassification Terhadap Laba Dampak Nilai Tercatat Awal
Rugi/ Terhadap Setelah Reklasifikasi/
Dari/ Ke/ Impact to Profit Ekuitas/ Initial Carrying Amount After
From To or Loss Impact to Equity Reclassification
Selisih antara 1. Nilai wajarnya diukur pada
nilai tercatat tanggal reklasifikasi./
sebelum Fair value is measured at
reklasifikasi dan reclassification date.
nilai wajar 2. Suku bunga efektif dan
setelah pengukuran kerugian kredit
Amortised FVOCI - reklasifikasi./ ekspektasian tidak perlu
Cost Difference in disesuaikan./
carrying amount Effective interest rate and
before expected credit loss is not
reclassification adjusted.
and fair value
after
reclassification.
1. Nilai wajar pada tanggal
reklasifikasi menjadi jumlah
Keuntungan atau tercatat bruto yang baru
kerugian ditambah atau dikurangi
kumulatif dihapus keuntungan atau kerugian
dari ekuitas dan kumulatif sebelumnya./
disesuaikan Fair value at the reclassification
terhadap nilai date becomes the new gross
FVOCI Amortised - wajar./ carrying amount by added or
Cost Cumulative gain deducted the previous
or loss on equity cumulative gain or loss.
is taken out and 2. Suku bunga efektif dan
adjusted pengukuran kerugian kredit
against the fair ekspektasian tidak perlu
value of the disesuaikan./
financial asset Effective interest rate and
expected credit loss is not
adjusted.
Keuntungan atau kerugian kumulatif Aset keuangan tetap diukur pada
direklasifikasi dari ekuitas menjadi nilai wajarnya./
FVPL laba rugi./ Financial assets is measured at fair
Cumulative gain or loss on equity is value.
reclassified to profit or loss.
72
1020 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1023
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
vi. Klasifikasi atas instrumen keuangan vi. Classification of financial instruments
Grup mengklasifikasikan aset keuangan ke The Group classifies the financial instruments
dalam klasifikasi tertentu sesuai dengan hasil into classes in accordance with the results of
pengujian model bisnis dan karakteristik arus business model testing and contractual
kas kontraktual. Klasifikasi aset keuangan cashflow characteristics. The classification of
dapat dilihat pada tabel di bawah ini: financial instrument can be seen in the table
below:
Klasifikasi/Classification Golongan/Class
Efek-efek/Marketable securities
Obligasi Pemerintah/Government bonds
Aset keuangan yang diukur pada
nilai wajar melalui laba rugi (FVPL)/ Tagihan derivatif (tidak terkait lindung nilai)/
Financial assets measured at fair Derivative receivables - non hedging related
value through profit or loss (FVPL)
Kredit yang diberikan/Loans
Penyertaan saham/Investments in shares
Aset keuangan yang diukur pada Efek-efek/Marketable securities
nilai wajar melalui penghasilan
Obligasi Pemerintah/Government bonds
komprehensif lainnya (FVOCI)/
Financial assets measured
Kredit yang diberikan/Loans
at fair value through other
comprehensive income (FVOCI) Penyertaan saham/Investments in shares
Giro pada Bank Indonesia/
Current accounts with Bank Indonesia
Aset keuangan/ Giro pada bank lain/
Financial assets Current accounts with other banks
Penempatan pada Bank Indonesia dan bank
lain/Placements with Bank Indonesia and
other banks
Tagihan lainnya - transaksi perdagangan/
Other receivables - trade transaction
Aset keuangan yang diukur pada Efek-efek/Marketable securities
biaya perolehan diamortisasi/
Financial assets measured at Obligasi Pemerintah/Government bonds
amortised cost (Amortised Cost)
Tagihan atas efek-efek yang dibeli dengan
janji dijual kembali/Securities purchased
under agreements to resell
Piutang pembiayaan konsumen/Consumer
financing receivables
Kredit yang diberikan dan
piutang/pembiayaan syariah/Loans and
sharia receivable/financing
Tagihan akseptasi/Acceptance receivables
73
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1021
Page 1024
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
vi. Klasifikasi atas instrumen keuangan vi. Classification of financial instruments
(lanjutan) (continued)
Grup mengklasifikasikan aset keuangan ke The Group classifies the financial instruments
dalam klasifikasi tertentu sesuai dengan hasil into classes in accordance with the results of
pengujian model bisnis dan karakteristik arus business model testing and contractual
kas kontraktual. Klasifikasi aset keuangan cashflow characteristics. The classification of
dapat dilihat pada tabel di bawah ini: financial instrument can be seen in the table
(lanjutan) below: (continued)
Klasifikasi/Classification Golongan/Class
Liabilitas keuangan yang diukur
pada nilai wajar melalui laba rugi/ Liabilitas derivatif bukan lindung nilai/
Financial liabilities measured at fair Derivative payables - non hedging related
value through profit or loss
Giro/Demand deposits
Tabungan/Saving deposits
Deposito berjangka/Time deposits
Simpanan dari bank lain/Deposits from
Liabilitas keuangan/ other banks
Financial liabilities Liabilitas keuangan yang diukur Liabilitas atas efek-efek yang dijual dengan
dengan biaya perolehan janji dibeli kembali/Securities sold under
diamortisasi/Financial liabilities agreements to repurchase
measured at amortised cost Liabilitas akseptasi/Acceptance payables
Efek-efek yang diterbitkan/Debt securities
issued
Pinjaman yang diterima/Fund borrowings
Pinjaman subordinasi/Subordinated loans
Setoran jaminan/Guarantee deposits
Rekening Fasilitas kredit yang diberikan yang belum digunakan (committed)/
administratif/ Unused loan facilities (committed)
Administrative Letters of credit yang tidak dapat dibatalkan/Irrevocable letter of credit
accounts Garansi yang diberikan yang memenuhi definisi kontrak jaminan keuangan/
Bank guarantees issued that meet the definition of a financial guarantee contract
Standby letters of credit
vii. Saling hapus instrumen keuangan vii. Offsetting financial instruments
Aset keuangan dan liabilitas keuangan saling Financial assets and liabilities are offset and
hapus disajikan dalam laporan posisi the net amount presented in the consolidated
keuangan konsolidasian jika memiliki hak statement of financial position when there is a
yang berkekuatan hukum untuk melakukan legally enforceable right to offset the
saling hapus atas jumlah yang telah diakui recognised amounts and an intention to settle
tersebut dan berniat untuk menyelesaikan on a net basis or realised the asset and settle
secara neto atau untuk merealisasikan aset the liability simultaneously.
dan menyelesaikan liabilitasnya secara
simultan.
74
1022 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1025
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
vii. Saling hapus instrumen keuangan vii. Offsetting financial instruments (continued)
(lanjutan)
Hak yang berkekuatan hukum berarti: This means that the right to offset:
a. tidak terdapat kontinjensi di masa yang a. must not be contingent on a future event,
akan datang, dan and
b. hak yang dapat dipaksakan secara b. must be legally enforceable in all of the
hukum pada kondisi-kondisi berikut ini: following circumstances:
i. kegiatan bisnis normal; i. the normal course of business;
ii. kondisi kegagalan usaha; dan ii. the event of default; and
iii. kondisi gagal bayar atau bangkrut. iii. the event of insolvency or bankruptcy.
viii. Cadangan kerugian penurunan nilai aset viii. Allowance for impairment losses of financial
keuangan assets
Penerapan PSAK 109 “Instrumen Keuangan” The implementation of SFAS 109 "Financial
telah mengubah metode perhitungan Instruments" has changed the method of
kerugian penurunan nilai dari pendekatan calculating impairment losses from the incurred
kerugian yang telah terjadi (incurred loss) loss approach in SFAS 239 "Financial
dalam PSAK 239 “Instrumen Keuangan: Instruments: Recognition and Measurement"
Pengakuan dan Pengukuran” dengan with the expected credit loss approach.
pendekatan kerugian kredit ekspektasian.
Ruang lingkup penurunan nilai Scope of impairment
a) Aset keuangan dalam klasifikasi selain a) Financial assets in other than those
yang diukur pada nilai wajar melalui laba measured at fair value through profit or
rugi loss
1) Penurunan nilai atas aset keuangan 1) Impairment of financial assets at
pada biaya perolehan diamortisasi amortised cost is recognised as
diakui sebagai pengurang dari nilai a deduction from the asset's carrying
tercatat aset di dalam laporan posisi amount in the consolidated statement
keuangan konsolidasian, dan diakui of financial position, and recognised in
di dalam laporan laba rugi the consolidated income statement as
konsolidasian sebagai "Beban "Allowance for Impairment Losses".
Pembentukan Cadangan Kerugian
Penurunan Nilai".
2) Penurunan nilai atas aset keuangan 2) Impairment of financial assets
(di luar instrumen ekuitas) yang (excluding equity instruments)
diukur pada nilai wajar melalui measured at fair value through other
penghasilan komprehensif lain diakui comprehensive income is recognised
sebagai penambah dari penghasilan as an addition to other comprehensive
komprehensif lainnya di dalam income in the consolidated statement
laporan posisi keuangan of financial position (not reducing the
konsolidasian (tidak mengurangi carrying amount of financial assets in
jumlah tercatat aset keuangan dalam the financial statements) as
laporan keuangan) sebagai "Unrealised Gain or Loss " and
"Keuntungan/Kerugian yang Belum recognised in the consolidated income
Direalisasikan", dan diakui di dalam statement as "Allowance for
laporan laba rugi konsolidasian Impairment Losses".
sebagai "Beban Pembentukan
Cadangan kerugian penurunan
nilai".
75
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1023
Page 1026
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
viii. Cadangan kerugian penurunan nilai aset viii. Allowance for impairment losses of financial
keuangan (lanjutan) assets (continued)
Ruang lingkup penurunan nilai (lanjutan) Scope of impairment (continued)
b) Komitmen Pinjaman atau Kelonggaran b) Loan Commitments or Committed Unused
Tarik yang Sifatnya Tidak Dapat Loan Facilities
Dibatalkan (Committed)
1) Penurunan nilai atas komitmen 1) Impairment of loan commitments is
pinjaman diakui sebagai provisi pada recognised as provision for the Bank's
komponen liabilitas Bank yang liability component which is recorded
dicatat secara terpisah dari aset separately from the related loan
pinjaman yang terkait sebagai assets as "Estimated losses on
"Estimasi kerugian atas komitmen commitments and contingencies",
dan kontijensi", kecuali Grup tidak unless the Group cannot identify it
dapat mengidentifikasi secara separately.
terpisah.
2) Dalam kondisi tersebut, penurunan 2) In that case, the impairment of loan
nilai atas komitmen pinjaman dan commitments and loan assets is
aset pinjaman diakui bersama recognised together as a deduction
sebagai pengurang dari nilai tercatat from the carrying amount of the
aset di dalam laporan posisi assets in the consolidated statement
keuangan konsolidasian. of financial position.
c) Kontrak Jaminan Keuangan Penurunan c) Financial Guarantee Contract Impairment
nilai atas kontrak jaminan keuangan of financial guarantee contracts is
diakui sebagai provisi pada komponen recognised as a provision under the
liabilitas Bank sebagai "Estimasi kerugian Bank's liability component as "Estimated
atas komitmen dan kontinjensi". losses on commitments and
contingencies".
Evaluasi penurunan nilai yang dilakukan Periodic evaluation on impairment of
secara periodik financial assets
Pada setiap tanggal laporan posisi keuangan The Group assesses at each reporting date
konsolidasian, Grup mengevaluasi apakah whether there is a significant increase in credit
terdapat peningkatan risiko kredit yang risk or objective evidence that a financial asset
signifikan atau terdapat bukti objektif or group of financial assets is impaired.
terjadinya penurunan nilai.
Kriteria yang digunakan oleh Grup untuk The criteria that the Group uses to determine
menentukan bukti objektif dari penurunan nilai that there is objective evidence of impairment
adalah sebagai berikut: loss include:
a) Kesulitan keuangan signifikan yang a) Significant financial difficulty of the issuer
dialami penerbit atau pihak peminjam; or obligor;
b) Pelanggaran kontrak, seperti peristiwa b) A breach of contract, such as
gagal bayar atau peristiwa tunggakan a default or delinquency in interest or
bunga atau pokok; principal payments;
76
1024 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1027
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
viii. Cadangan kerugian penurunan nilai aset viii. Allowance for impairment losses of financial
keuangan (lanjutan) assets (continued)
Evaluasi penurunan nilai yang dilakukan Periodic evaluation on impairment of
secara periodik (lanjutan) financial assets (continued)
Kriteria yang digunakan oleh Grup untuk The criteria that the Group uses to determine
menentukan bukti objektif dari penurunan nilai that there is objective evidence of impairment
adalah sebagai berikut: (lanjutan) loss include: (continued)
c) Pihak pemberi pinjaman, untuk alasan c) The lender, for economic or legal reasons
ekonomi atau kontraktual sehubungan relating to the borrower’s financial
dengan kesulitan keuangan yang dialami difficulty, granting to the borrower
pihak peminjam, telah memberikan a concession that the lender would not
konsesi pada pihak peminjam yang tidak otherwise consider if the borrower is not
mungkin diberikan jika pihak peminjam having that financial difficulty;
tidak mengalami kesulitan tersebut;
d) Terjadi kemungkinan bahwa pihak d) There is a probability that the borrower will
peminjam akan dinyatakan pailit atau enter bankruptcy or other financial
melakukan reorganisasi keuangan reorganisation;
lainnya;
e) Hilangnya pasar aktif dari aset keuangan e) The disappearance of an active market for
akibat kesulitan keuangan; atau that financial asset because of financial
difficulties; or
f) Pembelian atau penerbitan aset f) Purchase or issuance of financial asset at
keuangan dengan diskon sangat besar significant discount which reflects the
yang mencerminkan kerugian kredit yang credit loss that occurs.
terjadi.
Grup menggunakan kriteria tambahan untuk The Group uses additional criteria to determine
menentukan kualitas aset instrumen the quality of financial instrument assets in
keuangan sesuai dengan Peraturan Otoritas accordance with the Financial Services
Jasa Keuangan (POJK) Authority Regulation (POJK)
No. 40/POJK.03/2019 tanggal 19 Desember No. 40/POJK.03/2019 dated 19 December
2019 tentang Penilaian Kualitas Aset Bank 2019 concerning Asset Quality Assessment for
Umum. Commercial Banks.
Selanjutnya, Grup mengelompokkan aset Furthermore, the Group classifies financial
keuangan berdasarkan hasil evaluasi tersebut assets based on the evaluation results, which
yang mencerminkan tingkat risiko kredit aset reflect the level of credit risk of the financial
keuangan. assets.
a) Stage 1 a) Stage 1
Pada tanggal evaluasi penurunan nilai, At the evaluation date of impairment, credit
risiko kredit atas instrumen keuangan risk on financial instruments does not
tidak meningkat secara signifikan sejak increase significantly since initial
pengakuan awal. recognition.
77
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1025
Page 1028
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
viii. Cadangan kerugian penurunan nilai aset viii. Allowance for impairment losses of financial
keuangan (lanjutan) assets (continued)
Evaluasi penurunan nilai yang dilakukan Periodic evaluation on impairment of
secara periodik (lanjutan) financial assets (continued)
a) Stage 1 (lanjutan) a) Stage 1 (continued)
Hal ini dapat dibuktikan dengan This can be proven by the occurrence of
terjadinya seluruh hal berikut, yaitu: all of the following, namely:
Untuk Jenis Aset Keuangan Non-Surat For Types of Non-Securities Financial
Berharga: Assets:
1) Tidak terdapat tunggakan pokok 1) There are no arrears of principal
dan/atau bunga lebih dari 30 hari; and/or interest for more than 30 days;
2) Instrumen keuangan memiliki 2) The financial instrument has
kualitas 1 atau 2; dan a collectability of 1 or 2; and
3) Tidak direstrukturisasi. 3) Not restructured.
Aset Keuangan Surat Berharga: Securities Financial Assets:
1) Memiliki peringkat investasi; 1) Having investment grade;
2) Tidak terdapat tunggakan kupon 2) There are no arrears of coupons
dan/atau kewajiban lain yang and/or other similar obligations; and
sejenis; dan
3) Belum jatuh tempo. 3) Not yet due.
Atas hal tersebut, Grup akan mengukur For this reason, the Group will measure
penyisihan kerugian untuk instrumen the allowance for impairment losses for
keuangan tersebut sejumlah kerugian the financial instrument at the amount of
kredit ekspektasian 12 bulan. an expected credit loss for 12 months.
b) Stage 2 b) Stage 2
Pada tanggal evaluasi, risiko kredit atas At the evaluation date, credit risk on
instrumen keuangan telah meningkat financial instruments has increased
secara signifikan sejak pengakuan awal significantly since initial recognition which
yang dapat dibuktikan. can be proven.
Untuk Jenis Aset Keuangan Non-Surat For Types of Non-Securities Financial
Berharga, dengan terjadi salah satu dari Assets, if one of the following occurs:
hal berikut:
1) Terdapat tunggakan pokok dan/atau 1) There are arrears of principal and/or
bunga yang telah melebihi 30 hari interest more than 30 days to 90 days;
sampai dengan 90 hari;
2) Instrumen keuangan memiliki 2) The financial instrument has
kualitas 2; atau a collectability of 2; or
3) Terjadi restrukturisasi atas aset 3) There was a restructuring of financial
keuangan yang tidak menyebabkan assets that did not result in the
pengakuan aset yang berasal dari recognition of assets originating from
aset keuangan yang memburuk, impaired financial assets, which
dimana sebelum restrukturisasi aset before restructuring the assets were
berada pada stage 1 atau 2. at stage 1 or 2.
78
1026 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1029
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
viii. Cadangan kerugian penurunan nilai aset viii. Allowance for impairment losses of financial
keuangan (lanjutan) assets (continued)
Evaluasi penurunan nilai yang dilakukan Periodic evaluation on impairment of
secara periodik (lanjutan) financial assets (continued)
b) Stage 2 (lanjutan) b) Stage 2 (continued)
Untuk Jenis Aset Keuangan Surat For Types of Securities Financial Assets:
Berharga:
1) Memiliki peringkat paling rendah 1 1) Has a rating of at least 1 (one) level
(satu) tingkat di bawah peringkat below investment grade;
investasi;
2) Tidak terdapat tunggakan kupon 2) There are no arrears of coupons
dan/atau kewajiban lain yang and/or other similar obligations; and
sejenis; dan
3) Belum jatuh tempo. 3) Not yet due.
Grup akan mengukur penyisihan At this stage, the Group will measure the
kerugian untuk instrumen keuangan allowance for impairment losses for the
pada stage ini sejumlah kerugian kredit financial instrument at the amount of the
ekspektasian sepanjang umurnya. expected credit losses over its lifetime.
c) Stage 3 (Default) c) Stage 3 (Default)
Pada tanggal evaluasi, terdapat bukti At the evaluation date, there is objective
objektif bahwa aset keuangan evidence that the financial asset is
mengalami penurunan nilai yang dapat impaired which can be proven.
dibuktikan.
Untuk Jenis Aset Keuangan Non-Surat For Types of Non-Securities Financial
Berharga, dengan terjadinya salah satu Assets, if one of the following occurs:
dari hal berikut, yaitu:
1) Terdapat tunggakan pokok 1) There are arrears principal and/or
dan/atau bunga lebih dari 90 hari; interest of more than 90 days;
2) Instrumen keuangan memiliki 2) The financial instrument has
kualitas 3, 4, atau 5; atau a collectability of 3, 4, or 5; or
3) Terjadi restrukturisasi atas aset 3) There was a restructuring of financial
keuangan yang tidak menyebabkan assets that did not result in the
pengakuan aset yang berasal dari recognition of assets originating from
aset keuangan yang memburuk, impaired financial assets, where prior
dimana sebelum restrukturisasi to restructuring the assets were at
aset telah berada pada stage 3. stage 3.
Untuk Jenis Aset Keuangan Surat For Types of Securities Financial Assets:
Berharga:
1) Memiliki peringkat investasi, 1) Has an investment grade, has arrears
terdapat tunggakan kupon dan/atau of coupons and/or other similar
kewajiban lain yang sejenis, dan obligations, and has not yet matured;
belum jatuh tempo; atau or
2) Kriteria lain yang tidak memenuhi 2) Other criteria that do not meet the
kriteria pada stage 1 dan 2 untuk criteria on stage 1 and 2 for types of
jenis aset keuangan surat securities financial assets.
berharga.
79
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1027
Page 1030
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
viii. Cadangan kerugian penurunan nilai aset viii. Allowance for impairment losses of financial
keuangan (lanjutan) assets (continued)
Evaluasi penurunan nilai yang dilakukan Periodic evaluation on impairment of
secara periodik (lanjutan) financial assets (continued)
c) Stage 3 (Default) (lanjutan) c) Stage 3 (Default) (continued)
Grup akan mengukur penyisihan The Group will measure the allowance for
kerugian untuk instrumen keuangan pada losses for financial instruments at this
stage ini sejumlah kerugian kredit stage at the amount of the expected credit
ekspektasian sepanjang umurnya. losses over its lifetime.
Khusus untuk aset keuangan yang Specifically for financial assets which
penurunan nilainya dievaluasi secara impairment value is evaluated individually,
individual, Grup dapat menetapkan aset the Group may designate these financial
keuangan tersebut pada kelompok stage assets in the stage 3 group (from the
3 (dari sebelumnya ada di kelompok previous stage 2 group), even though
stage 2), meskipun aset keuangan those financial assets do not meet the
dimaksud belum memenuhi kriteria criteria for stage 3 group.
kelompok stage 3.
d) Aset yang Dibeli atau Berasal dari Aset d) Purchased or Originated Credit-Impaired
Keuangan yang Memburuk Financial Asset (“POCI”)
Kriteria aset yang dibeli sebagai aset The criteria for assets purchased as an
keuangan memburuk impaired financial assets
Aset keuangan yang dibeli A purchased financial asset is classified as
dikelompokkan sebagai aset keuangan an impaired financial asset if it meets the
memburuk jika memenuhi kriteria berikut: following criteria:
a. Hilangnya pasar aktif dari aset
keuangan; atau a. Loss of active market of financial
b. Pembelian aset keuangan dengan assets; or
diskon sangat besar atau jauh di b. Purchase of financial assets at a very
bawah harga par. large discount or significant below par.
Kriteria dan pengukuran aset yang Criteria for assets originating from impaired
berasal dari aset keuangan memburuk financial assets
a. Aset keuangan yang dimodifikasi/ a. Financial assets that are
renegosiasi dan menghasilkan modified/renegotiated resulting in
penghentian pengakuan aset derecognition of financial assets are
keuangan dikelompokkan sebagai classified as assets originating from
aset yang berasal dari aset impaired financial assets if they meet the
keuangan memburuk jika memenuhi following criteria:
kriteria berikut:
1. Waive atas tunggakan bunga 1. Waive on interest arrears including
termasuk dengan Tunggakan Scheduled Interest Arrears and
Bunga yang Dijadwalkan Deferred Interest of 100% (one
(TBYD) dan Bunga yang hundred percent); or
Ditangguhkan (BYDT) sebesar
100% (seratus persen); atau
2. Kredit dikonversi menjadi 2. Loans are converted into temporary
penyertaan modal sementara. equity participation (temporary
investment in shares).
80
1028 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1031
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
viii. Cadangan kerugian penurunan nilai aset viii. Allowance for impairment losses of financial
keuangan (lanjutan) assets (continued)
Evaluasi penurunan nilai yang dilakukan Periodic evaluation on impairment of
secara periodik (lanjutan) financial assets (continued)
d) Aset yang Dibeli atau Berasal dari Aset d) Purchased or Originated Credit-Impaired
Keuangan yang Memburuk (lanjutan) Financial Asset (“POCI”) (continued)
Kriteria dan pengukuran aset yang Criteria for assets originating from impaired
berasal dari aset keuangan memburuk financial assets (continued)
(lanjutan)
b. Pada tanggal pelaporan, Grup hanya b. At the reporting date, the Group
mengakui perubahan kumulatif atas recognizes only the cumulative changes
kerugian kredit ekspektasian in the lifetime expected credit losses
sepanjang umurnya sejak since the initial recognition of the
pengakuan awal aset keuangan financial asset as an allowance for
sebagai penyisihan kerugian atas impairment losses on financial assets
aset keuangan yang dibeli atau yang purchased or originating from
berasal dari aset keuangan impairment financial assets.
memburuk.
c. Pada setiap tanggal pelaporan, Grup c. At each reporting date, the Group
mengakui dalam laba rugi jumlah recognizes in profit or loss the amount of
perubahan kerugian kredit changes in lifetime expected credit
ekspektasian sepanjang umurnya losses as an impairment gain or loss.
sebagai keuntungan atau kerugian
penurunan nilai.
d. Jika aset keuangan terbukti d. If the financial assets are proven based
berdasarkan fakta atau informasi on facts or relevant information that the
yang relevan bahwa aset keuangan financial assets are improving, the
membaik, maka Grup akan mencatat Group will recognize in the income
di laporan laba rugi sebagai statement as a deduction for “Allowance
pengurang “Beban Pembentukan for Impairment Losses”.
Cadangan Kerugian Penurunan
Nilai”.
e. Jika kondisi aset keuangan terbukti e. If the condition of the financial asset are
memburuk, maka Grup akan proven to be impaired, the Group will
mencatat di laporan laba rugi recognize it in the income statement as
sebagai penambah “Beban an addition to “Allowance for Impairment
Pembentukan Cadangan Kerugian Losses”.
Penurunan Nilai”.
Grup menggunakan kriteria untuk The Group uses criteria to determine the
menentukan kategori aset keuangan category of financial assets that have
yang mengalami penurunan nilai impaired based on the grouping of the risk
berdasarkan pengelompokan tingkat levels of financial assets above. Financial
risiko aset keuangan di atas. Aset assets in stage 3 group and POCI are
keuangan pada kelompok stage 3 dan financial assets that have impaired.
POCI merupakan aset keuangan yang
mengalami penurunan nilai.
81
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1029
Page 1032
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
viii. Cadangan kerugian penurunan nilai aset viii. Allowance for impairment losses of financial
keuangan (lanjutan) assets (continued)
Metode penurunan nilai Impairment method
Grup melakukan evaluasi penurunan nilai The Group evaluates the impairment using the
dengan metode sebagai berikut: following methods:
a. Metode Individual a. Individual Method
Kriteria individual Individual criteria
Grup mengevaluasi penurunan nilai The Group evaluates impairment
secara individual apabila Grup memiliki individually when the Group has
informasi yang wajar dan terdukung untuk reasonable and supportable information to
mengukur kerugian kredit ekspektasian measure the lifetime expected credit
sepanjang umurnya pada instrumen losses on an individual instrument and the
secara individual dan aset keuangan financial assets have the following criteria:
memiliki kriteria sebagai berikut:
a. Aset keuangan per debitur memiliki a. Financial assets per debtor with
nilai outstanding kumulatif lebih dari a cumulative outstanding amount of
Rp25.000 (dua puluh lima miliar more than Rp25,000 (twenty five billion
Rupiah); Rupiah);
b. Kredit segmen Corporate, b. Loans for the Corporate, Institutional,
Kelembagaan, Financial Institutions, Financial Institutions, Commercial, and
Commercial, dan SME Banking; dan SME Banking segments; and
c. Aset keuangan termasuk dalam c. Financial assets fall into the stage 2
kategori stage 2 akibat dari category as a result of a restructuring,
restrukturisasi, stage 3, atau POCI. stage 3, or POCI.
Grup juga dapat menetapkan aset The Group may also designate financial
keuangan untuk dievaluasi secara assets to be evaluated individually even
individual meskipun aset keuangan though the financial assets have not yet
dimaksud belum memiliki kriteria untuk meet criteria for individual evaluation.
dievaluasi secara individual.
Jika aset keuangan terdapat bukti objektif If a financial asset has objective evidence
penurunan nilai dari aset keuangan yang of impairment from a financial asset that is
dievaluasi secara individual namun tidak evaluated individually but there is no
terdapat kerugian penurunan nilai, maka impairment loss, the financial asset is still
aset keuangan tersebut tetap dimasukkan classified as a financial asset that will be
ke dalam klasifikasi aset keuangan yang assessed for impairment individually.
akan dievaluasi penurunan nilainya secara However, the Group establishes allowance
individual. Namun, Grup membentuk for impairment losses on these financial
cadangan kerugian penurunan nilai atas assets based on the probability of default
aset keuangan tersebut berdasarkan resulting from a collective evaluation of
probability of default yang dihasilkan dari loans impairment.
evaluasi penurunan nilai kredit secara
kolektif.
82
1030 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1033
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
viii. Cadangan kerugian penurunan nilai aset viii. Allowance for impairment losses of financial
keuangan (lanjutan) assets (continued)
Metode penurunan nilai (lanjutan) Impairment method (continued)
Grup melakukan evaluasi penurunan nilai The Group evaluates the impairment using the
dengan metode sebagai berikut: (lanjutan) following methods: (continued)
a. Metode Individual (lanjutan) a. Individual Method (continued)
Evaluasi Penurunan Nilai Impairment Evaluation
Evaluasi penurunan nilai secara individual Individual impairment evaluation is based
didasarkan pada konsep estimasi jumlah on the concept of an estimated weighted
probabilitas tertimbang kerugian aset probability of loss of financial assets. This
keuangan. Konsep tersebut concept uses the weighting of each of the
menggunakan pembobotan masing- 3 (three) scenarios, which are the
masing dari 3 (tiga) skenario yaitu optimistic scenario, the normal scenario,
skenario optimis, skenario normal, dan and the pessimistic scenario.
skenario pesimis.
1. Optimis 1. Optimistic
Skenario dengan asumsi terdapat A scenario with the assumption that
kenaikan atau ekspansi dalam there is an increase or expansion in
perekonomian yang berakibat pada the economy which results in the
menguatnya nilai variabel seperti strengthening of variable values such
pertumbuhan ekonomi meningkat as increased economic growth or
atau apresiasi nilai tukar. exchange rate appreciation.
2. Normal 2. Normal
Skenario yang memiliki peluang The scenario that has the greatest
terbesar untuk terjadi dibandingkan 2 chance of occurring compared to the
(dua) skenario lainnya. Nilai variabel other 2 (two) scenarios. The variable
dalam skenario baseline adalah hasil value in the baseline scenario is the
proyeksi dengan asumsi pergerakan projection result assuming economic
ekonomi tanpa adanya peristiwa luar movements without any extraordinary
biasa, guncangan atau gejolak events, shocks or economic turmoil.
ekonomi.
3. Pesimis 3. Pessimistic
Skenario dengan asumsi terdapat Scenarios with the assumption that
pelemahan atau kontraksi dalam there is a weakening or contraction in
perekonomian yang berakibat the economy that results in weakening
melemahnya nilai variabel seperti of variable values such as a decrease
penurunan pertumbuhan ekonomi in economic growth or depreciation of
atau depresiasi nilai tukar. the exchange rate.
83
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1031
Page 1034
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
viii. Cadangan kerugian penurunan nilai aset viii. Allowance for impairment losses of financial
keuangan (lanjutan) assets (continued)
Metode penurunan nilai (lanjutan) Impairment method (continued)
Grup melakukan evaluasi penurunan nilai The Group evaluates the impairment using the
dengan metode sebagai berikut: (lanjutan) following methods: (continued)
a. Metode Individual (lanjutan) a. Individual Method (continued)
Evaluasi Penurunan Nilai (lanjutan) Impairment Evaluation (continued)
Setiap skenario menghasilkan nilai kini Each scenario provides a discounted
arus kas yang didiskontokan, dimana arus present value of cash flows, where the
kas tersebut didasarkan pada seluruh cash flows are based on all available
informasi yang tersedia dengan information with experienced credit
experienced credit judgement serta judgment and reflect all information that
mencerminkan seluruh informasi yang takes into account various factors such as:
memperhatikan berbagai faktor seperti:
1. Kekuatan finansial dan kemampuan 1. Financial strength and the debtor's
debitur untuk membayar kembali repayment capacity.
kewajiban.
2. Jenis dan jumlah agunan. 2. Type and amount of collateral.
3. Ketersediaan garansi. 3. Availability of warranty.
4. Prospek usaha nasabah di masa 4. Customers' future business prospects.
datang.
5. Probabilitas penjualan agunan. 5. Probability of collateral sale.
6. Kerugian historis. 6. Historical losses.
7. Faktor makroekonomi yang relevan. 7. Relevant macroeconomic factors.
Selisih estimasi jumlah probabilitas The difference between the weighted
tertimbang dengan jumlah outstanding probability and the total outstanding of
aset keuangan mencerminkan jumlah financial assets reflects the amount of the
kerugian penurunan nilai individual. individual impairment loss.
Metode evaluasi penurunan nilai secara The individual impairment evaluation
individual didasarkan pada 2 (dua) method is based on 2 (two) concepts,
konsep, yaitu estimasi jumlah kerugian which are the estimated amount of loss on
aset keuangan dan estimasi jumlah yang financial assets and the estimated amount
dapat diperoleh kembali. that can be recovered.
Metode yang digunakan adalah The method used are discounted cash
discounted cash flow atau metode fair flow or fair value of collateral method. The
value of collateral. Bank menggunakan Bank uses the fair value of collateral
metode fair value of collateral sebagai method as future cash flows if it meets one
arus kas masa datang apabila memenuhi of the following conditions:
salah satu kondisi berikut:
1. Kredit bersifat collateral dependent, 1. Loans is collateral dependent, if loans
yaitu jika pelunasan kredit hanya repayment source only from collateral;
bersumber dari agunan;
2. Sulit untuk menentukan jumlah dan 2. It is difficult to reliably determine the
waktu penerimaan estimasi arus kas amount and timing of receipt of the
yang berasal dari pokok kredit estimated cash flow from loan principal
dan/atau bunga dengan andal; and/or interest; and/or
dan/atau
84
1032 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1035
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
viii. Cadangan kerugian penurunan nilai aset viii. Allowance for impairment losses of financial
keuangan (lanjutan) assets (continued)
Metode penurunan nilai (lanjutan) Impairment method (continued)
Grup melakukan evaluasi penurunan nilai The Group evaluates the impairment using the
dengan metode sebagai berikut: (lanjutan) following methods: (continued)
a. Metode Individual (lanjutan) a. Individual Method (continued)
Evaluasi Penurunan Nilai (lanjutan) Impairment Evaluation (continued)
Metode yang digunakan adalah The method used are discounted cash
discounted cash flow atau metode fair flow or fair value of collateral method. The
value of collateral. Bank menggunakan Bank uses the fair value of collateral
metode fair value of collateral sebagai method as future cash flows if it meets one
arus kas masa datang apabila memenuhi of the following conditions: (continued)
salah satu kondisi berikut: (lanjutan)
3. Pengambilalihan agunan kemungkinan 3. Foreclosure of collateral is likely to
besar terjadi dan didukung dengan occur and is supported by legal binding
aspek legal pengikatan agunan. aspects of collateral.
b. Metode Kolektif b. Collective Method
Kriteria Kolektif Collective Criteria
Bank mengevaluasi penurunan nilai The Bank assesses impairment
secara kolektif apabila aset keuangan collectively if the financial assets share the
memiliki kesamaan dalam karakteristik same risk characteristics of the financial
risiko aset keuangan dengan tujuan untuk assets with the purpose of facilitating
memfasilitasi analisis yang didesain untuk analysis which is designed to allows a
memungkinkan peningkatan risiko kredit significant increase in credit risk to be
secara signifikan dapat diidentifikasi tepat identified in a timely manner.
waktu.
Kriteria aset keuangan yang dievaluasi The criteria for financial assets that are
secara kolektif adalah sebagai berikut: evaluated collectively are as follows:
1. Aset keuangan per debitur merupakan 1. Financial assets per debtor are non-
aset keuangan non-performing atau performing financial assets or have
memiliki days past due > 90 hari dan days past due > 90 days and have a
memiliki nilai kumulatif sebesar ≤ cumulative value of ≤ Rp25,000
Rp25.000 (dua puluh lima milyar (twenty five billion rupiah) for the
rupiah) untuk Segmen Corporate, Corporate, Institutional, Financial
Kelembagaan, Financial Institutions, Institutions, Commercial, and SME
Commercial dan SME Banking; Banking segments;
2. Aset keuangan performing atau 2. Performing financial assets or having
memiliki days past due ≤ 90 hari dan days past due ≤ 90 days and were not
tidak direstrukturisasi untuk segmen restructured for the Corporate,
Corporate, Kelembagaan, Financial Institutional, Financial Institutions,
Institutions, Commercial dan SME Commercial, and SME Banking
Banking; dan segments; and
3. Seluruh kredit segmen Micro Banking 3. All loans in the Micro Banking and
dan Consumer. Consumer segments.
85
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1033
Page 1036
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
viii. Cadangan kerugian penurunan nilai aset viii. Allowance for impairment losses of financial
keuangan (lanjutan) assets (continued)
Metode penurunan nilai (lanjutan) Impairment method (continued)
Grup melakukan evaluasi penurunan nilai The Group evaluates the impairment using the
dengan metode sebagai berikut: (lanjutan) following methods: (continued)
b. Metode Kolektif (lanjutan) b. Collective Method (continued)
Kriteria Kolektif (lanjutan) Collective Criteria (continued)
Secara garis besar, seluruh portofolio In general, all loan portfolios for which
kredit yang evaluasi penurunan nilainya impairment evaluation is not calculated
tidak dihitung menggunakan metode using the individual method will be
individual, akan dievaluasi menggunakan evaluated using the collective method.
metode kolektif.
Evaluasi Penurunan Nilai Impairment Evaluation
Evaluasi penurunan nilai secara kolektif The evaluation of collective impairment is
didasarkan pada konsep Probability of based on the concepts of Probability of
Default (PD), Loss Given Default (LGD) Default (PD), Loss Given Default (LGD),
dan Exposure at Default (EAD) yang and Exposure at Default (EAD) which
mempertimbangkan informasi masa lalu, consider past, current, and future
terkini, dan masa mendatang. information.
a. Probability of Default a. Probability of Default
Bank menggunakan metode Basel, The Bank uses the Basel, Vasicek,
Vasicek, Roll Rate Transition Matrix Roll Rate Transition Matrix, and other
maupun pendekatan lainnya dalam approaches in determining the PD
menentukan nilai PD dari setiap value of each debtor.
debitur.
Metode Basel dilakukan dengan The Basel method is performed by
menentukan hubungan antara PD determining the relationship between
suatu debitur dengan karakteristik a debtor's PD with the internal
internal dari debitur yang characteristics of that debtor. The
bersangkutan. Model Basel yang Basel model that has been obtained is
telah didapatkan digunakan sebagai used as the basis for determining the
dasar penentuan nilai PD dari setiap PD value of each debtor.
debitur.
Metode Vasicek adalah metode The Vasicek method is
penentuan PD menggunakan formula a method of determining PD using the
korelasi aset yang telah ditentukan asset correlation formula that has
oleh Basel Committee. been determined by the Basel
Committee.
86
1034 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1037
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
viii. Cadangan kerugian penurunan nilai aset viii. Allowance for impairment losses of financial
keuangan (lanjutan) assets (continued)
Metode penurunan nilai (lanjutan) Impairment method (continued)
Grup melakukan evaluasi penurunan nilai The Group evaluates the impairment using the
dengan metode sebagai berikut: (lanjutan) following methods: (continued)
b. Metode Kolektif (lanjutan) b. Collective Method (continued)
Evaluasi Penurunan Nilai (lanjutan) Impairment Evaluation (continued)
a. Probability of Default (lanjutan) a. Probability of Default (continued)
Metode Roll Rate Transition Matrix The Roll Rate Transition Matrix
menggunakan historical transition method uses the historical transition
bucket PD. Bucket PD yang digunakan bucket PD. PD buckets used in
dalam perhitungan historical adalah historical calculations are as follows:
sebagai berikut:
1. Bucket 1: Lancar 1. Bucket 1: Current
2. Bucket 2: 1-30 days past due 2. Bucket 2: 1-30 days past due
(dpd) (dpd)
3. Bucket 3: 31-60 dpd 3. Bucket 3: 31-60 dpd
4. Bucket 4: 61-90 dpd 4. Bucket 4: 61-90 dpd
5. Bucket 5: > 90 dpd 5. Bucket 5: > 90 dpd
PD Forward-Looking Macro PD Forward-Looking Macro
Adjustment adalah metode yang Adjustment is a method used to
digunakan untuk menentukan nilai PD determine the forward looking PD
forward looking dari pendekatan baik value of both Basel and Roll Rate
Basel maupun Roll Rate berdasarkan approaches based on the historical
hubungan historis antara makro relationship between the macro
ekonomi dengan nilai PD Bank economy and the PD value of
the Bank.
b. Loss Given Default b. Loss Given Default
Bank menggunakan metode Basel dan The Bank uses Basel and Historical
Historical dalam menentukan nilai LGD methods in determining the LGD
dari setiap debitur. LGD value of each debtor. LGD describes
menggambarkan persentase nominal the nominal percentage of the facility
fasilitas yang tidak akan dapat that the Bank will not be able to
dipulihkan oleh Bank terhadap debitur recover against the default debtor.
default. LGD biasa dihitung dengan Regular LGD is calculated with
formula 1-Recovery Rate. Recovery formula 1-Recovery Rate. The
rate dihitung mempertimbangkan Time recovery rate is calculated by
Value of Money dari pengembalian considering the Time Value of Money
kewajiban yang telah default. Tingkat from the recovery of the default
suku bunga yang digunakan untuk obligation. The interest rate used to
menghitung Time Value of Money dari calculate the Time Value of Money of
Recovery adalah Effective Interest Recovery is the Effective Interest
Rate (EIR). Rate (EIR).
87
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1035
Page 1038
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
viii. Cadangan kerugian penurunan nilai aset viii. Allowance for impairment losses of financial
keuangan (lanjutan) assets (continued)
Metode penurunan nilai (lanjutan) Impairment method (continued)
Grup melakukan evaluasi penurunan nilai The Group evaluates the impairment using the
dengan metode sebagai berikut: (lanjutan) following methods: (continued)
b. Metode Kolektif (lanjutan) b. Collective Method (continued)
Evaluasi Penurunan Nilai (lanjutan) Impairment Evaluation (continued)
b. Loss Given Default (lanjutan) b. Loss Given Default (continued)
Metode Basel dilakukan dengan The Basel method is carried out by
menentukan hubungan antara LGD determining the relationship between
suatu debitur dengan karakteristik a debtor's LGD and the internal
internal dari debitur yang characteristics of the debtor
bersangkutan. Model Basel yang concerned. The Basel model that has
telah didapatkan digunakan sebagai been obtained is used as the basis for
dasar penentuan nilai LGD dari setiap determining the LGD value of each
debitur. debtor.
Metode Historical dilakukan dengan Historical method is done by
menghitung rata-rata nilai LGD dalam calculating the average value of LGD
periode jangka panjang pada segmen in the long term observation period in
yang dimaksud. the respective segment.
Forward-Looking Macro Adjustment Forward-Looking Macro Adjustment
pada LGD adalah metode yang in LGD is a method used to determine
digunakan untuk menentukan nilai the forward looking LGD value based
LGD forward looking berdasarkan on the historical relationship between
hubungan historis antara macroeconomics and the Bank's LGD
makroekonomi dengan nilai LGD value. If there is no relationship
Bank. Jika tidak didapatkan hubungan between macroeconomics and the
antara makroekonomi dengan nilai Bank's LGD value, the Bank may not
LGD Bank, maka Bank tidak dapat use Forward-Looking in determining
menggunakan Forward-Looking the LGD value.
dalam penentuan nilai LGD.
c. Exposure at Default c. Exposure at Default
Dalam menentukan nilai EAD dari In determining the EAD value of each
setiap debitur, Bank menggunakan debtor, the Bank uses the Basel,
metode Basel, Prepayment Rate dan Prepayment Rate, and Expected
Expected Lifetime. EAD Lifetime method. EAD describes the
menggambarkan exposure yang akan exposure that will be borne by the
ditanggung Bank jika terdapat debitur Bank if there is a debtor become
yang default. defaults.
Metode Basel dalam perhitungan The Basel method in calculating EAD
EAD dilakukan dengan menentukan is performed by determining the
hubungan antara EAD suatu debitur relationship between a debtor's EAD
dengan karakteristik internal dari and the internal characteristics of the
debitur yang bersangkutan. respective debtor.
88
1036 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1039
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
viii. Cadangan kerugian penurunan nilai aset viii. Allowance for impairment losses of financial
keuangan (lanjutan) assets (continued)
Metode penurunan nilai (lanjutan) Impairment method (continued)
Grup melakukan evaluasi penurunan nilai The Group evaluates the impairment using the
dengan metode sebagai berikut: (lanjutan) following methods: (continued)
b. Metode Kolektif (lanjutan) b. Collective Method (continued)
Evaluasi Penurunan Nilai (lanjutan) Impairment Evaluation (continued)
c. Exposure at Default (lanjutan) c. Exposure at Default (continued)
Metode Prepayment Rate ialah The Prepayment Rate method is
metode yang mempelajari behaviour a method that studies the behavior of
dari tingkat pembayaran debitur yang the debtor's payment rate that is
lebih besar dibandingkan dengan bigger than the scheduled facility
besaran pembayaran fasilitas yang payment amount.
telah dijadwalkan.
Metode Expected Lifetime ialah The Expected Lifetime method is
metode yang mempelajari behaviour a method that studies the behavior of
dari tingkat penyelesaian fasilitas the debtor's level of settlement (paid
(lunas atau hapus buku) debitur off or write off) compared to the facility
dibandingkan dengan jadwal settlement schedule.
penyelesaian fasilitas.
d. Expected Credit Loss d. Expected Credit Loss
Secara umum formula untuk In general, the formula for calculating
menghitung ECL secara kolektif collective ECL is the multiplication of
adalah pengkalian antara Probability Probability of Default, Loss Given
of Default, Loss Given Default, dan Default, and Exposure at Default.
Exposure at Default.
Dalam menghitung besarnya In calculating the amount of collective
cadangan kerugian penurunan nilai impairment, the Bank uses the loan
kolektif, Bank menggunakan nilai carrying value which the impairment
saldo rekening kredit dari yang value is assessed collectively.
penurunan nilainya dievaluasi secara
kolektif.
Metode perhitungan pada masing- The calculation method for each stage
masing stage adalah sebagai berikut: is as follows:
1. Stage 1: 12-months ECL 1. Stage 1: 12-months ECL
2. Stage 2: Lifetime ECL 2. Stage 2: Lifetime ECL
3. Stage 3: Lifetime ECL 3. Stage 3: Lifetime ECL
Perhitungan cadangan kerugian Calculation of impairment is done for
penurunan nilai sesuai pada masing- each stage according to the
masing stage sesuai pada characteristics of the staging.
karakteristik staging.
89
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1037
Page 1040
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
viii. Cadangan kerugian penurunan nilai aset viii. Allowance for impairment losses of financial
keuangan (lanjutan) assets (continued)
Metode penurunan nilai (lanjutan) Impairment method (continued)
Grup melakukan evaluasi penurunan nilai The Group evaluates the impairment using the
dengan metode sebagai berikut: (lanjutan) following methods: (continued)
b. Metode Kolektif (lanjutan) b. Collective Method (continued)
Evaluasi Penurunan Nilai (lanjutan) Impairment Evaluation (continued)
d. Expected Credit Loss (lanjutan) d. Expected Credit Loss (continued)
12-Months ECL adalah perhitungan 12-Months ECL is the calculation of
kerugian ekspektasian yang dihitung the expected loss for the next 1 year.
untuk 1 tahun ke depan.
ECL-Lifetime adalah perhitungan ECL-Lifetime is the calculation of the
kerugian ekspektasian yang dihitung expected loss which is calculated for
untuk sisa tenor fasilitas. the remaining tenor of the facility.
Dalam perhitungan ECL setiap tahun Every year in calculating the ECL
menggunakan discount factor dengan uses the discount factor based on
formula yang Grup telah rumuskan. formula that the Group has
formulated.
Probability weighted dalam
perhitungan cadangan kerugian The probability weighted in the
penurunan nilai telah ditentukan oleh calculation of impairment has been
Grup mencakup persentase skenario determined by the Group which
optimis, normal, dan pesimis. includes the percentage of optimistic,
normal, and pessimistic scenarios.
Total rata-rata tertimbang atas The total weighted of the estimated
estimasi arus kas dimaksud menjadi cash flow becomes a deduction from
pengurang atas nilai tercatat kredit the carrying amount of the loans,
yang dimana selisihnya akan menjadi where the difference will be the
cadangan kerugian penurunan nilai allowance for impairment on loans.
kredit.
Pendapatan bunga sebelum dan sesudah Interest income before and after impairment
penurunan nilai
Sebelum terjadinya penurunan nilai (stage 1 Prior to impairment (stage 1 and 2), interest
dan 2), pendapatan bunga dihitung income is calculated using the effective interest
menggunakan metode bunga efektif yaitu method, by applying an effective interest rate to
dengan menerapkan suku bunga efektif atas the gross carrying amount of financial assets
jumlah tercatat bruto aset keuangan kecuali except for financial assets purchased or
untuk aset keuangan yang dibeli atau yang originated from impaired financial assets.
berasal dari aset keuangan memburuk.
90
1038 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1041
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
viii. Cadangan kerugian penurunan nilai aset viii. Allowance for impairment losses of financial
keuangan (lanjutan) assets (continued)
Pendapatan bunga sebelum dan sesudah Interest income before and after impairment
penurunan nilai (lanjutan) (continued)
Pendapatan bunga dari aset keuangan yang Interest income from impaired financial assets
mengalami penurunan nilai (stage 3 atau (stage 3 or POCI) is calculated by applying an
POCI) dilakukan dengan menerapkan suku effective interest rate on the net carrying
bunga efektif atas jumlah tercatat neto aset amount of financial assets, which is the
keuangan yaitu jumlah saldo setelah dikurangi outstanding amount after deducting losses due
dengan kerugian akibat penurunan nilai untuk: to impairment for:
a) Aset Keuangan yang Dibeli atau Berasal a) Financial Assets Purchased or Originated
dari Aset Keuangan Memburuk (“POCI”) Credit-Impaired Financial Assets (“POCI”)
Untuk aset keuangan tersebut, Grup For these financial assets, the Group
menerapkan suku bunga efektif yang applies a risk-adjusted effective interest
disesuaikan dengan risiko kredit atas rate on the amortised cost of the financial
biaya perolehan diamortisasi dari aset assets since initial recognition.
keuangan sejak pengakuan awal.
b) Stage 3 b) Stage 3
Untuk aset keuangan tersebut, Grup For these financial assets, the Group
menerapkan suku bunga efektif atas applies an effective interest rate on the
biaya perolehan diamortisasi dari aset amortised cost of financial assets in the
keuangan di periode pelaporan, yaitu nilai reporting period, which is the amount that
yang telah dikurangi kerugian akibat has been reduced by any impairment
penurunan nilai. losses.
Pendapatan bunga selanjutnya diakui Interest income is subsequently
atas dasar suku bunga yang digunakan recognised based on of the interest rate
untuk mendiskonto arus kas masa depan used to discount future cash flows in
dalam pengukuran kerugian penurunan measuring impairment losses or what is
nilai atau yang disebut dengan unwinding known as unwinding interest.
interest.
Penyisihan kerugian aset produktif Entitas Allowance for possible losses on earning
Anak berbasis syariah assets of Subsidiary based on sharia
Cadangan kerugian penurunan nilai atas Allowance for impairment losses on
piutang murabahah yang dinilai secara murabahah receivable is calculated based on
kolektif dihitung berdasarkan PSAK 402 collective method according to SFAS 402
“Akuntansi Murabahah” dan ISAK 402 “Accounting for Murabahah” and Interpretation
“Penurunan Nilai Piutang Murabahah”. of Financial Accounting Standard (“IFAS”) 402
“Impairment Loss for Murabahah Receivables”.
91
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1039
Page 1042
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
viii. Cadangan kerugian penurunan nilai aset viii. Allowance for impairment losses of financial
keuangan (lanjutan) assets (continued)
Penyisihan kerugian aset produktif Entitas Allowance for possible losses on earning
Anak berbasis syariah (lanjutan) assets of Subsidiary based on sharia
(continued)
Aset produktif terdiri dari giro dan Earning assets consist of current account and
penempatan pada Bank Indonesia dalam placements with Bank Indonesia in the form of
bentuk Sertifikat Bank Indonesia Syariah Bank Indonesia Sharia Certificate (Sertifikat
(SBIS), Fasilitas Simpanan Bank Indonesia Bank Indonesia Syariah (SBIS)), Bank
Syariah (FASBIS), Tagihan Reverse Repo Indonesia Sharia Deposit Facility (Fasilitas
SBSN BI, Term Deposit Valas Syariah BI, giro Simpanan Bank Indonesia Syariah (FASBIS)),
pada bank syariah lain, penempatan pada Reverse Repo Receivables State Sharia
bank syariah lain, investasi pada surat Certificates (Surat Berharga Syariah Negara
berharga, penyertaan modal sementara, (SBSN)) BI, Term Deposit Foreign Currency
piutang murabahah, pembiayaan Sharia BI, current accounts with other sharia
musyarakah dan Mudharabah dan banks, placement with other sharia banks,
pembiayaan syariah lainnya (termasuk investment in marketable securities, temporary
pinjaman qardh), dan komitmen dan equity participation, murabahah receivables,
kontinjensi yang memiliki risiko kredit seperti musyarakah and Mudharabah financing and
bank garansi dan letter of credit (“L/C”) yang other sharia financing (including funds of
tidak dapat dibatalkan dan standby letter of qardh), and commitments and contingencies
credit. with credit risk, such as bank guarantees,
irrevocable letter of credit (“LC”) and standby
letter of credit.
Penyisihan kerugian aset produktif dan aset Allowance for impairment losses of earning
non-produktif bank umum yang assets and non-earning assets for commercial
melaksanakan kegiatan berdasarkan prinsip bank conducting business based on sharia
syariah diatur dalam Peraturan Otoritas Jasa principles is regulated on Financial Services
Keuangan (POJK) No. 2/POJK.03/2022 Authority Regulation (POJK)
tanggal 31 Januari 2022 tentang “Penilaian No. 2/POJK.03/2022 dated 31 January 2022
Kualitas Aset Bank Umum Syariah dan Unit regarding "Asset Quality Assessment for
Usaha Syariah”, serta POJK Sharia Commercial Banks and Sharia
No. 12/POJK.03/2015 tanggal 21 Agustus Business Units", and POJK
2015 tentang Ketentuan Kehati-hatian No. 12/POJK.03/2015 dated 21 August 2015
dalam Rangka Stimulus Perekonomian regarding Prudential Principle Provisions for
Nasional bagi Bank Umum Syariah dan Unit Sharia Banks and Sharia Commercial
Usaha Syariah. Business Units to Stimulate the National
Economy.
Pedoman pembentukan penyisihan kerugian The guidelines for the establishment of
aset produktif berdasarkan POJK tersebut allowance for impairment losses on earning
adalah sebagai berikut: assets based on the aforementioned FSA
Regulation are as follows:
1. Cadangan umum, sekurang-kurangnya 1. General reserve, shall be at least 1% of
sebesar 1% dari aset produktif yang total earning assets classified as current,
digolongkan lancar, tidak termasuk SBIS excluding Bank Indonesia Sharia
dan surat berharga yang diterbitkan Certificates and debt securities issued by
pemerintah berdasarkan prinsip syariah, the Government based on sharia
serta bagian aset produktif yang dijamin principles, and part of earning assets
dengan jaminan pemerintah dan agunan guaranteed by government and cash
tunai berupa giro, tabungan, deposito, collateral in the form of demand deposits,
setoran jaminan, dan/atau emas yang saving deposits, time deposits, guarantee
diblokir dan disertai dengan surat kuasa deposits, and/or gold which are pledged
pencairan. and accompanied with the power of
attorney to liquidate.
92
1040 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1043
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
viii. Cadangan kerugian penurunan nilai aset viii. Allowance for impairment losses of financial
keuangan (lanjutan) assets (continued)
Penyisihan kerugian aset produktif Entitas Allowance for possible losses on earning
Anak berbasis syariah (lanjutan) assets of Subsidiary based on sharia
(continued)
Pedoman pembentukan penyisihan kerugian The guidelines for the establishment of
aset produktif berdasarkan POJK tersebut allowance for impairment losses on earning
adalah sebagai berikut (lanjutan): assets based on the aforementioned FSA
Regulation are as follows: (continued)
2. Cadangan khusus, sekurang-kurangnya 2. Special reserve shall be at least:
sebesar:
- 5% dari aset produktif yang - 5% of earning assets classified as
digolongkan Dalam Perhatian Khusus Special Mention after deducting
setelah dikurangi nilai agunan; collateral value;
- 15% dari aset produktif yang - 15% of earning assets classified as
digolongkan Kurang Lancar setelah Substandard after deducting collateral
dikurangi nilai agunan; value;
- 50% dari aset produktif yang - 50% of earning assets classified as
digolongkan Diragukan setelah Doubtful after deducting collateral
dikurangi nilai agunan; dan value; and
- 100% dari aset produktif yang - 100% of earning assets classified as
digolongkan Macet setelah dikurangi Loss after deducting collateral value.
nilai agunan.
3. Kewajiban untuk membentuk penyisihan 3. The requirement to establish allowance for
kerugian aset produktif tidak berlaku bagi impairment losses shall not be applicable
aset produktif untuk transaksi sewa for earning assets under leasing
dengan perpindahan hak milik berupa transactions in the form of ijarah or ijarah
akad ijarah atau ijarah muntahiyah muntahiyah bittamlik. The Subsidiary is
bittamlik. Entitas Anak wajib membentuk required to depreciate/ amortize the
penyusutan/amortisasi terhadap aset assets of ijarah muntahiyah bittamlik.
ijarah muntahiyah bittamlik.
Khusus untuk kualitas surat berharga dan For marketable securities and placements to
penempatan pada Entitas Anak ditetapkan the Subsidiary, the collectability is classified
menjadi 3 (tiga) golongan yaitu lancar, kurang into 3 (three) categories: current, substandard,
lancar dan macet. Sedangkan untuk kualitas and loss. collectabilty of investment in shares
penyertaan modal kualitasnya ditetapkan is determined into 4 (four) categories: current,
menjadi 4 (empat) golongan yaitu lancar, substandard, doubtful and loss.
kurang lancar, diragukan dan macet.
Untuk Murabahah, Entitas Anak For Murabahah, the Subsidiary evaluates
mengevaluasi apakah terdapat bukti objektif whether there is an objective evidence that the
bahwa aset keuangan atau kelompok aset financial assets or group of financial assets are
keuangan mengalami penurunan nilai. Aset impaired. The financial assets or group of
keuangan atau kelompok aset keuangan financial assets are impaired and the
diturunkan nilainya dan kerugian penurunan impairment loss occurred only if there is an
nilai telah terjadi hanya jika, terdapat bukti objective evidence regarding the impairment
objektif mengenai penurunan nilai tersebut as a result of one or more events that occurred
sebagai akibat dari satu atau lebih peristiwa after initial recognition which impacts the
yang terjadi setelah pengakuan awal tersebut estimated future cash flows that can be reliably
(peristiwa yang merugikan), yang berdampak estimated.
pada estimasi arus kas masa depan atas
aset keuangan atau kelompok aset yang
dapat diestimasi secara andal.
93
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1041
Page 1044
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
viii. Cadangan kerugian penurunan nilai aset viii. Allowance for impairment losses of financial
keuangan (lanjutan) assets (continued)
Penyisihan kerugian aset produktif Entitas Allowance for possible losses on earning
Anak berbasis syariah (lanjutan) assets of Subsidiary based on sharia
(continued)
Cadangan kerugian penurunan nilai atas The allowance for impairment on murabahah
piutang murabahah yang dinilai secara receivables is calculated using collective
kolektif dihitung berdasarkan PSAK 239 assessment according to SFAS 239 “Financial
“Instrumen Keuangan: Pengakuan dan Instruments: Recognition and Measurement”.
Pengukuran”.
Sesuai dengan PSAK 402 "Akuntansi In accordance with SFAS 402 “Accounting for
Murabahah" dan Pedoman Akuntansi Murabahah” and Indonesia Sharia Banking
Perbankan Syariah Indonesia (PAPSI), Accounting Guidelines (PAPSI), the Subsidiary
Entitas Anak menghitung CKPN individual calculates individual allowance for impairment
untuk piutang murabahah sesuai dengan losses for murabahah receivables in
ketentuan di ISAK 402 “Penurunan Nilai accordance with IFAS 402 “Impairment of
Piutang Murabahah”. Murabahah Receivables”.
Entitas Anak menetapkan piutang The Subsidiary determines murabahah
murabahah yang harus dievaluasi receivables to be evaluated for impairment
penurunan nilainya secara individual, jika through individual evaluation if one of the
memenuhi salah satu kriteria di bawah ini: following criteria is met:
1) Piutang murabahah memiliki 1) Murabahah receivables which have
kolektibilitas kurang lancar, diragukan collectability status as substandard, doubtful
dan macet, dan memiliki saldo nilai and loss, and have an individual receivables
piutang secara individual di atas atau balance of above or equal to Rp10,000; and
sama dengan Rp10.000; dan
2) Piutang murabahah yang 2) Murabahah receivables that are
direstrukturisasi atau pernah restructured or had been restructured and
direstrukturisasi dan yang secara which individually have a balance of
individual memiliki saldo nilai piutang di receivables above or equal Rp10,000.
atas Rp10.000.
Entitas Anak menetapkan piutang The Subsidiary determines murabahah
murabahah yang harus dievaluasi receivables to be evaluated for impairment
penurunan nilainya secara kolektif, jika through collective evaluation if one of the
memenuhi salah satu kriteria di bawah ini: following criteria is met:
1) Piutang murabahah yang secara 1) Murabahah receivables which individually
individual memiliki nilai signifikan namun have significant value but there is no
tidak memiliki bukti objektif penurunan objective evidence of impairment;
nilai;
2) Piutang murabahah yang secara 2) Murabahah receivables which individually
individual memiliki nilai tidak signifikan; have insignificant value; and
dan
3) Piutang murabahah yang 3) Restructured murabahah receivables which
direstrukturisasi yang secara individual individually have insignificant value.
memiliki nilai tidak signifikan.
Perhitungan cadangan kerugian penurunan The calculation of allowance for impairment
nilai atas aset keuangan yang dinilai secara losses on financial assets which are evaluated
kolektif dikelompokkan berdasarkan collectively, grouped based on similar
karakteristik risiko piutang yang sama receivable risk characteristics and taking into
dengan mempertimbangkan segmentasi account the receivable segmentation on the
piutang berdasarkan pengalaman kerugian basis of historical loss experience (probability
masa lalu (probability of default). of default).
94
1042 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1045
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
viii. Cadangan kerugian penurunan nilai aset viii. Allowance for impairment losses of financial
keuangan (lanjutan) assets (continued)
Penyisihan kerugian aset produktif Entitas Allowance for possible losses on earning
Anak berbasis syariah (lanjutan) assets of Subsidiary based on sharia
(continued)
Entitas Anak menggunakan metode analisis The Subsidiary uses the migration analysis
migrasi yang merupakan suatu metode method which is a statistical analysis method
analisis statistik, untuk menilai cadangan to assess allowance for impairment losses on
kerugian penurunan nilai atas piutang yang collective receivables. The Subsidiary uses
diberikan secara kolektif. Entitas Anak 5 (five) years historical data to compute for the
menggunakan data historis Probablitity of Default (“PD”) and Loss Given
5 (lima) tahun dalam menghitung Probability Default (“LGD”).
of Default (“PD”) dan Loss Given Default
(“LGD”).
Perhitungan cadangan kerugian The calculation of allowance for impairment
penurunan nilai atas aset keuangan yang losses on financial assets which are evaluated
dinilai secara kolektif dikelompokkan collectively, grouped based on similar receivable
berdasarkan karakteristik risiko piutang yang risk characteristics and taking into account the
sama dengan mempertimbangkan receivable segmentation on the basis of
segmentasi piutang berdasarkan historical loss experience (probability of default).
pengalaman kerugian masa lalu (probability
of default).
Bank menggunakan metode analisis The Bank uses the migration analysis method
migrasi yang merupakan suatu metode which is a statistical model analysis method to
analisis statistik, untuk menilai cadangan assess allowance for impairment losses on
kerugian penurunan nilai atas piutang yang collective receivables. The Bank uses 5 (five)
diberikan secara kolektif. Bank years historical data to compute for the
menggunakan data historis 5 (lima) tahun Probability of Default (“PD”) and Loss Given
dalam menghitng Probability of Default (“PD) Default (“LGD”).
dan Loss Given Default (“LGD”).
Kerugian penurunan nilai atas aset Impairment losses on financial assets recorded
keuangan yang dicatat pada biaya perolehan at amortised cost are measured as the
diamortisasi diukur sebesar selisih antara difference between the carrying amount of the
nilai tercatat aset keuangan dengan nilai kini financial assets and present value of estimated
estimasi arus kas masa datang yang future cash flows discounted at the financial
didiskonto menggunakan tingkat margin assets original effective margin rate.
efektif awal dari aset keuangan tersebut.
Kerugian yang terjadi diakui pada laporan Impairment losses are recognised in statements
laba rugi dan penghasilan komprehensif lain of profit or loss and other comprehensive
dan dicatat pada akun cadangan kerugian income and reflected in an allowance for
penurunan nilai sebagai pengurang terhadap impairment losses account against financial
asset keuangan yang dicatat pada biaya assets carried at amortised cost.
perolehan diamortisasi.
95
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1043
Page 1046
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
viii. Cadangan kerugian penurunan nilai aset viii. Allowance for impairment losses of financial
keuangan (lanjutan) assets (continued)
Penyisihan kerugian aset produktif Entitas Allowance for possible losses on earning
Anak berbasis syariah (lanjutan) assets of Subsidiary based on sharia
(continued)
Kontrak jaminan keuangan dan komitmen Financial guarantee contracts and
commitments
Kontrak jaminan keuangan adalah kontrak Financial guarantee contracts are contracts that
yang mengharuskan penerbit untuk require the issuer to make specified payments
melakukan pembayaran yang ditetapkan to reimburse the contracts holder for
untuk mengganti uang pemegang kontrak a loss incurred because a specified debtor
atas kerugian yang terjadi karena debitur defaulted to make payments when due, in
tertentu gagal untuk melakukan pembayaran accordance with the terms of a debt instrument.
pada saat jatuh tempo, sesuai dengan
ketentuan dari instrumen utang.
Jaminan keuangan tersebut diberikan kepada Such financial guarantees are given to banks,
bank-bank, lembaga keuangan dan badan- financial institutions and other institutions on
badan lainnya atas nama debitur untuk behalf of customers to secure loans and other
menjamin kredit dan fasilitas-fasilitas banking facilities.
perbankan lainnya.
Jaminan keuangan awalnya diakui dalam Financial guarantees are initially recognised in
laporan keuangan konsolidasian sebesar nilai the consolidated financial statements at fair
wajar pada tanggal jaminan diberikan. Nilai value on the date which the guarantee was
wajar dari jaminan keuangan pada saat given. The fair value of a financial guarantee at
dimulainya transaksi pada umumnya sama inception is likely to equal with the provision
dengan provisi yang diterima untuk jaminan received because all guarantees are agreed on
diberikan dengan syarat dan kondisi normal. arm’s length terms.
Setelah pengakuan awal, liabilitas Bank atas Subsequent to initial recognition, the Bank’s
jaminan tersebut diukur pada jumlah yang liabilities under such guarantees are measured
lebih tinggi antara jumlah awal, dikurangi at the higher amount between the initial
amortisasi provisi dan estimasi terbaik dari amount, less amortisation of provision
jumlah yang diharapkan akan terjadi untuk recognised, and the best estimates of the
menyelesaikan jaminan tersebut. Estimasi ini amount required to settle the guarantee. These
ditentukan berdasarkan pengalaman estimation are determined based on
transaksi yang sejenis dan kerugian historis experience of similar transactions and history
masa lalu, dilengkapi dengan penilaian of past losses, supplemented by the judgement
manajemen. from management.
Estimasi ini ditentukan berdasarkan These estimation are determined based on
kemiripan transaksi dan sejarah kerugian di experience of similar transactions and history
masa lalu, dilengkapi dengan justifikasi dari of past losses, supplemented by the judgement
manajemen. Pendapatan provisi yang from management. The provision income
diperoleh diamortisasi selama jangka waktu earned is amortised over the period of
jaminan dengan menggunakan metode garis guarantees using the straight-line method.
lurus.
96
1044 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1047
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
viii. Cadangan kerugian penurunan nilai aset viii. Allowance for impairment losses of financial
keuangan (lanjutan) assets (continued)
Penyisihan kerugian aset produktif Entitas Allowance for possible losses on earning
Anak berbasis syariah (lanjutan) assets of Subsidiary based on sharia
(continued)
Kontrak jaminan keuangan dan komitmen Financial guarantee contracts and
(lanjutan) commitments (continued)
Bank menentukan cadangan kerugian The Bank determines impairment losses on
penurunan nilai aset keuangan atas kontrak financial assets of financial guarantee
jaminan keuangan yang memiliki risiko kredit contracts that have credit risk and
dan komitmen berdasarkan nilai yang lebih commitment based on the value that is higher
tinggi antara nilai amortisasi (nilai tercatat) between the amortised value (carrying value)
dan nilai kini atas pembayaran liabilitas yang and the present value of the liabilities that are
diharapkan akan terjadi (ketika pembayaran expected to occur (when payment under the
atas jaminan tersebut menjadi probable) atau guarantee has become probable) or
nilai cadangan kerugian penurunan nilai yang impairment losses that are calculated based
dihitung berdasarkan data kerugian historis on historical loss data for a collective
untuk evaluasi penurunan nilai secara evaluation of impairment.
kolektif.
ix. Investasi pada sukuk ix. Investment in sukuk
Sebelum pengakuan awal, Grup menentukan Before the initial recognition, the Group
klasifikasi investasi pada sukuk berdasarkan determines the classification of investment in
tujuan investasi Grup. sukuk based on the Group’s investment
objective.
Klasifikasi dalam investasi sukuk terdiri dari: Investment in sukuk can be measured as
follows:
- Biaya perolehan - Acquisition cost
Jika investasi tersebut dimiliki dalam If the investment is held within a business
suatu model usaha yang bertujuan model that aims to collect contractual cash
utama untuk memperoleh arus kas flows and there is a contractual
kontraktual; dan terdapat persyaratan requirement to determine the specific date
kontraktual untuk menentukan tanggal of principal payments and/or the returns.
tertentu pembayaran pokok dan/atau The acquisition cost for sukuk ijarah and
hasilnya. Biaya perolehan sukuk ijarah sukuk Mudharabah includes transaction
dan sukuk Mudharabah termasuk biaya cost. The difference between acquisition
transaksi. Selisih antara biaya perolehan cost and nominal value is amortised using
dan nilai nominal diamortisasi secara straight-line method during the period of
garis lurus selama jangka waktu sukuk. the sukuk instrument.
- Diukur pada nilai wajar melalui - Measured at fair value through other
penghasilan komprehensif lain comprehensive income
Jika investasi tersebut dimiliki dalam If the investment is held within a business
suatu model usaha yang bertujuan model which its primary purpose is to
utama untuk memperoleh arus kas obtain contractual cash flows and sell
kontraktual dan melakukan penjualan off sukuk and there is a contractual
sukuk dan terdapat persyaratan requirements determined by specific date
kontraktual menentukan tanggal tertentu of payment of principal and/or results.
pembayaran pokok dan/atau hasilnya.
97
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1045
Page 1048
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
ix. Investasi pada sukuk (lanjutan) ix. Investment in sukuk (lanjutan)
Klasifikasi dalam investasi sukuk terdiri dari: Investment in sukuk can be measured as
(lanjutan) follows: (continued)
- Diukur pada nilai wajar melalui - Measured at fair value through other
penghasilan komprehensif lain (lanjutan) comprehensive income (continued)
Biaya perolehan sukuk ijarah dan The acquisition cost of sukuk ijarah and
sukuk Mudharabah termasuk biaya sukuk Mudharabah includes transaction
transaksi. Selisih antara biaya perolehan costs. The difference between the
dan nilai nominal diamortisasi acquisition cost and nominal value is
secara garis lurus selama jangka amortised on straight-line basis over the
waktu sukuk. Perubahan nilai wajar terms of sukuk. The changes in fair value
diakui dalam penghasilan komprehensif are recognised in other comprehensive
lain. Pada saat penghentian pengakuan income. At the time of derecognition, the
saldo, perubahan nilai wajar dalam changes in fair value in other
penghasilan komprehensif lain comprehensive income are reclassified to
direklasifikasi ke laba rugi sebagai profit or loss as a reclassification
penyesuaian reklasifikasi. adjustment.
- Diukur pada nilai wajar melalui laba rugi - Measured at fair value through profit or
loss
Biaya perolehan sukuk ijarah dan sukuk The acquisition cost of sukuk ijarah and
Mudharabah yang diukur pada nilai wajar sukuk Mudharabah is measured at fair
melalui laba rugi tidak termasuk biaya value through profit or loss excluding
transaksi. Untuk investasi pada sukuk transaction costs. For investments in
yang diukur pada nilai wajar melalui laba sukuk which are measured at fair value
rugi, selisih antara nilai wajar dan jumlah through profit or loss, the difference
tercatat diakui dalam laba rugi. between the fair value and the carrying
amount is recognised in profit or loss.
x. Sukuk Mudharabah yang diterbitkan x. Sukuk Mudharabah issued
Sukuk Mudharabah yang diterbitkan disajikan Sukuk Mudharabah issued is recognised at
sebesar nilai nominal. Biaya-biaya yang nominal amount. Transaction costs from the
timbul dari penerbitan surat berharga dicatat issuance of sukuk Mudharabah are recognised
sebagai beban yang ditangguhkan yang as deferred expense and presented as “Other
disajikan dalam akun “Aset lain-lain” dan assets” and amortised using straight-line over
diamortisasi secara garis lurus selama jangka the terms of sukuk Mudharabah.
waktu sukuk Mudharabah.
xi. Penentuan nilai wajar xi. Determination of fair value
Nilai wajar adalah pengukuran berbasis Fair value is a market-based measurement.
pasar. Pengukuran/penetapan nilai wajar The measurement/determination of fair value
bertujuan untuk mengestimasi harga dimana aims to estimate the price at which an orderly
transaksi teratur (orderly transaction) untuk transaction to sell an asset or transfer a liability
menjual aset atau mengalihkan liabilitas akan would occur between market participants at the
terjadi antara pelaku pasar (market measurement date.
participants) pada tanggal pengukuran.
98
1046 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1049
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
xi. Penentuan nilai wajar (lanjutan) xi. Determination of fair value (continued)
Ketika tidak terdapat pasar aktif atau harga When there is no active market or the price of
suatu instrumen keuangan yang identik tidak an identical financial instrument cannot be
dapat diobservasi, Grup dapat mengukur nilai observed, the Group can measure fair value
wajar menggunakan teknik penilaian sesuai using valuation techniques according to the
jenis instrumen keuangan. type of financial instrument.
Grup dapat melakukan pengukuran nilai The Group can measure fair value, with the
wajar, dengan hirarki sebagai berikut: following hierarchy:
1. Input Level 1, yaitu harga kuotasian 1. Input Level 1, the quoted prices
(tanpa penyesuaian) di pasar aktif untuk (unadjusted) in active markets for identical
aset atau liabilitas yang identik yang assets or liabilities that the Group can
dapat diakses Grup pada tanggal access at the measurement date.
pengukuran.
2. Input Level 2, yaitu input selain harga 2. Input Level 2, the input other than quoted
kuotasian yang termasuk dalam level 1 price included in level 1 that can be
yang dapat diobservasi untuk aset atau observed for assets or liabilities, either
liabilitas, baik secara langsung atau tidak directly or indirectly.
langsung.
3. Input Level 3, yaitu input yang tidak dapat 3. Input Level 3, the unobservable input for
diobservasi untuk aset atau liabilitas. an asset or liability.
Pengukuran nilai wajar mengasumsikan A fair value measurement assumes that the
bahwa transaksi untuk menjual aset atau transaction to sell the asset or transfer the
mengalihkan liabilitas terjadi: liability takes place either:
- Di pasar utama untuk aset dan liabilitas - In the principal market for the asset or
tersebut; atau liability; or
- Jika tidak terdapat pasar utama, di pasar - In the absence of a principal market, in the
yang paling menguntungkan untuk aset most advantageous market for the asset or
atau liabilitas tersebut. liability.
Nilai wajar suatu aset atau liabilitas diukur The fair value of an asset or a liability should be
menggunakan asumsi yang akan digunakan measured using the assumptions that market
pelaku pasar ketika menentukan harga aset participants would use when pricing the asset
dan liabilitas tersebut dengan asumsi bahwa or liability, assuming that market participants
pelaku pasar bertindak dalam kepentingan act in their best economic interest.
ekonomi terbaiknya.
Pengukuran nilai wajar aset non-keuangan A fair value measurement of a non-financial
memperhitungkan kemampuan pelaku pasar asset takes into account a market participant's
untuk menghasilkan manfaat ekonomi ability to generate economic benefits by using
dengan menggunakan aset dalam the asset at its highest and best use or by
penggunaan tertinggi dan terbaiknya atau selling it to another market participant that
dengan menjualnya kepada pelaku pasar lain would use the asset at its highest and best use.
yang akan menggunakan aset tersebut dalam
penggunaan tertinggi dan terbaiknya.
99
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1047
Page 1050
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
xi. Penentuan nilai wajar (lanjutan) xi. Determination of fair value (continued)
Nilai wajar untuk instrumen keuangan yang The fair value of financial instruments traded in
diperdagangkan di pasar aktif, seperti efek- active markets, such as marketable securities
efek dan obligasi pemerintah, ditentukan and government bonds, is determined based
berdasarkan nilai pasar yang berlaku pada on quoted market prices at the consolidated
tanggal laporan posisi keuangan statement of financial position date using price
konsolidasian menggunakan harga yang that published regularly and from credible
dipublikasikan secara rutin dan berasal dari sources such as quoted market prices from
sumber yang terpercaya, seperti Bloomberg, Bloomberg, Reuters or broker’s quoted price.
Reuters atau harga yang diberikan oleh Investments in mutual fund units are stated at
broker (harga kuotasian). Investasi dalam unit market value, in accordance with the net value
reksa dana dinyatakan sebesar nilai pasar of mutual fund assets at the consolidated
sesuai nilai aset bersih dari reksa dana pada statement of financial position date.
tanggal laporan posisi keuangan
konsolidasian.
Instrumen keuangan dianggap memiliki A financial instrument is deemed to be quoted
kuotasi di pasar aktif, jika harga kuotasi in an active market if quoted prices are
tersedia sewaktu-waktu dan dapat diperoleh available at any time and can be obtained
secara rutin dari bursa, pedagang efek regularly from stock exchanges, dealers, and
(dealer), perantara efek (broker) dan harga brokers and these prices reflect actual and
tersebut mencerminkan transaksi pasar yang regular market transactions in a fair
aktual dan rutin dalam suatu transaksi yang transaction. If the criteria above are not met, the
wajar. Jika kriteria di atas tidak terpenuhi, active market is declared unavailable.
maka pasar aktif dinyatakan tidak tersedia. Indications of an inactive market are that there
Indikasi-indikasi dari pasar tidak aktif adalah is a large gap between the bid and ask prices
terdapat selisih yang besar antara harga or a significant increase in the difference
penawaran dan permintaan atau kenaikan between the bid and ask prices, and there are
signifikan dalam selisih harga penawaran dan only a few recent transactions.
permintaan dan hanya terdapat beberapa
transaksi terkini.
Untuk efek-efek yang tidak mempunyai harga For marketable securities with no quoted
pasar, estimasi atas nilai wajar efek-efek market price, a reasonable estimate of the fair
ditetapkan dengan mengacu pada nilai wajar value is determined by reference to the current
instrumen lain yang substansinya sama atau market value of another instrument which
dihitung berdasarkan arus kas yang substantially has the same characteristic or
diharapkan terhadap aset bersih efek-efek calculated based on the expected cash flows of
tersebut. the underlying net asset base of the marketable
securities.
Untuk obligasi pemerintah yang tidak memiliki For government bonds with no quoted market
nilai pasar, estimasi nilai wajar ditentukan prices, a reasonable estimate of the fair value
dengan menggunakan model internal is determined using the internal model based
berdasarkan nilai kini dari arus kas masa on the present value of expected future cash
depan yang diharapkan (pendekatan next- flows using the next-repricing method approach
repricing method) dengan menggunakan with a deflator factor.
faktor deflator.
100
1048 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1051
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
c. Instrumen keuangan (lanjutan) c. Financial instruments (continued)
xii. Reformasi acuan suku bunga xii. Interest rate benchmark reform
Untuk pengukuran instrumen keuangan yang For the measurement of financial instruments
menggunakan biaya perolehan diamortisasi using amortised cost (financial assets of debt
(aset keuangan instrumen utang yang instruments classified as amortised cost and
diklasifikasikan sebagai biaya perolehan fair value through other comprehensive
diamortisasi dan nilai wajar melalui income, as well as financial liabilities measured
penghasilan komprehensif lain, serta liabilitas at amortised cost), changes in the future
keuangan yang diukur pada biaya perolehan contractual cash flows of those financial
diamortisasi), perubahan arus kas kontraktual instruments occurs as a result of interest rate
masa depan dari instrumen keuangan reform (change in the contractual benchmark
tersebut yang terjadi akibat reformasi suku interest rate from the previous LIBOR interest
bunga (perubahan suku bunga acuan rate to an alternative benchmark interest rate)
kontraktual dari sebelumnya suku bunga will change the effective interest rate of the
LIBOR menjadi suku bunga acuan alternatif) financial instrument. The change in contractual
akan mengubah tingkat suku bunga efektif cash flows does not affect the amortised cost of
instrumen keuangan tersebut. Perubahan the financial instrument, and has no impact on
arus kas kontraktual tersebut tidak profit or loss (practical expedient). Such
mempengaruhi biaya perolehan diamortisasi practical expedient can be applied if and only if
instrumen keuangan dimaksud, dan tidak the following 2 (two) requirements are met:
berdampak pada laba atau rugi (penerapan
praktis). Penerapan praktis tersebut dapat
diterapkan jika dan hanya jika 2 (dua)
persyaratan berikut terpenuhi:
1. Perubahan arus kas kontraktual tersebut 1. The change in contractual cash flows is
diperlukan sebagai akibat langsung dari necessary as a direct result of the reform
reformasi acuan suku bunga; dan of benchmark interest rates; and
2. Suku bunga acuan alternatif pengganti 2. The alternative reference interest rate is
secara ekonomis setara (economically economically equivalent to the previously
equivalent) dengan suku bunga acuan used benchmark interest rate.
yang digunakan sebelumnya.
d. Prinsip-prinsip konsolidasian d. Principles of consolidation
Laporan keuangan konsolidasian meliputi laporan The consolidated financial statements include the
keuangan Bank Mandiri dan Entitas Anak yang financial statement of Bank Mandiri and its
mayoritas sahamnya dimiliki atau dikendalikan Subsidiaries in which the majority shares are owned
oleh Bank Mandiri. or controlled by Bank Mandiri.
Pengendalian didapat ketika Bank terekspos atau Control is presumed to exist where the Bank is
memiliki hak atas imbal hasil variabel dari exposed, or has rights, to variable returns from its
keterlibatannya dengan Entitas Anak dan memiliki involvement with the Subsidiaries and has ability to
kemampuan untuk mempengaruhi imbal hasil use its power to affect its returns from its
tersebut melalui kekuasaannya atas Entitas Anak. involvement with the Subsidiaries.
Bank mengendalikan Entitas Anak jika dan hanya The Bank controls the Subsidiaries if and only if the
jika Bank memiliki hak berikut ini: Bank acquires these rights:
a) Kekuasaan atas Entitas Anak (hak yang ada a) Power over the Subsidiaries (has existing rights
saat ini yang mempengaruhi kemampuan kini that affect the current ability to direct the
untuk mengarahkan aktivitas relevan yang relevant activities, that significantly affect the
secara signifikan mempengaruhi imbal hasil Subsidiaries’ returns).
Entitas Anak).
b) Eksposur atau hak atas imbal hasil variabel b) Exposure or rights of variable returns from its
dari keterlibatannya dengan Entitas Anak. involvement with the Subsidiaries.
c) Kemampuan untuk menggunakan c) The ability to use its power over the
kekuasaannya atas Entitas Anak untuk Subsidiaries to affect the amount of the Bank's
mempengaruhi jumlah imbal hasil Bank. returns.
101
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1049
Page 1052
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
d. Prinsip-prinsip konsolidasian (lanjutan) d. Principles of consolidation (continued)
Pada laporan keuangan konsolidasian Bank In the consolidated financial statements of Bank
Mandiri, semua saldo dan transaksi yang Mandiri, all significant inter-company balances and
signifikan antar perusahaan yang dikonsolidasi transactions have been eliminated. The non-
telah dieliminasi. Kepentingan non-pengendali controlling interest net income of Subsidiaries is
atas laba bersih Entitas Anak disajikan sebagai presented as a deduction to consolidated net
pengurang dari laba bersih konsolidasian untuk income in order to present the Bank’s income. Non-
mendapatkan jumlah laba yang menjadi hak controlling interest in net assets is presented as part
pemilik entitas Bank. Kepentingan non-pengendali of equity in the consolidated statement of financial
dalam aset bersih disajikan sebagai bagian dari position, except for non-controlling interest from
ekuitas kecuali kepentingan non-pengendali yang mutual fund consolidation is presented as part of
berasal dari konsolidasi atas reksa dana disajikan liabilities in the consolidated statement of financial
sebagai bagian dari liabilitas dalam laporan posisi position.
keuangan konsolidasian.
Laporan keuangan konsolidasian disusun dengan The consolidated financial statements are prepared
menggunakan kebijakan akuntansi yang sama using a consistent accounting policy for transactions
untuk peristiwa dan transaksi sejenis dalam and events in similar circumstances. The
kondisi yang sama. Kebijakan akuntansi yang accounting policies adopted in preparing the
digunakan dalam laporan keuangan konsolidasian consolidated financial statements have been
telah diterapkan secara konsisten oleh Entitas consistently applied by the Subsidiaries, unless
Anak, kecuali bila dinyatakan lain. otherwise stated.
Bila pengendalian atas suatu entitas diperoleh If the control on an entity is obtained or ends in the
atau berakhir dalam tahun berjalan, hasil usaha current year, the entity’s net income is included in
entitas tersebut dimasukkan dalam laporan laba the consolidated statement of profit or loss and other
rugi dan penghasilan komprehensif lain comprehensive income from the date of acquisition
konsolidasian sejak tanggal pengendalian dimulai of the control or until the date the control ceased.
atau sampai dengan tanggal pengendalian
berakhir.
Transaksi kombinasi bisnis entitas sepengendali, Business combination transaction amongst entities
berupa pengalihan bisnis yang dilakukan dalam under common control, in the form of transfer of
rangka reorganisasi entitas-entitas yang berada business conducted for the reorganisation of entities
dalam suatu kelompok usaha yang sama, bukan under common control, does not represent a
merupakan perubahan kepemilikan dalam arti change of ownership in terms of economic
substansi ekonomi, sehingga transaksi tersebut substance, therefore, there shall be no gain or loss
tidak dapat menimbulkan laba atau rugi bagi recognised by the group as a whole and by
kelompok usaha secara keseluruhan ataupun bagi individual entities within the group.
entitas individual dalam kelompok usaha tersebut.
Oleh karena transaksi kombinasi bisnis entitas Since the business combination transaction
sepengendali tidak mengakibatkan perubahan amongst entities under common control does not
substansi ekonomi kepemilikan atas bisnis yang cause any change in the economic substance of
dipertukarkan, maka transaksi tersebut diakui ownership of the transferred business, therefore the
pada jumlah tercatat berdasarkan metode transaction is recognised at book value using the
penyatuan kepemilikan. pooling interest method.
Perubahan dalam bagian kepemilikan Bank pada Changes in the Bank’s ownership interest in
Entitas Anak yang tidak mengakibatkan hilangnya Subsidiaries that do not result in a loss of control are
pengendalian dicatat sebagai transaksi ekuitas, accounted for as an equity transaction, in this case
dalam hal ini transaksi dengan pemilik dalam a transaction with owners in their capacity as
kapasitasnya sebagai pemilik. Setiap perbedaan owners. Any difference between the amount of the
antara jumlah kepentingan nonpengendali adjusted non-controlling interest and the fair value
disesuaikan dan nilai wajar imbalan yang of the consideration paid or received shall be
diberikan atau diterima diakui secara langsung recognised directly in equity and attributable to the
dalam ekuitas dan diatribusikan pada pemilik owners of the Parent Entity.
Entitas Induk.
102
1050 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1053
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
d. Prinsip-prinsip konsolidasian (lanjutan) d. Principles of consolidation (continued)
Entitas yang menerima/melepas bisnis, dalam The entity that accepts/releases a business in a
kombinasi/pelepasan bisnis entitas sepengendali, combination/separation of business amongst
mengakui selisih antara jumlah imbalan yang entities under common control, shall recognise the
dialihkan/diterima dan jumlah tercatat dari setiap difference between benefits being transferred or
transaksi kombinasi bisnis sebagai komponen received and the recorded amount of every
ekuitas dan menyajikannya dalam pos tambahan business combination transaction as equity and
modal disetor/agio saham. present it under additional paid-in capital/share
premium.
Berdasarkan PSAK 338, unsur-unsur laporan Based on SFAS 338, the elements of the financial
keuangan dari entitas yang bergabung, untuk statements of the merged entities, for the period in
periode terjadinya kombinasi bisnis entitas which the business combination merged entities
sepengendali dan untuk periode komparatif sajian, under common control occurred and for the
disajikan sedemikian rupa seolah-olah comparative period presented, are presented in
penggabungan tersebut telah terjadi sejak awal such a way as if the combination had occurred since
periode entitas yang bergabung dalam the beginning of the period when the entities were
sepengendalian. under common control.
e. Transaksi dan saldo dalam mata uang asing e. Foreign currency transactions and balances
Entitas Anak dan kantor cabang luar negeri Subsidiaries and overseas branches
Bank Mandiri menyelenggarakan catatan Bank Mandiri maintains its accounting records in
akuntansinya dalam mata uang Rupiah. Indonesian Rupiah.
Bank Mandiri menyelenggarakan catatan Bank Mandiri maintains its accounting records in
akuntansinya dalam mata uang Rupiah. Untuk Indonesian Rupiah. For consolidation purposes, the
tujuan konsolidasian, laporan keuangan dalam financial statement of the overseas branches and
mata uang asing milik cabang dan Entitas Anak overseas Subsidiaries of Bank Mandiri denominated
luar negeri Bank Mandiri dijabarkan ke dalam mata in foreign currencies are translated into Rupiah
uang Rupiah dengan dasar kurs Reuters untuk using the Reuters exchange rate for exchange rates
kurs sebelum 17 Oktober 2022 dan kurs Refinitiv before 17 October 2022 and the Refinitiv Eikon
Eikon untuk kurs setelah 17 Oktober 2022 sebagai exchange rate for exchange rates after 17 October
berikut: 2022 as follows:
(1) Aset dan liabilitas, komitmen dan kontinjensi - (1) Assets and liabilities, commitments and
menggunakan kurs spot pada tanggal laporan contingencies - using the spot rates at the
posisi keuangan konsolidasian. consolidated statement of financial position
date.
(2) Pendapatan, beban, laba dan rugi - (2) Revenues, expenses, income and losses -
menggunakan kurs tengah rata-rata yang using the average middle rates during each
berlaku pada bulan terjadinya transaksi. month when the transaction occurs.
(3) Akun ekuitas - menggunakan kurs historis (3) Shareholders’ equity accounts - using historical
pada tanggal transaksi. rates on the date of transaction.
(4) Laporan arus kas - menggunakan kurs spot (4) Statement of cash flows - using the spot rates
pada tanggal laporan posisi keuangan at the reporting date, except for profit and loss
konsolidasian, kecuali akun-akun laba rugi statement balances which are translated using
menggunakan kurs tengah rata-rata dan the average middle rates and shareholders’
unsur-unsur ekuitas menggunakan kurs equity balances which are translated using
historis. historical rates.
Selisih yang timbul dari proses penjabaran laporan The differences arising from the translation
keuangan tersebut disajikan sebagai “Selisih kurs adjustment are presented as “Differences arising
karena penjabaran laporan keuangan dalam mata from the translation of financial statements in foreign
uang asing” pada kelompok ekuitas dalam laporan currencies” under the shareholders’ equity section
posisi keuangan konsolidasian. in the consolidated statement of financial position.
103
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1051
Page 1054
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
e. Transaksi dan saldo dalam mata uang asing e. Foreign currency transactions and balances
(lanjutan) (continued)
Transaksi dan saldo dalam mata uang asing Transactions and balances in foreign currencies
Transaksi dalam mata uang asing dicatat ke Transactions in foreign currencies are recorded in
dalam Rupiah menggunakan kurs pada saat Rupiah using rates on the date of the transactions.
terjadinya transaksi. Pada tanggal laporan posisi At the consolidated statement of financial position
keuangan konsolidasian, semua aset dan liabilitas date, all foreign currencies monetary assets and
moneter dalam mata uang asing dijabarkan ke liabilities are translated into Rupiah using the
dalam mata uang Rupiah dengan menggunakan Revinitif Eikon spot rates at 3.00 p.m. WIB (Western
kurs spot Revinitif Eikon pada pukul 15.00 WIB Indonesian Time) on 31 December 2025 and 2024.
untuk tanggal 31 Desember 2025 dan 2024. The resulting gains or losses are credited or
Keuntungan atau kerugian yang timbul charged to the current year’s consolidated
dibebankan pada laporan laba rugi dan statement of profit or loss and other comprehensive
penghasilan komprehensif lain konsolidasian income.
tahun berjalan.
Kurs yang digunakan untuk menjabarkan mata The exchange rates used against the Rupiah at the
uang asing ke dalam Rupiah pada tanggal laporan dates of the consolidated statements of financial
posisi keuangan konsolidasian adalah sebagai position are as follows (amounts in full amount of
berikut (Rupiah penuh): Rupiah):
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
1 Pound Sterling Inggris 22.439,55 20.218,54 Great Britain Pound Sterling 1
1 Euro Eropa 19.571,45 16.758,12 European Euro 1
1 Dolar Amerika Serikat 16.675,00 16.095,00 United States Dollar 1
100 Yen Jepang 10.650,00 10.303,00 Japanese Yen 100
1 Dolar Australia 11.152,24 10.013,51 Australian Dollar 1
1 Dolar Hong Kong 2.142,30 2.073,11 Hong Kong Dollar 1
1 Yuan China 2.384,72 2.204,99 Chinese Yuan 1
1 Dolar Singapura 12.965,05 11.844,58 Singapore Dollar 1
Mata uang asing lainnya yang tidak diungkapkan Other foreign currencies that are not disclosed as
di atas tidak dianggap signifikan dalam above is considered not material in the translation
penjabaran transaksi dalam mata uang asing of transaction in foreign currencies of the Bank
Bank Mandiri dan Entitas Anak. Mandiri and Subsidiaries.
f. Transaksi dengan pihak-pihak berelasi f. Transactions with related parties
Bank Mandiri dan Entitas Anak melakukan The Bank and Subsidiaries enter into transactions
transaksi dengan pihak-pihak berelasi seperti with parties which are defined as related parties in
yang didefinisikan dalam PSAK 224 accordance with SFAS 224 “Related Party
“Pengungkapan Pihak-pihak Berelasi” dan Disclosures” and capital market regulation No.
peraturan regulator pasar modal yaitu Peraturan VIII.G.7 regarding Financial Statements
No. VIII.G.7 tentang Penyajian dan Presentation and Disclosure for Issuer or Public
Pengungkapan Laporan Keuangan Emiten atau Companies.
Perusahaan Publik.
104
1052 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1055
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
f. Transaksi dengan pihak-pihak berelasi f. Transactions with related parties (continued)
(lanjutan)
Pihak berelasi adalah orang atau entitas yang A related party is a person or entity that is related to
terkait dengan entitas yang menyiapkan laporan the entity that prepares its financial statements
keuangannya (entitas pelapor). Yang termasuk (reporting entity). The related parties are as follows:
pihak berelasi adalah sebagai berikut:
1) Orang yang: 1) A person who:
a) Memiliki pengendalian atau a) Has control or joint control over the
pengendalian bersama atas entitas reporting entity;
pelapor;
b) Memiliki pengaruh signifikan atas entitas b) Has significant influence over the reporting
pelapor; atau entity; or
c) Merupakan personil manajemen kunci c) The key management personnel of the
entitas pelapor atau entitas induk entitas reporting entity or the parent of the
pelapor. reporting entity.
2) Suatu entitas berelasi dengan entitas pelapor 2) An entity is related to a reporting entity if any of
jika memenuhi salah satu hal sebagai berikut: the following are met:
a) Entitas dan entitas pelapor adalah a) The entity and the reporting entity are
anggota dari kelompok usaha yang members of the same group;
sama;
b) Suatu entitas adalah entitas asosiasi atau b) An entity is an associate or joint venture of
ventura bersama dari entitas lain; the other entity;
c) Kedua entitas tersebut adalah ventura c) Both entities are joint ventures from the
bersama dari pihak ketiga yang sama; same third party;
d) Suatu entitas adalah ventura bersama d) An entity is a joint venture of a third entity
dari entitas ketiga dan entitas yang lain and the other entity is an associate of the
adalah entitas asosiasi dari entitas ketiga; third entity;
e) Entitas tersebut adalah suatu program e) The entity is a post-employment benefit
imbalan pasca kerja untuk imbalan kerja plan for the benefits of employees either
dari salah satu entitas pelapor atau from the reporting entity or an entity
entitas yang terkait dengan entitas related to the reporting entity;
pelapor;
f) Entitas yang dikendalikan atau f) The entity is controlled or jointly controlled
dikendalikan bersama oleh orang yang by a person identified as referred to in
diidentifikasi sebagaimana dimaksud point 1); or
dalam angka 1); atau
g) Orang yang diidentifikasi sebagaimana g) A person identified as referred to point 1)
dimaksud dalam angka 1) huruf a) letter a) has significant influence over the
memiliki pengaruh signifikan atas entitas entity or the entity's key management
atau merupakan personil manajemen personnel;
kunci entitas;
h) Entitas yang dikendalikan, dikendalikan h) The entity is controlled, jointly controlled or
bersama atau dipengaruhi secara significantly influenced by the
signifikan oleh Pemerintah yaitu Menteri Government, which is the Minister of
Keuangan atau Pemerintah Daerah yang Finance or the local governments which is
merupakan pemegang saham dari the shareholder of the entity.
entitas.
105
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1053
Page 1056
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
f. Transaksi dengan pihak-pihak berelasi f. Transactions with related parties (continued)
(lanjutan)
Pihak berelasi adalah orang atau entitas yang A related party is a person or entity that is related to
terkait dengan entitas yang menyiapkan laporan the entity that prepares its financial statements
keuangannya (entitas pelapor). Yang termasuk (reporting entity). The related parties are as follows:
pihak berelasi adalah sebagai berikut: (lanjutan) (continued)
3) Pihak yang bukan merupakan pihak berelasi 3) Parties which are not related parties are as
adalah sebagai berikut: follows:
a) Dua entitas hanya karena mereka a) Two entities simply because they have the
memiliki direktur atau personil same director or key management
manajemen kunci yang sama atau personnel or because the key
karena personil manajemen kunci dari management personnel of one entity have
satu entitas mempunyai pengaruh significant influence over the other entity;
signifikan atas entitas lain;
b) Dua venturer hanya karena mereka b) Two joint venturers simply because they
mengendalikan bersama atas ventura share joint control of a joint venture;
bersama;
c) Penyandang dana, serikat dagang, c) Fund providers, trade unions, public
entitas pelayanan publik, dan service, and ministries and agencies of
departemen dan instansi pemerintah government that does not control, jointly
yang tidak mengendalikan, control or have significant influence over
mengendalikan bersama atau memiliki the reporting entity, solely in the execution
pengaruh signifikan atas entitas pelapor, of normal business with the entity;
semata-mata dalam pelaksanaan urusan
normal dengan entitas;
d) Pelanggan, pemasok, pemegang hak d) Customers, suppliers, franchisors,
waralaba, distributor atau agen umum distributors or general agents with whom
dengan siapa entitas mengadakan an entity enter, into transactions with
transaksi usaha dengan volume significant volumes of business solely
signifikan, semata-mata karena because of economic dependence due to
ketergantungan ekonomis yang circumstances.
diakibatkan oleh keadaan.
Semua transaksi signifikan dengan pihak-pihak All significant transactions with related parties have
berelasi, telah diungkapkan pada Catatan 56. been disclosed in Note 56.
g. Kas dan setara kas g. Cash and cash equivalents
Kas (terutama terdiri dari kas di khasanah dan kas Cash (mainly consists of cash in vault and cash in
di ATM) dan setara kas mencakup kas, giro pada ATMs) and cash equivalents consist of cash,
Bank Indonesia, giro pada bank lain dan investasi current accounts with Bank Indonesia, current
jangka pendek likuid lainnya dengan jangka waktu accounts with other banks and other short term
jatuh tempo 3 (tiga) bulan atau kurang sejak liquid investments with original maturities of 3
tanggal perolehan. (three) months or less since the date of acquisition.
h. Giro pada Bank Indonesia dan bank lain h. Current accounts with Bank Indonesia and other
banks
Giro pada Bank Indonesia dan Bank lain Current accounts with Bank Indonesia and other
diklasifikasikan sebagai biaya perolehan banks are classified as amortised cost. Refer to
diamortisasi. Lihat Catatan 2c untuk kebijakan Note 2c for the accounting policy of amortised cost.
akuntansi atas biaya perolehan diamortisasi.
l
106
1054 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1057
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
h. Giro pada Bank Indonesia dan bank lain h. Current accounts with Bank Indonesia and other
(lanjutan) banks (continued)
Giro Wajib Minimum The Minimum Statutory Reserve
Pemenuhan Giro Wajib Minimum (“GWM”) Fulfillment of the Minimum Statutory Reserves
mengacu pada Peraturan Bank Indonesia (PBI) (“GWM”) refers to Bank Indonesia Regulation (PBI)
No. 11 Tahun 2024 tanggal 31 Desember 2024 No. 11 of 2024 dated 31 December 2024,
tentang Pengendalian Moneter yang mencabut concerning Monetary Control, which repeals PBI
PBI No.20/3/PBI/2018 tanggal tanggal 29 Maret No. 20/3/PBI/2018 dated 29 March 2018 concerning
2018 tentang Giro Wajib Minimum dalam Rupiah Statutory Reserves in Rupiah and Foreign
dan Valuta Asing Bagi Bank Umum Konvensional, Exchange for Conventional Commercial Banks,
Bank Umum Syariah, dan Unit Usaha Syariah Sharia Commercial Banks, and Sharia Business
beserta ketentuan perubahannya. Units along with its amendments.
PBI tersebut dijelaskan lebih lanjut melalui The provided text elaborates on the regulation
Peraturan Anggota Dewan Gubernur (PADG) through the Board of Governors' Regulation (PADG)
No. 24/8/PADG/2022 tanggal 30 Juni 2022 No. 24/8/PADG/2022 dated 30 June 2022,
tentang Peraturan Pelaksanaan Pemenuhan Giro concerning the Implementation Regulation for
Wajib Minimum dalam Rupiah dan Valuta Asing Meeting the Minimum Mandatory Reserve in Rupiah
bagi Bank Umum Konvensional, Bank Umum and Foreign Currency for Conventional Commercial
Syariah, dan Unit Usaha Syariah sebagaimana Banks, Sharia Commercial Banks, and Sharia
telah diubah sebanyak 4 (empat) kali melalui Business Units, as amended 4 (four) times through
PADG No. 2 tahun 2023 tanggal 24 Maret 2023, PADG No. 2 year 2023 dated 24 March 2023,
PADG No. 12 tahun 2023 tanggal 27 September PADG No. 12 year 2023 dated 27 September 2023,
2023, PADG No. 8 tahun 2025 tanggal 27 Maret PADG No. 8 year 2025 dated 27 March 2025 and
2025, dan PADG No. 31 tahun 2025 tanggal PADG No. 31 year 2025 dated 23 December 2025.
23 Desember 2025.
PADG baru tersebut mengatur bahwa pemenuhan The new PADG regulates that the fulfillment of
GWM dalam Rupiah Bank Umum Konvensional Minimum Statutory Reserves in Rupiah for
(BUK) ditetapkan sebagai berikut: Conventional Commercial Banks (BUK) is
determined as follows:
a. Secara harian sebesar 0% (nol persen); dan a. On a daily basis of 0% (zero percent); and
b. Secara rata-rata untuk: b. On average for:
1) Periode 1 Juli 2022 sampai dengan 1) Period 1 July 2022 to 31 August 2022 of
31 Agustus 2022 sebesar 7,5% (tujuh 7.5% (seven point five percent); and
koma lima persen); dan
2) Periode 1 September 2022 dan 2) Period 1 September 2022 onwards of 9%
seterusnya sebesar 9% (sembilan (nine percent).
persen).
GWM dalam Rupiah untuk Entitas Anak yang GWM in Rupiah for Subsidiaries that carry out
menjalankan kegiatan usaha dengan prinsip business activities with sharia principles must be
syariah wajib dipenuhi sebesar: met as follows:
a. Secara harian sebesar 0% (nol persen); dan a. On a daily basis of 0% (zero percent); and
b. Secara rata-rata untuk: b. On average for:
1) Periode 1 Juli 2022 sampai dengan 1) Period 1 July 2022 to 31 August 2022 of 6%
31 Agustus 2022 sebesar 6% (enam (six percent); and
persen); dan
2) Periode 1 September 2022 dan 2) Period 1 September 2022 onwards of 7.5%
seterusnya sebesar 7,5% (tujuh koma (seven point five percent).
lima persen).
107
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1055
Page 1058
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
h. Giro pada Bank Indonesia dan bank lain h. Current accounts with Bank Indonesia and other
(lanjutan) banks (continued)
Giro Wajib Minimum (lanjutan) The Minimum Statutory Reserve (continued)
Selain itu, Bank Indonesia melakukan penguatan In addition, Bank Indonesia has strengthened
kebijakan untuk mendorong pertumbuhan policies to encourage economic growth through the
ekonomi melalui ketentuan insentif GWM dalam provision of GWM incentives in Rupiah, outlined in
Rupiah yang dituangkan dalam PBI No. 9 tahun PBI No. 9 year 2025 dated 26 November 2025, on
2025 tanggal 26 November 2025 tentang the Macroprudential Liquidity Incentive Policy, as
Kebijakan Insentif Likuiditas Makroprudensial further regulated by PBI No. 11 year 2023 dated
yang mencabut PBI No. 11 tahun 2023 tanggal 18 September 2023, on the Implementing
18 September 2023 tentang Kebijakan Insentif Regulation of the Macroprudential Liquidity
Likuiditas Makroprudensial, sebagaimana diatur Incentive Policy, which has been further provided
lebih lanjut melalui PADG No. 27 tahun 2025 through PADG No. 27 year 2025 dated 1 December
tanggal 1 Desember 2025 tentang Peraturan 2025 Concerning the Implementing Regulation of
Pelaksanaan Kebijakan Insentif Likuiditas the Macroprudential Liquidity Incentive Policy.
Makroprudensial.
Bank Indonesia memberikan Kebijakan Insentif Bank Indonesia provides the Macroprudential
Likuiditas Makroprudensial (KLM) GWM dalam Liquidity Incentive (KLM) in the form of Rupiah
Rupiah kepada Bank yang melaksanakan: (a) Reserve Requirements to Banks that implement: (a)
penyaluran kredit atau pembiayaan kepada sektor credit extension or financing to specific sectors
tertentu yang ditetapkan oleh Bank Indonesia; (b) determined by Bank Indonesia; (b) the
penetapan suku bunga kredit atau persentase determination of lending interest rates or financing
imbalan pembiayaan yang sejalan dengan arah return rates consistent with the policy direction of
kebijakan Bank Indonesia; dan/atau (c) hal Bank Indonesia; and/or (c) other matters as
lainnya yang ditetapkan oleh Bank Indonesia. determined by Bank Indonesia.
Adapun berdasarkan PADG No. 27 tahun 2025 Based on PADG No. 27 year 2025 dated
tanggal 1 Desember 2025 tentang Peraturan 1 December 2025 concerning the Implementing
Pelaksanaan Kebijakan Insentif Likuiditas Regulation of the Macroprudential Liquidity Incentive
Makroprudensial serta surat Bank Indonesia Policy and Bank Indonesia Letter
nomor 27/250/DKMP/Srt/B tanggal 12 Desember No. 27/250/DKMP/Srt/B dated 12 December 2025
2025 perihal Informasi Perubahan Besaran regarding information on changes to the
Kebijakan Insentif Likuiditas Makroprudensial Macroprudential Liquidity Incentive (KLM) and the
(KLM) serta Informasi Pemberian KLM dan granting and amount of KLM for the period of
Besaran KLM Periode 16 sampai dengan 16 to 31 December 2025, the maximum
31 Desember 2025, besaran insentif macroprudential incentive is 5.5% (five point five
makroprudensial paling besar adalah sebesar percent).
5,5% (lima koma lima persen).
Penyangga Likuiditas Makroprudensial Macroprudential Liquidity Buffer
Penyangga Likuiditas Makroprudensial, Macroprudential Liquidity Buffer, will be mentioned
selanjutnya disebut PLM, adalah cadangan as MLB is a minimum statutory reserve which
likuiditas minimum dalam Rupiah yang wajib should be maintained in Rupiah by Conventional
dipelihara oleh BUK dalam bentuk surat berharga Commercial Bank in the form of securities that met
yang memenuhi persyaratan tertentu, yang certain requirements and the amount will be
besarnya ditetapkan oleh Bank Indonesia sebesar determined by Bank Indonesia in certain
persentase tertentu dari DPK BUK dalam Rupiah. percentage of Conventional Commercial Bank Third
Sedangkan bagi Bank Umum Syariah (BUS), Party Fund in Rupiah. For Sharia Conventional
Penyangga Likuiditas Makroprudensial Syariah Bank Macroprudential Liquidity buffer (MLB Sharia)
(PLM Syariah) adalah cadangan likuiditas is minimum statutory reserve which should be
minimum dalam Rupiah yang wajib dipelihara oleh maintained by Sharia Commercial Bank in the form
BUS dalam bentuk surat berharga syariah yang of sharia securities that met certain requirements
memenuhi persyaratan tertentu, yang besarnya and the amount will be determined by Bank
ditetapkan oleh Bank Indonesia sebesar Indonesia in certain percentage of sharia
persentase tertentu dari DPK BUS dalam Rupiah. commercial bank’s Third Party Funds in Rupiah.
108
1056 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1059
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
h. Giro pada Bank Indonesia dan bank lain h. Current accounts with Bank Indonesia and other
(lanjutan) banks (continued)
Penyangga Likuiditas Makroprudensial (lanjutan) Macroprudential Liquidity Buffer (continued)
Pemenuhan PLM mengacu pada PBI The requirement of the latest MLB refers to PBI
No. 20/4/PBl/2018 tanggal 29 Maret 2018 tentang No. 20/4/PBl/2018 dated 29 March 2018 concerning
Rasio lntermediasi Makroprudensial dan Macroprudential lntermediation Ratio and
Penyangga Likuiditas Makroprudensial bagi Bank Macroprudential Liquidity Buffer for Conventional
Umum Konvensional, Bank Umum Syariah, dan Commercial Bank, Sharia Commercial Banks, and
Unit Usaha Syariah. Sharia Business Units.
Peraturan ini sebagaimana diubah terakhir This regulation, as last amended by Bank Indonesia
dengan PBI No. 24/16/PBI/2022 tanggal Regulation (PBI) No. 24/16/PBI/2022 dated
31 Oktober 2022 tentang Perubahan Keempat 31 October 2022, concerns the Fourth Amendment
Atas PBI Nomor 20/4/PBI/2018 tentang Rasio to PBI No. 20/4/PBI/2018 regarding the
Intermediasi Makroprudensial Dan Penyangga Macroprudential Intermediation Ratio and the
Likuiditas Makroprudensial Bagi Bank Umum Macroprudential Liquidity Buffer for Conventional
Konvensional, Bank Umum Syariah, Dan Unit Commercial Banks, Islamic Commercial Banks, and
Usaha Syariah. PBI tersebut dijelaskan lebih lanjut Islamic Business Units. The aforementioned PBI is
melalui PADG No. 23 Tahun 2025 tanggal
further elaborated through PADG No. 23 of 2025
20 Oktober 2025 tentang Rasio Intermediasi
dated 20 October 2025, concerning the
Makroprudensial Dan Penyangga Likuiditas
Makroprudensial Bagi Bank Umum Konvesional, Macroprudential Intermediation Ratio and the
Bank Umum Syariah, Dan Unit Usaha Syariah Macroprudential Liquidity Buffer for Conventional
yang mencabut PADG No. 21/22/PADG/2019 Commercial Banks, Islamic Commercial Banks, and
tanggal 28 November 2019 tentang Rasio Islamic Business Units, which revokes PADG
Intermediasi Makroprudensial Dan Penyangga No. 21/22/PADG/2019 dated 28 November 2019, on
Likuiditas Makroprudensial Bagi Bank Umum the same subject, including all of its amendments.
Konvensional, Bank Umum Syariah, Dan Unit Under this regulation, the Macroprudential Liquidity
Usaha Syariah beserta seluruh ketentuan Buffer (PLM) is set at 4% (four percent) of Rupiah
perubahannya, di mana besaran PLM ditentukan third-party funds (DPK) for Conventional
sebesar 4% (empat persen) dari DPK BUK dalam Commercial Banks, and 2.5% (two point five
Rupiah dan besaran PLM untuk Entitas Anak yang percent) of Rupiah third-party funds (DPK) for
menjalankan kegiatan usaha dengan prinsip subsidiaries conducting business based on sharia
syariah adalah sebesar 2,5% (dua koma lima principles.
persen) dari DPK Entitas Anak dalam Rupiah.
Rasio Intermediasi Makroprudensial Macroprudential Intermediation Ratio
Rasio lntermediasi Makroprudensial (RIM) The Macroprudential Intermediation Ratio (RIM)
dahulu disebut sebagai Loan to Funding Ratio was formerly known as the Loan to Funding Ratio
(LFR). Berdasarkan PBI No. 20/4/PBl/2018 (LFR). Based on PBI No. 20/4/PBl/2018 dated
tanggal 29 Maret 2018 tentang Rasio lntermediasi 29 March 2018 concerning Macroprudential
Makroprudensial dan Penyangga Likuiditas Intermediation Ratio and Macroprudential Liquidity
Makroprudensial bagi Bank Umum Konvensional, Buffer for Conventional Commercial Banks, Sharia
Bank Umum Syariah, dan Unit Usaha Syariah, Commercial Banks and Sharia Business Units the
penyebutan LFR berubah menjadi RIM dengan term LFR changes to RIM with the obligation to fulfill
kewajiban pemenuhan Giro RIM mulai berlaku RIM's current account effective on 16 July 2018.
pada tanggal 16 Juli 2018. Peraturan tersebut The regulation has been amended 4 (four) times to
telah disempurnakan sebanyak 4 (empat) kali become PBI No. 21/12/PBl/2019 dated
menjadi PBI No. 21/12/PBl/2019 tanggal 25 November 2019, PBI No. 22/17/PBI/2020 dated
25 November 2019, PBI No. 22/17/PBI/2020 30 September 2020, PBI No. 23/17/PBI/2021 dated
tanggal 30 September 2020, PBI 17 December 2021 and PBI No. 24/16/PBI/2022
No. 23/17/PBI/2021 tanggal 17 Desember 2021, dated 31 October 2022.
dan PBI No. 24/16/PBI/2022 tanggal 31 Oktober
2022.
109
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1057
Page 1060
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
h. Giro pada Bank Indonesia dan bank lain h. Current accounts with Bank Indonesia and other
(lanjutan) banks (continued)
Rasio Intermediasi Makroprudensial (lanjutan) Macroprudential Intermediation Ratio (continued)
PBI tersebut dijelaskan lebih lanjut melalui PADG The PBI is further elaborated through Bank
No. 23 Tahun 2025 tanggal 20 Oktober 2025 Indonesia Circular Letter (PADG) No. 23 of 2025
tentang Rasio Intermediasi Makroprudensial Dan dated 20 October 2025, concerning the
Penyangga Likuiditas Makroprudensial Bagi Bank Macroprudential Intermediation Ratio and the
Umum Konvesional, Bank Umum Syariah, Dan Macroprudential Liquidity Buffer for Conventional
Unit Usaha Syariah yang mencabut PADG Commercial Banks, Islamic Commercial Banks, and
No. 21/22/PADG/2019 tanggal 28 November 2019 Islamic Business Units, which revokes PADG
tentang Rasio Intermediasi Makroprudensial Dan No. 21/22/PADG/2019 dated 28 November 2019, on
Penyangga Likuiditas Makroprudensial Bagi Bank the Macroprudential Intermediation Ratio and the
Umum Konvensional, Bank Umum Syariah, Dan Macroprudential Liquidity Buffer for Conventional
Unit Usaha Syariah beserta seluruh ketentuan Commercial Banks, Islamic Commercial Banks, and
perubahannya. Islamic Business Units, along with all of its
amendments.
Berdasarkan Peraturan tersebut, RIM adalah rasio Based on those Regulations, RIM is the ratio of the
hasil perbandingan antara poin a dan b di bawah results of the comparison of point a and b below:
ini:
a. 1. Kredit yang diberikan kepada pihak a. 1. Loans to third party in Rupiah and foreign
ketiga dalam Rupiah dan valuta asing; currencies;
2. Surat berharga korporasi dalam Rupiah 2. Corporate marketable securities in Rupiah
dan valuta asing yang memenuhi and foreign currencies which meet certain
persyaratan tertentu yang dimiliki Bank. requirements.
b. 1. DPK bank dalam bentuk giro, tabungan b. 1. TPF bank in terms of current account,
dan simpanan berjangka/deposito dalam saving account and time deposits in
Rupiah dan Valuta asing, tidak termasuk rupiah and foreign currencies excluding
dana antarbank; interbank fund;
2. Surat berharga dalam Rupiah dan Valuta 2. Marketable securities issued by the bank
Asing yang memenuhi persyaratan in Rupiah and Foreign Currencies which
tertentu, yang diterbitkan oleh Bank meet certain requirement which issued for
untuk memperoleh sumber pendanaan; funding;
3. Pinjaman yang diterima dalam Rupiah 3. Fund borrowing in Rupiah and foreign
dan valuta asing yang memenuhi currencies which met certain requirements
persyaratan tertentu, yang diterima oleh that were received by BUK for funding.
BUK untuk memperoleh sumber
pendanaan.
Giro Rasio Intermediasi Makroprudensial Macroprudential Intermediation Ratio Current
Accounts
Giro atas pemenuhan RIM yang selanjutnya Current accounts for RIM fulfillment, hereinafter
disebut Giro RIM adalah saldo pada rekening Giro referred to as RIM Current Account, are the current
Rupiah pada Bank Indonesia Real Time Gross accounts balance in Rupiah current accounts.
Settlement (BI-RTGS) dan dana Bank Indonesia Account at Bank Indonesia Real Time Gross
Fast Payment (BI-Fast) yang wajib dipelihara oleh Settlement (BI-RTGS) and Bank Indonesia Fast
Bank. Payment (BI-FAST) which must be maintained by
the Bank.
110
1058 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1061
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
h. Giro pada Bank Indonesia dan bank lain h. Current accounts with Bank Indonesia and other
(lanjutan) banks (continued)
Giro Rasio Intermediasi Makroprudensial Macroprudential Intermediation Ratio Current
(lanjutan) Accounts (continued)
Dalam hal RIM berada dalam kisaran target RIM In the event that RIM falls within RIM's target range,
maka Giro RIM ditetapkan sebesar 0% (nol RIM's Current Account is set at 0% (zero percent)
persen) dari DPK dalam Rupiah. Sedangkan of TPF in Rupiah. Meanwhile, if RIM is outside the
apabila RIM berada di luar kisaran target RIM, range of RIM's target, RIM's current accounts are
maka Giro RIM ditetapkan sebesar hasil perkalian determined as the result of the multiplication of the
antara Parameter Disinsentif Bawah atau Lower Disincentive Parameter or Upper
Parameter Disinsentif Atas, selisih antara RIM dan Disincentive Parameter, the difference between
Target RIM, serta DPK dalam Rupiah. RIM and RIM's target, and TPF in rupiah.
Besaran dan parameter yang digunakan dalam The amounts and parameters used in fulfilling RIM
pemenuhan Giro RIM ditetapkan sebagai berikut: Current Account are determined as follows:
a. Batas bawah Target RIM sebesar 84% a. The lower limit of RIM's Target of 84% (eighty
(delapan puluh empat persen); four percent);
b. Batas atas Target RIM sebesar 94% b. The upper limit of RIM's Target of 94% (ninety
(sembilan puluh empat persen); four percent);
c. Kewajiban Penyediaan Modal Minimum c. Minimum Capital Adequacy Requirement
(KPMM) lnsentif sebesar 14% (empat belas (CAR) Incentive of 14% (fourteen percent);
persen);
d. Parameter Disinsentif Bawah ditetapkan: d. The Lower Disincentive Parameters are
defined as follows:
1. Sebesar 0 (nol), jika BUK memiliki rasio 1. Amounting to 0 (zero), if the BUK has
kredit bermasalah secara bruto lebih gross non-performing loan ratio greater
besar dari atau sama dengan 5% (lima than or equal to 5% (five percent);
persen);
2. Sebesar 0 (nol), jika BUK memiliki: 2. Amounting to 0 (zero), if the BUK has:
a) Rasio kredit bermasalah secara a) Gross non-performing loan ratio is
bruto lebih kecil dari 5% (lima less than 5% (five percent); and
persen); dan
b) KPMM lebih kecil dari atau sama b) CAR is greater than or equal to
dengan KPMM lnsentif; Incentive CAR;
3. Sebesar 0,1 (nol koma satu), jika BUK 3. Amounting to 0.1 (zero point one), if the
memiliki: CCB has:
a) Rasio kredit bermasalah secara a) Gross non-performing loan ratio is
bruto lebih kecil dari 5% (lima less than 5% (five percent); and
persen); dan
b) KPMM lebih besar dari KPMM b) CAR is greater than incentive CAR
lnsentif dan lebih kecil dari atau and less than or equal to 19%
sama dengan 19% (sembilan belas (nineteen percent);
persen);
4. Sebesar 0,15 (nol koma satu lima), jika 4. Amounting to 0.15 (zero point one five), if
BUK memiliki: BUK has:
a) Rasio kredit bermasalah secara a) Gross Non-Performing Loans Ratio is
bruto lebih kecil dari 5% (lima less than 5% (five percent); and
persen); dan
b) KPMM lebih besar dari 19% b) CAR is greater than 19% (nineteen
(sembilan belas persen); percent);
111
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1059
Page 1062
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
h. Giro pada Bank Indonesia dan bank lain h. Current accounts with Bank Indonesia and other
(lanjutan) banks (continued)
Giro Rasio Intermediasi Makroprudensial Macroprudential Intermediation Ratio Current
(lanjutan) Accounts (continued)
Besaran dan parameter yang digunakan dalam The amounts and parameters used in fulfilling RIM
pemenuhan Giro RIM ditetapkan: (lanjutan) Current Account are determined as follows:
(continued)
e. Parameter Disinsentif Atas ditetapkan: e. Upper Disincentive Parameters are determined
as follows:
1. Sebesar 0 (nol), jika BUK memiliki KPMM 1. In the amount of 0 (zero), if the BUK has a
lebih besar dari KPMM lnsentif; atau CAR higher than the Incentive CAR; or
2. Sebesar 0 (nol), jika BUK memiliki KPMM 2. In the amount of 0 (zero), if the BUK has a
lebih kecil dari atau sama dengan KPMM CAR less than or equal to the Incentive
lnsentif. CAR.
i. Penempatan pada Bank Indonesia dan bank i. Placements with Bank Indonesia and other
lain banks
Penempatan pada Bank Indonesia dan bank lain Placements with Bank Indonesia and other banks
merupakan penempatan dana dalam bentuk represent placements in the form of Bank Indonesia
Deposit Facility (DF), Fasilitas Simpanan Bank Deposit Facility, sharia FASBI (Fasilitas Simpanan
Indonesia Syariah (FASBIS), Pasar Uang Antar Bank Indonesia Syariah (FASBIS)), interbank call
Bank, Pasar Uang Antar Bank Syariah, deposito money, sharia interbank call money, time deposits
berjangka dan lain-lain. and others.
Penempatan pada Bank Indonesia dan bank lain Placements with Bank Indonesia and other banks
disajikan sebesar biaya perolehan diamortisasi are stated at amortised cost using effective interest
dengan menggunakan suku bunga efektif rate less any allowance for impairment losses.
dikurangi dengan cadangan kerugian penurunan
nilai.
Sesuai dengan Peraturan Otoritas Jasa Keuangan In accordance with Regulation of Financial Services
(POJK) No. 40/POJK.03/2019 tanggal Authority (POJK) No. 40/POJK.03/2019 dated 19
19 Desember 2019 tentang Penilaian Kualitas December 2019 concerning the Quality
Aset Bank Umum, seluruh bentuk penempatan Assessment of Commercial Banks, all forms of
pada Bank Indonesia ditetapkan memiliki kualitas placements with Bank Indonesia are determined to
lancar. have current quality.
Penempatan pada Bank Indonesia dan bank lain Placements with Bank Indonesia and other banks
diklasifikasikan sebagai biaya perolehan are classified as amortised cost. Refer to Note 2c
diamortisasi. Lihat Catatan 2c untuk kebijakan for the accounting policy of amortised cost.
akuntansi atas biaya perolehan diamortisasi.
112
1060 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1063
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
j. Efek-efek j. Marketable securities
Efek-efek yang dimiliki terdiri dari efek-efek yang Marketable securities consist of securities traded in
diperdagangkan di pasar uang seperti Sertifikat the money market such as Certificates of Bank
Bank Indonesia (SBI), Sertifikat Bank Indonesia Indonesia (Sertifikat Bank Indonesia (SBI)), Sharia
Syariah (SBIS), Surat Perbendaharaan Negara Certificates of Bank Indonesia (Sertifikat Bank
(SPN), Negotiable Certificates of Deposits, Indonesia Syariah (SBIS)), Government Treasury
Medium Term Notes, Treasury Bills yang Bills (Surat Perbendaharaan Negara (SPN))
diterbitkan oleh pemerintah negara lain dan Negotiable Certificates of Deposits, Medium Term
Pemerintah Republik Indonesia, wesel ekspor, Notes, Treasury Bills issued by government of other
efek-efek yang diperdagangkan di pasar modal country and Government of Republic of Indonesia,
seperti unit reksa dana, serta efek-efek yang export bills, securities traded on the capital market
diperdagangkan di bursa efek seperti saham dan such as mutual fund units and securities traded on
obligasi, termasuk obligasi syariah perusahaan. the stock exchanges such as shares and bonds
including sharia corporate bonds.
Efek-efek diklasifikasikan sebagai aset keuangan Marketable securities are classified as financial
dalam kelompok diukur pada nilai wajar melalui assets at fair value through profit or loss, fair value
laba rugi, nilai wajar melalui penghasilan through other comprehensive income, and at
komprehensif lain, dan biaya perolehan amortised cost. Refer to Note 2c for the accounting
diamortisasi. Lihat Catatan 2c untuk kebijakan policy of financial assets through fair value through
akuntansi atas aset keuangan dalam kelompok profit or loss, fair value through other
diukur pada nilai wajar melalui laba rugi, nilai wajar comprehensive income, and at amortised cost.
melalui penghasilan komprehensif lain, dan biaya
perolehan diamortisasi.
Investasi dalam unit reksa dana dinyatakan Investments in mutual funds units are stated at
sebesar nilai pasar sesuai nilai aset bersih dari market value, in accordance with the net assets
reksa dana pada tanggal laporan posisi keuangan value of mutual funds at the date of the consolidated
konsolidasian. statement of financial position.
Untuk efek-efek yang diperdagangkan di pasar For marketable securities which are traded in
keuangan yang terorganisasi, nilai wajar tersebut organised financial markets, the fair value is
umumnya ditentukan dengan mengacu pada generally determined by reference to quoted market
harga pasar kuotasian yang terjadi di bursa efek prices by the stock exchanges at the end of
pada akhir hari pada tanggal laporan posisi business day on the consolidated statement of
keuangan konsolidasian. Untuk efek-efek yang financial position date. For marketable securities
tidak mempunyai harga pasar, estimasi atas nilai with no quoted market price, a reasonable estimate
wajar efek-efek ditetapkan dengan mengacu pada of the fair value is determined by reference to the
nilai wajar instrumen lain yang substansinya sama current market value of another instrument which
atau dihitung berdasarkan arus kas yang substantially has the same characteristic or
diharapkan terhadap aset bersih efek-efek calculated based on the expected cash flows of the
tersebut. Penurunan nilai wajar permanen atas underlying net asset of the marketable securities.
efek-efek untuk biaya perolehan diamortisasi dan Any permanent impairment in the fair value of
nilai wajar melalui penghasilan komprehensif lain marketable securities classified as amortised cost
dibebankan pada laporan laba rugi dan and fair value through other comprehensive income
penghasilan komprehensif lain konsolidasian is charged to current year’s consolidated statement
periode berjalan. of profit or loss and other comprehensive income.
Pemindahan efek ke klasifikasi dimiliki biaya Reclassification of marketable securities to
perolehan diamortisasi dari klasifikasi nilai wajar amortised cost from fair value through other
melalui penghasilan komprehensif lain dicatat comprehensive income classification is recorded at
sebesar nilai wajarnya. Keuntungan atau kerugian fair value. Unrealised gains or losses are recorded
yang belum direalisasi tetap dilaporkan dalam in the equity section and will be amortised up to the
komponen ekuitas dan diamortisasi dengan maturity date of the marketable securities using the
metode suku bunga efektif selama sisa umur efek effective interest rate method over the remaining
tersebut ke laporan laba rugi dan penghasilan tenor of marketable securities to consolidated
komprehensif lain konsolidasian. statement of profit or loss and other comprehensive
income.
113
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1061
Page 1064
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
k. Obligasi pemerintah k. Government bonds
Obligasi pemerintah adalah surat utang yang Government bonds represent bonds issued by the
diterbitkan oleh Pemerintah Republik Indonesia. Government of the Republic of Indonesia.
Obligasi pemerintah terdiri dari obligasi Government bonds consist of government bonds
pemerintah yang diperoleh dalam rangka program from the recapitalisation program and government
rekapitalisasi dan obligasi pemerintah yang dibeli bonds purchased from the market.
dari pasar.
Obligasi pemerintah diklasifikasikan sebagai aset Government bonds are classified as financial assets
keuangan dalam kelompok diukur pada nilai wajar at fair value through profit or loss, fair value through
melalui laba rugi, nilai wajar melalui penghasilan other comprehensive income and at amortised cost.
komprehensif lain, dan biaya perolehan Refer to Note 2c for the accounting policy of
diamortisasi. Lihat Catatan 2c untuk kebijakan financial assets at fair value through profit or loss,
akuntansi atas aset keuangan dalam kelompok fair value through other comprehensive income, and
diukur pada nilai wajar melalui laba rugi, nilai wajar at amortised cost.
melalui penghasilan komprehensif lain, dan biaya
perolehan diamortisasi.
l. Tagihan lainnya - transaksi perdagangan l. Other receivables - trade transactions
Tagihan lainnya - transaksi perdagangan adalah Other receivables - trade transactions represent
tagihan sebagai akibat dari perjanjian pemberian receivables resulting from contracts for trade-
fasilitas perdagangan kepada debitur yang akan related facilities given to customers, which will be
ditagih pada saat jatuh tempo. collected on maturity.
Tagihan lainnya diklasifikasikan sebagai aset Other receivables - trade transactions are classified
keuangan dalam kelompok biaya perolehan as financial assets at amortised cost. Refer to Note
diamortisasi. Lihat Catatan 2c untuk kebijakan 2c for the accounting policy of amortised cost.
akuntansi aset keuangan dalam kelompok biaya
perolehan diamortisasi.
m. Tagihan atas efek-efek yang dibeli dengan janji m. Securities purchased under agreements to
dijual kembali dan liabilitas atas efek-efek resell and securities sold under agreements to
yang dijual dengan janji dibeli kembali repurchase liabilities
Tagihan atas efek-efek yang dibeli dengan janji Securities purchased under agreements to resell
dijual kembali diklasifikasikan sebagai aset are classified as financial assets at amortised cost.
keuangan dalam kelompok biaya perolehan Refer to Note 2c for the accounting policy financial
diamortisasi. Lihat Catatan 2c untuk kebijakan assets of amortised cost.
akuntansi atas aset keuangan dalam kelompok
biaya perolehan diamortisasi.
Tagihan atas efek-efek yang dibeli dengan janji Securities purchased under agreements to resell
dijual kembali disajikan sebagai aset dalam are presented as assets in the consolidated
laporan posisi keuangan konsolidasian sebesar statement of financial position at the agreed resale
harga pembelian kembali yang disepakati price less unamortised prepaid interest and
dikurangi dengan bunga dibayar dimuka yang allowance for impairment losses. The difference
belum diamortisasi dan cadangan kerugian between the purchase price and the agreed resale
penurunan nilai. Selisih antara harga beli dan price is treated as deferred (unamortised) interest
harga jual kembali yang disepakati diperlakukan income and amortised as income over the period,
sebagai pendapatan bunga dibayar dimuka dan commencing from the acquisition date to the resale
diakui sebagai pendapatan bunga selama jangka date using the effective interest rate method.
waktu sejak efek-efek tersebut dibeli hingga dijual
kembali dengan menggunakan metode suku
bunga efektif.
114
1062 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1065
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
m. Tagihan atas efek-efek yang dibeli dengan janji m. Securities purchased under agreements to
dijual kembali dan liabilitas atas efek-efek resell and securities sold under agreements to
yang dijual dengan janji dibeli kembali repurchase liabilities (continued)
(lanjutan)
Efek-efek yang dijual dengan janji untuk dibeli Securities sold under agreements to repurchase are
kembali diklasifikasikan sebagai liabilitas classified as financial liabilities at amortised cost.
keuangan yang diukur dengan biaya perolehan Refer to Note 2c for the accounting policy for
diamortisasi. Lihat Catatan 2c untuk kebijakan financial liabilities at amortised cost.
akuntansi atas liabilitas keuangan yang diukur
dengan biaya perolehan diamortisasi.
Entitas Anak mencatat transaksi reverse repo The Subsidiaries recognised the reverse repo
syariah mengacu ke PSAK 411 “Akuntansi Wa’d” sharia in accordance with SFAS 411 “Accounting
yang diterapkan secara prospektif. Pada saat Wa’d” which applied prospectively. At initial
pengakuan awal, Entitas Anak mengklasifikasikan recognition, Subsidiaries classified sharia securities
surat berharga syariah dalam kategori diukur pada as measured at fair value through other
nilai wajar melalui penghasilan komprehensif lain. comprehensive income. Gains or losses arising
Keuntungan atau kerugian dari perubahan nilai from changes in fair value are recognised in other
wajar diakui dalam penghasilan komprehensif lain. comprehensive income.
n. Tagihan derivatif dan liabilitas derivatif n. Derivative receivables and derivative payables
Seluruh instrumen derivatif (termasuk transaksi All derivative instruments (including foreign
valuta asing untuk tujuan pendanaan dan currency transactions for funding and trading
perdagangan) dicatat dalam laporan posisi purposes) are recognised in the consolidated
keuangan konsolidasian berdasarkan nilai statement of financial position at their fair values.
wajarnya. Nilai wajar tersebut ditentukan Fair value is determined based on market value
berdasarkan harga pasar dengan menggunakan using Revinitif Eikon rate at reporting date or
kurs Revinitif Eikon pada tanggal laporan atau discounted cash flow method.
metode diskonto arus kas.
Tagihan derivatif disajikan sebesar keuntungan Derivative receivables are presented at the amount
yang belum direalisasi dari kontrak derivatif. of unrealised gain from derivative contracts.
Liabilitas derivatif disajikan sebesar kerugian yang Derivative payables are presented at the amount of
belum direalisasi dari kontrak derivatif. unrealised loss from derivative contracts.
Keuntungan atau kerugian dari kontrak derivatif Gains or losses from derivative contracts are
disajikan dalam laporan keuangan konsolidasian presented in the consolidated financial statements
berdasarkan tujuan Bank atas transaksi yaitu based on its purpose designated upon acquisition,
untuk (1) lindung nilai atas nilai wajar, (2) lindung for (1) fair value hedge, (2) cash flow hedge, (3) net
nilai atas arus kas, (3) lindung nilai atas investasi investment in a foreign operation hedge, and (4)
bersih pada kegiatan operasi luar negeri dan (4) trading instruments as follows:
instrumen perdagangan, sebagai berikut:
1. Keuntungan atau kerugian dari kontrak 1. Gain or loss on a derivative contract designated
derivatif yang ditujukan dan memenuhi syarat and qualified as a fair value hedging instrument
sebagai instrumen lindung nilai atas nilai and the gain or loss arising from the changes in
wajar dan keuntungan atau kerugian atas fair value of hedged assets and liabilities is
perubahan nilai wajar aset dan liabilitas yang recognised as gain or loss that can be set off
dilindungi, diakui sebagai laba atau rugi yang one another during the same accounting year.
dapat saling hapus dalam periode akuntansi Any difference representing hedge
yang sama. Setiap selisih yang terjadi ineffectiveness and directly recognised as gain
menunjukkan terjadinya ketidakefektifan or loss in the current year.
lindung nilai dan secara langsung diakui
sebagai laba atau rugi tahun berjalan.
115
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1063
Page 1066
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
n. Tagihan derivatif dan liabilitas derivatif n. Derivative receivables and derivative payables
(lanjutan) (continued)
Keuntungan atau kerugian dari kontrak derivatif Gains or losses from derivative contracts are
disajikan dalam laporan keuangan konsolidasian presented in the consolidated financial statements
berdasarkan tujuan Bank atas transaksi yaitu based on its purpose designated upon acquisition,
untuk (1) lindung nilai atas nilai wajar, (2) lindung for (1) fair value hedge, (2) cash flow hedge, (3) net
nilai atas arus kas, (3) lindung nilai atas investasi investment in a foreign operation hedge, and (4)
bersih pada kegiatan operasi luar negeri dan (4) trading instruments as follows: (continued)
instrumen perdagangan, sebagai berikut:
(lanjutan)
2. Bagian efektif dari keuntungan atau kerugian 2. The effective portion arising from gain or loss of
atas kontrak derivatif yang ditujukan sebagai derivative contracts designated as cash flow
lindung nilai atas arus kas dilaporkan sebagai hedge instruments is reported as other
penghasilan komprehensif lain. Bagian yang comprehensive income. The hedge ineffective
tidak efektif dari lindung nilai dilaporkan portion is recognised as a gain or loss in the
sebagai laba atau rugi tahun berjalan. current year.
3. Keuntungan atau kerugian dari kontrak 3. Gain or loss arising from derivative contract
derivatif yang ditujukan sebagai lindung nilai that is designated as a net investment hedge in
atas investasi bersih pada kegiatan operasi a foreign operation is reported as other
luar negeri dilaporkan sebagai penghasilan comprehensive income, as long as the
komprehensif lain, sepanjang transaksi transactions are effectively recognised as
tersebut dianggap efektif sebagai transaksi hedge transactions.
lindung nilai.
4. Keuntungan atau kerugian dari kontrak 4. Gain or loss arising from derivative contract
derivatif yang tidak ditujukan sebagai that is not designated as a hedging instrument
instrumen lindung nilai (atau kontrak derivatif (or derivative contract that does not qualify as
yang tidak memenuhi persyaratan sebagai a hedging instrument) is recognised as gain or
instrumen lindung nilai) diakui sebagai laba loss in current year.
atau rugi pada tahun berjalan.
Tagihan derivatif diklasifikasikan sebagai aset Derivative receivables are classified as financial
keuangan dalam kelompok diukur pada nilai wajar assets at fair value through profit or loss, meanwhile
melalui laba rugi, sedangkan liabilitas derivatif derivative payables are classified as financial
diklasifikasikan sebagai liabilitas keuangan dalam liabilities at fair value through profit or loss. Refer to
kelompok diukur pada nilai wajar melalui laba rugi. Note 2c for the accounting policy of financial assets
Lihat Catatan 2c untuk kebijakan akuntansi untuk and liabilities at fair value through profit or loss.
aset keuangan dan liabilitas keuangan dalam
kelompok diukur pada nilai wajar melalui laba rugi.
o. Kredit yang diberikan dan piutang/ o. Loans and sharia receivables/financing
pembiayaan syariah
Kredit yang diberikan adalah penyediaan uang Loans represent the provision of cash or cash
atau tagihan yang dapat disetarakan dengan kas, equivalent receivables based on lending
berdasarkan persetujuan atau kesepakatan agreements with borrowers, which the borrowers
pinjam-meminjam dengan debitur yang are required to repay their debts with interest after a
mewajibkan debitur untuk melunasi utang berikut specified period, and matured trade finance facilities
bunganya setelah jangka waktu tertentu dan which have not been settled within 15 days.
tagihan yang berasal dari transaksi perdagangan
yang telah jatuh tempo yang belum diselesaikan
dalam waktu 15 hari.
116
1064 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1067
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
o. Kredit yang diberikan dan piutang/ o. Loans and sharia receivables/financing
pembiayaan syariah (lanjutan) (continued)
Kredit sindikasi, kredit dalam rangka pembiayaan Syndicated loans, direct financing and joint
langsung dan pembiayaan bersama serta financing, and channelling loans are stated at their
penerusan dinyatakan sebesar saldonya sesuai outstanding balances in proportion to the risks
dengan porsi kredit yang risikonya ditanggung borne by the Bank and its Subsidiaries.
oleh Bank Mandiri dan Entitas Anak.
Piutang/pembiayaan syariah Sharia receivables/financing
Di dalam kredit yang diberikan termasuk Included in loans are financing provided by
pembiayaan oleh PT Bank Syariah Indonesia Tbk PT Bank Syariah Indonesia Tbk (previously
(dahulu PT Bank Syariah Mandiri (“BSM”)), Entitas PT Bank Syariah Mandiri (“BSM”)), a Subsidiary, in
Anak, berupa piutang, pembiayaan syariah dan the form of sharia receivables, sharia financing and
pinjaman qardh. funds of qardh.
Mudharabah adalah kerja sama suatu usaha Mudharabah financing is a co-operation for certain
antara pihak pertama (malik, shahibul maal atau project between first party (malik, shahibul maal or
Entitas Anak) yang menyediakan seluruh modal Subsidiary) as owner of fund and second party
dan pihak kedua (amil, mudharib atau nasabah) (amil, mudharib or debtors) as fund manager and
yang bertindak selaku pengelola dana dengan the profit will be shared in accordance with
membagi keuntungan usaha sesuai dengan percentage as stated in the agreement, meanwhile
persentase tertentu yang disepakati dalam akad, losses will be borne by the Subsidiary except if the
sedangkan kerugian ditanggung sepenuhnya oleh second party does negligence, error or violate the
Entitas Anak kecuali jika pihak kedua melakukan agreement. Mudharabah financing is stated at the
kesalahan yang disengaja, lalai atau menyalahi outstanding financing balance less allowance for
perjanjian. Pembiayaan Mudharabah dinyatakan possible losses.
sebesar saldo pembiayaan dikurangi dengan
penyisihan kerugian.
Musyarakah adalah kerja sama di antara dua Musyarakah financing is a co-operation between
pihak atau lebih untuk suatu usaha tertentu two or more parties for a certain business wherein
dimana masing-masing pihak memberikan porsi each party provides a portion of fund on condition
dana dengan ketentuan bahwa keuntungan akan that the profit shall be shared based on the agreed
dibagi sesuai dengan persentase yang disepakati, percentage, whereas losses shall be borne in
sedangkan kerugian ditanggung sesuai dengan accordance with the portion of the fund of each
porsi dana masing-masing. Pembiayaan party. Permanent musyarakah financing is
musyarakah permanen adalah musyarakah musyarakah in which the fund portion of each
dengan ketentuan bagian dana setiap mitra partner is stated explicitly in the contract and
ditentukan sesuai akad dan jumlahnya tetap remains the same until the contract expires.
hingga akhir masa akad. Pembiayaan Declining musyarakah financing (musyarakah
musyarakah menurun (musyarakah mutanaqisha) mutanaqisha) is musyarakah in which the fund
adalah musyarakah dengan ketentuan bagian portion of one of the partners will be transferred in
dana salah satu mitra akan dialihkan secara several stages to the other partner, resulting in the
bertahap kepada mitra lainnya sehingga bagian declining of fund portion of one of the partners, and
dananya akan menurun dan pada akhir masa at the end of contract, the other partner will become
akad mitra lain tersebut akan menjadi pemilik the sole owner of the business. Musyarakah
penuh usaha tersebut. Pembiayaan musyarakah financing is stated at the outstanding financing
dinyatakan sebesar saldo pembiayaan dikurangi balance less allowance for possible losses.
dengan penyisihan kerugian.
117
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1065
Page 1068
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
o. Kredit yang diberikan dan piutang/ o. Loans and sharia receivables/financing
pembiayaan syariah (lanjutan) (continued)
Piutang/pembiayaan syariah (lanjutan) Sharia receivables/financing (continued)
Akad murabahah adalah akad pembiayaan suatu Murabahah contracts are the financing of goods by
barang dengan menegaskan harga beli kepada confirming purchase price to a buyer and the buyer
pembeli dan dibayar dengan harga yang lebih pays it at a higher price as an agreed profit.
tinggi sebagai marjin yang disepakati. Murabahah Murabahah is the transaction of sales of goods by
adalah transaksi penjualan barang dengan stating the acquisition cost and income (margin) that
menyatakan harga perolehan dan keuntungan has been agreed by the seller and buyer.
(marjin) yang disepakati oleh penjual dan pembeli.
Piutang murabahah diklasifikasikan sebagai aset Murabahah receivables is classified as financial
keuangan dalam kategori pinjaman yang diberikan assets under loans and receivables according to
dan piutang sesuai PSAK 239 “Instrumen SFAS 239 “Financial Instruments: Recognition and
Keuangan: Pengakuan dan Pengukuran”. Measurements”.
Piutang murabahah pada awalnya diukur pada Murabahah receivables initially is stated at net
nilai bersih yang dapat direalisasi ditambah realizable value plus transaction cost/directly
dengan biaya transaksi/pendapatan administrasi attributable administration fee and additional
yang dapat diatribusikan secara langsung dan acquisition cost to acquire those financial assets
biaya tambahan untuk memperoleh aset and after initial recognition, it is measured at
keuangan tersebut, dan setelah pengakuan awal amortised cost using the effective interest rate
diukur pada biaya perolehan diamortisasi method less the allowance for impairment losses.
menggunakan metode tingkat imbal hasil efektif
dikurangi cadangan kerugian penurunan nilai.
Piutang murabahah dinyatakan sebesar jumlah Murabahah receivables is stated at the balance of
piutang setelah dikurangi dengan marjin yang the receivable less realizable deferred margin and
ditangguhkan yang dapat direalisasikan dengan allowance for possible losses. The Subsidiary
cadangan kerugian penurunan nilai. Entitas Anak calculates the allowance for impairment losses on
menetapkan cadangan kerugian penurunan nilai receivables according to the murabahah
atas piutang sesuai dengan kualitas piutang receivables quality based on review on each of
murabahah berdasarkan penelaahan atas receivables balance.
masing-masing saldo piutang.
Piutang istishna adalah pembiayaan barang Istishna receivables is the financing of goods in the
dalam bentuk pemesanan pembuatan barang form of manufacturing the ordered goods with the
tertentu dengan kriteria dan persyaratan tertentu agreed criteria and specification by both of orderer
yang disepakati antara pemesan atau pembeli or buyer (mustashni) and manufacturer or seller
(mustashni) dan penjual atau pembuat (shani). (shani). Istishna receivables is presented based on
Piutang istishna disajikan sebesar tagihan kepada the outstanding billings less allowance for possible
pembeli dikurangi penyisihan kerugian. losses.
Pinjaman qardh adalah pinjaman dana kepada Qardh borrowings is borrowings at the condition that
nasabah dengan ketentuan bahwa nasabah wajib the borrower should repay the loan at specified
mengembalikan dana yang diterimanya pada period of time. The Subsidiary will obtain a fee
waktu yang telah disepakati. Atas transaksi ini, (ujrah) from this transaction, which is recognised
Entitas Anak mendapatkan ujrah (imbalan) dan upon receipt. Qardh included hawalah and rahn
diakui pada saat diterima. Pinjaman qardh meliputi financing agreement. Hawalah is transfer of debts
pembiayaan dengan akad hawalah dan rahn. from debtors to other party (Subsidiary) which
Akad hawalah adalah akad pengalihan utang dari obligates to bear or pay.
pihak yang berutang (nasabah) kepada pihak lain
(Entitas Anak) yang wajib menanggung atau
membayar.
118
1066 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1069
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
o. Kredit yang diberikan dan piutang/ o. Loans and sharia receivables/financing
pembiayaan syariah (lanjutan) (continued)
Piutang/pembiayaan syariah (lanjutan) Sharia receivables/financing (continued)
Rahn merupakan transaksi gadai barang atau Rahn represents the pledge of goods or assets
harta dari nasabah kepada Entitas Anak dengan owned by the customer to the Subsidiary for an
uang sebagai gantinya. Barang atau harta yang equivalent amount of money. Assets or goods
digadaikan tersebut dinilai sesuai harga pasar pledged are appraised based on market value, less
dikurangi persentase tertentu. Atas transaksi ini, a certain deduction percentage. The Subsidiary will
Entitas Anak mendapatkan ujrah (imbalan) dan obtain a fee (ujrah), which is recognised upon
diakui pada saat diterima. Rahn disajikan sebesar receipt. Rahn is stated at its outstanding balance
saldo dikurangi penyisihan kerugian. less allowance for possible losses.
Kredit yang diberikan dan piutang/pembiayaan Loans and sharia receivables/financing are
syariah diklasifikasikan sebagai aset keuangan classified as financial assets in loans and
dalam kelompok pinjaman yang diberikan dan receivables category. Refer to Note 2c for the
piutang. Lihat Catatan 2c untuk kebijakan accounting policy of financial assets for loans and
akuntansi atas aset keuangan dalam kelompok receivables.
pinjaman yang diberikan dan piutang.
Restrukturisasi kredit yang diberikan Loan restructuring
Restrukturisasi kredit dilakukan kepada debitur Loan restructuring is done for debtors who has
yang berpotensi atau mengalami kesulitan dalam potential or experiencing difficulties in fulfilling their
memenuhi kewajibannya. Restrukturisasi kredit obligations. Restructuring includes modification of
meliputi modifikasi persyaratan kredit, konversi loan terms, conversion of loans into share/stock or
kredit menjadi saham atau instrumen keuangan other financial instruments and/or a combination of
lainnya dan/atau kombinasi dari keduanya. both.
Kerugian yang timbul dari restrukturisasi kredit Losses on loan restructuring due to modification of
yang berkaitan dengan modifikasi persyaratan the terms of the loans are recognised as part of
kredit diakui dalam bentuk cadangan kerugian allowance for impairment losses only if the present
penurunan nilai bila nilai sekarang dari jumlah value of total future cash receipts specified in the
penerimaan kas yang akan datang yang telah new terms of the loans including receipts
ditentukan dalam persyaratan kredit yang baru, designated as interest and loan principal, are less
termasuk penerimaan yang diperuntukkan than the carrying amount of loans before
sebagai bunga maupun pokok, adalah lebih kecil restructuring.
dari nilai kredit yang diberikan yang tercatat
sebelum restrukturisasi.
Untuk restrukturisasi kredit dengan cara konversi For loan restructuring which involve a conversion of
kredit yang diberikan menjadi saham atau loans into share/stock or other financial instruments,
instrumen keuangan lainnya, kerugian dari a loss on loan restructuring is recognised as part of
restrukturisasi kredit diakui dalam bentuk allowance for impairment losses if the fair value of
cadangan kerugian penurunan nilai apabila nilai the share or financial instruments received,
wajar penyertaan saham atau instrumen deducted by estimated expenses to sell the share
keuangan yang diterima dikurangi estimasi biaya or other financial instruments, is less than the
untuk menjualnya adalah lebih kecil dari nilai buku carrying amount of loans.
kredit yang diberikan.
119
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1067
Page 1070
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
o. Kredit yang diberikan dan piutang/ o. Loans and sharia receivables/financing
pembiayaan syariah (lanjutan) (continued)
Restrukturisasi kredit yang diberikan (lanjutan) Loan restructuring (continued)
Bank memiliki ketentuan internal mengenai The Bank formed internal regulation regarding the
debitur yang layak untuk dikeluarkan dari daftar debtors that are eligible to be removed from the list
kredit yang direstrukturisasi, yaitu apabila of restructured loans, i.e., when the loan/debtor has
kredit/debitur telah memenuhi kriteria sebagai met the following criteria:
berikut:
i. Kualitas kredit telah dikategorikan Lancar i. Credit quality has been categorised as Current
(kolektibilitas 1) sesuai dengan hasil reviu (collectability 1) according to the review results
berdasarkan 3 (tiga) pilar penetapan kualitas by 3 (three) pillars of credit quality on Bank
kredit dari Bank Indonesia; Indonesia;
ii. Tingkat suku bunga yang dikenakan atas ii. The interest rate charged on the current loan
fasilitas kredit berjalan merupakan tingkat facility is the commercial interest rate to debtors
suku bunga komersial yang diberikan kepada in accordance with the relevant credit
debitur sesuai dengan segmen kredit yang segments above the base lending rate;
bersangkutan di atas base lending rate;
iii. Tidak terdapat Tunggakan Bunga yang iii. There are no Deferred Delinquency Interest
Dijadwalkan Kembali (TBYD) dan Bunga (TBYD) and Deferred Interest (BYDT) which
yang Ditangguhkan (BYDT) yang masih have not yet been settled.
belum selesai.
p. Piutang pembiayaan konsumen p. Consumer financing receivables
Piutang pembiayaan konsumen Entitas Anak The Subsidiaries consumer financing receivables
diakui pada awalnya dengan nilai wajar ditambah are recognised initially at fair value, plus transaction
biaya-biaya transaksi dan dikurangi yield costs and deducted by yield enhancing income that
enhancing income yang dapat diatribusikan is directly attributable, and subsequently measured
secara langsung dan selanjutnya diukur dengan at amortised cost using the effective interest rate
biaya perolehan diamortisasi menggunakan method.
metode suku bunga efektif.
Piutang pembiayaan konsumen Entitas Anak The Subsidiaries consumer financing receivables
diklasifikasikan sebagai biaya perolehan are classified at amortised cost. Refer to Note 2c for
diamortisasi. Lihat Catatan 2c untuk perlakuan the accounting policy of financial assets classified at
akuntansi aset keuangan dalam kelompok biaya amortised cost.
perolehan diamortisasi.
Penyelesaian kontrak sebelum masa pembiayaan Early termination before end of consumer financing
konsumen berakhir diperlakukan sebagai is treated as a cancellation of an receivables’ terms
pembatalan kontrak pembiayaan konsumen dan existing contract and the resulting gain or loss is
laba atau rugi yang terjadi diakui dalam laporan credited or charged to the current year’s
laba rugi dan penghasilan komprehensif lain consolidated statement of profit or loss and other
konsolidasian tahun berjalan pada tanggal comprehensive income at the transaction date.
terjadinya transaksi.
Restrukturisasi kredit dapat dilakukan dengan Loan/financing restructuring can be done by
cara pengalihan kredit, melanjutkan kredit, transfer of financing, financing continuation,
mengangsur kembali, mengubah jatuh tempo, re-installment payment, change the due date,
mengubah tenor dan/atau menambah uang muka. change the tenor and/or increase the down
payment.
120
1068 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1071
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
p. Piutang pembiayaan konsumen (lanjutan) p. Consumer financing receivables (continued)
Pendapatan pembiayaan konsumen yang belum Subsidiaries’ unearned consumer financing income
diakui milik Entitas Anak merupakan selisih antara is the difference between total installments to be
jumlah keseluruhan pembayaran angsuran yang received from customers and the total financing
akan diterima dari konsumen dengan jumlah principal which is recognised as consumer financing
pokok pembiayaan, yang akan diakui sebagai income over the term of the contract using effective
pendapatan pembiayaan konsumen selama interest rate.
jangka waktu kontrak menggunakan metode suku
bunga efektif.
Piutang pembiayaan konsumen merupakan Consumer financing receivables are net of joint
jumlah piutang setelah dikurangi dengan bagian financing receivables after deducted with joint
pembiayaan bersama dimana risiko kredit financing portion where joint financing providers
ditanggung oleh pemberi pembiayaan bersama bear credit risk in accordance with its portion
sesuai dengan porsinya (without recourse), (without recourse), unearned consumer financing
pendapatan pembiayaan yang belum diakui dan income and allowance for impairment losses.
cadangan kerugian penurunan nilai.
Piutang pembiayaan konsumen yang dibiayai Joint financing receivables that are jointly financed
bersama pihak-pihak lain dimana masing-masing with other parties, bears credit risk in accordance
pihak menanggung risiko kredit sesuai dengan with their financing portion (without recourse) are
porsinya (without recourse) disajikan di laporan presented on a net basis in the consolidated
posisi keuangan konsolidasian secara bersih. statement of financial position.
Pendapatan pembiayaan konsumen dan beban Consumer financing income and interest expense
bunga yang terkait dengan pembiayaan bersama related to joint financing without recourse are also
without recourse disajikan secara bersih di presented on a net basis in the consolidated
laporan laba rugi dan penghasilan komprehensif statement of profit or loss and other comprehensive
lain konsolidasian. income.
Dalam pembiayaan bersama without recourse, In joint financing without recourse, the Subsidiaries
Entitas Anak berhak menentukan tingkat bunga has the right to set higher interest rates to
yang lebih tinggi kepada pelanggan dari tingkat customers than those that are stated in the joint
bunga yang ditetapkan dalam perjanjian dengan financing agreements with joint financing providers.
pemberi pembiayaan bersama. Selisihnya The difference is recognised as revenue and
merupakan pendapatan dan disajikan sebagai disclosed part of as “Consumer financing income”.
bagian dari “Pendapatan pembiayaan konsumen”.
q. Investasi bersih dalam sewa pembiayaan q. Net investment finance leases
Investasi bersih dalam sewa pembiayaan Net investment finance leases are classified at
diklasifikasikan sebagai biaya perolehan amortised cost. Refer to Note 2c to the accounting
diamortisasi. Lihat Catatan 2c untuk kebijakan policy for at amortised cost.
akuntansi atas biaya perolehan diamortisasi.
Penyewa pembiayaan memiliki hak opsi untuk The lessee has the right option to purchase the
membeli aset yang disewa-pembiayaankan pada leased asset at the end of the lease period at
akhir masa sewa pembiayaan dengan harga yang a price which has mutually agreed upon at the
telah disetujui bersama pada saat dimulainya commencement of the agreement.
perjanjian sewa pembiayaan.
Penyelesaian kontrak sebelum masa sewa Early termination before end of finance leases’
pembiayaan berakhir diperlakukan sebagai terms is treated as a cancellation of an existing
pembatalan kontrak sewa dan laba atau rugi yang contracts and the resulting gain or loss is
timbul diakui dalam laporan laba rugi dan recognised in the current year consolidated
penghasilan komprehensif lain konsolidasian statement of profit or loss and other comprehensive
tahun berjalan. income.
121
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1069
Page 1072
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
r. Aset tetap, aset dan liabilitas sewa dan aset r. Fixed assets, leased assets and liabilities, and
takberwujud intangible assets
i. Aset tetap dan perangkat lunak i. Fixed assets and software
Pada tanggal 1 April 2016, Grup melakukan On 1 April 2016, the Group changed their
perubahan kebijakan akuntansi atas tanah accounting policy relating to land from cost
dari model biaya menjadi model revaluasi. model into revaluation model. The land is
Tanah disajikan sebesar nilai wajar. stated at fair value.
Penilaian terhadap tanah dilakukan oleh Appraisal of the land is performed by
penilai independen eksternal yang memiliki a certified external independent appraiser.
sertifikasi. Penilaian atas aset tersebut Assessment of those assets are conducted
dilakukan secara berkala untuk memastikan regularly to ensure that the fair value of the
bahwa nilai wajar aset yang direvaluasi tidak revaluated asset is not materially different from
berbeda secara material dengan nilai its carrying value.
tercatatnya.
Jika nilai wajar dari aset yang direvaluasi If the fair value of the revalued asset change
mengalami perubahan yang signifikan dan significantly and fluctuative, it is necessary to
fluktuatif, maka perlu direvaluasi secara revaluate the assets on an annual basis,
tahunan, sedangkan jika nilai wajar dari aset whereas if the fair value of the revalued asset
yang direvaluasi tidak mengalami perubahan does not change significantly, it is necessary to
yang signifikan dan fluktuatif, maka perlu revaluate at a minimum every 3 years.
dilakukan revaluasi minimal 3 tahun sekali.
Kenaikan nilai tercatat yang timbul dari The increase in the carrying value arising from
revaluasi tanah dicatat sebagai “Selisih bersih the revaluation of land is recorded as "Net
revaluasi aset tetap” dan disajikan sebagai differences in fixed assets revaluation" and is
“Penghasilan komprehensif lain”. Penurunan presented as "Other comprehensive income".
nilai tercatat yang timbul dari revaluasi dicatat Any impairment arising from the revaluation is
sebagai beban pada tahun berjalan. Apabila recorded as expense of the current year. If the
aset tersebut memiliki saldo “Selisih bersih asset had a balance of "Net differences in fixed
revaluasi aset tetap” yang disajikan sebagai assets revaluation" that is presented as "other
“penghasilan komprehensif lain”, maka selisih comprehensive income", then the impairment
penurunan nilai tercatat tersebut dibebankan difference recorded is charged against "Net
terhadap “Selisih bersih revaluasi aset tetap” differences in fixed assets revaluation" and the
dan sisanya diakui sebagai beban tahun rest is recognised as expense of the current
berjalan. year.
Grup melakukan revaluasi di tahun 2016 Group conducted revaluation in 2016, for
untuk tujuan akuntansi dan pajak dimana accounting and tax purposes where the Group
entitas memperoleh persetujuan dari otoritas obtained approval from the tax authorities. The
perpajakan. Jumlah pajak yang telah dibayar amount of taxes paid is recognised in other
diakui di penghasilan komprehensif lain dan comprehensive income and accumulated in
terakumulasi dalam ekuitas dan di-offset equity and offset against Net differences in
pada bagian selisih bersih revaluasi aset fixed assets revaluation.
tetap.
Aset tetap, kecuali tanah, dinyatakan sebesar Fixed assets except for land are stated at cost
biaya perolehan dikurangi akumulasi less accumulated depreciation and impairment
penyusutan dan penyisihan penurunan nilai. losses. Such cost includes the cost of replacing
Biaya perolehan termasuk biaya penggantian part of the fixed assets when that cost is
bagian aset tetap saat biaya tersebut terjadi, incurred, if the recognition criteria are met.
jika memenuhi kriteria pengakuan aset tetap.
122
1070 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1073
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
r. Aset tetap, aset dan liabilitas sewa dan aset r. Fixed assets, leased assets and liabilities, and
takberwujud (lanjutan) intangible assets (continued)
i. Aset tetap dan perangkat lunak (lanjutan) i. Fixed assets and software (continued)
Selanjutnya, pada saat inspeksi yang Likewise, when a major inspection is
signifikan dilakukan, biaya inspeksi itu diakui performed, its cost is recognised in the carrying
ke dalam jumlah tercatat (carrying amount) amount of the fixed assets as
aset tetap sebagai suatu penggantian jika a replacement if the recognition criteria are
memenuhi kriteria pengakuan. Semua biaya fulfilled. All other repair and maintenance costs
pemeliharaan dan perbaikan yang tidak that do not have future economic benefit are
memenuhi kriteria pengakuan diakui dalam recognised in the consolidated statement of
laporan laba rugi dan penghasilan profit or loss and other comprehensive incomes
komprehensif lain konsolidasian pada saat as incurred. Software is recognised as
terjadinya. Perangkat lunak diakui sebagai intangible assets.
aset takberwujud.
Penyusutan dan amortisasi dihitung dengan Depreciation and amortization are calculated
menggunakan metode garis lurus selama using the straight-line method over the
umur manfaat ekonomis aset tetap dan aset estimated useful life of fixed assets and
takberwujud yang diestimasi. Estimasi umur intangible assets. The estimated useful life and
manfaat ekonomis dan persentase percentage of depreciation and amortization
penyusutan dan amortisasi per tahun adalah per annum are as follows:
sebagai berikut:
Tahun/ Persentase/
Years Percentage
Bangunan 20 5% Buildings
Perlengkapan, peralatan Furniture and fixtures, office
kantor, komputer dan equipment, computer and
kendaraan bermotor 4-5 20% - 25% vehicles
Perangkat lunak 5 20% Software
Jumlah tercatat aset tetap dihentikan Fixed assets are derecognised upon disposal
pengakuannya pada saat dilepaskan atau or when no future economic benefits are
saat tidak ada manfaat ekonomis masa expected from their use or disposal. Any gain
depan yang diharapkan dari penggunaan or loss arising from the derecognition of the
atau pelepasannya. Laba atau rugi yang fixed asset (calculated as the difference
timbul dari penghentian pengakuan aset tetap between the net disposal proceeds and the
(dihitung sebagai perbedaan antara jumlah carrying amount of the fixed asset) is included
neto hasil pelepasan dan jumlah tercatat dari in the consolidated statement of profit or loss
aset tetap) dimasukkan dalam laporan laba and other comprehensive income in the year
rugi dan penghasilan komprehensif lain which the fixed asset is derecognised.
konsolidasian pada tahun berjalan aset tetap
tersebut dihentikan pengakuannya.
Pada setiap akhir tahun buku, nilai residu, The fixed asset’s residual values, useful life
umur manfaat ekonomis dan metode and methods of depreciation are reviewed, and
penyusutan dikaji ulang dan jika tidak sesuai adjusted prospectively if appropriate at the end
dengan keadaan akan disesuaikan secara of each financial year.
prospektif.
Aset tetap dalam pembangunan dinyatakan Construction in progress of fixed asset is stated
sebesar biaya perolehan dan disajikan at cost and presented as part of fixed assets.
sebagai bagian dari aset tetap. Ketika aset Accumulated costs are reclassified to the
dalam pembangunan telah selesai dan siap appropriate fixed assets account when the
digunakan, akumulasi biaya perolehan assets are substantially complete and ready for
direklasifikasikan ke akun aset tetap yang their intended use.
sebenarnya.
123
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1071
Page 1074
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
r. Aset tetap, aset dan liabilitas sewa dan aset r. Fixed assets, leased assets and liabilities, and
takberwujud (lanjutan) intangible assets (continued)
i. Aset tetap dan perangkat lunak (lanjutan) i. Fixed assets and software (continued)
Sesuai dengan PSAK 216 “Aset Tetap”, biaya In accordance with SFAS 216 "Fixed Assets",
perolehan hak atas tanah dalam bentuk hak the cost of land rights in the form of right to
guna usaha, hak guna bangunan dan hak cultivate, right to build and use rights are
pakai diakui sebagai aset tetap. Biaya recognised as fixed assets. The acquisition
perolehan tersebut merupakan biaya yang cost is the cost that are directly attributable to
dapat diatribusikan secara langsung untuk obtain land rights, including the cost of legal
memperoleh hak atas tanah tersebut rights to the land when the land was first
termasuk biaya pengurusan legal hak atas acquired.
tanah ketika tanah diperoleh pertama kali.
Hak atas tanah dalam bentuk hak guna Land rights in the form of right to cultivate, right
usaha, hak guna bangunan dan hak pakai to build and use rights are not amortised,
tidak disusutkan, kecuali terdapat bukti yang unless there is evidence to indicate that the
mengindikasikan bahwa perpanjangan atau extension or renewal of land rights is likely to or
pembaruan hak atas tanah tersebut definitely not obtained.
kemungkinan besar atau pasti tidak
diperoleh.
PSAK 236 “Penurunan Nilai Aset” SFAS 236 “Impairment of Assets” requires that
mensyaratkan bahwa nilai tercatat aset tetap the carrying amounts of fixed assets are
dikaji ulang setiap tanggal laporan posisi reviewed at each consolidated statement of
keuangan konsolidasian untuk menilai financial position date to assess whether they
apakah aset tetap tersebut nilai tercatatnya are recorded in excess of their recoverable
lebih tinggi dari nilai terpulihkan (recoverable amounts of the fixed assets. If the carrying
amounts) dari aset tetap tersebut. Jika nilai value exceeds this estimated recoverable
tercatat aset tetap melebihi taksiran nilai amount, assets are written down to their
terpulihkan dari aset tetap tersebut, nilai recoverable amounts of the fixed assets.
tercatat aset tetap harus diturunkan menjadi
nilai terpulihkan dari aset tetap tersebut.
ii. Aset dan liabilitas sewa ii. Leased assets and liabilities
Grup telah menerapkan PSAK 116 “Sewa” The Group has implemented SFAS 116
sejak tanggal 1 Januari 2020. “Lease” since 1 January 2020.
PSAK 116 menerapkan persyaratan baru SFAS 116 applies new or amended
atau amendemen sehubungan dengan requirements with respect to lease accounting.
akuntansi sewa. Standar ini memperkenalkan This standard introduces significant changes to
perubahan signifikan untuk akuntansi lessee accounting by eliminating the distinction
penyewa dengan menghapus perbedaan between operating and financing leases, and
antara sewa operasi dan pembiayaan, serta requires recognition of right-of-use assets and
mensyaratkan pengakuan aset hak guna dan recognition of lease liabilities at lease inception
pengakuan liabilitas sewa pada saat for all leases, except for short-term leases and
dimulainya sewa untuk seluruh sewa, kecuali leases of low-value assets. In contrast to
untuk sewa jangka pendek dan sewa aset lessee accounting, the requirements for lessor
bernilai rendah. Berbeda dengan akuntansi accounting are mostly unchanged.
penyewa, persyaratan untuk akuntansi
pesewa sebagian besar tidak berubah.
124
1072 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1075
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
r. Aset tetap, aset dan liabilitas sewa dan aset r. Fixed assets, leased assets and liabilities, and
takberwujud (lanjutan) intangible assets (continued)
ii. Aset dan liabilitas sewa (lanjutan) ii. Leased assets and liabilities (continued)
PSAK 116 menentukan apakah kontrak SFAS 116 determines whether a contract is, or
merupakan, atau mengandung sewa atas contains a lease on the basis that the lessee
dasar jika penyewa memiliki hak untuk has the right to control the use of the asset for
mengendalikan penggunaan aset selama a specified period of time in exchange for
suatu jangka waktu tertentu untuk certain consideration.
dipertukarkan dengan imbalan.
Grup menggunakan tingkat diskonto tunggal The Group uses a single discount rate for lease
untuk portofolio sewa dengan karakteristik portfolios with similar characteristics.
yang hampir sama.
Grup menerapkan pendekatan pengakuan The Group applies a single recognition and
dan pengukuran tunggal untuk seluruh sewa, measurement approach to all leases, except for
kecuali untuk sewa jangka pendek dan sewa short-term leases and low-value asset leases.
aset bernilai rendah. Grup mengakui liabilitas The Group recognises a lease liabilities to
sewa untuk melakukan pembayaran sewa make lease payments and rights of use assets
dan aset hak guna yang mewakili hak untuk that represent the right to use the underlying
menggunakan aset pendasar. asset.
Grup mengakui aset hak guna pada tanggal The Group recognised the rights of use assets
dimulainya sewa. Aset hak guna diukur pada at the inception date of the lease. The rights of
biaya perolehan, dikurangi akumulasi use assets are measured at cost, less
penyusutan dan kerugian penurunan nilai, accumulated depreciation and impairment
dan disesuaikan untuk setiap pengukuran losses, and adjusted for any remeasurement of
kembali liabilitas sewa. Liabilitas sewa the lease liabilities. Lease liabilities are the
merupakan jumlah pembayaran sewa yang amount of lease payments accrued until the
masih harus dibayar hingga akhir masa sewa end of the lease term, discounted using the
yang didiskontokan dengan menggunakan incremental loan interest rate. The cost of right
suku bunga pinjaman inkremental. Biaya aset of use assets includes the amount of lease
hak guna mencakup jumlah liabilitas sewa liability recognised, initial direct costs paid,
yang diakui, biaya langsung awal yang recovery costs and lease payments made on or
dibayarkan, biaya pemulihan dan before the start date of the lease less lease
pembayaran sewa yang dilakukan pada atau incentives received. Rights of use assets are
sebelum tanggal mulai sewa dikurangi depreciated using the straight-line method over
insentif sewa yang diterima. Aset hak guna the shorter period between the lease term and
disusutkan dengan metode garis lurus the estimated useful life of the asset, as follows:
selama jangka waktu yang lebih pendek
antara masa sewa dengan estimasi masa
manfaat aset, sebagai berikut:
- Bangunan : 20 tahun/years Buildings -
- Mesin kantor : 5 tahun/years Office machines -
- Komputer perangkat keras : 5 tahun/years Computer hardware -
- Komputer perangkat lunak : 5 tahun/years Computer software -
- Inventaris kantor : 5 tahun/years Office equipment -
- Inventaris rumah dinas dan mess : 5 tahun/years Equipment of official houses and mess -
- Kendaraan bermotor : 5 tahun/years Motor vehicle -
125
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1073
Page 1076
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
r. Aset tetap, aset dan liabilitas sewa dan aset r. Fixed assets, leased assets and liabilities, and
takberwujud (lanjutan) intangible assets (continued)
ii. Aset dan liabilitas sewa (lanjutan) ii. Leased assets and liabilities (continued)
Jika kepemilikan aset sewa dialihkan ke Grup If the ownership of the leased asset is
pada akhir masa sewa atau pembayaran transferred to the Group at the end of the lease
sewa mencerminkan pelaksanaan opsi term or the lease payments reflect the exercise
pembelian, penyusutan dihitung of the purchase option, depreciation is
menggunakan estimasi masa manfaat calculated using the estimated useful life of the
ekonomis aset. Aset hak guna diuji asset. Rights of use assets are assessed for
penurunan nilainya sesuai dengan PSAK 236 impairment in accordance with SFAS
“Penurunan Nilai Aset”. 236 “Impairment of Assets”.
Pada tanggal dimulainya sewa, Grup At the inception date of the lease, the Group
mengakui liabilitas sewa yang diukur pada recognises lease liabilities which measured at
nilai kini dari pembayaran sewa masa depan the present value of future lease payments to
yang akan dilakukan selama masa sewa. be made over the lease term. Lease payments
Pembayaran sewa termasuk pembayaran include fixed payments (including substantially
tetap (termasuk pembayaran tetap secara- fixed payments) less lease incentive
substansi) dikurangi piutang insentif sewa, receivables, variable lease payments that are
pembayaran sewa variabel yang bergantung index or interest rate dependent, and the
pada indeks atau suku bunga, dan jumlah amount expected to be paid in a residual value
yang diharapkan akan dibayar dalam jaminan guarantee. Lease payments also include the
nilai residu. Pembayaran sewa juga termasuk reasonable exercise price for the purchase
harga eksekusi opsi pembelian yang wajar option if it is determined to be made by the
jika dipastikan akan dilakukan oleh Grup dan Group and the payment of a penalty to
pembayaran penalti untuk mengakhiri sewa, terminate the lease, if the lease term reflects
jika jangka waktu sewa mencerminkan Grup the Group exercising the lease termination
mengeksekusi opsi penghentian sewa. option. Variable lease payments that are not
Pembayaran sewa variabel yang tidak dependent on an index or interest rate are
bergantung pada indeks atau suku bunga recognised as an expense in the period in
diakui sebagai beban pada periode di mana which the event or condition that triggers the
peristiwa atau kondisi yang memicu payment occurs.
pembayaran terjadi.
Dalam menghitung nilai kini dari pembayaran In calculating the present value of lease
sewa, Grup menggunakan suku bunga payments, the Group uses the incremental loan
pinjaman inkremental penyewa pada tanggal interest rate of the lessee at the inception date
dimulainya sewa karena suku bunga implisit of the lease because the interest rate implicit in
dalam sewa tidak dapat ditentukan. Setelah the lease cannot be determined. After the
tanggal dimulainya sewa, jumlah liabilitas inception date of the lease, the amount of the
sewa ditingkatkan untuk mencerminkan lease liability is increased to reflect the increase
pertambahan bunga dan dikurangi in interest and less lease payments made. In
pembayaran sewa yang dilakukan. Selain itu, addition, the carrying amount of the lease
jumlah tercatat liabilitas sewa diukur kembali liability is remeasured if there are modifications,
jika terdapat modifikasi, perubahan jangka changes in the term of the lease, changes in
waktu sewa, perubahan pembayaran sewa, lease payments, or changes in the valuation of
atau perubahan dalam penilaian opsi untuk the option to purchase the underlying asset.
membeli aset pendasar.
126
1074 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1077
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
r. Aset tetap, aset dan liabilitas sewa dan aset r. Fixed assets, leased assets and liabilities, and
takberwujud (lanjutan) intangible assets (continued)
ii. Aset dan liabilitas sewa (lanjutan) ii. Leased assets and liabilities (continued)
Sewa jangka pendek dengan durasi kurang Short-term leases with a duration of less than
dari 12 bulan dan sewa aset bernilai rendah, 12 months and leases of low value assets, as
serta elemen-elemen sewa tersebut, well as elements of such leases, partially or
sebagian atau seluruhnya tidak menerapkan wholly do not apply the recognition principles
prinsip-prinsip pengakuan yang ditentukan prescribed by SFAS 116. The Group will
oleh PSAK 116. Grup akan mengakui recognise the lease payment on a straight-line
pembayaran sewa tersebut dengan dasar basis over the lease term in the consolidated
garis lurus selama masa sewa dalam laporan statement of profit or loss and other
laba rugi dan penghasilan komprehensif lain comprehensive income. This expense is shown
konsolidasian. Beban ini ditunjukkan pada under general and administrative expenses in
beban umum dan administrasi dalam laporan the income statement.
laba rugi.
Penerapan pencatatan PSAK 116 berlaku The implementation of SFAS 116 payment
untuk seluruh sewa (kecuali sebagaimana applies to all leases (except as stated earlier),
yang disebutkan sebelumnya), yaitu sebagai as follows:
berikut:
(a) Menyajikan aset hak-guna sebagai (a) Present right of use assets as part of fixed
bagian dari aset tetap dan liabilitas sewa assets and leased liabilities are presented
disajikan sebagai bagian dari liabilitas as part of other liabilities in the
lain-lain dalam laporan posisi keuangan consolidated statement of financial
konsolidasian, yang diukur pada nilai kini position, measured at the present value of
dari pembayaran sewa masa depan; future lease payments;
(b) Mencatat penyusutan aset hak-guna dan (b) Record the depreciation of right of use
bunga atas liabilitas sewa dalam laporan assets and the interest of lease liability in
laba rugi dan penghasilan komprehensif the consolidated statement of profit or loss
lain konsolidasian; dan and other comprehensive income; and
(c) Memisahkan jumlah pembayaran ke (c) Separating the total payment into principal
bagian pokok (disajikan dalam kegiatan (presented in financing activities) and
pendanaan) dan bunga (disajikan dalam interest (presented in operating activities)
kegiatan operasional) dalam laporan in the consolidated statement of cash
arus kas konsolidasian. flows.
iii. Aset takberwujud iii. Intangible assets
Aset takberwujud terdiri dari perangkat lunak Intangible assets consist of software and
dan goodwill. goodwill.
Perangkat lunak yang dibeli oleh Bank dan Software purchased by the Bank and
Entitas Anak dicatat sebesar biaya perolehan Subsidiaries is recorded at cost less
dikurangi akumulasi amortisasi dan accumulated amortization and accumulated
akumulasi kerugian penurunan nilai. Metode impairment losses. Amortization method,
amortisasi, estimasi masa manfaat dan nilai estimated useful life and residual value are
residual ditelaah pada setiap akhir tahun reviewed at end of reporting period and
pelaporan dan disesuaikan jika diperlukan. adjusted if necessary.
127
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1075
Page 1078
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
r. Aset tetap, aset dan liabilitas sewa dan aset r. Fixed assets, leased assets and liabilities, and
takberwujud (lanjutan) intangible assets (continued)
iii. Aset takberwujud (lanjutan) iii. Intangible assets (continued)
Goodwill diakui apabila terdapat selisih lebih Goodwill is recognised when there is
antara harga perolehan dan bagian Bank a positive difference between the acquisition
Mandiri atas nilai wajar aset dan liabilitas cost and the Bank Mandiri’s portion of the fair
yang dapat diidentifikasi pada tanggal akuisisi value of identified assets and liabilities at the
dan disajikan sebagai aset lain-lain. Bank acquisition date. Goodwill is presented as other
melakukan evaluasi penurunan nilainya assets. The Bank conducts an assessment of
secara berkala. goodwill impairment regularly.
s. Penyertaan saham s. Investments in shares
Penyertaan saham terdiri dari investasi jangka Investments in shares represent long-term
panjang terutama pada perusahaan non-publik investments mostly in non-publicly-listed companies
dan penyertaan sementara hasil restrukturisasi and temporary investments from loan restructuring
kredit pada perusahaan debitur yang timbul akibat in debtor companies arising from conversion of
konversi kredit yang diberikan. loans.
Penyertaan saham untuk tujuan investasi dengan Investments in shares under 20% and with no
kepemilikan di bawah 20% dan tidak terdapat significant control are financial assets classified as
pengaruh signifikan merupakan aset keuangan fair value through profit/loss or amortised cost.
yang diklasifikasikan sebagai nilai wajar melalui Refer to Note 2c for the accounting policy for fair
laba rugi atau biaya perolehan diamortisasi. Lihat value through profit/loss or amortised cost.
Catatan 2c untuk kebijakan akuntansi atas nilai
wajar melalui laba rugi dan biaya perolehan
diamortisasi.
Penyertaan sementara akan dihapusbuku dari Temporary investment is written-off from the
laporan posisi keuangan konsolidasian apabila consolidated statement of financial position if it has
telah melampaui jangka waktu 5 tahun sesuai exceeded the 5 year period in accordance with
dengan Peraturan Otoritas Jasa Keuangan Financial Services Authority Regulation (POJK)
(POJK) No. 40/POJK.03/2019 tanggal No. 40/POJK.03/2019 dated 19 December 2019
19 Desember 2019 tentang Penilaian Kualitas concerning Asset Quality Assessment of
Aset Bank Umum. Commercial Banks.
Penyertaan saham untuk tujuan investasi dengan Investments in shares for investment purposes with
kepemilikan saham sebesar 20% atau lebih dan a share ownership of 20% or more and with
terdapat pengaruh signifikan merupakan investasi significant influence are investments in associates.
pada entitas asosiasi. Investasi Bank Mandiri Bank Mandiri’s investment in associates is
pada entitas asosiasi diukur dengan measured at equity method. The initial recognition
menggunakan metode ekuitas. Pengakuan awal of investment in associates is recognised at cost of
investasi pada entitas asosiasi diakui sebesar acquisition. The carrying amount of the investment
biaya perolehan. Jumlah tercatat pada investasi in associates is adjusted to recognize Bank
pada entitas asosiasi ditambah atau dikurangkan Mandiri's share of profit or loss, receipt of
untuk mengakui bagian Bank Mandiri atas laba distributions, and changes directly recognise in the
rugi, penerimaan distribusi, perubahan yang equity of the associates after the acquisition date.
diakui langsung pada ekuitas entitas asosiasi
setelah tanggal perolehan.
t. Cadangan kerugian penurunan nilai aset non- t. Allowance for possible losses on non-earning
produktif assets
Aset non-produktif adalah aset Bank Mandiri dan Non-earning assets of Bank Mandiri and the
Entitas Anak, antara lain dalam bentuk agunan Subsidiaries consist of repossessed assets,
yang diambil alih, properti terbengkalai, rekening abandoned properties, inter-office accounts and
antar kantor dan suspense account. suspense accounts.
128
1076 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1079
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
t. Cadangan kerugian penurunan nilai aset non- t. Allowance for possible losses on non-earning
produktif (lanjutan) assets (continued)
Grup membentuk cadangan kerugian penurunan The Group provides an allowance for impairment of
nilai atas agunan yang diambil alih dan properti repossessed assets and abandoned property equal
terbengkalai sebesar selisih antara nilai tercatat to the difference between the asset’s carrying
dan nilai wajar setelah dikurangi biaya untuk amount and its fair value less costs to sell. As for the
menjual. Sedangkan untuk rekening antar kantor inter-office account and suspense account, the
dan suspense account, adalah sebesar selisih allowance is equivalent to difference between the
antara nilai tercatat dan nilai pemulihan. carrying value and the recovery value.
u. Tagihan dan liabilitas akseptasi u. Acceptance receivables and payables
Tagihan akseptasi diklasifikasikan sebagai aset Acceptance receivables are classified as financial
keuangan dalam kelompok biaya perolehan assets at amortised cost. Refer to Note 2c for the
diamortisasi. Lihat Catatan 2c untuk kebijakan accounting policy of financial assets for financial
akuntansi atas aset keuangan dalam kelompok assets at amortised cost.
biaya perolehan diamortisasi.
Liabilitas akseptasi diklasifikasikan sebagai Acceptance payables are classified as financial
liabilitas keuangan yang diukur dengan biaya liabilities at amortised cost. Refer to Note 2c for the
perolehan diamortisasi. Lihat Catatan 2c untuk accounting policy for financial liabilities at amortised
kebijakan akuntansi atas liabilitas keuangan yang cost.
diukur dengan biaya perolehan diamortisasi.
v. Aset lain-lain v. Other assets
Aset lain-lain antara lain terdiri dari pendapatan Other assets include accrued income for interest,
bunga dan provisi dan komisi yang masih akan provision and commissions, receivables,
diterima, tagihan, agunan yang diambil alih, repossessed assets, abandonded properties, ijarah
properti terbengkalai, piutang ijarah, rekening receivables, inter-office accounts and others.
antar kantor dan lain-lain.
Tagihan terdiri dari tagihan atas obligasi Receivables consist of receivables from
pemerintah yang diagunkan Bank Mandiri, tagihan government bonds pledged by the Bank, mutual
Entitas Anak atas tagihan reksa dana dan tagihan fund receivables from Subsidiaries and receivables
kepada pemegang polis. from policyholders.
Agunan yang diambil alih (“AYDA”) adalah aset Repossessed assets represent assets acquired by
yang diperoleh Bank Mandiri dan Entitas Anak, Bank Mandiri and its Subsidiaries, both from auction
baik melalui pelelangan maupun di luar and non auction based on voluntary transfer by the
pelelangan berdasarkan penyerahan secara debtor or based on debtor’s approval to sell the
sukarela oleh pemilik agunan atau berdasarkan collateral not through auction when the debtor do
kuasa untuk menjual di luar lelang dari pemilik not fulfill their obligations to Bank Mandiri and
agunan dalam hal debitur tidak memenuhi Subsidiaries. Repossessed assets represent loan
liabilitasnya kepada Bank Mandiri dan Entitas collateral that were taken over as part of loans
Anak. AYDA merupakan agunan kredit yang settlement and presented in “Other assets”.
diberikan yang telah diambil alih sebagai bagian
dari penyelesaian kredit yang diberikan dan
disajikan pada “Aset lain-lain”.
Aset yang tidak digunakan (properti terbengkalai) Abandoned properties represent Bank and
adalah aset dalam bentuk properti yang dimiliki Subsidiaries’ fixed assets in the form of properties
Bank Mandiri dan Entitas Anak, dimana bagian which majority part of the property were not used for
properti tersebut secara mayoritas tidak Bank and Subsidiaries’ business operational
digunakan untuk kegiatan usaha operasional activity.
Bank Mandiri dan Entitas Anak.
129
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1077
Page 1080
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
v. Aset lain-lain (lanjutan) v. Other assets (continued)
AYDA dan properti terbengkalai disajikan sebesar Repossessed assets and abandoned properties are
nilai bersih yang dapat direalisasi (net realizable presented at their net realizable values. Net
value). Nilai bersih yang dapat direalisasi adalah realizable value is the fair value of the repossessed
nilai wajar agunan yang diambil alih dikurangi assets less estimated costs to sell the repossessed
dengan estimasi biaya untuk menjual AYDA assets. Differences between the net realizable
tersebut. Selisih antara nilai bersih yang dapat value and the proceeds from disposal of the
direalisasi dengan hasil penjualan AYDA diakui repossessed assets are recognised as current
sebagai keuntungan atau kerugian pada periode year’s gain or loss at the year of disposal.
berjalan pada saat dijual.
Ijarah adalah akad pemindahan hak guna Ijarah is a contract involving the transfer of right of
(manfaat) atas suat aset dalam waktu tertentu use (benefit) of an asset for a specific period which
dengan pembayaran sewa (ujrah) tanpa diikuti the lessee pays rent (ujrah) without the transfer of
dengan pemindahan kepemilikan aset itu sendiri. ownership of the asset itself. Ijarah muntahiyah
Ijarah muntahiyah bittamlik adalah penyediaan bittamlik is the provision of funds to transfer the right
dana dalam rangka memindahkan hak guna atau of use or benefit of goods or services based on a
manfaat dari suatu barang atau jasa berdasarkan lease transaction with an option to transfer
transaksi sewa dengan opsi pemindahan ownership of the goods to the lessee. The transfer
kepemilikan barang kepada penyewa. of ownership of the leased object to the lessee in
Perpindahan hak milik objek sewa kepada ijarah muntahiyah bittamlik can be executed as
penyewa dalam ijarah muntahiyah bittamlik dapat a grant. Ijarah revenue receivables are recognised
dilakukan dengan hibah. Piutang pendapatan at the due date which equal to the outstanding rent
ijarah diakui pada saat jatuh tempo sebesar sewa amount and presented at the net realisable value,
yang belum diterima dan disajikan sebesar nilai which is the outstanding balance of the receivables.
bersih yang dapat direalisasikan, yakni sebesar
saldo piutang.
Beban-beban yang berkaitan dengan Expenses for maintaining repossessed assets and
pemeliharaan AYDA dan properti terbengkalai abandoned properties are recognised in the current
dibebankan ke laporan laba rugi dan penghasilan year’s consolidated statement of profit or loss and
komprehensif lain konsolidasian periode berjalan other comprehensive income as incurred. Any
pada saat terjadinya. Bila terjadi penurunan nilai permanent impairment loss that occurred will be
yang bersifat permanen, maka nilai tercatatnya deducted from the carrying amount and be charged
dikurangi untuk mengakui penurunan tersebut dan to the current year’s consolidated statement of profit
kerugiannya dibebankan pada laporan laba rugi or loss and other comprehensive income. Refer to
dan penghasilan komprehensif lain konsolidasian Note 2t for changes in accounting policy to
tahun berjalan. Lihat Catatan 2t untuk kebijakan determine impairment losses on repossessed
akuntansi atas penyisihan kerugian AYDA dan assets and abandoned properties.
properti terbengkalai.
w. Liabilitas segera w. Obligations due immediately
Liabilitas segera dicatat pada saat timbulnya Obligations due immediately are recorded at the
liabilitas, baik kepada masyarakat maupun time the obligations occurred to customers or other
kepada bank lain. Liabilitas segera diklasifikasikan banks. Obligations due immediately are classified
sebagai liabilitas keuangan yang diukur dengan as financial liabilities at amortised cost.
biaya perolehan diamortisasi.
x. Simpanan dari nasabah x. Deposits from customers
Simpanan dari nasabah adalah dana yang Deposits from customers are the funds placed by
ditempatkan oleh masyarakat (tidak termasuk customers (excluding banks) to the Bank and
bank) kepada Bank dan Entitas Anak yang Subsidiaries which operate in banking industry
bergerak di bidang perbankan berdasarkan based on a fund deposit agreement. Included in this
perjanjian penyimpanan dana. Termasuk dalam account are demand deposits, saving deposits, time
pos ini adalah giro, tabungan, deposito berjangka deposits and other similar deposits.
dan bentuk simpanan lain yang dipersamakan
dengan itu.
130
1078 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1081
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
x. Simpanan dari nasabah (lanjutan) x. Deposits from customers (continued)
Giro merupakan simpanan dari nasabah yang Demand deposits represent deposits of customers
dapat digunakan sebagai alat pembayaran, yang that may be used as instruments of payment, and
penarikannya dapat dilakukan setiap saat melalui which may be withdrawn at any time by cheque,
cek, kartu Anjungan Tunai Mandiri (“ATM”), atau Automated Teller Machine card (“ATM”) or by
dengan cara pemindahbukuan dengan bilyet giro overbooking through written transfer instruction
atau sarana perintah pembayaran lainnya. (bilyet giro) or other orders of payment or transfers.
Tabungan merupakan simpanan dari nasabah Saving deposits represent deposits of customers
yang penarikannya hanya dapat dilakukan melalui that may only be withdrawn over the counter and via
counter dan ATM atau dengan cara ATMs or funds transfers by SMS Banking, Phone
pemindahbukuan melalui SMS Banking, Phone Banking and Internet Banking when certain agreed
Banking dan Internet Banking jika memenuhi conditions are met, but which may not be withdrawn
persyaratan yang disepakati, tetapi penarikan by cheque or other equivalent instruments.
tidak dapat dilaksanakan dengan menggunakan
cek atau instrumen setara lainnya.
Deposito berjangka merupakan simpanan dari Time deposits represent customers deposits that
nasabah yang penarikannya hanya dapat may only be withdrawn after a certain time based on
dilakukan pada waktu tertentu sesuai dengan the agreement between the customer and the Bank.
perjanjian antara nasabah dengan Bank. Deposito Time deposits are stated at amortised cost in the
berjangka dinyatakan sebesar nilai perolehan certificates between the Bank and the holders of
diamortisasi sesuai dengan perjanjian antara time deposits.
pemegang deposito berjangka dengan Bank.
Termasuk di dalam giro adalah giro dan tabungan Included in demand deposits are wadiah demand
wadiah. Giro wadiah dapat digunakan sebagai deposits and wadiah saving deposits. Wadiah
instrumen pembayaran dan dapat ditarik setiap demand deposits can be used as payment
saat melalui cek dan bilyet giro. Giro wadiah serta instruments and can be withdrawn at any time using
tabungan wadiah mendapatkan bonus sesuai cheque and written transfer instruction (bilyet giro).
dengan kebijakan Entitas Anak. Simpanan dari Wadiah demand deposits and wadiah saving
nasabah dalam bentuk giro wadiah dan tabungan deposits earn bonus based on Subsidiary’s policy.
wadiah dinyatakan sebesar liabilitas Entitas Anak. Wadiah demand deposits and wadiah saving
deposits are stated at the Subsidiary’s liability
amount.
Simpanan dari nasabah diklasifikasikan sebagai Deposits from customers are classified as financial
liabilitas keuangan yang diukur dengan biaya liabilities at amortised cost. Incremental costs
perolehan diamortisasi. Biaya tambahan yang directly attributable to acquistion of deposits from
dapat diatribusikan secara langsung dengan customers are included in the amount of deposits
perolehan simpanan dari nasabah diperhitungkan and amortised over the expected life of the deposits.
dalam jumlah simpanan yang diterima dan Refer to Note 2c for the accounting policy for
diamortisasi sepanjang estimasi umur simpanan financial liabilities at amortised cost.
tersebut. Lihat Catatan 2c untuk kebijakan
akuntansi atas liabilitas keuangan yang diukur
dengan biaya perolehan diamortisasi.
y. Simpanan dari bank lain y. Deposits from other banks
Simpanan dari bank lain terdiri dari liabilitas Deposits from other banks represent liabilities to
terhadap bank lain, baik lokal maupun luar negeri, local or overseas banks, in the form of demand
dalam bentuk giro, tabungan, inter-bank call deposits, saving deposits, interbank call money with
money dengan periode jatuh tempo menurut original maturities of 90 days or less based on
perjanjian kurang dari atau 90 hari, deposito agreement, time deposits and negotiable certificate
berjangka dan negotiable certificates of deposits. of deposits. Deposits from other banks are recorded
Simpanan dari bank lain dicatat sebagai liabilitas as liability to other banks.
terhadap bank lain.
131
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1079
Page 1082
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
y. Simpanan dari bank lain (lanjutan) y. Deposits from other banks (continued)
Di dalam simpanan dari bank lain termasuk Included in the deposits from other banks are sharia
simpanan syariah dalam bentuk giro wadiah. deposits in a form of wadiah demand deposits.
Simpanan dari bank lain diklasifikasikan sebagai Deposits from other banks are classified as financial
liabilitas keuangan yang diukur dengan biaya liabilities at amortised cost. Incremental costs
perolehan diamortisasi. Biaya tambahan yang directly attributable to acquisition of deposits from
dapat diatribusikan secara langsung dengan other banks are included in the amount of deposits
perolehan simpanan diperhitungkan dalam jumlah and amortised over the expected life of the deposits.
simpanan yang diterima dan diamortisasi Refer to Note 2c for the accounting policy for
sepanjang estimasi umur simpanan tersebut. Lihat financial liabilities at amortised cost.
Catatan 2c untuk kebijakan akuntansi atas
liabilitas keuangan yang diukur dengan biaya
perolehan diamortisasi.
z. Liabilitas kontrak asuransi z. Insurance contract liabilities
Kontrak asuransi adalah kontrak yang diterbitkan Insurance contract is a contract issued by insurance
oleh perusahaan asuransi dimana perusahaan companies which the insurer accepts significant
asuransi menerima risiko asuransi yang signifikan insurance risk from the policyholders. Significant
dari pemegang polis. Risiko asuransi yang insurance risk is defined as the possibility of paying
signifikan didefinisikan sebagai kemungkinan significantly more benefit to the policyholder upon
membayar manfaat yang signifikan kepada the occurrence of insured event on the risk covered
tertanggung apabila suatu kejadian atas risiko compared to the minimum benefit payable in a
yang diasuransikan terjadi dibandingkan dengan scenario where the insured event on the risk
manfaat minimum yang akan dibayarkan apabila covered does not occur. Scenarios that are
risiko yang diasuransikan tidak terjadi. Skenario- considered are those with commercial substance.
skenario yang diperhatikan adalah skenario yang
mengandung unsur komersial.
Sejak 1 Januari 2025 Since 1 January 2025
Berdasarkan PSAK 117, kontrak asuransi Under SFAS 117, insurance contracts are
dikelompokkan menjadi kelompok-kelompok aggregated into groups for measurement purposes.
untuk tujuan pengukuran. Kelompok kontrak Groups of insurance contracts are determined by
asuransi ditentukan dengan mengidentifikasi identifying portfolios of insurance contracts, where
portofolio kontrak asuransi, di mana setiap each portfolio comprise group of contracts with
portofolio terdiri dari kelompok kontrak dengan similar risks which are managed together. The
risiko yang serupa yang dikelola bersama. portfolios are further divided based on the profitability
Portofolio tersebut dibagi lebih lanjut berdasarkan of contracts into three categories: onerous contracts,
profitabilitas kontrak menjadi tiga kategori: kontrak contracts with no significant risk of becoming
yang merugikan, kontrak yang tidak memiliki risiko onerous, and the remaining contracts. The insurance
signifikan untuk menjadi merugikan, dan kontrak contracts are also grouped into annual cohorts (i.e.
yang tersisa. Kontrak asuransi juga by year of issue). Portfolios of reinsurance contracts
dikelompokkan menjadi kohort tahunan (yaitu held are assessed for aggregation separately from
berdasarkan tahun penerbitan). Portofolio kontrak portfolios of insurance contracts issued.
reasuransi yang dimiliki dinilai untuk agregasi
secara terpisah dari portofolio kontrak asuransi
yang diterbitkan.
Kontrak asuransi diukur menggunakan Modal Insurance contracts are measured under the
Pengukuan Umum (MPU), Pendekatan Biaya General Measurement Model (GMM), Variable Fee
Variabel (PBV), atau Premium Allocation Approach (“VFA”) or Premium Allocation Approach
Approach (PAA). Entitas anak umumnya (“PAA”). The Subsidiary predominantly uses the
menggunakan MPU dan PBV (untuk kontrak yang GMM and VFA (for contract that have direct
memiliki fitur partisipasi langsung, misalnya participation features, such as unit-linked
kontrak unit-link), tergantung pada karakteristik contracts), depending on the specific characteristics
spesifik dari kontrak asuransi tersebut. of the insurance contracts.
132
1080 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1083
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
z. Liabilitas kontrak asuransi (lanjutan) z. Insurance contract liabilities (continued)
Sejak 1 Januari 2025 (lanjutan) Since 1 January 2025 (continued)
Pengakuan awal dan batasan kontrak Initial recognition and contract boundary
Kelompok kontrak asuransi diukur pada Groups of insurance contracts are measured on
pengakuan awal sebagai total dari: initial recognition as the total of:
Arus kas pemenuhan, yang terdiri dari Fulfilment cash flows, comprising the best
estimasi terbaik nilai kini arus kas masa depan estimate of the present value of future cash
dalam batas kontrak yang diharapkan akan flows within the contract boundary that are
muncul, serta penyesuaian risiko eksplisit expected to arise and an explicit risk
untuk risiko non-keuangan; dan adjustment for non-financial risk; and
Contractual Service Margin (CSM) yang A Contractual Service Margin (CSM) that
mewakili penundaan keuntungan yang muncul represents the deferral of any day-one gains
pada pengakuan awal. arising on initial recognition.
Entitas anak mengakui kelompok kontrak asuransi The Subsidiary recognises groups of insurance
yang diterbitkan dari yang paling awal di antara contracts issued from the earliest of the following:
hal-hal berikut:
Awal periode perlindungan kelompok kontrak; The beginning of the coverage period of the
group of contracts;
Tanggal ketika pembayaran premi pertama The date when first premium payment from
dari pemegang polis dalam kelompok jatuh policyholder in the group becomes due; and
tempo; dan
Untuk kelompok kontrak yang merugikan, For a group of onerous contracts, as soon as
segera setelah fakta dan keadaan facts and circumstances indicate that the
menunjukkan bahwa kelompok tersebut group is onerous.
merugikan.
Batas kontrak mendefinisikan arus kas masa The contract boundary defines which future cash
depan yang mana termasuk dalam pengukuran flows are included in the measurement of a
kontrak. Akhir batas kontrak dianggap terjadi pada contract. The end of the contract boundary is
saat Entitas Anak tidak lagi memiliki hak dan considered to be at the point when the Subsidiary
kewajiban substansial berdasarkan kontrak no longer has substantive rights and obligations
asuransi untuk memberikan layanan atau under the insurance contract to provide services or
memaksa pemegang polis untuk membayar compel the policyholder to pay premiums.
premi.
Liabilitas kepada pemegang polis Entitas Anak Liabilities to policyholders Subsidiary are recorded
dicatat di laporan posisi keuangan konsolidasian in the consolidated statement of financial position as
sebagai bagian dari “Liabilitas Kontrak Asuransi” part of “Insurance Contract Liabilities” based on
berdasarkan perhitungan aktuaris dengan actuarial calculations using actuarial assumptions.
menggunakan asumsi aktuarial.
Entitas Anak memisahkan jumlah yang diakui The Subsidiary disaggregates the amounts
dalam laporan laba rugi dan penghasilan recognised in the statement of profit or loss and
komprehensif lainnya menjadi hasil layanan other comprehensive income into a insurance
asuransi, yang terdiri dari pendapatan asuransi service result, comprising insurance revenue and
dan biaya layanan asuransi, serta pendapatan insurance service expenses, and insurance finance
atau biaya keuangan asuransi. income or expenses.
133
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1081
Page 1084
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
z. Liabilitas kontrak asuransi (lanjutan) z. Insurance contract liabilities (continued)
Sejak 1 Januari 2025 (lanjutan) Since 1 January 2025 (continued)
Contractual Service Margin (“CSM”) Contractual Service Margin (“CSM”)
CSM disesuaikan pada setiap periode pelaporan The CSM is adjusted at each subsequent reporting
untuk perubahan arus kas masa depan yang period for changes in expected future cash flows
diharapkan yang disebabkan oleh perubahan driven by changes in technical assumptions or best
asumsi teknis atau asumsi estimasi terbaik estimate assumptions (death, morbidity, longevity,
(kematian, morbiditas, umur panjang, lapse atau surrenders, expenses). However, if negative
penarikan, biaya. Namun, jika perubahan negatif changes in future discounted cash flows are greater
pada arus kas masa depan yang didiskontokan than the remaining CSM, the difference is
lebih besar dari sisa CSM, selisihnya segera diakui immediately recognized in the consolidated
dalam laporan laba rugi dan penghasilan statement of profit or loss and other comprehensive
komprehensif lain konsolidasian karena kontrak income as the insurance contract become onerous
asuransi menjadi merugi dan CSM tidak boleh and the CSM cannot be negative. Interest is also
negatif. Interest juga diakumulasikan pada CSM accreted on the CSM at rates locked in at initial
dengan tingkat bunga yang dikunci pada saat recognition of a contract (i.e., discount rate used at
pengakuan awal kontrak (yaitu tingkat diskonto inception to determine the present value of the
yang digunakan pada saat awal untuk menentukan estimated future cash flows).
nilai sekarang dari arus kas masa depan yang
diperkirakan).
CSM akan released ke laba atau rugi berdasarkan The CSM will be released into profit or loss based on
unit pertanggungan, mencerminkan jumlah manfaat coverage units, reflecting the quantity of the benefits
yang diberikan dan durasi pertanggungan yang provided and the expected coverage duration of the
diharapkan dari kontrak yang tersisa dalam remaining contracts in the insurance group of
kelompok kontrak asuransi. Mengingat keragaman contract. Given the variety of insurance contracts, the
kontrak asuransi, definisi unit pertanggungan definition of coverage units involves the use of
melibatkan penggunaan penilaian dengan judgment by considering both the level of coverage
mempertimbangkan tingkat pertanggungan yang defined within the contract based on the maximum of
ditetapkan dalam kontrak berdasarkan maksimum insurance benefit (e.g. a death benefit, outstanding
manfaat asuransi (misalnya manfaat kematian, loan balance, the policyholders’ account value plus
saldo pinjaman yang belum dibayar, nilai akun death benefit, maximum of health benefit) and the
pemegang polis ditambah manfaat kematian, expected coverage duration of the contract.
maksimum manfaat kesehatan) dan durasi
pertanggungan ng diharapkan dari kontrak.
Komponen kerugian Loss components
Entitas anak telah mengelompokkan kontrak yang The Subsidiary has grouped contracts that are
merugikan pada pengakuan awal secara terpisah onerous at initial recognition separately from
dari kontrak dalam portofolio yang sama yang contracts in the same portfolio that are not onerous
tidak merugikan pada pengakuan awal. Kelompok at initial recognition. Groups that were not onerous
yang tidak merugikan pada pengakuan awal juga at initial recognition can also subsequently become
dapat menjadi merugikan jika asumsi dan onerous if assumptions and experience changes.
pengalaman berubah. Entitas Anak telah The Subsudiary has established a loss component
menetapkan komponen kerugian dari kewajiban of the liability for remaining coverage for any
untuk perlindungan yang tersisa untuk setiap onerous group depicting the future losses
kelompok merugikan yang menggambarkan recognised.
kerugian masa depan yang diakui.
Komponen kerugian dilepaskan berdasarkan The loss component is released based on
alokasi sistematis dari perubahan selanjutnya a systematic allocation of the subsequent changes
dalam arus kas pemenuhan kepada: (i) komponen in the fulfilment cash flows to: (i) the loss
kerugian; dan (ii) kewajiban untuk perlindungan component; and (ii) the liability for remaining
yang tersisa, tidak termasuk komponen kerugian. coverage excluding the loss component. The loss
Komponen kerugian juga diperbarui untuk component is also updated for subsequent changes
perubahan selanjutnya dalam estimasi arus kas in estimates of the fulfilment cash flows related to
pemenuhan yang terkait dengan layanan masa future service.
depan.
134
1082 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1085
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
z. Liabilitas kontrak asuransi (lanjutan) z. Insurance contract liabilities (continued)
Sejak 1 Januari 2025 (lanjutan) Since 1 January 2025 (continued)
Komponen kerugian (lanjutan) Loss components (continued)
Alokasi sistematis dari perubahan selanjutnya ke The systematic allocation of subsequent changes to
komponen kerugian mengakibatkan jumlah total the loss component results in the total amounts
yang dialokasikan ke komponen kerugian menjadi allocated to the loss component being equal to zero
sama dengan nol pada akhir periode perlindungan by the end of the coverage period of a group of
dari sekelompok kontrak (karena komponen contracts (since the loss component will have been
kerugian akan terwujud dalam bentuk klaim yang materialised in the form of incurred claims). The
terjadi). Entitas Anak menggunakan proporsi pada Subsidiary uses the proportion on initial recognition
pengakuan awal untuk menentukan alokasi to determine the systematic allocation of
sistematis dari perubahan selanjutnya dalam arus subsequent changes in future cash flows between
kas masa depan antara komponen kerugian dan the loss component and the liability for remaining
kewajiban untuk perlindungan yang tersisa, tidak coverage excluding the loss component.
termasuk komponen kerugian.
Setiap bunga, keuntungan atau kerugian dari Any interest, gain or loss due to increases or
kenaikan atau penurunan nilai pasar investasi decreases in market value of investments
dicatat sebagai pendapatan atau beban, disertai are recorded as income or expense, with
dengan pengakuan kenaikan atau penurunan a corresponding recognition of increase or decrease
liabilitas kepada pemegang polis unit-link di in liability to unit-link policyholders in the statement
laporan laba rugi dan penghasilan komprehensif of profit or loss and other comprehensive income
lain konsolidasian dan liabilitas kepada pemegang and liability to unit-link policyholders in the
polis unit-link di laporan posisi keuangan consolidated statement of financial position.
konsolidasian.
Pendapatan dan biaya keuangan asuransi Insurance finance income and expense
Pendapatan atau biaya keuangan asuransi terdiri Insurance finance income or expenses comprise
dari perubahan dalam jumlah tercatat dari the change in the carrying amount of the group of
kelompok kontrak asuransi yang timbul dari: insurance contracts arising from:
Pengaruh nilai waktu uang dan perubahan The effect of the time value of money and
dalam nilai waktu uang. changes in the time value of money.
Pengaruh risiko keuangan dan perubahan The effect of financial risk and changes in
dalam risiko keuangan. financial risk.
Sebelum 1 Januari 2025 Before 1 January 2025
Entitas Anak menerbitkan kontrak asuransi yang The Subsidiary issue insurance contracts that
menerima risiko asuransi yang signifikan dari accepted significant insurance risk from the
pemegang polis. Entitas Anak mendefinisikan policyholders. The Subsidiary define significant
risiko asuransi yang signifikan sebagai insurance risk as the possibility of having to pay
kemungkinan membayar manfaat pada saat benefits on the occurrence of an insured event of at
terjadinya suatu kejadian yang diasuransikan, least 10% more than the benefits payable if the
yang setidaknya 10% lebih besar dari manfaat insured event did not occur. When an insurance
yang dibayarkan jika kejadian yang diasuransikan contract does not have significant insurance risk, it
tidak terjadi. Jika suatu kontrak asuransi tidak is classified as investment contract.
mengandung risiko asuransi yang signifikan,
maka kontrak tersebut diklasifikasikan sebagai
kontrak investasi.
135
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1083
Page 1086
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
z. Liabilitas kontrak asuransi (lanjutan) z. Insurance contract liabilities (continued)
Sebelum 1 Januari 2025 (lanjutan) Before 1 January 2025 (continued)
Entitas Anak menerbitkan kontrak asuransi untuk The Subsidiary issue insurance contracts for
produk asuransi tradisional dan produk asuransi traditional insurance product and investment-linked
yang dikaitkan dengan investasi. Kedua jenis insurance product. Both of these products have
produk ini mempunyai risiko asuransi yang significant insurance risk.
signifikan.
Produk-produk dari Entitas Anak dibagi The Subsidiary’ products are divided into the
berdasarkan kategori sebagai berikut: following main categories:
Asuransi jiwa tradisional non-participating, Traditional non-participating life insurance,
memberikan perlindungan untuk menutupi provide protection to cover the risk of death,
risiko kematian, kecelakaan, penyakit kritis accident, critical illness, and health of the
dan kesehatan dari pemegang polis. Jumlah insured. The basic of sum insured will be paid
uang pertanggungan akan dibayarkan pada upon the occurrence of the risks covered.
saat terjadinya risiko yang ditanggung.
Unit-link, produk asuransi dengan Unit-link, insurance product with single or
pembayaran premi tunggal maupun reguler regular premium payment which is linked
yang dikaitkan dengan investasi yang to investment products, which provides
memberikan kombinasi manfaat proteksi dan a combined benefit of protection and
manfaat investasi. investment.
Ketika sebuah kontrak telah diklasifikasi sebagai Once a contract has been classified as an insurance
kontrak asuransi, reklasifikasi terhadap kontrak contract, no reclassification could be performed
tersebut tidak dapat dilakukan kecuali ketentuan subsequently unless the terms of the agreement are
perjanjian kemudian diamendemen. Seluruh later amended. All insurance products issued by the
produk asuransi yang diterbitkan oleh Entitas Subsidiary have significant insurance risk.
Anak mempunyai risiko asuransi yang signifikan.
Entitas Anak memisahkan komponen deposit dari The Subsidiary separate the deposit component
kontrak unit-link seperti yang disyaratkan oleh from unit-link contract as required by SFAS 104
PSAK 104 jika kondisi-kondisi di bawah ini when both the following conditions are met:
terpenuhi: - The Subsidiary can measure separately the
- Entitas Anak dapat mengukur komponen “deposit” component (including any embedded
“deposit” secara terpisah (termasuk opsi submission option, i.e. without taking into
penyerahan melekat, yaitu tanpa account the “insurance” component);
memperhitungkan komponen “asuransi”); - The Subsidiary’s accounting policies do not
- Kebijakan akuntansi Entitas Anak tidak require to recognise all rights and obligations
mensyaratkan untuk mengakui semua hak arising from the “deposit” component.
dan liabilitas yang timbul dari komponen
“deposit”.
Entitas Anak tidak memisahkan komponen The Subsidiary do not separate the deposit
deposit dikarenakan hanya salah satu kondisi di component because only one of the above
atas yang terpenuhi. conditions is met.
Pengujian kecukupan liabilitas Liability adequacy test
Pengujian kecukupan liabilitas dilakukan pada Liability adequacy testing is performed at reporting
tanggal pelaporan untuk kontrak secara individual date for contract individually or group of products
ataupun per kelompok produk, ditentukan sesuai determined in accordance with the Subsidiary’s
dengan cara Entitas Anak memperoleh, method of acquiring, servicing and measuring the
memelihara dan mengukur profitabilitas dari profitability of its insurance contracts.
kontrak asuransi tersebut.
136
1084 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1087
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
z. Liabilitas kontrak asuransi (lanjutan) z. Insurance contract liabilities (continued)
Sebelum 1 Januari 2025 (lanjutan) Before 1 January 2025 (continued)
Pengujian kecukupan liabilitas (lanjutan) Liability adequacy test (continued)
Untuk asuransi jiwa, liabilitas kepada pemegang For life insurance, the liabilities to policyholder in
polis khususnya liabilitas untuk klaim masa depan particular the liabilities for future claim are tested to
diuji untuk menentukan apakah liabilitas tersebut determine whether the liabilities sufficient to cover
cukup untuk menutupi semua arus kas keluar di all related future cash out flow including all
masa depan termasuk semua manfaat yang guaranteed benefit and guaranteed additional
dijamin dan manfaat tambahan yang dijamin (jika benefit (if any), non-guaranteed participation benefit
ada) , manfaat partisipasi yang tidak dijamin (jika feature (if any), all expenses for policies issuance
ada), semua biaya untuk penerbitan polis dan and maintenance, as well as reflecting the future
pemeliharaan polis, serta mencerminkan arus kas cash inflow, i.e. future premium receipt.
masuk masa depan yaitu penerimaan premi masa
depan.
Liabilitas dihitung berdasarkan diskonto dari arus The liabilities are calculated based on discounted
kas untuk semua arus kas yang terkait yaitu arus cash flow basis for all related cash flows i.e. both of
kas keluar dan arus kas masuk seperti yang cash outflows and cash inflows as mentioned above
disebutkan di atas dengan menggunakan using a set of most recent best estimate
seperangkat asumsi estimasi terbaik terkini yang assumptions set by the Subsidiary’ appointed
ditetapkan oleh aktuaris Entitas Anak, termasuk actuary, includes mortality, morbidity, lapses,
asumsi tingkat mortalita, morbidita, tingkat expenses, inflation rates, and interest rate.
pembatalan polis, biaya, tingkat inflasi dan tingkat Subsidiary operate in life insurance use Gross
suku bunga. Entitas Anak yang bergerak dalam Premium Reserve in the premium allowance
bidang asuransi jiwa menerapkan metode Gross calculation for future policy benefits to the
Premium Reserve dalam perhitungan cadangan policyholders using actuary assumptions with best
premi atas manfaat polis masa depan kepada estimate and margin for adverse deviation,
pemegang polis dengan menggunakan asumsi therefore liability adequacy test is not required.
aktuaria berdasarkan asumsi estimasi terbaik dan
marjin atas risiko pemburukan, sehingga
pengujian kecukupan liabilitas tidak diperlukan
lagi.
Reasuransi Reinsurance
Entitas Anak mereasuransikan sebagian porsi The Subsidiary reinsure a portion of its risk to
risikonya kepada perusahaan reasuradur. Jumlah reinsurance companies. The amount of premium
premi yang dibayar atau porsi premi atas transaksi paid or portion of premium from prospective
reasuransi prospektif diakui selama periode reinsurance transactions is recognised over the
kontrak asuransi sesuai dengan proporsi jumlah reinsurance contract in proportion with the
proteksi reasuransi yang diterima. protection received.
Aset reasuransi termasuk saldo yang diharapkan Reinsurance assets include balances expected to
dibayarkan oleh perusahaan reasuransi untuk be recovered from reinsurance companies for
ceded liabilitas manfaat polis masa depan, ceded ceded liability for future policy benefits, ceded
estimasi liabilitas klaim dan ceded cadangan atas estimated claim liabilities and ceded unearned
premi yang belum merupakan pendapatan. premiums allowance. Recovery amount from
Jumlah manfaat yang ditanggung oleh reasuradur reinsurers are estimated in a consistent manner
diperkirakan secara konsisten sesuai dengan with the liability associated with the reinsurance
liabilitas yang terkait dengan polis reasuransi. policy.
Entitas Anak menyajikan aset reasuransi secara Subsidiary present separately reinsurance asset of
terpisah sebagai aset atas liabilitas manfaat polis future policy benefit liabilities, unearned premium
masa depan, cadangan atas premi yang belum allowance, and estimated claim liabilities.
merupakan pendapatan dan estimasi liabilitas
klaim.
137
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1085
Page 1088
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
z. Liabilitas kontrak asuransi (lanjutan) z. Insurance contract liabilities (continued)
Reasuransi (lanjutan) Reinsurance (continued)
Jika aset reasuransi mengalami penurunan nilai, If a reinsurance asset is impaired, the Subsidiary
Entitas Anak mengurangi nilai tercatat dan deducted the carrying amount accordingly and
mengakui kerugian penurunan nilai tersebut recognise that impairment loss in the consolidated
dalam laporan laba rugi dan penghasilan statement of profit or loss and other comprehensive
komprehensif lain konsolidasian. Aset reasuransi income. A reinsurance asset is impaired if there is
mengalami penurunan nilai jika ada bukti objektif, objective evidence, as a result of an event that
sebagai akibat dari suatu peristiwa yang terjadi occurred after initial recognition of the reinsurance
setelah pengakuan awal aset reasuransi, bahwa asset, that the Subsidiary may not receive all
Entitas Anak tidak dapat menerima seluruh jumlah amounts due to it is below the requirement of the
karena di bawah syarat-syarat kontrak dan contract, and the impact on the amounts that the
dampak pada jumlah yang akan diterima dari Subsidiary will receive from the reinsurer can be
reasuradur dapat diukur secara andal. reliably measured.
Liabilitas manfaat polis masa depan Liability for future policy benefits
Liabilitas manfaat polis masa depan merupakan The liabilities for future policy benefits represent the
nilai sekarang estimasi manfaat polis masa depan present value of estimated future policy benefits to
yang akan dibayarkan kepada pemegang polis be paid to policyholders or their heirs less present
atau ahli warisnya dikurangi dengan nilai sekarang value of estimated future premiums to be received
dari estimasi premi masa depan yang akan from the policyholders and recognised consistently
diterima dari pemegang polis dan diakui pada saat with the recognition of premium income. The
pengakuan pendapatan premi. Liabilitas manfaat liabilities for future policy benefits are determined
polis masa depan ditentukan dan dihitung dengan and computed based on certain method by the
menggunakan metode tertentu oleh aktuaris Subsidiary’ actuary based on generally accepted
Entitas Anak berdasarkan standar praktik Aktuaria actuarial practice standards.
yang berlaku umum.
Entitas Anak menghitung liabilitas manfaat polis The Subsidiary calculate the liability for future policy
masa depan dengan menggunakan metode Gross benefits using Gross Premium Reserve method that
Premium Reserve yang mencerminkan nilai kini reflect the present value of estimated payments of
estimasi pembayaran seluruh manfaat yang all the guaranteed benefits including all the
diperjanjikan termasuk seluruh opsi yang embedded options available, the present value
disediakan, nilai kini estimasi seluruh manfaat estimated of all insurance benefit and handling
asuransi dan biaya yang dikeluarkan dan juga costs incurred and also considering the future
mempertimbangkan penerimaan premi di masa premium receipt.
depan.
Kenaikan/(penurunan) liabilitas manfaat polis Increase/(decrease) in liabilities for future policy
masa depan diakui dalam laporan laba rugi dan benefits are recognised in the current year’s
penghasilan komprehensif lain konsolidasian consolidated statement of profit or loss and other
tahun berjalan. comprehensive income.
Liabilitas kepada pemegang polis unit-link diakui The liability to unit-link policyholders are recognised
pada saat penerimaan dana dikonversi menjadi at the time the funds received are converted into
unit setelah dikurangi biaya-biaya dan akan units, net of related expenses and will increase or
bertambah atau berkurang sesuai dengan nilai decrease in accordance with effective net asset
aset bersih efektif yang berlaku. value.
Penerimaan dana dari nasabah untuk produk unit- Funds received from customers for non-sharia unit-
link non-syariah diakui sebagai pendapatan premi link products are recognised as gross premium
bruto dalam laporan laba rugi dan penghasilan income in the consolidated statement of profit or
komprehensif lain konsolidasian. loss and other comprehensive income.
138
1086 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1089
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
z. Liabilitas kontrak asuransi (lanjutan) z. Insurance contract liabilities (continued)
Liabilitas manfaat polis masa depan (lanjutan) Liability for future policy benefits (continued)
Liabilitas kepada pemegang polis unit-link diakui Liabilities to unit-link policyholders are recognised in
di laporan posisi keuangan konsolidasian dan the consolidated statement of financial position and
dihitung menggunakan metode cadangan atas computed based on unearned premium reserves
premi yang belum merupakan pendapatan yang using daily method from insurance cost of mortality
dihitung dengan menggunakan metode harian or mobidity risk plus reserves for the accumulated
berdasarkan biaya asuransi atas risiko mortalitas invested fund of unit-link policyholders.
atau risiko morbiditas ditambah cadangan atas
akumulasi dana investasi pemegang polis.
Setiap bunga, keuntungan atau kerugian dari Any interest, gain or loss due to increases or
kenaikan atau penurunan nilai pasar investasi decreases in market value of investments
dicatat sebagai pendapatan atau beban, disertai are recorded as income or expense, with
dengan pengakuan kenaikan atau penurunan a corresponding recognition of increase or decrease
liabilitas kepada pemegang polis unit-link di in liability to unit-link policyholders in the statement
laporan laba rugi dan penghasilan komprehensif of profit or loss and other comprehensive income
lain konsolidasian dan liabilitas kepada pemegang and liability to unit-link policyholders in the
polis unit-link di laporan posisi keuangan consolidated statement of financial position.
konsolidasian.
Penerimaan dana dari nasabah untuk produk unit- Funds received from customers for sharia unit-link
link syariah diakui sebagai liabilitas kepada products are recognised as liabilities to unit-link
pemegang polis unit-link di laporan posisi policyholders in the consolidated statement of
keuangan konsolidasian sebesar jumlah yang financial position for the amount received net of the
diterima setelah dikurangi bagian fee untuk Entitas portion representing the Subsidiary fees in
Anak dalam rangka mengelola pendapatan dari managing the unit-link product income.
produk unit-link.
Liabilitas untuk manfaat kontraktual yang A liability for contractual benefits that are expected
diharapkan akan timbul di masa depan dicatat to be incurred in the future is recorded when the
pada saat premi diakui. Liabilitas ditetapkan premiums are recognised. The liability is
sebagai penjumlahan atas nilai diskonto yang determined as the sum of the expected discounted
diharapkan dari pembayaran manfaat dan biaya value of the benefit payments and the future
administrasi masa depan yang berkaitan langsung administration expenses that are directly related to
dengan kontrak asuransi, dikurangi dengan nilai the insurance contract, less the expected
diskonto yang diharapkan atas premi yang discounted value of the premiums that would be
dibutuhkan untuk memenuhi manfaat dan biaya required to meet the benefits and administration
administrasi berdasarkan asumsi penilaian yang expenses based on the valuation assumptions used
digunakan (penilaian premi). Liabilitas tersebut (the premiums valuation). That liability is based on
didasarkan pada asumsi-asumsi seperti kematian, assumptions such as mortality, persistency,
persistensi, biaya pemeliharaan yang ditetapkan maintenance expense and established at the time
pada saat kontrak asuransi dikeluarkan. Sebuah the contract is issued. A margin for adverse
marjin untuk penyimpangan yang merugikan deviation is included in the used assumptions.
termasuk dalam asumsi yang digunakan.
139
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1087
Page 1090
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
aa. Efek-efek yang diterbitkan aa. Debt securities issued
Efek-efek yang diterbitkan oleh Bank Mandiri dan Debt securities issued by the Bank and its
Entitas Anak, termasuk obligasi, subordinasi Subsidiaries, including bonds, subordinated notes,
notes, medium term notes, traveller’s cheques dan medium term notes, travelers’ cheques and
Sertifikat Investasi Mudharabah Antarbank (SIMA) Interbank Mudharabah Investment Certificate
pada pengukuran awal disajikan sebesar nilai (SIMA), are initially measured at fair value plus
wajar ditambah dengan biaya transaksi yang directly attributable transaction costs to the debt
dapat diatribusikan langsung dengan securities issued. Subsequently, transactions cost
perolehan/penerbitan efek-efek yang diterbitkan. are amortised using effective interest rate up to the
Biaya transaksi kemudian diamortisasi dengan maturity of debt securities issued.
suku bunga efektif sampai dengan jatuh tempo
dari efek-efek yang diterbitkan.
Efek-efek yang diterbitkan diklasifikasikan sebagai Debt securities issued are classified as financial
liabilitas keuangan yang diukur dengan biaya liabilities at amortised cost. Refer to Note 2c for the
perolehan diamortisasi. Lihat Catatan 2c untuk accounting policy for financial liabilities at amortised
kebijakan akuntansi atas liabilitas keuangan yang cost.
diukur dengan biaya perolehan diamortisasi.
ab. Pinjaman yang diterima ab. Fund borrowings
Pinjaman yang diterima merupakan dana yang Fund borrowings represent funds received from
diterima dari bank lain, Bank Indonesia atau pihak other banks, Bank Indonesia or other parties with
lain dengan liabilitas pembayaran kembali sesuai the obligation of repayment in accordance with the
dengan persyaratan perjanjian pinjaman. requirements of the loan agreement.
Pada pengukuran awal, pinjaman yang diterima Fund borrowings are initially measured at fair value
disajikan sebesar nilai wajar dikurangi dengan less directly attributable transaction costs to the
biaya transaksi yang dapat diatribusikan langsung borrowed/issued fund. Fund borrowings are
dengan perolehan/penerbitan pinjaman yang classified as financial liabilities at amortised cost.
diterima. Pinjaman yang diterima diklasifikasikan Refer to Note 2c for the accounting policy for
sebagai liabilitas keuangan yang diukur dengan financial liabilities at amortised cost.
biaya perolehan diamortisasi. Lihat Catatan 2c
untuk kebijakan akuntansi untuk liabilitas
keuangan yang diukur dengan biaya perolehan
diamortisasi.
Fasilitas pengelolaan likuiditas berdasarkan The sharia liquidity management facility of Bank
prinsip syariah Bank Indonesia (PASBI) yang Indonesia (PASBI) received by Sharia Subsidiaries
diterima oleh Entitas Anak Syariah diklasifikasikan is classified as “Fund Borrowings”. Bank Indonesia
dalam akun “Pinjaman yang Diterima”. Bank and the Subsidiary mutually agree to enter into a
Indonesia dan Entitas Anak sepakat melakukan wakalah bil ististmar contract for fund management,
akad wakalah bil ististmar untuk pengelolaan dana guaranteed by sharia securities. The funds received
dengan agunan berupa surat berharga syariah. are recognised as liabilities to Bank Indonesia.
Dana yang diterima diakui sebagai liabilitas
kepada Bank Indonesia.
Bank melakukan pengelolaan dana untuk The Bank undertakes fund management for whole
kegiatan investasi usaha secara keseluruhan business investment activities (mutlaqah). The
(mutlaqah). Pengembalian dana kelolaan dan return of managed funds and the distribution of
pembayaran hasil pengelolaan (istitsmar) investments return (istitsmar) occur upon maturity.
dilakukan pada saat pelunasan.
140
1088 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1091
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
ac. Pinjaman dan efek-efek subordinasi ac. Subordinated loans and marketable securities
Pinjaman dan efek-efek subordinasi pada Subordinated loans and marketable securities are
pengukuran awal disajikan sebesar nilai initially measured at fair value less directly
wajar dikurangi dengan biaya transaksi yang attributable transaction costs. Subsequently,
dapat diatribusikan langsung dengan transactions costs are amortised using the effective
perolehan/penerbitan pinjaman dan efek-efek interest rate up to the maturity of subordinated loans
subordinasi. Biaya transaksi kemudian and marketable securities.
diamortisasi dengan suku bunga efektif sampai
dengan jatuh tempo dari pinjaman dan efek-efek
subordinasi.
Pinjaman dan efek-efek subordinasi Subordinated loans and marketable securities are
diklasifikasikan sebagai liabilitas keuangan yang classified as financial liabilities at amortised cost.
diukur dengan biaya perolehan yang diamortisasi. Refer to Note 2c for the accounting policy for
Lihat Catatan 2c untuk kebijakan akuntansi untuk financial liabilities at amortised cost.
liabilitas keuangan yang diukur dengan biaya
perolehan yang diamortisasi.
ad. Perpajakan ad. Income tax
Bank Mandiri dan Entitas Anak menerapkan Bank Mandiri and Subsidiaries apply SFAS 212
PSAK 212 “Pajak Penghasilan”, yang “Income Tax” which requires Bank Mandiri and
mengharuskan Bank Mandiri dan Entitas Anak Subsidiaries to take into account the consequnces
memperhitungkan konsekuensi pajak kini dan of the current and future tax (settlement) from the
pajak di masa depan (penyelesaian) dari jumlah carrying amount of assets (liabilities) that are
tercatat aset (liabilitas) yang diakui dalam laporan recognised in the consolidated statement of
posisi keuangan dan transaksi-transaksi serta financial position, and transactions and other events
peristiwa lain yang terjadi dalam tahun berjalan. occured in the current period.
Beban pajak terdiri dari pajak kini dan pajak The tax expense comprises current and deferred
tangguhan. Pajak diakui dalam laporan laba rugi tax. Tax is recognised in the consolidated statement
dan penghasilan komprehensif lain konsolidasian, of profit or loss and other comprehensive income,
kecuali jika pajak tersebut terkait dengan transaksi except to the extent that it relates to items
atau kejadian yang langsung diakui ke ekuitas. recognised directly in equity. In this case, the tax is
Dalam hal ini, pajak tersebut masing-masing recognised in other comprehensive income or
diakui dalam penghasilan komprehensif lain atau directly in equity, respectively.
ekuitas.
Manajemen Grup mengevaluasi secara The Group’s management periodically evaluates
periodik implementasi terhadap peraturan the implementation of prevailing tax regulations
perpajakan yang berlaku terutama yang especially for those that are subject to further
memerlukan interpretasi lebih lanjut mengenai interpretation for its implementation, including
pelaksanaannya termasuk juga evaluasi terhadap evaluation on tax assessment letters received from
surat ketetapan pajak yang diterima dari kantor tax authorities. Futhermore, the Bank establishes
pajak. Lebih lanjut, Bank Mandiri membentuk provisions based on the necessary amounts
cadangan, jika dianggap perlu berdasarkan expected to be paid to the tax authorities.
jumlah yang diestimasikan akan dibayarkan ke
kantor pajak.
141
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1089
Page 1092
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
ad. Perpajakan (lanjutan) ad. Income tax (continued)
Bank Mandiri dan Entitas Anak menerapkan Bank Mandiri and Subsidiaries apply the balance
metode liabilitas laporan posisi keuangan sheet liability method to determine income tax
(balance sheet liability method) untuk menentukan expense. Under the balance sheet liability method,
beban pajak penghasilan. Menurut metode deferred tax assets and liabilities are recognised for
liabilitas laporan posisi keuangan, aset dan utang all temporary differences arising between the tax
pajak tangguhan diakui untuk semua perbedaan base of assets and liabilities and their carrying
temporer antara nilai aset dan liabilitas yang amount in the consolidated statement of financial
tercatat di laporan posisi keuangan dengan dasar position at each reporting date. This method also
pengenaan pajak atas aset dan liabilitas tersebut requires the recognition of unused future tax
pada setiap tanggal pelaporan. Metode ini juga benefits, to the extent that realisation of such
mensyaratkan adanya pengakuan manfaat pajak benefits are probable in the future.
di masa datang yang belum digunakan apabila
besar kemungkinan bahwa manfaat tersebut
dapat direalisasikan di masa yang akan datang.
Aset pajak tangguhan diakui apabila terdapat Deferred tax assets are recognised only to the
kemungkinan besar bahwa jumlah laba fiskal pada extent that is probable that future taxable income
masa datang akan memadai untuk will be sufficient to compensate deferred tax asset
mengkompensasi aset pajak tangguhan yang arising from temporary differences.
muncul akibat perbedaan temporer.
Pajak tangguhan dihitung dengan menggunakan Deferred tax is calculated using tax rates
tarif pajak yang berlaku atau secara substansial enacted or substantively applied to the period
diberlakukan pada periode dimana aset tersebut during which the asset is realised or the liability is
direalisasi atau liabilitas tersebut diselesaikan. settled. The changes to the carrying value of
Perubahan nilai tercatat aset dan liabilitas pajak deferred tax assets and liabilities due to the changes
tangguhan yang disebabkan oleh perubahan tarif of tax rates are charged in the current year,
pajak dibebankan pada laporan laba rugi dan consolidated statement of profit or loss and other
penghasilan komprehensif lain konsolidasian comprehensive income except for transactions
tahun berjalan, kecuali untuk transaksi-transaksi which previously have been directly charged or
yang sebelumnya telah langsung dibebankan atau credited to equity.
dikreditkan ke ekuitas.
Koreksi atas liabilitas pajak diakui pada saat surat Adjustments to taxation obligations are recognised
ketetapan pajak diterima, atau apabila diajukan when tax assessment letter is received or, if
keberatan dan/atau banding, maka koreksi diakui objection/appeal is submitted, adjustments are
pada saat keputusan atas keberatan dan/atau recognised when the result of objection/appeal is
banding tersebut diterima. Manajemen juga dapat received. Management provides provision for future
membentuk pencadangan terhadap liabilitas pajak tax liability at the estimated amount that will be
di masa depan sebesar jumlah yang diestimasikan payable to the tax office if there is a probable tax
akan dibayarkan ke kantor pajak jika berdasarkan exposure, based on management’s assessment as
evaluasi pada tanggal laporan posisi keuangan of the date of consolidated statement of financial
konsolidasian terdapat risiko pajak yang probable. position. Assumptions and estimation used in the
Asumsi dan estimasi yang digunakan dalam calculation of provision may involve element of
perhitungan pembentukan cadangan tersebut uncertainty.
memiliki unsur ketidakpastian.
Taksiran pajak penghasilan Bank Mandiri dan The estimated corporate income tax of Bank Mandiri
Entitas Anak dihitung untuk masing-masing and Subsidiaries are calculated for each company
perusahaan sebagai badan hukum terpisah. Aset as a separate legal entity. Current tax assets and
pajak kini (current tax assets) dan liabilitas pajak current tax liabilities for different legal income
kini (current tax liabilities) untuk badan hukum entities cannot be set-off in the consolidated
yang berbeda tidak disalinghapuskan dalam financial statements. Corporate tax payables and
laporan keuangan konsolidasian. Utang pajak other tax payables of Bank Mandiri and Subsidiaries
penghasilan badan dan utang pajak lainnya Bank are presented as “Taxes payable“ in the
Mandiri dan Entitas Anak disajikan sebagai “Utang consolidated statement of financial position.
pajak” di laporan posisi keuangan konsolidasian.
142
1090 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1093
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
ad. Perpajakan (lanjutan) ad. Income tax (continued)
Aset dan liabilitas pajak tangguhan dapat saling Deferred income tax assets and liabilities are
hapus apabila terdapat hak yang berkekuatan offsetted if there is a legally enforceable right to
hukum untuk melakukan saling hapus antara aset offset current tax assets against current tax liabilities
dan liabilitas pajak kini dan apabila aset dan and if the deferred income tax assets and liabilities
liabilitas pajak penghasilan tangguhan dikenakan relate to income taxes levied by the same taxation
oleh otoritas perpajakan yang sama, baik atas authority on either for the same taxable entity or
entitas kena pajak yang sama atau berbeda dan different taxable entities where there is an intention
adanya niat untuk melakukan penyelesaian saldo- to settle the balances on a net basis.
saldo tersebut secara neto.
ae. Dana syirkah temporer ae. Temporary syirkah funds
Dana syirkah temporer adalah dana yang diterima Temporary syirkah funds represent funds received
oleh Entitas Anak. Entitas Anak mempunyai hak by a Subsidiary. The Subsidiary has the right to
untuk mengelola dan menginvestasikan dana, manage and invest funds in accordance with either
baik sesuai dengan kebijakan Entitas Anak atau the Subsidiary’s policy or restriction set by the
kebijakan pembatasan dari pemilik dana, dengan depositors with the agreed profit sharing.
keuntungan dibagikan sesuai dengan
kesepakatan.
Hubungan antara Entitas Anak dan pemilik dana Relationship between the Subsidiary and the owner
syirkah temporer merupakan hubungan kemitraan of temporary syirkah funds are based on partnership
berdasarkan akad Mudharabah muthlaqah, Mudharabah muthlaqah, Mudharabah muqayyadah
Mudharabah muqayyadah atau musyarakah. or musyarakah.
Contoh dari dana syirkah temporer adalah The examples of temporary syirkah funds are
penerimaan dana dari investasi Mudharabah investment funds received from Mudharabah
muthlaqah, Mudharabah muqayyadah dan akun muthlaqah, Mudharabah muqayyadah and other
lain yang sejenis. similar accounts.
1) Mudharabah muthlaqah adalah Mudharabah 1) Mudharabah muthlaqah represents
dimana pemilik dana (shahibul maal) Mudharabah in which the fund owner (shahibul
memberikan kebebasan kepada pengelola maal) entrusts the fund manager
dana (mudharib/Entitas Anak) dalam (mudharib/Subsidiary) in managing its
pengelolaan investasinya. investment.
2) Mudharabah muqayyadah adalah 2) Mudharabah muqayyadah represents
Mudharabah dimana pemilik dana Mudharabah in which the fund owner sets
memberikan batasan kepada pengelola dana, restrictions to the fund manager regarding,
antara lain mengenai tempat, cara dan atau among others, the place, the means and/or the
obyek investasi. object of investment.
Dana syirkah temporer tidak dapat digolongkan Temporary syirkah funds cannot be classified as
sebagai liabilitas. Hal ini karena Entitas Anak tidak liability because the Subsidiary does not have any
mempunyai liabilitas, ketika mengalami kerugian, liability to return the fund to the owners when
untuk mengembalikan jumlah dana awal dari experience losses, except for losses due to the
pemilik dana kecuali akibat kelalaian atau Subsidiary’s management negligence or default. On
wanprestasi Entitas Anak. Dana syirkah temporer the other hand, temporary syirkah funds also cannot
tidak dapat digolongkan sebagai ekuitas karena be classified as equity, because of the existence of
mempunyai waktu jatuh tempo dan pemilik dan maturity period and the depositors do not have the
tidak mempunyai hak kepemilikan yang sama same rights as the shareholders, such as voting
dengan pemegang saham seperti hak voting dan rights and the rights of realised gain from current
hak atas realisasi keuntungan yang berasal dari asset and other non-investment accounts.
aset lancar dan aset non investasi.
143
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1091
Page 1094
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
ae. Dana syirkah temporer (lanjutan) ae. Temporary syirkah funds (continued)
Dana syirkah temporer merupakan salah satu Temporary syirkah funds represent one of the
unsur laporan posisi keuangan konsolidasian, consolidated statement of financial position
yang memberikan hak kepada Entitas Anak untuk accounts which is in accordance with sharia
mengelola, termasuk untuk mencampur dana principle that provide right to the Subsidiary to
dimaksud dengan dana lainnya. manage fund, including to combine the funds with
the other funds.
Pemilik dana syirkah temporer memperoleh The owner of temporary syirkah funds receive parts
bagian atas keuntungan sesuai kesepakatan dan of profit in accordance with the agreement and
menerima kerugian berdasarkan jumlah dana dari receive loss based on the proportion to the total
masing-masing pihak. Pembagian hasil dana funds. The profit distribution of temporary syirkah
syirkah temporer dapat dilakukan dengan konsep funds might be based on profit sharing or revenue
bagi hasil atau bagi untung. sharing concept.
af. Pendapatan dan beban bunga serta af. Interest income and expense and sharia income
pendapatan dan beban syariah and expense
(i) Konvensional (i) Conventional
Pendapatan dan beban bunga untuk semua Interest income and expense for all interest-
instrumen keuangan dengan interest bearing bearing financial instruments are recognised as
dicatat dalam “Pendapatan bunga” dan “Interest income” and “Interest expense” in the
“Beban bunga” di dalam laporan laba rugi dan consolidated statement of profit or loss and
penghasilan komprehensif lain konsolidasian other comprehensive income using the
menggunakan metode suku bunga efektif. effective interest method.
Metode suku bunga efektif adalah metode The effective interest method is a method used
yang digunakan untuk menghitung biaya for calculating the amortised cost of financial
perolehan diamortisasi dari aset keuangan assets and liabilities and method for allocating
atau liabilitas keuangan dan metode untuk the interest income or interest expense over the
mengalokasikan pendapatan bunga atau relevant period.
beban bunga selama periode yang relevan.
(ii) Pendapatan syariah (ii) Sharia income
Di dalam pendapatan dan beban bunga Included in interest income and expense are
terdapat pendapatan dan beban berdasarkan sharia income and expense based on sharia
prinsip syariah. Pendapatan pengelolaan principle. The Subsidiary's income as a fund
dana oleh Entitas Anak sebagai mudharib manager (mudharib) consists of income from
terdiri atas pendapatan pembiayaan dengan murabahah and istishna transactions, income
akad murabahah, istishna, ijarah dan from ijarah (leasing), income from profit sharing
pendapatan dari bagi hasil yaitu Mudharabah, of Mudharabah, musyarakah financing and
musyarakah dan pendapatan usaha utama other main operating income.
lainnya.
Suku bunga efektif adalah suku bunga yang The effective interest rate is the rate that
secara tepat mendiskontokan estimasi exactly discounts estimated future cash
pembayaran atau penerimaan kas di masa payments or receipts through the expected life
datang selama perkiraan umur dari instrumen of the financial instrument or, when
keuangan, atau jika lebih tepat, digunakan appropriate, a shorter period to obtain the net
periode yang lebih singkat untuk memperoleh carrying amount of the financial asset or
nilai tercatat bersih dari aset keuangan atau financial liability.
liabilitas keuangan.
144
1092 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1095
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
af. Pendapatan dan beban bunga serta af. Interest income and expense and sharia income
pendapatan dan beban syariah (lanjutan) and expense (continued)
Pada saat menghitung suku bunga efektif, When calculating the effective interest rate, the
Grup mengestimasi arus kas dengan Group estimates cash flows considering all
mempertimbangkan seluruh persyaratan contractual terms of the financial instrument but
kontraktual dalam instrumen keuangan does not consider future credit losses. The
tersebut, namun tidak mempertimbangkan calculation includes all commissions, provision
kerugian kredit di masa datang. Perhitungan and other fees received between parties in the
ini mencakup seluruh komisi, provisi dan contract that are an integral part of the effective
bentuk lain yang diterima oleh para pihak interest rate, transaction costs and all other
dalam kontrak yang merupakan bagian tak premiums or discounts.
terpisahkan dari suku bunga efektif, biaya
transaksi dan seluruh premi atau diskon
lainnya.
Jika aset keuangan atau kelompok aset Once a financial asset or a group of similar
keuangan serupa telah diturunkan nilainya financial assets has been written down as
sebagai akibat kerugian penurunan nilai, a result of an impairment loss, subsequently,
maka pendapatan bunga yang diperoleh interest income is recognised for the
setelahnya diakui atas bagian aset keuangan non-impaired portion of the impaired financial
yang tidak mengalami penurunan nilai dari assets using the interest rate used to discount
aset keuangan yang mengalami penurunan the future cash flows for measuring the
nilai, berdasarkan suku bunga yang impairment loss.
digunakan untuk mendiskonto arus kas masa
datang dalam menghitung kerugian
penurunan nilai.
Pengakuan keuntungan transaksi murabahah Murabahah transaction income recognition
dengan pembayaran tangguh atau secara through deferred payment or installment is
angsuran dilakukan selama periode akad executed during the period of the contract
sesuai dengan metode tingkat imbal hasil based on effective rate of return method
efektif. (annuity).
Berdasarkan PSAK 402, pendapatan According to SFAS 402, murabahah income
murabahah yang termasuk marjin which includes deferred margin and
ditangguhkan dan pendapatan administrasi, administrative income are recognised as
diakui dengan menggunakan metode setara income using method that equivalent to the
tingkat imbal hasil efektif, yaitu tingkat imbal effective rate of return method, which is the rate
hasil setara yang akan mendiskonto secara that exactly discounts estimated future cash
tepat estimasi pembayaran atau penerimaan payments or receipts through the expected life
kas di masa datang sepanjang perkiraan of the financial instrument or a shorter period,
umur instrumen keuangan tersebut atau, jika where appropriate, for the net carrying amount
lebih tepat untuk masa yang lebih singkat of the financial asset or financial liability.
untuk nilai tercatat bersih dari aset keuangan
atau liabilitas keuangan.
Perhitungan dilakukan dengan The calculation takes into account all
memperhitungkan seluruh syarat dan contractual terms and condition the financial
ketentuan kontraktual dari instrumen assets and includes any fees or incremental
keuangan dan biaya tambahan yang timbul costs that are directly attributable to the assets
secara langsung untuk instrumen tersebut and are integral part of the effective rate of
dan merupakan bagian tidak terpisahkan dari return.
tingkat imbal hasil.
Pendapatan istishna diakui dengan Income from istishna is recognised using the
menggunakan metode persentase percentage of completion or full completion
penyelesaian atau metode akad selesai. method.
145
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1093
Page 1096
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
af. Pendapatan dan beban bunga serta af. Interest income and expense and sharia income
pendapatan dan beban syariah (lanjutan) and expense (continued)
(ii) Pendapatan syariah (lanjutan) (ii) Sharia income (continued)
Pendapatan ijarah diakui selama masa akad Income from ijarah is recognised proportionally
secara proporsional. during the contract period.
Pendapatan bagi hasil musyarakah yang Profit sharing income for passive partner in
menjadi hak mitra pasif diakui dalam periode musyarakah is recognised in the period when
terjadinya hak bagi hasil sesuai nisbah yang the profit sharing rights arise in accordance
disepakati. with the agreed profit sharing ratio.
Pendapatan bagi hasil Mudharabah diakui Profit sharing income for Mudharabah is
dalam periode terjadinya hak bagi hasil recognised in the period when the profit sharing
sesuai nisbah yang disepakati dan tidak rights arise in accordance with agreed profit
diperkenankan mengakui pendapatan dari sharing ratio and the recognition based on
proyeksi hasil usaha. projection of income is not allowed.
Setoran dari debitur dengan kualitas non- Any payment from non-performing debtors
performing diperlakukan sebagai recognised is treated as the repayment cost or
pengembalian harga perolehan atau pokok loan/financing principal.
piutang/pembiayaan.
Kelebihan pembayaran di atas harga Excess payment over the cost or loan/financing
perolehan atau pokok piutang/pembiayaan principal recognised as income when the cash
diakui sebagai pendapatan pada saat received. Specific for ijarah transactions, any
diterimanya. Khusus untuk transaksi ijarah, payment from
setoran dari debitur dengan kualitas non- non-performing debtors recognised as the
performing diperlakukan sebagai pelunasan settlement of ijarah receivables.
piutang sewa.
Hak nasabah atas bagi hasil dana syirkah Customers’ (fund owner) share on the return of
temporer merupakan bagian bagi laba milik temporary syirkah funds represent fund
nasabah yang didasarkan pada prinsip owners’ share of the profit of Subsidiary derived
Mudharabah muthlaqah, Mudharabah from managing of such funds under
muqayyadah dan Mudharabah musytarakah Mudharabah mutlaqah, Mudharabah
atas hasil pengelolaan dana mereka oleh muqayyadah and Mudharabah musytarakah
Entitas Anak. Pendapatan yang dibagikan principles. The profit sharing is determined on
adalah pendapatan yang telah diterima. the earned income.
(iii) Hak pihak ketiga atas bagi hasil dana syirkah (iii) Third parties’ share on return of temporary
temporer syirkah funds
Pembagian laba dilakukan berdasarkan Distribution of profit is based on profit sharing
prinsip bagi hasil yaitu dihitung dari principle which is calculated from the
pendapatan Entitas Anak yang diterima Subsidiary’s earned income which in the form
berupa laba bruto (gross profit margin). of gross profit margin.
Jumlah pendapatan marjin dan bagi hasil atas Total margin income and profit sharing on
pembiayaan yang diberikan dan atas aset financing given to debtors and other productive
produktif lainnya akan dibagikan kepada assets will be distributed to the fund owner and
nasabah penyimpan dana dan Entitas Anak, Subsidiary, calculated proportionally according
dihitung secara proporsional sesuai dengan to the fund allocation of fund owner and
alokasi dana nasabah dan Entitas Anak yang subsidiary that were used in the financing given
dipakai dalam pembiayaan yang diberikan to debtors and other productive assets.
dan aset produktif lainnya yang disalurkan.
146
1094 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1097
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
af. Pendapatan dan beban bunga serta af. Interest income and expense and sharia income
pendapatan dan beban syariah (lanjutan) and expense (continued)
(iii) Hak pihak ketiga atas bagi hasil dana syirkah (iii) Third parties’ share on return of temporary
temporer (lanjutan) syirkah funds (continued)
Selanjutnya, jumlah pendapatan marjin dan Furthermore, available margin income and
bagi hasil yang tersedia untuk nasabah dari profit sharing for fund owner from financing
fasilitas pembiayaan yang diberikan dan aset facilities given to debtors and other distributed
produktif lainnya yang disalurkan tersebut earning assets are distributed to fund owners
kemudian dibagihasilkan ke nasabah and depositor as shahibul maal and the
penabung dan deposan sebagai shahibul Subsidiary as mudharib based on a
maal dan Entitas Anak sebagai mudharib predetermined and agreed profit sharing with
sesuai dengan porsi nisbah bagi hasil yang nisbah portion. Margin income and profit
telah disepakati bersama sebelumnya. sharing from financing facilities given to debtors
Pendapatan marjin dan bagi hasil dari and other distributed earning assets using the
pembiayaan yang diberikan dan aset Subsidiary’s funds, are entirely shared for the
produktif lainnya yang disalurkan yang Subsidiary, including income from the
memakai dana Entitas Anak, seluruhnya Subsidiary’s fee-based transactions.
menjadi milik Entitas Anak, termasuk
pendapatan dari transaksi Entitas Anak
berbasis imbalan.
ag. Pendapatan asuransi - neto ag. Insurance revenue - net
Sejak tanggal 1 Januari 2025 Since 1 January 2025
Pendapatan Asuransi Insurance Revenue
Pendapatan asuransi Entitas Anak mencerminkan The insurance revenue of the Subsidiary reflects the
penyediaan perlindungan dan layanan lain yang provision of coverage and other services arising
timbul dari sekelompok kontrak asuransi dengan from a group of insurance contracts at an amount
jumlah yang mencerminkan imbalan yang that reflects the consideration expected to be
diharapkan diterima Entitas Anak sebagai imbalan received by the Subsidiary in exchange for those
atas layanan tersebut. Pendapatan asuransi dari services. The insurance revenue from a group of
sekelompok kontrak asuransi merupakan bagian insurance contracts is the relevant portion for that
yang relevan untuk periode tersebut, yang period, which is reflected in:
tercerminkan dari:
Biaya layanan asuransi, tidak termasuk jumlah Insurance service expenses, excluding any
yang dialokasikan untuk komponen kerugian amounts allocated to the loss
dari kewajiban untuk perlindungan yang component of the liability for remaining
tersisa. coverage.
Pelepasan Contractual Service Margin (CSM). The Contractual Service Margin (CSM) release.
Jumlah yang terkait dengan arus kas akuisisi Amounts related to insurance acquisition cash
asuransi. flows.
Pelepasan penyesuaian risiko untuk risiko non- The risk adjustment release for non-financial risk,
keuangan, tidak termasuk jumlah yang excluding any amounts allocated tothe loss
dialokasikan untuk komponen kerugian dari component of the liability for remaining coverage
kewajiban untuk perlindungan yang tersisa.
147
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1095
Page 1098
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
ag. Pendapatan asuransi - neto (lanjutan) ag. Insurance revenue - net (continued)
Biaya jasa asuransi Insurance service expense
Biaya jasa asuransi mencerminkan beban yang Insurance service expense reflects the costs
timbul dari pelaksanaan jasa asuransi selama incurred in providing insurance services during the
periode pelaporan. Biaya jasa asuransi meliputi: reporting period. Insurance service expense
includes:
Beban akuisisi amortisasi yang terkait dengan Amortized acquisition expenses related to
kontrak asuransi insurance contracts
Kerugian dan pembalikan kerugian atas Losses and reversal of losses on onerous
kontrak yang merugikan contracts
Klaim dan manfaat yang dibayarkan (termasuk Claims and benefits paid (including claims
biaya penyelesaian klaim) handling costs)
Biaya lain yang secara langsung berhubungan Other expenses directly attributable to the
dengan penyediaan jasa asuransi provision of insurance services
Entitas Anak mengakui biaya jasa asuransi pada The Subsidiaries recognizes insurance service
saat terjadinya dan mengukurnya sebesar jumlah expenses as they are incurred and measures them
yang dibayarkan atau terutang, serta at the amount paid or payable, adjusted by the
menyesuaikan nilai kini dari estimasi arus kas present value of expected future cash outflows to
keluar masa depan untuk memenuhi kewajiban fulfill the insurance contract obligations.
kontrak asuransi.
Estimasi arus kas masa depan didasarkan pada The estimation of future cash flows is based on
asumsi terbaik manajemen mengenai mortalitas, management’s best estimates, including
morbiditas, tingkat pembatalan, biaya operasional, assumptions related to mortality, morbidity, lapse
serta tingkat diskonto yang mencerminkan nilai rates, operating expenses, and discount rates that
waktu atas uang dan risiko non-keuangan. reflect the time value of money and non-financial
risks.
Sebelum tanggal 1 Januari 2025 Before 1 January 2025
Pendapatan premi kontrak asuransi jangka Premium income received from short-term
pendek diakui sebagai pendapatan selama insurance contracts is recognised as revenue over
periode risiko sesuai dengan proporsi jumlah the period of risk coverage in proportion to the
proteksi asuransi yang diberikan. Pendapatan amounts of insurance protection provided. Premium
premi kontrak asuransi jangka panjang diakui income from long-term insurance contracts is
sebagai pendapatan pada saat polis jatuh tempo. recognised as revenue when the policy is due.
Pendapatan premi yang diterima sebelum jatuh Premiums income received before the due date of
tempo polis dicatat sebagai titipan premi di laporan the respective policies is stated as policyholders’
posisi keuangan konsolidasian. deposits in the consolidated statement of financial
position.
Beban klaim dan manfaat terdiri dari klaim yang Claims and benefits expense consist of settled
telah diselesaikan, klaim dalam proses claims, claims that are still in process of settlement
penyelesaian dan estimasi atas klaim yang telah and estimates of claims incurred but not yet
terjadi namun belum dilaporkan (IBNR). Klaim dan reported (IBNR). Claims and benefits are
manfaat diakui sebagai beban pada saat recognised as expenses when the liabilities to cover
terjadinya liabilitas untuk memberikan proteksi. claims are incurred. Claim recoveries from
Klaim reasuransi yang diperoleh dari perusahaan reinsurance companies are recognised and
reasuradur diakui dan dicatat sebagai pengurang recorded as deduction from claims and benefits
beban klaim dan manfaat pada periode yang sama expenses consistent in the same period with the
dengan periode pengakuan beban klaim dan claim and benefits expenses recognition.
manfaat.
148
1096 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1099
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
ag. Pendapatan asuransi - neto (lanjutan) ag. Insurance revenue - net (continued)
Sebelum tanggal 1 Januari 2025 (lanjutan) Before 1 January 2025 (continued)
Jumlah klaim dalam penyelesaian, termasuk klaim Total claims in process of settlement, including
yang telah terjadi namun belum dilaporkan, claims incurred but not yet reported, are stated at
dinyatakan berdasarkan estimasi menggunakan estimated amounts determined based on the
teknik perhitungan teknis oleh aktuaris. actuarial technical insurance calculations. Changes
Perubahan dalam estimasi liabilitas klaim, sebagai in estimated claims liabilities as a result of further
hasil dari evaluasi lebih lanjut dan perbedaan evaluation and the difference between estimated
antara estimasi klaim dengan klaim yang claims and paid claims are recognised as addition
dibayarkan, diakui sebagai biaya tambahan atau to or deduction from expenses in the period which
pengurang biaya pada periode terjadinya the changes occurred.
perubahan.
ah. Pendapatan provisi dan komisi ah. Fees and commissions income
Pendapatan provisi dan komisi dan biaya Fees and commissions income and transaction
transaksi yang dapat diatribusikan secara costs that are directly attributable to lending
langsung yang berkaitan dengan kegiatan activities, consumer financing receivables and net
pemberian kredit, piutang pembiayaan konsumen investment finance lease, are recognised as
dan investasi bersih dalam sewa pembiayaan a part/(deduction) of outstanding loan, consumer
diakui sebagai bagian/(pengurang) dari nilai financing receivables and net investment finance
perolehan kredit, piutang pembiayaan konsumen lease and will be recognised as interest income by
dan investasi bersih dalam sewa pembiayaan dan amortisation using effective interest rate method.
akan diakui sebagai pendapatan bunga dengan
cara diamortisasi berdasarkan metode suku
bunga efektif.
Untuk kredit, piutang pembiayaan konsumen dan The directly attributable unamortised fees and
investasi bersih dalam sewa pembiayaan yang commissions balances relating to loans, consumer
diberikan dan dilunasi sebelum jatuh temponya, financing receivables and net investment finance
saldo pendapatan provisi dan/atau komisi dan lease which is settled prior to maturity are
biaya transaksi yang dapat diatribusikan secara recognised upon settlement date of such loans,
langsung yang belum diamortisasi, diakui pada consumer financing and net investment finance
saat kredit yang diberikan, piutang pembiayaan lease.
konsumen dan investasi bersih dalam sewa
pembiayaan dilunasi.
Pendapatan provisi dan komisi lainnya yang tidak Other fees and commissions income which are not
berkaitan langsung dengan kegiatan perkreditan directly related to lending activities or a specific
atau jangka waktu tertentu diakui pada saat period are recognised as revenue on the transaction
terjadinya transaksi. date.
ai. Imbalan kerja ai. Employee benefits
Liabilitas pensiun Pension liability
Bank Mandiri menyelenggarakan program Bank Mandiri established a defined contribution
pensiun iuran pasti yang pesertanya adalah pension plan covering substantially all of its eligible
pegawai aktif Bank Mandiri sejak tanggal active employees since 1 August 1999 and also
1 Agustus 1999, serta program pensiun manfaat defined benefit pension plans, which were derived
pasti yang berasal dari masing-masing dana from each of the Merged Banks’ pension plan. This
pensiun Bank Peserta Penggabungan. Program program is funded through payment to pension
ini didanai melalui pembayaran kepada pengelola fund’s management as defined in the actuarial
dana pensiun sebagaimana ditentukan dalam calculation which done regularly.
perhitungan aktuaria yang dilakukan secara
berkala.
149
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1097
Page 1100
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
ai. Imbalan kerja (lanjutan) ai. Employee benefits (continued)
Liabilitas pensiun (lanjutan) Pension liability (continued)
Liabilitas imbalan pensiun Bank Mandiri dan Bank Mandiri and Subsidiaries’ pension liability
Entitas Anak dihitung dengan membandingkan have been calculated by comparing the benefit that
manfaat yang akan diterima oleh karyawan dari will be received by an employee at normal pension
program pensiun pada usia pensiun normal age from the Pension Plans with the benefit that will
dengan manfaat yang akan diterima berdasarkan be received as stipulated under the Employment
UU Ketenagakerjaan No. 13/2003 dimana telah Law No. 13/2003 which has been updated using the
diperbaharui menggunakan UU Cipta Kerja Employment Regulations No. 11/2020 as amended
No. 11/2020 sebagaimana diubah dengan UU No. by UU No. 6/2023 regarding Government In Lieu Of
6/2023 tentang Penetapan Peraturan Pemerintah Law No. 2 Of 2022 regarding Stipulation
Pengganti Undang-Undang No. 2 Tahun 2022 Employment Regulations Become Law based on
Tentang Cipta Kerja Menjadi Undang-Undang the Collective Labor Agreement which was renewed
berdasarkan Perjanjian Kerja Bersama yang telah at the end of 2021 after deducting accumulated
diperbaharui pada akhir 2021 setelah dikurangi employee contributions and the results of its
dengan akumulasi kontribusi karyawan dan hasil investments. If the pension benefit from the Pension
investasinya. Apabila manfaat pensiun lebih kecil Plans is less than the benefit as required by the
dari pada manfaat menurut UU Cipta Kerja No. Employment Regulations No. 11/2020, the Bank
11/2020, maka Bank dan Entitas Anak membayar and Subsidiaries will have to pay such shortage.
kekurangan tersebut.
Program pensiun berdasarkan UU The pension plan based on the Labor Law is
Ketenagakerjaan adalah program imbalan pasti a defined benefit plan because the Labor Law sets
karena UU Ketenagakerjaan menentukan rumus a certain formula to calculate the minimum pension
tertentu untuk menghitung jumlah minimum benefit. A defined contribution plan is a pension plan
imbalan pensiun. Program pensiun iuran pasti that defines an amount of pension contribution
adalah program pensiun yang iurannya ditetapkan based on pension fund regulation and all
dalam peraturan dana pensiun dan seluruh iuran contribution including investment return are
serta hasil pengembangannya dibukukan pada recorded in its account’s member as pension benefit
rekening masing-masing peserta sebagai manfaat as stated in Law No. 4 year 2023 dated
pensiun sebagaimana tercantum dalam UU No. 4 12 January 2023 regarding Development and
tahun 2023 tanggal 12 Januari 2023 tentang Strengthening Financial Sector.
Pengembangan dan Penguatan Sektor
Keuangan.
Liabilitas program pensiun imbalan pasti yang The defined benefit pension liability recognised in
diakui di laporan posisi keuangan konsolidasian the consolidated statement of financial position is
adalah nilai kini dari liabilitas imbalan pasti pada the present value of the defined benefit obligation at
tanggal laporan posisi keuangan konsolidasian the consolidated statement of financial position date
setelah dikurangi dengan nilai wajar aset program, less the fair value of plan assets, adjusted with
serta disesuaikan dengan keuntungan atau unrealised actuarial gains or losses and past
kerugian aktuaria dan biaya jasa lalu yang belum service cost. The defined benefit obligation is
diakui. Liabilitas manfaat pasti dihitung setiap calculated annually by independent actuaries using
tahun oleh aktuaris independen menggunakan the projected unit credit method on a regular basis
metode projected unit credit secara reguler untuk for periods not exceeding one year. The present
periode tidak lebih dari satu tahun. Nilai kini value of the defined benefit obligation is determined
liabilitas manfaat pasti ditentukan dengan by discounting the estimated future cash outflows
mendiskontokan estimasi arus kas keluar masa using the discount rate of government bonds’ yield
depan dengan menggunakan tingkat diskonto that are denominated in the currency in which the
imbal hasil obligasi pemerintah dalam mata uang benefit will be paid, and that have terms to maturity
yang sama dengan mata uang imbalan yang akan approximating the terms of the related pension
dibayarkan dan waktu jatuh tempo yang kurang liability.
lebih sama dengan waktu jatuh tempo imbalan
yang bersangkutan.
150
1098 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1101
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
ai. Imbalan kerja (lanjutan) ai. Employee benefits (continued)
Liabilitas pensiun (lanjutan) Pension liability (continued)
Akumulasi keuntungan atau kerugian aktuarial The accumulated unrealised actuarial gains or
yang belum diakui yang terjadi diakui sebagai losses incurred are recognised as “Other
“Penghasilan komprehensif lain” dan disajikan comprehensive income” and is presented in the
pada bagian ekuitas. Biaya jasa lalu dibebankan equity section. Past service cost is directly charged
langsung pada laba rugi. to profit or loss.
Biaya imbalan pasca-kerja yang diakui selama The post-employment benefits expense recognised
tahun berjalan terdiri dari biaya jasa dalam laba during the current year consists of service cost in
rugi, bunga neto atas liabilitas imbalan pasti neto profit or loss, net interest on the net defined
dalam laba rugi dan pengukuran kembali liabilitas benefit liability in profit or loss and remeasurement
imbalan pasti neto dalam penghasilan of the net defined benefit liabilities in other
komprehensif lain. comprehensive income.
Bunga neto atas imbalan pasti neto merupakan Net interest on the net defined benefit liabilities is
komponen pendapatan bunga dari aset program, the interest income component of plan assets,
biaya bunga atas liabilitas imbalan pasti dan interest expense of defined benefit liabilities and
bunga atas dampak batas atas dari aset. interest on the effect of asset ceiling.
Pengukuran kembali liabilitas imbalan pasti neto Remeasurements of the net defined benefit liability
terdiri dari: consists of:
- Keuntungan dan kerugian aktuarial; - Actuarial gains and losses;
- Imbal hasil atas aset program, tidak termasuk - Return on plan assets, excluding amount
jumlah yang dimasukkan dalam bunga neto included in net interest on the net defined
atas liabilitas imbalan pasti neto; benefit liability; and
- Setiap perubahan dampak batas atas aset, - Any change in effect of the asset ceiling,
tidak termasuk jumlah yang dimasukkan excluding amount including in net interest on
dalam bunga neto atas liabilitas imbalan pasti the net defined benefit liability.
neto.
Keuntungan dan kerugian aktuarial dapat timbul Actuarial gains and losses may arise from the
dari penyesuaian yang dibuat berdasarkan adjustments made based on the experience and
pengalaman dan perubahan asumsi-asumsi changes in actuarial assumption.
aktuarial.
Liabilitas imbalan jangka panjang lainnya Other long-term employment benefit obligations
Liabilitas imbalan jangka panjang lainnya terdiri Other long-term employment benefit obligations
dari cuti besar berimbalan dan penghargaan masa consist of paid leave and service awards.
dinas.
Hak atas imbalan ini pada umumnya diberikan The entitlement of these benefits are provided to the
apabila karyawan bekerja hingga mencapai usia employees if employees work until reaching the
pensiun dan memenuhi masa kerja tertentu. retirement age and the completion of a minimum
Prakiraan biaya imbalan ini dicadangkan certain service period. The estimated costs for
sepanjang masa kerja karyawan dan dihitung these benefits are accrued over the period of
menggunakan metodologi yang sama dengan employment of respective employee calculated
metodologi yang digunakan dalam perhitungan using similar methodology used for defined benefit
program pensiun imbalan pasti, namun pension plans but is simpler. These obligations are
disederhanakan. Liabilitas ini dinilai setiap tahun calculated annually by qualified independent
oleh aktuaris independen yang berkualifikasi. actuaries.
151
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1099
Page 1102
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
ai. Imbalan kerja (lanjutan) ai. Employee benefits (continued)
Pembagian tantiem Tantiem distribution
Bank Mandiri mencatat tantiem dengan Bank Mandiri records tantiem on an accrual basis
menggunakan basis akrual dan and charges it to the consolidated statement of profit
membebankannya pada laporan laba rugi dan or loss and other comprehensive income for the
penghasilan komprehensif lain konsolidasian year.
tahun berjalan.
aj. Laba per saham aj. Earnings per share
Laba per saham dihitung dengan membagi laba Earnings per share is calculated by dividing the
bersih konsolidasian akhir tahun berjalan dengan consolidated net profit at end of year with the
jumlah rata-rata tertimbang saham yang weighted average number of shares issued and fully
ditempatkan dan disetor selama tahun berjalan. paid-in during the year.
Jumlah rata-rata tertimbang saham yang beredar The weighted-average number of outstanding
yang digunakan dalam menghitung laba per shares used in computing basic and diluted
saham dasar dan dilusian pada tanggal earnings per share as of 31 December 2025 and
31 Desember 2025 dan 2024 masing - masing 2024 are 93,320,458,332 (full amount) and
sebesar 93.320.458.332 (nilai penuh) dan 93,333,333,332 (full amount) shares, respectively.
93.333.333.332 (nilai penuh) lembar saham
ak. Segmen operasi ak. Operating segment
Segmen operasi adalah suatu komponen dari An operating segment is a component of an entity:
entitas:
(a) Yang terlibat dalam aktivitas bisnis yang (a) That is involved in business activities to
mana memperoleh pendapatan dan generate income and expenses (include
menimbulkan beban (termasuk pendapatan income and expenses relating to the
dan beban terkait dengan transaksi dengan transactions with other components from the
komponen lain dari entitas yang sama); same entity);
(b) Hasil operasinya dikaji ulang secara reguler (b) Whose operating results are reviewed regularly
oleh pengambil keputusan operasional untuk by decision maker for operational activities for
membuat keputusan tentang sumber daya decision making on allocation of resources in
yang dialokasikan pada segmen tersebut dan respective segment and performance
menilai kinerjanya; dan evaluation of works; and
(c) Tersedia informasi keuangan yang dapat (c) For which separate financial information is
dipisahkan. available.
Sesuai dengan PSAK 108 “Segmen Operasi”, In accordance with SFAS 108 “Operating Segment”,
Grup menyajikan segmen operasi berdasarkan the Group presents operating segment based on
laporan internal grup yang disajikan kepada internal reports that are presented to the decision-
pengambil keputusan operasional. Pengambil maker for operational activities. The decision maker
keputusan operasional adalah Direksi. for operational activities is the Board of Directors.
Informasi segmen per 31 Desember 2025 dan Segment information as of 31 December 2025 and
2024 disajikan sesuai Keputusan Direksi No. 2024 onwards presented in accordance with the
KEP.DIR/014/2020 tanggal 25 Februari 2020, Board of Directors Decree No. KEP.DIR/014/2020
dimana segmen operasi dibagi ke dalam segmen- dated 25 February 2020, In which the operating
segmen usaha sebagai berikut: Corporate segments are divided into the following business
Banking, Commercial Banking, Hubungan segments: Corporate Banking, Commercial
Kelembagaan, Retail Banking (termasuk Wealth), Banking, Institutional Relationship, Retail Banking
Treasury & International Banking, Kantor Pusat, (including Wealth), Treasury & International
Entitas Anak Syariah, Entitas Anak - Asuransi, dan Banking, Head Office, Sharia Subsidiary, Subsidiary
Entitas Anak lainnya. - Insurance and Other Subsidiaries.
152
1100 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1103
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
ak. Segmen operasi (lanjutan) ak. Operating segment (continued)
Segmen geografis adalah komponen Bank dan A geographical segment represents a component of
Entitas Anak yang dapat dibedakan dalam the Bank and its Subsidiaries that provides services
menghasilkan jasa pada lingkungan (wilayah) in different economic environment and has a
ekonomi tertentu dan komponen itu memiliki risiko different risk and reward compared to others
dan imbalan yang berbeda dengan risiko dan operating in different economic environment.
imbalan pada komponen yang beroperasi pada Geographical segments are divided into Indonesia,
lingkungan (wilayah) ekonomi lain. Segmen Asia (Singapore, Malaysia, Hong Kong, Timor Leste
geografis dibagi ke dalam wilayah Indonesia, Asia and Shanghai), Western Europe (England) and
(Singapura, Malaysia, Hong Kong, Timor Leste, Cayman Islands.
dan Shanghai), Eropa Barat (Inggris), dan
Cayman Islands.
al. Tanggung jawab sosial dan lingkungan al. Social and environmental responsibility
Berdasarkan Peraturan Menteri Badan Usaha Based on Minister of State-Owned Enterprises
Milik Negara No. PER-01/MBU/03/2023 tentang Regulation No. PER-01/MBU/03/2023 regarding
Penugasan Khusus dan Program Tanggung Special Assignments and Social and Environmental
Jawab Sosial dan Lingkungan Badan Usaha Milik Responsibility Programs of State-Owned
Negara tanggal 24 Maret 2023, alokasi dana tidak Enterprises dated 24 March 2023, fund allocation
dialokasikan dari saldo laba berdasarkan hasil was no longer allocated from retained earnings
keputusan Rapat Umum Pemegang Saham based on the decision of the General Shareholders
(“RUPS”) akan tetapi diakui dan dibebankan ke Meeting (“RUPS”), instead, it is recognised and
laporan laba dan rugi dan penghasilan charged to the current year consolidated statement
komprehensif lain konsolidasian tahun berjalan. of profit or loss and other comprehensive income.
am. Saham treasuri am. Treasury shares
Saham treasuri merupakan modal saham yang Treasury shares are share capital that is acquired
diperoleh dan dimiliki kembali dari yang and owned back which from shares previously
sebelumnya telah diterbitkan Bank. Saham issued by the Bank. Treasury shares are stated at
treasuri disajikan sebesar nilai yang dibayar, the amount paid, including directly attributable
termasuk biaya tambahan yang secara langsung additional costs (less income tax) and as
dapat diatribusikan (dikurangi pajak penghasilan) a deduction from equity until the shares are
dan sebagai pengurang dari ekuitas sampai canceled or reissued. When the shares are
saham tersebut dibatalkan atau diterbitkan subsequently sold back, the amount received is
kembali. Ketika saham tersebut selanjutnya dijual deducted by the related transaction surcharge and
kembali, maka nilai yang diterima, dikurangi biaya the related income tax effect is presented in equity.
tambahan transaksi yang terkait dan dampak
pajak penghasilan yang terkait disajikan di
ekuitas.
an. Penggabungan usaha entitas sepengendali an. Business combination of common control
entities
Transaksi penggabungan usaha antara Entitas The transaction of business combination between
Anak, PT Bank Syariah Mandiri (BSM), dengan Subsidiaries, PT Bank Syariah Mandiri (BSM), with
PT Bank BRIsyariah Tbk (BRIS) dan PT Bank BNI PT Bank BRIsyariah Tbk (BRIS) and PT Bank BNI
Syariah (BNIS) merupakan penggabungan usaha Syariah (BNIS) is a business combination between
antar entitas sepengendali. Transaksi entities under common control. Business
penggabungan usaha antar entitas sepengendali, combination transaction between entities under
berupa pengalihan bisnis termasuk aset maupun common control, in the form of business transfer
liabilitas terkait dalam rangka reorganisasi entitas- including transfer of the related assets and liabilities
entitas yang berada dalam suatu kelompok yang in relation to the reorganisation of entities under the
sama bukan merupakan perubahan kepemilikan same group, do not constitute a change of
dalam arti substansi ekonomi. ownership in terms of economics susbtance.
153
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1101
Page 1104
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
2. INFORMASI KEBIJAKAN AKUNTANSI MATERIAL 2. MATERIAL ACCOUNTING POLICY INFORMATION
(lanjutan) (continued)
an. Penggabungan usaha entitas sepengendali an. Business combination of common control
(lanjutan) entities (continued)
Oleh karena itu, transaksi tersebut diakui pada Therefore, the transaction is recognised at carrying
jumlah tercatat berdasarkan metode penyatuan value based on the pooling of the interest method.
kepemilikan. Selisih antara imbalan yang The difference between the total consideration
diterima/dialihkan dan jumlah tercatat investasi received or paid and the carrying amount of
dicatat di ekuitas disajikan sebagai bagian dari pos investment is recorded under equity and presented
tambahan modal disetor. as a component of additional paid in capital.
Pada informasi keuangan Entitas Induk, Bank In the Parent Entity financial information, the Bank
membukukan nilai investasi di entitas baru records its investment value in the new entity at cost
menggunakan nilai terdahulu, di mana investasi using the predecessor value, where the investment
dibukukan sebesar nilai buku. is recorded at book value.
ao. Aset dan liabilitas tidak lancar (atau kelompok ao. Non-current assets and liabilities (or disposal
lepasan) dikuasai untuk dijual group) held for sale
Aset tidak lancar (atau kelompok lepasan) yang Non-current assets (or disposal groups) held for
dikuasai untuk dijual merupakan aset yang nilai sale are assets whose carrying amount will be
tercatatnya akan dipulihkan terutama melalui recovered primarily through a sale transaction
transaksi penjualan daripada penggunaan rather than through continued use in the business,
berlanjut dalam bisnis dan penjualannya sangat and their sale is highly probable. These assets are
mungkin terjadi. Aset ini dicatat pada nilai yang recorded at the lower of carrying amount and fair
lebih rendah antara jumlah tercatat dan nilai wajar value, with fewer costs to sell, except for assets
setelah dikurangi biaya untuk menjual, kecuali such as deferred tax assets, assets related to
untuk aset-aset seperti aset pajak tangguhan, aset employee benefits, and financial assets, which are
yang terkait dengan imbalan kerja, dan aset specifically exempted.
keuangan, yang secara khusus dikecualikan.
Aset tidak lancar (atau kelompok lepasan) yang Non-current assets (or disposal groups) held for
dikuasai untuk dijual tidak dilakukan penyusutan sale are not depreciated or amortised while
dan amortisasi selama diklasifikasikan sebagai classified as held for sale. Impairment losses on
aset tidak lancar yang dikuasai untuk dijual. non-current assets (or disposal groups) held for sale
Kerugian penurunan nilai atas aset tidak lancar are recognised in the income statement as the
(atau kelompok lepasan) yang dikuasai untuk difference between the carrying amount and the fair
dijual diakui pada laba rugi sebesar selisih antara value less costs to sell. Gains on the difference
nilai tercatat dengan nilai wajar setelah dikurangi between the carrying amount and the fair value, less
dengan biaya untuk menjual. Keuntungan selisih costs to sell, are recognised in the income
antara nilai tercatat dengan nilai wajar setelah statement up to the amount of any previously
dikurangi biaya untuk menjual diakui pada laba recognised impairment loss.
rugi maksimal sebesar akumulasi rugi penurunan
nilai yang telah diakui sebelumnya.
Aset tidak lancar (atau kelompok lepasan) yang Non-current assets (or disposal groups) held for
dikuasai untuk dijual disajikan secara terpisah dari sale are presented separately from other assets in
aset lainnya dalam laporan posisi keuangan. the statement of financial position, and liabilities (or
Liabilitas (atau kelompok lepasan) yang dikuasai disposal groups) held for sale are presented
untuk dijual disajikan secara terpisah dari liabilitas separately from other liabilities in the statement of
lainnya dalam laporan posisi keuangan. financial position.
154
1102 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1105
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
3. PENGGUNAAN ESTIMASI DAN PERTIMBANGAN 3. USE OF CRITICAL ACCOUNTING ESTIMATES AND
AKUNTANSI YANG PENTING JUDGEMENTS
Beberapa estimasi dan asumsi dibuat dalam rangka Several estimates and assumptions are created in the
penyusunan laporan keuangan konsolidasian dimana preparation of the consolidated financial statements in
dibutuhkan pertimbangan manajemen dalam which management judgment is required in determining
menentukan metodologi yang tepat untuk penilaian the methodology in the valuation of assets and liabilities.
aset dan liabilitas.
Manajemen membuat estimasi dan asumsi yang Management makes estimation and assumptions that
berimplikasi pada pelaporan nilai aset dan liabilitas affect the reported amounts of assets and liabilities
atas tahun keuangan satu tahun ke depan. Semua within the one next financial year. All estimation and
estimasi dan asumsi yang diharuskan oleh Standar assumptions required in conformity with Statement of
Akuntansi Keuangan di Indonesia adalah estimasi Financial Accounting Standard are the best estimation
terbaik serta berdasarkan pada standar yang berlaku. undertaken in accordance with the applicable
Estimasi dan pertimbangan dievaluasi secara terus standards. Estimation and judgements are evaluated on
menerus dan berdasarkan pengalaman masa lalu dan a continuous basis, and are based on past experience
faktor-faktor lain termasuk harapan atas kejadian yang and other factors, including expectations with regard to
akan datang. future events.
Walaupun estimasi dan asumsi ini dibuat berdasarkan Although these estimates and assumptions are based
pengetahuan terbaik manajemen atas kejadian dan on management’s best knowledge of current events and
tindakan saat ini, hasil yang timbul mungkin berbeda activities, actual results may differ from those estimates
dengan estimasi dan asumsi semula. and assumptions.
Sumber utama ketidakpastian estimasi Key sources of estimation uncertainty
a. Cadangan kerugian penurunan nilai aset a. Allowances for impairment losses of financial
keuangan assets
Evaluasi atas kerugian penurunan nilai aset Evaluation of impairment losses on financial assets
keuangan yang dicatat pada biaya perolehan which is recognised at amortised cost and debt
diamortisasi dan efek utang yang diklasifikasikan securities classified as fair value through other
sebagai nilai wajar melalui pendapatan comprehensive income are described in Note 2c.
komprehensif lain dijelaskan di Catatan 2c.
Cadangan kerugian penurunan nilai terkait Allowance for impairment losses related to
dengan pihak lawan spesifik dalam seluruh a specific counterparty as part of the entire
cadangan kerugian penurunan nilai dibentuk atas allowance for impairment losses are established for
tagihan yang penurunan nilainya dievaluasi receivables that are individually evaluated for
secara individual berdasarkan estimasi terbaik impairment based on management's best estimate
manajemen atas nilai tunai arus kas yang of the present value of cash flows expected to
diharapkan akan diterima. Dalam menghitung be received. In calculating the allowance for
cadangan kerugian penurunan nilai, manajemen impairment losses, management makes
membuat pertimbangan mengenai kondisi judgements regarding of the financial condition of
keuangan dari pihak lawan dan nilai neto yang the counterparty and the net realizable value of the
dapat direalisasi dari agunan yang diterima. collateral received. Each impaired asset is
Setiap aset yang mengalami penurunan nilai evaluated, and its settlement strategy and
dievaluasi dan strategi penyelesaiannya serta estimation of cash flows considered recoverable are
estimasi arus kas yang dinilai dapat diperoleh independently approved by the Credit Risk
kembali dan disetujui secara independen oleh Management Unit.
Credit Risk Management Unit.
Evaluasi cadangan kerugian penurunan nilai Collectively assessed impairment allowances cover
secara kolektif meliputi kerugian kredit yang credit losses inherent in portfolios with similar
melekat pada portofolio tagihan dengan economic characteristics when there
karakteristik ekonomi yang serupa ketika terdapat is a significant increase in credit risk or objective
kenaikan risiko kredit yang signifikan atau terdapat evidence to suggest the impairments are exist
bukti objektif bahwa telah terjadi penurunan nilai within the portfolio, but the individual impaired items
tagihan dalam portofolio tersebut, namun cannot yet be identified.
penurunan nilai secara individu belum dapat
diidentifikasi.
155
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1103
Page 1106
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
3. PENGGUNAAN ESTIMASI DAN PERTIMBANGAN 3. USE OF CRITICAL ACCOUNTING ESTIMATES AND
AKUNTANSI YANG PENTING (lanjutan) JUDGEMENTS (continued)
Sumber utama ketidakpastian estimasi (lanjutan) Key sources of estimation uncertainty (continued)
a. Cadangan kerugian penurunan nilai aset a. Allowances for impairment losses of financial
keuangan (lanjutan) assets (continued)
Dalam menentukan perlunya untuk membentuk In determining the need to establish allowance for
cadangan kerugian penurunan nilai secara collective impairment, management considers
kolektif, manajemen mempertimbangkan faktor- factors such as credit quality, size of portfolio, credit
faktor seperti kualitas kredit, besarnya portofolio, concentrations, and economic factors. In estimating
konsentrasi kredit, dan faktor-faktor ekonomi. the required allowance, the assumptions made to
Dalam mengestimasi cadangan yang dibutuhkan, determine expected default and loss model and to
asumsi-asumsi dibuat untuk menentukan model determine the required input parameters which are
kerugian ekspektasian dan untuk menentukan based on historical experience and estimated future
parameter input yang diperlukan, berdasarkan economic conditions (forecasting). The accuracy of
pengalaman historis, kondisi ekonomi saat ini, dan this allowance depends on how precise the
prakiraan kondisi ekonomi di masa mendatang estimated future cash flows to determine the
(forecasting). Ketepatan dari cadangan ini individual allowance and the model assumptions
bergantung pada seberapa tepat estimasi arus and parameters used in determining collective
kas masa depan untuk menentukan cadangan allowance.
individual serta asumsi model dan parameter yang
digunakan dalam penentuan cadangan kolektif.
b. Menentukan nilai wajar instrumen keuangan b. Determining fair values of financial instruments
Dalam menentukan nilai wajar aset dan liabilitas In determining the fair value for financial assets and
keuangan yang tidak mempunyai harga pasar, financial liabilities for which there is no observable
Grup menggunakan teknik penilaian seperti yang market price, the Group uses the valuation
dijelaskan dalam Catatan 2c untuk instrumen techniques as described in Note 2c for financial
keuangan yang tidak diperdagangkan secara aktif instruments that are traded infrequently and have
dan memiliki informasi harga yang terbatas, nilai limited pricing information, fair value is less
wajar yang kurang objektif dan membutuhkan objective and requires varying degrees of
berbagai tingkat penilaian tergantung pada judgement depending on liquidity, concentration,
likuiditas, konsentrasi, faktor ketidakpastian pasar, uncertainty of market factors, pricing assumptions
asumsi harga, dan risiko lainnya. and other risks.
c. Imbalan pensiun c. Pension benefits
Program-program pensiun ditentukan Pension programs are determined based on
berdasarkan perhitungan dari aktuaria. actuarial valuation. The actuarial valuation uses
Perhitungan aktuaria menggunakan asumsi- assumptions such as discount rate, expected rate of
asumsi seperti tingkat diskonto, tingkat return on investments, future salary increases,
pengembalian investasi, tingkat kenaikan gaji, mortality rate, resignation rate and others (refer to
tingkat kematian, tingkat pengunduran diri dan Note 2ai and 51). Any changes in those
lain-lain (Catatan 2ai dan 51). Perubahan asumsi assumptions will impact the liability balance of
ini akan mempengaruhi nilai liabilitas pensiun. employee benefit obligations.
Grup menentukan tingkat diskonto yang sesuai The Group determines the appropriate discount rate
pada akhir periode pelaporan, yakni zero coupon at the end of each year, which is the zero coupon
bond yang digunakan untuk menentukan nilai kini bond that used to determine the present value of
arus kas keluar masa depan estimasian yang estimated future cash outflows expected to settle
diharapkan untuk menyelesaikan liabilitas the pension obligations.
pensiun.
Dalam menentukan tingkat suku bunga yang In determining the appropriate discount rate, the
sesuai, Grup mempertimbangkan imbal hasil Group considers the government bonds’ yields
obligasi pemerintah yang didenominasikan dalam denominated in currency and have similar period
mata uang imbalan akan dibayar dan memiliki with payments that will be made and have terms to
jangka waktu yang serupa dengan jangka waktu maturity approximating the terms of the related
liabilitas pensiun yang terkait. Asumsi kunci employee benefit liability. Other key assumptions
liabilitas pensiun lainnya sebagian ditentukan for pension obligations mostly are determined
berdasarkan kondisi pasar saat ini. based on current market conditions.
156
1104 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1107
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
3. PENGGUNAAN ESTIMASI DAN PERTIMBANGAN 3. USE OF CRITICAL ACCOUNTING ESTIMATES AND
AKUNTANSI YANG PENTING (lanjutan) JUDGEMENTS (continued)
Sumber utama ketidakpastian estimasi (lanjutan) Key sources of estimation uncertainty (continued)
d. Kontrak asuransi d. Insurance contracts
Entitas anak mendasarkan asumsi dan The Subsidiary based its assumptions and
estimasinya pada parameter yang tersedia saat estimates on parameters available when the
laporan keuangan disusun. Namun, keadaan financial statements were prepared. Existing
yang ada dan asumsi tentang perkembangan di circumstances and assumptions about future
masa depan dapat berubah akibat perubahan developments, however, may change due to market
pasar atau keadaan yang muncul di luar kendali changes or circumstances arising that are beyond
Entitas Anak. Perubahan semacam itu akan the control of the Subsidiary. Such changes are
tercermin dalam asumsi saat perubahan tersebut reflected in the assumptions when they occur.
terjadi.
Sejak tanggal 1 Januari 2025 Since 1 January 2025
PSAK 117 berlaku untuk kontrak asuransi yang PSAK 117 applies to insurance contracts issued,
diterbitkan, kontrak reasuransi yang diterbitkan reinsurance contracts issued (inward business),
(bisnis masuk), kontrak reasuransi yang dimiliki reinsurance contracts held (outward business) and
(bisnis keluar), dan kontrak investasi dengan fitur investment contracts with discretionary participation
partisipasi diskresioner, asalkan Entitas Anak juga features provided the The Subsidiary also issues
menerbitkan kontrak asuransi. insurance contracts.
Contractual Service Margin (“CSM”) Contractual Service Margin (“CSM”)
Entitas Anak melakukan estimasi signifikan dalam The Subsidiary makes significant estimates in
pengukuran Contractual Service Margin (CSM) measuring the Contractual Service Margin (CSM).
dalam penilaian liabilitas asuransi. CSM mewakili The CSM represents the unearned profit for
laba yang belum direalisasi atas kontrak asuransi insurance contracts and is systematically amortized
dan diamortisasi secara sistematis selama periode over the coverage period.
pertanggungan.
Estimasi yang digunakan dalam penentuan CSM The estimates used in determining the CSM include
mencakup proyeksi arus kas masa depan, asumsi Projections of future cash flows, discount rate
tingkat diskonto, estimasi penyesuaian risiko dan assumptions, risk adjustment estimates and other
asumsi lainnya seperti mortalitas, morbiditas, dan assumptions such as mortality, morbidity, and
persistensi. persistency.
Perubahan asumsi atau estimasi ini dapat Changes in these assumptions or estimates may
berdampak signifikan terhadap jumlah CSM yang have a significant impact on the amount of CSM
diakui. Entitas Anak melakukan tinjauan dan recognized. The Subsidiary reviews and updates its
pembaruan estimasi secara berkala, setidaknya estimates periodically, at least at each reporting
setiap akhir periode pelaporan, sesuai dengan date, in line with emerging experience and updated
perkembangan informasi dan pengalaman aktual information.
Probability-weighted atas proyeksi arus kas masa Probability-weighted estimates of future cash flows
depan
Perkiraan arus kas masa depan mencerminkan The estimates of future cash flows reflect the
pandangan Entitas Anak terhadap kondisi saat ini Subsidiary’s view of current conditions at the
pada tanggal pelaporan, dan perkiraan terhadap reporting date and estimates of any relevant market
variabel pasar yang relevan konsisten dengan variables are consistent with observable market
harga pasar yang dapat diamati. prices.
Dalam memperkirakan arus kas masa depan, When estimating future cash flows, the Subsidiary
Entitas Anak mempertimbangkan ekspektasi saat takes into account current expectations of future
ini terhadap peristiwa masa depan yang mungkin events that might affect those cash flows.
mempengaruhi arus kas tersebut.
157
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1105
Page 1108
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
3. PENGGUNAAN ESTIMASI DAN PERTIMBANGAN 3. USE OF CRITICAL ACCOUNTING ESTIMATES AND
AKUNTANSI YANG PENTING (lanjutan) JUDGEMENTS (continued)
Sumber utama ketidakpastian estimasi (lanjutan) Key sources of estimation uncertainty (continued)
d. Kontrak asuransi (lanjutan) d. Insurance contracts (continued)
Sejak tanggal 1 Januari 2025 (lanjutan) Since 1 January 2025 (continued)
Probability-weighted atas proyeksi arus kas masa Probability-weighted estimates of future cash flows
depan (lanjutan) (continued)
Ada berbagai asumsi ekonomi dan non-ekonomi There is a wide range of economic and non-
yang digunakan sebagai masukan dalam proses econoomic assumptions that are used as inputs in
perkiraan arus kas masa depan, termasuk, namun the future cash flows estimation process including,
tidak terbatas pada, asumsi operasional seperti but not limited to, operating assumptions such as
morbiditas, mortalitas, persisten, dan biaya, serta morbidity, mortality, persistency and expenses, and
asumsi ekonomi seperti risk free rates dan illiquidity economic assumptions such as risk free rates and
premium. illiquidity premium.
Penyesuaian risiko untuk risiko non-keuangan Risk adjustment for non-financial risk
Pengukuran penyesuaian risiko harus The measurement of risk adjustment should reflect
mencerminkan kompensasi yang diperlukan oleh the compensation required by the Subsidiary for
Entitas Anak untuk menanggung ketidakpastian bearing the uncertainty around the amount and
terkait jumlah dan waktu arus kas masa depan yang timing of the future cash flows that arises from non-
timbul dari risiko non-keuangan saat Entitas Anak financial risk as the Subsidiary fulfils insurance
memenuhi kontrak asuransi. contracts.
Asumsi biaya yang digunakan dalam perkiraan Expense assumption used in future cash flow
arus kas masa depan estimation
Entitas Anak memperkirakan perkiraan biaya The Subsidiary estimates future cost projections
masa depan yang berkaitan dengan pelaksanaan related to contract execution using the current cost
kontrak menggunakan tingkat biaya saat ini yang rate adjusted for inflation. Most costs are
disesuaikan dengan inflasi. Sebagian besar biaya recognized as attributable costs (direct costs)
diakui sebagai biaya yang dapat diatribusikan consisting of acquisition and maintenance costs,
(biaya langsung) yang terdiri dari biaya akuisisi except for litigation costs and Corporate Social
dan pemeliharaan, kecuali biaya litigasi dan Responsibility (CSR) costs, which are classified as
Tanggung Jawab Sosial Perusahaan (CSR) yang non-attributable costs.
mana diklasifikasikan sebagai biaya yang tidak
dapat diatribusikan.
Tingkat diskonto Discount rates
Entitas anak akan menerapkan pendekatan The subsidiary will adopt a bottom-up approach
bottom-up dengan menggunakan kurva imbal using a market consistent yield curve based on risk
hasil yang konsisten dengan pasar berdasarkan free rate and applying illiquidity premium.
suku bunga bebas risiko dan penerapan premi
illikuiditas
Sebelum tanggal 1 Januari 2025 Before 1 January 2025
Liabilitas kepada pemegang polis (manfaat polis Liabilities to policyholders (future policy benefits
masa depan dari produk non-unit link dan estimasi from non-unit linked products and estimated claim
liabilitas klaim) Entitas Anak dicatat di laporan posisi liabilities) of Subsidiaries are recorded in the
keuangan konsolidasian sebagai bagian dari consolidated statement of financial position as part
liabilitas kontrak asuransi berdasarkan perhitungan of insurance contract liabilities based on actuarial
aktuaris dengan menggunakan asumsi aktuarial calculations using actuarial assumptions, which is
yaitu asumsi estimasi terbaik dan marjin atas risiko the best estimate assumptions and margin for risk
pemburukan. of deterioration.
158
1106 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1109
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
3. PENGGUNAAN ESTIMASI DAN PERTIMBANGAN 3. USE OF CRITICAL ACCOUNTING ESTIMATES AND
AKUNTANSI YANG PENTING (lanjutan) JUDGEMENTS (continued)
Sumber utama ketidakpastian estimasi (lanjutan) Key sources of estimation uncertainty (continued)
e. Aset pajak tangguhan e. Deferred tax assets
Aset pajak tangguhan diakui atas seluruh Deferred tax assets are recognised for all deductible
perbedaan temporer yang dapat dikurangkan, temporary differences, as long as taxable income
sepanjang besar kemungkinannya bahwa most likely will be available so that the temporary
penghasilan kena pajak akan tersedia sehingga differences can be utilised. Significant estimation by
perbedaan temporer tersebut dapat digunakan. management are required in determining the
Estimasi signifikan oleh manajemen disyaratkan amount of deferred tax assets that can be
dalam menentukan jumlah aset pajak tangguhan recognised, based on utilisation period and the level
yang dapat diakui, berdasarkan saat penggunaan of taxable income and future tax planning
dan tingkat penghasilan kena pajak serta strategi strategies. The Bank does not consider some of the
perencanaan pajak masa depan. Bank tidak benefits of deferred tax assets as management
memperhitungkan sebagian manfaat aset pajak believes that those part of deferred tax assets will
tangguhan karena manajemen Bank berpendapat not be recoverable in the future.
bahwa aset pajak tangguhan tersebut tidak dapat
terpulihkan di masa yang akan datang.
f. Penyusutan dan estimasi umur manfaat aset f. Depreciation and estimated useful life of fixed
tetap assets
Biaya perolehan aset tetap disusutkan dengan Cost of acquisition of fixed assets are depreciated
menggunakan metode garis lurus berdasarkan using the straight-line method based on their
taksiran masa manfaat ekonomisnya. Manajemen estimated economic useful life. Bank’s
Bank mengestimasi masa manfaat ekonomis aset management estimates the useful lives of the fixed
tetap antara 4 (empat) sampai dengan 20 (dua assets between 4 (four) to 20 (twenty) years.
puluh) tahun.
Perubahan tingkat pemakaian dan perkembangan Changes in the level of usage and technological
teknologi dapat mempengaruhi masa manfaat developments could affect the economic useful lives
ekonomis dan nilai sisa aset, dan karenanya biaya and residual value of assets, and therefore future
penyusutan masa depan mungkin direvisi. depreciation charges may be revised.
Nilai tercatat atas aset tetap Bank diungkapkan The carrying value of the Bank’s fixed assets is
pada Catatan 18. disclosed in Note 18.
g. Penurunan nilai aset non-keuangan g. Impairment of non-financial assets
Bank Mandiri dan Entitas Anak mengevaluasi Bank Mandiri and its Subsidiaries assess
penurunan nilai aset non-keuangan apabila impairment of non-financial assets whenever there
terdapat kejadian atau perubahan keadaan yang are events or changes in circumstances indicate
mengindikasikan bahwa nilai tercatat aset non- that the carrying value of non-financial assets
keuangan tidak dapat dipulihkan kembali. Faktor- cannot be recovered. Important factors that could
faktor penting yang dapat menyebabkan cause impairment of non-financial assets are as
penurunan nilai aset non-keuangan adalah follows:
sebagai berikut:
a) Performa yang tidak tercapai secara a) Performance is not achieved significantly
signifikan terhadap ekspektasi historis atau against historical expectations or projected
proyeksi hasil operasi di masa yang akan operating results in the future;
datang;
b) Perubahan yang signifikan dalam cara b) A significant change in the way of the asset
penggunaan aset atau strategi bisnis secara usage or the overall business strategy; and
keseluruhan; dan
c) Industri atau tren ekonomi yang secara c) Industry or economic trends are significantly
signifikan bernilai negatif. negative.
159
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1107
Page 1110
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
3. PENGGUNAAN ESTIMASI DAN PERTIMBANGAN 3. USE OF CRITICAL ACCOUNTING ESTIMATES AND
AKUNTANSI YANG PENTING (lanjutan) JUDGEMENTS (continued)
Sumber utama ketidakpastian estimasi (lanjutan) Key sources of estimation uncertainty (continued)
g. Penurunan nilai aset non-keuangan (lanjutan) g. Impairment of non-financial assets (continued)
Manajemen Bank dan Entitas Anak mengakui The Management of the Bank and its Subsidiaries
kerugian penurunan nilai apabila nilai tercatat aset recognise an impairment loss if the carrying amount
melebihi nilai terpulihkannya. Nilai terpulihkan of the asset exceeds its recoverable amount.
adalah nilai yang lebih tinggi antara nilai wajar Recoverable amount is the higher value between
dikurang biaya pelepasan dengan nilai pakai aset the fair value minus costs of disposal and the value
(atau unit penghasil kas). Nilai terpulihkan in use of the asset (or cash-generating unit).
diestimasi untuk aset individual atau, jika tidak Recoverable amount is estimated for individual
memungkinkan, untuk unit penghasil kas yang assets or, if not possible, for the cash-generating
mana aset tersebut merupakan bagian daripada unit in which the asset is part of the unit.
unit tersebut.
h. Revaluasi atas nilai wajar tanah h. Revaluations of land
Grup menggunakan spesialis penilai independen The Group engaged independent valuation
untuk menilai nilai wajar atas tanah. Tanah dinilai specialists to assess fair value of land. Lands were
berdasarkan referensi atas bukti berdasarkan valued by reference to market-based evidence,
pasar, menggunakan nilai yang dapat diukur using comparable prices adjusted for specific
setelah disesuaikan dengan faktor pasar spesifik market factors such as location and condition of
seperti lokasi dan kondisi dari tanah. land.
i. Menentukan jangka waktu kontrak dengan i. Determine the contract term with options for
opsi perpanjangan dan penghentian kontrak - extension and termination of the contract - the
Grup sebagai penyewa Group as lessee
Grup menentukan jangka waktu sewa sebagai The Group determines the lease term as the term of
jangka waktu sewa yang tidak dapat dibatalkan, the lease that cannot be canceled, together with the
bersama dengan periode yang dicakup oleh opsi period covered based on the option to extend the
untuk memperpanjang masa sewa jika dipastikan lease if it is determined to be exercised, or any
akan dilaksanakan, atau periode apa pun yang period covered by the option to terminate the lease,
dicakup oleh opsi untuk menghentikan sewa, jika if it is reasonably not to do so.
cukup wajar untuk tidak dilakukan.
Grup memiliki beberapa kontrak sewa yang The Group has several lease contracts that include
mencakup opsi perpanjangan dan penghentian options for extension and termination of the lease
jangka waktu sewa. Grup menerapkan penilaian terms. The Group applies its judgment in evaluating
dalam mengevaluasi apakah dapat dipastikan jika whether it is certain to exercise the option to extend
akan menggunakan opsi untuk memperpanjang or terminate the lease. This is done by considering
atau menghentikan sewa. Hal tersebut dilakukan all relevant facts and circumstances that provide
dengan mempertimbangkan seluruh fakta dan economic incentives to extend or terminate the
keadaan yang relevan yang memberikan insentif lease. After the commencement date, the Group
ekonomi untuk melakukan perpanjangan atau reassesses the lease term, if there is a significant
penghentian sewa. Setelah tanggal dimulainya, event or change in circumstances which is under its
Grup menilai kembali masa sewa, jika terdapat control and affects whether the lessee is certain
peristiwa atau perubahan signifikan dalam enough to exercise the option to extend or terminate
keadaan yang berada dalam kendali dan the lease.
mempengaruhi apakah penyewa cukup pasti
untuk mengeksekusi opsi memperpanjang atau
menghentikan sewa.
160
1108 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1111
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
3. PENGGUNAAN ESTIMASI DAN PERTIMBANGAN 3. USE OF CRITICAL ACCOUNTING ESTIMATES AND
AKUNTANSI YANG PENTING (lanjutan) JUDGEMENTS (continued)
Sumber utama ketidakpastian estimasi (lanjutan) Key sources of estimation uncertainty (continued)
Pertimbangan akuntansi yang penting Significant accounting judgements
Pertimbangan akuntansi yang penting dalam Accounting judgements that are important in applying
menerapkan kebijakan akuntansi Bank dan Entitas accounting policies of the Bank and its Subsidiaries
Anak meliputi: include:
a. Usaha yang berkelanjutan a. Going concern
Manajemen Bank dan Entitas Anak telah The Management of the Bank and its Subsidiaries
melakukan penilaian atas kemampuan Bank dan have assessed the ability of the Bank and its
Entitas Anak untuk melanjutkan kelangsungan Subsidiaries to continue its business and believes
usahanya dan berkeyakinan bahwa Bank dan that the Bank and Subsidiaries have the resources
Entitas Anak memiliki sumber daya untuk to continue their business in the future. In addition,
melanjutkan usahanya di masa mendatang. management is not aware of any material
Selain itu, manajemen tidak mengetahui adanya uncertainties that may cause significant doubt on
ketidakpastian material yang dapat menimbulkan the ability of the Bank and Subsidiaries to maintain
keraguan yang signifikan terhadap kemampuan its viability. Therefore, the consolidated financial
Bank dan Entitas Anak untuk mempertahankan statements have been prepared on the basis of a
kelangsungan hidupnya. Oleh karena itu, laporan going concern.
keuangan konsolidasian telah disusun atas dasar
usaha yang berkelanjutan.
b. Klasifikasi aset dan liabilitas keuangan b. Classification of financial assets and liabilities
Manajemen Bank dan Entitas Anak menetapkan The Management of the Bank and its Subsidiaries
klasifikasi atas aset dan liabilitas tertentu sebagai determine the classification of certain assets and
aset keuangan dan liabilitas keuangan dengan liabilities as financial assets and financial liabilities
mempertimbangkan bila definisi yang ditetapkan by considering whether the definitions set under
PSAK 109 telah dipenuhi sejak 1 Januari 2020. SFAS 109 have been fulfilled since 1 January 2020.
Dengan demikian, aset keuangan dan liabilitas Accordingly, financial assets and financial liabilities
keuangan diakui sesuai dengan kebijakan are recognised in accordance with the accounting
akuntansi Bank dan Entitas Anak seperti policy of the Bank and its Subsidiaries as disclosed
diungkapkan pada Catatan 2.c.vi. in Note 2.c.vi.
4. GIRO PADA BANK INDONESIA 4. CURRENT ACCOUNTS WITH BANK INDONESIA
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah 219.552.183 91.407.695 Rupiah
Dolar Amerika Serikat United States Dollar
(Catatan 62.B.(iv)) 18.737.295 13.738.349 (Note 62.B.(iv))
Total 238.289.478 105.146.044 Total
161
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1109
Page 1112
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
5. GIRO PADA BANK LAIN 5. CURRENT ACCOUNTS WITH OTHER BANKS
a. Berdasarkan mata uang, pihak berelasi dan pihak a. By currency, related parties and third parties:
ketiga:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Pihak berelasi (Catatan 56) 102.858 116.554 Related parties (Note 56)
Pihak ketiga 120.456 287.836 Third parties
Total 223.314 404.390 Total
Mata uang asing Foreign currencies
Pihak berelasi (Catatan 56) 99.035 77.857 Related parties (Note 56)
Pihak ketiga 60.630.234 46.186.192 Third parties
Total (Catatan 62.B.(iv)) 60.729.269 46.264.049 Total (Note 62.B.(iv))
60.952.583 46.668.439
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (27.621) (30.755) impairment losses
Neto 60.924.962 46.637.684 Net
Termasuk dalam mata uang asing adalah Included in foreign currencies are mainly Great
terutama mata uang Pound Sterling Inggris, Dolar Britain Pound Sterling, United States Dollar,
Amerika Serikat, Euro Eropa, Yen Jepang, Dolar European Euro, Japanese Yen, Australian Dollar,
Australia, Dolar Hong Kong, Yuan China, dan Hong Kong Dollar, Chinese Yuan, and Singapore
Dolar Singapura. Dollar.
Berikut adalah perubahan giro pada bank lain Movements of current accounts with other banks
dengan klasifikasi biaya perolehan diamortisasi: classified as amortised cost are as follows:
31 Desember 2025/31 December 2025
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Saldo awal 45.245.481 - - 1.422.958 46.668.439 Beginning balance
Pengukuran kembali bersih Remeasurement of
nilai tercatat**) 9.003.798 - - 1.238.501 10.242.299 net carrying amount**)
Aset keuangan baru New financial assets
yang diterbitkan atau originated or
dibeli 836.865 - - 8.146 845.011 purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (18.745) - - (116.292) (135.037) derecognised
Total penambahan/(penurunan) Total increase/(decrease)
tahun berjalan 9.821.918 - - 1.130.355 10.952.273 during the year
Lain-lain***) 3.248.936 - - 82.935 3.331.871 Others***)
Saldo akhir 58.316.335 - - 2.636.248 60.952.583 Ending balance
*) *)
Tidak menerapkan PSAK 109. Not implement SFAS 109.
**) **)
Termasuk di dalam pengukuran kembali bersih adalah pembayaran Including in the net remeasurement is repayment.
kembali.
***) ***)
Termasuk selisih kurs karena penjabaran mata uang asing. Included effect of foreign currencies translation.
162
1110 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1113
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
5. GIRO PADA BANK LAIN (lanjutan) 5. CURRENT ACCOUNTS WITH OTHER BANKS
(continued)
a. Berdasarkan mata uang, pihak berelasi dan pihak a. By currency, related parties and third parties:
ketiga: (lanjutan) (continued)
Berikut adalah perubahan giro pada bank lain Movements of current accounts with other banks
dengan klasifikasi biaya perolehan diamortisasi: classified as amortised cost are as follows:
(lanjutan) (continued)
31 Desember 2024/31 December 2024
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Saldo awal 34.603.165 - - 2.002.925 36.606.090 Beginning balance
Pengukuran kembali bersih Remeasurement of
nilai tercatat**) 9.886.963 - - (585.425) 9.301.538 net carrying amount**)
Aset keuangan baru New financial assets
yang diterbitkan atau originated or
dibeli 936.066 - - 115.510 1.051.576 purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (330.333) - - (86.982) (417.315) derecognised
Total penambahan/(penurunan) Total increase/(decrease)
tahun berjalan 10.492.696 - - (556.897) 9.935.799 during the year
Lain-lain***) 149.620 - - (23.070) 126.550 Others***)
Saldo akhir 45.245.481 - - 1.422.958 46.668.439 Ending balance
*) *)
Tidak menerapkan PSAK 109. Not implement SFAS 109.
**) **)
Termasuk di dalam pengukuran kembali bersih adalah pembayaran Including in the net remeasurement is repayment.
kembali.
***) ***)
Termasuk selisih kurs karena penjabaran mata uang asing. Included effect of foreign currencies translation.
b. Tingkat suku bunga rata-rata (yield) per tahun: b. The average interest rate (yield) per annum:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah 0,00% 0,97% Rupiah
Mata uang asing (disetarakan Foreign currencies (equivalent
dalam Rupiah) 1,84% 2,34% in Rupiah)
c. Mutasi cadangan kerugian penurunan nilai giro c. Movements of allowance for impairment losses on
pada bank lain: current accounts with other banks are as follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Saldo awal 30.755 32.205 Beginning balance
Pembalikan selama Reversal during
tahun berjalan (Catatan 46) (5.159) (2.674) the year (Note 46)
Lain-lain*) 2.025 1.224 Others*)
Saldo akhir 27.621 30.755 Ending balance
*) *)
Termasuk selisih kurs karena penjabaran mata uang asing. Included effect of foreign currencies translation.
163
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1111
Page 1114
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
5. GIRO PADA BANK LAIN (lanjutan) 5. CURRENT ACCOUNTS WITH OTHER BANKS
(continued)
c. Mutasi cadangan kerugian penurunan nilai giro c. Movements of allowance for impairment losses on
pada bank lain: (lanjutan) current accounts with other banks are as follows:
(continued)
31 Desember 2025/31 December 2025
Syariah*)/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Saldo awal 15.946 - - 14.809 30.755 Beginning balance
Pengukuran kembali bersih Net remeasurement of
penyisihan kerugian (7.919) - - 2.236 (5.683) losses allowance
Aset keuangan baru New financial assets
yang diterbitkan atau originated or
dibeli 525 - - - 525 purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (1) - - - (1) derecognised
Total pembentukan/(pembalikan) Total allowance/(reversal)
tahun berjalan (7.395) - - 2.236 (5.159) during the year
Lain-lain**) 1.283 - - 742 2.025 Others**)
Saldo akhir 9.834 - - 17.787 27.621 Ending balance
31 Desember 2024/31 December 2024
Syariah*)/ Jumlah/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Saldo awal 11.461 - - 20.744 32.205 Beginning balance
Pengukuran kembali bersih Net remeasurement of
penyisihan kerugian 3.833 - - (6.998) (3.165) losses allowance
Aset keuangan baru New financial assets
yang diterbitkan atau originated or
dibeli 585 - - - 585 purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (94) - - - (94) derecognised
Total pembentukan/(pembalikan) Total allowance/(reversal)
tahun berjalan 4.324 - - (6.998) (2.674) during the year
Lain-lain**) 161 - - 1.063 1.224 Others**)
Saldo akhir 15.946 - - 14.809 30.755 Ending balance
*) *)
Tidak menerapkan PSAK 109. Not implement SFAS 109.
**) **)
Termasuk di dalam pengukuran kembali bersih penyisihan kerugian, Including in the net remeasurement of losses allowance is repayment.
adalah pembayaran kembali.
***) ***)
Termasuk selisih kurs karena penjabaran mata uang asing. Included effect of foreign currencies translation.
Manajemen berpendapat bahwa jumlah cadangan Management believes that the allowance for
kerugian penurunan nilai giro pada bank lain telah impairment losses on current accounts with other
memadai. banks is adequate.
d. Informasi mengenai pengelompokan berdasarkan d. Information in respect of classification of
kelompok “tidak mengalami penurunan nilai” dan “non-impaired” and “impaired” from sharia
“mengalami penurunan nilai” untuk aset keuangan Subsidiary are disclosed in Note 62.A.
dari Entitas Anak syariah diungkapkan pada
Catatan 62.A.
e. Berdasarkan kolektibilitas sesuai POJK: e. By collectability based on FSA regulation:
Kolektibilitas giro pada bank lain sesuai POJK Collectability of current accounts with other banks in
diungkapkan pada Catatan 65. accordance with FSA regulation are disclosed in
Note 65.
164
1112 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1115
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
6. PENEMPATAN PADA BANK INDONESIA DAN 6. PLACEMENTS WITH BANK INDONESIA AND
BANK LAIN OTHER BANKS
a. Berdasarkan jenis, mata uang, dan jatuh tempo: a. By type, currency, and maturity:
Jatuh tempo/ 31 Desember 2025/ 31 Desember 2024/
Maturity 31 December 2025 31 December 2024
Rupiah Rupiah
Bank Indonesia < 1 bulan/month 17.269.118 30.179.682 Bank Indonesia
Call money < 1 bulan/month 40.000 125.000 Call money
Penempatan “fixed-term” ≥ 6 bulan ≤ 12 bulan/ Fixed term placement
≥ 6 months ≤12 months 403.758 440.848
Deposito berjangka < 1 bulan/month 1.304.409 1.107.060 Time deposits
≥ 1 bulan ≤ 3 bulan/
≥ 1 month ≤ 3 months 174.370 522.093
> 3 bulan ≤ 6 bulan/
> 3 months ≤ 6 months 1.250 159.000
> 6 bulan ≤ 12 bulan/
> 6 months ≤ 12 months 189.600 2.700
Jumlah 19.382.505 32.536.383 Total
Mata uang asing Foreign currencies
Bank Indonesia < 1 bulan/month 22.928.125 19.394.475 Bank Indonesia
Call money < 1 bulan/month 1.517.678 5.588.293 Call money
Penempatan “fixed-term” < 1 bulan/month 2.890.374 2.307.586 Fixed term placement
> 1 bulan ≤ 3 bulan/
> 1 month ≤ 3 months 609.387 269.230
> 3 bulan < 6 bulan/
> 3 month < 6 months - -
> 6 bulan < 12 bulan/
> 6 months < 12 months 492.514 -
> 12 bulan ≤ 36 bulan/
> 12 months ≤ 36 months 1.448.627 1.506.854
> 36 bulan/ > 36 months 16.151 408.334
Deposito berjangka < 1 bulan/month 1.186.473 1.194.973 Time deposits
> 1 bulan ≤ 3 bulan/
> 1 month ≤ 3 months - -
> 3 bulan ≤ 6 bulan/
> 3 months ≤ 6 months - 11.963
> 6 bulan ≤ 12 bulan/
> 6 months ≤ 12 months - 11.963
Jumlah (Catatan 62.B.(iv)) 31.089.329 30.693.671 Total (Note 62.B.(iv))
50.471.834 63.230.054
Dikurangi: cadangan Less: allowance for
kerugian penurunan nilai (1.586 ) (1.679 ) impairment losses
Neto 50.470.248 63.228.375 Net
Berikut adalah perubahan penempatan pada Bank Movements of placement with Bank Indonesia and
Indonesia dan bank lain dengan klasifikasi biaya other banks classified as amortised cost are as
perolehan diamortisasi: follows:
31 Desember 2025/31 December 2025
Syariah/
Stage 1 Stage 2 Stage 3 Sharia Total
Saldo awal 12.359.890 - - 50.870.164 63.230.054 Beginning balance
Pengukuran kembali bersih Remeasurement of net
nilai tercatat*) 652.796 - - - 652.796 carrying amount*)
Aset keuangan baru New financial assets
yang diterbitkan atau originated or
dibeli 148.831.565 - - 105.791.753 254.623.318 purchased
Aset keuangan yang dihentikan Financial assets
pengakuannya (134.016.842 ) - - (134.759.642 ) (268.776.484 ) derecognised
Total penambahan/ Total increase/
(penurunan) tahun (decrease) during
berjalan 15.467.519 - - (28.967.889 ) (13.500.370) the year
Lain-lain**) 481.572 - - 260.578 742.150 Others**)
Saldo akhir 28.308.981 - - 22.162.853 50.471.834 Ending balance
*) *)
Termasuk di dalam pengukuran kembali bersih adalah pembayaran Including in the net remeasurement is repayment.
kembali.
**) **)
Termasuk selisih kurs karena penjabaran mata uang asing. Included effect of foreign currencies translation.
165
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1113
Page 1116
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
6. PENEMPATAN PADA BANK INDONESIA DAN 6. PLACEMENTS WITH BANK INDONESIA AND
BANK LAIN (lanjutan) OTHER BANKS (continued)
a. Berdasarkan jenis, mata uang, dan jatuh tempo: a. By type, currency, and maturity: (continued)
(lanjutan)
Berikut adalah perubahan penempatan pada Bank Movements of placement with Bank Indonesia and
Indonesia dan bank lain dengan klasifikasi biaya other banks classified as amortised cost are as
perolehan diamortisasi: (lanjutan) follows: (continued)
31 Desember 2024/31 December 2024
Syariah/
Stage 1 Stage 2 Stage 3 Sharia Total
Saldo awal 58.533.271 - - 15.354.886 73.888.157 Beginning balance
Pengukuran kembali bersih Remeasurement of net
*)
nilai tercatat (3.612.443 ) - - - (3.612.443 ) carrying amount*)
Aset keuangan baru New financial assets
yang diterbitkan atau originated or
dibeli 102.202.686 - - 85.652.975 187.855.661 purchased
Aset keuangan yang dihentikan Financial assets
pengakuannya (147.201.855 ) - - (49.625.000 ) (196.826.855 ) derecognised
Total penambahan/ Total increase/
(penurunan) tahun (decrease) during
berjalan (48.611.612 ) - - 36.027.975 (12.583.637 ) the year
Lain-lain**) 2.438.231 - - (512.697 ) 1.925.534 Others**)
Saldo akhir 12.359.890 - - 50.870.164 63.230.054 Ending balance
*) *)
Termasuk di dalam pengukuran kembali bersih adalah pembayaran Including in the net remeasurement is repayment.
kembali.
**) **)
Termasuk selisih kurs karena penjabaran mata uang asing. Included effect of foreign currencies translation.
b. Berdasarkan pihak berelasi dan pihak ketiga: b. By related parties and third parties:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Pihak berelasi (Catatan 56) 486.159 539.967 Related parties (Note 56)
Pihak ketiga 18.896.346 31.996.416 Third parties
Total 19.382.505 32.536.383 Total
Mata uang asing Foreign currencies
Pihak berelasi (Catatan 56) 800.400 2.567.153 Related parties (Note 56)
Pihak ketiga 30.288.929 28.126.518 Third parties
Total (Catatan 62.B.(iv)) 31.089.329 30.693.671 Total (Note 62.B.(iv))
50.471.834 63.230.054
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (1.586 ) (1.679 ) impairment losses
Neto 50.470.248 63.228.375 Net
c. Penempatan berdasarkan counterparty: c. By counterparty:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Deposit Facility Deposit Facility
Pihak ketiga Third parties
Bank Indonesia 17.269.117 30.179.682 Bank Indonesia
Call Money Call Money
Pihak ketiga Third parties
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Kalimantan Selatan - 125.000 Kalimantan Selatan
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Sulawesi Tenggara 40.000 - Sulawesi Tenggara
166
1114 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1117
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
6. PENEMPATAN PADA BANK INDONESIA DAN 6. PLACEMENTS WITH BANK INDONESIA AND
BANK LAIN (lanjutan) OTHER BANKS (continued)
c. Penempatan berdasarkan counterparty: (lanjutan) c. By counterparty: (continued)
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah (lanjutan) Rupiah (continued)
Fixed term Fixed term
Pihak ketiga Third parties
PT Bank UOB Indonesia 403.758 440.848 PT Bank UOB Indonesia
Deposito Time deposits
Pihak berelasi Related parties
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk 426.129 191.827 (Persero) Tbk
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk 60.030 172.530 (Persero) Tbk
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk - Unit (Persero) Tbk - Unit
Usaha Syariah - 175.610 Usaha Syariah
486.159 539.967
Pihak ketiga Third parties
Citibank 506.090 353.885 Citibank
PT Bank Mega Tbk 156.500 1.400 PT Bank Mega Tbk
PT Bank BTPN Syariah Tbk 105.900 77.172 PT Bank BTPN Syariah Tbk
Bank Syariah Nasional 98.410 - Bank Syariah Nasional
PT Bank Danamon Syariah 98.300 172.959 PT Bank Danamon Syariah
PT Bank Pembangunan PT Bank Pembangunan
Daerah Jawa Barat Daerah Jawa Barat
dan Banten Tbk 45.600 183.000 dan Banten Tbk
PT Bank DKI 45.000 114.000 PT Bank DKI
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Sumatera Barat (Bank Nagari) 40.000 12.500 Sumatera Barat (Bank Nagari)
PT Bank Maybank Indonesia Tbk - PT Bank Maybank Indonesia Tbk
Unit Usaha Syariah 24.170 151.670 - Unit Usaha Syariah
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Jawa Barat dan Banten Jawa Barat dan Banten
Tbk - Unit Usaha Syariah 23.000 34.000 Tbk - Unit Usaha Syariah
PT Bank Maybank Indonesia Tbk 13.000 3.800 PT Bank Maybank Indonesia Tbk
PT Bank Danamon 6.500 - PT Bank Danamon
PT Bank Hibank Indonesia 5.000 - PT Bank Hibank Indonesia
PT Bank DKI Syariah PT Bank DKI Syariah
(Unit Usaha Syariah) 4.000 46.500 (Unit Usaha Sharia)
Standard Chartered Bank 3.000 - Standard Chartered Bank
PT Bank Pan Indonesia Tbk 3.000 - PT Bank Pan Indonesia Tbk
PT Bank Permata Tbk 3.000 - PT Bank Permata Tbk
PT Bank UOB Indonesia 3.000 - PT Bank UOB Indonesia
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Sulawesi Utara Gorontalo - 17.500 Sulawesi Utara Gorontalo
PT Bank Permata Syariah Tbk - 24.000 PT Bank Permata Syariah Tbk
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Sumatera Utara Tbk - 20.000 Sumatera Utara Tbk
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Sulawesi Selatan dan Sulawesi Selatan dan
Sulawesi Barat - 12.500 Sulawesi Barat
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Lampung - 5.000 Lampung
Lainnya - 21.000 Others
1.669.629 1.790.853
Total Rupiah 19.382.504 32.536.383 Total Rupiah
Mata uang asing Foreign currencies
USD USD
Term deposits Term deposits
Pihak ketiga Third parties
Bank Indonesia 22.928.125 19.394.475 Bank Indonesia
Call money Call money
Pihak berelasi Related parties
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk 667.000 1.287.600 (Persero) Tbk
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk - 965.700 (Persero) Tbk
167
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1115
Page 1118
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
6. PENEMPATAN PADA BANK INDONESIA DAN 6. PLACEMENTS WITH BANK INDONESIA AND
BANK LAIN (lanjutan) OTHER BANKS (continued)
c. Penempatan berdasarkan counterparty: (lanjutan) c. By counterparty: (continued)
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Mata uang asing (lanjutan) Foreign currencies (continued)
USD (lanjutan) USD (continued)
Call money (lanjutan) Call money (continued)
Pihak ketiga Third parties
Bank of New York 406.036 278.444 Bank of New York
HSBC Bank USA N.A. 405.203 360.528 HSBC Bank USA N.A.
BNP Paribas S.A 25.432 15.399 BNP Paribas S.A
HSBC Hong Kong 14.007 - HSBC Hong Kong
CIMB Bank Berhad CIMB Bank Berhad
Shanghai Branch - 160.950 Shanghai Branch
Wells Fargo Bank N.A. - 2.519.672 Wells Fargo Bank N.A.
1.517.678 5.588.293
Fixed term Fixed term
JP Morgan Chase Bank N.A. 2.202.509 1.784.407 JP Morgan Chase Bank N.A.
Standard Chartered Bank 1.803.520 1.505.514 Standard Chartered Bank
Standard Chartered Bank China Standard Chartered Bank China
Limited 250.125 - Limited
Bank of China Limited 175.087 220.502 Bank of China Limited
PT Bank HSBC Indonesia 95.875 82.096 PT Bank HSBC Indonesia
BNP Paribas Hong Kong Branch 78.634 - BNP Paribas Hong Kong Branch
Bank of New York Corporation 15.008 14.486 Bank of New York Corporation
BNP Paribas S.A 12.483 85.649 BNP Paribas S.A
United Overseas Bank Limited 3.669 - United Overseas Bank Limited
United Overseas Bank - Singapura 8.504 - United Overseas Bank - Singapore
CTBC Bank Co. Ltd. Singapore CTBC Bank Co. Ltd. Singapore
Branch - 418.470 Branch
PT Bank DBS Indonesia - 48.685 PT Bank DBS Indonesia
Nomura Singapura Limited - 24.711 Nomura Singapore Limited
4.645.414 4.184.520
Pihak ketiga Third parties
CNY CNY
Fixed term Fixed term
Pihak ketiga Third parties
Bank of China 742.006 201.757 Bank of China
The Agricultural Bank Of China 69.634 - The Agricultural Bank Of China
811.640 201.757
HKD HKD
Term deposits Term deposits
Pihak ketiga Third parties
PT Bank HSBC Indonesia - 105.729 PT Bank HSBC Indonesia
USD USD
Deposito Time deposits
Pihak berelasi Related parties
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk 133.400 136.808 (Persero) Tbk
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk - 177.045 (Persero) Tbk
133.400 313.853
Pihak ketiga Third parties
Citibank N.A 696.228 692.113 Citibank N.A
PT Bank CTBC Indonesia 183.425 177.045 PT Bank CTBC Indonesia
ANZ Bank 173.420 - ANZ Bank
1.053.073 869.158
168
1116 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1119
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
6. PENEMPATAN PADA BANK INDONESIA DAN 6. PLACEMENTS WITH BANK INDONESIA AND
BANK LAIN (lanjutan) OTHER BANKS (continued)
c. Penempatan berdasarkan counterparty: (lanjutan) c. By counterparty: (continued)
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Mata uang asing (lanjutan) Foreign currencies (continued)
SGD SGD
Deposito Time deposits
Pihak ketiga Third parties
PT Bank UOB Indonesia - 35.886 PT Bank UOB Indonesia
1.053.073 1.218.897
Total mata uang asing 31.089.330 30.693.671 Total foreign currencies
50.471.834 63.230.054
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (1.586) (1.679) impairment losses
Neto 50.470.248 63.228.375 Net
d. Tingkat suku bunga rata-rata (yield) per tahun: d. Average interest rate (yield) per annum:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah 6,12% 4,10% Rupiah
Mata uang asing (disetarakan Foreign currencies (equivalent to
dalam Rupiah) 3,88% 4,17% Rupiah)
e. Mutasi cadangan kerugian penurunan nilai e. Movements of allowance for impairment losses on
penempatan pada bank lain: placements with other banks:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Saldo awal 1.679 957 Beginning balance
Pembentukan/(pembalikan) selama Allowance/(reversal) during
tahun berjalan (Catatan 46) (400 ) 760 the year (Note 46)
Lain-lain*) 307 (38) Others*)
Saldo akhir 1.586 1.679 Ending balance
*) *)
Termasuk selisih kurs karena penjabaran mata uang asing. Included effect of foreign currencies translation.
31 Desember 2025/31 December 2025
Stage 1 Stage 2 Stage 3 Total
Saldo awal 1.679 - - 1.679 Beginning balance
Pengukuran kembali bersih Net remeasurement of
penyisihan kerugian*) (702) - - (702) losses allowance*)
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 994 - - 994 purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (692) - - (692) derecognised
Total pembalikan Total reversal
tahun berjalan (400) - - (400) during the year
Lain-lain**) 307 - - 307 Others**)
Saldo akhir 1.586 - - 1.586 Ending balance
169
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1117
Page 1120
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
6. PENEMPATAN PADA BANK INDONESIA DAN 6. PLACEMENTS WITH BANK INDONESIA AND
BANK LAIN (lanjutan) OTHER BANKS (continued)
e. Mutasi cadangan kerugian penurunan nilai e. Movements of allowance for impairment losses on
penempatan pada bank lain: (lanjutan) placements with other banks: (continued)
31 Desember 2024/31 December 2024
Stage 1 Stage 2 Stage 3 Total
Saldo awal 957 - - 957 Beginning balance
Pengukuran kembali bersih Net remeasurement of
penyisihan kerugian*) 21 - - 21 losses allowance*)
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 1.826 - - 1.826 purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (1.087) - - (1.087) derecognised
Total pembentukan Total allowance
tahun berjalan 760 - - 760 during the year
Lain-lain**) (38) - - (38) Others**)
Saldo akhir 1.679 - - 1.679 Ending balance
*) *)
Termasuk di dalam pengukuran kembali bersih adalah pembayaran Including in the net remeasurement is repayment.
kembali.
**) **)
Termasuk selisih kurs karena penjabaran mata uang asing. Included effect of foreign currencies translation.
Manajemen berpendapat bahwa jumlah cadangan Management believes that the allowance for
kerugian penurunan nilai penempatan pada Bank impairment losses on placements with Bank
Indonesia dan bank lain telah memadai. Indonesia and other banks is adequate.
f. Informasi mengenai pengelompokan berdasarkan f. Information in respect of classification of
kelompok “tidak mengalami penurunan nilai” dan “non-impaired” and “impaired” from sharia
“mengalami penurunan nilai” untuk aset keuangan Subsidiary are disclosed in Note 62.A.
dari Entitas Anak syariah diungkapkan pada
Catatan 62.A.
g. Pada tanggal 31 Desember 2025 dan 2024, g. As of 31 December 2025 and 2024, placements with
penempatan dengan saldo USDNihil dan a balance of USDNil and USD1,535,315 (full
USD1.535.315 (nilai penuh) dijaminkan untuk amount) were pledged for fund borrowings from
fasilitas pinjaman yang diterima dari bank lain other banks (Note 36f).
(Catatan 36f).
h. Berdasarkan kolektibilitas sesuai POJK: h. By collectability based on FSA regulation:
Kolektibilitas penempatan pada Bank Indonesia Collectability of placements with Bank Indonesia and
dan bank lain sesuai POJK diungkapkan pada other banks in accordance with FSA regulation are
Catatan 65. disclosed in Note 65.
170
1118 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1121
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
7. EFEK-EFEK 7. MARKETABLE SECURITIES
a. Berdasarkan tujuan, pihak berelasi dan pihak a. By purpose, related parties and third parties:
ketiga:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Efek-efek Marketable securities
Pihak berelasi (Catatan 56): Related parties (Note 56):
Diukur pada nilai wajar Fair value through
melalui laba rugi 3.584.599 4.285.159 profit or loss
Diukur pada nilai wajar melalui Fair value through other
penghasilan komprehensif lain 9.341.060 9.586.379 comprehensive income
Diukur pada biaya perolehan
diamortisasi 1.786.510 3.139.468 At amortised cost
Diukur pada biaya perolehan*) 40.836 79.569 At cost*)
14.753.005 17.090.575
Pihak ketiga: Third parties:
Diukur pada nilai wajar Fair value through
melalui laba rugi 47.262.394 17.604.380 profit or loss
Diukur pada nilai wajar melalui Fair value through other
penghasilan komprehensif lain 45.473.051 37.408.046 comprehensive income
Diukur pada biaya perolehan
diamortisasi 2.788.589 5.842.595 At amortised cost
Diukur pada biaya perolehan*) 1.959.526 3.161.962 At cost*)
97.483.560 64.016.983
Investasi pada unit-link **) Investments in unit-link contracts **)
Pihak berelasi (Catatan 56): Related parties (Note 56):
Diukur pada nilai wajar Fair value through
melalui laba rugi 2.281.292 3.132.500 profit or loss
Pihak ketiga: Third parties:
Diukur pada nilai wajar Fair value through
melalui laba rugi 9.565.413 11.101.498 profit or loss
11.846.705 14.233.998
Total 124.083.270 95.341.556 Total
Ditambah/(dikurangi): Add/(less):
Premium/(diskonto) yang Unamortised premium/
belum diamortisasi 780 (27.018 ) discount)
Keuntungan yang belum Unrealised gain on
direalisasi dari kenaikan increase in fair value
nilai wajar efek-efek 684.644 215.010 of marketable securities
Cadangan kerugian Allowance for
penurunan nilai (40.720) (51.497) impairment losses
644.704 136.495
Neto 124.727.974 95.478.051 Net
*) *)
Efek-efek yang dimiliki oleh Entitas Anak. Marketable securities owned by Subsidiary.
**) **)
Investasi pada unit-link adalah investasi yang dimiliki oleh pemegang Investments in unit-link contracts are investments owned by policyholders
polis pada kontrak unit-link Entitas Anak yang disajikan sebesar nilai of unit-link contracts of Subsidiary which are presented at fair value.
wajar.
171
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1119
Page 1122
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
7. EFEK-EFEK (lanjutan) 7. MARKETABLE SECURITIES (continued)
a. Berdasarkan tujuan, pihak berelasi dan pihak a. By purpose, related parties and third parties:
ketiga: (lanjutan) (continued)
Berikut adalah perubahan efek-efek dengan Movements of marketable securities classified as at
klasifikasi biaya perolehan diamortisasi dan biaya amortised cost and at cost less unamortized
perolehan setelah dikurangi diskonto yang belum discount rate are as follows:
diamortisasi:
31 Desember 2025/31 December 2025
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Biaya perolehan diamortisasi At amortised cost
Saldo awal 8.896.799 58.246 - 3.241.531 12.196.576 Beginning balance
Pengukuran kembali 27.910 - - - 27.910 Remeasurement
Aset keuangan yang New purchased financial
baru dibeli 1.570.875 - - 2.073.884 3.644.759 assets
Aset keuangan yang Matured or sold financial
jatuh tempo atau dijual (5.900.989) - - (3.310.416) (9.211.405) assets
Total penambahan Total increase
tahun berjalan (4.302.204) - - (1.236.532) (5.538.736) during the year
Lain-lain**) (76.962) - - (4.637) (81.599) Others**)
Saldo akhir 4.517.633 58.246 - 2.000.362 6.576.241 Ending balance
*) *)
Tidak menerapkan PSAK 109. Not implement SFAS 109.
**) **)
Termasuk selisih kurs karena penjabaran mata uang asing. Included effect of foreign currencies translation.
31 Desember 2024/31 December 2024
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Biaya perolehan diamortisasi At amortised cost
Saldo awal 5.850.129 58.246 - 1.300.883 7.209.258 Beginning balance
Pengukuran kembali 20.099 - - - 20.099 Remeasurement
Aset keuangan yang New purchased financial
baru dibeli 4.844.950 - - 2.716.616 7.561.566 assets
Aset keuangan yang Matured or sold financial
jatuh tempo atau dijual (2.362.337) - - (759.858) (3.122.195) assets
Total penambahan Total increase
tahun berjalan 2.502.712 - - 1.956.758 4.459.470 during the year
Lain-lain**) 543.958 - - (16.110) 527.848 Others**)
Saldo akhir 8.896.799 58.246 - 3.241.531 12.196.576 Ending balance
172
1120 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1123
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
7. EFEK-EFEK (lanjutan) 7. MARKETABLE SECURITIES (continued)
a. Berdasarkan tujuan, pihak berelasi dan pihak a. By purpose, related parties and third parties:
ketiga: (lanjutan) (continued)
Berikut adalah perubahan efek-efek dengan Movements of marketable securities classified as
klasifikasi nilai wajar melalui penghasilan fair value through other comprehensive income plus
komprehensif lain setelah ditambah keuntungan unrealised gain are as follows:
yang belum direalisasi:
31 Desember 2025/31 December 2025
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Nilai wajar melalui Fair value through
penghasilan other comprehensive
komprehensif lain income
Saldo awal 25.188.780 - 8.674 21.856.586 47.054.040 Beginning balance
Pengukuran kembali 911.601 - 1.418 (89.007) 824.012 Remeasurement
Aset keuangan yang New purchased financial
baru dibeli 22.480.679 - - 11.573.885 34.054.564 assets
Aset keuangan yang Matured or sold financial
jatuh tempo atau dijual (7.317.951) - - (19.516.529) (26.834.480) assets
Total penurunan Total decrease
tahun berjalan 16.074.329 - 1.418 (8.031.651) 8.044.096 during the year
Lain-lain**) 101.017 - - - 101.017 Others**)
Saldo akhir 41.364.126 - 10.092 13.824.935 55.199.153 Ending balance
31 Desember 2024/31 December 2024
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Nilai wajar melalui Fair value through
penghasilan other comprehensive
komprehensif lain income
Saldo awal 25.154.558 - 39.496 23.629.746 48.823.800 Beginning balance
Pengukuran kembali (607.733) - (12.007) (856.939) (1.476.679) Remeasurement
Aset keuangan yang New purchased financial
baru dibeli 2.994.950 - - 20.886.978 23.881.928 assets
Aset keuangan yang Matured or sold financial
jatuh tempo atau dijual (2.647.260) - (18.815) (21.803.199) (24.469.274) assets
Total penurunan Total decrease
tahun berjalan (260.043) - (30.822) (1.773.160) (2.064.025) during the year
Lain-lain**) 294.265 - - - 294.265 Others**)
Saldo akhir 25.188.780 - 8.674 21.856.586 47.054.040 Ending balance
*) *)
Tidak menerapkan PSAK 109. Not implement SFAS 109.
**) **)
Termasuk selisih kurs karena penjabaran mata uang asing. Included effect of foreign currencies translation.
173
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1121
Page 1124
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
7. EFEK-EFEK (lanjutan) 7. MARKETABLE SECURITIES (continued)
b. Berdasarkan jenis dan mata uang: b. By type dan currency:
Informasi tambahan mengenai kolektibilitas Bank Additional information regarding the collectability of
Indonesia disyaratkan oleh regulasi yang berlaku Bank Indonesia is required by applicable
dan bukan merupakan informasi yang regulations and is not required by Indonesian
dipersyaratkan oleh Standar Akuntansi Keuangan Financial Accounting Standards (SFAS 109). This
di Indonesia (PSAK 109). Informasi tambahan ini additional information is part of Note 65 of the
merupakan bagian dari Catatan 65 laporan consolidated financial statements.
keuangan konsolidasian.
31 Desember 2025/31 December 2025 31 Desember 2024/31 December 2024
Nilai
Nilai wajar/biaya Nilai Nilai
perolehan/ perolehan/ perolehan/ wajar/biaya
nilai Premi/ Keuntungan/ biaya nilai Premi/ Keuntungan/ perolehan/
nominal/ (diskonto) (kerugian) perolehan nominal/ (diskonto) (kerugian) biaya
nilai wajar/ yang belum yang belum diamortisasi/ nilai wajar/ yang belum yang belum perolehan
Cost/ diamortisasi/ direalisasi/ Fair value/at Cost/ diamortisasi/ direalisasi/ diamortisasi/
nominal Unamortised Unrealised cost/at nominal Unamortised Unrealised Fair value/at
value/ premiums/ gains/ amortised value/ premiums/ gains/ cost/at
fair value (discounts) (losses) cost fair value (discounts) (losses) amortised cost
Rupiah Rupiah
Diukur pada nilai wajar melalui Fair value through
laba rugi profit or loss
Efek-efek Marketable securities
Sekuritas Rupiah Bank Indonesia
Bank Indonesia 20.628.757 - 124.349 20.753.106 7.730.767 - 49.854 7.780.621 Rupiah Securities
Sukuk Bank Sukuk
Indonesia 6.636.068 - 88.505 6.724.573 2.160.000 - 36.489 2.196.489 Bank Indonesia
Obligasi 3.717.317 - 34.671 3.751.988 4.059.684 - 39.720 4.099.404 Bonds
Negotiable certificate Negotiable certificate
of deposit 323.766 - 8.869 332.635 - - - - of deposits
Floating Rate Notes 411.667 - 989 412.656 - - - - Floating Rate Notes
Saham 1.682 - 9 1.691 316.704 - (6.257) 310.447 Shares
Efek Beragun Aset 38.116 - (1.173) 36.943 46.921 - 484 47.405 Asset-backed security
Sertifikat Investasi Interbank Mudharabah
Mudharabah Antarbank - - - - 100.003 - 140 100.143 Investment Certificate
Investasi pada unit-unit Investments in
reksa dana - - - - 229.499 - 45 229.544 mutual fund units
31.757.373 - 256.219 32.013.592 14.643.578 - 120.475 14.764.053
Investasi pada Investments in unit-link
unit-link *) contracts*)
Saham 7.553.295 - - 7.553.295 9.152.159 - - 9.152.159 Shares
Obligasi 1.601.895 - - 1.601.895 1.470.814 - - 1.470.814 Bonds
Investasi pada unit-unit Investments in
reksa dana 515.664 - - 515.664 - - - - mutual fund units
9.670.854 - - 9.670.854 10.622.973 - - 10.622.973
41.428.227 - 256.219 41.684.446 25.266.551 - 120.475 25.387.026
Diukur pada nilai wajar melalui Fair value through other
penghasilan komprehensif lain comprehensive income
Efek-efek Marketable securities
Investasi pada unit-unit Investments in
reksa dana 21.481.309 - 387.205 21.868.514 20.390.000 - 287.586 20.677.586 mutual fund units
Sekuritas Rupiah Bank Indonesia
Bank Indonesia 17.579.397 - 34.492 17.613.889 1.649.163 - (67.928) 1.581.235 Rupiah Securities
Sukuk Bank Indonesia 5.240.654 - - 5.240.654 11.184.698 - - 11.184.698 Sukuk Bank Indonesia
Obligasi 1.359.505 - 29.261 1.388.766 1.790.505 - (508) 1.789.997 Bonds
Saham 407.198 - (15.860) 391.338 294.289 - (29.867) 264.422 Shares
46.068.063 - 435.098 46.503.161 35.308.655 - 189.283 35.497.938
Diukur pada biaya perolehan
diamortisasi At amortised cost
Efek-efek Marketable securities
Obligasi 1.149.000 7 - 1.149.007 2.176.000 13 - 2.176.013 Bonds
Wesel ekspor 485.534 - - 485.534 490.939 - - 490.939 Export bills
Sekuritas Rupiah Bank Indonesia
Bank Indonesia 300.000 (40) - 299.960 3.004.868 (4.839) - 3.000.029 Rupiah Securities
Medium term notes 245.000 - - 245.000 245.000 - - 245.000 Medium term notes
Efek Beragun Aset 25.619 - - 25.619 42.153 - - 42.153 Asset-backed security
2.205.153 (33) - 2.205.120 5.958.960 (4.826) - 5.954.134
**)
Diukur pada biaya perolehan At cost **)
Efek-efek Marketable securities
Sertifikat Pengelolaan Sharia Compliant
Dana Berdasarkan Interbank Fund
Prinsip Syariah Management
Antarbank (“SIPA”) 1.850.000 - - 1.850.000 2.400.000 - - 2.400.000 Certificate (“SIPA”)
Wesel ekspor 95.431 - - 95.431 195.860 - - 195.860 Export bills
Obligasi syariah perusahaan 45.000 - - 45.000 638.800 - - 638.800 Sharia corporate bonds
1.990.431 - - 1.990.431 3.234.660 - - 3.234.660
Total 91.691.874 (33) 691.317 92.383.158 69.768.826 (4.826) 309.758 70.073.758 Total
*) *)
Investasi pada unit-link adalah investasi yang dimiliki oleh pemegang polis Unit-link investments are investments owned by policyholders in
pada kontrak unit-link Entitas Anak yang disajikan sebesar nilai wajar. Subsidiary’s unit-link contracts which are presented at fair value.
**) **)
Efek-efek yang dimiliki oleh Entitas Anak. Marketable securities owned by Subsidiary.
174
1122 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1125
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
7. EFEK-EFEK (lanjutan) 7. MARKETABLE SECURITIES (continued)
b. Berdasarkan jenis dan mata uang: (lanjutan) b. By type and currency: (continued)
Informasi tambahan mengenai kolektibilitas Bank Additional information regarding the collectability of
Indonesia disyaratkan oleh regulasi yang berlaku Bank Indonesia is required by applicable
dan bukan merupakan informasi yang regulations and is not required by Indonesian
dipersyaratkan oleh Standar Akuntansi Keuangan Financial Accounting Standards (SFAS 109). This
di Indonesia (PSAK 109). Informasi tambahan ini additional information is part of Note 65 of the
merupakan bagian dari Catatan 65 laporan consolidated financial statements. (continued)
keuangan konsolidasian. (lanjutan)
31 Desember 2025/31 December 2025 31 Desember 2024/ 31 December 2024
Nilai
Nilai wajar/biaya Nilai Nilai
perolehan/ perolehan/ perolehan/ wajar/biaya
nilai Premi/ Keuntungan/ biaya nilai Premi/ Keuntungan/ perolehan/
nominal/ (diskonto) (kerugian) perolehan nominal/ (diskonto) (kerugian) biaya
nilai wajar/ yang belum yang belum diamortisasi/ nilai wajar/ yang belum yang belum perolehan
Cost/ diamortisasi/ direalisasi/ Fair value/at Cost/ diamortisasi/ direalisasi/ diamortisasi/
nominal Unamortised Unrealised cost/at nominal Unamortised Unrealised Fair value/at
value/ premiums/ gains/ amortised value/ premiums/ gains/ cost/at
fair value (discounts) (losses) cost fair value (discounts) (losses) amortised cost
Mata uang asing Foreign currencies
Diukur pada nilai wajar melalui Fair value through
laba rugi profit or loss
Efek-efek Marketable securities
Treasury bills 15.380.990 - 8.885 15.389.875 6.788.230 - 29.718 6.817.948 Treasury bills
Sekuritas Valas Bank Indonesia Foreign
Bank Indonesia 1.606.076 - 8.141 1.614.217 431.276 - 1.344 432.620 Currency Securities
Treasury Bonds 1.575.849 - 16.206 1.592.055 - - - - Treasury Bonds
Sukuk Valas Bank Indonesia Foreign
Bank Indonesia 500.250 - 3.785 504.035 - - - - Currency Sukuk
Obligasi 26.455 - 6.365 32.820 26.455 - 3.858 30.313 Bonds
19.089.620 - 43.382 19.133.002 7.245.961 - 34.920 7.280.881
Investments in unit-link
*)
Investasi pada unit-link contracts*)
Investasi pada unit-unit Investments in
reksa dana 2.175.851 - - 2.175.851 3.611.025 - - 3.611.025 mutual fund units
21.265.471 - 43.382 21.308.853 10.856.986 - 34.920 10.891.906
Diukur pada nilai wajar melalui Fair value through other
penghasilan komprehensif lain comprehensive income
Efek-efek Marketable securities
Sukuk Valas Bank Indonesia Foreign
Bank Indonesia 5.669.500 - - 5.669.500 8.127.975 - - 8.127.975 Currency Sukuk
Treasury bills 1.894.289 - (46.915) 1.847.374 1.868.799 - (89.761) 1.779.038 Treasury bills
Obligasi 1.182.258 - (3.140) 1.179.118 1.688.996 - (39.907) 1.649.089 Bonds
8.746.047 - (50.055) 8.695.992 11.685.770 - (129.668) 11.556.102
Diukur pada biaya perolehan
diamortisasi At amortised cost
Efek-efek Marketable securities
Wesel ekspor 999.595 - - 999.595 1.304.977 - - 1.304.977 Export bills
Obligasi 636.652 (6.890) - 629.762 977.756 (624) - 977.132 Bonds
Treasury bills 733.700 7.703 - 741.403 740.370 (21.568) - 718.802 Treasury bills
2.369.947 813 - 2.370.760 3.023.103 (22.192) - 3.000.911
Diukur pada biaya perolehan At cost
Efek-efek Marketable securities
Wesel ekspor 9.931 - - 9.931 6.871 - - 6.871 Export bills
Total (Catatan 62.B.(iv)) 32.391.396 813 (6.673) 32.385.536 25.572.730 (22.192) (94.748) 25.455.790 Total (Note 62.B.(iv))
124.083.270 780 684.644 124.768.694 95.341.556 (27.018) 215.010 95.529.548
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (40.720) (51.497) impairment losses
Neto 124.727.974 95.478.051 Net
*) *)
Investasi pada unit-link adalah investasi yang dimiliki oleh pemegang polis Unit-link investments are investments owned by policyholders in
pada kontrak unit-link Entitas Anak yang disajikan sebesar nilai wajar. Subsidiary’s unit-link contracts which are presented at fair value.
175
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1123
Page 1126
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
7. EFEK-EFEK (lanjutan) 7. MARKETABLE SECURITIES (continued)
c. Berdasarkan sisa umur hingga jatuh tempo: c. By maturity:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Efek-efek Marketable securities
Rupiah Rupiah
Tidak mempunyai
jatuh tempo 408.880 840.493 No maturity date
< 1 tahun 59.814.570 36.986.818 < 1 year
> 1 < 5 tahun 17.670.284 17.621.256 > 1 < 5 years
> 5 < 10 tahun 4.099.985 3.669.985 > 5 < 10 years
> 10 tahun 27.301 27.301 > 10 years
Total 82.021.020 59.145.853 Total
Mata uang asing Foreign currencies
Tidak mempunyai
jatuh tempo 26.455 - No maturity date
< 1 tahun 27.250.932 18.811.242 < 1 year
> 1 < 5 tahun 2.597.887 2.211.101 > 1 < 5 years
> 5 < 10 tahun 245.378 900.033 > 5 < 10 years
> 10 tahun 94.893 39.329 > 10 years
Total 30.215.545 21.961.705 Total
*)
Investasi pada unit-link Investments in unit-link contracts *)
Rupiah Rupiah
Tidak mempunyai
jatuh tempo 8.068.960 9.152.159 No maturity date
< 1 tahun 387.718 442.346 < 1 year
> 1 < 5 tahun 1.160.092 1.020.493 > 1 < 5 years
> 5 < 10 tahun 12.343 7.975 > 5 < 10 years
> 10 tahun 41.741 - > 10 years
Total 9.670.854 10.622.973 Total
Mata uang asing Foreign currencies
Tidak mempunyai
jatuh tempo 2.175.851 3.611.025 No maturity date
Total 11.846.705 14.233.998 Total
124.083.270 95.341.556
Ditambah/(dikurangi): Add/(less):
Premi yang belum diamortisasi 780 (27.018) Unamortised premiums
Keuntungan yang belum Unrealised gain on
direalisasi dari kenaikan increase in fair value of
nilai wajar efek-efek 684.644 215.010 marketable securities
Cadangan kerugian Allowance for
penurunan nilai (40.720) (51.497) impairment losses
644.704 136.495
Neto 124.727.974 95.478.051 Net
*) *)
Investasi pada unit-link adalah investasi yang dimiliki oleh pemegang polis Unit-link investments are investments owned by policyholders in
pada kontrak unit-link Entitas Anak yang disajikan sebesar nilai wajar. Subsidiary’s unit-link contracts which are presented at fair value.
176
1124 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1127
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
7. EFEK-EFEK (lanjutan) 7. MARKETABLE SECURITIES (continued)
d. Berdasarkan golongan penerbit: d. By issuer:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Efek-efek Marketable securities
Bank Sentral 58.572.370 34.288.747 Central Bank
Perusahaan 22.488.078 27.846.671 Corporate
Pemerintah 22.504.425 13.427.083 Government
Bank 8.671.692 5.545.057 Banks
112.236.565 81.107.558
Investasi pada unit-link *) Investments in unit-link contracts *)
Perusahaan 9.587.134 10.361.376 Corporate
Bank 2.259.571 3.866.365 Banks
Pemerintah - 6.257 Government
11.846.705 14.233.998
Total 124.083.270 95.341.556 Total
Ditambah/(dikurangi): Add/(less):
Premi yang belum diamortisasi 780 (27.018) Unamortised premiums
Keuntungan yang belum Unrealised gain on
direalisasi dari kenaikan increase in fair value
nilai wajar efek-efek 684.644 215.010 of marketable securities
Cadangan kerugian Allowance for
penurunan nilai (40.720) (51.497) impairment losses
644.704 136.495
Neto 124.727.974 95.478.051 Net
*) *)
Investasi pada unit-link adalah investasi yang dimiliki oleh pemegang polis Unit-link investments are investments owned by policyholders in
pada kontrak unit-link Entitas Anak yang disajikan sebesar nilai wajar. Subsidiary’s unit-link contracts which are presented at fair value.
e. Rincian obligasi berdasarkan peringkat: e. Details of bonds by rating:
Nilai wajar/biaya perolehan/
biaya perolehan diamortisasi
Fair value/at cost/
Peringkat*)/Rating*) at amortised cost
31 Desember 31 Desember 31 Desember 31 Desember
Lembaga 2025/ 2024/ 2025/ 2024/
pemeringkat/ 31 December 31 December 31 December 31 December
Rating agencies 2025 2024 2025 2024
Rupiah Rupiah
Diukur pada nilai wajar Fair value through
melalui laba rugi profit or loss
Efek-efek Marketable securities
Obligasi Bonds
Surat Perbendaharaan Surat Perbendaharaan
Negara**) - - - 2.945.949 4.068.630 Negara**)
PT Bank Negara Indonesia Tbk Fitch Ratings idAAA - 365.096 - PT Bank Negara Indonesia Tbk
PT Bank Rakyat Indonesia Tbk Pefindo idAAA - 254.060 - PT Bank Rakyat Indonesia Tbk
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Jawa Timur Tbk - idAA- - 120.966 - Jawa Timur Tbk
PT Bank SMBC Indonesia Pefindo idAAA - 50.718 - PT Bank SMBC Indonesia
PT Sarana Multigriya Finansial PT Sarana Multigriya
(Persero) Pefindo idAAA idAAA 10.187 - Finansial (Persero)
PT Bank Tabungan Negara Tbk Pefindo idAAA - 5.014 - PT Bank Tabungan Negara Tbk
PT Bank Pan Indonesia Tbk Pefindo idAA idAA - 30.773 PT Bank Pan IndonesiaTbk
Efek beragun aset Asset-backed security
PT Sarana Multigriya Finansial PT Sarana Multigriya
(Persero) Pefindo idAAA idAAA 36.943 47.406 Finansial (Persero)
3.788.933 4.146.809
*) *)
Informasi peringkat obligasi diperoleh dari Bloomberg yang mencakup Information on rating of bonds were obtained from Bloomberg, which is
peringkat yang diberikan oleh lembaga pemeringkat seperti Pemeringkat based on ratings issued by the rating agencies, such as Pemeringkat Efek
Efek Indonesia (Pefindo), Standard and Poor’s, Moody’s dan Fitch Indonesia (Pefindo), Standard and Poor’s, Moody’s and Fitch Ratings.
Ratings.
**) **)
Tidak memiliki peringkat. No rating.
***) ***)
Investasi pada unit-link adalah investasi yang dimiliki oleh pemegang Investments in unit-link contracts are investments owned by policyholder of
polis pada kontrak unit-link Entitas Anak yang disajikan sebesar nilai wajar unit link contracts of Subsidiary which are presented at fair value that is not
yang tidak diperingkat. rated.
177
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1125
Page 1128
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
7. EFEK-EFEK (lanjutan) 7. MARKETABLE SECURITIES (continued)
e. Rincian obligasi berdasarkan peringkat: (lanjutan) e. Details of bonds by rating: (continued)
Nilai wajar/biaya perolehan/
biaya perolehan diamortisasi
Fair value/at cost/
Peringkat*)/Rating*) at amortised cost
31 Desember 31 Desember 31 Desember 31 Desember
Lembaga 2025/ 2024/ 2025/ 2024/
pemeringkat/ 31 December 31 December 31 December 31 December
Rating agencies 2025 2024 2025 2024
Rupiah (lanjutan) Rupiah (continued)
Diukur pada nilai wajar Fair value through
melalui laba rugi (lanjutan) profit or loss (continued)
Investasi pada unit-link ***) Investment in unit-link contracts***)
Obligasi Bonds
PT Mayora Indah Tbk - - - 106.244 69.811 PT Mayora Indah Tbk
PT Sarana Multigriya Finansial PT Sarana Multigriya Finansial
(Persero) - - - 103.776 120.217 (Persero)
PT Tower Bersama PT Tower Bersama
Infrastructure Tbk - - - 93.543 30.284 Infrastructure Tbk
PT Indomobil Finance Indonesia - - - 81.402 44.565 PT Indomobil Finance Indonesia
PT Summarecon Agung Tbk - - - 62.218 59.078 PT Summarecon Agung Tbk
PT XL Axiata Tbk - - - 61.583 76.179 PT XL Axiata Tbk
PT Indah Kiat Pulp & Paper Tbk - - - 61.171 55.702 PT Indah Kiat Pulp & Paper Tbk
PT Kereta Api Indonesia PT Kereta Api Indonesia
(Persero) - - - 59.374 47.181 (Persero)
PT Pegadaian (Persero) - - - 51.673 15.984 PT Pegadaian (Persero)
PT Merdeka Copper Gold Tbk - - - 51.562 33.533 PT Merdeka Copper Gold Tbk
PT Waskita Karya (Persero) Tbk - - - 51.487 49.704 PT Waskita Karya (Persero) Tbk
PT Angkasa Pura II (Persero) - - - 44.375 43.968 PT Angkasa Pura II (Persero)
PT Global Mediacom Tbk - - - 41.741 - PT Global Mediacom Tbk
PT Adhi Commuter Properti Tbk - - - 37.293 36.026 PT Adhi Commuter Properti Tbk
PT Oto Multiartha - - - 36.696 25.493 PT Oto Multiartha
PT Medco Energi Internasional Tbk - - - 30.697 55.652 PT Medco Energi Internasional Tbk
PT Bank Pan Indonesia Tbk - - - 30.522 23.187 PT Bank Pan Indonesia Tbk
PT Jasa Marga (Persero) Tbk - - - 27.166 11.746 PT Jasa Marga (Persero) Tbk
PT Adira Dinamika Multi PT Adira Dinamika Multi
Finance Tbk - - - 26.500 62.026 Finance Tbk
PT Merdeka Battery Materials Tbk - - - 25.716 - PT Merdeka Battery Materials Tbk
PT Federal International Finance - - - 25.207 92.700 PT Federal International Finance
PT Sarana Multi Infrastruktur 25.132 59.502 PT Sarana Multi Infrastruktur
PT Bussan Auto Finance - - - 24.308 39.944 PT Bussan Auto Finance
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Sulawesi Selatan dan Barat - - - Sulawesi Selatan dan Barat
(Persero) - - - 23.121 22.179 (Persero)
PT Bank Maybank Indonesia Tbk - - - 21.408 20.780 PT Bank Maybank Indonesia Tbk
PT Toyota Astra Financial Services - - - 22.338 20.334 PT Toyota Astra Financial Services
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk - - - 20.650 66.445 (Persero) Tbk
PT JACCS Mitra Pinasthika Mustika - - - 20.182 19.978 PT JACCS Mitra Pinasthika Mustika
PT Astra Sedaya Finance - - - 17.072 - PT Astra Sedaya Finance
PT Oki Pulp & Paper Mills - - - 15.398 25.021 PT Oki Pulp & Paper Mills
PT Wahana Ottomitra Multiartha Tbk - - - 15.322 36.958 PT Wahana Ottomitra Multiartha Tbk
PT BFI Finance Indonesia Tbk - - - 15.059 11.964 PT BFI Finance Indonesia Tbk
PT Permodalan Nasional Madani - - - 13.174 24.882 PT Permodalan Nasional Madani
PT Profesional Telekomunikasi PT Profesional Telekomunikasi
Indonesia - - - 5.094 24.815 Indonesia
PT Sinar Mas Multiartha Tbk - - - 10.446 10.090 PT Sinar Mas Multiartha Tbk
PT Indosat Tbk - - - 19.645 23.234 PT Indosat Tbk
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Jawa Timur Tbk - - - 30.051 - Jawa Timur Tbk
PT Indonesia Infrastructure PT Indonesia Infrastructure
Finance - - - 28.325 - Finance
PT Pindo Deli Pulp & Paper Mills - - - 20.450 - PT Pindo Deli Pulp & Paper Mills
Bank CIMB Niaga - - - 15.330 - Bank CIMB Niaga
PT Hino Finance Indonesia - - - 13.275 - PT Hino Finance Indonesia
PT Chandra Asri Pacific Tbk - - - - 20.032 PT Chandra Asri Pacific Tbk
Lain-lain - - - 116.169 91.620 Others
1.601.895 1.470.814
5.390.828 5.617.623
Diukur pada nilai wajar Fair value through
melalui penghasilan other comprehensive
komprehensif lain income
Efek-efek Marketable securities
Obligasi Bonds
PT Pupuk Indonesia (Persero) Fitch Ratings idAAA AAA(idn) 390.183 386.277 PT Pupuk Indonesia (Persero)
PT Hutama Karya (Persero) Pefindo idAAA idAA- 330.303 324.951 PT Hutama Karya (Persero)
PT XL Axiata Tbk Fitch Ratings AAA(idn) AAA(idn) 106.660 101.800 PT XL Axiata Tbk
PT Perusahaan Listrik PT Perusahaan Listrik
Negara (Persero) Pefindo idAAA idAAA 103.553 103.352 Negara (Persero)
PT Indosat Tbk Pefindo idAAA idAAA 83.032 80.981 PT Indosat Tbk
*) *)
Informasi peringkat obligasi diperoleh dari Bloomberg yang mencakup Information on rating of bonds were obtained from Bloomberg, which is
peringkat yang diberikan oleh lembaga pemeringkat seperti Pemeringkat based on ratings issued by the rating agencies, such as Pemeringkat Efek
Efek Indonesia (Pefindo), Standard and Poor’s, Moody’s dan Fitch Indonesia (Pefindo), Standard and Poor’s, Moody’s and Fitch Ratings.
Ratings.
**) **)
Tidak memiliki peringkat. No rating.
***) ***)
Investasi pada unit-link adalah investasi yang dimiliki oleh pemegang Investments in unit-link contracts are investments owned by policyholder of
polis pada kontrak unit-link Entitas Anak yang disajikan sebesar nilai unit link contracts of Subsidiary which are presented at fair value that is not
wajar yang tidak diperingkat. rated.
178
1126 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1129
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
7. EFEK-EFEK (lanjutan) 7. MARKETABLE SECURITIES (continued)
e. Rincian obligasi berdasarkan peringkat: (lanjutan) e. Details of bonds by rating: (continued)
Nilai wajar/biaya perolehan/
biaya perolehan diamortisasi
Fair value/at cost/
Peringkat*)/Rating*) at amortised cost
31 Desember 31 Desember 31 Desember 31 Desember
Lembaga 2025/ 2024/ 2025/ 2024/
pemeringkat/ 31 December 31 December 31 December 31 December
Rating agencies 2025 2024 2025 2024
Rupiah (lanjutan) Rupiah (continued)
Diukur pada nilai wajar Fair value through
melalui penghasilan other comprehensive
komprehensif lain (lanjutan) income (continued)
Efek-efek (lanjutan) Marketable securities (continued)
Obligasi (lanjutan) Bonds (continued)
PT Chandra Asri Pacific Tbk Pefindo idAA- idAA- 76.582 72.363 PT Chandra Asri Pacific Tbk
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk Pefindo idAAA idAAA 56.328 54.984 (Persero) Tbk
PT Profesional PT Profesional
Telekomunikasi Indonesia Pefindo idAAA AA-(idn) 50.343 48.987 Telekomunikasi Indonesia
PT Bank Rakyat PT Bank Rakyat
Indonesia (Persero) Tbk Pefindo idAAA idAAA 50.188 98.744 Indonesia (Persero) Tbk
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk Fitch Ratings AAA(idn) AA+(idn) 49.298 75.588 (Persero) Tbk
PT Kereta Api Indonesia PT Kereta Api Indonesia
(Persero) Pefindo idAAA idAAA 42.619 41.140 (Persero)
PT Mayora Indah Tbk Pefindo idAA idAA 39.585 38.511 PT Mayora Indah Tbk
PT Wijaya Karya PT Wijaya Karya
(Persero) Tbk Pefindo idSD idBBB 10.092 8.674 (Persero) Tbk
PT Telkom Indonesia PT Telkom Indonesia
(Persero) Tbk Pefindo - idAAA - 59.402 (Persero) Tbk
PT Pegadaian Pefindo - idAAA - 128.692 PT Pegadaian
PT Dian Swastika Sentosa Tbk Pefindo - AA - 9.933 PT Dian Swastika Sentosa Tbk
PT Hartadinata Abadi Tbk Pefindo - AA - 4.108 PT Hartadinata Abadi Tbk
PT Tower Bersama PT Tower Bersama
Infrastructure Tbk Fitch Ratings - AA+(idn) - 39.803 Infrastructure Tbk
PT Pegadaian (Persero) Pefindo - AA- - 70.027 PT Pegadaian (Persero)
PT Indah Kiat Pulp & Paper Tbk Pefindo idA+ AA - 40.831 PT Indah Kiat Pulp & Paper Tbk
1.388.766 1.789.148
Diukur pada biaya perolehan
diamortisasi At amortised cost
Efek-efek Marketable securities
Obligasi Bonds
PT Hutama Karya PT Hutama Karya
(Persero) Pefindo idAA- idAA- 580.007 580.013 (Persero)
PT Pelabuhan Indonesia IV Pefindo idAAA idAAA 250.000 695.000 PT Pelabuhan Indonesia IV
PT Chandra Asri PT Chandra Asri
Pacific Tbk Pefindo idAA- idAA- 250.000 482.000 Pacific Tbk
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk Fitch Ratings AAA(idn) AA+(idn) 49.000 49.000 (Persero) Tbk
PT Kereta Api Indonesia PT Kereta Api Indonesia
(Persero) Pefindo idAAA idAAA 20.000 20.000 (Persero)
PT Perusahaan Listrik PT Perusahaan Listrik
Negara (Persero) Pefindo - idAAA - 200.000 Negara (Persero)
PT Perusahaan Pengelola PT Perusahaan Pengelola
Aset Pefindo - idAA- - 150.000 Aset
Efek beragun aset Asset-backed security
PT Sarana Multigriya Finansial PT Sarana Multigriya Finansial
(Persero) Pefindo idAAA(sf) 25.619 42.153 (Persero)
1.174.626 2.218.166
*) *)
Informasi peringkat obligasi diperoleh dari Bloomberg yang mencakup Information on rating of bonds were obtained from Bloomberg, which is
peringkat yang diberikan oleh lembaga pemeringkat seperti Pemeringkat based on ratings issued by the rating agencies, such as Pemeringkat Efek
Efek Indonesia (Pefindo), Standard and Poor’s, Moody’s dan Fitch Indonesia (Pefindo), Standard and Poor’s, Moody’s and Fitch Ratings.
Ratings.
179
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1127
Page 1130
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
7. EFEK-EFEK (lanjutan) 7. MARKETABLE SECURITIES (continued)
e. Rincian obligasi berdasarkan peringkat: (lanjutan) e. Details of bonds by rating: (continued)
Nilai wajar/biaya perolehan/
biaya perolehan diamortisasi
Fair value/at cost/
Peringkat*)/Rating*) at amortised cost
31 Desember 31 Desember 31 Desember 31 Desember
Lembaga 2025/ 2024/ 2025/ 2024/
pemeringkat/ 31 December 31 December 31 December 31 December
Rating agencies 2025 2024 2025 2024
Rupiah (lanjutan) Rupiah (continued)
Diukur pada biaya
perolehan***) At cost***)
Efek-efek Marketable securities
Obligasi syariah perusahaan Sharia corporate bonds
PT CIMB Niaga Auto Finance Fitch Ratings AA+(idn) AA+(idn) 45.000 45.000 PT CIMB Niaga Auto Finance
PT Medco Power Indonesia Pefindo idA idA - 150.000 PT Medco Power Indonesia
PT Indosat Tbk Pefindo idAAA idAAA - 213.800 PT Indosat Tbk
PT XL Axiata Tbk Fitch Ratings - AAA(idn) - 195.000 PT XL Axiata Tbk
PT BPD Kalimantan Selatan Fitch Ratings A(idn) A(idn) - 35.000 PT BPD Kalimantan Selatan
45.000 638.800
Total Rupiah 7.999.220 10.263.737 Total Rupiah
Mata uang asing Foreign currencies
Diukur pada nilai wajar Fair value through
melalui laba rugi profit or loss
Efek-efek Marketable securities
Obligasi Bonds
PT Millenio Amerta Data**) - - - 32.820 30.313 PT Millenio Amerta Data**)
Diukur pada nilai wajar Fair value through
melalui penghasilan other comprehensive
komprehensif lain income
Efek-efek Marketable securities
Obligasi Bonds
PT Pertamina (Persero) Moody‘s Baa2 Baa2 672.574 637.001 PT Pertamina (Persero)
PT Indonesia Asahan PT Indonesia Asahan
Aluminium Fitch Ratings BBB- BBB- 206.061 535.760 Aluminium
PT Perusahaan Listrik Negara PT Perusahaan Listrik Negara
(Persero) Tbk Moody‘s Baa3 Baa2 145.621 57.843 (Persero) Tbk
PT Indika Energy Tbk Moody‘s Ba3 Ba3 58.259 83.195 PT Indika Energy Tbk
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk Moody‘s Baa2 Ba2 20.689 46.502 (Persero) Tbk
Medco Maple Tree Pte Ltd. Moody’s B1 - 26.290 - Medco Maple Tree Pte Ltd.
PT Sarana Multi PT Sarana Multi
Infrastruktur (Persero) Moody‘s Baa2 Baa2 32.953 30.531 Infrastruktur (Persero)
PT Delta Dunia Makmur Tbk Moody‘s Ba3 Ba3 - 24.270 PT Delta Dunia Makmur Tbk
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk Moody‘s Ba3 - 160.443 (Persero) Tbk
PT Medco Energi PT Medco Energi
Internasional Tbk Moody‘s B1 - 41.630 Internasional Tbk
Lain-lain Beragam/ Beragam/
various various - 16.671 31.914
1.179.118 1.649.089
Diukur pada biaya perolehan
diamortisasi At amortised cost
Efek-efek Marketable securities
Obligasi Bonds
PT Tower Bersama PT Tower Bersama
Infrastructure Tbk Fitch Ratings BBB- - 181.265 - Infrastructure Tbk
PT Perusahaan Listrik PT Perusahaan Listrik
Negara (Persero) Moody‘s Baa2 Baa2 180.173 112.907 Negara (Persero)
PT Indonesia Infrastructure PT Indonesia Infrastructure
Finance Moody‘s Baa3 Baa3 99.927 96.570 Finance
Medco Maple Tree Pte Ltd Moody‘s B1 B1 69.504 64.380 Medco Maple Tree Pte Ltd
PT Pertamina (Persero) Moody‘s Baa2 Baa2 62.505 31.300 PT Pertamina (Persero)
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk Moody‘s Ba2 Ba2 36.388 35.087 (Persero) Tbk
Medco Oak Tree Pte Ltd Moody‘s - B1 - 81.586 Medco Oak Tree Pte Ltd
PT Indonesia Asahan PT Indonesia Asahan
Aluminium Fitch Ratings - BBB- - 234.251 Aluminium
PT Indonesia Asahan PT Indonesia Asahan
Aluminium Moody’s - Baa3 - 160.950 Aluminium
PT Pelabuhan Indonesia IV Moody‘s - Baa3 - 160.950 PT Pelabuhan Indonesia IV
629.762 977.981
Total mata uang asing 1.841.700 2.657.383 Total foreign currencies
Total 9.840.920 12.921.120 Total
*) *)
Informasi peringkat obligasi diperoleh dari Bloomberg yang mencakup Information on rating of bonds were obtained from Bloomberg, which is
peringkat yang diberikan oleh lembaga pemeringkat seperti Pemeringkat based on ratings issued by the rating agencies, such as Pemeringkat Efek
Efek Indonesia (Pefindo), Standard and Poor’s, Moody’s dan Fitch Indonesia (Pefindo), Standard and Poor’s, Moody’s and Fitch Ratings.
Ratings.
**) **)
Tidak memiliki peringkat. No rating.
***) ***)
Efek-efek yang dimiliki oleh Entitas Anak. Marketable securities owned by Subsidiary.
180
1128 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1131
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
7. EFEK-EFEK (lanjutan) 7. MARKETABLE SECURITIES (continued)
f. Tingkat suku bunga rata-rata (yield) per tahun: f. Average interest rate (yield) per annum:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah 7,06% 5,99% Rupiah
Mata uang asing (disetarakan Foreign currencies (equivalent to
dalam Rupiah) 4,63% 4,01% Rupiah)
g. Mutasi cadangan kerugian penurunan nilai efek- g. Movements of allowance for impairment losses on
efek: marketable securities:
Mutasi cadangan kerugian penurunan nilai efek- Movements of allowance for impairment losses on
efek yang diukur pada biaya perolehan marketable securities measured at amortised cost
diamortisasi dan biaya perolehan: and at cost:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Saldo awal 51.497 150.275 Beginning balance
(Pembalikan)/pembentukan selama (Reversal)/Allowance during
tahun berjalan (Catatan 46) 24.746 (92.063) the year (Note 46)
Lain-lain*) (35.523) (6.715) Others*)
Saldo akhir 40.720 51.497 Ending balance
*) *)
Termasuk selisih kurs karena penjabaran mata uang asing. Included effect of foreign currency translation.
31 Desember 2025/31 December 2025
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Saldo awal 16.270 (4) - 35.231 51.497 Beginning balance
Pengukuran kembali bersih Net remeasurement of
penyisihan kerugian 33.812 4 - 2.759 36.575 losses allowance
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 521 - - - 521 purchased
Aset keuangan yang Financial asset
dihentikan pengakuannya (6.412) - - (5.938) (12.350) derecognised
Total pembentukan/ Total allowance/
(pembalikan) tahun (reversal) during
berjalan 27.921 4 - (3.179) 24.746 the year
Lain-lain**) (35.584) - - 61 (35.523) Others**)
Saldo akhir 8.607 - - 32.113 40.720 Ending balance
31 Desember 2024/31 December 2024
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Saldo awal 17.822 (4) 8 132.449 150.275 Beginning balance
Pengukuran kembali bersih Net remeasurement of
penyisihan kerugian 5.380 - (8) 9.659 15.031 losses allowance
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 1.824 - - - 1.824 purchased
Aset keuangan yang Financial asset
dihentikan pengakuannya (2.041) - - (106.877) (108.918) derecognised
Total pembentukan/ Total allowance/
(pembalikan) tahun (reversal) during
berjalan 5.163 - (8) (97.218) (92.063) the year
Lain-lain**) (6.715) - - - (6.715) Others**)
Saldo akhir 16.270 (4) - 35.231 51.497 Ending balance
*) *)
Tidak menerapkan PSAK 109. Not implement SFAS 109.
**) **)
Termasuk selisih kurs karena penjabaran mata uang asing. Included effect of foreign currency translation.
181
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1129
Page 1132
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
7. EFEK-EFEK (lanjutan) 7. MARKETABLE SECURITIES (continued)
g. Mutasi cadangan kerugian penurunan nilai efek- g. Movements of allowance for impairment losses on
efek: (lanjutan) marketable securities: (continued)
Mutasi cadangan kerugian penurunan nilai efek- Movements of allowance for impairment losses on
efek yang diukur pada nilai wajar melalui marketable securities measured at fair value
penghasilan komprehensif lain: through other comprehensive income:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Saldo awal 9.633 30.311 Beginning balance
Pembentukan/(pembalikan) selama Allowance/(reversal) during
tahun berjalan (Catatan 46) 300 (20.678) the year (Note 46)
Saldo akhir 9.933 9.633 Ending balance
31 Desember 2025/31 December 2025
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Saldo awal 2.712 - 6.921 - 9.633 Beginning balance
Pengukuran kembali bersih Net remeasurement of
penyisihan kerugian (972) - 1.341 - 369 losses allowance
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 69 - - - 69 purchased
Aset keuangan yang Financial asset
dihentikan pengakuannya (138) - - - (138) derecognised
Total pembentukan/ Total allowance/
(pembalikan) tahun (reversal) during
berjalan (1.041) - 1.341 - 300 the year
Saldo akhir 1.671 - 8.262 - 9.933 Ending balance
31 Desember 2024/31 December 2024
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Saldo awal 5.461 - 24.850 - 30.311 Beginning balance
Pengukuran kembali bersih Net remeasurement of
penyisihan kerugian (1.977) - (5.918) - (7.895) losses allowance
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 144 - - - 144 purchased
Aset keuangan yang Financial asset
dihentikan pengakuannya (916) - (12.011) - (12.927) derecognised
Total pembalikan Total reversal
tahun berjalan (2.749) - (17.929) - (20.678) during the year
Saldo akhir 2.712 - 6.921 - 9.633 Ending balance
*) *)
Tidak menerapkan PSAK 109. Not implement SFAS 109.
Manajemen berpendapat bahwa jumlah cadangan Management believes that the allowance for
kerugian penurunan nilai efek-efek telah impairment losses on marketable securities is
memadai. adequate.
h. Informasi mengenai pengelompokan berdasarkan h. Information in respect of classification of
kelompok “tidak mengalami penurunan nilai” dan “non-impaired” and “impaired” from sharia
“mengalami penurunan nilai” untuk aset keuangan Subsidiary are disclosed in Note 62A.
dari Entitas Anak syariah diungkapkan pada
Catatan 62A.
182
1130 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1133
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
7. EFEK-EFEK (lanjutan) 7. MARKETABLE SECURITIES (continued)
i. Investasi dalam unit reksa dana pada Bank Mandiri i. Investment in mutual fund of the Bank measured at
saja yang diklasifikasikan sebagai diukur pada nilai fair value through other comprehensive income are
wajar melalui penghasilan komprehensif lain as follows:
sebagai berikut:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Reksa Dana Terproteksi Syailendra Protected Mutual Fund Syailendra
Capital Protected Fund 45 1.451.413 1.447.550 Capital Protected Fund 45
Reksa Dana Terproteksi Manulife Protected Mutual Fund Manulife
Proteksi Dana Utama III 1.327.339 1.321.424 Proteksi Dana Utama III
Reksa Dana Terproteksi Syailendra Protected Mutual Fund Syailendra
Capital Protected Fund 53 1.028.177 1.025.354 Capital Protected Fund 53
Reksa Dana Terproteksi Syailendra Protected Mutual Fund Syailendra
Capital Protected Fund 52 1.025.485 1.023.324 Capital Protected Fund 52
Reksa Dana Terproteksi BNI AM Protected Mutual Fund BNI AM
Proteksi Orchid 1.019.850 1.015.730 Proteksi Orchid
Reksa Dana Terproteksi BNI AM Protected Mutual Fund BNI AM
Proteksi Sunflower 1.010.257 1.010.117 Proteksi Sunflower
Reksa Dana Trimegah Terproteksi 24 914.077 912.804 Protected Mutual Fund Trimegah 24
Reksa Dana Terproteksi BNI AM Protected Mutual Fund BNI AM
Proteksi Rasamala 769.433 766.342 Proteksi Rasamala
Reksa Dana Terproteksi Manulife Protected Mutual Fund Manulife
Proteksi Dana Utama II 764.370 763.380 Proteksi Dana Utama II
Reksa Dana Terproteksi BNI AM Protected Mutual Fund BNI AM
Proteksi Magnifera 763.914 761.369 Proteksi Magnifera
Reksa Dana Trimegah Terproteksi 26 762.406 762.014 Protected Mutual Fund Trimegah 26
Reksa Dana Danareksa Proteksi 81 762.143 760.305 Protected Mutual Fund Danareksa 81
Reksa Dana Terproteksi Syailendra Protected Mutual Fund Syailendra
Capital Protected Fund 46 757.133 756.334 Capital Protected Fund 46
Reksa Dana Danareksa Protected Mutual Fund
Proteksi 79 710.010 710.675 Danareksa Proteksi 79
Reksa Dana Trimegah Terproteksi 21 634.309 1.007.889 Protected Mutual Fund Trimegah 21
Reksa Dana Terproteksi Protected Mutual Fund
Mandiri Investa 12 614.318 - Mandiri Investa 12
Reksa Dana Terproteksi BRI MI 107 614.305 - Protected Mutual Fund BRI MI 107
Reksa Dana Terproteksi Panin 26 610.066 606.806 Protected Mutual Fund Panin 26
Reksa Dana Terproteksi Syailendra Protected Mutual Fund Syailendra
Capital Protected Fund 63 609.335 - Capital Protected Fund 63
Reksa Dana Terproteksi Mandiri Protected Mutual Fund Mandiri
Investa 16 602.109 - Investa 16
Reksa Dana Terproteksi Protected Mutual Fund
Sucorinvest Proteksi 53 603.035 - Sucorinvest 16
Reksa Dana Terproteksi Recapital Protected Mutual Fund Recapital
Proteksi Cluster I 601.423 - Proteksi Cluster I
Reksa Dana Terproteksi Bahana Protected Mutual Fund Bahana
Centrum Protected Fund 221 500.834 499.384 Centrum Protected Fund 221
Reksa Dana Terproteksi Bahana Protected Mutual Fund Bahana
Centrum Protected Fund 222 497.990 496.520 Centrum Protected Fund 222
Reksa Dana Terproteksi Panin 17 - 993.523 Protected Mutual Fund Panin 17
Reksa Dana Terproteksi BNP Paribas Protected Mutual Fund BNP Paribas
Selaras VI - 991.762 Selaras VI
Reksa Dana Terproteksi BNP Protected Mutual Fund BNP
Paribas Selaras V - 501.066 Paribas Selaras V
18.953.731 18.133.672
j. Pada tanggal 31 Desember 2025, saldo efek-efek j. As of 31 December 2025, securities with total
yang dijual dengan janji untuk dibeli kembali amount of USD90,290,894 (full amount) and
masing-masing sebesar USD90.290.894 (nilai Rp105,432, respectively, were sold under
penuh) dan Rp105.432 (31 Desember 2024: repurchase agreements (31 December 2024:
USD38.809.348 (nilai penuh) dan Rp2.936.512). USD38,809,348 (full amount) and Rp2,936,512).
k. Berdasarkan kolektibilitas sesuai POJK: k. By collectability based on FSA regulation:
Kolektibilitas efek-efek sesuai POJK diungkapkan Collectability of marketable securities in accordance
pada Catatan 65. with FSA regulation are disclosed in Note 65.
183
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1131
Page 1134
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
8. OBLIGASI PEMERINTAH 8. GOVERNMENT BONDS
Akun ini terdiri dari obligasi yang dikeluarkan oleh This account consists of bonds issued by Government of
Pemerintah Republik Indonesia yang diperoleh Grup the Republic of Indonesia which are obtained by the
dari pasar primer dan sekunder dengan rincian sebagai Group from primary and secondary markets with details
berikut: as follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Pihak berelasi (Catatan 56) Related parties (Note 56)
Obligasi Pemerintah Government bonds
Diukur pada biaya perolehan
diamortisasi ***) 137.907.775 153.035.870 At amortised cost***)
Diukur pada nilai wajar melalui Fair value through
penghasilan other comprehensive
komprehensif lain ***) 106.034.349 82.065.670 income***)
Diukur pada biaya perolehan *) 15.187.944 22.560.953 At cost *)
Diukur pada nilai wajar Fair value through
melalui laba rugi ***) 19.407.836 17.761.405 profit or loss***)
**)
Investasi pada unit-link Investments in unit-link contracts **)
Diukur pada nilai wajar Fair value through
melalui laba rugi 14.279.644 11.848.761 profit or loss
292.817.548 287.272.659
*) Obligasi Pemerintah yang dimiliki oleh Entitas Anak yang diklasifikasikan *) Government bonds owned by Subsidiary are classified based on SFAS
sesuai dengan PSAK 410 “Akuntansi Sukuk”. 410 “Accounting for Sukuk”.
**) Investasi pada unit-link adalah investasi yang dimiliki oleh pemegang polis **) Investments in unit-link contracts are investments owned by
pada kontrak unit-link Entitas Anak yang disajikan sebesar nilai wajar. policyholders of unit-link contracts of Subsidiary which are presented at
fair value.
***) Termasuk project-based sukuk dan sukuk ritel. ***) Including project-based sukuk and retail sukuk.
a. Berdasarkan jatuh tempo a. By maturity
Obligasi Pemerintah berdasarkan sisa umur jatuh The government bonds, by remaining period of
temponya adalah sebagai berikut: maturity, are as follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Diukur pada nilai wajar Fair value through
melalui laba rugi ***) profit or loss ***)
Obligasi Pemerintah Government bonds
Kurang dari 1 tahun 2.862.433 1.417.906 Less than 1 year
1 - 5 tahun 13.472.050 8.113.160 1 - 5 years
5 - 10 tahun 1.242.844 4.181.607 5 - 10 years
Lebih dari 10 tahun 522.828 3.610.894 Over 10 years
18.100.155 17.323.567
Investasi pada unit-link **) Investments in unit-link**)
Kurang dari 1 tahun 310.564 110.370 Less than 1 year
1 - 5 tahun 3.295.338 2.969.797 1 - 5 years
5 - 10 tahun 4.522.149 3.756.883 5 - 10 years
Lebih dari 10 tahun 5.269.470 4.216.285 Over 10 years
13.397.521 11.053.335
31.497.676 28.376.902
184
1132 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1135
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
8. OBLIGASI PEMERINTAH (lanjutan) 8. GOVERNMENT BONDS (continued)
a. Berdasarkan jatuh tempo (lanjutan) a. By maturity (continued)
Obligasi Pemerintah berdasarkan sisa umur jatuh The government bonds, by remaining period of
temponya adalah sebagai berikut: (lanjutan) maturity, are as follows: (continued)
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah (lanjutan) Rupiah (continued)
Diukur pada nilai wajar melalui Fair value through
penghasilan other comprehensive
komprehensif lain ***) income ***)
Obligasi Pemerintah Government bonds
Kurang dari 1 tahun 4.653.830 2.310.720 Less than 1 year
1 - 5 tahun 40.892.522 21.492.825 1 - 5 years
5 - 10 tahun 26.314.775 27.154.325 5 - 10 years
Lebih dari 10 tahun 12.060.093 6.592.420 Over 10 years
83.921.220 57.550.290
Diukur pada biaya perolehan
diamortisasi ***) At amortised cost ***)
Obligasi Pemerintah Government bonds
Kurang dari 1 tahun 20.743.960 14.738.503 Less than 1 year
1 - 5 tahun 28.255.050 40.495.071 1 - 5 years
5 - 10 tahun 38.713.414 41.548.601 5 - 10 years
Lebih dari 10 tahun 24.234.526 30.833.575 Over 10 years
111.946.950 127.615.750
*)
Diukur pada biaya perolehan At cost*)
Obligasi Pemerintah Government bonds
Kurang dari 1 tahun 6.730.230 7.938.536 Less than 1 year
1 - 5 tahun 6.318.500 13.005.252 1 - 5 years
5 - 10 tahun 164.133 216.072 5 - 10 years
Lebih dari 10 tahun 968.104 967.513 Over 10 years
14.180.967 22.127.373
Total 241.546.813 235.670.315 Total
*) *)
Obligasi Pemerintah yang dimiliki oleh Entitas Anak yang Government bonds owned by Subsidiary are classified based on SFAS
diklasifikasikan sesuai dengan PSAK 410 “Akuntansi Sukuk”. 410 “Accounting for Sukuk”.
**) **)
Investasi pada unit-link adalah investasi yang dimiliki oleh pemegang Investments in unit-link contracts are investments owned by
polis pada kontrak unit-link Entitas Anak yang disajikan sebesar nilai policyholders of Subsidiary’s unit-link contracts which are presented at
wajar. fair value.
***) ***)
Termasuk project based sukuk dan sukuk ritel. Including project-based sukuk and retail sukuk.
185
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1133
Page 1136
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
8. OBLIGASI PEMERINTAH (lanjutan) 8. GOVERNMENT BONDS (continued)
a. Berdasarkan jatuh tempo (lanjutan) a. By maturity (continued)
Obligasi Pemerintah berdasarkan sisa umur jatuh The government bonds, by remaining period of
temponya adalah sebagai berikut: (lanjutan) maturity, are as follows: (continued)
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Mata uang asing Foreign currencies
Diukur pada nilai wajar melalui Fair value through
laba rugi profit or loss
Obligasi Pemerintah Government bonds
Kurang dari 1 tahun 3.643 298.570 Less than 1 year
1 - 5 tahun 1.092.977 35.980 1 - 5 years
5 - 10 tahun 88.170 102.014 5 - 10 years
Lebih dari 10 tahun 122.891 1.274 Over 10 years
1.307.681 437.838
Investasi pada unit-link *) Investments in unit-link*)
Kurang dari 1 tahun 25.038 - Less than 1 year
1 - 5 tahun 158.740 231.911 1 - 5 years
5 - 10 tahun 226.203 144.374 5 - 10 years
Lebih dari 10 tahun 472.142 419.141 Over 10 years
882.123 795.426
2.189.804 1.233.264
Diukur pada nilai wajar melalui Fair value through
penghasilan other comprehensive
komprehensif lain income
Obligasi Pemerintah Government bonds
Kurang dari 1 tahun 6.532.070 3.220.709 Less than 1 year
1 - 5 tahun 10.285.400 10.652.125 1 - 5 years
5 - 10 tahun 4.194.721 9.280.581 5 - 10 years
Lebih dari 10 tahun 1.100.938 1.361.965 Over 10 years
22.113.129 24.515.380
Diukur pada biaya perolehan
diamortisasi At amortised cost
Obligasi Pemerintah Government bonds
Kurang dari 1 tahun 5.895.471 621.045 Less than 1 year
1 - 5 tahun 17.150.284 10.782.117 1 - 5 years
5 - 10 tahun 2.689.256 13.750.965 5 - 10 years
Lebih dari 10 tahun 225.814 265.993 Over 10 years
25.960.825 25.420.120
Diukur pada biaya perolehan At cost
Obligasi Pemerintah Government bonds
Kurang dari 1 tahun - 142.355 Less than 1 year
1 - 5 tahun 919.974 291.225 1 - 5 years
5 - 10 tahun 87.003 - 5 - 10 years
1.006.977 433.580
Total (Catatan 62.B.(iv)) 51.270.735 51.602.344 Total (Note 62.B.(iv))
292.817.548 287.272.659
*) *)
Investasi pada unit-link adalah investasi yang dimiliki oleh pemegang Investments in unit-link contracts are investments owned by
polis pada kontrak unit-link Entitas Anak yang disajikan sebesar nilai policyholders of Subsidiary’s unit-link contracts which are presented at
wajar. fair value.
186
1134 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1137
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
8. OBLIGASI PEMERINTAH (lanjutan) 8. GOVERNMENT BONDS (continued)
b. Berdasarkan jenis b. By type
31 Desember 2025/31 December 2025
Nominal/
biaya Tingkat
perolehan/ suku
biaya bunga
perolehan per Frekuensi
diamortisasi/ tahun/ pembayaran
Nominal/ Interest Tanggal bunga/
cost rates jatuh tempo/ Frequency of
amortised per Nilai wajar/ Maturity interest
cost annum Fair value dates payment
Rupiah Rupiah
Diukur pada nilai wajar Fair value through
melalui laba rugi **) profit or loss **)
Obligasi Pemerintah Government bonds
4,88% - 15/02/2026 - 1 dan 6 bulan/
Obligasi suku bunga tetap 17.479.197 10,50% 18.100.155 15/07/2064 1 and 6 months Fixed rate bonds
Investasi pada unit-link*) Investments in unit-link contracts*)
4,88% - 15/02/2026 - 1 dan 6 bulan/
Obligasi suku bunga tetap 13.397.521 10,50% 13.397.521 15/07/2064 1 and 6 months Fixed rate bonds
Diukur pada nilai wajar Fair value through
melalui penghasilan other comprehensive
komprehensif lain **) income**)
Obligasi Pemerintah Government bonds
4,63% - 15/02/2026 - 1 dan 6 bulan/
Obligasi suku bunga tetap 80.038.729 12,00% 83.921.220 15/07/2064 1 and 6 months Fixed rate bonds
Mata uang asing Foreign currencies
Diukur pada nilai wajar Fair value through
melalui laba rugi profit or loss
Obligasi Pemerintah Government bonds
0,99% - 08/01/2026 -
Obligasi suku bunga tetap 1.304.522 5,95% 1.307.681 12/03/2071 6 bulan/6 months Fixed rate bonds
Investasi pada unit-link*) Investments in unit-link contracts*)
1,50% - 29/03/2026 - 1 dan 6 bulan/
Obligasi suku bunga tetap 882.123 8,50% 882.123 15/04/2070 1 and 6 months Fixed rate bonds
Diukur pada nilai wajar Fair value through
melalui penghasilan other comprehensive
komprehensif lain income
Obligasi Pemerintah Government bonds
1,00% - 08/01/2026 -
Obligasi suku bunga tetap 23.076.774 8,50% 22.113.129 20/09/2052 6 bulan/6 months Fixed rate bonds
31 Desember 2025/31 December 2025
Nominal/
biaya
perolehan/
biaya
perolehan Frekuensi
diamortisasi/ Tingkat pembayaran
Nominal/ suku bunga Tanggal bunga/
cost/ per tahun/ jatuh tempo/ Frequency of
amortised Interest rates Maturity interest
cost per annum dates payment
Rupiah Rupiah
Diukur pada biaya perolehan
diamortisasi **) At amortised cost**)
Obligasi Pemerintah Government bonds
5,13% - 15/02/2026 - 1 dan 6 bulan/
Obligasi suku bunga tetap 111.946.950 12,00% 15/06/2042 1 and 6 months Fixed rate bonds
Diukur pada biaya perolehan*) At cost*)
Obligasi Pemerintah Government bonds
4,88% - 15/07/2026 - 1 dan 6 bulan/
Obligasi suku bunga tetap 14.180.967 10,25% 15/04/2043 1 and 6 months Fixed rate bonds
Mata uang asing Foreign currencies
Diukur pada biaya perolehan
diamortisasi At amortised cost
Obligasi Pemerintah Government bonds
1,50% - 08/01/2026 - 6 bulan/
Obligasi suku bunga tetap 25.960.825 6,62% 17/02/2037 6 months Fixed rate bonds
Diukur pada biaya perolehan At cost
Obligasi Pemerintah Government bonds
2,80% - 29/03/2027 - 6 bulan/
Obligasi suku bunga tetap 1.006.977 5,60% 15/11/2033 6 months Fixed rate bonds
*) *)
Obligasi Pemerintah yang dimiliki Entitas Anak yang diklasifikasikan Government bonds owned by Subsidiary are classified based on SFAS
sesuai dengan PSAK 410 “Akuntansi Sukuk”. 410 “Accounting for Sukuk”.
**) **)
Termasuk project based sukuk dan sukuk ritel. Including project-based sukuk and retail sukuk.
187
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1135
Page 1138
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
8. OBLIGASI PEMERINTAH (lanjutan) 8. GOVERNMENT BONDS (continued)
b. Berdasarkan jenis (lanjutan) b. By type (continued)
31 Desember 2024/31 December 2024
Nominal/
biaya Tingkat
perolehan/ suku
biaya bunga
perolehan per Frekuensi
diamortisasi/ tahun/ pembayaran
Nominal/ Interest Tanggal bunga/
cost rates jatuh tempo/ Frequency of
amortised per Nilai wajar/ Maturity interest
cost annum Fair value dates payment
Rupiah Rupiah
Diukur pada nilai wajar Fair value through
melalui laba rugi **) profit or loss **)
Obligasi Pemerintah Government bonds
4,88% - 15/01/2025 - 1 dan 6 bulan/
Obligasi suku bunga tetap 17.166.342 12,00% 17.205.878 15/07/2064 1 and 6 months Fixed rate bonds
Obligasi suku bunga mengambang 116.437 6,04% 117.689 25/04/2025 3 bulan/3 months Floating rate bonds
17.282.779 17.323.567
Investasi pada unit-link*) Investments in unit-link contracts*)
4,88% - 16/01/2025 - 1 dan 6 bulan/
Obligasi suku bunga tetap 11.053.335 11,00% 11.053.335 15/07/2064 1 and 6 months Fixed rate bonds
Diukur pada nilai wajar Fair value through
melalui penghasilan other comprehensive
komprehensif lain **) income**)
Obligasi Pemerintah Government bonds
4,88% - 15/06/2025 - 1 dan 6 bulan/
Obligasi suku bunga tetap 56.952.345 11,00% 57.550.290 15/07/2054 1 and 6 months Fixed rate bonds
Mata uang asing Foreign currencies
Diukur pada nilai wajar Fair value through
melalui laba rugi profit or loss
Obligasi Pemerintah Government bonds
1,50% - 15/01/2025 -
Obligasi suku bunga tetap 436.203 5,40% 437.838 12/03/2071 6 bulan/6 months Fixed rate bonds
Investasi pada unit-link*) Investments in unit-link contracts*)
1,50% - 08/01/2026 - 1 dan 6 bulan/
Obligasi suku bunga tetap 795.426 8,50% 795.426 12/03/2071 1 and 6 months Fixed rate bonds
Diukur pada nilai wajar Fair value through
melalui penghasilan other comprehensive
komprehensif lain income
Obligasi Pemerintah Government bonds
1,00% - 15/01/2025 -
Obligasi suku bunga tetap 26.352.330 8,50% 24.515.380 20/09/2052 6 bulan/6 months Fixed rate bonds
31 Desember 2024/ 31 December 2024
Nominal/
biaya
perolehan/
biaya
perolehan Frekuensi
diamortisasi/ Tingkat pembayaran
Nominal/ suku bunga Tanggal bunga/
cost/ per tahun/ jatuh tempo/ Frequency of
amortised Interest rates Maturity interest
cost per annum Dates payment
Rupiah Rupiah
Diukur pada biaya perolehan
diamortisasi **) At amortised cost**)
Obligasi Pemerintah Government bonds
4,90% - 15/02/2025 - 1 dan 6 bulan/
Obligasi suku bunga tetap 127.615.750 12,00% 15/06/2042 1 and 6 months Fixed rate bonds
Diukur pada biaya perolehan*) At cost*)
Obligasi Pemerintah Government bonds
4,88% - 10/03/2025 - 1 dan 6 bulan/
Obligasi suku bunga tetap 22.127.373 10,25% 15/04/2043 1 and 6 months Fixed rate bonds
Mata uang asing Foreign currencies
Diukur pada biaya perolehan
diamortisasi At amortised cost
Obligasi Pemerintah Government bonds
1,50% - 15/01/2025 -
Obligasi suku bunga tetap 25.420.120 8,50% 17/02/2037 6 bulan/6 months Fixed rate bonds
Diukur pada biaya perolehan At cost
Obligasi Pemerintah Government bonds
2,30% - 28/05/2025 -
Obligasi suku bunga tetap 433.580 5,10% 02/07/2029 6 bulan/6 months Fixed rate bonds
*) *)
Obligasi Pemerintah yang dimiliki Entitas Anak yang diklasifikasikan Government bonds owned by Subsidiary are classified based on SFAS
sesuai dengan PSAK 410 “Akuntansi Sukuk”. 410 “Accounting for Sukuk”.
**) **)
Termasuk project based sukuk dan sukuk ritel. Including project-based sukuk and retail sukuk.
188
1136 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1139
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
8. OBLIGASI PEMERINTAH (lanjutan) 8. GOVERNMENT BONDS (continued)
c. Informasi lain c. Other information
Pada tanggal 31 Desember 2025, Obligasi As of 31 December 2025, Government Bonds with
Pemerintah dengan jumlah nominal total nominal amount of USD1,999,683,530
USD1.999.683.530 (nilai penuh) dan Rp1.694.832 (full amount) and Rp1,694,832 (31 December 2024:
(31 Desember 2024: USD1.986.816.063 (nilai USD1,986,816,063 (full amount) and
penuh) dan Rp54.608.607) telah dijual dengan Rp54,608,607) were sold under repurchase
janji untuk dibeli kembali. agreements.
9. TAGIHAN LAINNYA - TRANSAKSI PERDAGANGAN 9. OTHER RECEIVABLES - TRADE TRANSACTIONS
a. Berdasarkan jenis, mata uang, pihak berelasi dan a. By type, currency, related parties and third parties:
pihak ketiga:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Pihak berelasi (Catatan 56) Related parties (Note 56)
Usance L/C payable at sight 187.079 27.357 Usance L/C payable at sight
Tagihan Supplier Chain Supplier Chain Financing
Financing 1.587.656 1.032.497 receivables
Lain-lain 4.911.737 5.732.699 Others
6.686.472 6.792.553
Pihak ketiga Third parties
Usance L/C payable at sight 1.145.802 1.392.760 Usance L/C payable at sight
Tagihan Supplier Chain Supplier Chain Financing
Financing 1.170.767 2.617.762 receivables
Lain-lain 10.078.856 7.385.805 Others
12.395.425 11.396.327
Total Rupiah 19.081.897 18.188.880 Total Rupiah
Mata uang asing Foreign currencies
Pihak berelasi (Catatan 56) Related parties (Note 56)
Usance L/C payable at sight 183.354 253.013 Usance L/C payable at sight
Lain-lain 10.831 9.101 Others
194.185 262.114
Pihak ketiga Third parties
Usance L/C payable at sight 3.363.228 4.157.038 Usance L/C payable at sight
Lain-lain 9.432.801 7.366.085 Others
12.796.029 11.523.123
Total mata uang asing Total foreign currencies
(Catatan 62.B.(iv)) 12.990.214 11.785.237 (Note 62.B.(iv))
32.072.111 29.974.117
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (1.432.270) (1.422.889) impairment losses
Neto 30.639.841 28.551.228 Net
189
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1137
Page 1140
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
9. TAGIHAN LAINNYA - TRANSAKSI PERDAGANGAN 9. OTHER RECEIVABLES - TRADE TRANSACTIONS
(lanjutan) (continued)
a. Berdasarkan jenis, mata uang, pihak berelasi dan a. By type, currency, related parties and third parties:
pihak ketiga: (lanjutan) (continued)
Berikut adalah perubahan nilai tercatat tagihan Movements in carrying amount of other receivables
lainnya - transaksi perdagangan dengan - trade transactions classified as at amortised cost
klasifikasi biaya perolehan diamortisasi upon stages are as follows:
berdasarkan stage:
31 Desember 2025/31 December 2025
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Biaya perolehan diamortisasi At amortised cost
Saldo awal 28.061.104 258.714 1.291.449 362.850 29.974.117 Beginning balance
Pengukuran kembali bersih Remeasurement of net
nilai tercatat (1.101.105) 288 39.599 1.411.296 350.078 carrying amount
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 54.286.815 153.750 107.126 - 54.547.691 purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (53.027.035) (360.129) (125.407) - (53.512.571) derecognised
Total penambahan/(penurunan) Total increase/(decrease)
tahun berjalan 158.675 (206.091) 21.318 1.411.296 1.385.198 during the year
Lain-lain**) 717.151 4.026 (8.381) - 712.796 Others**)
Saldo akhir 28.936.930 56.649 1.304.386 1.774.146 32.072.111 Ending balance
31 Desember 2024/31 December 2024
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Biaya perolehan diamortisasi At amortised cost
Saldo awal 24.050.317 505.710 1.215.601 272.925 26.044.553 Beginning balance
Pengukuran kembali bersih Remeasurement of net
nilai tercatat (713.833) 2.614 48.491 89.925 (572.803) carrying amount
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 73.141.732 941.721 27.357 - 74.110.810 purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (67.841.522) (1.191.331) (7.675) - (69.040.528) derecognised
Total penambahan/(penurunan) Total increase/(decrease)
tahun berjalan 4.586.377 (246.996) 68.173 89.925 4.497.479 during the year
Lain-lain**) (575.590) - 7.675 - (567.915) Others**)
Saldo akhir 28.061.104 258.714 1.291.449 362.850 29.974.117 Ending balance
*) *)
Tidak menerapkan PSAK 109. Not implement SFAS 109.
**) **)
Termasuk selisih kurs karena penjabaran mata uang asing. Included effect of foreign currency translation.
b. Berdasarkan jatuh tempo: b. By maturity:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Kurang dari 1 bulan 4.502.047 3.434.348 Less than 1 month
1 - 3 bulan 8.680.801 5.358.154 1 - 3 months
3 - 6 bulan 5.213.259 8.486.545 3 - 6 months
6 - 12 bulan 496.417 720.460 6 - 12 months
Lebih dari 12 bulan 189.373 189.373 Over 12 months
Total Rupiah 19.081.897 18.188.880 Total Rupiah
190
1138 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1141
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
9. TAGIHAN LAINNYA - TRANSAKSI PERDAGANGAN 9. OTHER RECEIVABLES - TRADE TRANSACTIONS
(lanjutan) (continued)
b. Berdasarkan jatuh tempo: b. By maturity:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Mata uang asing Foreign currencies
Kurang dari 1 bulan 1.550.722 2.789.687 Less than 1 month
1 - 3 bulan 3.828.714 5.593.913 1 - 3 months
3 - 6 bulan 6.363.729 2.200.802 3 - 6 months
Lebih dari 12 bulan 1.247.049 1.200.835 Over 12 months
Total mata uang asing Total foreign currencies
(Catatan 62.B.(iv)) 12.990.214 11.785.237 (Note 62.B.(iv))
32.072.111 29.974.117
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (1.432.270) (1.422.889) impairment losses
Neto 30.639.841 28.551.228 Net
c. Mutasi cadangan kerugian penurunan nilai c. Movements of allowance for impairment losses on
tagihan lainnya - transaksi perdagangan: other receivables - trade transactions:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Saldo awal tahun 1.422.889 1.494.653 Beginning balance
Pembalikan selama Reversal during
tahun berjalan (Catatan 46) (32.691) (125.378) the year (Note 46)
Lain-lain*) 42.072 53.614 Others*)
Saldo akhir 1.432.270 1.422.889 Ending balance
*) *)
Termasuk selisih kurs karena penjabaran mata uang asing. Included effect of foreign currency translation.
Informasi mengenai pengelompokan berdasarkan Information in respect of classification of
kelompok “tidak mengalami penurunan nilai” dan “non-impaired” and “impaired” from sharia
“mengalami penurunan nilai” untuk aset keuangan Subsidiary are disclosed in Note 62A.
dari Entitas Anak syariah diungkapkan pada
Catatan 62A.
31 Desember 2025/31 December 2025
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Saldo awal 43.858 68.290 1.264.119 46.622 1.422.889 Beginning balance
Pengukuran kembali bersih Net remeasurement of
penyisihan kerugian (21.794) (720) 302 14.113 (8.099) losses allowance
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 85.284 52.333 107 - 137.724 purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (62.719) (99.463) (134) - (162.316) derecognised
Total pembentukan/ Total allowance/
(pembalikan) (reversal)
tahun berjalan 771 (47.850) 275 14.113 (32.691) during the year
Lain-lain**) 1.425 655 39.992 - 42.072 Others**)
Saldo akhir 46.054 21.095 1.304.386 60.735 1.432.270 Ending balance
*) *)
Tidak menerapkan PSAK 109. Not implement SFAS 109.
**) **)
Termasuk selisih kurs karena penjabaran mata uang asing. Included effect of foreign currencies translation.
191
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1139
Page 1142
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
9. TAGIHAN LAINNYA - TRANSAKSI PERDAGANGAN 9. OTHER RECEIVABLES - TRADE TRANSACTIONS
(lanjutan) (continued)
c. Mutasi cadangan kerugian penurunan nilai c. Movements of allowance for impairment losses on
tagihan lainnya - transaksi perdagangan: other receivables - trade transactions: (continued)
(lanjutan)
31 Desember 2024/31 December 2024
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Saldo awal 54.692 178.637 1.215.601 45.723 1.494.653 Beginning balance
Pengukuran kembali bersih Net remeasurement of
penyisihan kerugian**) (22.340) (240) (367) 899 (22.048) losses allowance**)
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 88.214 362.074 27 - 450.315 purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (78.423) (475.214) (8) - (553.645) derecognised
Total pembalikan/ Total reversal/
(pembentukan) (allowance)
tahun berjalan (12.549) (113.380) (348) 899 (125.378) during the year
Lain-lain***) 1.715 3.033 48.866 - 53.614 Others***)
Saldo akhir 43.858 68.290 1.264.119 46.622 1.422.889 Ending balance
*) *)
Tidak menerapkan PSAK 109. Not implement SFAS 109.
**) ***)
Termasuk selisih kurs karena penjabaran mata uang asing. Included effect of foreign currencies translation.
Manajemen berpendapat bahwa jumlah cadangan Management believes that the allowance for
kerugian penurunan nilai tagihan lainnya - impairment losses on other receivables - trade
transaksi perdagangan telah memadai. transactions is adequate.
d. Berdasarkan kolektibilitas sesuai POJK: d. By collectability based on FSA regulation:
Kolektibilitas tagihan lainnya - transaksi Collectability of other receivables - trade
perdagangan sesuai POJK diungkapkan pada transactions in accordance with FSA regulation are
Catatan 65. disclosed in Note 65.
10. TAGIHAN ATAS EFEK-EFEK YANG DIBELI 10. SECURITIES PURCHASED UNDER AGREEMENTS
DENGAN JANJI DIJUAL KEMBALI TO RESELL
a. Tagihan atas efek-efek yang dibeli dengan janji a. Securities purchased under agreements to resell
dijual kembali
31 Desember 2025/31 December 2025
Rentang
Rentang tanggal Pendapatan
tanggal jatuh tempo/ Nilai jual bunga belum Nilai
dimulai/ Range of kembali/ direalisasi/ neto/
Range of maturity Resale Unamortised Carrying
Transaksi start date date amount interest amount Transactions
Pihak berelasi Related parties
Rupiah Rupiah
Bank lain Other banks
Obligasi pemerintah 19/12/2025 02/01/2026 52.249 7 52.242 Government bonds
Pihak ketiga Third parties
Rupiah Rupiah
Bank Indonesia Bank Indonesia
Obligasi pemerintah 26/11/2025 06/01/2026 Government bonds
- 31/12/2025 - 25/02/2026 1.146.325 1.018 1.145.307
Bank lain Others banks
Obligasi pemerintah 03/12/2025 02/01/2026 Government bonds
- 30/12/2025 - 26/01/2026 2.590.073 1.237 2.588.836
Perorangan
Saham 06/03/2025 05/01/2026 Individual
- 30/12/2025 - 26/06/2026 117.475 83 117.392 Shares
3.853.873 2.338 3.851.535
Total 3.906.122 2.345 3.903.777 Total
192
1140 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1143
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
10. TAGIHAN ATAS EFEK-EFEK YANG DIBELI 10. SECURITIES PURCHASED UNDER AGREEMENTS
DENGAN JANJI DIJUAL KEMBALI TO RESELL
a. Tagihan atas efek-efek yang dibeli dengan janji a. Securities purchased under agreements to resell
dijual kembali (lanjutan) (continued)
31 Desember 2024/31 December 2024
Rentang
Rentang tanggal Pendapatan
tanggal jatuh tempo/ Nilai jual bunga belum Nilai
dimulai/ Range of kembali/ direalisasi/ neto/
Range of maturity Resale Unamortised Carrying
Jenis efek start date date amount interest amount Transactions
Pihak berelasi Related parties
Rupiah Rupiah
Bank lain Other banks
Obligasi pemerintah 19/12/2024 02/01/2025 4.614 1 4.613 Government bonds
Pihak ketiga Third parties
Rupiah Rupiah
Bank Indonesia Bank Indonesia
Obligasi pemerintah 28/11/2024 03/01/2025 Government bonds
- 30/12/2024 - 25/03/2025 1.336.635 1.563 1.335.072
Bank lain Other banks
Obligasi pemerintah 04/12/2024 02/01/2025 Government bonds
- 30/12/2024 - 30/01/2025 6.889.838 12.931 6.876.907
Perorangan Individual
Saham 31/07/2024 24/01/2025 Shares
- 30/12/2024 - 27/06/2025 73.594 48 73.546
8.300.067 14.542 8.285.525
Total 8.304.681 14.543 8.290.138 Total
b. Berikut adalah perubahan nilai tercatat tagihan b. Changes in carrying amount of securities
atas efek-efek yang dibeli dengan janji dijual purchased under agreements to resell classified as
kembali dengan klasifikasi biaya perolehan amortised cost upon stage 1:
diamortisasi yang seluruhnya adalah klasifikasi
stage 1:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Biaya perolehan diamortisasi At amortised cost
Saldo awal 8.290.138 22.692.928 Beginning balance
Aset keuangan yang baru dibeli 25.030.362 30.845.569 New purchased financial assets
Aset keuangan yang jatuh tempo
atau dijual (29.416.723) (45.248.359) Matured or sold financial assets
Saldo akhir 3.903.777 8.290.138 Ending balance
c. Pada tanggal 31 Desember 2025 dan 2024, tidak c. As of 31 December 2025 and 2024, there was no
terdapat penurunan nilai sehingga cadangan impairment therefore the allowance for impairment
kerugian penurunan nilai tagihan atas efek-efek losses on securities purchased under agreements to
yang dibeli dengan janji dijual kembali tidak resell was not provided.
dibentuk.
d. Berdasarkan kolektibilitas sesuai POJK: d. By collectability based on FSA regulation:
Kolektibilitas tagihan atas efek-efek yang dibeli Collectability of securities purchased under
dengan janji dijual kembali sesuai POJK agreements to resell in accordance with FSA
diungkapkan pada Catatan 65. regulation are disclosed in Note 65.
193
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1141
Page 1144
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
11. TAGIHAN DAN LIABILITAS DERIVATIF 11. DERIVATIVE RECEIVABLES AND PAYABLES
Ikhtisar transaksi derivatif adalah sebagai berikut: Summary of derivative transactions is as follows:
31 Desember 2025/31 December 2025
Nilai wajar/Fair value
Nilai kontrak
(absolut setara
Rupiah)/
Notional
amount Tagihan Liabilitas
(absolute derivatif/ derivatif/
Rupiah Derivative Derivative
Transaksi equivalent) receivables payables Transactions
Pihak berelasi (Catatan 56) Related parties (Note 56)
Terkait nilai tukar Foreign currencies related
Kontrak berjangka - beli Forward - buy
Dolar Amerika Serikat 874.635 9.580 166 United States Dollar
Lain-lain 21.695 - 253 Others
Kontrak berjangka - jual Forward - sell
Dolar Amerika Serikat 29.420.840 89.540 17.229 United States Dollar
Swap - beli Swap - buy
Dolar Amerika Serikat 13.152.040 24.240 33.323 United States Dollar
Swap - jual Swap - sell
Dolar Amerika Serikat 5.330.970 22.991 3.299 United States Dollar
Option - beli Option - buy
Dolar Amerika Serikat 44.605.625 2.727.715 - United States Dollar
Lain-lain 570.000 155.912 - Others
Option - jual Option - sell
Dolar Amerika Serikat 44.605.625 - 2.413.567 United States Dollar
Terkait suku bunga Interest rate related
Swap - suku bunga Swap - interest rate
Lain-lain 20.000 2 - Others
Total pihak berelasi 3.029.980 2.467.837 Total related parties
Pihak ketiga Third parties
Terkait nilai tukar Foreign currencies related
Kontrak berjangka - beli Forward - buy
Dolar Amerika Serikat 19.270.869 29.376 55.399 United States Dollar
Lain-lain 7.042.613 10.092 55.302 Others
Kontrak berjangka - jual Forward - sell
Dolar Amerika Serikat 3.211.410 8.417 8.216 United States Dollar
Lain-lain 164.298 245 1.832 Others
Swap - beli Swap - buy
Dolar Amerika Serikat 75.510.902 183.993 197.159 United States Dollar
Lain-lain 1.202.679 6.526 5.090 Others
Swap - jual Swap - sell
Dolar Amerika Serikat 77.813.629 185.834 163.430 United States Dollar
Lain-lain 6.751.612 8.721 9.771 Others
Option - beli Option - buy
Dolar Amerika Serikat 45.345.301 2.508.841 55 United States Dollar
Lain-lain 1.640.016 409 6.200 Others
Option - jual Option - sell
Dolar Amerika Serikat 46.014.663 1.190 2.807.923 United States Dollar
Lain-lain 166.750 504 - Others
Terkait suku bunga Interest rate related
Swap - suku bunga Swap - interest rate
Dolar Amerika Serikat 26.050.838 345.029 287.794 United States Dollar
Lain-lain 30.171.473 956.860 772.445 Others
Bond forward - beli Bond forward - buy
Lain-lain 4.625.000 1.658 3.168 Others
Total pihak ketiga 4.247.695 4.373.784 Total third parties
Total 7.277.675 6.841.621 Total
194
1142 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1145
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
11. TAGIHAN DAN LIABILITAS DERIVATIF (lanjutan) 11. DERIVATIVE RECEIVABLES AND PAYABLES
(continued)
Ikhtisar transaksi derivatif adalah sebagai berikut: Summary of derivative transactions is as follows:
(lanjutan) (continued)
31 Desember 2024/31 December 2024
Nilai wajar/Fair value
Nilai kontrak
(absolut setara
Rupiah)/
Notional
amount Tagihan Liabilitas
(absolute derivatif/ derivatif/
Rupiah Derivative Derivative
Transaksi equivalent) receivables payables Transactions
Pihak berelasi (Catatan 56) Related parties (Note 56)
Terkait nilai tukar Foreign currencies related
Kontrak berjangka - beli Forward - buy
Dolar Amerika Serikat 642.915 3.407 2.179 United States Dollar
Kontrak berjangka - jual Forward - sell
Dolar Amerika Serikat 17.607.910 80.799 147.628 United States Dollar
Swap - beli Swap - buy
Dolar Amerika Serikat 3.750.222 21.744 12.457 United States Dollar
Swap - jual Swap - sell
Dolar Amerika Serikat 5.368.475 14.872 47.810 United States Dollar
Option - beli Option - buy
Dolar Amerika Serikat 37.420.875 2.671.196 - United States Dollar
Lain-lain 570.000 156.977 - Others
Option - jual Option - sell
Dolar Amerika Serikat 37.420.875 - 1.923.430 United States Dollar
Total pihak berelasi 2.948.995 2.133.504 Total related parties
Pihak ketiga Third parties
Terkait nilai tukar Foreign currencies related
Kontrak berjangka - beli Forward - buy
Dolar Amerika Serikat 39.755.137 397.798 109.406 United States Dollar
Lain-lain 5.741.043 30.333 81.928 Others
Kontrak berjangka - jual Forward - sell
Dolar Amerika Serikat 5.058.184 15.569 39.642 United States Dollar
Lain-lain 268.758 2.757 96 Others
Swap - beli Swap - buy
Dolar Amerika Serikat 70.295.306 542.780 301.752 United States Dollar
Lain-lain 1.504.351 4.784 16.190 Others
Swap - jual Swap - sell
Dolar Amerika Serikat 74.831.830 309.055 700.374 United States Dollar
Lain-lain 607.985 28.356 16.595 Others
Option - beli Option - buy
Dolar Amerika Serikat 38.121.008 2.021.158 - United States Dollar
Option - jual Option - sell
Dolar Amerika Serikat 38.121.008 - 2.731.496 United States Dollar
Terkait suku bunga Interest rate related
Swap - suku bunga Swap - interest rate
Dolar Amerika Serikat 33.205.257 497.518 411.091 United States Dollar
Lain-lain 30.258.157 961.457 785.848 Others
Bond forward - beli Bond forward - buy
Lain-lain 7.400.000 948 9.076 Others
Total pihak ketiga 4.812.513 5.203.494 Total third parties
Total 7.761.508 7.336.998 Total
Pada tanggal 31 Desember 2025 dan 2024, Entitas As of 31 December 2025 and 2024, the Subsidiary had
Anak memiliki kontrak swap nilai tukar dan suku bunga cross currency and interest rate swap contracts which
yang memenuhi kriteria dan berlaku efektif sebagai meet the criteria and effectively applied as cashflow
lindung nilai arus kas. Keuntungan/kerugian atas hedge. The gain/loss from fair value changes related to
perubahan nilai wajar sehubungan dengan bagian effective portion of cashflow hedge are recognised as
efektif dari arus kas lindung nilai diakui sebagai other comprehensive income.
penghasilan komprehensif lain.
195
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1143
Page 1146
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
12. KREDIT YANG DIBERIKAN DAN 12. LOANS AND SHARIA RECEIVABLES/FINANCING
PIUTANG/PEMBIAYAAN SYARIAH
A. Kredit yang diberikan dan piutang/pembiayaan A. Details of loans and sharia receivables/financing:
syariah terdiri atas:
a. Berdasarkan jenis mata uang, pihak berelasi a. By currency, related parties and third parties:
dan pihak ketiga:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Pihak berelasi (Catatan 56) 297.885.131 216.385.695 Related parties (Note 56)
Pihak ketiga*) 1.214.784.388 1.121.450.363 Third parties*)
Total 1.512.669.519 1.337.836.058 Total
Mata uang asing Foreign currencies
Pihak berelasi (Catatan 56) 104.962.448 75.249.405 Related parties (Note 56)
Pihak ketiga**) 232.335.989 210.131.149 Third parties**)
Total (Catatan 62.B.(iv)) 337.298.437 285.380.554 Total (Note 62.B.(iv))
1.849.967.956 1.623.216.612
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (48.033.747) (49.354.645) impairment losses
Neto 1.801.934.209 1.573.861.967 Net
*) *)
Termasuk kredit yang diukur pada nilai wajar melalui Including loans measured at fair value through other
penghasilan komprehensif lain, berdasarkan kategori “pihak comprehensive income, on the “third party” category in Rupiah
ketiga” pada mata uang Rupiah pada tanggal 31 Desember currency as of 31 December 2025 and 2024 amounted to
2025 dan 2024 adalah masing-masing sebesar Rp3.348.232 Rp3,348,232 and Rp3,866,423, respectively.
dan Rp3.866.423.
**) **)
Termasuk kredit yang diukur pada nilai wajar melalui Including loans measured at fair value through other
penghasilan komprehensif lain, berdasarkan kategori “pihak comprehensive income, on the “third party” category in foreign
ketiga” pada mata uang asing pada tanggal 31 Desember 2025 currencies as of 31 December 2025 and 2024 amounted to
dan 2024 adalah masing-masing sebesar Rp3.938.796 dan Rp3,938,796 and Rp1,596,428, respectively.
Rp1.596.428.
b. Berdasarkan jangka waktu: b. By period:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Kurang dari 1 tahun 150.020.930 174.388.303 Less than 1 year
1 - 2 tahun 113.978.655 84.439.945 1 - 2 years
2 - 5 tahun 262.847.434 270.990.215 2 - 5 years
Lebih dari 5 tahun*) 985.822.500 808.017.595 Over 5 years*)
Total 1.512.669.519 1.337.836.058 Total
*) *)
Termasuk kredit yang diukur pada nilai wajar melalui Including loans measured at fair value through other
penghasilan komprehensif lain, berdasarkan kategori “lebih comprehensive income, on the “over 5 years” category in Rupiah
dari 5 tahun” pada mata uang Rupiah pada tanggal currency as of 31 December 2025 and 2024 amounted to
31 Desember 2025 dan 2024 adalah masing-masing sebesar Rp3,348,232 and Rp3,866,423, respectively.
Rp3.348.232 dan Rp3.866.423.
196
1144 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1147
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
12. KREDIT YANG DIBERIKAN DAN 12. LOANS AND SHARIA RECEIVABLES/FINANCING
PIUTANG/PEMBIAYAAN SYARIAH (lanjutan) (continued)
A. Kredit yang diberikan dan piutang/pembiayaan A. Details of loans and sharia receivables/financing:
syariah terdiri atas: (lanjutan) (continued)
b. Berdasarkan jangka waktu: (lanjutan) b. By period: (continued)
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Mata uang asing Foreign currencies
Kurang dari 1 tahun 22.521.989 17.080.222 Less than 1 year
1 - 2 tahun 19.167.195 19.656.009 1 - 2 years
2 - 5 tahun 50.452.118 57.070.720 2 - 5 years
Lebih dari 5 tahun**) 245.157.135 191.573.603 Over 5 years**)
Total (Catatan 62.B.(iv)) 337.298.437 285.380.554 Total (Note 62.B.(iv))
1.849.967.956 1.623.216.612
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (48.033.747) (49.354.645 ) impairment losses
Neto 1.801.934.209 1.573.861.967 Net
**) **)
Termasuk kredit yang diukur pada nilai wajar melalui Including loans measured at fair value through other
penghasilan komprehensif lain, berdasarkan kategori “lebih dari comprehensive income, on the “over 5 years” category in foreign
5 tahun” pada mata uang asing pada tanggal 31 Desember 2025 currencies as of 31 December 2025 and 2024 amounted to
dan 2024 adalah masing-masing sebesar Rp3.938.796 dan Rp3,938,796 and Rp1,596,428, respectively.
Rp1.596.428.
c. Berdasarkan PSAK 109: c. Based on SFAS 109:
Berikut adalah perubahan nilai tercatat kredit Movements in carrying amount of loans and
yang diberikan dan piutang/pembiayaan sharia receivables/financing classified as
syariah dengan klasifikasi biaya perolehan amortised cost by stage are as follows:
diamortisasi berdasarkan stage:
31 Desember 2025/31 December 2025
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Biaya perolehan
diamortisasi At amortised cost
Saldo awal 1.236.150.489 85.611.593 20.821.053 275.170.626 1.617.753.761 Beginning balance
Transfer ke/(dari) stage 1 24.949.676 (24.547.768) (401.908) - - Transfer to/(from) stage 1
Transfer ke/(dari) stage 2 (27.265.227) 28.708.161 (1.442.934) - - Transfer to/(from) stage 2
Transfer ke/(dari) stage 3 (2.500.533) (9.984.609) 12.485.142 - - Transfer to/(from) stage 3
Total saldo awal setelah Total beginning balance
pengalihan 1.231.334.405 79.787.377 31.461.353 275.170.626 1.617.753.761 after transfer
Pengukuran kembali Remeasurement of net
bersih nilai tercatat**) (66.951.758) (5.180.663) (1.637.362) - (73.769.783) carrying amount**)
Aset keuangan baru New financial assets
yang diterbitkan originated or
atau dibeli 735.628.004 4.798.550 324.927 190.067.749 930.819.230 purchased
Aset keuangan yang
dihentikan Financial assets
pengakuannya (469.139.662) (4.968.213) (908.422) (147.810.638) (622.826.935) derecognised
Aset keuangan yang Written-off financial
dihapusbuku (114.261) (174.408) (6.390.104) (2.616.572) (9.295.345) assets
Total penambahan/ Total increase/
(penurunan) (decrease)
tahun berjalan 199.422.323 (5.524.734) (8.610.961) 39.640.539 224.927.167 during the year
Saldo akhir 1.430.756.728 74.262.643 22.850.392 314.811.165 1.842.680.928 Ending balance
*) *)
Tidak menerapkan PSAK 109. Not implement SFAS 109.
**) **)
Termasuk di dalam pengukuran kembali bersih adalah Including in the net remeasurement is repayment.
pembayaran kembali.
197
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1145
Page 1148
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
12. KREDIT YANG DIBERIKAN DAN 12. LOANS AND SHARIA RECEIVABLES/FINANCING
PIUTANG/PEMBIAYAAN SYARIAH (lanjutan) (continued)
A. Kredit yang diberikan dan piutang/pembiayaan A. Details of loans and sharia receivables/financing:
syariah terdiri atas: (lanjutan) (continued)
c. Berdasarkan PSAK 109: (lanjutan) c. Based on SFAS 109: (continued)
Berikut adalah perubahan nilai tercatat kredit Movements in carrying amount of loans and
yang diberikan dan piutang/pembiayaan sharia receivables/financing classified as
syariah dengan klasifikasi biaya perolehan amortised cost by stage are as follows:
diamortisasi berdasarkan stage: (lanjutan) (continued)
31 Desember 2024/31 December 2024
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Biaya perolehan
diamortisasi At amortised cost
Saldo awal 1.009.334.884 83.643.531 26.443.195 237.907.537 1.357.329.147 Beginning balance
Transfer ke/(dari) stage 1 8.186.115 (6.187.041) (1.999.074) - - Transfer to/(from) stage 1
Transfer ke/(dari) stage 2 (22.159.046) 32.777.451 (10.618.405) - - Transfer to/(from) stage 2
Transfer ke/(dari) stage 3 (3.870.080) (20.828.571) 24.698.651 - - Transfer to/(from) stage 3
Total saldo awal setelah Total beginning balance
pengalihan 991.491.873 89.405.370 38.524.367 237.907.537 1.357.329.147 after transfer
Pengukuran kembali Remeasurement of net
bersih nilai tercatat**) (89.338.677) (5.490.119) (1.378.987) - (96.207.783) carrying amount**)
Aset keuangan baru New financial assets
yang diterbitkan originated or
atau dibeli 869.724.968 19.746.360 633.211 179.762.718 1.069.867.257 purchased
Aset keuangan yang
dihentikan (535.521.800) (17.854.445) (5.936.496) (140.176.896) (699.489.637) Financial assets
pengakuannya derecognised
Aset keuangan yang Written-off financial
dihapusbuku (205.875) (195.573) (11.021.042) (2.322.733) (13.745.223) assets
Total penambahan/ Total increase/
(penurunan) (decrease)
tahun berjalan 244.658.616 (3.793.777) (17.703.314) 37.263.089 260.424.614 during the year
Saldo akhir 1.236.150.489 85.611.593 20.821.053 275.170.626 1.617.753.761 Ending balance
*) *)
Tidak menerapkan PSAK 109. Not implement SFAS 109.
**) **)
Termasuk di dalam pengukuran kembali bersih adalah Including in the net remeasurement is repayment.
pembayaran kembali.
Berikut adalah perubahan nilai tercatat kredit Following are the changes in the carrying
yang diberikan dengan klasifikasi nilai wajar amount of loans classified as fair value through
melalui penghasilan komprehensif lain other comprehensive income (all loans
(semua kredit yang diberikan dengan classified as fair value through other
klasifikasi nilai wajar melalui penghasilan comprehensive income are stage 1):
komprehensif lain adalah stage 1):
31 Desember 2025/31 December 2025
Cadangan
kerugian
penurunan nilai*)/
Nilai tercatat/ Allowance for
Carrying impairment
amount losses*)
Nilai wajar melalui penghasilan Fair value through
komprehensif lain other comprehensive income
Saldo awal 5.462.851 82.772 Beginning balance
Pengukuran kembali 1.824.177 (51.726) Remeasurement
Saldo akhir 7.287.028 31.046 Ending balance
198
1146 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1149
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
12. KREDIT YANG DIBERIKAN DAN 12. LOANS AND SHARIA RECEIVABLES/FINANCING
PIUTANG/PEMBIAYAAN SYARIAH (lanjutan) (continued)
A. Kredit yang diberikan dan piutang/pembiayaan A. Details of loans and sharia receivables/financing:
syariah terdiri atas: (lanjutan) (continued)
c. Berdasarkan PSAK 109: (lanjutan) c. Based on SFAS 109: (continued)
Berikut adalah perubahan nilai tercatat kredit Following are the changes in the carrying
yang diberikan dengan klasifikasi nilai wajar amount of loans classified as fair value through
melalui penghasilan komprehensif lain other comprehensive income (all loans
(semua kredit yang diberikan dengan classified as fair value through other
klasifikasi nilai wajar melalui penghasilan comprehensive income are stage 1):
komprehensif lain adalah stage 1): (lanjutan) (continued)
31 Desember 2024/31 December 2024
Cadangan
kerugian
penurunan nilai*)/
Nilai tercatat/ Allowance for
Carrying impairment
amount losses*)
Nilai wajar melalui penghasilan Fair value through
komprehensif lain other comprehensive income
Saldo awal 2.503.048 11.857 Beginning balance
Pengukuran kembali 989.223 13.551 Remeasurement
Aset keuangan baru yang New financial assets originated
diterbitkan atau dibeli 3.539.764 58.160 or purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (1.569.184) (796) derecognised
Saldo akhir 5.462.851 82.772 Ending balance
*) *)
Cadangan kerugian penurunan nilai pada kredit yang diberikan Allowance for impairment losses on loans classified as fair value
dengan klasifikasi nilai wajar melalui penghasilan komprehensif through other comprehensive income is recorded in other
lain dicatat pada penghasilan komprehensif lain pada pos comprehensive income in equity, because the carrying amount
ekuitas, karena nilai tercatatnya disajikan sebesar nilai is presented at fair value in accordance with Note 2c.(H).(1).
wajarnya sesuai Catatan 2c.(H).(1).
B. Berikut adalah informasi penting lainnya B. Other significant information related to loans and
sehubungan dengan kredit yang diberikan dan sharia receivables/financing:
piutang/pembiayaan syariah:
a. Termasuk di dalam kredit yang diberikan a. Included in loans are sharia
adalah piutang/pembiayaan berdasarkan receivables/financing granted by Subsidiary
prinsip syariah yang diberikan oleh Entitas amounted to Rp314,811,165 and
Anak masing-masing sebesar Rp275,170,626 as of 31 December 2025 and
Rp314.811.165 dan Rp275.170.626 pada 2024, respectively, which consist of:
tanggal 31 Desember 2025 dan 2024, terdiri
atas:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Piutang murabahah 149.328.154 144.272.534 Murabahah receivables
Pembiayaan musyarakah dan Musyarakah and Mudharabah
Mudharabah 147.761.083 117.124.297 financing
Pembiayaan syariah lainnya Other sharia financing
(termasuk pinjaman qardh) 17.721.928 13.773.795 (including funds of qardh)
Total 314.811.165 275.170.626 Total
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (10.967.932) (10.273.223) impairment losses
Neto 303.843.233 264.897.403 Net
199
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1147
Page 1150
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
12. KREDIT YANG DIBERIKAN DAN 12. LOANS AND SHARIA RECEIVABLES/FINANCING
PIUTANG/PEMBIAYAAN SYARIAH (lanjutan) (continued)
B. Berikut adalah informasi penting lainnya B. Other significant information related to loans and
sehubungan dengan kredit yang diberikan dan sharia receivables/financing: (continued)
piutang/pembiayaan syariah: (lanjutan)
b. Tingkat suku bunga rata-rata (yield) dan b. Average interest rates (yield) and range of profit
kisaran bagi hasil per tahun adalah sebagai sharing per annum are as follows:
berikut:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Tingkat suku bunga rata-rata Average interest rates
(yield) per tahun: (yield) per annum:
Rupiah 8,20% 8,28% Rupiah
Mata uang asing Foreign currencies
(disetarakan dalam (equivalent to
Rupiah) 6,09% 6,83% Rupiah)
Kisaran bagi hasil per tahun: Range of profit sharing per annum:
Rupiah Rupiah
Piutang murabahah 9,25% - 10,46% 9,37% - 9,96% Murabahah receivables
Pembiayaan musyarakah 7,58% - 8,31% 7,74% - 8,20% Musyarakah financing
Pembiayaan syariah lainnya 4,54% - 17,93% 3,94% -14,06% Other sharia financing
Mata uang asing Foreign currencies
(disetarakan dalam Rupiah) (equivalent to Rupiah)
Piutang murabahah 0,69% - 1,02% 1,05% - 2,76% Murabahah receivables
Pembiayaan musyarakah 4,70% - 10,19% 3,65% -13,63% Musyarakah financing
Pembiayaan syariah lainnya 5,00% - 5,59% 5,04% - 5,08% Other sharia financing
c. Agunan kredit c. Loan collaterals
Kredit yang diberikan dan piutang/ Loans and sharia receivables/financing are
pembiayaan syariah pada umumnya dijamin generally secured by pledged collateral bound
dengan agunan yang diikat dengan hak with powers of attorney in respect of the rights
tanggungan atau surat kuasa untuk menjual, to sell, time deposits or other collateral
deposito berjangka atau jaminan lain yang acceptable by Bank Mandiri and its
dapat diterima oleh Bank Mandiri dan Entitas Subsidiaries. Deposits from customers and
Anak. Simpanan dari nasabah dan simpanan deposits from other banks that were pledged as
dari bank lain yang dijadikan jaminan tunai cash collateral for loans and blocked for other
untuk kredit yang diberikan dan diblokir untuk purposes as of 31 December 2025 and 2024
tujuan lain pada tanggal 31 Desember 2025 amounted to Rp80,249,661 and Rp94,124,176,
dan 2024 adalah masing-masing sebesar respectively (Note 21c, 22c, 23e, 24c and 26d).
Rp80.249.661 dan Rp94.124.176 (Catatan
21c, 22c, 23e, 24c dan 26d).
d. Kredit sindikasi d. Syndication loans
Kredit sindikasi merupakan kredit yang Syndication loans represent loans granted to
diberikan kepada debitur melalui perjanjian debtors through joint financing agreements with
pembiayaan bersama dengan bank-bank lain other banks as creditor. Apart from being
sebagai kreditur. Selain sebagai kreditur, creditor, the Bank also act as an agent (facility
Bank juga dapat berperan sebagai agen agent, guarantee agent, shelter agent) which
(agen fasilitas, agen jaminan, agen operates administrative function for all of
penampungan) yang menjalankan fungsi creditors and debtors’ interest.
administratif untuk kepentingan seluruh
kreditur dan debitur.
200
1148 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1151
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
12. KREDIT YANG DIBERIKAN DAN 12. LOANS AND SHARIA RECEIVABLES/FINANCING
PIUTANG/PEMBIAYAAN SYARIAH (lanjutan) (continued)
B. Berikut adalah informasi penting lainnya B. Other significant information related to loans and
sehubungan dengan kredit yang diberikan dan sharia receivables/financing: (continued)
piutang/pembiayaan syariah: (lanjutan)
d. Kredit sindikasi d. Syndication loans
Pada tanggal 31 Desember 2025 dan 2024 As of 31 December 2025 and 2024, the
jumlah persentase pembiayaan Bank Mandiri percentage of Bank Mandiri financing as a
yang berperan sebagai kreditur dan agen creditor and facility agent is between 0.68% to
fasilitas adalah masing-masing berkisar 91.43% and 1.17% to 97.15% from total
antara 0,68% sampai dengan 91,43%, dan participation of Bank Mandiri in syndication
1,17% sampai dengan 97,15% dari jumlah loans. While the percentage of Bank Mandiri
total keikutsertaan Bank Mandiri pada kredit financing as syndication member as of
sindikasi. Sementara jumlah persentase 31 December 2025 and 2024 is between 4.70%
pembiayaan Bank Mandiri yang berperan to 78.26% and 0.21% to 55.02% from total
hanya sebagai anggota sindikasi pada participation of Bank Mandiri in syndication
tanggal 31 Desember 2025 dan 2024 adalah loans.
masing-masing berkisar antara 4,70%
sampai dengan 78,26% dan 0,21% sampai
dengan 55,02% dari jumlah keseluruhan
keikutsertaan Bank Mandiri pada kredit
sindikasi.
e. Kredit yang diberikan dan e. Loans and sharia receivables/financing to
piutang/pembiayaan syariah kepada pihak related parties
berelasi
Total kredit yang diberikan dan Total loans and sharia receivables/financing to
piutang/pembiayaan syariah kepada pihak related parties and its percentage to the total
berelasi dan persentase terhadap total aset consolidated assets are disclosed in Note 56.
konsolidasian diungkapkan pada Catatan 56.
Termasuk dalam kredit yang diberikan dan Loans and sharia receivables/financing to
piutang/pembiayaan syariah kepada pihak related parties included loans to key personnel
berelasi adalah kredit yang diberikan kepada of Bank Mandiri and Subsidiaries. The loans
karyawan kunci Bank Mandiri dan Entitas and sharia receivables/financing to Bank
Anak. Kredit yang diberikan dan Mandiri and Subsidiaries key personnel consist
piutang/pembiayaan syariah kepada of loans with average interest-bearing rate
karyawan kunci Bank Mandiri dan Entitas amounted to 6.87% per annum which are used
Anak terdiri dari kredit dengan rata-rata for the acquisition of vehicles and/or houses,
tingkat suku bunga sebesar 6,87% per tahun and are repayable within 1 (one) to 28 (twenty
yang digunakan untuk membeli kendaraan eight) years through monthly payroll
bermotor dan/atau rumah dengan jangka deductions.
waktu 1 (satu) sampai 28 (dua puluh delapan)
tahun yang dibayar melalui pemotongan gaji
karyawan setiap bulan.
f. Bank Mandiri memiliki sejumlah perjanjian f. Bank Mandiri has several channeling loan
penerusan kredit dengan lembaga keuangan agreements with several international financial
internasional (Catatan 61). institutions (Note 61).
201
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1149
Page 1152
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
12. KREDIT YANG DIBERIKAN DAN 12. LOANS AND SHARIA RECEIVABLES/FINANCING
PIUTANG/PEMBIAYAAN SYARIAH (lanjutan) (continued)
B. Berikut adalah informasi penting lainnya B. Other significant information related to loans and
sehubungan dengan kredit yang diberikan dan sharia receivables/financing: (continued)
piutang/pembiayaan syariah: (lanjutan)
g. Mutasi cadangan kerugian penurunan nilai g. Movements of allowance for impairment losses
kredit yang diberikan dan on loans and sharia receivables/financing
piutang/pembiayaan syariah
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Saldo awal1) 49.354.645 53.098.619 Beginning balance1)
Pembentukan selama Allowance during
tahun berjalan (Catatan 46) 8.323.540 10.270.329 the year (Note 46)
Penghapusbukuan2) (9.295.345) (13.745.223 ) Write-offs2)
Lain-lain*) (349.093) (269.080 ) Others*)
Saldo akhir 3) 48.033.747 49.354.645 Ending balance3)
*) *)
Termasuk selisih kurs karena penjabaran mata uang asing dan Included effect of foreign currency translation and implication from
pengakuan pendapatan bunga atas bagian yang tidak mengalami interest income recognised on the non-impaired portion of the
penurunan nilai dari kredit yang mengalami penurunan nilai (Catatan impaired loans (Note 41).
41).
1) 1)
Saldo awal pada tanggal 31 Desember 2025 dan 2024 masing- Beginning balance as of 31 December 2025 and 2024 amounted to
masing sebesar Rp23.922.447 dan Rp26.502.710 yang dihitung Rp23,922,447 and Rp26,502,710, respectively, were calculated
secara individual dan Rp25.432.198 dan Rp26.595.909 yang dihitung using individual assessment and amounted to Rp25,432,198 and
secara kolektif. Rp26,595,909, respectively, were calculated using collective
assessment.
2) 2)
Penghapusbukuan pada tanggal 31 Desember 2025 dan 2024 Write-off as of 31 December 2025 and 2024 amounted to
masing-masing sebesar Rp1.505.797 dan Rp2.486.522 untuk debitur Rp1,505,797 and Rp2,486,522, respectively, were calculated using
yang dievaluasi secara individual dan Rp7.789.548 dan individual assessment and Rp7,789,548 and Rp11,258,701,
Rp11.258.701 untuk debitur yang dievaluasi secara kolektif. respectively, were calculated using collective assessment.
3) 3)
Saldo akhir pada tanggal 31 Desember 2025 dan 2024 terdiri dari Ending balance as of 31 December 2025 and 2024, amounted to
Rp22.207.852 dan Rp23.922.447 yang dihitung secara individual dan Rp22,207,852 and Rp23,922,447, respectively, were calculated
Rp25.825.895 dan Rp25.432.198 yang dihitung secara kolektif. using individual assessment and Rp25,825,895 and Rp25,432,198,
respectively, were calculated using collective assessment.
31 Desember 2025/31 December 2025
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Saldo awal 9.665.633 16.721.875 12.693.914 10.273.223 49.354.645 Beginning balance
Pengalihan ke/(dari): Transfer to/(from):
- Kerugian kredit 12 months expected -
ekspektasian 12 bulan credit losses
(stage 1) 1.028.403 (774.909) (253.494) - - (stage 1)
- Kerugian kredit
ekspektasian sepanjang Lifetime expected -
umurnya - tidak credit losses
mengalami penurunan - unimpaired
nilai (stage 2) (785.404) 1.353.793 (568.389) - - (stage 2)
- Kerugian kredit
ekspektasian sepanjang Lifetime expected -
umurnya - mengalami credit losses
penurunan - impaired
nilai (stage 3) (115.384) (1.514.580) 1.629.964 - - (stage 3)
Total saldo awal setelah Total beginning balance
pengalihan 9.793.248 15.786.179 13.501.995 10.273.223 49.354.645 after transfer
Pengukuran kembali bersih Net remeasurement of
penyisihan kerugian (3.217.715) 726.514 6.537.031 858.802 4.904.632 losses allowance
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 2.615.314 376.643 169.640 2.441.275 5.602.872 purchased
Aset keuangan yang
dihentikan Financial assets
pengakuannya (1.339.047) (504.729) (340.188) - (2.183.964) derecognised
Total pembentukan/ Total allowance/
(pembalikan) (reversal)
tahun berjalan (1.941.448) 598.428 6.366.483 3.300.077 8.323.540 during the year
Aset keuangan yang
dihapusbuku (114.261) (174.408) (6.390.104) (2.616.572) (9.295.345) Written-off assets
Unwinding interest - - (677.573) - (677.573) Unwinding interest
Lain-lain 43.846 103.649 169.781 11.204 328.480 Others
Saldo akhir 7.781.385 16.313.848 12.970.582 10.967.932 48.033.747 Ending balance
*)
*) Tidak menerapkan PSAK 109. Not implement SFAS 109.
202
1150 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1153
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
12. KREDIT YANG DIBERIKAN DAN 12. LOANS AND SHARIA RECEIVABLES/FINANCING
PIUTANG/PEMBIAYAAN SYARIAH (lanjutan) (continued)
B. Berikut adalah informasi penting lainnya B. Other significant information related to loans and
sehubungan dengan kredit yang diberikan dan sharia receivables/financing: (continued)
piutang/pembiayaan syariah: (lanjutan)
g. Mutasi cadangan kerugian penurunan nilai g. Movements of allowance for impairment losses
kredit yang diberikan dan on loans and sharia receivables/financing
piutang/pembiayaan syariah (lanjutan) (continued)
31 Desember 2024/31 December 2024
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Saldo awal 12.042.940 15.756.381 15.624.069 9.675.229 53.098.619 Beginning balance
Pengalihan ke/(dari): Transfer to/(from):
- Kerugian kredit 12 months expected -
ekspektasian 12 bulan credit losses
(stage 1) 1.110.714 (642.389) (468.325) - - (stage 1)
- Kerugian kredit
ekspektasian sepanjang Lifetime expected -
umurnya - tidak credit losses
mengalami penurunan - unimpaired
nilai (stage 2) (998.665) 5.495.134 (4.496.469) - - (stage 2)
- Kerugian kredit
ekspektasian sepanjang Lifetime expected -
umurnya - mengalami credit losses
penurunan - impaired
nilai (stage 3) (195.326) (5.863.246) 6.058.572 - - (stage 3)
Total saldo awal setelah Total beginning balance
pengalihan 11.959.663 14.745.880 16.717.847 9.675.229 53.098.619 after transfer
Pengukuran kembali bersih Net remeasurement of
penyisihan kerugian (3.959.876) (1.019.785) 10.229.757 806.842 6.056.938 losses allowance
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 3.860.044 6.870.647 405.918 2.100.641 13.237.250 purchased
Aset keuangan yang
dihentikan Financial assets
pengakuannya (2.052.451) (3.977.125) (2.994.283) - (9.023.859) derecognised
Total pembentukan/ Total allowance/
(pembalikan) (reversal)
tahun berjalan (2.152.283) 1.873.737 7.641.392 2.907.483 10.270.329 during the year
Aset keuangan yang
dihapusbuku (205.875) (195.573) (11.021.042) (2.322.733) (13.745.223) Written-off assets
Unwinding interest - - (714.754) - (714.754) Unwinding interest
Lain-lain 64.128 297.831 70.471 13.244 445.674 Others
Saldo akhir 9.665.633 16.721.875 12.693.914 10.273.223 49.354.645 Ending balance
*)
*) Tidak menerapkan PSAK 109. Not implement SFAS 109.
Manajemen berpendapat bahwa jumlah Management believes that the allowance for
cadangan kerugian penurunan nilai kredit impairment losses on loans and sharia
yang diberikan dan piutang/pembiayaan receivables/financing is adequate.
syariah telah memadai.
h. Penghapusbukuan kredit macet h. Written-off of non-performing loans
Pada tahun yang berakhir pada tanggal For the year ended 31 December 2025 and
31 Desember 2025 dan 2024, Bank Mandiri 2024, Bank Mandiri had written-off non-
melaksanakan penghapusbukuan kredit macet performing loans amounted to Rp6,418,091
masing-masing sebesar Rp6.418.091 dan and Rp11,097,083 (for Bank Mandiri only),
Rp11.097.083 (Bank Mandiri saja). respectively.
203
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1151
Page 1154
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
12. KREDIT YANG DIBERIKAN DAN 12. LOANS AND SHARIA RECEIVABLES/FINANCING
PIUTANG/PEMBIAYAAN SYARIAH (lanjutan) (continued)
B. Berikut adalah informasi penting lainnya B. Other significant information related to loans and
sehubungan dengan kredit yang diberikan dan sharia receivables/financing: (continued)
piutang/pembiayaan syariah: (lanjutan)
h. Penghapusbukuan kredit macet (lanjutan) h. Written-off of non-performing loans (continued)
Adapun kriteria debitur yang dapat The criteria for loan write-offs are as follows:
dihapusbukukan meliputi:
a. Fasilitas kredit telah digolongkan macet; a. Loan facility has been classified as loss;
b. Fasilitas kredit telah dibentuk cadangan b. Loan facility has been provided with 100%
kerugian penurunan nilai sebesar 100% (one hundred percent) allowance for
(seratus persen) dari pokok kredit impairment loss from the loss loan
macetnya; principal;
c. Telah dilakukan berbagai upaya c. Collection and recovery efforts have been
penagihan dan penyelamatan, namun performed, but the result is unsuccessful;
tidak berhasil;
d. Usaha debitur sudah tidak mempunyai d. The debtors’ business has no prospect or
prospek atau kinerja debitur buruk atau has bad performance or they do not have
tidak ada kemampuan membayar; dan the loan repayment ability; and
e. Hapus buku dilakukan terhadap seluruh e. The write-offs are performed for all loan
kewajiban kreditnya, termasuk yang obligations, including non-cash loan
berasal dari non-cash loan sehingga facilities, and the write-offs shall not be
penghapusbukuan tidak boleh dilakukan written-off partially.
pada sebagian kreditnya (partial write-off).
i. Kredit yang dihapusbukukan dicatat di ekstra- i. Written-off loans are recorded in extra-
komtabel. Bank terus melakukan usaha- comptable. The Bank continues pursuing
usaha penagihan atas kredit yang telah for collection of the written-off loans. These
dihapusbukukan. Kredit ekstra-komtabel ini loans are not reflected in the consolidated
tidak disajikan dalam laporan posisi statement of financial position. A summary of
keuangan konsolidasian. Ikhtisar mutasi movements of extra-comptable loans are as
kredit ekstra-komtabel adalah sebagai berikut follows (for Bank Mandiri only):
(Bank Mandiri saja):
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Saldo awal 110.496.831 105.131.352 Beginning balance
Penghapusbukuan 6.418.091 11.097.083 Write-offs
Penerimaan kembali kredit
yang telah dihapusbukukan Cash recoveries
(cash recoveries) (7.284.923) (6.783.077) from written-off loans
Lain-lain*) 880.456 1.051.473 Others*)
Saldo akhir 110.510.455 110.496.831 Ending balance
*) *)
Merupakan selisih kurs karena penjabaran mata uang asing, Represents effect of foreign currency translation, re-recognition
pencatatan kembali aset yang dihapusbuku dan lainnya. of written off assets and others.
j. Kredit yang disalurkan Bank Mandiri dengan j. Loans channelled by Bank Mandiri through
sistem pembiayaan langsung (executing) ke direct financing (executing) to multifinance
perusahaan pembiayaan dan pembiayaan company and joint financing mechanism as of
bersama (joint financing) pada tanggal 31 December 2025 and 2024 amounted to
31 Desember 2025 dan 2024 masing-masing Rp18,194,062 and Rp16,378,143, respectively.
sebesar Rp18.194.062 dan Rp16.378.143.
204
1152 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1155
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
12. KREDIT YANG DIBERIKAN DAN 12. LOANS AND SHARIA RECEIVABLES/FINANCING
PIUTANG/PEMBIAYAAN SYARIAH (lanjutan) (continued)
B. Berikut adalah informasi penting lainnya B. Other significant information related to loans and
sehubungan dengan kredit yang diberikan dan sharia receivables/financing: (continued)
piutang/pembiayaan syariah: (lanjutan)
k. Nilai tercatat diamortisasi dari kredit yang k. The carrying amount of loans and sharia
diberikan dan piutang/pembiayasan syariah receivables/financing at amortised cost are as
adalah sebagai berikut: follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Kredit yang diberikan Loans
(Catatan 12A) 1.849.967.956 1.623.216.612 (Note 12A)
Bunga yang masih akan Accrued interest
diterima 7.218.467 5.968.024 receivables
Pendapatan diterima dimuka Unearned income
yang teratribusi (directly attributable)
(Catatan 35) (722.505) (1.117.656 ) (Note 35)
Cadangan kerugian Allowance for
penurunan nilai impairment losses
(Catatan 12A.c dan 12B.g) (48.064.793) (49.437.417 ) (Note 12A.c and 12B.g)
Total 1.808.399.125 1.578.629.563 Total
l. Pada tanggal 31 Desember 2025, nilai l. On 31 December 2025, book value of the
tercatat atas saldo kredit yang diberikan Bank outstanding loans from Bank Mandiri to
Mandiri kepada PT Garuda Indonesia PT Garuda Indonesia (Persero) Tbk (“Garuda”)
(Persero) Tbk (“Garuda”) sebagai dampak as a result of the restructuring are amounted to
dari restrukturisasi adalah sebesar Rp980,493 or 23% of the contractual amount.
Rp980.493 atau sebesar 23% dari nilai This value will be recovered gradually in
kontraktual pinjaman. Nilai ini akan accordance with the accounting concept after
terpulihkan secara bertahap sesuai dengan the restructuring date until the maturity date.
konsep akuntansi setelah tanggal Bank Mandiri still has a claim value for loans
restrukturisasi hingga tanggal jatuh tempo. disbursed to Garuda amounted to
Bank Mandiri tetap memiliki nilai tagih atas Rp4,279,418 according to the contractual
kredit yang diberikan kepada Garuda sebesar value of the loan as stated in the settlement
Rp4.279.418 sesuai nilai kontraktual agreement which has been homologated by
pinjaman sebagaimana tercantum dalam the Commercial Court at the Central Jakarta
perjanjian perdamaian yang telah District Court, thus there is no write-off of the
dihomologasi oleh Pengadilan Niaga pada principal and deferred interest by Bank Mandiri
Pengadilan Negeri Jakarta Pusat, sehingga against Garuda.
tidak terdapat penghapusan jumlah tagihan
pokok dan bunga yang ditangguhkan Bank
Mandiri terhadap Garuda.
m. Berdasarkan kolektibilitas sesuai POJK: m. By collectability based on FSA regulation:
Kolektibilitas kredit yang diberikan dan Collectability of loans and sharia
piutang/pembiayasan syariah sesuai POJK receivables/financing in accordance with FSA
diungkapkan pada Catatan 65. regulation are disclosed in Note 65.
205
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1153
Page 1156
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
13. PIUTANG PEMBIAYAAN KONSUMEN 13. CONSUMER FINANCING RECEIVABLES
a. Rincian dari piutang pembiayaan konsumen a. Details of Subsidiary’s consumer financing
Entitas Anak adalah sebagai berikut: receivables are as follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Piutang pembiayaan Consumer financing
konsumen - bruto 55.422.160 56.835.393 receivables - gross
Dikurangi: Less:
Pendapatan pembiayaan konsumen Unearned income on
yang belum diakui (14.558.960) (15.262.087 ) consumer financing
Total 40.863.200 41.573.306 Total
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (1.049.570) (934.353 ) impairment losses
Neto 39.813.630 40.638.953 Net
Angsuran dari saldo piutang pembiayaan Installments of consumer financing receivables -
konsumen - bruto pada tanggal 31 Desember gross as of 31 December 2025 and 2024 which will
2025 dan 2024 yang akan diterima dari konsumen be received from customers based on the maturity
berdasarkan tanggal jatuh temponya adalah dates are as follows:
sebagai berikut:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Tahun Year
2025 - 23.443.226 2025
2026 38.489.139 16.199.686 2026
2027 dan sesudahnya 16.933.021 17.192.481 2027 and later
Total 55.422.160 56.835.393 Total
Pada tanggal 13 April 2016 PT Mandiri Utama On 13 April 2016, PT Mandiri Utama Finance (MUF)
Finance (MUF) dan Bank telah menandatangani and the Bank signed a Joint Financing Agreement
Perjanjian Kerjasama Pembiayaan Bersama for Motor Vehicles between PT Bank Mandiri
Kendaraan Bermotor antara PT Bank Mandiri (Persero) Tbk and PT Mandiri Utama Finance. This
(Persero) Tbk dan PT Mandiri Utama Finance. agreement has undergone several amendments,
Perjanjian ini telah mengalami beberapa kali with the latest change documented in the Tenth
perubahan dimana perubahan terakhir melalui Addendum (Addendum X) to the Joint Financing
amandemen Perjanjian Kerjasama Pembiayaan Agreement for Motor Vehicles between PT Bank
Bersama Kendaran Bermotor antara PT Bank Mandiri (Persero) Tbk and PT Mandiri Utama
Mandiri (Persero) Tbk dan PT Mandiri Utama Finance, recorded in Deed No. 2 dated
Finance yang termuat di dalam Akta Adendum X 14 March 2024. The joint financing facility has been
(Sepuluh) Perjanjian Kerjasama Pembiayaan set at Rp22,000,000, with a joint financing portion of
Bersama Kendaran Bermotor antara PT Bank at least 1% from MUF and up to 99% from the joint
Mandiri (Persero) Tbk dan PT Mandiri Utama financier. This agreement is valid until 28 February
Finance No. 2 tanggal 14 Maret 2024. Fasilitas 2025. This agreement has been amended in the
pembiayaan bersama menjadi sebesar Addendum XI No. 9 dated 26 June 2025, which
Rp22.000.000 dengan porsi fasilitas pembiayaan make the joint financing facilities valid until
bersama sebesar minimal 1% dari MUF dan 28 February 2026.
maksimal 99% dari pemberi pembiayaan
bersama. Perjanjian ini berlaku sampai dengan
tanggal 28 Februari 2025. Perjanjian tersebut
telah di Adendum di dalam Akta Adendum XI
(sebelas) No. 9 Tanggal 26 Juni 2025, sehingga
fasilitas pembiayaan bersama berlaku sampai
28 Februari 2026.
206
1154 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1157
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
13. PIUTANG PEMBIAYAAN KONSUMEN (lanjutan) 13. CONSUMER FINANCING RECEIVABLES (continued)
a. Rincian dari piutang pembiayaan konsumen a. Details of Subsidiary’s consumer financing
Entitas Anak adalah sebagai berikut: (lanjutan) receivables are as follows: (continued)
Pada tanggal 6 Februari 2009, PT Mandiri Tunas On 6 February 2009, PT Mandiri Tunas Finance
Finance (MTF) dan Bank telah menandatangani (MTF) and the Bank signed a Motor Vehicle
Perjanjian Kerjasama Kendaraan Bermotor yang Cooperation Agreement, documented in Deed
termuat di dalam Akta No. 9 yang telah mengalami No. 9. This agreement has undergone several
beberapa kali perubahan dimana perubahan amendments, with the latest changes through the
terakhir melalui amandemen Perjanjian Twentieth Addendum (XX) and Restatement of the
Kerjasama Kendaraan Bermotor yang termuat di Motor Vehicle Financing Cooperation Agreement
dalam Akta Adendum XX (Kedua Puluh) dan documented in Deed No. 23 dated 21 July 2025,
Pernyataan Kembali (Restatement) Perjanjian and the Thirteen Addendum (XIII) and Restatement
Kerjasama Pembiayaan Bersama Kendaraan of the Consumer Asset Purchase (CAP) in Deed No.
Bermotor No. 23 tanggal 21 Juli 2025 dan Akta 24 dated 21 July 2025.
Adendum XIII (Ketiga Belas) dan Pernyataan
Kembali Perjanjian Kerjasama Consumer Asset
Purchase (CAP) No. 24 tertanggal 21 Juli 2025.
Fasilitas pembiayaan bersama menjadi sebesar The joint financing facility amounts to
Rp27.000.000 dengan porsi fasilitas pembiayaan Rp27,000,000, with the portion of the joint financing
bersama sebesar minimal 1,00% dari MTF dan facility ranging from a minimum of 1.00% from MTF
maksimal 99,00% dari pemberi pembiayaan to a maximum of 99.00% from the joint financing
bersama. Perjanjian ini berlaku sampai dengan provider. This agreement is valid until
tanggal 28 Februari 2026. 28 February 2026.
Pada tanggal 21 Februari 2022, MTF dan Bank On 21 February 2022, MTF and the Bank signed
menandatangani Perjanjian Kerjasama a Joint Financing Agreement for the financing of
Pembiayaan Bersama dalam bentuk pembiayaan Passenger Vehicles, Commercial Vehicles, and
Passenger Vehicle, Commercial Vehicle, dan Heavy Equipment to the Bank's commercial
Heavy Equipment kepada debitur komersial Bank. debtors. This agreement has been amended, with
Perjanjian ini telah diubah dengan perubahan the latest amendment included in the Fifth
terakhir termuat dalam Adendum V (Kelima) Addendum (Addendum V) to the Regular Joint
Perjanjian Pembiayaan Bersama (Joint Financing) Financing Agreement between the Bank and the
Reguler antara Bank dengan MTF MTF No. 006/PKS-LLI/MTF/III/2025 dated
No. 006/PKS-LLI/MTF/III/2025 tertanggal 13 March 2025. The joint financing facility is set at
13 Maret 2025, dengan fasilitas pembiayaan Rp10,000,000, with a joint financing portion of at
bersama sebesar Rp10.000.000 dengan porsi least 1.00% from MTF and up to 99.00% from the
fasilitas pembiayaan bersama sebesar minimal joint financier. Bank Mandiri bears the credit risk and
1,00% dari MTF dan maksimal 99,00% dari receives income according to its financing portion.
pemberi pembiayaan bersama, dimana Bank This agreement has been extended until
Mandiri menanggung risiko kredit dan menerima 20 February 2026.
pendapatan sesuai dengan porsi pembiayaannya.
Perjanjian ini telah diperpanjang sampai dengan
tanggal 20 Februari 2026.
Jangka waktu kontrak pembiayaan yang Financing period for contracts disbursed by the
disalurkan oleh Entitas Anak atas kendaraan Subsidiaries on motor vehicles ranges from 12 - 84
bermotor berkisar antara 12 - 84 bulan. months.
Termasuk dalam piutang pembiayaan konsumen Included in consumer financing receivables
di atas adalah transaksi dengan pihak-pihak transactions are related parties transactions as of
berelasi pada tanggal 31 Desember 2025 dan 31 December 2025 and 2024 amounted to Rp4,257
2024 masing-masing sebesar Rp4.257 dan and Rp41,346, respectively (Note 56).
Rp41.346 (Catatan 56).
207
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1155
Page 1158
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
13. PIUTANG PEMBIAYAAN KONSUMEN (lanjutan) 13. CONSUMER FINANCING RECEIVABLES (continued)
a. Rincian dari piutang pembiayaan konsumen a. Details of Subsidiary’s consumer financing
Entitas Anak adalah sebagai berikut: (lanjutan) receivables are as follows: (continued)
Berikut adalah perubahan nilai tercatat piutang Changes in carrying amount of consumer financing
pembiayaan konsumen dengan klasifikasi biaya receivables classified as amortised cost upon
diamortisasi berdasarkan stage: stages are as follows:
31 Desember 2025/31 December 2025
Stage 1 Stage 2 Stage 3 Total
Biaya perolehan diamortisasi Amortised cost
Saldo awal 39.470.376 1.590.923 512.007 41.573.306 Beginning balance
Transfer ke/(dari) stage 1 951.177 (821.048) (130.129) - Transfer to/(from) stage 1
Transfer ke/(dari) stage 2 (4.012.773) 4.062.098 (49.325) - Transfer to/(from) stage 2
Transfer ke/(dari) stage 3 (647.200) (738.658) 1.385.858 - Transfer to/(from) stage 3
Total saldo awal setelah Total beginning balance
pengalihan 35.761.580 4.093.315 1.718.411 41.573.306 after transfer
Pengukuran kembali bersih Remeasurement of net
nilai tercatat*) (7.623.567) (1.800.916) 964.176 (8.460.307) carrying amount*
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 14.445.565 69.606 69.725 14.584.896 purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (4.091.824) (600.698) (437.732) (5.130.254) derecognised
Aset keuangan yang Written-off financial
dihapusbuku (7.884) (191.179) (1.505.378) (1.704.441) assets
Total penambahan/(penurunan) Total increase/(decrease)
tahun berjalan 2.722.290 (2.523.187) (909.209) (710.106) during the year
Saldo akhir 38.483.870 1.570.128 809.202 40.863.200 Ending balance
31 Desember 2024/31 December 2024
Stage 1 Stage 2 Stage 3 Total
Biaya perolehan diamortisasi Amortised cost
Saldo awal 31.844.501 559.928 345.367 32.749.796 Beginning balance
Transfer ke/(dari) stage 1 846.090 (744.304) (101.786) - Transfer to/(from) stage 1
Transfer ke/(dari) stage 2 (2.809.118) 2.866.575 (57.457) - Transfer to/(from) stage 2
Transfer ke/(dari) stage 3 (637.486) (565.430) 1.202.916 - Transfer to/(from) stage 3
Total saldo awal setelah Total beginning balance
pengalihan 29.243.987 2.116.769 1.389.040 32.749.796 after transfer
Pengukuran kembali bersih Remeasurement of net
nilai tercatat*) (8.411.118) (70.062) 862.817 (7.618.363) carrying amount*)
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 22.067.803 168.550 172.412 22.408.765 purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (3.405.230) (472.888) (592.614) (4.470.732) derecognised
Aset keuangan yang Written-off financial
dihapusbuku (25.066) (151.446) (1.319.648) (1.496.160) assets
Total penambahan/(penurunan) Total increase/(decrease)
tahun berjalan 10.226.389 (525.846) (877.033) 8.823.510 during the year
Saldo akhir 39.470.376 1.590.923 512.007 41.573.306 Ending balance
*) *)
Termasuk di dalam pengukuran kembali bersih adalah pembayaran Including in the net remeasurement is repayment.
kembali.
b. Rata-rata suku bunga efektif yang dikenakan b. Average of effective interest rate charged to
kepada konsumen adalah sebagai berikut: customers are as follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Mobil 16,99% 17,17% Car
Sepeda motor 32,88% 34,89% Motorcycle
208
1156 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1159
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
13. PIUTANG PEMBIAYAAN KONSUMEN (lanjutan) 13. CONSUMER FINANCING RECEIVABLES (continued)
c. Mutasi cadangan kerugian penurunan nilai c. Movements of allowance for impairment losses on
piutang pembiayaan konsumen adalah sebagai consumer financing receivables are as follows:
berikut:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Saldo awal 934.353 713.044 Beginning balance
Pembentukan selama Allowance during
tahun berjalan (Catatan 46) 1.819.658 1.717.469 the year (Note 46)
Penghapusbukuan (1.704.441) (1.496.160 ) Write-offs
Saldo akhir 1.049.570 934.353 Ending balance
31 Desember 2025/31 December 2025
Stage 1 Stage 2 Stage 3 Total
Saldo awal 454.903 176.022 303.428 934.353 Beginning balance
Pengalihan ke/(dari): Transfer to/(from):
Kerugian kredit ekspektasian 12 months expected
12 bulan (stage 1) 51.701 (39.651) (12.050) - credit losses (stage 1)
Kerugian kredit ekspektasian Lifetime expected
sepanjang umurnya - credit losses
tidak mengalami - non-impaired
penurunan nilai (stage 2) (162.153) 166.259 (4.106) - (stage 2)
Kerugian kredit ekspektasian Lifetime expected
sepanjang umurnya - mengalami credit losses
penurunan nilai (stage 3) (28.974) (74.477) 103.451 - impaired (stage 3)
Total saldo awal setelah Total beginning balance
pengalihan 315.477 228.153 390.723 934.353 after transfer
Pengukuran kembali bersih Net remeasurement of
penyisihan kerugian 23.592 324.752 1.628.092 1.976.436 losses allowance
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 200.185 17.781 28.027 245.993 purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (69.225) (153.472) (180.074) (402.771) derecognised
Total pembentukan Total allowance
tahun berjalan 154.552 189.061 1.476.045 1.819.658 during the year
Aset keuangan yang Written-off financial
dihapusbuku (7.884) (191.179) (1.505.378) (1.704.441) assets
Saldo akhir 462.145 226.035 361.390 1.049.570 Ending balance
31 Desember 2024/31 December 2024
Stage 1 Stage 2 Stage 3 Total
Saldo awal 459.935 122.002 131.107 713.044 Beginning balance
Pengalihan ke/(dari): Transfer to/(from):
Kerugian kredit ekspektasian 12 months expected
12 bulan (stage 1) 68.504 (53.221) (15.283) - credit losses (stage 1)
Kerugian kredit ekspektasian Lifetime expected
sepanjang umurnya - credit losses
tidak mengalami - non-impaired
penurunan nilai (stage 2) (90.092) 96.774 (6.682) - (stage 2)
Kerugian kredit ekspektasian Lifetime expected
sepanjang umurnya - mengalami credit losses
penurunan nilai (stage 3) (18.020) (36.140) 54.160 - impaired (stage 3)
Total saldo awal setelah Total beginning balance
pengalihan 420.327 129.415 163.302 713.044 after transfer
Pengukuran kembali bersih Net remeasurement of
penyisihan kerugian (150.074) 247.922 1.571.052 1.668.900 losses allowance
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 283.680 52.865 72.140 408.685 purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (63.117) (102.736) (194.263) (360.116) derecognised
Total pembentukan Total allowance
tahun berjalan 70.489 198.051 1.448.929 1.717.469 during the year
Aset keuangan yang Written-off financial
dihapusbuku (25.066) (151.446) (1.319.648) (1.496.160) assets
Lain-lain (10.847) 2 10.845 - Others
Saldo akhir 454.903 176.022 303.428 934.353 Ending balance
209
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1157
Page 1160
The original consolidated financial statements
included herein are in the Indonesian language.
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
FINANCIAL STATEMENTS 2025
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
13. PIUTANG PEMBIAYAAN KONSUMEN (lanjutan) 13. CONSUMER FINANCING RECEIVABLES (continued)
c. Mutasi cadangan kerugian penurunan nilai c. Movements of allowance for impairment losses on
piutang pembiayaan konsumen adalah sebagai consumer financing receivables are as follows:
berikut: (lanjutan) (continued)
Manajemen berpendapat bahwa cadangan Management believes that the allowance for
kerugian penurunan nilai piutang pembiayaan impairment losses on consumer financing
konsumen telah memadai. receivables is adequate.
d. Piutang pembiayaan konsumen yang menjadi d. Consumer financing receivables pledged as
jaminan atas efek-efek yang diterbitkan pada collateral for debt securities issued as of
tanggal 31 Desember 2025 dan 2024 adalah 31 December 2025 and 2024 are Rp1,436,756
masing-masing sebesar Rp1.436.756 dan and Rp2,435,067, respectively (Note 30).
Rp2.435.067 (Catatan 30).
e. Piutang pembiayaan konsumen yang menjadi e. Consumer financing receivables pledged as
jaminan atas pinjaman yang diterima pada tanggal collateral for fund borrowing as of 31 December
31 Desember 2025 dan 2024 adalah masing- 2025 and 2024 are Rp16,971,035 and
masing sebesar Rp16.971.035 dan Rp23.464.134 Rp23,464,134, respectively (Note 36h).
(Catatan 36h).
f. Sebagai jaminan atas piutang pembiayaan f. As a collateral to the consumer financing
konsumen yang diberikan, Entitas Anak menerima receivables, the Subsidiaries received Vehicles
jaminan dari konsumen berupa Bukti Kepemilikan Ownership Certificate (“BPKB”) from its customer
Kendaraan Bermotor (“BPKB”) atas kendaraan for every vehicle financed by the Subsidiaries.
bermotor yang dibiayai oleh Entitas Anak.
14. INVESTASI BERSIH DALAM SEWA PEMBIAYAAN 14. NET INVESTMENT FINANCE LEASES
a. Rincian dari investasi bersih dalam sewa a. Details of Subsidiaries’ net investment finance
pembiayaan Entitas Anak adalah sebagai berikut: leases are as follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Pihak ketiga Third parties
Piutang sewa pembiayaan Gross finance lease
bruto 4.851.402 6.791.445 receivables
Piutang sewa pembiayaan yang Finance lease receivables
dibiayai bersama dengan jointly funded with other
pihak-pihak lain without parties without
recourse - bruto (6.140) (22.400 ) recourse - gross
Nilai sisa terjamin 1.833.652 2.445.103 Guaranteed residual value
Pendapatan sewa pembiayaan
yang ditangguhkan (691.522) (1.011.969 ) Deferred finance lease income
Simpanan jaminan (1.833.652) (2.445.103 ) Security deposits
Total investasi bersih dalam Total net investment finance
sewa pembiayaan 4.153.740 5.757.076 leases
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (134.987) (103.337 ) impairment losses
Neto 4.018.753 5.653.739 Net
Jangka waktu kontrak pembiayaan yang Financing period for contracts disbursed by the
disalurkan oleh Entitas Anak atas kendaraan Subsidiaries on motor vehicles ranges between 12 -
bermotor berkisar antara 12 - 60 bulan. 60 months.
1158 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
210
Page 1161
The original consolidated financial statements
included herein are in the Indonesian language.
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
FINANCIAL STATEMENTS 2025
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
14. INVESTASI BERSIH DALAM SEWA PEMBIAYAAN 14. NET INVESTMENT FINANCE LEASES (continued)
(lanjutan)
a. Rincian dari investasi bersih dalam sewa a. Details of Subsidiaries’ net investment finance
pembiayaan Entitas Anak adalah sebagai berikut: leases are as follows: (continued)
(lanjutan)
Piutang sewa pembiayaan - bruto sesuai dengan Details of investment finance leases - gross, based
tanggal jatuh temponya adalah sebagai berikut: on the maturity date are as follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Tahun Year
2025 - 3.379.367 2025
2026 2.604.729 2.162.384 2026
2027 dan sesudahnya 2.246.673 1.249.694 2027 and later
4.851.402 6.791.445
Piutang sewa pembiayaan yang Finance lease receivables
dibiayai bersama dengan jointly funded with other
pihak-pihak lain without parties without
recourse - bruto (6.140) (22.400 ) recourse - gross
Nilai sisa terjamin, pendapatan Guaranteed residual value,
sewa pembiayaan deferred finance
yang ditangguhkan dan lease income and
simpanan jaminan (691.522) (1.011.969 ) security deposits
Investasi bersih dalam sewa Net invesment finance
pembiayaan 4.153.740 5.757.076 lease
Berikut adalah perubahan nilai tercatat investasi Movements in carrying amount of net investment
bersih dalam sewa pembiayaan dengan klasifikasi finance leases classified as at amortised cost upon
biaya perolehan diamortisasi berdasarkan stage: stages are as follows:
31 Desember 2025/31 December 2025
Stage 1 Stage 2 Stage 3 Total
Biaya perolehan diamortisasi At amortised cost
Saldo awal 5.139.615 447.413 170.048 5.757.076 Beginning balance
Transfer ke/(dari) stage 1 179.259 (163.784) (15.475) - Transfer to/(from) stage 1
Transfer ke/(dari) stage 2 (1.011.713) 1.023.897 (12.184) - Transfer to/(from) stage 2
Transfer ke/(dari) stage 3 (323.543) (138.842) 462.385 - Transfer to/(from) stage 3
Total saldo awal Total beginning balance
setelah pengalihan 3.983.618 1.168.684 604.774 5.757.076 after transfer
Pengukuran kembali bersih Remeasurement of net
nilai tercatat*) (754.800) (562.242) (361.295) (1.678.337) carrying amount*)
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 1.027.377 15.926 237.173 1.280.476 purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (696.594) (184.128) (67.450) (948.172) derecognised
Aset keuangan yang Written-off financial
dihapusbuku (4.123) (42.554) (210.626) (257.303) assets
Total kenaikan/(penurunan) Total increase/(decrease)
tahun berjalan (428.140) (772.998) (402.198) (1.603.336) during the year
Saldo akhir 3.555.478 395.686 202.576 4.153.740 Ending balance
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH
211 1159
Page 1162
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
14. INVESTASI BERSIH DALAM SEWA PEMBIAYAAN 14. NET INVESTMENT FINANCE LEASES (continued)
(lanjutan)
a. Rincian dari investasi bersih dalam sewa a. Details of Subsidiaries’ net investment finance
pembiayaan Entitas Anak adalah sebagai berikut: leases are as follows: (continued)
(lanjutan)
Berikut adalah perubahan nilai tercatat investasi Movements in carrying amount of net investment
bersih dalam sewa pembiayaan dengan klasifikasi finance leases classified as at amortised cost upon
biaya perolehan diamortisasi berdasarkan stage: stages are as follows:
31 Desember 2024/31 December 2024
Stage 1 Stage 2 Stage 3 Total
Biaya perolehan diamortisasi At amortised cost
Saldo awal 5.292.585 177.578 19.079 5.489.242 Beginning balance
Transfer ke/(dari) stage 1 122.320 (98.355) (23.965) - Transfer to/(from) stage 1
Transfer ke/(dari) stage 2 (687.876) 693.949 (6.073) - Transfer to/(from) stage 2
Transfer ke/(dari) stage 3 (47.202) (182.020) 229.222 - Transfer to/(from) stage 3
Total saldo awal Total beginning balance
setelah pengalihan 4.679.827 591.152 218.263 5.489.242 after transfer
Pengukuran kembali bersih Remeasurement of net
nilai tercatat*) (1.641.474) (7.912) 40.850 (1.608.536) carrying amount*)
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 3.003.610 89.069 2.472 3.095.151 purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (900.015) (218.790) (47.824) (1.166.629) derecognised
Aset keuangan yang Written-off financial
dihapusbuku (2.333) (6.106) (43.713) (52.152) assets
Total kenaikan/(penurunan) Total increase/(decrease)
tahun berjalan 459.788 (143.739) (48.215) 267.834 during the year
Saldo akhir 5.139.615 447.413 170.048 5.757.076 Ending balance
*) *)
Termasuk di dalam pengukuran kembali bersih adalah pembayaran Including in the net remeasurement is repayment.
kembali.
b. Rata-rata suku bunga efektif yang dikenakan b. Average of effective interest rate charged to
kepada konsumen adalah sebagai berikut: customers are as follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Mobil 19,93% 18,75% Car
Alat berat 15,00% 11,12% Heavy equipment
Mesin 12,75% 18,01% Machine
c. Mutasi cadangan kerugian penurunan nilai c. Movements of allowance for impairment losses on
investasi bersih dalam sewa pembiayaan adalah net investment finance leases are as follows:
sebagai berikut:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Saldo awal 103.337 70.170 Beginning balance
Pembentukan selama Allowance during
tahun berjalan (Catatan 46) 288.953 85.319 the year (Note 46)
Penghapusbukuan (257.303 ) (52.152 ) Write-offs
Saldo akhir 134.987 103.337 Ending balance
212
1160 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1163
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
14. INVESTASI BERSIH DALAM SEWA PEMBIAYAAN 14. NET INVESTMENT FINANCE LEASES (continued)
(lanjutan)
c. Mutasi cadangan kerugian penurunan nilai c. Movements of allowance for impairment losses on
investasi bersih dalam sewa pembiayaan adalah net investment finance leases are as follows:
sebagai berikut: (lanjutan) (continued)
31 Desember 2025/31 December 2025
Stage 1 Stage 2 Stage 3 Total
Saldo awal 29.684 27.019 46.634 103.337 Beginning balance
Pengalihan ke/(dari): Transfer to/(from):
Kerugian kredit ekpektasian 12 months expected credit
12 bulan (stage 1) 10.461 (8.984) (1.477) - losses (stage 1)
Kerugian kredit ekspektasian
sepanjang umurnya - Lifetime expected credit
tidak mengalami penurunan losses - non-impaired
nilai (stage 2) (70.898) 72.197 (1.299) - (stage 2)
Kerugian kredit ekspektasian Lifetime expected credit
sepanjang umurnya - mengalami losses - impaired
penurunan nilai (stage 3) (54.702) (9.998) 64.700 - (stage 3)
Total saldo awal Total beginning balance
setelah pengalihan (85.455) 80.234 108.558 103.337 after transfer
Pengukuran kembali bersih Net remeasurement of
penyisihan kerugian 120.468 37.144 206.064 363.676 losses allowance
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 4.442 5.558 1.829 11.829 purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (7.387) (49.344) (29.821) (86.552) derecognised
Total pembentukan/(pembalikan) Total allowance/(reversal)
tahun berjalan 117.523 (6.642) 178.072 288.953 during the period
Aset keuangan yang Written-off financial
dihapusbuku (4.123) (42.554) (210.626) (257.303) assets
Saldo akhir 27.945 31.038 76.004 134.987 Ending balance
31 Desember 2024/31 December 2024
Stage 1 Stage 2 Stage 3 Total
Saldo awal 46.071 18.881 5.218 70.170 Beginning balance
Pengalihan ke/(dari): Transfer to/(from):
Kerugian kredit ekpektasian 12 months expected credit
12 bulan (stage 1) 6.926 (5.039) (1.887) - losses (stage 1)
Kerugian kredit ekspektasian
sepanjang umurnya - Lifetime expected credit
tidak mengalami penurunan losses - non-impaired
nilai (stage 2) (7.626) 8.151 (525) - (stage 2)
Kerugian kredit ekspektasian Lifetime expected credit
sepanjang umurnya - mengalami losses - impaired
penurunan nilai (stage 3) (2.700) (6.906) 9.606 - (stage 3)
Total saldo awal Total beginning balance
setelah pengalihan 42.671 15.087 12.412 70.170 after transfer
Pengukuran kembali bersih Net remeasurement of
penyisihan kerugian (8.043) 34.080 91.896 117.933 losses allowance
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 16.429 25.280 1.772 43.481 purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (19.040) (41.322) (15.733) (76.095) derecognised
Total pembentukan/(pembalikan) (10.654) 18.038 77.935 85.319 Total allowance/(reversal)
tahun berjalan during the period
Aset keuangan yang Written-off financial
dihapusbuku (2.333) (6.106) (43.713) (52.152) assets
Saldo akhir 29.684 27.019 46.634 103.337 Ending balance
Manajemen berpendapat bahwa cadangan Management believes that the allowance for
kerugian penurunan nilai investasi bersih dalam impairment losses on net investment finance lease
sewa pembiayaan telah memadai. is adequate.
213
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1161
Page 1164
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
14. INVESTASI BERSIH DALAM SEWA PEMBIAYAAN 14. NET INVESTMENT FINANCE LEASES (continued)
(lanjutan)
d. Investasi bersih dalam sewa pembiayaan yang d. Net investment finance leases pledged as collateral
menjadi jaminan atas efek-efek yang diterbitkan for debt securities issued as of 31 December 2025
pada tanggal 31 Desember 2025 dan 2024 adalah and 2024 were amounted to Rp174,341 and
masing-masing sebesar Rp174.341 dan Rp433,293, respectively (Note 30).
Rp433.293 (Catatan 30).
e. Investasi bersih dalam sewa pembiayaan yang e. Net investment finance lease pledged as collateral
menjadi jaminan atas pinjaman yang diterima for fund borrowings as of 31 December 2025 and
pada tanggal 31 Desember 2025 dan 2024 adalah 2024 were amounted to Rp460,323 and
masing-masing sebesar Rp460.323 dan Rp1,583,867, respectively (Note 36h).
Rp1.583.867 (Catatan 36h).
f. Berdasarkan kolektibilitas sesuai POJK: f. By collectability based on FSA regulation:
Kolektibilitas investasi bersih dalam sewa Collectability of investment finance leases in
pembiayaan sesuai POJK diungkapkan pada accordance with FSA regulation are disclosed in
Catatan 65. Note 65.
15. TAGIHAN AKSEPTASI 15. ACCEPTANCE RECEIVABLES
a. Berdasarkan jenis mata uang, pihak berelasi dan a. By currency, related parties and third parties:
pihak ketiga:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Tagihan kepada bank lain Receivables from other banks
Pihak berelasi (Catatan 56) 249.142 418.984 Related parties (Note 56)
Pihak ketiga 329.255 285.344 Third parties
578.397 704.328
Tagihan kepada debitur Receivables from debtors
Pihak berelasi (Catatan 56) 665.101 961.892 Related parties (Note 56)
Pihak ketiga 2.763.190 3.847.716 Third parties
3.428.291 4.809.608
Total Rupiah 4.006.688 5.513.936 Total Rupiah
Mata uang asing Foreign currencies
Tagihan kepada bank lain Receivables from other banks
Pihak ketiga 293.145 77.672 Third parties
293.145 77.672
Tagihan kepada debitur Receivables from debtors
Pihak berelasi (Catatan 56) 247.050 317.988 Related parties (Note 56)
Pihak ketiga 3.541.395 3.404.269 Third parties
3.788.445 3.722.257
Total mata uang asing Total foreign currencies
(Catatan 62.B.(iv)) 4.081.590 3.799.929 (Note 62.B.(iv))
8.088.278 9.313.865
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (26.015) (31.340 ) impairment losses
Neto 8.062.263 9.282.525 Net
214
1162 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1165
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
15. TAGIHAN AKSEPTASI (lanjutan) 15. ACCEPTANCE RECEIVABLES (continued)
a. Berdasarkan jenis mata uang, pihak berelasi dan a. By currency, related parties and third parties:
pihak ketiga: (lanjutan) (continued)
Berikut adalah perubahan nilai tercatat tagihan Movements in carrying amount of acceptance
akseptasi berdasarkan stage: receivables upon stages:
31 Desember 2025/31 December 2025
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Biaya perolehan diamortisasi At amortised cost
Saldo awal 9.154.836 6.886 - 152.143 9.313.865 Beginning balance
Pengalihan ke/(dari): Transfer to/(from):
- Kerugian kredit 12 months expected -
ekspektasian 12 bulan credit losses
(stage 1) - - - - - (stage 1)
- Kerugian kredit
ekspektasian sepanjang Lifetime expected -
umurnya - tidak credit losses
mengalami penurunan - unimpaired
nilai (stage 2) (69.757) 69.757 - - - (stage 2)
- Kerugian kredit
ekspektasian sepanjang Lifetime expected -
umurnya - mengalami credit losses
penurunan - impaired
nilai (stage 3) - - - - - (stage 3)
Total saldo awal setelah Total beginning balance
pengalihan 9.085.079 76.643 - 152.143 9.313.865 after transfer
Pengukuran kembali bersih Remeasurement of net
nilai tercatat**) (151.256) 4.039 - 502.851 355.634 carrying amount**)
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 19.579.195 65.792 - - 19.644.987 purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (21.372.232) (47.044) - - (21.419.276) derecognised
Lain-lain 184.968 8.100 - - 193.068 Others
Total (penurunan)/kenaikan Total (decrease)/increase
tahun berjalan (1.759.325) 30.887 - 502.851 (1.225.587) during the year
Saldo akhir 7.325.754 107.530 - 654.994 8.088.278 Ending balance
*) *)
Tidak menerapkan PSAK 109. Not implement SFAS 109.
**) **)
Termasuk di dalam pengukuran kembali bersih adalah pembayaran Including in the net remeasurement is repayment.
kembali.
31 Desember 2024/31 December 2024
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Biaya perolehan diamortisasi At amortised cost
Saldo awal 14.284.950 177.991 - 330.947 14.793.888 Beginning balance
Pengukuran kembali bersih Remeasurement of net
nilai tercatat**) (38.343) 145 - (178.804) (217.002) carrying amount**)
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 30.926.707 96.915 - - 31.023.622 purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (36.089.877) (268.301) - - (36.358.178) derecognised
Lain-lain 71.399 136 - - 71.535 Others
Total penurunan Total decrease
tahun berjalan (5.130.114) (171.105) - (178.804) (5.480.023) during the year
Saldo akhir 9.154.836 6.886 - 152.143 9.313.865 Ending balance
*) *)
Tidak menerapkan PSAK 109. Not implement SFAS 109.
**) **)
Termasuk di dalam pengukuran kembali bersih adalah pembayaran Including in the net remeasurement is repayment.
kembali.
215
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1163
Page 1166
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
15. TAGIHAN AKSEPTASI (lanjutan) 15. ACCEPTANCE RECEIVABLES (continued)
b. Berdasarkan jatuh tempo: b. By maturity:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Kurang dari 1 bulan 943.214 939.242 Less than 1 month
1 - 3 bulan 1.432.310 2.596.722 1 - 3 months
3 - 6 bulan 1.198.845 1.977.972 3 - 6 months
6 - 12 bulan 432.319 - 6 - 12 months
Total Rupiah 4.006.688 5.513.936 Total Rupiah
Mata uang asing Foreign currencies
Kurang dari 1 bulan 1.349.463 1.082.622 Less than 1 month
1 - 3 bulan 1.142.466 1.889.492 1 - 3 months
3 - 6 bulan 1.191.404 547.886 3 - 6 months
6 - 12 bulan 19.081 30.962 6 - 12 months
Lebih dari 12 bulan 379.176 248.967 Over 12 months
Total mata uang asing Total foreign currencies
(Catatan 62.B.(iv)) 4.081.590 3.799.929 (Note 62.B.(iv))
8.088.278 9.313.865
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (26.015) (31.340 ) impairment losses
Neto 8.062.263 9.282.525 Net
c. Mutasi cadangan kerugian penurunan nilai c. Movements of allowance for impairment losses on
tagihan akseptasi: acceptance receivables:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Saldo awal 31.340 122.212 Beginning balance
Pembalikan selama Total reversal during
tahun berjalan (Catatan 46) (6.321) (91.509 ) the year (Note 46)
Lain-lain*) 996 637 Others*)
Saldo akhir 26.015 31.340 Ending balance
*) *)
Termasuk selisih kurs karena penjabaran mata uang asing. Included effect of foreign currency translation.
31 Desember 2025/31 December 2025
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Saldo awal 25.737 3.751 - 1.852 31.340 Beginning balance
Pengalihan ke/(dari): Transfer to/(from):
- Kerugian kredit 12 months expected -
ekspektasian 12 bulan credit losses
(stage 1) - - - - - (stage 1)
- Kerugian kredit
ekspektasian sepanjang Lifetime expected -
umurnya - tidak credit losses
mengalami penurunan - unimpaired
nilai (stage 2) (2.325) 2.325 - - - (stage 2)
- Kerugian kredit
ekspektasian sepanjang Lifetime expected -
umurnya - mengalami credit losses
penurunan - impaired
nilai (stage 3) - - - - - (stage 3)
Total saldo awal setelah Total beginning balance
pengalihan 23.412 6.076 - 1.852 31.340 after transfer
Pengukuran kembali bersih Remeasurement of net
penyisihan kerugian (10.530) (407) - 5.036 (5.901) carrying amount
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 29.607 9.128 - - 38.735 purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (27.874) (11.281) - - (39.155) derecognised
Total pembalikan Total reversal
tahun berjalan (8.797) (2.560) - 5.036 (6.321) during the year
Lain-lain**) 767 185 - 44 996 Others**)
Saldo akhir 15.382 3.701 - 6.932 26.015 Ending balance
216
1164 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1167
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
15. TAGIHAN AKSEPTASI (lanjutan) 15. ACCEPTANCE RECEIVABLES (continued)
c. Mutasi cadangan kerugian penurunan nilai c. Movements of allowance for impairment losses on
tagihan akseptasi: (lanjutan) acceptance receivables: (continued)
31 Desember 2024/31 December 2024
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Saldo awal 29.917 87.984 - 4.311 122.212 Beginning balance
Pengukuran kembali bersih Remeasurement of net
penyisihan kerugian (15.021) (72) - (2.458) (17.551) carrying amount
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 51.773 19.096 - - 70.869 purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (41.480) (103.347) - - (144.827) derecognised
Total pembalikan Total reversal
tahun berjalan (4.728) (84.323) - (2.458) (91.509) during the year
Lain-lain**) 548 90 - (1) 637 Others**)
Saldo akhir 25.737 3.751 - 1.852 31.340 Ending balance
*) *)
Tidak menerapkan PSAK 109. Not implement SFAS 109.
**) **)
Termasuk selisih kurs karena penjabaran mata uang asing. Included effect of foreign currency translation.
Manajemen berpendapat bahwa cadangan Management believes that the allowance for
kerugian penurunan nilai tagihan akseptasi telah impairment losses on acceptance receivables is
memadai. adequate.
d. Informasi mengenai pengelompokan berdasarkan d. Information in respect of classification of
kelompok “tidak mengalami penurunan nilai” dan “non-impaired” and “impaired” from sharia
“mengalami penurunan nilai” untuk aset keuangan Subsidiary are disclosed in Note 62A.
dari Entitas Anak syariah diungkapkan pada
Catatan 62A.
e. Berdasarkan kolektibilitas sesuai POJK: e. By collectability based on FSA regulation:
Kolektibilitas tagihan akseptasi sesuai POJK Collectability of acceptance receivables in
diungkapkan pada Catatan 65. accordance with FSA regulation are disclosed in
Note 65.
16. PENYERTAAN SAHAM 16. INVESTMENTS IN SHARES
a. Rincian penyertaan saham adalah sebagai a. The detail of investments in shares are as follows:
berikut:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Penyertaan saham Investments in shares
Pihak berelasi (Catatan 56) 762.254 1.023.142 Related parties (Note 56)
Pihak ketiga 1.586.054 1.395.592 Third parties
Total 2.348.308 2.418.734 Total
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (1.986) (1.986 ) impairment losses
Neto 2.346.322 2.416.748 Net
217
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1165
Page 1168
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
16. PENYERTAAN SAHAM (lanjutan) 16. INVESTMENTS IN SHARES (continued)
a. Rincian penyertaan saham adalah sebagai a. The detail of investments in shares are as follows:
berikut: (lanjutan) (continued)
31 Desember 2025/31 December 2025 31 Desember 2024/31 December 2024
Persentase Persentase
Kepemilikan/ Kepemilikan/
Jenis Usaha/ Percentage of Nilai Tercatat/ Percentage of Nilai Tercatat/
Nature of Business Ownership Carrying Amount Ownership Carrying Amount
Metode nilai wajar:/Fair value method:
Aktivitas Teknologi Informasi dan Jasa Komputer Lainnya/
Information Technology Activities and Other Computer Services 0,01% - 17,50% 978.121 0,01% - 17,50% 1.145.049
Lembaga Keuangan Mikro/ Micro Microfinance Institution 2,17% - 12,47% 605.138 2,17% - 12,47% 438.782
Aktivitas Penunjang Lainnya untuk Asuransi dan Dana Pensiun/
Other Supporting Activities for Insurance and Pension Funds 1,76% - 14,86% 101.217 1,76% - 14,86% 86.013
Dana Ventura/Venture Funds 24,56% - 100,00% 8.356 24,56% - 100,00% 9.805
Portal Web dan/atau Platform Digital dengan Tujuan Komersial/
Commercial Web Portal and/or Digital Platform 7,32% 172.778 7,32% 185.144
Budidaya Biota Air Tawar Udang/Freshwater Shrimp Aquaculture 7,13% 15.790 7,13% 43.871
Jasa Penunjang Pertanian Lainnya/Other Agricultural Support
Services 1,60% 28.834 1,60% 37.944
Penyelenggara Jasa Kliring dan
Penjaminan/Central Counterpary 1,11% 20.000 1,11% 20.000
1.930.234 1.966.608
31 Desember 2025/31 December 2025 31 Desember 2024/31 December 2024
Nama Persentase Nilai Persentase Nilai
Perusahaan/ Jenis Usaha/ Kepemilikan/ Tercatat/ Kepemilikan/ Tercatat/
Investee Nature Percentage of Carrying Percentage of Carrying
Companies of Business Ownership Amount Ownership Amount
Metode biaya dan ekuitas:/
Cost and equity method:
PT Asuransi Jiwa Inhealth Indonesia Asuransi Jiwa/
Life Insurance 20,00% 402.536 20,00% 436.588
Lain-lain (masing-masing
di bawah Rp20.000)/
Others (each less than
Rp20,000) Beragam/Various 0,000001% - 10% 15.538 0,000001% - 10% 15.538
418.074 452.126
Total metode nilai wajar, metode biaya, dan
metode ekuitas/
Total fair value method, cost method, and
equity method 2.348.308 2.418.734
Dikurangi: cadangan kerugian
penurunan nilai/
Less: allowance for
impairment losses (1.986) (1.986)
Neto/Net 2.346.322 2.416.748
b. Mutasi cadangan kerugian penurunan nilai b. Movements of allowance for impairment losses on
penyertaan saham: investments in shares:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Saldo awal 1.986 34.123 Beginning balance
Pembalikan selama tahun Reversal during the
berjalan (Catatan 46) (1.408) (704 ) year (Note 46)
Penghapusbukuan - (32.167 ) Write-offs
Lain-lain*) 1.408 734 Others*)
Saldo akhir 1.986 1.986 Ending balance
*) *)
Termasuk selisih kurs karena penjabaran mata uang asing. Included effect of foreign currency translation.
Manajemen berpendapat bahwa jumlah cadangan Management believes that the allowance for
kerugian penurunan nilai penyertaan saham telah impairment losses on investments in shares are
memadai. adequate.
218
1166 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1169
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
16. PENYERTAAN SAHAM (lanjutan) 16. INVESTMENTS IN SHARES (continued)
c. Berdasarkan kolektibilitas sesuai POJK: c. By collectability based on FSA regulation:
Kolektibilitas penyertaan saham sesuai POJK Collectability of investments in shares in
diungkapkan pada Catatan 65. accordance with FSA regulation are disclosed in
Note 65.
17. BIAYA DIBAYAR DIMUKA 17. PREPAID EXPENSES
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Biaya transaksi treasuri 1.569.210 1.338.753 Treasury transaction fee
Biaya transaksi kredit 1.235.191 839.534 Loans transaction fee
Biaya pemeliharaan gedung 757.391 801.795 Building maintenance fee
Sewa dibayar dimuka 441.632 325.464 Prepaid rent
Biaya pemeliharaan sistem 395.567 219.410 System maintenance fee
Biaya premi asuransi 355.602 411.497 Prepaid insurance premium
Biaya kepegawaian 224.841 194.239 Employment expenses
Biaya promosi 31.574 69.913 Promotion fee
Biaya jasa profesional 26.622 8.700 Professional fee
Biaya jasa tenaga kerja pihak ketiga 7.321 31.472 Third-party labor service fee
Lain-lain 628.087 586.946 Others
Total 5.673.038 4.827.723 Total
Biaya transaksi treasuri terkait biaya dibayar Treasury transaction fee related to the upfront
dimuka atas kontrak call spread option yang akan payment for call spread option contract that will be
diamortisasi dengan metode garis lurus amortised using the straight-line method over the
sepanjang jangka waktu kontrak. term of contract.
Sewa dibayar dimuka terutama merupakan sewa Prepaid rent mostly consists of rentals on buildings
atas bangunan yang digunakan sebagai kantor which are used as the Group branch’s offices and
cabang Grup dan rumah dinas di seluruh official residence across Indonesia. Group
Indonesia. Grup mengakui aset hak guna dan recognises the right-of-use assets and liabilities for
liabilitas sewa untuk semua sewa dengan kontrak all leases with time contracts, which payable
jangka waktu tertentu yang dibayar secara periodically, except for short term list and leases
periodik, kecuali untuk sewa jangka waktu with low value underlying assets.
pendek dan memiliki aset pendasar bernilai
rendah.
18. ASET TETAP 18. FIXED ASSETS
a. Rincian aset tetap adalah sebagai berikut: a. The details of fixed assets were as follows:
31 Desember 2025/31 December 2025
Pengalihan
pengendalian
Saldo atas entitas
awal*)/ anak/Control Saldo
Beginning Penambahan/ Revaluasi/ Pengurangan/ Reklasifikasi/ transfer of a akhir**)/
balance*) Additions Revaluation Deductions Reclassifications subsidiary Ending balance**)
Biaya perolehan/nilai At cost/revaluation
revaluasi value
Pemilikan langsung Direct ownership
Tanah 42.200.919 974 3.660.457 - 79.918 - 45.942.268 Land
Bangunan 13.226.404 181.860 - (372) 2.226.831 - 15.634.723 Building
Perlengkapan, Furniture and fixtures,
peralatan kantor office equipment
dan komputer 17.381.592 643.049 - (398.546) 4.229.150 (25.035) 21.830.210 and computer
Kendaraan bermotor 246.020 6.115 - (3.345) 14.090 (16) 262.864 Vehicles
Aset dalam Construction in
pembangunan 6.561.618 4.624.306 - (24.364) (6.549.989) - 4.611.571 progress
79.616.553 5.456.304 3.660.457 (426.627) - (25.051) 88.281.636
Aset hak guna 10.842.127 4.527.969 - (450.852) - (50.605) 14.868.639 Right of use assets
90.458.680 9.984.273 3.660.457 (877.479) - (75.656) 103.150.275
219
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1167
Page 1170
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
18. ASET TETAP (lanjutan) 18. FIXED ASSETS (continued)
a. Rincian aset tetap adalah sebagai berikut: a. The details of fixed assets were as follows:
(lanjutan) (continued)
31 Desember 2025/31 December 2025
Pengalihan
pengendalian
Saldo atas entitas
awal*)/ anak/Control Saldo
Beginning Penambahan/ Revaluasi/ Pengurangan/ Reklasifikasi/ transfer of a akhir**)/
balance*) Additions Revaluation Deductions Reclassifications subsidiary Ending balance**)
Akumulasi penyusutan Accumulated depreciation
Pemilikan langsung Direct ownership
Bangunan 5.464.308 886.809 - (325) 68 - 6.350.860 Building
Perlengkapan, Furniture and fixtures,
peralatan kantor office equipment
dan komputer 14.347.587 1.590.113 - (385.576) (68) (16.810) 15.535.246 and computer
Kendaraan bermotor 216.420 17.241 - (2.855) - (16) 230.790 Vehicles
20.028.315 2.494.163 - (388.756) - (16.826) 22.116.896
Aset hak guna 7.399.520 2.055.860 - (456.174) - (28.158) 8.971.048 Right of use assets
27.427.835 4.550.023 - (844.930) - (44.984) 31.087.944
Nilai buku neto Net book value
Pemilikan langsung Direct ownership
Tanah 45.942.268 Land
Bangunan 9.283.863 Building
Perlengkapan, Furniture and fixtures,
peralatan kantor office equipment
dan komputer 6.294.964 and computer
Kendaraan bermotor 32.074 Vehicles
Aset dalam Construction in
pembangunan 4.611.571 progress
66.164.740
Aset hak guna 5.897.591 Right of use assets
72.062.331
*)
*) Per tanggal 31 Desember 2024 terdapat aset tanah yang direvaluasi As of 31 December 2024 land assets are revaluated to Rp35,818,270
sebesar Rp35.818.270 terdiri dari Bank sebesar Rp35.272.112 dan which consist of Bank amounted to Rp35,272,112 and Subsidiaries
Entitas Anak sebesar Rp546.158. amounted to Rp546,158.
**)
**) Per tanggal 31 Desember 2025 terdapat aset tanah yang direvaluasi As of 31 December 2025 and assets are revaluated to Rp39.478.729
sebesar Rp39.478.729 terdiri dari Bank sebesar Rp38.932.570 dan which consist of Bank amounted to Rp38,932,570 and Subsidiaries
Entitas Anak sebesar Rp546.158 amounted to Rp546.158.
31 Desember 2024/31 December 2024
Pengalihan
pengendalian
Saldo atas entitas
awal*)/ anak/Control Saldo
Beginning Penambahan/ Revaluasi/ Pengurangan/ Reklasifikasi/ transfer of a akhir**)/
balance*) Additions Revaluation Deductions Reclassifications subsidiary Ending balance**)
Biaya perolehan/nilai At cost/revaluation
revaluasi value
Pemilikan langsung Direct ownership
Tanah 41.417.725 242.038 114.050 - 427.106 - 42.200.919 Land
Bangunan 11.897.086 266.238 - (4.887) 1.067.967 - 13.226.404 Building
Perlengkapan, Furniture and fixtures,
peralatan kantor office equipment
dan komputer 15.587.063 768.293 - (115.385) 1.244.818 (103.197) 17.381.592 and computer
Kendaraan bermotor 247.039 1.705 - (1.185) - (1.539) 246.020 Vehicles
Aset dalam Construction in
pembangunan 4.438.613 4.863.277 - - (2.739.891) (381) 6.561.618 progress
73.587.526 6.141.551 114.050 (121.457) - (105.117) 79.616.553
Aset hak guna 8.727.505 2.605.544 - (409.124) - (81.798) 10.842.127 Right of use assets
82.315.031 8.747.095 114.050 (530.581) - (186.915) 90.458.680
Akumulasi penyusutan Accumulated depreciation
Pemilikan langsung Direct ownership
Bangunan 4.761.830 703.431 - (953) - - 5.464.308 Building
Perlengkapan, Furniture and fixtures,
peralatan kantor office equipment
dan komputer 13.482.213 1.032.447 - (86.526) - (80.547) 14.347.587 and computer
Kendaraan bermotor 201.904 16.978 - (923) - (1.539) 216.420 Vehicles
18.445.947 1.752.856 - (88.402) - (82.086) 20.028.315
Aset hak guna 5.891.377 1.969.965 - (406.945) - (54.877) 7.399.520 Right of use assets
24.337.324 3.722.821 - (495.347) - (136.963) 27.427.835
220
1168 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1171
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
18. ASET TETAP (lanjutan) 18. FIXED ASSETS (continued)
a. Rincian aset tetap adalah sebagai berikut: a. The details of fixed assets were as follows:
(lanjutan) (continued)
31 Desember 2024/31 December 2024
Pengalihan
pengendalian
Saldo atas entitas
awal*)/ anak/Control Saldo
Beginning Penambahan/ Revaluasi/ Pengurangan/ Reklasifikasi/ transfer of a akhir**)/
balance*) Additions Revaluation Deductions Reclassifications subsidiary Ending balance**)
Nilai buku neto Net book value
Pemilikan langsung Direct ownership
Tanah 42.200.919 Land
Bangunan 7.762.096 Building
Perlengkapan, Furniture and fixtures,
peralatan kantor office equipment
dan komputer 3.034.005 and computer
Kendaraan bermotor 29.600 Vehicles
Aset dalam Construction in
pembangunan 6.561.618 progress
59.588.238
Aset hak guna 3.442.607 Right of use assets
63.030.845
*)
*) Per tanggal 31 Desember 2023 terdapat aset tanah yang direvaluasi As of 31 December 2023, land assets are revaluated to Rp35,704,220
sebesar Rp35.704.220 terdiri dari Bank sebesar Rp35.272.112 dan which consist of Bank amounted to Rp35,272,112 and Subsidiaries
Entitas Anak sebesar Rp432.108. amounted to Rp432,108.
**)
**) Per tanggal 31 Desember 2024 terdapat aset tanah yang direvaluasi As of 31 December 2024 land assets are revaluated to Rp35,818,270
sebesar Rp35.818.270 terdiri dari Bank sebesar Rp35.272.112 dan which consist of Bank amounted to Rp35,272,112 and Subsidiaries
Entitas Anak sebesar Rp546.158. amounted to Rp546,158.
Rincian aset dalam pembangunan adalah sebagai Details of construction in progress assets are as
berikut: follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Bangunan 4.424.864 4.413.808 Buildings
Komputer dan perangkat keras Computers and other
lainnya yang belum hardware that
terinstalasi 119.887 2.007.323 have not been installed
Tanah 8.954 7.303 Land
Perlengkapan dan inventaris kantor 56.932 52.889 Office equipment and inventory
Kendaraan bermotor - 22 Vehicles
Lain-lain 934 80.273 Others
4.611.571 6.561.618
Estimasi persentase tingkat penyelesaian aset The estimated percentage of completion of
dalam pembangunan pada tanggal 31 Desember construction in progress as of 31 December 2025
2025 dan 2024 untuk komputer dan perangkat and 2024 for computers and other hardware that
keras lainnya yang belum terinstalasi adalah have not been installed was ranging between 5% -
masing-masing berkisar 5% - 85%. 85%, respectively.
221
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1169
Page 1172
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
18. ASET TETAP (lanjutan) 18. FIXED ASSETS (continued)
a. Rincian aset tetap adalah sebagai berikut: a. The details of fixed assets were as follows:
(lanjutan) (continued)
Aset hak guna sebagai berikut: Right of use assets are as follows:
31 Desember 2025/31 December 2025
Pengalihan
pengendalian
atas entitas
Saldo awal/ anak/
Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Control transfer Saldo akhir/
balance Additions Deductions Reclassifications of a subsidiary Ending balance
Biaya perolehan At cost
Bangunan 8.649.682 4.067.336 (427.968) - (50.605) 12.238.445 Building
Perlengkapan, Furniture and fixtures,
peralatan kantor office equipment
dan komputer 713.982 297.097 (2.342) - - 1.008.737 and computer
Kendaraan bermotor 1.478.463 163.536 (20.542) - - 1.621.457 Vehicles
10.842.127 4.527.969 (450.852) - (50.605) 14.868.639
Akumulasi penyusutan Accumulated depreciation
Bangunan 6.091.949 1.592.637 (433.094) - (28.158) 7.223.334 Building
Perlengkapan, Furniture and fixtures,
peralatan kantor office equipment
dan komputer 200.851 204.368 (115) - - 405.104 and computer
Kendaraan bermotor 1.106.720 258.855 (22.965) - - 1.342.610 Vehicles
7.399.520 2.055.860 (456.174) - (28.158) 8.971.048
Nilai buku neto Net book value
Bangunan 5.015.111 Building
Perlengkapan, Furniture and fixtures
peralatan kantor office equipment
dan komputer 603.633 and computer
Kendaraan bermotor 278.847 Vehicles
5.897.591
31 Desember 2024/31 December 2024
Pengalihan
pengendalian
atas entitas
Saldo awal/ anak/
Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Control transfer Saldo akhir/
balance Additions Deductions Reclassifications of a subsidiary Ending balance
Biaya perolehan At cost
Bangunan 7.355.549 1.670.431 (294.500) - (81.798) 8.649.682 Building
Perlengkapan, Furniture and fixtures,
peralatan kantor office equipment
dan komputer 59.212 654.770 - - - 713.982 and computer
Kendaraan bermotor 1.312.744 280.343 (114.624) - - 1.478.463 Vehicles
8.727.505 2.605.544 (409.124) - (81.798) 10.842.127
Akumulasi penyusutan Accumulated depreciation
Bangunan 4.885.331 1.553.827 (292.332) - (54.877) 6.091.949 Building
Perlengkapan, Furniture and fixtures,
peralatan kantor office equipment
dan komputer 43.728 157.123 - - - 200.851 and computer
Kendaraan bermotor 962.318 259.015 (114.613) - - 1.106.720 Vehicles
5.891.377 1.969.965 (406.945) - (54.877) 7.399.520
Nilai buku neto Net book value
Bangunan 2.557.733 Building
Perlengkapan, Furniture and fixtures
peralatan kantor office equipment
dan komputer 513.131 and computer
Kendaraan bermotor 371.743 Vehicles
3.442.607
222
1170 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1173
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
18. ASET TETAP (lanjutan) 18. FIXED ASSETS (continued)
a. Rincian aset tetap adalah sebagai berikut: a. The details of fixed assets were as follows:
(lanjutan) (continued)
Tabel berikut menyajikan beban hak guna yang The table below shows the right of use expenses in
dilaporkan dalam laporan laba rugi konsolidasian: consolidated statement of profit or loss:
31 Desember 2025/31 December 2025
Beban yang
Beban Beban berhubungan
penyusutan bunga atas dengan sewa
aset hak liabilitas sewa/ jangka pendek/
guna/ Interest Expenses
Depreciation of expenses related to
right of use of lease short term
assets liabilities lease
Bangunan 1.592.637 52.185 10.834 Building
Perlengkapan, peralatan kantor Furniture and fixture, office equipment
dan komputer 204.368 66.717 2.708 and computer
Kendaraan bermotor 258.855 26.736 5.418 Vehicles
Total yang diakui dalam Total recognised in consolidated
laporan laba rugi konsolidasian 2.055.860 145.638 18.960 statement of profit or loss
31 Desember 2024/31 December 2024
Beban yang
Beban Beban berhubungan
penyusutan bunga atas dengan sewa
aset hak liabilitas sewa/ jangka pendek/
guna/ Interest Expenses
Depreciation of expenses related to
right of use of lease short term
assets liabilities lease
Bangunan 1.553.827 45.790 12.713 Building
Perlengkapan, peralatan kantor Furniture and fixture, office equipment
dan komputer 157.123 58.300 3.771 and computer
Kendaraan bermotor 259.015 24.317 3.416 Vehicles
Total yang diakui dalam Total recognised in consolidated
laporan laba rugi konsolidasian 1.969.965 128.407 19.900 statement of profit or loss
Bank menyewa beberapa aset termasuk Bank entered into rental agreement for a number of
kendaraan, rumah dinas, gedung kantor, ruang assets including vehicle, office house, office
ATM dan lain-lain. Rata-rata masa sewa adalah building, ATM spaces and others. The average
2 (dua) tahun. lease term is 2 (two) years.
Bank juga memiliki sewa tertentu dengan masa Bank also has certain lease with leases terms 12
sewa 12 bulan atau kurang dan sewa aset bernilai months or less and low value underlying asset.
rendah. Bank menerapkan pengecualian untuk Bank applied the exception for the short term leases
sewa jangka pendek dan sewa bernilai rendah and low value leases.
untuk sewa tersebut.
b. Lain-lain b. Others
1. Perjanjian Kerjasama Pembangunan, 1. The Joint Agreement of Build, Operate,
Pengoperasian dan Penyerahan (Build, Transfer
Operate, Transfer)
Pada tanggal 28 Desember 2018 On 28 December 2018, the Bank has signed
telah ditandatangani Perjanjian Kerjasama the joint agreement of Build, Operate, and
Pembangunan, Pengoperasian dan Transfer for asset at Jl. Proklamasi
Penyerahan (Build, Operate, Transfer) atas No. 31 Jakarta for 27 years period with
aset di Jalan Proklamasi No. 31 Jakarta untuk PT Wijaya Karya Bangunan Gedung Tbk in
jangka waktu 27 tahun dengan Mitra order to optimize the strategic assets of Bank
Kerjasama PT Wijaya Karya Bangunan Mandiri by prioritizing the cooperation through
Gedung Tbk dalam rangka optimalisasi aset SOE synergy.
strategis milik Bank Mandiri dengan
mengutamakan kerjasama sinergi BUMN.
223
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1171
Page 1174
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
18. ASET TETAP (lanjutan) 18. FIXED ASSETS (continued)
b. Lain-lain (lanjutan) b. Others (continued)
2. Revaluasi 2. Revaluation
Revaluasi Tahun 2015 - 2016 Revaluation Year 2015 - 2016
Berdasarkan Peraturan Menteri Keuangan Based on Minister of Finance of the Republic of
Republik Indonesia (PMK) Indonesia Regulation (PMK)
No. 191/PMK.010/2015 tanggal 15 Oktober No. 191/PMK.010/2015 dated 15 October
2015 tentang Penilaian Kembali Aktiva Tetap 2015 regarding Revaluation of Fixed Assets for
Untuk Tujuan Perpajakan Bagi Permohonan Tax Purposes for Applications Filed in 2015
yang Diajukan Pada Tahun 2015 dan Tahun and 2016, with the first amendment through the
2016, dengan perubahan pertama melalui Minister of Finance Regulation
Peraturan Menteri Keuangan No. No. 233/PMK.03/2015 dated 21 December
233/PMK.03/2015 tanggal 21 Desember 2015 and the second amendment of the
2015 dan perubahan kedua Peraturan Minister of Finance Regulation
Menteri Keuangan No. 29/PMK.03/2016 No. 29/PMK.03/2016 dated 19 February 2016.
tanggal 19 Februari 2016. Grup telah The Group has assigned registered
menugaskan perusahaan jasa penilai independent appraisers to assess (revaluate)
terdaftar untuk melaksanakan penilaian its fixed asset (land).
(revaluasi) aset tetap atas tanah.
Penilaian atas tanah dilakukan oleh penilai The valuations of land are performed by the
independen eksternal Kantor Jasa Penilai external independent appraisers, Public
Publik (KJPP) Amin, Nirwan, Alfiantori dan Appraiser Firm (KJPP) Amin, Nirwan, Alfiantori
Rekan (ANA) dan KJPP Muttaqin, Bambang, and Partners (ANA) and KJPP Muttaqin,
Purwanto, Rozak, Uswatun dan Rekan Bambang, Purwanto, Rozak, Uswatun and
(MBPRU). Penilaian dilakukan sesuai dengan Partners (MBPRU). Appraisals are performed
dan tunduk kepada ketentuan-ketentuan dari based on the Concept and General Principles
Konsep dan Prinsip Umum Penilaian (KPUP) of Appraisers (KPUP) article 17 in Indonesian
poin 17 dalam Standar Penilaian Indonesia Appraisal Standards (SPI) year 2015.
(SPI) tahun 2015.
Dalam pengukuran nilai wajar tanah, KJPP In the fair value measurement of the land, the
memperhitungkan kemampuan peserta pasar KJPP consider market participants ability to
untuk menghasilkan manfaat ekonomi generate economic benefits by using the
dengan penggunaan tertinggi dan terbaik assets in its highest and best use or by selling
atas aset atau dengan menjual aset ke it to another market participant that would use
peserta pasar lain yang akan menggunakan the asset in its highest and best use. The
aset pada kondisi tertinggi dan penggunaan valuation method used by the KJPP are market
terbaik. Metode penilaian yang digunakan approach and cost approach.
oleh KJPP adalah pendekatan pasar dan
pendekatan biaya.
Berdasarkan Laporan Penilaian dari KJPP Based on the Assessment Report of the KJPP
MBPRU tanggal 21 Desember 2015 atas aset MBPRU dated 21 December 2015 on land of
tanah di Entitas Anak dan 11 April 2016 atas Subsidiaries and 11 April 2016 on land of the
aset tanah Bank, yang ditandatangani oleh Ir. Bank, signed by Ir. Muhammad A. Mutaqin,
Muhammad A. Mutaqin, M.Sc.,Mappi (Cert.) M.Sc.,Mappi (Cert.) and KJPP ANA dated
serta KJPP ANA tanggal 13 April 2016 atas 13 April 2016 on land of the Bank signed by
aset tanah Bank yang ditandatangani oleh Ir. Ir. Muhammad Amin, M.Sc., Mappi (Cert.), the
Muhammad Amin, M.Sc., Mappi (Cert.), nilai value of fixed assets and its increase are as
aset tetap berikut mengalami kenaikan nilai follows:
adalah sebagai berikut:
Kenaikan nilai
(sebelum pajak)/
Nilai pasar/ Nilai buku/ Increase in value
Aset tetap Fair value Book value (before tax) Fixed assets
Tanah 28.822.150 2.880.116 25.942.034 Land
224
1172 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1175
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
18. ASET TETAP (lanjutan) 18. FIXED ASSETS (continued)
b. Lain-lain (lanjutan) b. Others (continued)
2. Revaluasi (lanjutan) 2. Revaluation (continued)
Revaluasi Tahun 2015 - 2016 (lanjutan) Revaluation Year 2015 - 2016 (continued)
Untuk menentukan nilai pasar tersebut, KJPP To determine the fair value, KJPP ANA and
ANA dan KJPP MBPRU menggunakan KJPP MBPRU uses the assessment to
metodologi penilaian Pendekatan Pasar methodology of Market Approach SPI
(Market Approach) SPI 2015-KPUP 17 2015-KPUP 17 with direct comparison method.
dengan metode perbandingan langsung.
Hasil revaluasi aset tetap untuk Bank tersebut The results of revaluation of fixed assets of the
telah disetujui oleh Direktorat Jenderal Pajak Bank were approved by the Directorate
(DJP) melalui Kepala Kantor Wilayah DJP General of Taxes (DGT) through the Head of
Wajib Pajak Besar melalui Surat Keputusan Regional Office Large Tax Payer through
No. KEP-418/WPJ.19/2016 tanggal 25 Mei Decree No. KEP-418/WPJ.19/2016 dated
2016. Hasil revaluasi aset tetap Entitas Anak 25 May 2016. The results of revaluation of fixed
juga telah disetujui oleh DJP pada tanggal assets of Subsidiaries had been approved by
8 Januari 2016. the DGT on 8 January 2016.
Revaluasi Tahun 2019 Revaluation Year 2019
Di tahun 2019, Bank melakukan penilaian In 2019, Bank has performed land revaluation.
kembali atas tanah. Penilaian atas tanah The valuation of land was performed by
dilakukan oleh penilaian independen external independent appraisers of the KJPP
eksternal KJPP Yanuar Bey dan Rekan dan Yanuar Bey and Partners and KJPP Iwan
KJPP Iwan Bachron dan Rekan. Penilaian Bachron and Partners. The assessment was
dilakukan sesuai dengan dan tunduk kepada performed in accordance with and subject to
ketentuan-ketentuan dari Konsep dan Prinsip the provisions of the General Assessment
Umum Penilaian poin 17 dalam SPI tahun Concepts and Principles article 17 in the SPI of
2018. year 2018.
Dalam pengukuran nilai wajar tanah, KJPP In the fair value measurement of the land, the
memperhitungkan kemampuan peserta pasar KJPP takes into account the market
untuk menghasilkan manfaat ekonomi participants’ ability to generate economic
dengan penggunaan tertinggi dan terbaik benefits to the highest and best use of the
atas aset atau dengan menjual aset ke assets or by selling assets to other market
peserta pasar lain yang akan menggunakan participants would use the asset on the highest
aset pada kondisi tertinggi dan penggunaan and best use condition. The valuation methods
terbaik. Metode penilaian yang digunakan used by KJPP are the market approach,
oleh KJPP adalah pendekatan pasar, income approach and cost approach.
pendekatan pendapatan dan pendekatan
biaya.
Berdasarkan Laporan Penilaian dari KJPP Based on the Appraisal Report of KJPP Yanuar
Yanuar Bey tanggal 8 Juli 2019 yang Bey on 8 July 2019 signed by Dasa'at Alam
ditandatangani oleh Dasa'at Alam Ratu, S.P., Ratu, S.P.,, MAPPI (Cert.) and KJPP Iwan
MAPPI (Cert.) dan KJPP Iwan Bachron Bachron on 9 August 2019 signed by Iwan
tanggal 9 Agustus 2019 yang ditandatangani Bahron, M.Ec.Dev., MAPPI (Cert.), the value of
oleh Iwan Bahron, M.Ec.Dev., MAPPI (Cert.), fixed assets and its value increase are as
nilai aset tetap berikut kenaikan nilainya follows:
adalah sebagai berikut:
Kenaikan nilai
(sebelum pajak)/
Nilai pasar/ Nilai buku/ Increase in value
Aset tetap Fair value Book value (before tax) Fixed assets
Tanah 33.596.578 29.725.630 3.870.948 Land
225
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1173
Page 1176
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
18. ASET TETAP (lanjutan) 18. FIXED ASSETS (continued)
b. Lain-lain (lanjutan) b. Others (continued)
2. Revaluasi (lanjutan) 2. Revaluation (continued)
Revaluasi Tahun 2019 (lanjutan) Revaluation Year 2019 (continued)
Untuk menentukan nilai pasar tersebut, KJPP To determine the fair value, KJPP Yanuar Bey
Yanuar Bey dan rekan dan KJPP Iwan and partners and KJPP Iwan Bachron and
Bachron dan rekan menggunakan metodologi partners use the market approach methodology
penilaian Pendekatan Pasar (Market of SPI 2018-KPUP 15.2 using direct
Approach) SPI 2018-KPUP 15.2 dengan comparison method.
metode perbandingan langsung.
Revaluasi Tahun 2022 Revaluation Year 2022
Di tahun 2022, Bank melakukan penilaian In year 2022, the Bank performed revaluations
kembali atas tanah. Penilaian atas tanah of land. The valuations of land was performed
dilakukan oleh penilaian independen by external independent appraisers of the
eksternal KJPP Muttaqin, Bambang, KJPP Muttaqin, Bambang, Purwanto, Rozak,
Purwanto, Rozak, Uswatun dan Rekan dan Uswatun and Partners, and Dasa'at Yudistira
Dasa’at Yudistira dan Rekan. Penilaian and Partners. The valuations are performed in
dilakukan sesuai dengan dan tunduk kepada accordance with and subject to the provisions
ketentuan-ketentuan dari Konsep dan Prinsip of the General Concepts and Principles of
Umum Penilaian poin 17 dalam tahun 2018. Assessment article 17 in the SPI of year 2018.
Dalam pengukuran nilai wajar tanah, KJPP In assessing the fair value of land, KJPP takes
memperhitungkan kemampuan peserta pasar into account the ability of market participants to
untuk menghasilkan manfaat ekonomi generate economic benefits with the highest
dengan penggunaan tertinggi dan terbaik and best use of assets or by selling assets to
atas aset atau dengan menjual aset ke other market participants who will use assets
peserta pasar lain yang akan menggunakan in the highest conditions and best use. The
aset pada kondisi tertinggi dan penggunaan valuation method used by KJPP is the market
terbaik. Metode penilaian yang digunakan approach, income approach and cost
oleh KJPP adalah pendekatan pasar, approach.
pendekatan pendapatan dan pendekatan
biaya.
Berdasarkan Laporan Penilaian dari KJPP Based on the Appraisal Report from, KJPP
Muttaqin Bambang Purwanto Rozak Uswatun Muttaqin, Bambang, Purwanto, Rozak,
dan Rekan (yang ditandatangani oleh Ir. Uswatun and Partners (Signed by Ir.
Muhammad Adil Muttaqin, M.Sc., MAPPI Muhammad Adil Muttaqin, M.Sc., MAPPI
(Cert) dengan nomor Surat Tanda Terdaftar (Cert) with Registered Letter
(STTD) STTD.PP-83/PM.2/2018) tertanggal (STTD) STTD.PP-83/PM.2/2018) on
16 Desember 2022 dan KJPP Dasa’at 16 December 2022 and KJPP Dasa'at
Yudistira dan Rekan (yang ditandatangani Yudistira and Partners (Signed by Dasa’at
oleh Dasa’at Alam Ratu, S.P., MAPPI (Cert) Alam Ratu, S.P., MAPPI (Cert) with Registered
dengan nomor (STTD) STTD.PP- Letter (STTD) STTD.PP-83/PM.2/2018) on 16
83/PM.2/2018) tertanggal 16 Desember 2022 December 2022 and and KJPP Dasa'at
dan KJPP Dasa’at Yudistira dan Rekan (yang Yudistira and Partners (Signed by Dasa’at
ditandatangani oleh Dasa;at Alam Ratu, S.P., Alam Ratu, S.P., MAPPI (Cert) with Registered
MAPPI (Cert) dengan nomor (STTD) Letter (STTD) STTD.PP-93/PM.2/2018) on
STTD.PP93/PM.2/2018) tertanggal 19 December 2022 the value of fixed assets
19 Desember 2022, nilai aset tetap berikut and the increase in value are as follows:
kenaikan nilainya adalah sebagai berikut:
Kenaikan nilai
(sebelum pajak)/
Nilai pasar/ Nilai buku/ Increase in value
Aset tetap Fair value Book value (before tax) Fixed assets
Tanah 38.639.890 34.074.142 4.565.748 Land
226
1174 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1177
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
18. ASET TETAP (lanjutan) 18. FIXED ASSETS (continued)
b. Lain-lain (lanjutan) b. Others (continued)
2. Revaluasi (lanjutan) 2. Revaluation (continued)
Revaluasi Tahun 2022 (lanjutan) Revaluation Year 2022 (continued)
Untuk menentukan nilai pasar tersebut, KJPP To determine market value, the Public
Muttaqin, Bambang, Purwanto, Rozak, Appraiser Firm (KJPP) Muttaqin, Bambang,
Uswatun dan Rekan dan KJPP Dasa’at Purwanto, Rozak, Uswatun and Partners and
Yudistira dan Rekan menggunakan KJPP Dasa’at Yudistira and Partners use
metodologi penilaian Pendekatan Pasar Market Approach methodology of SPI 2018-
(Market Approach) SPI 2018-KPUP 15.2 KPUP 15.2 with direct comparison method.
dengan metode perbandingan langsung.
Revaluasi Tahun 2025 Revaluation Year 2025
Di tahun 2025, Bank melakukan penilaian In 2025, the Bank conducted a revaluation of
kembali atas tanah. Penilaian atas tanah land. The land valuation was carried out by
dilakukan oleh penilai independen eksternal independent external appraisers Dasa’at
Dasa’at Yudistira dan Rekan dan Iwan Yudistira and Rekan and Iwan Bachron and
Bachron dan Rekan. Penilaian dilakukan Rekan. The valuation was performed in
sesuai dengan dan tunduk kepada ketentuan- accordance with and subject to the provisions
ketentuan dari Konsep dan Prinsip Umum of the General Valuation Concepts and
Penilaian poin 17 dalam tahun 2018. Principles, point 17, issued in 2018.
Dalam pengukuran nilai wajar tanah, KJPP In measuring the fair value of land, the Public
memperhitungkan kemampuan peserta pasar Appraisal Firm (KJPP) considers the ability of
untuk menghasilkan manfaat ekonomi market participants to generate economic
dengan penggunaan tertinggi dan terbaik benefits through the highest and best use of the
atas aset atau dengan menjual aset ke asset or by selling the asset to other market
peserta pasar lain yang akan menggunakan participants who would use the asset under its
aset pada kondisi tertinggi dan penggunaan highest and best use. The valuation methods
terbaik. Metode penilaian yang digunakan applied by the KJPP include the market
oleh KJPP adalah pendekatan pasar, approach, income approach, and cost
pendekatan pendapatan dan pendekatan approach.
biaya.
Berdasarkan Laporan Penilaian dari KJPP Based on the Valuation Reports issued by
Dasa’at Yudistira dan Rekan tanggal KJPP Dasa’at Yudistira and Rekan dated
18 Desember 2025 (yang ditandatangani oleh 18 December 2025 (signed by Dasa’at Alam
Dasa’at Alam Ratu, S.P., MAPPI (Cert.)) Ratu, S.P., MAPPI (Cert.)), with Registered
dengan nomor STTD: STTD.PP- Certificate Number (STTD): STTD.PP-
93/PM.02/2023) tertanggal 16 Agustus 2023 93/PM.02/2023 dated 16 August 2023, and
dan KJPP Iwan Bachron dan Rekan tanggal KJPP Iwan Bachron and Rekan dated
18 Desember 2025 (yang ditandatangani oleh 18 December 2025 (signed by Iwan Bachron
Iwan Bachron G., S.E., M.Ec.Dev., MAPPI G., S.E., M.Ec.Dev., MAPPI (Cert.)), with
(Cert.)) dengan nomor Surat Tanda Terdaftar Registered Certificate Number (STTD):
(STTD): STTB.PP-11/PJ-1/PM.02/2023) STTB.PP-11/PJ-1/PM.02/2023 dated 5 June
tertanggal 5 Juni 2023, nilai aset tetap berikut 2023, the carrying amounts of fixed assets and
kenaikan nilainya adalah sebagai berikut: the related increases in value are as follows:
Kenaikan nilai
(sebelum pajak)/
Nilai pasar/ Nilai buku/ Increase in value
Aset tetap Fair value Book value (before tax) Fixed assets
Tanah 43.361.460 39.701.003 3.660.457 Land
Untuk menentukan nilai pasar tersebut, KJPP To determine the market value, KJPP Dasa’at
Dasa’at Yudistra dan Rekan dan KJPP Iwan Yudistra and Rekan and KJPP Iwan Bachron
Bachron dan Rekan menggunakan and Rekan applied the Market Approach
metodologi penilaian Pendekatan Pasar valuation methodology in accordance with SPI
(Market Approach) SPI 2018-KPUP 15.2 2018-KPUP 15.2, using the direct comparison
dengan metode perbandingan langsung. method.
227
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1175
Page 1178
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
18. ASET TETAP (lanjutan) 18. FIXED ASSETS (continued)
b. Lain-lain (lanjutan) b. Others (continued)
3. Penilaian pada nilai wajar aset yang dimiliki 3. Assessment in the fair value of assets owned
Bank pada tanggal 31 Desember 2025 dan by the Bank on 31 December 2025 and
31 Desember 2024 adalah untuk tanah 31 December 2024 uses revaluation method
dengan menggunakan nilai revaluasi (nilai for lands and Sales Value of Taxable Object for
buku), sedangkan untuk bangunan Buildings (“NJOP”). As of 31 December 2025,
menggunakan Nilai Jual Objek Pajak (NJOP). the revaluation value of land and NJOP owned
Pada tanggal 31 Desember 2025, nilai buku by the Bank was Rp45,951,924 and
tanah dan NJOP bangunan yang dimiliki Bank Rp6,882,153, respectively. As of
masing-masing bernilai Rp45.951.924 dan 31 December 2024, the revaluation value of
Rp6.882.153. Pada tanggal 31 Desember land and NJOP owned by the Bank was
2024, nilai buku tanah dan NJOP Rp42,215,459 and Rp5,906,576, respectively.
bangunan yang dimiliki Bank masing-
masing sebesar Rp42.215.459 dan
Rp5.906.576.
4. Nilai tanah Bank berdasarkan model biaya 4. The value of land based on cost model as of
pada tanggal 31 Desember 2025 dan 2024 31 December 2025 and 2024 amounted to
adalah masing-masing sebesar Rp6.473.195 Rp6,473,195 and Rp6,397,188, respectively.
dan Rp6.397.188.
Tabel di bawah ini menyajikan instrumen non- The table below presents non-financial
keuangan yang diakui pada nilai wajar instruments recognised at fair value based on
berdasarkan hierarki yang digunakan Bank the hierarchy used by the Bank to determine
untuk menentukan dan mengungkapkan nilai and disclose the fair value of non-financial
wajar dari instrumen non-keuangan: instruments:
(i) Tingkat 1: Dikutip dari harga pasar aktif (i) Level 1: Quoted prices on active markets
untuk aset atau liabilitas yang identik; for identical assets or liabilities;
(ii) Tingkat 2: Teknik valuasi dimana seluruh (ii) Level 2: Valuation technique in which all
input yang memiliki efek signifikan inputs which have a significant effect on
terhadap nilai wajar yang tercatat dapat the recorded fair value are observable,
diobservasi baik secara langsung atau either directly or indirectly;
tidak langsung;
(iii) Tingkat 3: Teknik valuasi dimana seluruh (iii) Level 3: Valuation techniques in which all
input yang memiliki efek signifikan inputs have a significant effect on the
terhadap nilai wajar yang tercatat tidak recorded fair value that cannot be
dapat diobservasi dari data pasar. observed from market data.
31 Desember 2025/31 December 2025
Tingkat 1/ Tingkat 2/ Tingkat 3/ Nilai wajar/
Level 1 Level 2 Level 3 Fair value
Tanah - 45.951.924 - 45.951.924 Land
31 Desember 2024/31 December 2024
Tingkat 1/ Tingkat 2/ Tingkat 3/ Nilai wajar/
Level 1 Level 2 Level 3 Fair value
Tanah - 42.215.459 - 42.215.459 Land
228
1176 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1179
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
18. ASET TETAP (lanjutan) 18. FIXED ASSETS (continued)
b. Lain-lain (lanjutan) b. Others (continued)
5. Nilai wajar tingkat 2 dari tanah dihitung dengan 5. The fair value of land for level 2 is calculated
menggunakan pendekatan perbandingan using the comparison of market price approach
harga pasar dan estimasi pendapatan dan and estimation of income and expenses
biaya yang dihasilkan oleh aset. Harga pasar generated by the asset. The market price of the
dari tanah yang paling mendekati disesuaikan land that most closely adjusted for differences
dengan perbedaan atribut utama seperti in the primary attributes such as asset size,
ukuran aset, lokasi dan penggunaan aset. location and usage of assets. The most
Input yang paling signifikan dalam pendekatan significant input in this assessment approach is
penilaian ini adalah asumsi harga per meter. the assumption of the price per meter.
6. Hak atas tanah diperoleh berdasarkan 6. Land rights are held under Ownership Title
Sertifikat Hak Milik (“SHM”) dan sertifikat Hak Certificates (“SHM”) and renewable Right to
Guna (“HGB”) yang dapat diperbarui dengan Build Certificates (“HGB”), with expiration dates
masa yang akan berakhir antara 2025 sampai ranging from 2025 to 2053. Based on historical
tahun 2053. Mengacu pada praktek di masa precedent, the Group is confident in its ability to
lampau, Group memiliki keyakinan dapat renew the HGBs upon their expiry.
memperpanjang HGB tersebut.
7. Pada tanggal 31 Desember 2025, Bank 7. As of 31 December 2025, the Bank has insured
Mandiri telah mengasuransikan aset tetap its fixed assets (excluding land rights,
(tidak termasuk hak atas tanah, aset dalam construction in progress and the right of use
pembangunan dan aset hak guna) untuk assets) to cover potential losses against fire,
menutupi kemungkinan kerugian terhadap theft and natural disaster (Property All Risk
risiko kebakaran, pencurian dan bencana (PAR), Earthquakes (EQ), Machinery
alam (Property All Risk (PAR), Earthquakes Breakdown (MB), Terorism and Sabotase (TS).
(EQ), Machinery Breakdown (MB), Terorisme
dan Sabotase (TS).
Asuransi tersebut kepada PT Asuransi The insurance was placed with PT Asuransi
Cakrawala Proteksi Indonesia, PT Asuransi Cakrawala Proteksi Indonesia, PT Asuransi
Astra Buana, PT Estika Jasatama, Astra Buana, PT Estika Jasatama,
PT Asuransi Dayin Mitra Tbk, PT Asuransi PT Asuransi Dayin Mitra Tbk, PT Asuransi
Ramayana, PT Mandiri AXA General Ramayana, PT Mandiri AXA General
Insurance, PT Asuransi Wahana Tata, Insurance, PT Asuransi Wahana Tata,
PT Zurich Asuransi Indonesia Tbk, PT PT Zurich Asuransi Indonesia Tbk, PT Asuransi
Asuransi Umum Mega, PT Fresnel Perdana Umum Mega, PT Fresnel Perdana Mandiri and
Mandiri dan PT Asuransi Perisai Listrik PT Asuransi Perisai Listrik Indonesia are all
Indonesia, keseluruhannya adalah pihak third parties, while PT Asuransi Kredit
ketiga, serta PT Asuransi Kredit Indonesia, PT Indonesia, PT Asuransi Jasa Raharja Putera,
Asuransi Jasa Raharja Putera, PT Asuransi PT Asuransi Tugu Pratama Indonesia,
Tugu Pratama Indonesia, PT Asuransi Jiwa PT Asuransi Jiwa Inhealth Indonesia,
Inhealth Indonesia, PT Asuransi Staco PT Asuransi Staco Mandiri, and PT Krida
Mandiri, dan PT Krida Upaya Tunggal yang Upaya Tunggal are related parties. The total
merupakan pihak berelasi, dengan nilai jumlah amount of insurance coverage as of
pertanggungan asuransi pada tanggal 31 December 2025 and 2024 was
31 Desember 2025 dan 2024 masing - masing approximately Rp31,542,889 and
berkisar Rp31.542.889 dan Rp11.532.100. Rp11,532,100, respectively. Management
Manajemen berpendapat bahwa nilai believes that the insurance coverage is
pertanggungan tersebut telah memadai untuk adequate to cover potential losses on the
menutupi kemungkinan kerugian yang terjadi insured fixed assets. Fully depreciated fixed
atas aset tetap yang dipertanggungkan. Aset assets that are still in use by Bank Mandiri
tetap yang telah terdepresiasi penuh namun include, among others, office machines,
masih digunakan oleh Bank Mandiri antara printing equipment, office equipment, and
lain berupa mesin-mesin kantor, peralatan housing facilities.
percetakan, peralatan kantor, dan perumahan.
229
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1177
Page 1180
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
18. ASET TETAP (lanjutan) 18. FIXED ASSETS (continued)
b. Lain-lain (lanjutan) b. Others (continued)
8. Rincian keuntungan atas pelepasan aset tetap 8. Detail of gain on disposal of fixed assets are as
adalah sebagai berikut: follows:
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Hasil pelepasan aset tetap 40.148 35.890 Proceed from disposal of fixed assets
Nilai buku bersih aset tetap (37.871 ) (33.055 ) Net book value of fixed assets
Keuntungan atas
pelepasan aset tetap 2.277 2.835 Gain on disposal of fixed assets
9. Tidak terdapat aset tetap yang tidak dipakai 9. There are no fixed assets that are temporary
sementara atau dihentikan dari penggunaan unused or have been discontinued from active
aktif atau diklasifikasikan sebagai diperuntukan usage or classified as held for sale as of
untuk dijual pada tanggal 31 Desember 2025 31 December 2025 and 2024.
dan 2024.
Tidak terdapat aset tetap yang berasal dari There are no fixed assets from grants and there
hibah dan tidak terdapat komitmen kontraktual are no significant contractual commitments in
signifikan dalam perolehan aset tetap pada acquiring fixed assets as of 31 December 2025
tanggal 31 Desember 2025 dan 2024. and 2024.
10. Aset tetap yang telah disusutkan penuh namun 10. The fixed assets that have been fully
masih digunakan oleh Bank Mandiri antar lain depreciated but still in use by Bank Mandiri
berupa mesin-mesin kantor, peralatan consist of several things such as office
percetakan, peralatan kantor, dan perumahan. machine, printing office equipment and office
houses.
11. Manajemen berpendapat tidak terdapat 11. Management believes that there is no
indikasi penurunan nilai atas aset tetap pada indication on impairment of fixed assets as of
tanggal 31 Desember 2025 dan 2024. 31 December 2025 and 2024.
19. ASET TAKBERWUJUD 19. INTANGIBLE ASSETS
31 Desember 2025/31 December 2025
Pengalihan
pengendalian
Saldo atas entitas Saldo
awal/ anak/Control akhir/
Beginning Penambahan/ Pengurangan/ Reklasifikasi/ transfer of a Ending
balance Additions Deductions Reclassifications subsidiary balane
Nilai Perolehan At cost
Perangkat lunak 11.125.008 642.043 (15.860) 3.907.748 (7.419) 15.651.520 Software
Goodwill 519.286 - - - - 519.286 Goodwill
Aset brand Yokke 81.706 - - - - 81.706 Yokke brand assets
Aset dalam pembangunan 4.017.152 1.405.980 - (3.907.748) (29) 1.515.355 Construction in progress
15.743.152 2.048.023 (15.860) - (7.448) 17.767.867
Akumulasi amortisasi Accumulated amortisation
Perangkat lunak 8.629.349 1.545.049 (1) - (6.420) 10.167.977 Software
Aset brand Yokke 69.060 11.672 - - - 80.732 Yokke brand assets
8.698.409 1.556.721 (1) - (6.420) 10.248.709
Nilai buku neto Net book value
Perangkat lunak 5.483.543 Software
Goodwill 519.286 Goodwill
Aset brand Yokke 974 Yokke brand assets
Aset dalam pembangunan 1.515.355 Construction in progress
7.519.158
230
1178 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1181
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
19. ASET TAKBERWUJUD (lanjutan) 19. INTANGIBLE ASSETS (continued)
31 Desember 2024/31 December 2024
Pengalihan
pengendalian
Saldo atas entitas Saldo
awal/ anak/Control akhir/
Beginning Penambahan/ Pengurangan/ Reklasifikasi/ transfer of a Ending
balance Additions Deductions Reclassifications subsidiary balane
Nilai Perolehan At cost
Perangkat lunak 9.952.179 345.015 - 881.757 (53.943) 11.125.008 Software
Goodwill 787.466 - - - (268.180) 519.286 Goodwill
Aset brand Yokke 81.706 - - - - 81.706 Yokke brand assets
Aset dalam pembangunan 2.847.720 2.057.330 - (881.757) (6.141) 4.017.152 Construction in progress
13.669.071 2.402.345 - - (328.264) 15.743.152
Akumulasi amortisasi Accumulated amortisation
Perangkat lunak 7.737.085 933.969 - - (41.705) 8.629.349 Software
Aset brand Yokke 57.388 11.672 - - - 69.060 Yokke brand assets
7.794.473 945.641 - - (41.705) 8.698.409
Nilai buku neto Net book value
Perangkat lunak 2.495.659 Software
Goodwill 519.286 Goodwill
Aset brand Yokke 12.646 Yokke brand assets
Aset dalam pembangunan 4.017.152 Construction in progress
7.044.743
Perangkat lunak diamortisasi selama umur ekonomis Software is amortised over its economic useful life,
yaitu 5 tahun (Catatan 2.r.i). which is 5 years (Note 2.r.i).
Pada tanggal 31 Desember 2025 dan 2024, termasuk As of 31 December 2025 and 2024, included in
dalam aset takberwujud adalah aset brand Yokke dari intangible assets is the Yokke brand assets from
Entitas Anak PT Mandiri Capital Indonesia (MCI) Subsidiary, namely PT Mandiri Capital Indonesia (MCI)
senilai Rp974 dan Rp12.646 (neto setelah akumulasi amounted to Rp974 and Rp12,646 (net - accumulated
amortisasi) diamortisasi selama umur ekonomis 7 amortisation) amortised over its economic useful life of 7
tahun dengan metode garis lurus. years using the straight-line method.
Pada tanggal 31 Desember 2025 dan 2024, aset dalam As of 31 December 2025 and 2024, construction in
pembangunan masing-masing sebesar Rp1.515.355 progress for software amounted to Rp1,515,355 and
dan Rp4.017.152. Estimasi persentase tingkat Rp4,017,152, respectively. The estimated percentage of
penyelesaian perangkat lunak pada tanggal completion of software as of 31 December 2025 was
31 Desember 2025 adalah berkisar 42,00% - 90,00% ranging between 42.00% - 90.00% (31 December 2024:
(31 Desember 2024: 5,00% - 85,00%). 5.00% - 85.00%).
Goodwill merupakan nilai selisih antara nilai perolehan Goodwill arises from the difference between the cost of
dan nilai wajar dari aset bersih yang diakuisisi. Pada acquisition with the fair value of Subsidiaries assets
tanggal 31 Desember 2025 dan 2024 senilai acquired. As of 31 December 2025 and 2024 amounted
Rp519.286. Secara berkala, Goodwill dievaluasi to Rp519,286. Goodwill is evaluated for impairment. The
terhadap penurunan nilai. Nilai terpulihkan Goodwill recoverable amount of Goodwill is determined based on
ditentukan berdasarkan perhitungan nilai pakai the calculation of value in use using a discounted cash
menggunakan model arus kas terdiskonto. Nilai flow model. This value is categorized under fair value
tersebut dikategorikan berada dalam kategori measurement level 3.
pengukuran nilai wajar level 3.
20. ASET LAIN-LAIN 20. OTHER ASSETS
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Pendapatan yang masih akan
diterima 9.015.763 8.219.344 Accrued income
Piutang transaksi Receivables from customer
nasabah 3.802.645 3.360.582 transactions
Aset ijarah 2.848.415 2.221.850 Ijarah assets
Uang muka 2.588.178 1.068.764 Advance payment
Penjualan efek-efek yang masih Receivables from sales of
akan diterima 1.839.870 150.277 marketable securities
231
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1179
Page 1182
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
20. ASET LAIN-LAIN (lanjutan) 20. OTHER ASSETS (continued)
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah (lanjutan) Rupiah (continued)
Tagihan terkait dengan Receivables related to
transaksi ATM dan ATM and credit card
kartu kredit 1.753.944 2.270.706 transactions
Tagihan kepada pemerintah 1.206.758 474.781 Receivables from government
Agunan yang diambil alih 942.479 998.294 Repossesed assets
Tagihan biaya kredit dan Receivables from credit and
trade finance 437.700 365.031 trade finance fee
Tagihan reksadana 232.112 - Mutual fund transactions
Setoran jaminan yang dibayarkan 221.605 165.963 Security deposits paid
Perlengkapan kantor 174.508 93.991 Office supplies
Piutang ijarah 166.499 188.361 Ijarah receivables
Properti terbengkalai 80.629 80.629 Abandoned properties
Aset reasuransi 54.493 50.057 Reinsurance assets
Piutang management fee 43.867 79.850 Management fee receivables
Tagihan spot 28.760 24.770 Spot receivables
Tagihan terkait dengan Receivables related to
transaksi remittance 170 220 remittance transactions
Tagihan kepada pemegang polis - 415.935 Receivables from policyholders
Biaya akuisisi kontrak asuransi Deferred insurance contract
yang ditangguhkan - 422.242 acquisition fee
Piutang reasuransi dan Reinsurance and coinsurance
koasuransi - 334.015 receivables
Aset dari unit-link - 435.239 Assets from unit-link
Lain-lain 5.013.175 5.092.665 Others
Total 30.451.570 26.513.566 Total
Mata uang asing Foreign currencies
Pendapatan yang masih akan Accrued income
diterima (Catatan 62.B.(iv)) 3.183.603 2.703.729 (Note 62.B.(iv))
Tagihan atas obligasi pemerintah Receivables from government
yang diagunkan bonds pledged as collateral
(Catatan 62.B.(iv)) 2.746.074 802.754 (Note 62.B.(iv))
Piutang transaksi Receivables from customer
nasabah transactions
(Catatan 62.B.(iv)) 1.333.576 8.063 (Note 62.B.(iv))
Term Deposits Valas Foreign Exchange Term
Devisa Hasil Ekspor 1.113.056 3.862.800 Deposits from Export Activities
Aset ijarah 1.017.682 900.405 Ijarah assets
Tagihan terkait dengan transaksi Receivables related to
remittance 187.101 29.262 remittance transactions
Tagihan biaya kredit dan Receivables from credit and
trade finance 144.248 104.111 trade finance fee
Setoran jaminan yang dibayarkan 29.307 27.327 Security deposits paid
Penjualan efek-efek yang Receivables from sales of
masih akan diterima marketable securities
(Catatan 62.B.(iv)) 15.631 5.352 (Note 62.B.(iv))
Uang muka 10.129 6.319 Advance payment
Tagihan terkait dengan transaksi Receivables related to ATM
ATM dan kartu kredit transactions and credit card
(Catatan 62.B.(iv)) 3.048 1.172 (Note 62.B.(iv))
Tagihan spot - 339 Spot receivables
Piutang reasuransi dan Reinsurance and coinsurance
koasuransi - 8.848 receivables
Tagihan kepada pemegang polis Receivables from policyholders
(Catatan 62.B.(iv)) - 9 (Note 62.B.(iv))
Lain-lain 2.439.882 3.956.375 Others
Total 12.223.337 12.416.865 Total
42.674.907 38.930.431
Dikurangi: penyisihan lainnya (2.824.977) (1.587.650) Less: other allowances
Neto 39.849.930 37.342.781 Net
232
1180 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1183
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
20. ASET LAIN-LAIN (lanjutan) 20. OTHER ASSETS (continued)
Pendapatan yang masih akan diterima terdiri dari Accrued income consist of interest accrued from
bunga yang masih akan diterima dari penempatan, placement, marketable securities, government bonds,
efek-efek, obligasi pemerintah, kredit yang diberikan, loans, others receivables - trade transactions and
tagihan lainnya - transaksi perdagangan serta provisi accrued fees and commissions.
dan komisi yang masih akan diterima.
Term Deposits Valas Devisa Hasil Ekspor merupakan Foreign Exchange Term Deposits from Export Activities
suatu instrumen dimana dana devisa hasil ekspor dari is an instrument where foreign exchange proceeds from
rekening khusus eksportir ditempatkan pada Bank exporters’ special account are placed in Bank Indonesia
Indonesia melalui rekening Bank sesuai mekanisme through Bank’s accounts according to with market
pasar. mechanisms.
Piutang transaksi nasabah terutama merupakan Receivables from customer transactions mainly consist
piutang yang timbul dari transaksi perdagangan efek of receivables arising from securities transactions of
Entitas Anak. Pada tanggal 31 Desember 2025 dan Bank’s Subsidiaries. As of 31 December 2025 and 2024,
2024, termasuk di dalam piutang transaksi nasabah included in receivables from customer transactions is an
adalah piutang yang mengalami penurunan nilai impaired portfolio amounted to Rp10,003.
masing-masing sebesar Rp10.003.
Tagihan terkait dengan transaksi ATM dan kartu kredit Receivables related to ATM and credit card transactions
terdiri dari tagihan atas transaksi ATM dalam jaringan consists of receivable arising from ATM transactions
ATM Bersama, Prima dan Link dan tagihan atas Visa, within ATM Bersama, Prima and Link network as well as
Master Card dan JCB untuk transaksi kartu kredit. receivables from Visa, Master Card and JCB as a result
of credit card transactions.
Aset ijarah merupakan objek sewa dari transaksi ijarah, Ijarah assets are lease assets from ijarah transaction,
ijarah multijasa dan ijarah muntahiyah bittamlik ijarah multiservices, and ijarah muntahiyah bittamlik
(“IMBT”) dari Entitas Anak. (“IMBT”) from Subsidiary.
Aset dari unit-link terkait dengan transaksi piutang Assets from unit-link is related to receivables from
portofolio efek dari kontrak unit-link, dari reksa dana securities portfolio transactions of unit-link contracts in
Entitas Anak. Subsidiary’s mutual fund.
Tagihan atas obligasi pemerintah yang diagunkan Receivables from government bonds ROI 28, INDOIS
merupakan tagihan terkait transaksi repo to maturity 28, dan INDOIS 29, Bank Mandiri recognised
dengan pihak ketiga, dimana Bank Mandiri receivables at the amount of cash value of ROI 28,
mengalihkan obligasi pemerintah ROI 28, INDOIS 28, INDOIS 28, dan INDOIS 29 to SCB Jakarta. These
dan INDOIS 29 tersebut, Bank Mandiri mengakui borrowing facilities have 3 (three) and 4 (four) years
tagihan sebesar nilai tunai (cash value) dari ROI 28, tenor. The borrowings amounted to USD36,365,472 (full
INDOIS 28, dan INDOIS 29 kepada SCB Jakarta. amount), USD44,961,904 (full amount), and
Fasilitas pinjaman ini memiliki tenor 3 (tiga) dan 4 USD68,584,657 (full amount) will mature according to
(empat) tahun. Pinjaman sebesar USD36.365.472 the maturity date of ROI 28, INDOIS 28, and INDOIS 29,
(nilai penuh), USD44.961.904 (nilai penuh), dan which on 11 January 2028, 1 March 2028, and
USD68.584.657 (nilai penuh) akan jatuh tempo sesuai 20 February 2029 (Note 36f).
dengan tanggal jatuh tempo ROI 28, INDOIS 28, dan
INDOIS 29, yaitu 11 Januari 2028, 1 Maret 2028, dan
20 Februari 2029 (Catatan 36f).
Biaya akuisisi kontrak asuransi yang ditangguhkan Deferred insurance contract acquisition fee consists of
terdiri dari biaya akuisisi untuk produk asuransi unit link deferred acquisition cost of unit link back end loading
back end loading dan unit link hybrid yang and unit link hybrid insurance product and was
ditangguhkan dan diamortisasi dengan metode garis amortised with straight-line method from Subsidiaries.
lurus dari Entitas Anak.
Tagihan kepada pemegang polis merupakan tagihan Receivables from policyholders represent receivables
Entitas Anak kepada pemegang polis atas premi from the Subsidiary’s to its policyholders related to
produk non unit-link pemegang polis. premium of non unit-link products.
233
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1181
Page 1184
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
20. ASET LAIN-LAIN (lanjutan) 20. OTHER ASSETS (continued)
Pada tanggal 31 Desember 2025 dan 2024, penjualan As of 31 December 2025 and 2024, receivables from
efek-efek yang masih akan diterima merupakan sales of marketable securities are receivables from sale
tagihan yang timbul dari transaksi penjualan efek-efek of marketable securities transaction with maturity date
yang jatuh tempo penyelesaiannya masing-masing on 5 January 2026 and 3 January 2025, respectively.
pada tanggal 5 Januari 2026 dan 3 Januari 2025.
Nilai agunan yang diambil alih pada tanggal The balance of repossessed assets as of 31 December
31 Desember 2025 dan 2024 adalah masing-masing 2025 and 2024 are Rp942,479 and Rp998,294,
sebesar Rp942.479 dan Rp998.294 yang seluruhnya respectively which have been 100% provisioned,
telah dicadangkan 100%, sehingga nilai tercatat dan therefore the book value and fair value of repossessed
nilai wajar agunan yang diambil alih adalah RpNihil. assets are borth RpNil.
Lain-lain terutama terdiri dari rekening antar kantor, Others mainly consist of inter-office accounts, various
berbagai macam tagihan dari transaksi kepada pihak form of receivables from transaction with third parties,
ketiga dalam rangka transaksi, antara lain transaksi including clearing transactions and others.
kliring dan lain-lain.
Mutasi penyisihan kerugian aset lain-lain adalah Movement of allowance for impairment losses of other
sebagai berikut: assets are as follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Saldo awal 1.587.650 1.596.320 Beginning balance
Penyisihan selama Allowance during
tahun berjalan (Catatan 47) 1.142.381 2.906 the year (Note 47)
Lain-lain*) 94.946 (11.576 ) Others*)
Saldo akhir 2.824.977 1.587.650 Ending balance
*) *)
Termasuk selisih kurs karena penjabaran mata uang asing. Included effect of foreign currencies translation.
Manajemen berpendapat bahwa total penyisihan Management believes that the allowance for impairment
kerugian aset lain-lain telah memadai. losses of other assets is adequate.
21. SIMPANAN DARI NASABAH - GIRO DAN GIRO 21. DEPOSITS FROM CUSTOMERS - DEMAND
WADIAH DEPOSITS AND WADIAH DEMAND DEPOSITS
a. Berdasarkan mata uang, pihak berelasi dan pihak a. By currency, related parties and third parties:
ketiga:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Pihak berelasi (Catatan 56) 141.354.293 83.315.577 Related parties (Note 56)
Pihak ketiga 347.867.912 298.624.406 Third parties
Total 489.222.205 381.939.983 Total
Mata uang asing Foreign currencies
Pihak berelasi (Catatan 56) 55.894.544 70.839.895 Related parties (Note 56)
Pihak ketiga 120.992.841 115.796.131 Third parties
Total (Catatan 62.B.(iv)) 176.887.385 186.636.026 Total (Note 62.B.(iv))
666.109.590 568.576.009
Termasuk di dalam saldo simpanan giro adalah Included in demand deposits are wadiah demand
giro wadiah masing-masing sebesar deposits amounted to Rp27,790,474 and
Rp27.790.474 dan Rp19.147.079 pada tanggal Rp19,147,079 as of 31 December 2025 and 2024,
31 Desember 2025 dan 2024. respectively.
234
1182 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1185
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
21. SIMPANAN DARI NASABAH - GIRO DAN GIRO 21. DEPOSITS FROM CUSTOMERS - DEMAND
WADIAH (lanjutan) DEPOSITS AND WADIAH DEMAND DEPOSITS
(continued)
b. Tingkat suku bunga rata-rata (cost of funds) dan b. Average interest rates (cost of funds) and range of
kisaran bagi hasil selama tahun berjalan profit sharing per annum
Tingkat suku bunga rata-rata (cost of funds) per Average interest rates (cost of funds) per annum:
tahun:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah 2,65% 2,71% Rupiah
Mata uang asing (disetarakan Foreign currencies (equivalent to
dalam Rupiah) 2,82% 2,71% Rupiah)
Kisaran bagi hasil giro wadiah per tahun: Range of profit sharing per annum on wadiah
demand deposits:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah 0,18% - 0,24% 0,02% - 0,04% Rupiah
Mata uang asing (disetarakan Foreign currencies (equivalent to
dalam Rupiah) 0,00% - 0,00% 0,00% - 0,00% Rupiah)
c. Giro yang dibekukan dan diblokir sebagai jaminan c. Demand deposits pledged as collateral and
atas bank garansi, kredit yang diberikan, fasilitas blocked for bank guarantees, loans and trade
pembayaran transaksi perdagangan (letter of finance facilities (irrevocable letter of credits) and
credit yang tidak dapat dibatalkan) dan untuk for other purposes as of 31 December 2025 and
tujuan lain pada tanggal 31 Desember 2025 dan 2024 were amounted to Rp52,088,474 and
2024 adalah masing-masing sebesar Rp18,754,987, respectively (Notes 12B.c and 31d).
Rp52.088.474 dan Rp18.754.987 (Catatan 12B.c
dan 31d).
22. SIMPANAN DARI NASABAH - TABUNGAN DAN 22. DEPOSITS FROM CUSTOMERS - SAVING
TABUNGAN WADIAH DEPOSITS AND WADIAH SAVING DEPOSITS
a. Berdasarkan mata uang, jenis, pihak berelasi dan a. By currency, type, related parties and third parties:
pihak ketiga:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Pihak berelasi (Catatan 56) Related parties (Note 56)
Tabungan Mandiri 4.626.005 4.218.315 Mandiri Saving Deposits
Pihak ketiga Third parties
Tabungan Mandiri 548.441.525 516.469.456 Mandiri Saving Deposits
Tabungan Mandiri Haji 15.866.597 14.499.671 Hajj Mandiri Saving Deposits
Total 568.934.127 535.187.442 Total
Mata uang asing Foreign currencies
Pihak berelasi (Catatan 56) Related parties (Note 56)
Tabungan Mandiri 474.514 2.120.728 Mandiri Saving Deposits
Pihak ketiga Third parties
Tabungan Mandiri 52.418.547 42.883.626 Mandiri Saving Deposits
Tabungan Haji 87.782 - Haji Saving Deposits
Total (Catatan 62.B.(iv)) 52.980.843 45.004.354 Total (Note 62.B.(iv))
621.914.970 580.191.796
Termasuk di dalam saldo simpanan tabungan Included in saving deposits were wadiah saving
adalah tabungan wadiah masing-masing sebesar deposits amounted to Rp63,311,121 and
Rp63.311.121 dan Rp55.280.067 pada tanggal Rp55,280,067 as of 31 December 2025 and 2024,
31 Desember 2025 dan 2024. respectively.
235
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1183
Page 1186
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
22. SIMPANAN DARI NASABAH - TABUNGAN DAN 22. DEPOSITS FROM CUSTOMERS - SAVING
TABUNGAN WADIAH (lanjutan) DEPOSITS AND WADIAH SAVING DEPOSITS
(continued)
b. Tingkat suku bunga rata-rata (cost of funds) per b. Average interest rates (cost of funds) per annum:
tahun:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah 0,48% 0,48% Rupiah
Mata uang asing (disetarakan Foreign currencies (equivalent to
dalam Rupiah) 0,17% 0,17% Rupiah)
c. Pada tanggal 31 Desember 2025 dan 2024, c. As of 31 December 2025 and 2024, total saving
jumlah tabungan yang dibekukan dan diblokir deposits pledged as collateral and blocked for loans
sebagai jaminan atas kredit yang diberikan dan and other purposes were amounted to
untuk tujuan lain masing-masing sebesar Rp17,749,662 and Rp24,905,011, respectively
Rp17.749.662 dan Rp24.905.011 (Catatan (Note 12B.c).
12B.c).
23. SIMPANAN DARI NASABAH - DEPOSITO 23. DEPOSITS FROM CUSTOMERS - TIME DEPOSITS
BERJANGKA
a. Berdasarkan mata uang, pihak berelasi dan pihak a. By currencies, related parties and third parties:
ketiga:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Pihak berelasi (Catatan 56) 192.767.106 42.079.860 Related parties (Note 56)
Pihak ketiga 277.792.071 216.319.776 Third parties
Total 470.559.177 258.399.636 Total
Mata uang asing Foreign currencies
Pihak berelasi (Catatan 56) 13.498.387 11.410.438 Related parties (Note 56)
Pihak ketiga 44.815.084 27.657.078 Third parties
Total (Catatan 62.B.(iv)) 58.313.471 39.067.516 Total (Note 62.B.(iv))
528.872.648 297.467.152
b. Berdasarkan jangka waktu: b. By period:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
1 bulan 162.763.194 125.080.320 1 month
3 bulan 213.219.723 111.627.281 3 months
6 bulan 80.789.663 15.653.274 6 months
12 bulan 13.575.289 5.771.551 12 months
Lebih dari 12 bulan 211.308 267.210 Over 12 months
Total 470.559.177 258.399.636 Total
Mata uang asing Foreign currencies
1 bulan 25.441.515 17.434.547 1 month
3 bulan 24.485.408 16.970.873 3 months
6 bulan 6.179.725 3.132.020 6 months
12 bulan 2.088.531 1.418.262 12 months
Lebih dari 12 bulan 118.292 111.814 Over 12 months
Total (Catatan 62.B.(iv)) 58.313.471 39.067.516 Total (Note 62.B.(iv))
528.872.648 297.467.152
236
1184 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1187
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
23. SIMPANAN DARI NASABAH - DEPOSITO 23. DEPOSITS FROM CUSTOMERS - TIME DEPOSITS
BERJANGKA (lanjutan) (continued)
c. Berdasarkan sisa waktu hingga jatuh tempo: c. By remaining period to maturity date:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Kurang dari 1 bulan 231.176.070 150.248.312 Less than 1 month
1 - 3 bulan 210.759.219 94.725.742 1 - 3 months
3 - 6 bulan 18.538.486 10.011.364 3 - 6 months
6 - 12 bulan 9.595.322 2.888.202 6 - 12 months
Lebih dari 12 bulan 490.080 526.016 Over 12 months
Total 470.559.177 258.399.636 Total
Mata uang asing Foreign currencies
Kurang dari 1 bulan 31.634.902 20.403.876 Less than 1 month
1 - 3 bulan 19.215.408 10.285.895 1 - 3 months
3 - 6 bulan 5.218.598 7.722.335 3 - 6 months
6 - 12 bulan 2.072.566 574.749 6 - 12 months
Lebih dari 12 bulan 171.997 80.661 Over 12 months
Total (Catatan 62.B.(iv)) 58.313.471 39.067.516 Total (Note 62.B.(iv))
528.872.648 297.467.152
d. Tingkat suku bunga rata-rata (cost of funds) per d. Average interest rates (cost of funds) per annum:
tahun:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah 4,36% 4,06% Rupiah
Mata uang asing (disetarakan Foreign currencies (equivalent to
dalam Rupiah) 3,68% 3,48% Rupiah)
e. Pada tanggal 31 Desember 2025 dan 2024, e. As of 31 December 2025 and 2024, total time
jumlah deposito berjangka yang dibekukan dan deposits pledged as collateral and blocked for loans
diblokir sebagai jaminan atas kredit yang diberikan and other purposes were amounted to
dan untuk tujuan lain masing-masing sebesar Rp47,756,097 and Rp59,484,454, respectively
Rp47.756.097 dan Rp59.484.454 (Catatan (Note 12B.c).
12B.c).
f. Pada tanggal 6 Januari 2025, Bank Mandiri f. On 6 January 2025, Bank Mandiri Issued
menerbitkan Sertifikat Deposito KPR Tapera Negotiable Certificate of Deposit (NCD) KPR
PT Bank Mandiri (Persero) Tbk dengan total nilai Tapera PT Bank Mandiri (Persero) Tbk with the
nominal sebesar Rp18.787 sebagai berikut: total nominal value of Rp18,787 as follow:
Nilai nominal/ Tingkat diskonto/ Jatuh tempo/
Sertifikat Deposito Nominal value Discount Rate Maturity date Bonds
KPR Tapera 6 Januari 2026 / KPR Tapera
PT Bank Mandiri 18.787 0,75% 6 January 2026 PT Bank Mandiri
Sertifikat Deposito KPR Tapera ditawarkan NCD KPR Tapera is offered at 99.25% (ninety-nine
dengan nilai 99,25% (sembilan puluh sembilan point twenty-five percent) of the principal amount
koma dua puluh lima persen) dari jumlah pokok of the NCD. The NCD interest is paid on the date
sertifikat. Bunga sertifikat deposito dibayarkan of maturity on 6 January 2026. NCD KPR Tapera
pada saat jatuh tempo pada tanggal are guaranteed by Deposit Insurance Corporation
6 Januari 2026. Sertifikat Deposito KPR Tapera (LPS) as long as they meet the applicable legal and
dijamin oleh Lembaga Penjamin Simpanan (LPS) regulatory requirements.
selama memenuhi persyaratan hukum dan
peraturan yang berlaku.
237
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1185
Page 1188
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
23. SIMPANAN DARI NASABAH - DEPOSITO 23. DEPOSITS FROM CUSTOMERS - TIME DEPOSITS
BERJANGKA (lanjutan) (continued)
f. Pada tanggal 6 Januari 2025, Bank Mandiri f. On 6 January 2025, Bank Mandiri Issued
menerbitkan Sertifikat Deposito KPR Tapera Negotiable Certificate of Deposit (NCD) KPR
PT Bank Mandiri (Persero) Tbk dengan total nilai Tapera PT Bank Mandiri (Persero) Tbk with the total
nominal sebesar Rp18.787 sebagai berikut: nominal value of Rp18,787 as follow: (continued)
(lanjutan)
Berikut adalah rincian nilai Sertifikat Deposito KPR Detail of value of NCD KPR Tapera are as follow:
Tapera:
31 Desember 2025/
31 December 2025
Nilai nominal 18.787 Nominal value
Dikurangi diskonto yang belum diamortisasi (141) Less: unamortised discounts
Nilai tercatat 18.646 Book value
24. SIMPANAN DARI BANK LAIN - GIRO, GIRO 24. DEPOSITS FROM OTHER BANKS - DEMAND
WADIAH DAN TABUNGAN DEPOSITS, WADIAH DEMAND DEPOSITS AND
SAVING DEPOSITS
a. Berdasarkan mata uang, pihak berelasi dan pihak a. By currencies, related parties and third parties:
ketiga:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Demand deposits and wadiah
Giro dan giro wadiah demand deposits
Pihak berelasi (Catatan 56) Related parties (Note 56)
Rupiah 2.564 1.829 Rupiah
Mata uang asing Foreign currencies
(Catatan 62.B.(iv)) 99.072 4.296.812 (Note 62.B.(iv))
101.636 4.298.641
Pihak ketiga Third parties
Rupiah 1.895.646 2.119.086 Rupiah
Mata uang asing Foreign currencies
(Catatan 62.B.(iv)) 2.028.928 738.121 (Note 62.B.(iv))
3.924.574 2.857.207
Total 4.026.210 7.155.848 Total
Tabungan Saving deposits
Pihak berelasi (Catatan 56) Related parties (Note 56)
Rupiah 38 595 Rupiah
Pihak ketiga Third parties
Rupiah 1.996.207 1.933.581 Rupiah
Mata uang asing Foreign currencies
(Catatan 62.B.(iv)) 14 14 (Note 62.B.(iv))
1.996.221 1.933.595
1.996.259 1.934.190
6.022.469 9.090.038
Termasuk dalam simpanan dari bank lain - giro Included in deposits from other banks - demand
adalah giro wadiah masing-masing sebesar deposits are wadiah demand deposits amounted to
Rp88.088 dan Rp183.864 pada tanggal Rp88,088 and Rp183,864, as of 31 December 2025
31 Desember 2025 dan 2024. and 2024, respectively.
238
1186 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1189
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
24. SIMPANAN DARI BANK LAIN - GIRO, GIRO 24. DEPOSITS FROM OTHER BANKS - DEMAND
WADIAH DAN TABUNGAN (lanjutan) DEPOSITS, WADIAH DEMAND DEPOSITS AND
SAVING DEPOSITS (continued)
b. Tingkat suku bunga rata-rata (cost of funds) dan b. Average interest rates (cost of funds) and profit
kisaran bagi hasil per tahun: sharing per annum:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Tingkat suku bunga rata-rata Average interest rates
(cost of funds) per tahun: (cost of funds) per annum:
Demand deposits and wadiah
Giro dan giro wadiah demand deposits
Rupiah 2,65% 2,71% Rupiah
Mata uang asing (disetarakan Foreign currencies (equivalent to
dalam Rupiah) 2,82% 2,71% Rupiah)
Tabungan Saving deposits
Rupiah 0,47% 0,47% Rupiah
Mata uang asing (disetarakan Foreign currencies (equivalent to
dalam Rupiah) 0,17% 0,17% Rupiah)
Range of profit sharing
Kisaran bagi hasil giro wadiah per annum for
per tahun: wadiah demand deposits:
Rupiah 0,69% - 0,72% 0,70% - 0,73% Rupiah
Mata uang asing (disetarakan Foreign currencies (equivalent to
dalam Rupiah) 0,00% 0,00% Rupiah)
c. Pada tanggal 31 Desember 2025 dan 2024, giro, c. As of 31 December 2025 and 2024, total demand
giro wadiah dan tabungan dari bank lain yang deposits, wadiah demand deposits and saving
menjadi jaminan atas kredit yang diberikan dan deposits from other banks pledged as collateral for
bank garansi masing-masing sebesar Rp26.125 loans and bank guarantees were amounted to
dan Rp68.570 (Catatan 12B.c dan 31d). Rp26,125 and Rp68,570, respectively (Notes 12B.c
and 31d).
25. SIMPANAN DARI BANK LAIN - INTER-BANK CALL 25. DEPOSITS FROM OTHER BANKS - INTER-BANK
MONEY CALL MONEY
a. Berdasarkan mata uang: a. By currencies:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Pihak berelasi (Catatan 56): Related parties (Note 56):
Mata uang asing Foreign currencies
(Catatan 62.B.(iv)) 750.375 1.931.400 (Notes 62.B.(iv))
Pihak ketiga: Third parties:
Rupiah - 700.000 Rupiah
Mata uang asing Foreign currencies
(Catatan 62.B.(iv)) 7.263.507 7.330.154 (Notes 62.B.(iv))
7.263.507 8.030.154
8.013.882 9.961.554
b. Berdasarkan sisa waktu hingga jatuh tempo: b. By remaining period to maturity date:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Kurang dari 1 bulan - 700.000 Less than 1 month
Lebih dari 1 bulan - - Over 1 month
Mata uang asing Foreign currencies
Kurang dari 1 bulan 3.567.462 5.210.063 Less than 1 month
Lebih dari 1 bulan 4.446.420 4.051.491 Over 1 month
Total (Catatan 62.B.(iv)) 8.013.882 9.261.554 Total (Note 62.B.(iv))
8.013.882 9.961.554
239
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1187
Page 1190
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
25. SIMPANAN DARI BANK LAIN - INTER-BANK CALL 25. DEPOSITS FROM OTHER BANKS - INTER-BANK
MONEY (lanjutan) CALL MONEY (continued)
c. Tingkat suku bunga rata-rata (cost of funds) per c. Average interest rates (cost of funds) per annum:
tahun:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah 5,22% 6,22% Rupiah
Mata uang asing Foreign currencies
(disetarakan dalam Rupiah) 4,29% 5,15% (equivalent to Rupiah)
26. SIMPANAN DARI BANK LAIN - DEPOSITO 26. DEPOSITS FROM OTHER BANKS - TIME DEPOSITS
BERJANGKA
a. Berdasarkan mata uang: a. By currency:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Pihak berelasi (Catatan 56): Related parties (Note 56)
Mata uang asing Foreign currencies
(Catatan 62.B.(iv)) 817.075 289.710 (Note 62.B.(iv))
Pihak ketiga: Third parties
Rupiah 2.481.868 4.735.630 Rupiah
Mata uang asing Foreign currencies
(Catatan 62.B.(iv)) 3.420.249 2.965.777 (Note 62.B.(iv))
5.902.117 7.701.407
Total 6.719.192 7.991.117 Total
b. Berdasarkan jangka waktu: b. By period:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
1 bulan 2.291.868 4.492.130 1 month
3 bulan 146.750 202.550 3 months
6 bulan 31.700 28.200 6 months
12 bulan 11.550 12.750 12 months
Total 2.481.868 4.735.630 Total
Mata uang asing Foreign currencies
1 bulan 478.634 740.370 1 month
3 bulan 1.167.250 643.800 3 months
6 bulan 1.745.945 1.227.517 6 months
12 bulan 345.245 32.190 12 months
Lebih dari 12 bulan 500.250 611.610 More than 12 months
Total (Catatan 62.B.(iv)) 4.237.324 3.255.487 Total (Note 62.B.(iv))
6.719.192 7.991.117
c. Tingkat suku bunga rata-rata (cost of funds) per c. Average interest rates (cost of funds) per annum:
tahun:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah 4,24% 3,77% Rupiah
Mata uang asing (disetarakan Foreign currencies (equivalent to
dalam Rupiah) 3,68% 3,81% Rupiah)
d. Pada tanggal 31 Desember 2025 dan 2024, d. As of 31 December 2025 and 2024, time deposits
deposito berjangka dari bank lain yang menjadi from other banks pledged as collateral for loans
jaminan atas kredit yang diberikan masing-masing amounted to Rp231,295 and Rp326,178,
sebesar Rp231.295 dan Rp326.178 respectively (Note 12B.c).
(Catatan 12B.c).
240
1188 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1191
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
27. LIABILITAS KONTRAK ASURANSI 27. INSURANCE CONTRACT LIABILITIES
Liabilitas kontrak asuransi terdiri dari liabilitas Entitas Insurance contract liabilities consist of liabilities of the
Anak (PT AXA Mandiri Financial Services) sebagai Subsidiary (PT AXA Mandiri Financial Services) as
berikut: follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Liabilitas kontrak asuransi: Insurance contract liabilities:
Liabilitas estimasi terbaik 32.164.590 - Best estimate liabilities
Marjin jasa kontraktual 3.295.245 - Contractual services margin
Liabilitas klaim 1.257.760 - Liabilities for incurred claim
Penyesuaian risiko 447.382 - Risk adjustment
Liabilitas kepada pemegang polis Liabilities to unit-linked
unit-link 560.146 28.012.886 policyholders
Liabilitas kepada pemegang polis Liabilities to non unit-linked
non unit-link 125.865 7.474.601 policyholders
37.850.988 35.487.487
a. Liabilitas kontrak asuransi a. Insurance contract liabilities
Kewajiban untuk sisa cakupan/
Liability for remaining coverage
Tidak termasuk Kewajiban
komponen klaim yang
kerugian/ Komponen terjadi/
Excluding kerugian/ Liability
loss Loss incurred Jumlah/
component component claims Total
Per 1 Januari 2025 At 1 January 2025
Liabilitas kepada pemegang polis -
PSAK 104 33.927.167 16.635 578.583 34.522.385 Liabilities to policyholders - SFAS 104
Dampak penerapan awal PSAK 117 - - (295.809) (295.809) Impact of implementation of SFAS 117
Liabilitas kontrak asuransi 33.927.167 16.635 282.774 34.226.576 Insurance contract liabilities
Pendapatan asuransi Insurance revenue
Klaim yang diharapkan terjadi dan Expected incurred claims and other
biaya jasa asuransi lainnya (1.364.144) - - (1.364.144) insurance service expenses
Margin layanan kontraktual Contractual Service Margin
untuk periode layanan (885.200) - - (885.200) for the Service Provided
Penyesuaian risiko untuk risiko Risk Adjustment
yang telah berakhir (78.910) - - (78.910) for the Risk Expired
Pemulihan arus kas akuisisi Recovery of insurance
asuransi (1.127.085) - - (1.127.085) Acquistion Cashflows
Kontrak dari PAA (768.726) - - (768.726) Contracts from PAA
Total pendapatan asuransi (4.224.065) - - (4.224.065) Total insurance revenue
Biasa jasa asuransi Insurance service expense
Amortisasi arus kas akuisisi Amortization of insurance
asuransi 1.127.085 - - 1.127.085 acquistion cash flows
Kerugian dan pembalikkan kerugian Losses and reversal of losses on
atas kontrak yang merugikan - 39.759 - 39.759 onerous contracts
Klaim yang terjadi dan biaya layanan Incurred claims and other insurance
asuransi lainnya - (2.834) 2.352.456 2.349.622 service expenses
Total biaya jasa asuransi 1.127.085 36.925 2.352.456 3.516.466 Total Insurance service expense
Hasil layanan asuransi (3.096.980) 36.925 2.352.456 (707.599) Insurance service results
Beban/(pendapatan) keuangan Insurance finance in expense/
asuransi (2.782.767) 1.096 5.746.880 2.965.209 (income)
Total perubahan dalam laporan (5.879.747) 38.021 8.099.336 2.257.610 Total changes in the statement of
laba rugi dan penghasilan profit or loss and other
komprehensif lainnya comprehensive income
Arus kas Cash flows
Premi dan pajak premi yang diterima 9.940.100 - - 9.940.100 Premiums and premium tax received
Biaya klaim dan biaya layanan asuransi Claims and other insurance service
lainnya yang dibayarkan - - (7.731.486) (7.731.486) expenses paid
Komponen investasi - - - - Investment components
Arus kas akuisisi asuransi (1.349.542) - - (1.349.542) Insurance acquisition cashflows
Total arus kas 8.590.558 - (7.731.486) 859.072 Total cash flows
Liabilitas kontrak asuransi Net insurance contract liabilities
per 31 Desember 2025 36.637.978 54.656 650.624 37.343.258 as at 31 December 2025
Perubahan Lain-Lain (227.731) - 49.450 (178.281) Other movements
Liabilitas kontrak asuransi Insurance contract liabilities
per 31 Desember 2025 - neto 36.410.247 54.656 700.074 37.164.977 as at 31 December 2025 - net
241
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1189
Page 1192
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
27. LIABILITAS KONTRAK ASURANSI (lanjutan) 27. INSURANCE CONTRACT LIABILITIES (continued)
b. Liabilitas kepada pemegang polis unit-link b. Liabilities to unit-linked policyholders
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Liabilitas kepada pemegang polis Liabilities to unit-linked
unit-link policyholders
Konvensional - 27.427.930 Conventional
Syariah 560.146 584.956 Sharia
560.146 28.012.886
Liabilitas kepada pemegang polis unit-link Liabilities to unit-linked policyholders are
merupakan liabilitas Entitas Anak kepada Subsidiary’s liabilities to policyholders on the
pemegang polis pada kontrak unit-link Entitas Subsidiary’s unit-link contracts placed in unit-link
Anak yang ditempatkan pada investasi unit-link. investment.
Investasi pemegang polis pada kontrak unit-link di Underlying assets of the above policyholders’
atas memiliki aset pendasar berupa aset investment in unit-link contracts are financial assets
keuangan terutama dalam bentuk kas, efek-efek mainly consist of cash, marketable securities and
dan obligasi pemerintah. Investasi pemegang government bonds. The investment of policyholders
polis tersebut dicatat sesuai dengan jenis aset were recorded to the related financial assets in the
keuangan dalam laporan posisi keuangan consolidated statements of financial position.
konsolidasian.
c. Liabilitas kepada pemegang polis non unit-link c. Liabilities to non unit-linked policyholders
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Manfaat polis masa depan dari Future policy benefits from
produk non unit-link 52.821 7.001.569 non unit-link products
Premi yang belum merupakan
pendapatan 2.228 105.310 Unearned premiums
Estimasi liabilitas klaim 4.303 168.985 Estimated claim liabilities
Utang klaim 13.553 198.737 Claim payables
Titipan premi 52.960 - Policyholders deposits
125.865 7.474.601
*) Merupakan liabilitas untuk portofolio syariah. *) Liabilities for sharia portfolio.
Liabilitas manfaat polis masa depan adalah jumlah Liability for future policy benefits is the amount of
dana yang harus disediakan oleh penanggung untuk funds that must be provided by the insurer to pay
membayar manfaat dan klaim di masa yang akan benefits and claims in the future to the party as
datang kepada pihak sebagaimana dinyatakan stated in the policy. Changes in liability for future
dalam polis. Perubahan liabilitas manfaat polis policy benefits are recognised in profit or loss for the
masa depan diakui dalam laba rugi tahun berjalan. year. Liability for future policy benefits has been
Liabilitas manfaat polis masa depan telah dihitung calculated using the Gross Premium Reserve
menggunakan metode Gross Premium Reserve method and the daily method. The assumptions
maupun metode harian. Asumsi-asumsi yang used to calculate future liability reserves for
dipakai untuk menghitung cadangan liabilitas masa policyholders with Gross Premium Reserves are
depan pemegang polis dengan Gross Premium based on the best estimate assumptions which
Reserve adalah berdasarkan asumsi estimasi include assumptions on mortality, morbidity, lapses
terbaik yang meliputi asumsi tingkat mortalita, expenses, inflation rates and interest rates.
morbidita, tingkat pembatalan polis, biaya, tingkat
inflasi, dan tingkat suku bunga.
242
1190 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1193
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
27. LIABILITAS KONTRAK ASURANSI (lanjutan) 27. INSURANCE CONTRACT LIABILITIES (continued)
c. Liabilitas kepada pemegang polis non unit-link c. Liabilities to non unit-linked policyholders
(lanjutan) (continued)
Premi yang belum merupakan pendapatan adalah Unearned premiums are the portion of premiums
bagian dari premi yang belum diakui sebagai that have not been recognised as income because
pendapatan karena masa pertanggungannya the coverage period is still running at the end of the
masih berjalan pada akhir tahun. Cadangan atas year. Reserves for unearned premiums are
premi yang belum merupakan pendapatan calculated using the daily amortisation method with
dihitung dengan menggunakan metode amortisasi consideration for the policy coverage period as
harian dengan mempertimbangkan masa calculated by the actuary.
pertanggungan polis yang dihitung oleh aktuaris.
Estimasi liabilitas klaim adalah estimasi liabilitas Estimated claim liability is estimated liability for
atas klaim-klaim asuransi yang telah terjadi, yaitu insurance claims that have occurred, which are
klaim-klaim yang belum diajukan oleh provider, claims that have not been submitted by the provider,
serta klaim-klaim yang sudah diterima namun as well as claims that have been received but the
belum ditentukan nilai gantinya. replacement value has not been determined.
Utang klaim adalah utang atas klaim-klaim Claims payable is an payable of insurance claims
asuransi yang telah diterima dan disetujui. that have been received and approved.
28. LIABILITAS ATAS EFEK-EFEK YANG DIJUAL 28. SECURITIES SOLD UNDER AGREEMENTS TO
DENGAN JANJI DIBELI KEMBALI REPURCHASE LIABILITIES
31 Desember 2025/31 December 2025
Rentang
Rentang tanggal Pendapatan
tanggal jatuh tempo/ Nilai jual bunga belum Nilai
dimulai/ Range of kembali/ direalisasi/ neto/
Range of maturity Resale Unamortised Carrying
Jenis efek start date date amount interest amount Transactions
Pihak berelasi Related parties
Rupiah Rupiah
Bank Lain Bank Indonesia
Obligasi pemerintah 18/12/2025 02/01/2026 20.215 3 20.212 Government bonds
Total 20.215 3 20.212 Total
Pihak ketiga Third parties
Rupiah Rupiah
Bank lain Other banks
Obligasi pemerintah 09/12/2025 05/01/2026 Government bonds
- 29/12/2025 - 08/01/2026 1.676.522 893 1.675.629
Efek-efek 23/12/2025 06/01/2026 Marketable securities
- 24/12/2025 - 07/01/2026 105.621 74 105.547
1.782.143 967 1.781.176
1.802.358 970 1.801.388
Mata uang asing Foreign currencies
Bank lain Other banks
Obligasi pemerintah 24/02/2022 09/01/2026 Government bonds
- 23/12/2025 - 03/04/2029 38.809.692 2.164.346 36.645.346
Efek-efek 19/12/2024 26/03/2026 Marketable securities
-26/12/2025 22/07/2028 1.686.085 176.930 1.509.155
40.495.777 2.341.276 38.154.501
42.277.920 2.342.243 39.935.677
Total 42.298.135 2.342.246 39.955.889 Total
243
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1191
Page 1194
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
28. LIABILITAS ATAS EFEK-EFEK YANG DIJUAL 28. SECURITIES SOLD UNDER AGREEMENTS TO
DENGAN JANJI DIBELI KEMBALI (lanjutan) REPURCHASE LIABILITIES (continued)
31 Desember 2024/31 December 2024
Rentang
Rentang tanggal Pendapatan
tanggal jatuh tempo/ Nilai jual bunga belum Nilai
dimulai/ Range of kembali/ direalisasi/ neto/
Range of maturity Resale Unamortised Carrying
Jenis efek start date date amount interest amount Transactions
Pihak ketiga Third parties
Rupiah Rupiah
Bank Indonesia Bank Indonesia
Obligasi pemerintah 05/12/2025 02/01/2025 Government bonds
- 31/12/2024 - 20/01/2025 54.561.946 40.362 54.521.584
Efek-efek 09/12/2024 02/01/2025 Marketable securities
- 30/12/2024 - 30/01/2025 2.950.018 5.916 2.944.102
Bank lain Other banks
Obligasi pemerintah 19/12/2024 02/01/2025 Government bonds
- 31/12//2024 - 14/01/2025 119.635 147 119.488
Total 57.631.599 46.425 57.585.174 Total
Mata uang asing Foreign currencies
Obligasi pemerintah 24/02/2022 28/01/2025 Government bonds
- 20/12/2024 - 03/04/2029 34.601.183 2.558.856 32.042.327
Efek-efek 27/06//2022 27/06/2025 Marketable securities
- 20/12/2024 - 20/12//2027 706.436 77.712 628.724
35.307.619 2.636.568 32.671.051
Total 92.939.218 2.682.993 90.256.225 Total
29. LIABILITAS AKSEPTASI 29. ACCEPTANCE PAYABLES
a. Berdasarkan jenis mata uang, pihak berelasi dan a. By currencies, related parties and third parties:
pihak ketiga:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Liabilitas kepada bank lain Payables to other banks
Pihak berelasi (Catatan 56) 1.405.305 1.990.274 Related parties (Note 56)
Pihak ketiga 1.815.919 2.608.480 Third parties
Liabilitas kepada debitur Payables to debtors
Pihak berelasi (Catatan 56) 300.747 188.236 Related parties (Notes 56)
Pihak ketiga 315.772 549.094 Third parties
Total 3.837.743 5.336.084 Total
Mata uang asing Foreign currencies
Liabilitas kepada bank lain Payables to other banks
Pihak berelasi (Catatan 56) 15.048 367.298 Related parties (Note 56)
Pihak ketiga 3.769.178 3.354.959 Third parties
Liabilitas kepada debitur Payables to debtors
Pihak berelasi (Catatan 56) 7.232 19.479 Related parties (Note 56)
Pihak ketiga 290.132 58.193 Third parties
Total (Catatan 62.B.(iv)) 4.081.590 3.799.929 Total (Note 62.B.(iv))
7.919.333 9.136.013
244
1192 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1195
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
29. LIABILITAS AKSEPTASI (lanjutan) 29. ACCEPTANCE PAYABLES (continued)
b. Berdasarkan jatuh tempo: b. By maturity:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Kurang dari 1 bulan 924.501 917.321 Less than 1 month
1 - 3 bulan 1.373.653 2.552.176 1 - 3 months
3 - 6 bulan 1.107.270 1.866.587 3 - 6 months
6 - 12 bulan 432.319 - 6 - 12 months
Total 3.837.743 5.336.084 Total
Mata uang asing Foreign currencies
Kurang dari 1 bulan 1.349.463 1.082.622 Less than 1 month
1 - 3 bulan 1.142.466 1.889.492 1 - 3 months
3 - 6 bulan 1.191.404 547.886 3 - 6 months
6 - 12 bulan 19.081 30.962 6 - 12 months
Lebih dari 12 bulan 379.176 248.967 More than 12 months
Total (Catatan 62.B.(iv)) 4.081.590 3.799.929 Total (Note 62.B.(iv))
7.919.333 9.136.013
30. EFEK-EFEK YANG DITERBITKAN 30. DEBT SECURITIES ISSUED
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Pihak berelasi (Catatan 56) Related parties (Note 56)
Obligasi 5.695.720 3.922.950 Bonds
Sukuk Mudharabah Sukuk Mudharabah
Sustainability 629.500 255.500 Sustainability
Sertifikat Investasi Interbank Mudharabah
Mudharabah Antarbank Investment Certificate
(SIMA) 100.000 402.375 (SIMA)
6.425.220 4.580.825
Pihak ketiga Third parties
Obligasi 22.165.905 12.575.161 Bonds
Sukuk Mudharabah Sukuk Mudharabah
Sustainability 5.570.500 2.342.126 Sustainability
Cek perjalanan Mandiri 59.288 59.289 Mandiri travelers’ cheques
Sukuk Mudharabah Sukuk Mudharabah
Muqayyadah I Tahap IV 7.936 - Muqayyadah I Phase IV
Sukuk Mudharabah Sukuk Mudharabah
Muqayyadah I Tahap I 7.306 3.307 Muqayyadah I Phase I
Sukuk Mudharabah Sukuk Mudharabah
Muqayyadah I Tahap III 6.653 7.969 Muqayyadah I Phase III
Sukuk Mudharabah Sukuk Mudharabah
Muqayyadah I Tahap II 3.007 7.286 Muqayyadah I Phase II
Sertifikat Investasi Interbank Mudharabah
Mudharabah Antarbank Investment Certificate
(SIMA) 4.788.886 3.967.484 (SIMA)
32.609.481 18.962.622
39.034.701 23.543.447
Mata uang asing (Catatan 62.B.(iv)) Foreign currencies (Note 62.B.(iv))
Pihak ketiga Third parties
Obligasi 23.277.310 17.676.520 Bonds
62.312.011 41.219.967
Dikurangi: biaya penerbitan yang Less: unamortised debt
belum diamortisasi (106.780) (78.900 ) issuance cost
Neto 62.205.231 41.141.067 Net
245
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1193
Page 1196
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. EFEK-EFEK YANG DITERBITKAN (lanjutan) 30. DEBT SECURITIES ISSUED (continued)
Obligasi Bonds
Bank Mandiri Bank Mandiri
Rupiah Rupiah
Pada tanggal 19 Desember 2025, Bank Mandiri On 25 March 2025, Bank Mandiri issued Continuous
menerbitkan Obligasi Keberlanjutan Berkelanjutan I Sustainability Bond I Bank Mandiri Phase I Year 2025
Bank Mandiri Tahap I Tahun 2025 (“Obligasi (“Continuous Sustainability Bond I Phase I”) with nominal
Keberlanjutan Berkelanjutan I Tahap I”) dengan nilai value of Rp5,000,000, which consist of 3 (three) series:
nominal sebesar Rp5.000.000 yang terdiri atas 3 (tiga)
seri:
Tingkat bunga tetap
per tahun/
Nilai nominal/ Fixed interest rate Jatuh tempo/
Obligasi Nominal value per annum Maturity date Bonds
29 Desember 2026/
Seri A 1.000.000 4,85% 29 December 2026 Series A
19 Desember 2028/
Seri B 2.000.000 5,45% 19 December 2028 Series B
19 Desember 2030/
Seri C 2.000.000 5,95% 19 December 2030 Series C
Obligasi Keberlanjutan Berkelanjutan I Tahap I Continuous Sustainability Bond I Phase I is offered at
ditawarkan dengan nilai 100% (seratus persen) dari 100% (one hundred percent) of the principal amount of
jumlah pokok obligasi. Bunga obligasi dibayarkan bonds. The bond interest is paid on a quarterly basis
setiap triwulan, dengan pembayaran bunga pertama with the first interest payment made on 19 March 2026,
dilakukan pada tanggal 19 Maret 2026, sedangkan while the last interest payment and maturity date of the
pembayaran bunga terakhir sekaligus jatuh tempo bonds is on 29 December 2026 for Series A, 19
obligasi adalah pada tanggal 29 Desember 2026 untuk December 2028 for Series B, and 19 December 2030
seri A, 19 Desember 2028 untuk seri B, dan 19 for Series C which is also the redemption date of the
Desember 2030 untuk seri C yang juga merupakan principal of each series of bonds. The payments of the
tanggal pelunasan pokok dari masing-masing seri bonds principal will be fully paid on the maturity date.
obligasi. Pembayaran pokok obligasi dilakukan secara The trustee of the bond issuance of Continuous
penuh pada saat tanggal jatuh tempo. Wali amanat Sustainability Bond I Phase I is PT Bank Tabungan
dari penerbitan Obligasi Keberlanjutan Berkelanjutan I Negara (Persero) Tbk. All funds obtained from the
Tahap I adalah PT Bank Tabungan Negara (Persero) issuance of this public offering, after omitting issuance
Tbk. Seluruh dana yang diperoleh dari hasil cost, will be used entirely on the financing or refinancing
Penawaran Umum Obligasi Keberlanjutan ini, setelah of Environmental Based Business Activity (hereinafter
dikurangi biaya-biaya Emisi, akan digunakan abbreviated as KUBL or Kegiatan Usaha Berwawasan
seluruhnya untuk melakukan pembiayaan (finance) Lingkungan) and/or Social Based Business Activity
atau pembiayaan ulang (refinance) atas kegiatan- (hereinafter abbreviated as KUBS or Kegiatan Usaha
kegiatan yang termasuk dalam kategori Kegiatan Berwawasan Sosial) as regulated on POJK No. 18 Year
Usaha Berwawasan Lingkungan (KUBL) dan/atau 2023 concerning Issuance And Requirements of
Kegiatan Usaha Berwawasan Sosial (KUBS) Sustainability Debt and Sukuk Securities, with allocation
sebagaimana diatur dalam POJK No. 18 Tahun 2023 of approximately 60% (sixty percent) goes to the
tentang Penerbitan Dan Persyaratan Efek Bersifat financing or refinancing of Environmental Based
Utang Dan Sukuk Berlandaskan Keberlanjutan, Business Activity and approximately 40% (forty percent)
dengan alokasi sekitar 60% (enam puluh persen) goes to the financing or refinancing of Social Based
digunakan untuk membiayai atau membiayai kembali Business Activity.
KUBL dan sekitar 40% (empat puluh persen)
digunakan untuk membiayai atau membiayai Kembali
KUBS.
Pada tanggal 31 Desember 2025, peringkat Obligasi As of 31 December 2025, the Pefindo’s rating of the
Keberlanjutan Berkelanjutan I Tahap I menurut Pefindo Continuous Green Bond I Phase I is idAAA (triple A).
adalah idAAA (triple A).
246
1194 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1197
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. EFEK-EFEK YANG DITERBITKAN (lanjutan) 30. DEBT SECURITIES ISSUED (continued)
Obligasi (lanjutan) Bonds (continued)
Bank Mandiri (lanjutan) Bank Mandiri (continued)
Rupiah (lanjutan) Rupiah (continued)
Pada tanggal 25 Maret 2025, Bank Mandiri menerbitkan On 25 March 2025, Bank Mandiri issued Continuous
Obligasi Berwawasan Lingkungan Berkelanjutan I Bank Green Bond I Bank Mandiri Phase II Year 2025
Mandiri Tahap II Tahun 2025 (“Obligasi Berwawasan (“Continuous Green Bond I Phase II”) with nominal value
Lingkungan Berkelanjutan I Tahap II”) dengan nilai of Rp5,000,000, which consist of 2 (two) series:
nominal sebesar Rp5.000.000 yang terdiri atas 2 (dua)
seri:
Tingkat bunga tetap
per tahun/
Nilai nominal/ Fixed interest rate Jatuh tempo/
Obligasi Nominal value per annum Maturity date Bonds
5 April 2026/
Seri A 500.000 6,35% 5 April 2026 Series A
25 Maret 2028/
Seri B 4.500.000 6,65% 25 March 2028 Series B
Obligasi Berwawasan Lingkungan Berkelanjutan I Continuous Green Bond I Phase II is offered at 100%
Tahap II ditawarkan dengan nilai 100% (seratus (one hundred percent) of the principal amount of bonds.
persen) dari jumlah pokok obligasi. Bunga obligasi The bond interest is paid on a quarterly basis with the
dibayarkan setiap triwulan, dengan pembayaran first interest payment made on 25 June 2025, while the
bunga pertama dilakukan pada tanggal 25 Juni 2025, last interest payment and maturity date of the bonds is
sedangkan pembayaran bunga terakhir sekaligus on 5 April 2026 for Series A and 25 March 2028 for
jatuh tempo obligasi adalah pada tanggal 5 April 2026 Series B which is also the redemption date of the
untuk seri A dan 25 Maret 2028 untuk seri B yang juga principal of each series of bonds. The payments of the
merupakan tanggal pelunasan pokok dari masing- bonds principal will be fully paid on the maturity date.
masing seri obligasi. Pembayaran pokok obligasi The trustee of the bond issuance of Continuous Green
dilakukan secara penuh pada saat tanggal jatuh Bond I Phase I is PT Bank Tabungan Negara (Persero)
tempo. Wali amanat dari penerbitan Obligasi Tbk. All funds obtained from the issuance of this public
Berwawasan Lingkungan Berkelanjutan I Tahap II offering, after omitting issuance cost, will be used
adalah PT Bank Tabungan Negara (Persero) Tbk. entirely on the financing or refinancing of Environmental
Seluruh dana yang diperoleh dari hasil Penawaran Based Business Activity (hereinafter abbreviated as
Umum Obligasi Berwawasan Lingkungan ini, setelah KUBL or Kegiatan Usaha Berwawasan Lingkungan
dikurangi biaya-biaya Emisi, akan digunakan (KUBL) as regulated on POJK No. 18 Year 2023
seluruhnya untuk melakukan pembiayaan (finance) concerning Issuance And Requirements of
atau pembiayaan ulang (refinance) atas kegiatan- Sustainability Debt and Sukuk Securities, with allocation
kegiatan yang termasuk dalam kategori Kegiatan of at least 70% (seventy percent) goes to the financing
Usaha Berwawasan Lingkungan (KUBL) sebagaimana of Environmental Based Business Activity.
diatur dalam POJK No. 18 Tahun 2023 tentang
Penerbitan Dan Persyaratan Efek Bersifat Utang Dan
Sukuk Berlandaskan Keberlanjutan, dengan porsi
paling sedikit sebesar 70% (tujuh puluh persen)
digunakan untuk membiayai KUBL.
Pada tanggal 31 Desember 2025, peringkat Obligasi As of 31 December 2025, the Pefindo’s rating of the
Berwawasan Lingkungan Berkelanjutan I Tahap II Continuous Green Bond I Phase II is idAAA (triple A).
menurut Pefindo adalah idAAA (triple A).
247
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1195
Page 1198
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. EFEK-EFEK YANG DITERBITKAN (lanjutan) 30. DEBT SECURITIES ISSUED (continued)
Obligasi (lanjutan) Bonds (continued)
Bank Mandiri (lanjutan) Bank Mandiri (continued)
Rupiah (lanjutan) Rupiah (continued)
Pada tanggal 4 Juli 2023, Bank Mandiri menerbitkan On 4 July 2023, Bank Mandiri issued Continuous Green
Obligasi Berwawasan Lingkungan Berkelanjutan I Bank Bond I Bank Mandiri Phase I Year 2023 (“Continuous
Mandiri Tahap I Tahun 2023 (“Obligasi Berwawasan Green Bond I Phase I”) with total nominal value
Lingkungan Berkelanjutan I Tahap I”) dengan nilai Rp5,000,000, which consist of 2 (two) series.
nominal sebesar Rp5.000.000 yang terdiri atas 2 (dua)
seri:
Tingkat bunga tetap
per tahun/
Nilai nominal/ Fixed interest rate Jatuh tempo/
Obligasi Nominal value per annum Maturity date Bonds
4 Juli 2026/
Seri A 1.950.000 5,80% 4 July 2026 Series A
4 Juli 2028/
Seri B 3.050.000 6,10% 4 July 2028 Series B
Obligasi Berwawasan Lingkungan Berkelanjutan I Continuous Green Bond I Phase I is offered at 100%
Tahap I ditawarkan dengan nilai 100% (seratus (one hundred percent) of the principal amount of bonds.
persen) dari jumlah pokok obligasi. Bunga obligasi The bond interest is paid on a quarterly basis with the
dibayarkan setiap triwulan, dengan pembayaran bunga first interest payment made on 4 October 2023, while
pertama dilakukan pada tanggal 4 Oktober 2023, the last interest payment and maturity date of the bonds
sedangkan pembayaran bunga terakhir sekaligus jatuh is on 4 July 2026 for Series A and 4 July 2028 for Series
tempo obligasi adalah pada tanggal 4 Juli 2026 untuk B which is also the redemption date of the principal of
seri A dan 4 Juli 2028 untuk seri B yang juga each series of bonds. The payments of the bonds
merupakan tanggal pelunasan pokok dari masing- principal will be fully paid on the maturity date. The
masing seri obligasi. Pembayaran pokok obligasi trustee of the bond issuance of Continuous Green Bond
dilakukan secara penuh pada saat tanggal jatuh I Phase I is PT Bank Negara Indonesia (Persero) Tbk
tempo. Wali amanat dari penerbitan Obligasi All funds obtained from the issuance of this public
Berwawasan Lingkungan Berkelanjutan I Tahap I offering, after omitting issuance cost, will be used
adalah PT Bank Negara Indonesia (Persero) Tbk entirely on the financing or refinancing of Environmental
Seluruh dana yang diperoleh dari hasil Penawaran Based Business Activity (hereinafter abbreviated as
Umum Obligasi Berwawasan Lingkungan ini, setelah KUBL or Kegiatan Usaha Berwawasan Lingkungan
dikurangi biaya-biaya Emisi, akan digunakan (KUBL) as regulated on POJK No. 18 Year 2023
seluruhnya untuk melakukan pembiayaan (finance) concerning Issuance and Requirements of
atau pembiayaan ulang (refinance) atas kegiatan- Sustainability Debt and Sukuk Securities, with allocation
kegiatan yang termasuk dalam kategori Kegiatan of at least 70% (seventy percent) goes to the financing
Usaha Berwawasan Lingkungan (KUBL) sebagaimana of Environmental Based Business Activity.
diatur dalam POJK No. 18 Tahun 2023 tentang
Penerbitan Dan Persyaratan Efek Bersifat Utang Dan
Sukuk Berlandaskan Keberlanjutan, dengan porsi
paling sedikit sebesar 70% (tujuh puluh persen)
digunakan untuk membiayai KUBL.
Pada tanggal 31 Desember 2025 dan 2024, peringkat As of 31 December 2025 and 2024, the Pefindo’s rating
Obligasi Berwawasan Lingkungan Berkelanjutan I of the Continuous Green Bond I Phase I is idAAA (triple
Tahap I menurut Pefindo adalah idAAA (triple A). A).
248
1196 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1199
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. EFEK-EFEK YANG DITERBITKAN (lanjutan) 30. DEBT SECURITIES ISSUED (continued)
Obligasi (lanjutan) Bonds (continued)
Bank Mandiri (lanjutan) Bank Mandiri (continued)
Rupiah (lanjutan) Rupiah (continued)
Pada tanggal 12 Mei 2020, Bank Mandiri menerbitkan On 12 May 2020, Bank Mandiri issued Continuous
Obligasi Berkelanjutan II Bank Mandiri Tahap I Tahun Bonds II Bank Mandiri Phase I Year 2020 (“Continuous
2020 (“Obligasi Berkelanjutan II Tahap I”) dengan nilai Bonds II Phase I”) with total nominal value Rp1,000,000,
nominal sebesar Rp1.000.000 yang terdiri atas 2 (dua) which consist of 2 (two) series:
seri:
Tingkat bunga tetap
per tahun/
Nilai nominal/ Fixed interest rate Jatuh tempo/
Obligasi Nominal value per annum Maturity date Bonds
12 Mei 2025/
Seri A 350.000 7,75% 12 May 2025 Series A
12 Mei 2027/
Seri B 650.000 8,30% 12 May 2027 Series B
Obligasi Berkelanjutan II Tahap I ditawarkan dengan Continuous Bonds II Phase I is offered at 100% (one
nilai 100% (seratus persen) dari jumlah pokok obligasi. hundred percent) of the principal amount of bonds. The
Bunga obligasi dibayarkan setiap triwulan, dengan bond interest is paid on quarterly basis with the first
pembayaran bunga pertama dilakukan pada tanggal interest payment was made on 12 August 2020, while
12 Agustus 2020, sedangkan pembayaran bunga the last interest payment and maturity date of the bonds
terakhir sekaligus jatuh tempo obligasi adalah pada will be on 12 May 2025 for Series A and 12 May 2027 for
tanggal 12 Mei 2025 untuk seri A dan 12 Mei 2027 Series B which is also the redemption date of the
untuk seri B yang juga merupakan tanggal pelunasan principal of each series of bonds. Principal payment for
pokok dari masing-masing seri obligasi. Pembayaran Series A had been fully paid on the maturity date. The
pokok obligasi untuk Seri A telah dilakukan secara trustee of the bond issuance of Continuous Bonds II
penuh pada saat tanggal jatuh tempo. Wali amanat dari Phase I is PT Bank Permata Tbk.
penerbitan Obligasi Berkelanjutan II Tahap I adalah
PT Bank Permata Tbk.
Pada tanggal 31 Desember 2025 dan 2024, peringkat As of 31 December 2025 and 2024, the Pefindo’s rating
Obligasi Berkelanjutan II Tahap I menurut Pefindo of the Continuous Bonds II Phase I is idAAA (triple A).
adalah idAAA (triple A).
249
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1197
Page 1200
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. EFEK-EFEK YANG DITERBITKAN (lanjutan) 30. DEBT SECURITIES ISSUED (continued)
Obligasi (lanjutan) Bonds (continued)
Bank Mandiri (lanjutan) Bank Mandiri (continued)
Rupiah (lanjutan) Rupiah (continued)
Pada tanggal 15 Juni 2017, Bank Mandiri menerbitkan On 15 June 2017, Bank Mandiri issued Continuous
Obligasi Berkelanjutan I Bank Mandiri Tahap II Tahun Bonds I Bank Mandiri Phase II Year 2017 (“Continuous
2017 (“Obligasi Berkelanjutan I Tahap II”) dengan nilai Bonds I Phase II”) with total nominal value of
nominal sebesar Rp6.000.000 yang terdiri atas 4 Rp6,000,000, which consist of 4 (four) series:
(empat) seri:
Tingkat bunga tetap
per tahun/
Nilai nominal/ Fixed interest rate Jatuh tempo/
Obligasi Nominal value per annum Maturity date Bonds
15 Juni 2022/
Seri A 1.000.000 8,00% 15 June 2022 Series A
15 Juni 2024/
Seri B 3.000.000 8,50% 15 June 2024 Series B
15 Juni 2027/
Seri C 1.000.000 8,65% 15 June 2027 Series C
15 Juni 2020/
Seri D 1.000.000 7,80% 15 June 2020 Series D
Obligasi Berkelanjutan I Tahap II Seri A, Seri B dan Continuous Bonds I Phase II Series A, Series B and
Seri C ditawarkan dengan nilai 100% (seratus persen) Series C are offered at 100% (one hundred percent) of
dari jumlah pokok obligasi. Bunga obligasi dibayarkan the principal amount of the bonds. The interest of the
setiap triwulan, dengan pembayaran bunga pertama bond is paid on quarterly basis, with the first payment
dilakukan pada tanggal 15 September 2017 made on 15 September 2017 while the last interest
sedangkan pembayaran bunga terakhir sekaligus jatuh payment date and maturity date of the bonds are on
tempo obligasi adalah pada tanggal 15 Juni 2022 untuk 15 June 2022 for Series A, 15 June 2024 for Series B
Seri A, 15 Juni 2024 untuk Seri B dan 15 Juni 2027 and 15 June 2027 for Series C which is also the
untuk Seri C yang juga merupakan tanggal pelunasan redemption date of the principal of each series of bonds.
pokok dari masing-masing seri obligasi. Obligasi Seri Series D bonds are offered without interest at a bid price
D ditawarkan tanpa bunga dengan harga penawaran of 79.3146% (seventy nine point three one four six
senilai 79,3146% (tujuh puluh sembilan koma tiga satu percent) of the principal amount of bonds and the
empat enam persen) dari jumlah pokok obligasi dan maturity date is 15 June 2020. Principal payment for
telah jatuh tempo pada tanggal 15 Juni 2020. Series A, Series B, and Series D had been fully paid on
Pembayaran pokok obligasi untuk Seri A, Seri B, dan the maturity date. The trustee of the Continuous Bonds
Seri D telah dilakukan secara penuh pada saat tanggal I Phase II issuance is PT Bank Tabungan Negara
jatuh tempo. Wali amanat dari penerbitan Obligasi (Persero) Tbk.
Berkelanjutan I Tahap II adalah PT Bank Tabungan
Negara (Persero) Tbk.
250
1198 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1201
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. EFEK-EFEK YANG DITERBITKAN (lanjutan) 30. DEBT SECURITIES ISSUED (continued)
Obligasi (lanjutan) Bonds (continued)
Bank Mandiri (lanjutan) Bank Mandiri (continued)
Rupiah (lanjutan) Rupiah (continued)
Pada tanggal 30 September 2016, Bank Mandiri On 30 September 2016, Bank Mandiri issued
menerbitkan Obligasi Berkelanjutan I Bank Mandiri Continuous Bonds I Bank Mandiri Phase I Year 2016
Tahap I Tahun 2016 (“Obligasi Berkelanjutan I Tahap (“Continuous Bonds I Phase I”) with total nominal value
I”) dengan nilai nominal sebesar Rp5.000.000 yang of Rp5,000,000 which consist of 3 (three) series:
terdiri atas 3 (tiga) seri:
Tingkat bunga tetap
per tahun/
Nilai nominal/ Fixed interest rate Jatuh tempo/
Obligasi Nominal value per annum Maturity date Bonds
30 September 2021/
Seri A 1.100.000 7,95% 30 September 2021 Series A
30 September 2023/
Seri B 1.500.000 8,50% 30 September 2023 Series B
30 September 2026/
Seri C 2.400.000 8,65% 30 September 2026 Series C
Bunga Obligasi Berkelanjutan I Tahap I dibayarkan The interest of Continuous Bonds I Phase I is paid on a
setiap triwulan, dengan pembayaran bunga pertama quarterly basis, with the first interest payment made on
dilakukan pada tanggal 30 Desember 2016 sedangkan 30 December 2016 while the last interest and principal
pembayaran bunga obligasi terakhir sekaligus jatuh payment date of the bonds are on 30 September 2021
tempo obligasi adalah 30 September 2021 untuk Seri for Series A, 30 September 2023 for Series B and
A, 30 September 2023 untuk Seri B, dan 30 September 30 September 2026 for Series C which is also the
2026 untuk seri C yang juga merupakan tanggal redemption date the principal of each series of bonds.
pelunasan pokok dari masing-masing seri obligasi. Principal payment for Series A and Series B had been
Pembayaran pokok obligasi untuk Seri A dan Seri B fully paid on the maturity date. The trustee for
telah dilakukan secara penuh pada saat tanggal jatuh Continuous Bonds I Phase I is PT Bank Tabungan
tempo. Wali amanat dari penerbitan Obligasi Negara (Persero) Tbk.
Berkelanjutan I Tahap I adalah PT Bank Tabungan
Negara (Persero) Tbk.
Pada tanggal 31 Desember 2025 dan 2024, peringkat As of 31 December 2025 and 2024, the Pefindo’s rating
Obligasi Berkelanjutan I Tahap I dan Tahap II menurut of Continuous Bonds I Phase I and Phase II is idAAA
Pefindo adalah idAAA (triple A). (triple A).
Selama berlakunya jangka waktu obligasi dan sebelum During the validity periods of the bonds and prior to the
dilunasinya jumlah terhutang, Bank Mandiri repayment of the bonds, Bank Mandiri has to comply to:
berkewajiban untuk: (i) memelihara pada setiap saat (i) maintain the overall Bank’s soundness level as
keadaan keuangan berada dalam kondisi sehat sesuai regulated by FSA; (ii) maintain the Bank’s soundness
ketentuan OJK; (ii) mempertahankan tingkat level at a minimum in the composite level 3 (three) which
kesehatan Bank minimal berada dalam peringkat is categorised as “Fair”, according to internal
komposit 3 (tiga) yang tergolong “Cukup Baik”, sesuai assessment based upon on Bank Indonesia’s regulation;
penilaian internal berdasarkan ketentuan Bank (iii) obtain and comply with permits and approvals (from
Indonesia; (iii) memperoleh, mematuhi segala the government or other parties) and comply to
ketentuan dan melakukan hal-hal yang diperlukan Indonesia’s laws and regulations.
untuk menjaga tetap berlakunya segala izin dan
persetujuan (baik dari pemerintah ataupun lainnya)
dan mematuhi peraturan perundang-undangan
Republik Indonesia.
251
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1199
Page 1202
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. EFEK-EFEK YANG DITERBITKAN (lanjutan) 30. DEBT SECURITIES ISSUED (continued)
Obligasi (lanjutan) Bonds (continued)
Bank Mandiri (lanjutan) Bank Mandiri (continued)
Rupiah (lanjutan) Rupiah (continued)
Bank Mandiri tanpa persetujuan tertulis Wali Amanat Bank Mandiri without written approval from the Trustee
tidak akan melakukan hal-hal sebagai berikut: will not: (i) reduce the Bank’s issued and paid up capital
(i) mengurangi modal ditempatkan dan disetor kecuali except such a reduction is conducted based on
karena adanya ketentuan Pemerintah atau Bank regulations from the Government of Indonesia or Bank
Indonesia; (ii) mengadakan perubahan bidang usaha; Indonesia; (ii) change its nature of business; (iii)
(iii) mengadakan penggabungan, konsolidasi, akuisisi conducting merger, consolidation, or acquisitions which
dengan entitas lain yang menyebabkan bubarnya Bank led to the dissolution of Bank Mandiri.
Mandiri.
Mata Uang Asing Foreign Currency
Pada tanggal 24 Maret 2025, Bank Mandiri On 24 March 2025, Bank Mandiri issued the fifth Euro
menerbitkan Euro Medium Term Notes (EMTN) Medium Term Notes (EMTN), with a nominal value of
kelima, dengan nilai nominal sebesar USD800,000,000 (full amount) in the Singapore
USD800.000.000 (nilai penuh) di Singapore Exchange Exchange (SGX) as follow:
(SGX) sebagai berikut:
Tingkat bunga tetap
per tahun/
Nilai nominal/ Fixed interest rate Jatuh tempo/
Obligasi Nominal value per annum Maturity date Bonds
Euro Medium 24 Maret 2028/ Euro Medium
Term Notes USD800.000.000 4,90% 24 March 2028 Term Notes
Obligasi EMTN kelima ditawarkan dengan nilai The fifth EMTN is offered at 99.38% (ninety-nine point
99,38% (sembilan puluh sembilan koma tiga delapan three eight percent) of the principal amount of the bonds.
persen) dari jumlah pokok obligasi. Bunga obligasi The bond interest is paid on semi-annual basis, with the
dibayarkan setiap semester, dengan pembayaran first interest payment scheduled on 24 September 2025
bunga pertama dilakukan pada tanggal 24 September and the last interest payment and due date of the bond
2025, sedangkan pembayaran bunga terakhir principal on 24 March 2028, which also the due date of
sekaligus jatuh tempo obligasi adalah pada tanggal the principal amount of the bonds. The trustee of the
24 Maret 2028 yang juga merupakan tanggal EMTN bond issuance is Bank of New York Mellon.
pelunasan pokok dari obligasi. Wali amanat dari
penerbitan EMTN adalah Bank of New York Mellon.
Pada tanggal 31 Desember 2025, peringkat EMTN As of 31 December 2025, the credit ratings for the fifth
kelima adalah Baa2 (Moody’s) dan BBB (S&P). EMTN are Baa2 (Moody’s) and BBB (S&P).
Pada tanggal 4 April 2023, Bank Mandiri menerbitkan On 4 April 2023, Bank Mandiri issued the fourth Euro
Euro Medium Term Notes (EMTN) keempat dengan Medium Term Notes (EMTN) with nominal value of
nilai nominal sebesar USD300.000.000 (nilai penuh) USD300,000,000 (full amount) in Singapore Exchange
di Singapore Exchange (SGX) sebagai berikut: (SGX) as follow:
Tingkat bunga tetap
per tahun/
Nilai nominal/ Fixed interest rate Jatuh tempo/
Obligasi Nominal value per annum Maturity date Bonds
Euro Medium 4 April 2026/ Euro Medium
Term Notes USD300.000.000 5,50% 4 April 2026 Term Notes
252
1200 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1203
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. EFEK-EFEK YANG DITERBITKAN (lanjutan) 30. DEBT SECURITIES ISSUED (continued)
Obligasi (lanjutan) Bonds (continued)
Bank Mandiri (lanjutan) Bank Mandiri (continued)
Mata Uang Asing (lanjutan) Foreign Currency (continued)
Obligasi EMTN keempat ditawarkan dengan nilai The fourth EMTN is offered at 99.58% (ninety-nine point
99,58% (sembilan puluh sembilan koma lima delapan five eight percent) of the principal amount of the bonds.
persen) dari jumlah pokok obligasi. Bunga obligasi The bond interest is paid on semi-annual basis, with the
dibayarkan setiap semester, dengan pembayaran first interest payment scheduled on 4 October 2023 and
bunga pertama dilakukan pada tanggal 4 Oktober the last interest payment and due date of the bond
2023, sedangkan pembayaran bunga terakhir principal on 4 April 2026, which also the due date of the
sekaligus jatuh tempo obligasi adalah pada tanggal principal amount of the bonds. The trustee of the EMTN
4 April 2026 yang juga merupakan tanggal pelunasan bond issuance is Bank of New York Mellon.
pokok dari obligasi. Wali amanat dari penerbitan EMTN
adalah Bank of New York Mellon.
Pada tanggal 31 Desember 2025 dan 2024, peringkat As of 31 December 2025 and 2024, the credit ratings for
EMTN keempat adalah Baa2 (Moody’s) dan BBB the fourth EMTN are Baa2 (Moody’s) and BBB (Fitch
(Fitch Ratings). Ratings).
Pada tanggal 19 April 2021, Bank Mandiri menerbitkan On 19 April 2021, Bank Mandiri issued the third EMTN,
EMTN ketiga, yaitu Sustainability Bond Bank Mandiri namely Bank Mandiri Sustainability Bond 2021, with total
2021, dengan nilai nominal sebesar USD300.000.000 nominal value of USD300,000,000 (full amount) on the
(nilai penuh) di Singapore Exchange (SGX) sebagai Singapore Exchange (SGX) as follows:
berikut:
Tingkat bunga tetap
per tahun/
Nilai nominal/ Fixed interest rate Jatuh tempo/
Obligasi Nominal value per annum Maturity date Bonds
Euro Medium 19 April 2026/ Euro Medium
Term Notes USD300.000.000 2,00% 19 April 2026 Term Notes
Sustainability Bond Bank Mandiri 2021 ditawarkan Bank Mandiri Sustainability Bond 2021 are offered at a
dengan nilai 98,913% (sembilan puluh delapan koma value of 98.913% (ninety eight point nine one three
sembilan satu tiga persen) dari jumlah pokok obligasi. percent) of the principal amount of the bonds. Bond
Bunga obligasi dibayarkan setiap semester, dengan interest is paid every semester, with the first interest
pembayaran bunga pertama dilakukan pada tanggal payment being made on 19 October 2021, while the last
19 Oktober 2021, sedangkan pembayaran bunga interest payment is at the same time the bond maturity
terakhir sekaligus jatuh tempo obligasi adalah pada on 19 April 2026 which is also the principal repayment
tanggal 19 April 2026 yang juga merupakan tanggal date of the bonds. The trustee of the issuance of EMTN
pelunasan pokok dari obligasi. Wali amanat dari is Bank of New York Mellon. The proceeds from the
penerbitan EMTN adalah Bank of New York Mellon. issuance of the Sustainability Bond will be used to
Dana hasil penerbitan Sustainability Bond tersebut finance or refinance projects or activities that are
akan digunakan untuk membiayai atau membiayai environmentally and socially sound, in accordance with
kembali proyek atau kegiatan yang berwawasan the criteria set out in Bank Mandiri's Sustainability Bond
lingkungan dan sosial, sesuai dengan kriteria yang Framework.
ditetapkan dalam Sustainability Bond Framework
Bank Mandiri.
Pada tanggal 31 Desember 2025 dan 2024, peringkat As of 31 December 2025 and 2024, the credit ratings for
EMTN ketiga adalah Baa2 (Moody’s) dan BBB (Fitch the third EMTN are Baa2 (Moody’s) and BBB (Fitch
Ratings). Ratings).
253
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1201
Page 1204
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. EFEK-EFEK YANG DITERBITKAN (lanjutan) 30. DEBT SECURITIES ISSUED (continued)
Obligasi (lanjutan) Bonds (continued)
Bank Mandiri (lanjutan) Bank Mandiri (continued)
Mata Uang Asing (lanjutan) Foreign Currency (continued)
Pada tanggal 13 Mei 2020, Bank Mandiri menerbitkan On 13 May 2020, Bank Mandiri issued the second EMTN
Euro Medium Term Notes (EMTN) kedua dengan nilai with total nominal value of USD500,000,000 (full
nominal sebesar USD500.000.000 (nilai penuh) di amount) on the Singapore Exchange (SGX) as follow:
Singapore Exchange (SGX) sebagai berikut:
Tingkat bunga tetap
per tahun/
Nilai nominal/ Fixed interest rate Jatuh tempo/
Obligasi Nominal value per annum Maturity date Bonds
Euro Medium 13 Mei 2025/ Euro Medium
Term Notes USD500.000.000 4,75% 13 May 2025 Term Notes
Obligasi Euro Medium Term Notes (EMTN) kedua The second EMTN is offered at 99.255% (ninety nine
ditawarkan dengan nilai 99,255% (sembilan puluh point two five five percent) of the principal amount of
sembilan koma dua lima lima persen) dari jumlah bonds. The interest is paid on semi-annual basis with
pokok obligasi. Bunga obligasi dibayarkan setiap the first interest payment was made on 13 November
semester, dengan pembayaran bunga pertama 2020, while the last interest payment and maturity date
dilakukan pada tanggal 13 November 2020, of the bonds principal on 13 May 2025 which is also the
sedangkan pembayaran bunga terakhir sekaligus jatuh redemption date of the principal amount of bonds. The
tempo obligasi adalah pada tanggal 13 Mei 2025 yang trustee of the EMTN bond issuance is Bank of New York
juga merupakan tanggal pelunasan pokok dari Mellon.
obligasi. Wali amanat dari penerbitan EMTN adalah
Bank of New York Mellon.
Pada tanggal 31 Desember 2024, peringkat EMTN As of 31 December 2024, the second EMTN is rated
kedua adalah Baa2 (Moody’s) dan BBB (Fitch Baa2 (Moody’s) and BBB (Fitch Ratings).
Ratings).
Entitas Anak Subsidiaries
Rupiah Rupiah
Pada tanggal 26 Juni 2025, Bank Mandiri Taspen On June 26, 2025, Bank Mandiri Taspen issued Bank
menerbitkan Obligasi Berkelanjutan II Bank Mandiri Mandiri Taspen Continuous Bonds II Phase I Year 2025
Taspen Tahap I Tahun 2025 (“Obligasi Berkelanjutan (“Continuing Bonds II Phase I Year 2025”) with a nominal
II Tahap I Tahun 2025”) dengan nominal Rp1.500.000 value of Rp1,500,000 which consist of 2 (two) series:
yang terdiri atas 2 (dua) seri:
Tingkat bunga tetap
per tahun/
Nilai nominal/ Fixed interest rate Jatuh tempo/
Obligasi Nominal value per annum Maturity date Bonds
4 Juli 2028/
Seri A 800.000 6,65% 4 July 2028 Series A
4 Juli 2030/
Seri B 700.000 6,80% 4 July 2030 Series B
254
1202 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1205
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. EFEK-EFEK YANG DITERBITKAN (lanjutan) 30. DEBT SECURITIES ISSUED (continued)
Obligasi (lanjutan) Bonds (continued)
Entitas Anak (lanjutan) Subsidiaries (continued)
Rupiah (lanjutan) Rupiah (continued)
Bunga Obligasi Berkelanjutan II Tahap I Tahun 2025 The interest of Continuous Bonds II Phase I Year 2025
dibayarkan setiap triwulan, dengan pembayaran bunga is paid quarterly, with the first payment on
pertama dilakukan pada tanggal 4 Oktober 2025, October 4, 2025, while the last payment of interest and
sedangkan pembayaran bunga obligasi terakhir also the maturity and payment date of the bonds’
sekaligus jatuh tempo obligasi adalah pada tanggal 04 principal is on July 4, 2028 for series A and
Juli 2028 untuk Seri A dan 4 Juli 2030 untuk Seri B July 4, 2030 for series B. The trustee for Continuing
yang juga merupakan tanggal pelunasan pokok dari Bonds II Phase I Year 2025 is PT Bank Rakyat Indonesia
masing-masing seri obligasi. Wali amanat dari (Persero) Tbk.
penerbitan Obligasi Berkelanjutan II Tahap I Tahun
2025 adalah PT Bank Rakyat Indonesia (Persero) Tbk.
Selama berlakunya jangka waktu Obligasi dan During the validity period of the Bonds and prior to the
sebelum dilunasinya jumlah terhutang, Bank repayment of the bonds, the Bank is under obligation to:
berkewajiban untuk: (i) memelihara pada setiap saat (i) maintain at all times the Bank’s financial level in good
keadaan keuangan berada dalam kondisi sehat sesuai condition as regulated by OJK; (ii) maintain the Bank’s
ketentuan OJK; (ii) mempertahankan tingkat health level at a minimum in the composite level 3 (three)
kesehatan Bank minimal berada dalam peringkat which is “Fair”, according to internal assessment based
komposit 3 (tiga) yang tergolong “Cukup Baik”, sesuai upon Bank Indonesia’s regulation; (iii) obtain and comply
penilaian internal berdasarkan ketentuan Bank with permits and approvals (from the Government and
Indonesia; (iii) memperoleh, mematuhi segala other parties) and ensure that the Bank conforms with
ketentuan dan melakukan hal-hal yang diperlukan Indonesia’s rules and regulations.
untuk menjaga tetap berlakunya segala ijin dan
persetujuan (baik dari pemerintah ataupun lainnya)
dan melakukan hal-hal yang diwajibkan peraturan
perundang-undangan Republik Indonesia.
Bank tanpa persetujuan tertulis wali amanat tidak akan The Bank, without a written consent from the trustee will
melakukan hal-hal sebagai berikut: (i) mengurangi not: (i) reduce the Bank’s issued and fully paid up capital
modal ditempatkan dan disetor kecuali karena adanya except such a reduction is conducted based on
ketentuan Pemerintah atau Bank Indonesia; regulations from the Government of Indonesia or Bank
(ii) mengadakan perubahan bidang usaha; Indonesia; (ii) undergo a change in its main business; (iii)
(iii) mengadakan penggabungan, konsolidasi, akuisisi undergo merger, consolidation, or acquisitions which led
dengan entitas lain yang menyebabkan bubarnya to the dissolution of the Bank.
Bank.
Obligasi ini tidak dijamin dengan suatu bentuk jaminan The bonds are not guaranteed with specific guarantee.
khusus.
Pada tanggal 31 Desember 2025 dan 2024, peringkat As of 31 December 2025 and 2024, based on PT.
Obligasi Berkelanjutan II Tahap I Tahun 2025 menurut Pemeringkat Efek Indonesia (Pefindo), rating for
PT. Pemeringkat Efek Indonesia (Pefindo) adalah AAA Continuous Bonds II Phase I Year 2025 is AAA (idn)
(idn) (triple A). (triple A).
255
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1203
Page 1206
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. EFEK-EFEK YANG DITERBITKAN (lanjutan) 30. DEBT SECURITIES ISSUED (continued)
Obligasi (lanjutan) Bonds (continued)
Entitas Anak (lanjutan) Subsidiaries (continued)
Rupiah (lanjutan) Rupiah (continued)
Pada tanggal 29 April 2021, Bank Mandiri Taspen On 29 April 2021, Bank Mandiri Taspen issued Bank
menerbitkan Obligasi Berkelanjutan I Bank Mandiri Mandiri Taspen Continuous Bonds I Phase II Year 2021
Taspen Tahap II Tahun 2021 (“Obligasi Berkelanjutan (“Continuing Bonds I Phase II Year 2021”) with a
I Tahap II Tahun 2021”) dengan nominal Rp2.000.000 nominal value of Rp2,000,000 which consist of 2 (two)
yang terdiri atas 2 (dua) seri: series:
Tingkat bunga tetap
per tahun/
Nilai nominal/ Fixed interest rate Jatuh tempo/
Obligasi Nominal value per annum Maturity date Bonds
28 April 2024/
Seri A 800.000 6,50% 28 April 2024 Series A
28 April 2026/
Seri B 1.200.000 7,25% 28 April 2026 Series B
Bunga Obligasi Berkelanjutan I Tahap II Tahun 2021 The interest of Continuous Bonds I Phase II Year 2021
dibayarkan setiap triwulan, dengan pembayaran bunga is paid quarterly, with the first payment on
pertama dilakukan pada tanggal 28 Juli 2021, 28 July 2021, while the last payment of interest and also
sedangkan pembayaran bunga obligasi terakhir the maturity and payment date of the bonds’ principal is
sekaligus jatuh tempo obligasi adalah pada tanggal 28 on 28 April 2024 for series A and
April 2024 untuk Seri A dan 28 April 2026 untuk Seri B 28 April 2026 for series B. The trustee for Continuing
yang juga merupakan tanggal pelunasan pokok dari Bonds I Phase II Year 2021 is PT Bank Permata Tbk.
masing-masing seri obligasi. Wali amanat dari
penerbitan Obligasi Berkelanjutan I Tahap II Tahun
2021 adalah PT Bank Permata Tbk.
Wali amanat dari penerbitan Obligasi Berkelanjutan I The trustee of the issuance of the Continuous Bonds I
Tahap II tahun 2021 adalah PT Bank Permata Tbk. Phase II year 2021 is PT Bank Permata Tbk. As of
Pada tanggal 31 Desember 2025 dan 31 Desember 31 December 2025 and 31 December 2024, the rating
2024, peringkat Obligasi Berkelanjutan I Tahap II tahun for the Continuous Bonds I Phase II year 2021 Bank
2021 Bank Mantap menurut PT Fitch Ratings Indonesia Mantap according to PT Fitch Ratings Indonesia is AA
adalah AA (idn) (double A). (idn) (double A).
Selama berlakunya jangka waktu Obligasi dan During the validity period of the Bonds and prior to the
sebelum dilunasinya jumlah terhutang, Bank repayment of the bonds, the Bank is under obligation to:
berkewajiban untuk: (i) memelihara pada setiap saat (i) maintain at all times the Bank’s financial level in good
keadaan keuangan berada dalam kondisi sehat sesuai condition as regulated by OJK; (ii) maintain the Bank’s
ketentuan OJK; (ii) mempertahankan tingkat health level at a minimum in the composite level 3
kesehatan Bank minimal berada dalam peringkat (three) which is “Fair”, according to internal assessment
komposit 3 (tiga) yang tergolong “Cukup Baik”, sesuai based upon Bank Indonesia’s regulation; (iii) obtain and
penilaian internal berdasarkan ketentuan Bank comply with permits and approvals (from the
Indonesia; (iii) memperoleh, mematuhi segala Government and other parties) and ensure that the
ketentuan dan melakukan hal-hal yang diperlukan Bank conforms with Indonesia’s rules and regulations.
untuk menjaga tetap berlakunya segala ijin dan
persetujuan (baik dari pemerintah ataupun lainnya)
dan melakukan hal-hal yang diwajibkan peraturan
perundang-undangan Republik Indonesia.
256
1204 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1207
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. EFEK-EFEK YANG DITERBITKAN (lanjutan) 30. DEBT SECURITIES ISSUED (continued)
Obligasi (lanjutan) Bonds (continued)
Entitas Anak (lanjutan) Subsidiaries (continued)
Rupiah (lanjutan) Rupiah (continued)
Bank tanpa persetujuan tertulis wali amanat tidak akan The Bank, without a written consent from the trustee will
melakukan hal-hal sebagai berikut: (i) mengurangi not: (i) reduce the Bank’s issued and fully paid up capital
modal ditempatkan dan disetor kecuali karena adanya except such a reduction is conducted based on
ketentuan Pemerintah atau Bank Indonesia; regulations from the Government of Indonesia or Bank
(ii) mengadakan perubahan bidang usaha; Indonesia; (ii) undergo a change in its main business;
(iii) mengadakan penggabungan, konsolidasi, akuisisi (iii) undergo merger, consolidation, or acquisitions
dengan entitas lain yang menyebabkan bubarnya which led to the dissolution of the Bank.
Bank.
Obligasi ini tidak dijamin dengan suatu bentuk jaminan The bonds are not guaranteed with specific guarantee.
khusus.
Bank Mandiri Taspen telah melunasi Obligasi Bank Mandiri Taspen has fully paid Bank Mandiri
Berkelanjutan I Bank Mandiri Taspen Tahap II Tahun Taspen Continuing Bonds I Phase II Year 2021 Series A
2021 Seri A pada tanggal 28 April 2024. Sedangkan on April 28, 2024. Meanwhile, the maturity date of the
tanggal jatuh tempo Obligasi Berkelanjutan I Bank Continuous Bonds I of Bank Mandiri Taspen Phase II
Mandiri Taspen Tahap II Tahun 2021 Seri B adalah Year 2021 Series B is 28 April 2026.
pada tanggal 28 April 2026.
Pada tanggal 31 Desember 2025 dan 2024, peringkat As of 31 December 2025 and 2024, based on Fitch
Obligasi Berkelanjutan I Tahap II Tahun 2021 menurut Rating’s, rating for Continuing Bonds I Phase II Year
Fitch Rating adalah AA (idn) (double A). 2021 is AA (idn) (double A).
Pada tanggal 25 Juni 2025, Perseroan telah On 25 June 2025, the Company issued Mandiri Tunas
menerbitkan Obligasi Berkelanjutan VII Mandiri Tunas Finance Continuing Bonds VII Phase I Year 2025
Finance Tahap I Tahun 2025 (“Obligasi Berkelanjutan (“Continuing Bonds VII Phase I”) with details as follows:
VI Tahap I”) dengan rincian sebagai berikut:
Tingkat bunga tetap
per tahun/
Nilai nominal/ Fixed interest rate Jatuh tempo/
Obligasi Nominal value per annum Maturity date Bonds
Seri A 313.510 6,15% 18 Juli 2026/18 July 2026 Series A
Seri B 236.000 6,50% 8 Juli 2028/8 July 2028 Series B
Seri C 225.760 6,70% 8 Juli 2030/8 July 2030 Series C
Obligasi tersebut tidak dijamin dengan jaminan These bonds are not secured by any special collateral.
khusus.
Dalam perjanjian perwaliamanatan juga diatur The trustee agreement provides several negative
beberapa pembatasan yang harus dipenuhi oleh covenants to the Company, debt to equity ratio not to
Perseroan, rasio jumlah pinjaman terhadap ekuitas exceed 10:1. Moreover, during the year that the bond
tidak melebihi rasio 10:1. Selain itu, selama pokok principals are still outstanding, the Company is not
obligasi belum dilunasi, Perseroan tidak allowed to, among others, merge unless performed on
diperkenankan, antara lain melakukan penggabungan the same business and to sell or assign more than 50%
usaha kecuali dilakukan pada bidang usaha yang of the Company’s asset, except for the Company’s
sama serta menjual atau mengalihkan lebih dari 50% normal business transactions. The Continuous Bonds
aset Perseroan kecuali untuk kegiatan usaha VII of Mandiri Tunas Finance Phase I Year 2025
Perseroan sehari-hari. Obligasi Berkelanjutan VII (“Continuous Bonds VI Phase I”) Series A, B, and C will
Mandiri Tunas Finance Tahap I Tahun 2025 (”Obligasi mature on 18 July 2026, 8 July 2028, and 8 July 2030,
Berkelanjutan VI Tahap I”) Seri A, B, dan C masing- respectively.
masing akan jatuh tempo pada 18 Juli 2026, 8 Juli
2028, dan 8 Juli 2030.
257
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1205
Page 1208
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. EFEK-EFEK YANG DITERBITKAN (lanjutan) 30. DEBT SECURITIES ISSUED (continued)
Obligasi (lanjutan) Bonds (continued)
Entitas Anak (lanjutan) Subsidiaries (continued)
Rupiah (lanjutan) Rupiah (continued)
Perseroan telah memenuhi batasan-batasan yang The Company has complied with the covenants as
diwajibkan dalam perjanjian tersebut di atas. required by the trustee agreements.
PT Pefindo telah menetapkan peringkat idAAA (Triple PT Pefindo has rated the Bonds as idAAA (Triple A) of
A) terhadap Obligasi Berkelanjutan VI Tahap I terakhir Continuing Bonds VI Phase IV with the latest based on
sesuai dengan suratnya No. RC-198/PEFDIR/III/2025 its report No. RC-198/PEF-DIR/III/2025 dated 5 March
tanggal 5 Maret 2025 untuk periode 5 Maret 2025 2025 for the period 5 March 2025 until 1 March 2026.
sampai dengan 1 Maret 2026.
Pada tanggal 19 November 2024, Entitas Anak On 19 November 2024, the Subsidiary (PT Mandiri
(PT Mandiri Tunas Finance) telah menerbitkan Tunas Finance) issued Mandiri Tunas Finance
Obligasi Berkelanjutan VI Mandiri Tunas Finance Continuing Bonds VI Phase IV Year 2024 (“Continuing
Tahap IV Tahun 2024 (”Obligasi Berkelanjutan VI Bonds VI Phase IV”) to the Indonesia Stock Exchange
Tahap IV”) ke Bursa Efek Indonesia dengan nominal with total nominal value of Rp1,609,110 with details as
sebesar Rp1.609.110 dengan rincian sebagai berikut: follows:
Tingkat bunga tetap
per tahun/
Nilai nominal/ Fixed interest rate Jatuh tempo/
Obligasi Nominal value per annum Maturity date Bonds
19 November 2027/
Seri A 423.735 6,70% 19 November 2027 Series A
19 November 2029/
Seri B 1.185.375 6,85% 19 November 2029 Series B
PT Pefindo telah menetapkan kembali peringkat idAAA PT Pefindo has rated the Continuous Bonds as idAAA
(Triple A) terhadap Obligasi Berkelanjutan VI Tahap IV (Triple A) of Continuous Bonds IV Phase IV with the
terakhir sesuai dengan suratnya No. RTG-363/PEF- latest based on its report No. RTG-363/PEF-
DIR/X/2024 tanggal 8 Oktober 2024 untuk periode DIR/X/2024 dated 8 October 2024 for the period
6 Maret 2024 sampai dengan 1 Maret 2025. 6 March 2024 until 1 March 2025.
Wali amanat dari penerbitan Obligasi Berkelanjutan VI The trustee for Continuous Bonds VI Phase IV is
Tahap IV adalah PT Bank Rakyat Indonesia (Persero) PT Bank Rakyat Indonesia (Persero) Tbk. The Series A
Tbk. Obligasi seri A dan B akan jatuh tempo pada and Series B bonds will mature on 19 November 2027
tanggal 19 November 2027 dan 19 November 2029. and 19 November 2029.
Peringkat Obligasi Berkelanjutan VI Tahap IV menurut As of 31 December 2025 and 2024, based on Pefindo’s
Pefindo pada tanggal 31 Desember 2025 dan 2024 rating, Continuous Bonds VI Phase IV are rated idAAA
adalah idAAA (Triple A). (Triple A).
258
1206 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1209
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. EFEK-EFEK YANG DITERBITKAN (lanjutan) 30. DEBT SECURITIES ISSUED (continued)
Obligasi (lanjutan) Bonds (continued)
Entitas Anak (lanjutan) Subsidiaries (continued)
Rupiah (lanjutan) Rupiah (continued)
Pada tanggal 28 Mei 2024, Entitas Anak (PT Mandiri On 28 May 2024, the Subsidiary (PT Mandiri Tunas
Tunas Finance) telah menerbitkan Obligasi Finance) issued Mandiri Tunas Finance Continuing
Berkelanjutan VI Mandiri Tunas Finance Tahap III Bonds VI Phase III Year 2024 (“Continuous Bonds VI
Tahun 2024 (”Obligasi Berkelanjutan VI Tahap III”) ke Phase III”) to the Indonesia Stock Exchange with total
Bursa Efek Indonesia dengan nominal sebesar nominal value of Rp1,163,085 with details as follows:
Rp1.163.085 dengan rincian sebagai berikut:
Tingkat bunga tetap
per tahun/
Nilai nominal/ Fixed interest rate Jatuh tempo/
Obligasi Nominal value per annum Maturity date Bonds
28 Mei 2027/
Seri A 81.590 7,00% 28 May 2027 Series A
28 Mei 2029/
Seri B 1.081.495 7,25% 28 May 2029 Series B
Wali amanat dari penerbitan Obligasi Berkelanjutan The trustee for Continuous Bonds VI Phase III is
VI Tahap III adalah PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia (Persero) Tbk. The Series A
(Persero) Tbk. Obligasi seri A dan B akan jatuh tempo and Series B bonds will mature on 28 May 2027 and
pada tanggal 28 Mei 2027 dan 28 Mei 2029. 28 May 2029.
PT Pefindo telah menetapkan kembali peringkat idAAA PT Pefindo has rated the Continuous Bonds as idAAA
(Triple A) terhadap Obligasi Berkelanjutan VI Tahap III (Triple A) of Continuous Bonds VI Phase III with the
terakhir sesuai dengan suratnya No. RTG-132/PEF- latest based on its report No. RTG-132/PEF-DIR/V/2024
DIR/V/2024 tanggal 3 Mei 2024 untuk periode 6 Maret dated 3 May 2024 for the period 6 March 2024 until
2024 sampai dengan 1 Maret 2025. 1 March 2025.
Peringkat Obligasi Berkelanjutan VI Tahap III menurut As of 31 December 2025 and 2024, based on Pefindo’s
Pefindo pada tanggal 31 Desember 2025 dan rating, Continuous Bonds VI Phase III are rated idAAA
2024 adalah idAAA (Triple A). (Triple A).
Pada tanggal 27 September 2023, Entitas Anak On 27 September 2023, the Subsidiary (PT Mandiri
(PT Mandiri Tunas Finance) menerbitkan Obligasi Tunas Finance) issued Continuous Bonds VI Phase II
Berkelanjutan VI Tahap II Tahun 2023 (''Obligasi Year 2023 (“Continuous Bonds VI Phase II”) with total
Berkelanjutan VI Tahap II'') dengan nilai nominal nominal value of Rp1,131,110 which consist of 2 (two)
sebesar Rp1.131.110 yang terdiri atas 2 (dua) seri: series:
Tingkat bunga tetap
per tahun/
Nilai nominal/ Fixed interest rate Jatuh tempo/
Obligasi Nominal value per annum Maturity date Bonds
27 September 2026/
Seri A 804.175 6,50% 27 September 2026 Series A
27 September 2028/
Seri B 326.935 6,75% 27 September 2028 Series B
259
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1207
Page 1210
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. EFEK-EFEK YANG DITERBITKAN (lanjutan) 30. DEBT SECURITIES ISSUED (continued)
Obligasi (lanjutan) Bonds (continued)
Entitas Anak (lanjutan) Subsidiaries (continued)
Rupiah (lanjutan) Rupiah (continued)
Wali amanat dari penerbitan Obligasi Berkelanjutan VI The trustee for the issuance of Continuous Bonds VI
Tahap II adalah PT Bank Rakyat Indonesia (Persero) Phase II is PT Bank Rakyat Indonesia (Persero) Tbk.
Tbk. Obligasi seri A akan jatuh tempo pada tanggal The Series A bonds will mature on 27 September 2026,
27 September 2026 dan obligasi seri B akan jatuh and the Series B bonds will mature on 27 September
tempo pada tanggal 27 September 2028. 2028.
Pada tanggal 11 Juli 2023, Entitas Anak (PT Mandiri On 11 July 2023, the Subsidiary (PT Mandiri Tunas
Tunas Finance) menerbitkan Obligasi Berkelanjutan VI Finance) issued Continuous Bonds VI Phase I Year
Tahap I Tahun 2023 (''Obligasi Berkelanjutan VI Tahap 2023 ("Continuous Bonds VI Phase I") with a nominal
I'') dengan nilai nominal sebesar Rp691.735 yang value of Rp691,735 consisting of 2 (two) series:
terdiri atas 2 (dua) seri:
Tingkat bunga tetap
per tahun/
Nilai nominal/ Fixed interest rate Jatuh tempo/
Obligasi Nominal value per annum Maturity date Bonds
11 Juli 2026/
Seri A 439.660 6,00% 11 July 2026 Series A
11 Juli 2028/
Seri B 252.075 6,25% 11 July 2028 Series B
Wali amanat dari penerbitan Obligasi Berkelanjutan VI The trustee for the issuance of Continuous Bonds VI
Tahap II adalah PT Bank Rakyat Indonesia (Persero) Phase II is PT Bank Rakyat Indonesia (Persero) Tbk.
Tbk. Obligasi seri A akan jatuh tempo pada tanggal The Series A bonds will mature on 11 July 2026 and the
11 Juli 2026 dan obligasi seri B akan jatuh tempo pada Series B bonds will mature on 11 July 2028.
tanggal 11 Juli 2028.
Entitas Anak telah memenuhi batasan-batasan yang Subsidiary has fulfilled the restrictions required in the
diwajibkan dalam perjanjian tersebut di atas. Peringkat agreement above. As of 31 December 2025 and 2024,
Obligasi Berkelanjutan VI Tahap I dan II menurut based on Pefindo’s rating, Continuous Bonds VI Phase
Pefindo pada tanggal 31 Desember 2025 dan 2024 I and II is rated idAAA (Triple A).
adalah idAAA (Triple A).
Pada tanggal 23 Februari 2022, Entitas Anak On 23 February 2022, the Subsidiary (PT Mandiri Tunas
(PT Mandiri Tunas Finance) menerbitkan Obligasi Finance) issued Continuous Bonds V Phase III Year
Berkelanjutan V Tahap III Tahun 2022 (''Obligasi 2022 (“Continuous Bonds V Phase III”) with total
Berkelanjutan V Tahap III'') dengan nilai nominal nominal amount of Rp1,228,055 which consist of 2 (two)
sebesar Rp1.228.055 yang terdiri atas 2 (dua) seri: series:
Tingkat bunga tetap
per tahun/
Nilai nominal/ Fixed interest rate Jatuh tempo/
Obligasi Nominal value per annum Maturity date Bonds
23 Februari 2025/
Seri A 851.440 5,90% 23 February 2025 Series A
23 Februari 2027/
Seri B 376.615 6,75% 23 February 2027 Series B
260
1208 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1211
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. EFEK-EFEK YANG DITERBITKAN (lanjutan) 30. DEBT SECURITIES ISSUED (continued)
Obligasi (lanjutan) Bonds (continued)
Entitas Anak (lanjutan) Subsidiaries (continued)
Rupiah (lanjutan) Rupiah (continued)
Wali amanat dari penerbitan Obligasi Berkelanjutan V Trustee for Continuous Bonds V Phase III is PT Bank
Tahap III adalah PT Bank Rakyat Indonesia (Persero) Rakyat Indonesia (Persero) Tbk. Series A Bonds has
Tbk. Obligasi Seri A telah jatuh tempo pada tanggal matured on 23 February 2025. The Series B bonds will
23 Februari 2025. Obligasi seri B akan jatuh tempo mature on 23 February 2027.
pada tanggal 23 Februari 2027.
Pada tanggal 20 Mei 2021, Entitas Anak (PT Mandiri On 20 May 2021, the Subsidiary (PT Mandiri Tunas
Tunas Finance) menerbitkan dan mendaftarkan Finance) issued and registered Continuous Bonds V
Obligasi Berkelanjutan V Mandiri Tunas Finance Tahap Mandiri Tunas Finance Phase II Year 2021 (“Continuous
II Tahun 2021 (“Obligasi Berkelanjutan V Tahap II”) ke Bonds V Phase II”) to the Indonesia Stock Exchange
Bursa Efek Indonesia dengan nilai nominal sebesar with total nominal amount of Rp1,400,850 which consist
Rp1.400.850 yang terdiri atas 2 (dua) seri: of 2 (two) series:
Tingkat bunga tetap
per tahun/
Nilai nominal/ Fixed interest rate Jatuh tempo/
Obligasi Nominal value per annum Maturity date Bonds
20 Mei 2024/
Seri A 915.150 7,00% 20 May 2024 Series A
20 Mei 2026/
Seri B 485.700 7,65% 20 May 2026 Series B
Wali amanat dari penerbitan Obligasi Berkelanjutan V Trustee for Continuous Bonds V Phase II is PT Bank
Tahap II adalah PT Bank Rakyat Indonesia (Persero) Rakyat Indonesia (Persero) Tbk. Series A Bonds has
Tbk. Obligasi Seri A telah jatuh tempo pada tanggal matured on 20 May 2024.
20 Mei 2024.
Pada tanggal 13 Agustus 2020, Entitas Anak On 13 August 2020, the Subsidiary
(PT Mandiri Tunas Finance) menerbitkan dan (PT Mandiri Tunas Finance) issued and registered
mendaftarkan Obligasi Berkelanjutan V Mandiri Tunas Continuous Bonds V Mandiri Tunas Finance Phase I
Finance Tahap I Tahun 2020 (“Obligasi Berkelanjutan Year 2020 (“Continuous Bonds V Phase I”) to the
V Tahap I”) ke Bursa Efek Indonesia dengan nilai Indonesia Stock Exchange with total nominal amount of
nominal sebesar Rp858.000 yang terdiri atas 2 (dua) Rp858,000 which consist of 2 (two) series:
seri:
Tingkat bunga tetap
per tahun/
Nilai nominal/ Fixed interest rate Jatuh tempo/
Obligasi Nominal value per annum Maturity date Bonds
13 Agustus 2023/
Seri A 472.000 8,00% 13 August 2023 Series A
13 Agustus 2025/
Seri B 386.000 8,60% 13 August 2025 Series B
Wali amanat dari penerbitan Obligasi Berkelanjutan V Trustee for Continuous Bonds V Phase I is
Tahap I adalah PT Bank Rakyat Indonesia (Persero) PT Bank Rakyat Indonesia (Persero) Tbk. Series A
Tbk. Obligasi Seri A telah jatuh tempo pada tanggal Bonds has matured on 13 August 2023 and Series B
13 Agustus 2023 dan seri B telah jatuh tempo pada Bonds has matured on 13 August 2025.
tanggal 13 Agustus 2025.
261
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1209
Page 1212
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. EFEK-EFEK YANG DITERBITKAN (lanjutan) 30. DEBT SECURITIES ISSUED (continued)
Obligasi (lanjutan) Bonds (continued)
Entitas Anak (lanjutan) Subsidiaries (continued)
Rupiah (lanjutan) Rupiah (continued)
Dalam perjanjian perwaliamanatan juga diatur The trustee agreement stipulates several restrictions
beberapa pembatasan yang harus dipenuhi oleh MTF, that must be met by the Subsidiary, including providing
antara lain memberikan jaminan fidusia berupa piutang fiduciary guarantees in the form of consumer financing
dilunasi pembiayaan konsumen dan rasio jumlah receivables and total debt to equity ratio not exceeding
pinjaman terhadap ekuitas tidak melebihi rasio 10:1. 10:1. Moreover, as long as the principal of the bonds has
Selain itu, selama pokok obligasi belum dilunasi, MTF not been repaid, the Subsidiary is not permitted, among
tidak diperkenankan, antara lain melakukan other things, to enter into a business merger unless it is
penggabungan usaha kecuali dilakukan pada bidang carried out in the same line of business and sell or
usaha yang sama serta menjual atau mengalihkan transfer more than 50% of the Subsidiary's assets
lebih dari 50% aset MTF kecuali untuk kegiatan usaha except for the daily business activities of the Subsidiary.
MTF sehari-hari.
Peringkat Obligasi Berkelanjutan V Tahap I, II, dan III As of 31 December 2025 and 2024, based on Pefindo’s
menurut Pefindo pada tanggal 31 Desember 2025 dan rating, Continuous Bonds V Phase I, II and III are rated
2024 adalah idAAA (Triple A). idAAA (Triple A).
Pada tanggal 31 Desember 2025, seluruh efek-efek As of 31 December 2025, all securities issued by
yang diterbitkan oleh PT Mandiri Tunas Finance PT Mandiri Tunas Finance are secured by consumer
dijamin dengan piutang pembiayaan konsumen financing receivables amounted to Rp1,436,756
sebesar Rp1.436.756 (31 Desember 2024: (31 December 2024: Rp2,435,067) (Note 13d) and net
Rp2.435.067) (Catatan 13d) dan investasi bersih investment finance leases amounted to Rp174,341
dalam sewa pembiayaan sebesar Rp174.341 (31 December 2024: Rp433,293) (Note 14d).
(31 Desember 2024: Rp433.293) (Catatan 14d).
Sukuk Mudharabah Berlandaskan Keberlanjutan Sustainable Mudharabah Sukuk
Pada tanggal tanggal 7 Juni 2024, Entitas Anak On 7 June 2024, the Subsidiary (PT Bank Syariah
(PT Bank Syariah Indonesia (“BSI”)) menerbitkan Indonesia ("BSI")) issued the year 2024 Sustainable
Sukuk Mudharabah Berlandaskan Keberlanjutan I Mudharabah Sukuk I Bank BSI Phase I amounting to
Bank BSI Tahap I Tahun 2024 sebesar Rp3.000.000 Rp3,000,000.
Sukuk Mudharabah Berlandaskan Keberlanjutan Sustainable Mudharabah Sukuk I Bank BSI Phase I
Berkelanjutan I Bank BSI Tahap I Tahun 2024 ini Year 2024 is issued without physical certificates, except
diterbitkan tanpa warkat, kecuali Sertifikat Jumbo for the Jumbo Sukuk Mudharabah Certificate, which is
Sukuk Mudharabah yang diterbitkan untuk didaftarkan issued in the name of KSEI as proof of ownership for the
atas nama KSEI sebagai bukti kepemilikan untuk benefit of the Sukuk Mudharabah holder.
kepentingan Pemegang Sukuk Mudharabah.
Pada tanggal 19 Juni 2024, Sukuk Mudharabah On 19 June 2024, Sustainable Mudharabah Sukuk I
Berlandaskan Keberlanjutan Berkelanjutan Tahap I Bank BSI Phase I Year 2024 issued through a public
Tahun 2024 yang diterbitkan melalui penawaran offering was listed on the Indonesia Stock Exchange
umum telah tecatat di Bursa Efek Indonesia (BEI). (IDX). Sustainable Mudharabah Sukuk I Bank BSI
Sukuk Mudharabah Berlandaskan Keberlanjutan Phase I Year 2024 is issued with a rating of idAAA(sy)
Berkelanjutan I Bank BSI Tahap I Tahun 2024 (triple A Sharia) rated by Pefindo.
diterbitkan dengan peringkat idAAA(sy) (triple A
Syariah) berdasarkan pemeringkatan dari Pefindo.
262
1210 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1213
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. EFEK-EFEK YANG DITERBITKAN (lanjutan) 30. DEBT SECURITIES ISSUED (continued)
Obligasi (lanjutan) Bonds (continued)
Entitas Anak (lanjutan) Subsidiaries (continued)
Rupiah (lanjutan) Rupiah (continued)
Sukuk Mudharabah Berlandaskan Keberlanjutan Sustainable Mudharabah Sukuk (continued)
(lanjutan)
Jumlah dana Sukuk Mudharabah Berlandaskan The total funds for Sustainable Mudharabah Sukuk I
Keberlanjutan Berkelanjutan I Bank BSI Tahap I Tahun Bank BSI Phase I Year 2024 amount to Rp3,000,000,
2024 sebesar Rp3.000.000, yang terdiri dari: (a) Sukuk consisting of: (a) Mudharabah Sukuk Series A with
Mudharabah Seri A dengan jumlah dana Sukuk a total fund of Rp1,700,000 with a tenure of 370 calendar
Mudharabah sebesar Rp1.700.000, dengan jangka days from the issuance date and matured on
waktu 370 hari kalender sejak tanggal emisi dan telah 24 June 2025; (b) Mudharabah Sukuk Series B with
jatuh tempo pada tanggal 24 Juni 2025; (b) Sukuk a total fund of Rp220,000 with a tenure of 2 years from
Mudharabah Seri B dengan jumlah dana Sukuk the issuance date and mature on 14 June 2026; and (c)
Mudharabah sebesar Rp220.000 dengan jangka waktu Mudharabah Sukuk Series C with a total fund of
2 (dua) tahun sejak Tanggal Emisi dan akan jatuh Rp1,080,000 with a tenure of 3 (three) years from the
tempo pada tanggal 14 Juni 2026; dan (c) Sukuk issuance date and mature on 14 June 2027.
Mudharabah Seri C dengan jumlah dana Sukuk
Mudharabah sebesar Rp1.080.000 dengan jangka
waktu 3 (tiga) tahun sejak tanggal emisi dan akan jatuh
tempo pada tanggal 14 Juni 2027.
Seluruh dana hasil penerbitan Sukuk Mudharabah All funds from Sustainable Mudharabah Sukuk I Bank
Berlandaskan Keberlanjutan Berkelanjutan I Bank BSI BSI Phase I Year 2024 will be used by the BSI for the
Tahap I Tahun 2024, akan dipergunakan oleh BSI BSI's business activities in order to strengthen its capital
untuk kegiatan usaha BSI dalam rangka memperkuat structure by calculating the proceeds from the issuance
struktur permodalan dengan memperhitungkan dana as complementary capital and increasing the BSI’s
hasil penerbitan sebagai modal pelengkap dan productive assets.
meningkatkan aset produktif BSI..
Pendapatan Bagi Hasil dibayarkan triwulan, sesuai Profit-sharing income is paid quarterly, in accordance
dengan tanggal pembayaran Pendapatan Bagi Hasil with the profit-sharing payment schedule of the Sukuk
Sukuk Mudharabah. Pembayaran Pendapatan Bagi Mudharabah. The first payment of Sukuk Mudharabah
Hasil Sukuk Mudharabah pertama dilakukan pada profit-sharing income is scheduled for 14 September
tanggal 14 September 2024 sedangkan pembayaran 2024, while the final profit-sharing payments for each
Pendapatan Bagi Hasil Sukuk Mudharabah terakhir Sukuk Mudharabah series will be made on their
dilakukan pada tanggal jatuh tempo Sukuk respective maturity dates 24 June 2025, for Sukuk
Mudharabah masing-masing seri adalah pada tanggal Mudharabah Series A, 14 June 2026 for Series B, and
24 Juni 2025 untuk Sukuk Mudharabah Seri A, 14 June 2027 for Series C.
14 Juni 2026 untuk Sukuk Mudharabah Seri B, dan
14 Juni 2027 untuk Sukuk Mudharabah Seri C.
263
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1211
Page 1214
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. EFEK-EFEK YANG DITERBITKAN (lanjutan) 30. DEBT SECURITIES ISSUED (continued)
Obligasi (lanjutan) Bonds (continued)
Entitas Anak (lanjutan) Subsidiaries (continued)
Rupiah (lanjutan) Rupiah (continued)
Sukuk Mudharabah Berlandaskan Keberlanjutan Sustainable Mudharabah Sukuk (continued)
(lanjutan)
Nisbah dan pendapatan bagi hasil Sukuk Mudharabah The profit-sharing ratio and revenue of Sustainable
Berlandaskan Keberlanjutan Berkelanjutan I Bank BSI Mudharabah Sukuk I Bank BSI Phase I Year 2024 are
Tahap I Tahun 2024 dikelompokkan menjadi: (a) categorized as follows: (a) Mudharabah Sukuk Series A:
Sukuk Mudharabah Seri A: pendapatan bagi hasil The revenue sharing of the Mudharabah Sukuk is
Sukuk Mudharabah yang dihitung berdasarkan calculated based on the multiplication of the profit-
perkalian antara Nisbah bagi hasil, dimana besarnya sharing ratio, where the ratio for Sukuk holders is
Nisbah Pemegang Sukuk adalah sebesar 74,72% dan 74.72% and BSI ratio is 25.28% of the distributed
Nisbah BSI adalah sebesar 25,28% dari pendapatan revenue, with a profit equivalent to 6.65% per annum;
yang dibagihasilkan dengan bagi hasil sebesar (b) Mudharabah Sukuk Series B: The revenue sharing
ekuivalen 6,65% per tahun; (b) Sukuk Mudharabah of the Mudharabah Sukuk is calculated based on the
Seri B: pendapatan bagi hasil Sukuk Mudharabah yang multiplication of the profit-sharing ratio, where the ratio
dihitung berdasarkan perkalian antara Nisbah Bagi for Sukuk holders is 75.29% and BSI ratio is 24.71% of
Hasil, dimana besarnya Nisbah Pemegang Sukuk the distributed revenue, with a profit equivalent to 6.70%
adalah sebesar 75,29% dan Nisbah BSI adalah per annum; and (c) Mudharabah Sukuk Series C: The
sebesar 24,71% dari pendapatan yang dibagihasilkan revenue sharing of the Mudharabah Sukuk is calculated
dengan bagi hasil sebesar ekuivalen 6,70% per tahun; based on the multiplication of the profit-sharing ratio,
dan (c) Sukuk Mudharabah Seri C: pendapatan bagi where the ratio for Sukuk holders is 76.41% and BSI
hasil Sukuk Mudharabah yang dihitung berdasarkan ratio is 23.59% of the distributed revenue, with a profit
perkalian antara Nisbah Bagi Hasil, dimana besarnya equivalent to 6.80% per annum. Profit-sharing income is
Nisbah Pemegang Sukuk adalah sebesar 76,41% dan paid quarterly, in accordance with the profit-sharing
Nisbah BSI adalah sebesar 23,59% pendapatan yang payment dates.
dibagihasilkan dengan bagi hasil sebesar ekuivalen
6,80% per tahun.
Bertindak sebagai wali amanat Sukuk Mudharabah The Trustee for Sustainable Mudharabah Sukuk I Bank
Berlandaskan Keberlanjutan Berkelanjutan I Bank BSI BSI Phase I Year 2024 is PT Bank Tabungan Negara
Tahap I Tahun 2024 adalah PT Bank Tabungan (Persero) Tbk.
Negara (Persero) Tbk.
Pada tanggal 24 Juni 2025, Sukuk Mudharabah On 24 June 2025, Sustainable Mudharabah Sukuk I
Berlandaskan Keberlanjutan Berkelanjutan I Bank BSI Bank BSI Phase I Year 2024 Series A with a principal
Tahap I Tahun 2024 Seri A dengan pokok sebesar amount of Rp1,700,000 matured and was settled by BSI
Rp1.700.000 telah jatuh tempo dan dilunaskan oleh through PT Kustodian Sentral Efek Indonesia. The
BSI melalui PT Kustodian Sentral Efek Indonesia. settlement of the principal of the sukuk has been paid by
Pelunasan pokok sukuk telah dibayarkan oleh BSI BSI on schedule in accordance with the issuance
sesuai dengan jatuh tempo yang telah ditetapkan agreement.
dalam perjanjian penerbitan.
Pada tanggal 30 Juni 2025, Sukuk Mudharabah On 30 June 2025, Sustainable Mudharabah Sukuk I
Berlandaskan Keberlanjutan Berkelanjutan Tahap II Bank BSI Phase II Year 2025 issued through a public
Tahun 2025 yang diterbitkan melalui penawaran umum offering was listed on the Indonesia Stock Exchange
telah tecatat di Bursa Efek Indonesia (BEI). Sukuk (IDX). The Continuous Sustainability Sukuk
Mudharabah Berlandaskan Keberlanjutan Mudharabah I Bank BSI Phase II Year 2025 was issued
Berkelanjutan I Bank BSI Tahap II Tahun 2025 ini without script, except for the Sukuk Mudharabah Jumbo
diterbitkan tanpa warkat, kecuali Sertifikat Jumbo Certificate which was issued to be registered in the
Sukuk Mudharabah yang diterbitkan untuk didaftarkan name of KSEI as proof of ownership for the benefit of the
atas nama KSEI sebagai bukti kepemilikan untuk sukuk mudharabah holders. The Continuous
kepentingan pemegang sukuk mudharabah. Sukuk Sustainability Sukuk Mudharabah I Bank BSI Phase II
Mudharabah Berlandaskan Keberlanjutan Year 2025 was issued with a rating of idAAA(sy) (Triple
Berkelanjutan I Bank BSI Tahap II Tahun 2025 A Sharia).
diterbitkan dengan peringkat idAAA(sy) (Triple A
Sharia).
264
1212 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1215
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. EFEK-EFEK YANG DITERBITKAN (lanjutan) 30. DEBT SECURITIES ISSUED (continued)
Obligasi (lanjutan) Bonds (continued)
Entitas Anak (lanjutan) Subsidiaries (continued)
Rupiah (lanjutan) Rupiah (continued)
Sukuk Mudharabah Berlandaskan Keberlanjutan Sustainable Mudharabah Sukuk (continued)
(lanjutan)
Jumlah dana Sukuk Mudharabah Berlandaskan The amount of Sustainable Mudharabah Sukuk I Bank
Keberlanjutan Berkelanjutan I Bank BSI Tahap II Tahun BSI Phase II Year 2025 is Rp5,000,000, consisting of:
2025 sebesar Rp5.000.000, yang terdiri dari:
- Sukuk Mudharabah Seri A dengan jumlah dana - Series A Sukuk Mudharabah with total Mudharabah
sukuk Mudharabah sebesar Rp2.445.000 dengan sukuk funds of Rp2,445,000 with a term of 370
jangka waktu 370 hari kalender sejak tanggal emisi calendar days from the issuance date and will
dan akan jatuh tempo pada tanggal 6 Juli 2026; mature on 6 July 2026;
- Sukuk Mudharabah Seri B dengan jumlah dana - Series B Sukuk Mudharabah with total Mudharabah
sukuk Mudharabah sebesar Rp175.000 dengan sukuk funds of Rp175,000 with a term of 2 (two)
jangka waktu 2 (dua) tahun sejak tanggal emisi dan years from the issuance date and will mature on
akan jatuh tempo pada tanggal 26 Juni 2027; dan 26 June 2027; and
- Sukuk Mudharabah Seri C dengan jumlah dana - Series C Sukuk Mudharabah with total sukuk
sukuk Mudharabah sebesar Rp2.380.000 dengan Mudharabah funds amounted to Rp2,380,000 with a
jangka waktu 3 (tiga) tahun sejak tanggal emisi dan term of 3 (three) years from the issuance date and
akan jatuh tempo pada tanggal 26 Juni 2028. will mature on 26 June 2028.
PT Bank Mandiri (Persero) Tbk dan Entitas Anak telah PT Bank Mandiri (Persero) Tbk and the Subsidiaries
melakukan pembayaran bunga efek-efek yang have paid the interest of debt securities issued in
diterbitkan sesuai dengan jadwal pembayaran bunga accordance to interest payment schedule during the
selama tahun yang berakhir tanggal 31 Desember period and year ended 31 December 2025 and 2024.
2025 dan 2024.
Nisbah dan pendapatan bagi hasil Sukuk Mudharabah Nisbah and profit sharing income from Continuous
Berlandaskan Keberlanjutan Berkelanjutan I Bank BSI Sustainability Sukuk Mudharabah I Bank BSI Phase II
Tahap II Tahun 2025 dikelompokkan menjadi: Year 2025 is grouped into:
Sukuk Mudharabah Seri A: pendapatan bagi hasil sukuk Mudharabah Sukuk Series A: The revenue sharing of the
mudharabah yang dihitung berdasarkan perkalian Mudharabah Sukuk is calculated based on the
antara nisbah bagi hasil, dimana besarnya nisbah multiplication of the profit-sharing ratio, where the ratio
pemegang sukuk adalah sebesar 72,42% dan besarnya for Sukuk holders is 72.42% and BSI ratio is 27.53% of
nisbah BSI adalah sebesar 27,53% dari pendapatan the distributed revenue, with a profit equivalent to 6.45%
yang dibagihasilkan dengan bagi hasil sebesar per annum.
ekuivalen 6,45% per tahun.
Sukuk Mudharabah Seri B: pendapatan bagi hasil sukuk Mudharabah Sukuk Series B : The revenue sharing of
mudharabah yang dihitung berdasarkan perkalian the Mudharabah Sukuk is calculated based on the
antara nisbah bagi hasil, dimana besarnya nisbah multiplication of the profit-sharing ratio, where the ratio
pemegang sukuk adalah sebesar 73,60% dan besarnya for Sukuk holders is 73.60% and BSI ratio is 26.40% of
nisbah BSI adalah sebesar 26,40% dari pendapatan the distributed revenue, with a profit equivalent to 6.55%
yang dibagihasilkan dengan bagi hasil sebesar per annum.
ekuivalen 6,55% per tahun.
Sukuk Mudharabah Seri C: pendapatan bagi hasil sukuk Mudharabah Sukuk Series C : The revenue sharing of
mudharabah yang dihitung berdasarkan perkalian the Mudharabah Sukuk is calculated based on the
antara nisbah bagi hasil, dimana besarnya nisbah multiplication of the profit-sharing ratio, where the ratio
pemegang sukuk adalah sebesar 74,72% dan besarnya for Sukuk holders is 74.72% and BSI ratio is 25.28% of
nisbah BSI adalah sebesar 25,28% dari pendapatan the distributed revenue, with a profit equivalent to 6.65%
yang dibagihasilkan dengan bagi hasil sebesar per annum.
ekuivalen 6,65% per tahun.
265
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1213
Page 1216
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. EFEK-EFEK YANG DITERBITKAN (lanjutan) 30. DEBT SECURITIES ISSUED (continued)
Obligasi (lanjutan) Bonds (continued)
Entitas Anak (lanjutan) Subsidiaries (continued)
Rupiah (lanjutan) Rupiah (continued)
Sukuk Mudharabah Berlandaskan Keberlanjutan Sustainable Mudharabah Sukuk (continued)
(lanjutan)
Pendapatan Bagi Hasil dibayarkan triwulan, sesuai Revenue Sharing Income is paid quarterly, in
dengan tanggal pembayaran Pendapatan Bagi Hasil accordance with the payment date of the Sukuk
Sukuk Mudharabah. Pembayaran Pendapatan Bagi Mudharabah Revenue Sharing Income. The first Sukuk
Hasil Sukuk Mudharabah pertama dilakukan pada Mudharabah Revenue Sharing Income payment will be
tanggal 26 September 2025 sedangkan pembayaran made on 26 September 2025, while the last Sukuk
Pendapatan Bagi Hasil Sukuk Mudharabah terakhir Mudharabah Revenue Sharing Income payment will be
dilakukan pada tanggal jatuh tempo Sukuk Mudharabah made on the maturity date of each Sukuk Mudharabah
masing-masing seri adalah pada tanggal 6 Juli 2026 series, which is on 6 July 2026 for Sukuk Mudharabah
untuk Sukuk Mudharabah Seri A, 26 Juni 2027 untuk Series A, 26 June 2027 for Sukuk Mudharabah Series
Sukuk Mudharabah Seri B, dan 26 Juni 2028 untuk B, and 26 June 2028 for Sukuk Mudharabah Series C.
Sukuk Mudharabah Seri C.
Dana yang diperoleh dari hasil Penawaran Umum The funds obtained from the Continuous Public Offering
Berkelanjutan Sukuk Mudharabah Berlandaskan of Continuous Sustainability Sukuk Mudharabah I Bank
Keberlanjutan Berkelanjutan I Bank BSI Tahap II Tahun BSI Phase II Year 2025, after deducting the issuance
2025, setelah dikurangi dengan biaya-biaya emisi cost, will be used by the BSI on the disbursement of new
terkait, akan digunakan BSI untuk penyaluran financing or existing financing, either directly or indirectly,
pembiayaan baru atau pun pembiayaan yang sudah for activities included in the category of Environmental
ada, baik langsung atau pun tidak langsung, atas Based Business Activity (“KUBL”) and Social Based
kegiatan-kegiatan yang termasuk dalam kategori Business Activity (“KUBS”) as regulated on POJK No. 18
Kegiatan Usaha Berwawasan Lingkungan (“KUBL”) dan Year 2023 concerning the Issuance and Requirements of
Kegiatan Usaha Berwawasan Sosial (“KUBS”) Sustainability Debt and Sukuk Securities, with a minimum
sebagaimana diatur dalam POJK No. 18 Tahun 2023 portion of 30% and a maximum portion of 50% for KUBL
tentang Penerbitan dan Persyaratan Efek Bersifat Utang and a minimum portion of 50% and a maximum portion of
dan Sukuk Berlandaskan Keberlanjutan, dengan porsi 70% for KUBS.
minimal sebesar 30% dan maksimal sebesar 50% untuk
KUBL serta minimal 50% dan maksimal 70% untuk
KUBS.
Bertindak sebagai wali amanat Sukuk Mudharabah Acting as trustee of Continuous Sustainability Sukuk
Berlandaskan Keberlanjutan Berkelanjutan I Bank BSI Mudharabah I Bank BSI Phase II Year 2025 is
Tahap II Tahun 2025 adalah PT Bank Tabungan Negara PT Bank Tabungan Negara (Persero) Tbk.
(Persero) Tbk.
BSI telah melakukan pembayaran bagi hasil sesuai BSI has paid the profit sharing on schedule as stated in
dengan jatuh tempo yang telah ditetapkan dalam the issuance agreement.
perjanjian penerbitan.
Sertifikat Investasi Mudharabah Antarbank (SIMA) Interbank Mudharabah Investment Certificate (SIMA)
Pada tanggal 27 Juni 2024 sampai 28 Juni 2024, On 27 June 2024 to 28 June 2024, the Subsidiary
Entitas Anak (“BSI”) memberikan fasilitas committed (“BSI”) provided a committed line facility through an
line melalui Sertifikat Investasi Mudharabah Antarbank Interbank Mudharabah Investment Certificate (SIMA)
(SIMA) sebesar Rp930.000 dengan jatuh tempo amounting to Rp930,000 with a maturity of less than one
kurang dari satu bulan yang memiliki nilai nisbah month with a ratio of around 6.1% - 6.48%. This facility
sekitar 6,1% - 6,48%. Fasilitas ini tidak dijamin dengan is not guaranteed by special collateral, including not
agunan khusus, termasuk tidak dijamin oleh Negara guaranteed by the Republic of Indonesia or other third
Republik Indonesia atau pihak ketiga lainnya. parties.
266
1214 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1217
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. EFEK-EFEK YANG DITERBITKAN (lanjutan) 30. DEBT SECURITIES ISSUED (continued)
Obligasi (lanjutan) Bonds (continued)
Entitas Anak (lanjutan) Subsidiaries (continued)
Rupiah (lanjutan) Rupiah (continued)
Sertifikat Investasi Mudharabah Antarbank (SIMA) Interbank Mudharabah Investment Certificate (SIMA)
(lanjutan) (continued)
Selama tahun 2025, Entitas Anak (PT Bank Syariah During 2025, the Subsidiary (PT Bank Syariah
Indonesia) memberikan fasilitas committed line melalui Indonesia) provided a committed line facility through
Sertifikat Investasi Mudharabah Antarbank (SIMA) Interbank Mudharabah Investment Certificates (SIMA)
sebesar Rp16.796.980 dengan jatuh tempo kurang amounting to Rp16,796,980 with a maturity of less than
dari satu bulan yang memiliki nilai nisbah sekitar 4,43% one month, bearing a profit-sharing ratio (nisbah)
- 7,20%. Fasilitas ini tidak dijamin dengan agunan ranging from approximately 4.43% to 7.20%. This facility
khusus, termasuk tidak dijamin oleh Negara Republik is not secured by specific collateral, including no
Indonesia atau pihak ketiga lainnya. Selama tahun guarantees from the Government of the Republic of
2025, telah dilakukan pelunasan atas fasilitas SIMA Indonesia or any third party. During 2025, a total of
sebesar Rp16.385.780. Rp16,385,780 in SIMA facilities was repaid.
Pada tanggal 24 Desember 2025 sampai dengan During the period from 24 December 2025 to
31 Desember 2025, Bank telah melakukan simpanan 31 December 2025, the Bank placed deposits with other
dari bank lain berupa Sertifikat Investasi Mudharabah banks in the form of Interbank Mudharabah Investment
Antar Bank (SIMA) sebesar Rp2,65 triliun dengan Certificates (SIMA) amounting to Rp2.65 trillion, with
maturity date antara 02 Januari 2026 - 12 Januari 2026 maturity dates ranging from 2 January 2026 to 12
dengan eq rate rata - rata di 4,65% meningkat 118% January 2026 and an average equivalent rate of 4.65%.
dibandingkan dengan tahun 2024 yang sebesar Rp2,24 This represented an increase of 118% compared to
triliun. 2024, when the balance amounted to Rp2.24 trillion.
Sukuk Mudharabah Muqayyadah I Tahap I, II, III dan Sukuk Mudharabah Muqayyadah I Phase I, II, III, and IV
IV
Pada tanggal 26 Juni 2023, BSI telah menerbitkan On 26 June 2023, BSI issued Long Term Mudharabah
Sukuk Mudharabah Muqayyadah Jangka Panjang Muqayyadah Sukuk Conducted Without Public Offering
yang Dilakukan Tanpa Melalui Penawaran Umum I PT I PT Bank BSI Tbk Year 2023 Phase I ("Sukuk
Bank BSI Tbk Tahun 2023 Tahap I (“Sukuk Mudharabah Muqayyadah I Phase I") with a nominal
Mudharabah Muqayyadah I Tahap I”) dengan nilai value of IDR 3,759. On 26 March 2024, BSI re-issued
nominal sebesar Rp3.759. Pada tanggal 26 Maret the Long-Term Mudharabah Muqayyadah Sukuk
2024, Bank menerbitkan kembali Sukuk Mudharabah Conducted Without Public Offering I PT Bank BSI Tbk
Muqayyadah Jangka Panjang yang Dilakukan Tanpa Year 2023 Phase II ("Sukuk Mudharabah Muqayyadah I
Melalui Penawaran Umum I PT Bank BSI Tbk Tahun Phase II") with a nominal value of Rp7,762. On
2024 Tahap II (“Sukuk Mudharabah Muqayyadah I 20 December 2024, BSI re-issued the Long-Term
Tahap II”) dengan nilai nominal sebesar Rp7.762. Pada Mudharabah Muqayyadah Sukuk Conducted Without
tanggal 20 Desember 2024, BSI menerbitkan kembali Public Offering I PT Bank BSI Tbk Year 2024 Phase III
Sukuk Mudharabah Muqayyadah Jangka Panjang ("Sukuk Mudharabah Muqayyadah I Phase III") with a
yang Dilakukan Tanpa Melalui Penawaran Umum I PT nominal value of Rp7,969.
Bank BSI Tbk Tahun 2024 Tahap III (“Sukuk
Mudharabah Muqayyadah I Tahap III”) dengan nilai
nominal sebesar Rp7.969.
Pada periode pembayaran bulan Maret 2025, terdapat During the March 2025 payment period, there were
pembayaran pokok Sukuk Mudharabah Muqayyadah I principal repayments of Sukuk Mudharabah
Tahap I dan II sebesar Rp234 yang dibayarkan pada Muqayyadah I Tranches I and II amounting to Rp234,
tanggal 26 Maret 2025 dan Sukuk Mudharabah paid on 26 March 2025, and Sukuk Mudharabah
Muqayyadah I Tahap III sebesar Rp166 yang Muqayyadah I Tranche III amounting to Rp166, paid on
dibayarkan tanggal 20 Maret 2025. 20 March 2025.
267
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1215
Page 1218
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
30. EFEK-EFEK YANG DITERBITKAN (lanjutan) 30. DEBT SECURITIES ISSUED (continued)
Obligasi (lanjutan) Bonds (continued)
Entitas Anak (lanjutan) Subsidiaries (continued)
Rupiah (lanjutan) Rupiah (continued)
Sukuk Mudharabah Muqayyadah I Tahap I, II, III dan Sukuk Mudharabah Muqayyadah I Phase I, II, III, and IV
IV (lanjutan) (continued)
Pada periode pembayaran bulan Juni 2025, terdapat During the June 2025 payment period, there were
pembayaran pokok Sukuk Mudharabah Muqayyadah I principal repayments of Sukuk Mudharabah
Tahap I dan II sebesar Rp234 yang dibayarkan tanggal Muqayyadah I Tranches I and II amounting to Rp234,
26 Juni 2025 dan Sukuk Mudharabah Muqayyadah I paid on 26 June 2025, and Sukuk Mudharabah
Tahap III sebesar Rp166 yang dibayarkan tanggal 20 Muqayyadah I Tranche III amounting to Rp166, paid on
Juni 2025. Pada periode pembayaran bulan September 20 June 2025. During the September 2025 payment
2025, terdapat pembayaran pokok Sukuk Mudharabah period, there were principal repayments of Sukuk
Muqayyadah I Tahap I dan II sebesar Rp234 yang Mudharabah Muqayyadah I Tranches I and II amounting
dibayarkan tanggal 26 September 2025 dan Sukuk to Rp234, paid on 26 September 2025, and Sukuk
Mudharabah Muqayyadah I Tahap III dan IV sebesar Mudharabah Muqayyadah I Tranches III and IV
Rp328 yang dibayarkan tanggal 20 September 2025. amounting to Rp328, paid on 20 September 2025.
Pada periode pembayaran bulan Desember 2025, During the December 2025 payment period, there were
terdapat pembayaran pokok Sukuk Mudharabah principal repayments of Sukuk Mudharabah
Muqayyadah I Tahap I dan II sebesar Rp234 yang Muqayyadah I Tranches I and II amounting to Rp234,
dibayarkan tanggal 26 Desember 2025 dan Sukuk paid on 26 December 2025, and Sukuk Mudharabah
Mudharabah Muqayyadah I Tahap III dan IV sebesar Muqayyadah I Tranches III and IV amounting to Rp328,
Rp328 yang dibayarkan tanggal 20 Desember 2025. paid on 20 December 2025.
Pada tanggal 20 Juni 2025, BSI menerbitkan kembali On 20 June 2025, BSI reissued the Long-Term
Sukuk Mudharabah Muqayyadah Jangka Panjang Restricted Mudharabah Sukuk Without Public Offering I
yang Dilakukan Tanpa Melalui Penawaran Umum I PT Bank BSI Tbk Year 2025 Phase IV (“Sukuk
PT Bank BSI Tbk Tahun 2025 Tahap IV ("Sukuk Mudharabah Muqayyadah I Phase IV”) with a nominal
Mudharabah Muqayyadah I Tahap IV") dengan value of Rp8,260. The total ceiling for Muqayyadah
nominal sebesar Rp8.260. Total plafon penerbitan Mudharabah Sukuk issuance is Rp100,000.
Sukuk Mudharabah Muqayyadah adalah sebesar
Rp100.000.
Besarnya nisbah masing-masing adalah sebesar The respective nisbah are 36.34%, 19.75%, 19.84%,
36,34%, 19,75%, 19,84%, dan 20,32% yang and 20.32%, which is indicated at 0.55% per year. Sukuk
diindikasikan sebesar 0,55% per tahun. Dana sukuk funds and profit sharing are paid every 3 (three) months
dan bagi hasil dibayarkan setiap 3 (tiga) bulan dan and will mature on 26 December 2035, 26 June 2036,
masing-masing akan jatuh tempo pada tanggal 20 December 2036 and 20 March 2038, respectively.
26 Desember 2035, 26 Juni 2036, 20 Desember 2036,
dan 20 Maret 2038.
Penerbitan sukuk tersebut dilakukan dalam rangka The issuance of the sukuk was carried out in the context
kerjasama antara BSI dengan BP Tapera selaku of cooperation between BSI and BP Tapera as the sole
investor tunggal dimana BSI ditunjuk sebagai Bank investor where BSI was appointed as BSI that
Penyalur KPR Tapera Syariah kepada peserta BP distributes Tapera Syariah KPR to BP Tapera
Tapera. Skema kerjasama tersebut diatur pada participants. This cooperation scheme is regulated in
Undang-Undang No. 4 Tahun 2016 dan Peraturan Law No. 4 Year 2016 and Government Regulation No.
Pemerintah No. 25 Tahun 2020 perihal 25 Year 2020 concerning the implementation of public
penyelenggaraan tabungan perumahan rakyat. housing savings.
PT Bank Mandiri (Persero) Tbk dan Entitas Anak telah PT Bank Mandiri (Persero) Tbk and the Subsidiaries
melakukan pembayaran bunga efek-efek yang have paid the interest of debt securities issued in
diterbitkan sesuai dengan jadwal pembayaran bunga accordance to interest payment schedule during the
selama pada tahun yang berakhir tanggal year ended 31 December 2025 and 2024.
31 Desember 2025 dan 2024.
268
1216 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1219
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
31. ESTIMASI KERUGIAN ATAS KOMITMEN DAN 31. ESTIMATED LOSSES ON COMMITMENTS AND
KONTINJENSI CONTINGENCIES
a. Transaksi komitmen dan kontijensi sebagai a. Transactions of commitments and contigencies are
berikut: as follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Bank garansi yang diterbitkan Bank guarantee issued
(Catatan 54) 86.171.283 83.066.804 (Note 54)
Fasilitas kredit yang diberikan
yang belum digunakan*) 61.634.126 55.630.182 Unused loan facilities*)
Letter of credit yang tidak dapat Outstanding irrevocable letter
dibatalkan (Catatan 54) 7.767.236 6.953.432 of credit (Note 54)
Standby letter of credit Standby letter of credit
(Catatan 54) 2.779.806 2.108.300 (Note 54)
Total 158.352.451 147.758.718 Total
Mata uang asing Foreign currencies
Bank garansi yang diterbitkan Bank guarantee issued
(Catatan 54) 79.869.089 55.490.699 (Note 54)
Fasilitas kredit yang diberikan
yang belum digunakan*) 82.542.370 35.161.166 Unused loan facilities*)
Letter of credit yang tidak dapat Outstanding irrevocable letter
dibatalkan (Catatan 54) 15.464.546 15.486.231 of credit (Note 54)
Standby letter of credit Standby letter of credit
(Catatan 54) 15.579.985 10.200.389 (Note 54)
Total 193.455.990 116.338.485 Total
351.808.441 264.097.203
*) *)
Termasuk fasilitas kredit committed dan uncommitted kartu kredit Including unused committed and uncommitted credit card facilities
yang belum digunakan.
Berikut adalah perubahan nilai tercatat atas Movements in carrying amount of commitments and
komitmen dan kontinjensi dengan klasifikasi biaya contigencies classified as amortised cost upon
perolehan diamortisasi berdasarkan stage: stage are as follows:
31 Desember 2025/31 December 2025
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Saldo awal 250.443.992 11.061.012 186.887 2.405.312 264.097.203 Beginning balance
Pengalihan ke/(dari): Transfer to/(from):
- Stage 1 421.775 (402.032) (19.743 ) - - Stage 1 -
- Stage 2 (417.207) 423.142 (5.935) - - Stage 2 -
- Stage 3 (13.576) (34.498) 48.074 - - Stage 3 -
Total saldo awal 250.434.984 11.047.624 209.283 2.405.312 264.097.203 Total beginning
setelah pengalihan balance after transfer
Pengukuran kembali bersih (2.458.585) 543.001 (41.704) - (1.957.288) Remeasurement of net
nilai tercatat**) carrying amount**)
New commitments and
Komitmen dan kontinjensi contigencies
baru yang diterbitkan originated or
atau dibeli 228.319.139 8.440.419 110.874 3.970.630 240.841.062 purchased
Komitmen dan kontinjensi Commitments and
yang dihentikan contigencies
pengakuannya (142.602.796) (4.606.005) (176.410) (3.787.325) (151.172.536) derecognised
Total kenaikan/ Total increase/
(penurunan) (decrease)
tahun berjalan 83.257.758 4.377.415 (107.240) 183.305 87.711.238 during the year
Saldo akhir ***) 333.692.742 15.425.039 102.043 2.588.617 351.808.441 Ending balance***)
*) *)
Tidak menerapkan PSAK 109. Not implement SFAS 109.
**) **)
Termasuk di dalam pengukuran kembali bersih adalah pembayaran Including in the net remeasurement is repayment.
kembali.
***) ***)
Termasuk fasilitas uncomitted kredit yang diberikan yang belum Including the unused uncommitted loan facilities for credit cards
digunakan untuk kartu kredit sebesar Rp43.796.974. amounted to Rp43,796,974.
269
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1217
Page 1220
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
31. ESTIMASI KERUGIAN ATAS KOMITMEN DAN 31. ESTIMATED LOSSES ON COMMITMENTS AND
KONTINJENSI (lanjutan) CONTINGENCIES (continued)
a. Transaksi komitmen dan kontijensi sebagai a. Transactions of commitments and contigencies are
berikut: (lanjutan) as follows: (continued)
Berikut adalah perubahan nilai tercatat atas Movements in carrying amount of commitments and
komitmen dan kontinjensi dengan klasifikasi biaya contigencies classified as amortised cost upon
perolehan diamortisasi berdasarkan stage: stage are as follows: (continued)
(lanjutan)
31 Desember 2024/31 December 2024
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Saldo awal 221.874.938 10.504.162 1.635.761 3.203.812 237.218.673 Beginning balance
Pengalihan ke/(dari): Transfer to/(from):
- Stage 1 465.319 (437.006) (28.313 ) - - Stage 1 -
- Stage 2 (768.987) 1.548.182 (779.195) - - Stage 2 -
- Stage 3 (14.744) (331.936) 346.680 - - Stage 3 -
Total saldo awal Total beginning
setelah pengalihan 221.556.526 11.283.402 1.174.933 3.203.812 237.218.673 balance after transfer
Pengukuran kembali bersih Remeasurement of net
nilai tercatat**) (8.582.410) (678.971) (208.535) - (9.469.916) carrying amount**)
New commitments and
Komitmen dan kontinjensi contigencies
baru yang diterbitkan originated or
atau dibeli 177.916.870 4.343.013 200.750 1.485.965 183.946.598 purchased
Komitmen dan kontinjensi Commitments and
yang dihentikan contigencies
pengakuannya (140.446.994) (3.886.432) (980.261) (2.284.465) (147.598.152) derecognised
Total kenaikan/ Total increase/
(penurunan) (decrease)
tahun berjalan 28.887.466 (222.390) (988.046) (798.500) 26.878.530 during the year
Saldo akhir ***) 250.443.992 11.061.012 186.887 2.405.312 264.097.203 Ending balance***)
*) *)
Tidak menerapkan PSAK 109. Not implement SFAS 109.
**) **)
Termasuk di dalam pengukuran kembali bersih adalah pembayaran Including in the net remeasurement is repayment.
kembali.
***) ***)
Termasuk fasilitas uncomitted kredit yang diberikan yang belum Including the unused uncommitted loan facilities for credit cards
digunakan untuk kartu kredit sebesar Rp38.193.178. amounted to Rp38,193,178.
b. Mutasi cadangan kerugian penurunan nilai b. Movements of allowance for impairment losses on
komitmen dan kontinjensi: commitments and contingencies:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Saldo awal 1.114.013 1.143.758 Beginning balance
Pembalikan penyisihan selama Reversal during
tahun berjalan (259.675) (33.828 ) the year
Lain-lain*) 41.453 4.083 Others*)
Saldo akhir 895.791 1.114.013 Ending balance
*) Termasuk selisih kurs karena penjabaran mata uang asing. *) Included effect of foreign currencies translation.
270
1218 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1221
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
31. ESTIMASI KERUGIAN ATAS KOMITMEN DAN 31. ESTIMATED LOSSES ON COMMITMENTS AND
KONTINJENSI (lanjutan) CONTINGENCIES (continued)
b. Mutasi cadangan kerugian penurunan nilai b. Movements of allowance for impairment losses on
komitmen dan kontinjensi: (lanjutan) commitments and contingencies: (continued)
Manajemen berpendapat bahwa cadangan Management believes that the allowance for
kerugian penurunan nilai komitmen dan impairment losses on commitments and
kontinjensi telah memadai. contingencies is adequate.
31 Desember 2025/31 December 2025
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Saldo awal 412.234 672.870 4.864 24.045 1.114.013 Beginning balance
Pengalihan ke/(dari): Transfer to/(from):
Kerugian kredit 12 months expected
ekpektasian 12 bulan 29.721 (29.106) (615) - - credit losses
Kerugian kredit
ekspektasian sepanjang
umurnya - tidak Lifetime expected
mengalami penurunan credit losses
nilai (2.292) 2.549 (257) - - unimpaired
Kerugian kredit
ekspektasian sepanjang Lifetime expected
umurnya - mengalami credit losses
penurunan nilai (287) (958) 1.245 - - impaired
Total saldo awal Total beginning balance
setelah pengalihan 439.376 645.355 5.237 24.045 1.114.013 after transfer
Pengukuran kembali bersih Remeasurement of net
penyisihan kerugian (203.775) (70.673) 1.435 1.776 (271.237) carrying amount
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 218.449 145.400 4.971 - 368.820 purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (97.039) (255.273) (4.946) - (357.258) derecognised
Total (pembalikan)/ Total (reversal)/
pembentukan allowance
tahun berjalan (82.365) (180.546) 1.460 1.776 (259.675) during the year
Lain-lain**) 40.313 778 - 362 41.453 Others**)
Saldo akhir 397.324 465.587 6.697 26.183 895.791 Ending balance
31 Desember 2024/31 December 2024
Syariah*)/
Stage 1 Stage 2 Stage 3 Sharia*) Total
Saldo awal 471.888 475.959 163.893 32.018 1.143.758 Beginning balance
Pengalihan ke/(dari): Transfer to/(from):
Kerugian kredit 12 months expected
ekpektasian 12 bulan 11.016 (8.123) (2.893) - - credit losses
Kerugian kredit
ekspektasian sepanjang
umurnya - tidak Lifetime expected
mengalami penurunan credit losses
nilai (2.543) 41.132 (38.589) - - unimpaired
Kerugian kredit
ekspektasian sepanjang Lifetime expected
umurnya - mengalami credit losses
penurunan nilai (638) (1.755) 2.393 - - impaired
Total saldo awal Total beginning balance
setelah pengalihan 479.723 507.213 124.804 32.018 1.143.758 after transfer
Pengukuran kembali bersih Remeasurement of net
penyisihan kerugian (178.621) 118.488 6.033 (8.443) (62.543) carrying amount
Aset keuangan baru yang New financial assets
diterbitkan atau originated or
dibeli 223.614 431.095 17.719 - 672.428 purchased
Aset keuangan yang Financial assets
dihentikan pengakuannya (114.437) (385.584) (143.692) - (643.713) derecognised
Total (pembalikan)/ Total (reversal)/
pembentukan allowance
tahun berjalan (69.444) 163.999 (119.940) (8.443) (33.828) during the year
Lain-lain**) 1.955 1.658 - 470 4.083 Others**)
Saldo akhir 412.234 672.870 4.864 24.045 1.114.013 Ending balance
*) *)
Tidak menerapkan PSAK 109. Not implement SFAS 109.
**) **)
Termasuk selisih kurs karena penjabaran mata uang asing. Included effect of foreign currencies translation.
271
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1219
Page 1222
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
31. ESTIMASI KERUGIAN ATAS KOMITMEN DAN 31. ESTIMATED LOSSES ON COMMITMENTS AND
KONTINJENSI (lanjutan) CONTINGENCIES (continued)
c. Informasi mengenai pengelompokan berdasarkan c. Information in respect of classification of
kelompok “tidak mengalami penurunan nilai” dan “non-impaired” and “impaired” from sharia
“mengalami penurunan nilai” untuk aset keuangan Subsidiary are disclosed in Note 62.A.
dari Entitas Anak syariah diungkapkan pada
Catatan 62.A.
d. Simpanan dari nasabah dan simpanan dari bank d. Deposits from customers and deposits from other
lain yang dijadikan jaminan tunai untuk bank banks pledged as collateral for bank guarantee and
garansi dan letter of credit yang tidak dapat irrevocable letter of credit as of 31 December 2025
dibatalkan pada tanggal 31 Desember 2025 dan and 2024 were amounted to Rp37,601,992 and
2024 adalah masing-masing sebesar Rp9,415,024, respectively (Notes 21c and 24c).
Rp37.601.992 dan Rp9.415.024 (Catatan 21c dan
24c).
e. Berdasarkan kolektibilitas sesuai POJK: e. By collectability based on FSA regulation:
Kolektibilitas estimasi kerugian atas komitmen dan Collectability of estimated losses on commitments
kontinjensi sesuai POJK diungkapkan pada and contingencies in accordance with FSA
Catatan 65. regulation are disclosed in Note 65.
32. BEBAN YANG MASIH HARUS DIBAYAR 32. ACCRUED EXPENSES
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Beban bunga 2.810.252 2.406.669 Interest expense
Pengadaan aset tetap dan Fixed assets, software,
perangkat lunak, operasional, operational, and ATM
dan ATM 2.125.160 2.088.194 procurement
Third party labor service and
Tenaga kerja dan jasa pihak ketiga 185.381 187.183 outrsourcing exepenses
Pemasaran 154.643 240.143 Promotions
Jasa profesional 131.988 58.134 Professional service costs
Iuran regulator 1.980 94.186 Regulator fee
Pelatihan, pakaian dinas dan rekreasi 1.143 32.855 Training, uniform and recreation
Lain-lain 758.436 359.097 Others
Total 6.168.983 5.466.461 Total
Termasuk dalam pengadaan aset tetap, perangkat Included in the fixed assets, software, operational, and
lunak, operasional, dan ATM adalah utang kepada ATM procurement are payables to vendors related to
pemasok atau vendor terkait kegiatan operasional dan operational and maintenance activities for buildings,
pemeliharaan gedung, peralatan, perangkat lunak, equipments, software, ATM machines, and Information
mesin ATM, dan sistem Teknologi Informasi Grup. Lain- Technology System of the Group. Others consists of
lain terdiri dari beban yang masih harus dibayar terkait accrued expenses related to fees to be paid in relation
transaksi operasional kegiatan Grup, seperti biaya to Group’s operational activities, such as data
komunikasi data dan biaya listrik, air dan gas. communication costs and costs of electricity, water and
gas.
272
1220 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1223
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
33. PERPAJAKAN 33. TAXATION
a. Pajak dibayar di muka a. Prepaid taxes
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Bank Mandiri 215.658 239.701 Bank Mandiri
Entitas Anak 635.967 499.314 Subsidiaries
Total 851.625 739.015 Total
b. Utang pajak b. Taxes payable
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Utang pajak kini Current income taxes payable
Bank Mandiri 1.089.605 592.492 Bank Mandiri
Entitas Anak 402.267 238.355 Subsidiaries
Total 1.491.872 830.847 Total
Utang pajak lainnya Other taxes payable
Bank Mandiri Bank Mandiri
Pajak Penghasilan Income tax
Pasal 25 270.487 185.789 Article 25
Pasal 21 217.665 253.042 Article 21
Pasal 4 (2) 409.248 413.559 Article 4 (2)
Lain-lain 210.745 235.994 Others
1.108.145 1.088.384
Entitas Anak 727.685 1.159.411 Subsidiaries
1.835.830 2.247.795
Total 3.327.702 3.078.642 Total
c. Beban/(manfaat) pajak c. Tax expense/(benefit)
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Beban pajak - kini: Tax expense - current:
Bank Mandiri 9.045.956 9.742.944 Bank Mandiri
Entitas Anak 3.038.504 3.604.090 Subsidiaries
12.084.460 13.347.034
Beban/(manfaat) pajak - tangguhan: Tax expense/(benefit) - deferred:
Bank Mandiri 2.879.299 2.147.315 Bank Mandiri
Entitas Anak 107.671 (255.984) Subsidiaries
2.986.970 1.891.331
Total 15.071.430 15.238.365 Total
Seperti yang dijelaskan pada Catatan 2ad, pajak As explained in Note 2ad, income tax for Bank
penghasilan untuk Bank Mandiri dan Entitas Anak Mandiri and its Subsidiaries are calculated for each
dihitung untuk setiap perusahaan sebagai suatu company as a separate legal entity.
badan hukum yang terpisah.
273
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1221
Page 1224
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
33. PERPAJAKAN 33. TAXATION
d. Beban pajak - kini d. Tax expense - current
Rekonsiliasi antara laba sebelum beban pajak The reconciliation between income before tax as
pada laporan laba rugi dan penghasilan shown in consolidated statement of profit or loss
komprehensif lain konsolidasian dan perhitungan and other comprehensive income and income tax
pajak penghasilan dan beban pajak kini untuk calculation and current tax expense for Bank
Bank Mandiri dan taksiran beban pajak kini Entitas Mandiri and the estimated current tax expense for
Anak adalah sebagai berikut: Subsidiaries are as follows:
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Laba konsolidasian sebelum beban Consolidated income before tax
pajak dan kepentingan expense and non-controlling
nonpengendali 76.417.563 76.403.486 interests
Dikurangi: Less:
Laba sebelum beban pajak Income before tax expense of
Entitas Anak - setelah Subsidiaries - after
eliminasi 8.198.359 8.730.485 elimination
Dampak perubahan metode Impact of changes in
pencatatan investasi investment recognition
dari metode ekuitas ke from equity method to
metode biaya 4.754.223 4.646.779 cost method
Laba sebelum beban pajak dan Income before tax expense
kepentingan non and non-controlling interests
pengendali - Bank Mandiri saja 63.464.981 63.026.222 - Bank Mandiri only
Ditambah/(dikurangi) perbedaan Add/(deduct) permanent
permanen: differences:
Biaya yang tidak dapat
dikurangkan menurut
pajak/(pendapatan tidak Non-deductible expenses/
kena pajak) (700.480 ) (1.165.913 ) (non-taxable income)
Lain-lain - 720.000 Others
Ditambah/(dikurangi) perbedaan Add/(deduct) temporary
temporer: differences:
Cadangan kerugian penurunan
nilai dan penghapusan Allowance for impairment losses
kredit yang diberikan and write-offs of loans
dan piutang/pembiayaan and sharia receivables/
syariah (16.210.967 ) (6.896.207 ) financing
Cadangan kerugian penurunan Allowance for impairment
nilai aset keuangan selain losses on financial
kredit yang diberikan assets other than loans
dan piutang/pembiayaan and sharia receivables/
syariah (25.008 ) (190.356 ) financing
Penyisihan biaya uang Provision for post-employment
penghargaan pegawai dan benefit expense,
cadangan atas bonus dan provisions for bonuses,
insentif, cuti dan leave and holiday
THR pegawai 657.249 (4.270.730 ) (THR) entitlements
Penyisihan atas estimasi Allowance for estimated
kerugian yang timbul losses arising from
dari kasus hukum (1.164 ) (22.128 ) legal cases
Estimasi kerugian atas komitmen Provision for estimated losses on
dan kontinjensi (220.362 ) (21.767 ) commitments contingencies
Penyusutan aset tetap (314.762 ) 125.345 Depreciation of fixed assets
Kerugian/(keuntungan) yang Unrealised losses/(gains)
belum direalisasi dari on decrease/(increase)
penurunan/(kenaikan) in fair value of
nilai wajar efek-efek dan marketable securities
obligasi pemerintah - diukur and government bonds
pada nilai wajar melalui - fair value through
laporan laba rugi (262.822 ) (25.704 ) profit or loss
Penyisihan kerugian properti Allowance for possible losses of
terbengkalai - (109 ) abandoned properties
Penyisihan kerugian aset lain-lain 1.223.629 - Provision for losses on other assets
Taksiran laba menurut pajak 47.610.294 51.278.653 Estimated taxable income
Taksiran beban pajak - kini Estimated tax expense - current
Bank Mandiri 9.045.956 9.742.944 Bank Mandiri
Entitas Anak 3.038.504 3.604.090 Subsidiaries
Total 12.084.460 13.347.034 Total
274
1222 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1225
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
33. PERPAJAKAN (lanjutan) 33. TAXATION (continued)
d. Beban pajak - kini (lanjutan) d. Tax expense - current (continued)
Pajak atas laba Bank Mandiri dan Entitas Anak Tax on Bank Mandiri and Subsidiaries (Group)’s
(Grup) sebelum pajak berbeda dari nilai teoritis profit before tax differs from the theoretical amount
yang mungkin muncul apabila menggunakan rata- that would arise using the weighted average tax rate
rata tertimbang tarif pajak terhadap laba pada applicable to profits on the consolidated entities are
Grup dalam jumlah sebagai berikut: (lanjutan) follows: (continued)
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Laba konsolidasian sebelum Consolidated income before
beban pajak dan kepentingan tax expense and
nonpengendali 76.417.563 76.403.486 non-controlling interest
Pajak dihitung dengan tarif Tax calculated at applicable
pajak berlaku 13.861.986 13.895.689 tax rates
Dampak pajak penghasilan pada: Income tax effect of:
Bank Mandiri Bank Mandiri
Penghasilan tidak kena pajak Income not subject to
dan pajak final (441.147) (454.027 ) tax and final tax
Beban yang tidak dapat
dikurangkan untuk tujuan Expenses not deductible for
perpajakan 308.056 232.504 tax purposes
Lain-lain - 136.800 Others
(133.091) (84.723)
Entitas Anak 1.342.535 1.427.399 Subsidiaries
Total dampak pajak penghasilan 1.209.444 1.342.677 Total tax effect
Beban pajak penghasilan 15.071.430 15.238.365 Income tax expense
Berdasarkan peraturan perpajakan di Indonesia, According to the taxation laws of Indonesia, Bank
Bank Mandiri dan Entitas Anak menyampaikan Mandiri and Subsidiaries submit the Annual
Surat Pemberitahuan Pajak Tahunan ke kantor Corporate Income Tax Returns to the tax office on
pajak atas dasar self-assessment. Kantor pajak the basis of self assessment. The Directorate
berhak memeriksa atau mengoreksi pajak dalam General of Tax may assess or amend taxes within
jangka waktu 5 (lima) tahun setelah tanggal pajak 5 (five) years from the tax due date.
terutang.
Undang-Undang Republik Indonesia Nomor Law of the Republic of Indonesia Number
7 Tahun 2021 tanggal 29 Oktober 2021 tentang 7 Year 2021 dated 29 October 2021 regarding
Harmonisasi Peraturan Perpajakan (“Undang- Harmonization of Tax Regulations (“Law Number 7
Undang Nomor 7 Tahun 2021”) mengatur bahwa Year 2021”) stipulates that the income tax rate for
tarif pajak penghasilan Wajib Pajak badan dalam domestic corporate taxpayers and permanent
negeri dan bentuk usaha tetap adalah sebesar establishments is 22% (twenty two percent) with
22% (dua puluh dua persen) yang mulai berlaku effect from the 2022 fiscal year onwards.
pada tahun pajak 2022 dan seterusnya.
Berdasarkan Undang-Undang Republik Indonesia Based on Law of the Republic of Indonesia Number
Nomor 7 Tahun 1983 tentang Pajak Penghasilan 7 Year 1983 regarding Income Tax as amended
sebagaimana telah beberapa kali diubah terakhir several times, most recently by Law Number 6 Year
dengan Undang-Undang Nomor 6 Tahun 2023 2023 and Government Regulation of the Republic of
dan Peraturan Pemerintah Republik Indonesia Indonesia Number 55 Year 2022 dated
Nomor 55 Tahun 2022 tanggal 20 Desember 2022 20 December 2022 regarding Amandment of
tentang Penyesuaian Pengaturan di Bidang Pajak Regulations related to Income Tax Sector, domestic
Penghasilan, Wajib Pajak dalam negeri yang taxpayers in the form of public listed companies with
berbentuk Perseroan Terbuka dengan jumlah the total number of paid-up shares traded on the
keseluruhan saham yang disetor diperdagangkan stock exchange in Indonesia at least 40% (forty
pada bursa efek di Indonesia paling sedikit 40% percent) and fulfilling certain requirements, may
(empat puluh persen) dan memenuhi persyaratan obtain a rate of 3% (three percent) lower than the
tertentu, dapat memperoleh tarif sebesar 3% (tiga highest existing income tax rate.
persen) lebih rendah dari tarif tertinggi pajak
penghasilan yang ada.
275
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1223
Page 1226
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
33. PERPAJAKAN (lanjutan) 33. TAXATION (continued)
d. Beban pajak - kini (lanjutan) d. Tax expense - current (continued)
Berdasarkan Peraturan Menteri Keuangan Based on the Regulation of the Minister of Finance
Republik Indonesia Nomor 40 Tahun 2023 tanggal of the Republic of Indonesia Number 40 Year 2023
11 April 2023 tentang Bentuk dan Tata Cara dated 11 April 2023 concerning Forms and
Penyampaian Laporan Serta Daftar Wajib Pajak Procedures for Submitting Reports and Lists of
Dalam Rangka Pemenuhan Persyaratan Taxpayers regarding to Fulfilment of Requirements
Penurunan Tarif Pajak Penghasilan Bagi Wajib for Reduction of Income Tax Rates for Domestic
Pajak Dalam Negeri Yang Berbentuk Perseroan Taxpayers in the Form of Public Companies,
Terbuka, Wajib Pajak harus menyampaikan taxpayers must submit monthly reports on share
laporan bulanan kepemilikan saham atas emiten ownership of issuers or public companies and
atau perusahaan publik dan rekapitulasi yang recapitulations that have been reported from the
telah dilaporkan dari Biro Administrasi Efek dan Securities Administration Bureau and reports of
laporan kepemilikan saham yang memiliki share ownership that have special relations as part
hubungan istimewa sebagai bagian dari SPT of the Annual Income Tax Return for each Fiscal
Tahunan PPh untuk setiap Tahun Pajak. Year.
Berdasarkan Surat Keterangan Based on Statement Letter No. DE/I/2026-0213
No. DE/I/2026-0213 tanggal 6 Januari 2026 dated 6 January 2026 regarding Monthly Report of
perihal Laporan Bulanan Kepemilikan Saham Share Ownership of Issuers or Public Companies
Emiten atau Perusahaan Publik dan Rekapitulasi and Reported Recapitulation (Form of POJK
yang Telah Dilaporkan (Formulir Lampiran POJK Appendix No. 10/POJK.04/2020) from
No. 10/POJK.04/2020) dari PT Datindo Entrycom PT Datindo Entrycom (Administrative Bureau
(Biro Administrasi Efek atau BAE), yang Securities or BAE), which was submitted to Bank
disampaikan kepada Bank Mandiri, dimana BAE Mandiri, where the BAE stated that Bank Mandiri
menyatakan Bank Mandiri telah memenuhi had complied with the provisions of Article 65 of
ketentuan Pasal 65 Peraturan Pemerintah Government Regulation of the Republic of
Republik Indonesia Nomor 55 Tahun 2022 tanggal Indonesia No. 55 Year 2022 dated 20 December
20 Desember 2022 tentang Penyesuaian 2022 regarding Amendment of Regulations related
Pengaturan di Bidang Pajak Penghasilan. to Income Tax Sector. Regulation of the Minister of
Peraturan Menteri Keuangan Republik Indonesia Finance of the Republic of Indonesia Number 40
Nomor 40 Tahun 2023. Year 2023.
Bank berkeyakinan bahwa Bank akan memenuhi The Bank believes that the Bank will fulfil
persyaratan untuk memperoleh fasilitas the requirements to obtain the income tax
penurunan tarif pajak penghasilan untuk tahun rate reduction facility for the year ended
yang berakhir pada tanggal 31 Desember 2025 31 December 2025 and 2024 in accordance with
dan 2024 sesuai ketentuan perpajakan tersebut di the tax provisions mentioned above, so that Bank
atas, sehingga untuk pajak penghasilan badan Mandiri's corporate income tax for the year ended
Bank Mandiri untuk tahun yang berakhir pada 31 December 2025 is calculated using the tax rate
tanggal 31 Desember 2025 dihitung dengan 19%.
menggunakan tarif pajak 19%.
Pemerintah Indonesia, melalui Kementerian The Indonesian government, through the Ministry of
Keuangan, menerbitkan Peraturan Menteri Finance, issued the Regulation of the Minister of
Keuangan Republik Indonesia Nomor 136 Tahun Finance of the Republic of Indonesia Number 136
2024 (PMK-136/2024) tentang Pengenaan Pajak of 2024 (PMK-136/2024) regarding the Imposition of
Minimum Global Berdasarkan Kesepakatan Global Minimum Tax Based on International
Internasional sebagai dasar hukum implementasi Agreements as the legal basis for the
OECD Pilar Dua di Indonesia. implementation of the OECD Pillar Two in
Indonesia.
Grup berada dalam lingkup aturan model OECD The Group is within the scope of the OECD Pillar
Pilar Dua dan menerapkan pengecualian dalam Two model rules and applied the exception to
mengakui serta mengungkapkan informasi recognizing and disclosing information about
mengenai aset dan liabilitas pajak tangguhan deferred tax assets and liabilities relating to Pillar
yang terkait dengan pajak penghasilan Pilar Dua Two income taxes from 1 January 2025.
mulai tanggal 1 Januari 2025.
276
1224 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1227
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
33. PERPAJAKAN (lanjutan) 33. TAXATION (continued)
d. Beban pajak - kini (lanjutan) d. Tax expense - current (continued)
Peraturan Pilar Dua telah disahkan atau secara Pillar Two legislation has been enacted or
substansial disahkan di beberapa yurisdiksi substantially enacted in certain jurisdictions in which
tempat Grup beroperasi. Peraturan tersebut mulai the Group operates. The legislation has become
berlaku untuk tahun fiskal Grup yang berakhir effective for the Group’s financial year ended after
setelah tanggal 31 Desember 2024. Grup 31 December 2024. The Group is in scope of the
termasuk dalam lingkup peraturan yang telah enacted or substantially enacted legislation and has
disahkan atau secara substansial disahkan dan performed an assessment of the Group’s potential
telah melakukan penilaian atas potensi eksposur exposure to Pillar Two income taxes.
Grup terhadap pajak penghasilan Pilar Dua.
Berdasarkan penilaian Safe Harbour yang Based on Safe Harbour assessment performed by
dilakukan Grup pada seluruh yurisdiksi tempat the Group across all jurisdictions in which it
Grup beroperasi, hasilnya terdapat 4 (empat) dari operates, the results show that 4 (four) out of 9
9 (sembilan) yurisdiksi yang lolos kriteria, (nine) jurisdictions met the Safe Harbour criteria, so
sehingga dampak pajak tambahan Pilar Dua akan the Pillar Two top-up tax impact is considered nil for
dianggap nol untuk 4 (empat) yurisdiksi tersebut. these 4 (four) jurisdictions. Meanwhile, in the 5 (five)
Sedangkan pada 5 (lima) yurisdiksi tempat Grup jurisdictions where the Group operates that have
beroperasi yang belum memenuhi penilaian Safe not met the Safe Harbour assessment, following the
Harbour, setelah dilakukan perhitungan GloBE model rules full calculation, the effective tax
menyeluruh berdasarkan aturan model GloBE, rate in these jurisdictions is estimated to be above
tarif pajak efektif diestimasikan berada di atas 15%. Therefore, the Group is not expected to have
15%. Dengan demikian, Grup diestimasikan tidak Pillar Two income taxes exposure.
memiliki tambahan beban pajak penghasilan Pilar
Dua.
Perhitungan Pajak Penghasilan badan untuk The calculation of Corporate Income Tax for the
tahun yang berakhir pada tanggal 31 Desember years ended 31 December 2024 are in accordance
2024 adalah sesuai dengan SPT Tahunan Bank. with the Bank’s Annual Tax Return.
e. Aset pajak tangguhan - neto e. Deferred tax assets - net
Pajak tangguhan yang timbul dari perbedaan Deferred tax arises from temporary differences
temporer antara nilai buku menurut komersial dan between book value based on commercial and tax
menurut pajak adalah sebagai berikut: purposes are as follows:
31 Desember 2025/31 December 2025
Dikreditkan/ Pengalihan
(dibebankan) pengendalian
Saldo ke laba rugi/ Dibebankan atas entitas Saldo
awal/ Credited/ ke ekuitas/ anak/ akhir/
Beginning (charged) to Charged to Control transfer Ending
balance profit or loss equity of a subsidiary balance
Bank Mandiri Bank Mandiri
Aset pajak tangguhan: Deferred tax assets:
Allowance for
Cadangan kerugian penurunan nilai impairment losses
kredit yang diberikan for loans and sharia
dan piutang/pembiayaan syariah 3.706.838 (3.080.084) - - 626.754 receivables/financing
Penyisihan biaya uang penghargaan Provisions for post-employment
pegawai dan cadangan benefit expense, provision
atas bonus dan insentif, for bonuses, leave and
cuti dan THR pegawai 772.112 124.877 53.889 - 950.878 holiday (THR) entitlements
Cadangan kerugian penurunan nilai Allowance for impairment losses
aset keuangan selain on financial assets
kredit yang diberikan other than loans and sharia
dan piutang/pembiayaan syariah 627.406 (4.751) - - 622.655 receivables/financing
277
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1225
Page 1228
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
33. PERPAJAKAN (lanjutan) 33. TAXATION (continued)
e. Aset pajak tangguhan - neto (lanjutan) e. Deferred tax assets - net (continued)
Pajak tangguhan yang timbul dari perbedaan Deferred tax arises from temporary differences
temporer antara nilai buku menurut komersial dan between book value based on commercial and tax
menurut pajak adalah sebagai berikut: (lanjutan) purposes are as follows: (continued)
31 Desember 2025/31 December 2025
Dikreditkan/ Pengalihan
(dibebankan) pengendalian
Saldo ke laba rugi/ Dibebankan atas entitas Saldo
awal/ Credited/ ke ekuitas/ anak/Control akhir/
Beginning (charged) to Charged to transfer of a Ending
balance profit or loss equity subsidiary balance
Kerugian/(keuntungan) yang Unrealised loss/(gain) from
belum direalisasi dari decrease/(increase) in fair
penurunan/(kenaikan) nilai wajar value of marketable securities
efek-efek dan obligasi and government bonds
pemerintah - diukur pada - measured at fair value
nilai wajar melalui pendapatan through other
komprehensif lain 925.025 - (636.038) - 288.987 comprehensive income
Penyisihan atas estimasi kerugian Allowance for estimated losses
yang timbul dari kasus hukum 12.837 (221) - - 12.616 arising from legal cases
Penyisihan kerugian Allowance for possible losses
properti terbengkalai 13.173 - - - 13.173 on abandoned properties
Penyisihan kerugian Allowance for possible losses
agunan yang diambil alih 53.396 - - - 53.396 on repossessed asset
Penyisihan kerugian aset Provision for losses on
lain-lain - 232.490 - - 232.490 other assets
Aset pajak tangguhan 6.110.787 (2.727.689) (582.149) - 2.800.949 Deferred tax assets
Liabilitas pajak tangguhan: Deferred tax liabilities:
Kerugian/(keuntungan) yang Unrealised loss/(gain) from
belum direalisasi dari decrease/(increase) in fair
penurunan/(kenaikan) nilai wajar value of marketable securities
efek-efek dan obligasi and government bonds -
pemerintah - diukur pada measured at fair value
nilai wajar melalui laba rugi (40.550) (49.936) - - (90.486) through profit & loss
Nilai buku aset tetap (84.273) (59.805) - - (144.078) Net book value of fixed assets
Estimasi kerugian atas Estimated losses on
komitmen dan commitments and
kontinjensi (145.087) (41.869) - - (186.956) contingencies
Aset pajak tangguhan neto - Deferred tax assets -
Bank Mandiri saja 5.840.877 (2.879.299) (582.149) - 2.379.429 Bank Mandiri only
Aset pajak tangguhan - Deferred tax assets
Entitas Anak 2.512.577 (107.671) (130.065) - 2.274.841 - Subsidiaries
Total aset pajak tangguhan Total consolidated
konsolidasian - neto 8.353.454 (2.986.970) (712.214) - 4.654.270 deferred tax assets - net
Liabilitas pajak tangguhan Defered tax liabilities
Entitas Anak (9.278) - (18.718) - (27.996) Subsidiaries
31 Desember 2024/31 December 2024
Dikreditkan/ Pengalihan
(dibebankan) pengendalian
Saldo ke laba rugi/ Dibebankan atas entitas Saldo
awal/ Credited/ ke ekuitas/ anak/Control akhir/
Beginning (charged) to Charged to transfer of a Ending
balance profit or loss equity subsidiary balance
Bank Mandiri Bank Mandiri
Aset pajak tangguhan: Deferred tax assets:
Allowance for
Cadangan kerugian penurunan nilai impairment losses
kredit yang diberikan for loans and sharia
dan piutang/pembiayaan syariah 5.017.117 (1.310.279) - - 3.706.838 receivables/financing
Penyisihan biaya uang penghargaan Provisions for post-employment
pegawai dan cadangan benefit expense, provision
atas bonus dan insentif, for bonuses, leave and
cuti dan THR pegawai 1.583.956 (811.439) (405) - 772.112 holiday (THR) entitlements
278
1226 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1229
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
33. PERPAJAKAN (lanjutan) 33. TAXATION (continued)
e. Aset pajak tangguhan - neto (lanjutan) e. Deferred tax assets - net (continued)
31 Desember 2024/31 December 2024
Dikreditkan/ Pengalihan
(dibebankan) pengendalian
Saldo ke laba rugi/ Dibebankan atas entitas Saldo
awal/ Credited/ ke ekuitas/ anak/ akhir/
Beginning (charged) to Charged to Control transfer Ending
balance profit or loss equity of a subsidiary balance
Cadangan kerugian penurunan nilai Allowance for impairment losses
aset keuangan selain on financial assets
kredit yang diberikan other than loans and sharia
dan piutang/pembiayaan syariah 663.574 (36.168) - - 627.406 receivables/financing
Kerugian/(keuntungan) yang Unrealised loss/(gain) from
belum direalisasi dari decrease/(increase) in fair
penurunan/(kenaikan) nilai wajar value of marketable securities
efek-efek dan obligasi and government bonds
pemerintah - diukur pada - measured at fair value
nilai wajar melalui pendapatan through other
komprehensif lain 811.128 - 113.897 - 925.025 comprehensive income
Penyisihan atas estimasi kerugian Allowance for estimated losses
yang timbul dari kasus hukum 17.041 (4.204) - - 12.837 arising from legal cases
Penyisihan kerugian Allowance for possible losses
properti terbengkalai 13.194 (21) - - 13.173 on abandoned properties
Penyisihan kerugian Allowance for possible losses
agunan yang diambil alih 53.396 - - - 53.396 on repossessed asset
Aset pajak tangguhan 8.159.406 (2.162.111) 113.492 - 6.110.787 Deferred tax assets
Liabilitas pajak tangguhan: Deferred tax liabilities:
Kerugian/(keuntungan) yang Unrealised loss/(gain) from
belum direalisasi dari decrease/(increase) in fair
penurunan/(kenaikan) nilai wajar value of marketable securities
efek-efek dan obligasi and government bonds -
pemerintah - diukur pada measured at fair value
nilai wajar melalui laba rugi (35.666) (4.884) - - (40.550) through profit & loss
Nilai buku aset tetap (108.089) 23.816 - - (84.273) Net book value of fixed assets
Estimasi kerugian atas Estimated losses on
komitmen dan commitments and
kontinjensi (140.951) (4.136) - - (145.087) contingencies
Aset pajak tangguhan neto - Deferred tax assets -
Bank Mandiri saja 7.874.700 (2.147.315) 113.492 - 5.840.877 Bank Mandiri only
Aset pajak tangguhan - Deferred tax assets
Entitas Anak 2.304.544 255.983 (1.003) (46.947) 2.512.577 - Subsidiaries
Total aset pajak tangguhan Total consolidated
konsolidasian - neto 10.179.244 (1.891.332) 112.489 (46.947) 8.353.454 deferred tax assets - net
Liabilitas pajak tangguhan Defered tax liabilities
Entitas Anak - - (9.278) - (9.278) Subsidiaries
Aset pajak tangguhan dihitung dengan Deferred tax assets are calculated using applicable
menggunakan tarif pajak yang berlaku atau tax rate or substantially enacted tax rate at
secara substansial telah berlaku pada tanggal consolidated statement of financial position dates.
laporan posisi keuangan konsolidasian.
Manajemen berpendapat bahwa terdapat Management believes that it is possible that future
kemungkinan besar jumlah laba fiskal pada masa taxable income will be available to be utilised against
mendatang akan memadai untuk the temporary difference, which resulted in deferred
mengkompensasi perbedaan temporer yang tax assets.
menimbulkan aset pajak tangguhan tersebut.
279
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1227
Page 1230
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
33. PERPAJAKAN (lanjutan) 33. TAXATION (continued)
e. Aset pajak tangguhan - neto (lanjutan) e. Deferred tax assets - net (continued)
Berdasarkan Peraturan Menteri Keuangan Based on the Regulation of the Minister of Finance of
Republik Indonesia Nomor 74 Tahun 2024 ("PMK- the Republic of Indonesia Number 74 Year 2024
74") tentang Pembentukan Cadangan Piutang Tak ("PMK-74") concerning the Establishment of
Tertagih yang Boleh Dikurangkan dari Reserves for Uncollectible Receivables that Can Be
Penghasilan Bruto, terdapat perubahan pada Deductible from Gross Income, there are changes to
ketentuan perhitungan penyisihan piutang tak the provisions for calculating the allowance for
tertagih yang boleh dikurangkan dari penghasilan uncollectible receivables that can be deducted from
bruto. Selish lebih antara saldo awal cadangan gross income. The excess difference between the
piutang tak tertagih tahun 2024 yang dihitung initial balance of the 2024 uncollectible receivables
menggunakan PMK-74 dan saldo akhir cadangan reserve calculated using PMK-74 and the final
piutang tak tertagih tahun 2023 yang dihitung balance of the 2023 uncollectible receivables reserve
menggunakan peraturan sebelumnya akan diakui calculated using the previous regulation will be
oleh Bank sebagai beban yang dapat dikurangkan recognised by the Bank as a deductible expense in
pada tahun fiskal 2024 dan 2025. Terkait dengan the 2024 and 2025 fiscal years. Related to this, the
hal tersebut, aset pajak tangguhan yang deferred tax assets utilized by the Bank in fiscal year
dimanfaatkan Bank pada tahun fiskal 2025 adalah 2025 are Rp3,069,947.
sebesar Rp3.069.947.
f. Surat ketetapan pajak f. Tax assessment letter
Tahun pajak 2016 Fiscal year 2016
Berdasarkan hasil pemeriksaan pajak oleh Kantor Based on the result of the tax audit from Tax Office
Pajak, pada tanggal 17 November 2020, Bank on 17 November 2020, the Bank has received an
telah menerima Surat Ketetapan Pajak Kurang Underpayment Tax Assessment (SKPKB) on
Bayar (SKPKB) atas PPh Badan untuk tahun fiskal Corporate Income tax for the 2016 fiscal year
2016 sebesar Rp1.293.817 (termasuk denda) amounted to Rp1,293,817 (including penalties),
dimana yang disetujui oleh Bank hanya sebesar which was accepted by the Bank for only Rp175,592
Rp175.592 dan dicatat sebagai beban pajak kini - and recorded as current tax expense - prior year in
tahun sebelumnya di laporan laba rugi konsolidasi the 2020 consolidated statement of profit or loss. On
tahun 2020. Pada tanggal 27 November 2020, 27 November 2020, Bank has paid all SKPKB
Bank telah melakukan pembayaran atas seluruh Corporate Income Tax and has submitted an
SKPKB PPh Badan sebesar Rp1.118.225 ke objection letter for the SKPKB amounted to
Kantor Pajak. Rp1,118,225 to the Tax Office.
Pada tanggal 17 November 2020, Bank juga On 17 November 2020, the Bank also received
menerima SKPKB atas PPh Pasal 21 sebesar SKPKB on Income Tax Article 21 amounted to
Rp31.492 dan Pajak Pertambahan Nilai (PPN) Rp31,492 and Value Added Tax (VAT) also the tax
berikut Surat Tagihan Pajak (STP) sebesar collection letter (STP) amounted to Rp128,766
Rp128.766 (termasuk denda) untuk tahun fiskal (including penalties) for the 2016 fiscal year.
2016. Pada tanggal 27 November 2020, Bank On 27 November 2020, Bank has paid all the
telah melakukan pembayaran atas seluruh SKPKB, and will not submit an objection to SKPKB
SKPKB tersebut. Bank tidak akan mengajukan Article 21 amounted to Rp31,492 and SKPKB VAT
keberatan atas SKPKB PPh Pasal 21 sebesar amounted to Rp128,766. All underpayments are
Rp31.492 dan SKPKB PPN sebesar Rp128.766. charged to the 2020 consolidated statement of profit
Seluruh kurang bayar tersebut dibebankan ke or loss.
laporan laba rugi konsolidasian tahun 2020.
Jumlah pembayaran atas SKPKB yang tidak The total payment for the SKPKB that was not
disetujui di atas sebesar Rp1.118.225 dimana approved above amounted to Rp1,118,225 where
Bank mengajukan keberatan, dicatat sebagai the Bank filed an objection, was recorded as
pajak dibayar dimuka pada tanggal 31 Desember prepaid tax on 31 December 2021. The Bank has
2021. Bank telah mengajukan surat keberatan submitted an objection letter to the SKPKB for
atas SKPKB PPh Badan yang tidak disetujui Corporate Income Tax (CIT) which was not
sebesar Rp1.118.225 ke Kantor Pajak pada approved amounted to Rp1,118,225 to Tax Office
tanggal 10 Februari 2021. on 10 February 2021.
280
1228 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1231
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
33. PERPAJAKAN (lanjutan) 33. TAXATION (continued)
f. Surat ketetapan pajak (lanjutan) f. Tax assessment letter (continued)
Tahun pajak 2016 (lanjutan) Fiscal year 2016 (continued)
Pada tanggal 7 Februari 2022, Bank telah On 7 February 2022, the Bank received the decision
menerima hasil putusan keberatan PPh Badan, on objection to CIT which reduced the amount of tax
yang mengurangi jumlah pajak dalam surat in the objection letter from Rp1,118,225 to
keberatan dari Rp1.118.225 menjadi Rp213.760. Rp213,760. On 21 March 2022, the Bank received
Pada tanggal 21 Maret 2022, Bank telah a tax refund for the objection to Corporate Income
menerima pengembalian pajak atas hasil putusan Tax in the amount of Rp909,489 and recorded it as
keberatan PPh Badan tersebut sebesar a deduction from prepaid tax payments. The Bank
Rp909.489 dan dicatat sebagai pengurang did not agree with the results of the objection
pembayaran pajak dibayar dimuka. Bank tidak decision and has submitted an appeal to the Tax
setuju dengan hasil putusan keberatan dan telah Court on 28 April 2022. As of the authorisation date
mengajukan banding ke Pengadilan Pajak pada of these consolidated financial statements, the
tanggal 28 April 2022. Sampai dengan tanggal appeal process at the Tax Court is still ongoing.
otorisasi laporan keuangan konsolidasian ini,
proses banding di Pengadilan Pajak masih
berlangsung.
34. LIABILITAS IMBALAN KERJA 34. EMPLOYEE BENEFIT LIABILITIES
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Penyisihan biaya uang penghargaan Provision for post-employment
pegawai (Catatan 51) 4.018.305 3.495.175 benefit (Note 51)
Provisions for bonuses,
Cadangan atas bonus, insentif, incentive, leave and
cuti dan THR 3.881.278 3.664.843 holiday (THR) entitlements
Total 7.899.583 7.160.018 Total
Penyisihan biaya uang penghargaan pegawai meliputi Provision for post-employment benefit such as pension
uang pensiun dan remunerasi jangka panjang lainnya fund and other long term remuneration are in
sesuai dengan kebijakan Bank dan Entitas Anak yang accordance with the Bank and Subsidiaries’ policy which
dihitung dengan perhitungan aktuaris. are calculated using actuarial calculation.
35. LIABILITAS LAIN-LAIN 35. OTHER LIABILITIES
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Liabilitas dividen 9.324.158 - Dividend liabilities
Pendapatan diterima dimuka Deferred income
yang tidak teratribusi 4.162.714 4.242.085 (not directly attributable)
Liabilitas sewa 3.937.833 1.481.045 Lease liabilities
Liabilitas terkait dengan transaksi Liabilities related to customers
transfer nasabah 3.642.477 815.693 transfer transactions
Liabilitas terkait dengan Liabilities related to ATM and
transaksi ATM dan kartu kredit 2.915.565 4.498.184 credit card transactions
Utang transaksi nasabah 2.267.956 1.560.159 Customers transaction payables
Liabilitas kepada pihak ketiga 1.867.823 2.093.113 Liabilities to third parties
Liabilitas terkait dengan transaksi Liabilities related to treasury
treasuri 1.017.652 87.682 transactions
Liabilitas terkait dengan unit-link 834.897 742.344 Liabilities related to unit-link
Pendapatan diterima dimuka Deferred income
yang teratribusi 722.505 1.117.656 (directly attributable)
Setoran jaminan 648.929 998.341 Guarantee deposits
Liabilitas kepada dealer 604.698 667.172 Liabilities to dealer
281
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1229
Page 1232
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
35. LIABILITAS LAIN-LAIN (lanjutan) 35. OTHER LIABILITIES (continued)
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah (lanjutan) Rupiah (continued)
Liabilitas transaksi asuransi 289.333 707.508 Insurance transaction liabilities
Liabilitas zakat 253.691 235.682 Zakat liabilities
Liabilitas spot 19.918 15.586 Spot liabilities
Liabilitas dana pensiun dan Pension fund and
JHT pensiun 1.687 800.295 pension plan liabilities
Lain-lain 2.072.204 1.891.223 Others
Total 34.584.040 21.953.768 Total
Mata uang asing Foreign currencies
Pendapatan diterima dimuka Deferred income
yang tidak teratribusi 2.495.024 2.075.283 (not directly attributable)
Term Deposits Valas Foreign Exchange Term
Devisa Hasil Ekspor 1.113.056 3.862.800 Deposits from Export Activities
Liabilitas terkait dengan transaksi Customers transfer
transfer nasabah transactions
(Catatan 62.B.(iv)) 1.058.177 768.298 (Note 62.B.(iv))
Liabilitas terkait dengan transaksi Liabilities related to trade
trade finance 892.378 422.451 finance transactions
Setoran jaminan (Catatan 62.B.(iv)) 498.706 369.906 Guarantee deposits (Note 62.B.(iv))
Liabilitas sewa (Catatan 62.B.(iv)) 91.712 135.535 Lease liabilities (Note 62.B.(iv))
Liabilitas terkait dengan Liabilities related to ATM and
transaksi ATM dan kartu kredit credit card transactions
(Catatan 62.B.(iv)) 32.923 22.379 (Note 62.B.(iv))
Liabilitas kepada pihak ketiga 28.438 487.337 Liabilities to third parties
Liabilitas transaksi asuransi 20.725 19.961 Insurance transaction liabilities
Liabilitas terkait dengan transaksi Liabilities related to
treasuri 5.043 317.456 treasury transactions
Pendapatan diterima dimuka Deferred income
yang teratribusi 3.235 - (directly attributable)
Liabilitas spot 521 - Spot liabilities
Liabilitas terkait dengan unit-link - 5.184 Liabilities related to unit-link
Liabilitas transaksi nasabah - 4.893 Liabilities related to customers
Lain-lain 1.515.690 2.211.648 Others
Total 7.755.628 10.703.131 Total
42.339.668 32.656.899
Pendapatan diterima dimuka yang tidak teratribusi Non directly attributable deferred income consists
secara langsung terdiri dari pendapatan provisi/komisi of provisions/commissions of loans and sharia
kredit dan piutang/pembiyaan syariah yang tidak terkait receivables/financing that are not directly attributable to
langsung dengan pemberian kredit dan the unamortised loans and sharia receivables/financing
piutang/pembiyaan syariah yang belum diamortisasi. granted.
Liabilitas terkait dengan transaksi ATM dan kartu kredit Liabilities related to ATM and credit card transactions
terdiri dari liabilitas atas transaksi ATM dalam jaringan consist of liabilities from ATM transactions within ATM
ATM Bersama, ATM Link dan ATM Prima dan liabilitas Bersama, ATM Link and ATM Prima network and
kepada Visa dan Master Card dan JCB untuk transaksi liabilities to Visa and Master Card and JCB for credit card
kartu kredit. transactions.
Utang transaksi nasabah sebagian besar terdiri dari Customer transaction payables mostly consist of
utang yang timbul dari transaksi perdagangan efek payables arising from securities trading transactions of
Entitas Anak. Subsidiaries.
282
1230 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1233
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
35. LIABILITAS LAIN-LAIN (lanjutan) 35. OTHER LIABILITIES (continued)
Liabilitas dana pensiun dan JHT pensiun merupakan Pension fund and pension plan liablities are liabilities of
Liabilitas Entitas Anak (PT Bank Mandiri Taspen) a subsidiary (PT Bank Mandiri Taspen) to retirees,
kepada pensiunan, dimana Entitas Anak berperan where the Subsidiary acts as a distributor of pension
sebagai penyalur dana pensiun dari nasabah Entitas funds from the Subsidiary’s customers to the retirees of
Anak kepada pensiunan nasabah. those customers.
Term Deposits Valas Devisa Hasil Ekspor merupakan Foreign Exchange Term Deposits from Export Activities
suatu instrumen dimana dana devisa hasil ekspor dari is an instrument where foreign exchange from export
rekening khusus eksportir ditempatkan pada Bank proceeds from exporters’ special account are placed in
Indonesia melalui rekening Bank sesuai mekanisme Bank Indonesia through Bank’s accounts in accordance
pasar. with market mechanisms.
Pendapatan diterima dimuka yang teratribusi secara Directly attributable deferred income consists of income
langsung terdiri dari pendapatan provisi/komisi kredit from provisions/commissions of loans and sharia
dan piutang/pembiyaan syariah yang terkait langsung receivables/financing which directly attributable to
dengan pemberian kredit dan piutang/pembiyaan unamortised loans and sharia receivables/financing
syariah yang belum diamortisasi. granted.
Setoran jaminan merupakan jaminan uang tunai yang Guarantee deposit is a cash guarantee deposited by
disetorkan oleh nasabah atas transaksi ekspor, impor customers related to export, import transaction and
dan penerbitan bank garansi. issuance of bank guarantees.
Liabilitas kepada dealer merupakan liabilitas Entitas Liabilities to dealers are liabilities of the Subsidiaries (PT
Anak (PT Mandiri Tunas Finance dan PT Mandiri Mandiri Tunas Finance and PT Mandiri Utama Finance)
Utama Finance) kepada dealer kendaraan bermotor to motor vehicle dealers related to financing provided by
terkait pembiayaan yang diberikan Entitas Anak the Subsidiaries to customers.
kepada nasabah.
Lain-lain terutama terdiri dari rekening antar kantor dan Others mainly consist of interoffice accounts and
liabilitas terkait transaksi perdagangan, titipan dan liabilities related to trade transactions, deposits and
transaksi yang masih harus diselesaikan. transaction remains to be settled.
Pengungkapan liabilitas sewa sebagai berikut: The disclosure of lease liabilities are as follows:
31 Desember 2025/31 December 2025
Beban bunga
atas liabilitas Liabilitas sewa Pengalihan
Penambahan sewa/ yang telah pengendalian
Saldo awal/ sewa/ Interest expense dibayarkan/ atas entitas anak/ Saldo akhir/
Beginning Additions of on lease Payments of Control transfer of Ending
balance lease liabilities liabilities lease liabilities a subsidiary balance
Kategori aset pendasar Underlying assets
Kendaraan bermotor 394.197 157.590 26.736 (283.029) - 295.494 Vehicles
Bangunan - rumah dinas 14.475 85.872 756 (84.517) - 16.586 Building - office residence
Bangunan - gedung kantor 648.939 3.879.007 51.429 (1.464.585) (21.820) 3.092.970 Building - office building
Perlengkapan, peralatan Furniture and fixture, office
kantor dan komputer 558.969 8.824 66.717 (10.015) - 624.495 equipment and computer
Total 1.616.580 4.131.293 145.638 (1.842.146) (21.820) 4.029.545 Total
31 Desember 2024/31 December 2024
Beban bunga Pengalihan
atas liabilitas Liabilitas sewa pengendalian
Penambahan sewa/ yang telah atas entitas
Saldo awal/ sewa/ Interest expense dibayarkan/ anak/Control Saldo akhir/
Beginning Additions of on lease Payments of transfer of a Ending
balance lease liabilities liabilities lease liabilities subsidiary balance
Kategori aset pendasar Underlying assets
Kendaraan bermotor 376.488 268.513 24.317 (275.121) - 394.197 Vehicles
Bangunan - rumah dinas 13.100 103.304 736 (102.665) - 14.475 Building - office residence
Bangunan - gedung kantor 591.568 1.278.943 45.054 (1.249.964) (16.662) 648.939 Building - office building
Perlengkapan, peralatan Furniture and fixture, office
kantor dan komputer 13.812 510.607 58.300 (23.750) - 558.969 equipment and computer
Total 994.968 2.161.367 128.407 (1.651.500) (16.662) 1.616.580 Total
283
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1231
Page 1234
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
35. LIABILITAS LAIN-LAIN (lanjutan) 35. OTHER LIABILITIES (continued)
Liabilitas lain-lain terkait sewa berdasarkan jangka Other liabilities related to leases by period:
waktu:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Jangka pendek 207.915 204.450 Short term
Jangka panjang 3.821.630 1.412.130 Long term
Total 4.029.545 1.616.580 Total
Analisis jatuh tempo liabilitas lain-lain terkait sewa Analysis of the maturities of other liabilities related to
sebagai berikut: leases as follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
1 tahun 207.915 204.450 1 year
2 tahun 629.273 366.285 2 years
3 tahun 2.895.986 549.115 3 years
4 tahun 158.838 310.600 4 years
5 tahun 112.964 140.907 5 years
> 5 tahun 24.569 45.223 > 5 years
Total 4.029.545 1.616.580 Total
36. PINJAMAN YANG DITERIMA 36. FUND BORROWINGS
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Pihak berelasi Related parties
(h) Lain-lain (Catatan 56) 2.245.296 4.627.957 Others (Note 56) (h)
Pihak ketiga Third parties
(a) Kementerian Pekerjaan
Umum dan Perumahan Rakyat Ministry of Public Work and (a)
(Kemenpupera) 3.138.358 1.877.633 Housing (Kemenpupera)
(g) Bank Indonesia - 18.417.864 Bank Indonesia (g)
(h) Lain-lain 20.657.559 25.778.971 Others (h)
23.795.917 46.074.468
Total 26.041.213 50.702.425 Total
Mata uang asing Foreign currencies
Pihak ketiga Third parties
(b) Direct off-shore loans 33.464.728 29.899.692 Direct off-shore loans (b)
(c) Fasilitas pendanaan
perdagangan 50.938.728 40.445.004 Trade financing facilities (c)
(d) Term Loans 22.215.208 15.974.126 Term Loans (d)
(e) Bilateral Loans 18.321.288 8.047.500 Bilateral Loans (e)
(f) Repo to maturity 2.499.783 559.816 Repo to maturity (f)
(h) Lain-lain 1.191.474 2.287.418 Others (h)
Total (Catatan 62.B.(iv)) 128.631.209 97.213.556 Total (Note 62.B.(iv))
154.672.422 147.915.981
284
1232 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1235
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(a) Kementerian Pekerjaan Umum dan Perumahan (a) Ministry of Public Work and Housing
Rakyat (Kemenpupera) (Kemenpupera)
Akun ini merupakan dukungan pemerintah kepada This account represents Government support to
masyarakat berpenghasilan rendah untuk low-income communities for housing financing
pembiayaan perumahan dalam program Fasilitas Liquidity Facility of Housing Financing (Fasilitas
Likuiditas Pembiayaan Perumahan (“FLPP”) Likuiditas Pembiayaan Perumahan) (“FLPP”)
dengan sharing pembiayaan sesuai kesepakatan, program, with financing sharing according to the
saat ini sharing pembiayaan yang berlaku adalah agreement currently the applicable financing
75,00% dana Pemerintah dan 25,00% dana Bank. sharing of 75.00% funds from Government’s fund
PT Bank Mandiri (Persero) Tbk ikut serta sebagai and 25.00% funds from Bank’s fund.
Bank Pelaksana Penyaluran FLPP sejak tahun PT Bank Mandiri (Persero) Tbk has been
2012, tertuang dalam Kesepakatan Bersama participating as the implementing Bank for FLPP
antara Kementerian Pekerjaan Umum dan distribution since 2012, as stipulated in the joint
Perumahan Rakyat No. 13/SKB/DP/2011 dengan aggrement between Ministry of Public Work and
PT Bank Mandiri (Persero) Tbk Housing No. 13/SKB/DP/2011 with PT Bank Mandiri
No. DIR.MOU/015/2011 tentang Penyaluran Dana (Persero) Tbk No. DIR.MOU/015/2011 regarding
FLPP dalam rangka pengadaan perumahan the distribution of FLPP fund for housing acquisition
melalui Kredit/Pembiayaan Pemilikan Rumah through Home Ownership Financing, which
Sejahtera, diperbaharui dengan Kesepakatan renewed by Joint Agreement between the Ministry
Bersama antara Kementerian Perumahan Rakyat of Public Work and Housing No. 07/SKB/M/2012
No. 07/SKB/M/2012 dengan PT Bank Mandiri with PT Bank Mandiri (Persero) Tbk No.
(Persero) Tbk No. DIR.MOU/003/2012 tanggal DIR.MOU/003/2012 dated 15 February 2012
15 Februari 2012 tentang Perubahan regarding Amendments of Joint Agreement, then
Kesepakatan Bersama, diperbaharui kembali the joint agreement Amendment amended between
Kesepakatan Bersama antara Kementerian Ministry of Public Work and Housing No.
Pekerjaan Umum dan Perumahan Rakyat No. 29/MoU/Dp/2020 with PT Bank Mandiri (Persero)
29/MoU/Dp/2020 dengan PT Bank Mandiri Tbk No. DIR.MOU/19/2020 dated 17 December
(Persero) Tbk No. DIR.MOU/19/2020 tanggal 2020 regarding Distribution of Subsidized Home
17 Desember 2020 tentang Penyaluran Kredit Ownership Credit for Low-Income Communities
Pemilikan Rumah Bersubsidi Bagi Masyarakat ("MBR").
Berpenghasilan Rendah (“MBR”).
Pada Tahun 2021 terdapat Pengalihan In 2021, there was a transfer of management
pengelolaan Dana FLPP yang sebelumnya of FLPP Funds which were previously managed
dikelola oleh Badan Layanan Umum Pusat by Badan Layanan Umum Pusat Pengelolaan Dana
Pengelolaan Dana Pembiayaan Perumahan Pembiayaan Perumahan ("PPDPP") transferred to
(“PPDPP”) dialihkan ke Badan Pengelola Badan Pengelola Tabungan Perumahan Rakyat
Tabungan Perumahan Rakyat (“BPTapera”) (“BPTapera”) in accordance with the Tripartite
sesuai dengan Perjanjian Tripartit antara PPDPP, Agreement between PPDPP, BPTapera and
BPTapera dan PT Bank Mandiri (Persero) Tbk No. PT Bank Mandiri (Persero) Tbk
06/PRJ/Pg/2021, No. 10/PKS/BP-TPR/I/12/2021 No. 06/PRJ/Pg/2021, No. 10/PKS/BP-
dan DIR.PKS/40/2021 Tanggal 24 Desember TPR/I/12/2021 and DIR.PKS/40/2021 dated
2021. 24 December 2021.
285
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1233
Page 1236
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(a) Kementerian Pekerjaan Umum dan Perumahan (a) Ministry of Public Work and Housing
Rakyat (Kemenpupera) (lanjutan) (Kemenpupera) (continued)
Dalam pelaksanaan program, dilakukan In implementing the program, a cooperation
penandatanganan perjanjian kerjasama yang agreement was signed which is renewed every year
diperbaharui setiap tahun selama PT Bank as long as PT Bank Mandiri (Persero) Tbk
Mandiri (Persero) Tbk ikut serta menjadi Bank participated as the Implementing Bank, with the
Pelaksana, dengan awal perjanjian kerjasama initial cooperation agreement is the Operational
yaitu Perjanjian Kerjasama Operasional antara Cooperation Agreement between Badan Layanan
Badan Layanan Umum Pusat Pembiayaan Umum Pusat Pembiayaan Perumahan
Perumahan Kementerian Perumahan Rakyat Kementerian Perumahan Rakyat of Public Housing
Republik Indonesia pada tahun 2012 tentang of the Republic of Indonesia in 2012 regarding
Penyaluran Dana FLPP Dalam Rangka Perolehan Distribution of FLPP Funds in the Context of
Rumah Melalui KPR Sejahtera Bagi Masyarakat Acquiring a House through Prosperous KPR for
Berpenghasilan Rendah (“MBR”), yang telah Low-Income Communities ("MBR"), which
diperbaharui dengan perjanjian yang terbaru has been updated with the latest agreement,
yaitu Perjanjian Kerjasama antara BPTapera namely the Cooperation Agreement
dan PT Bank Mandiri (Persero) Tbk between BPTapera and PT Bank Mandiri
No. 23/PKS/BP-TPR/I/12/2023 dan (Persero) Tbk No. 23/PKS/BP-TPR/I/12/2023 and
DIR.PKS/38/2023 tentang Penyaluran Dana FLPP DIR.PKS/38/2023 concerning Distribution of FLPP
melalui Kredit/Pembiayaan Pemilikan Rumah Funds through Credit/Financing for Prosperous
Sejahtera/Rumah Sejahtera Bagi Masyarakat Home Ownership/Prosperous Homes for Low-
Berpenghasilan Rendah tanggal 28 Desember Income Communities dated 28 December 2023.
2023.
Baki debet pada tanggal 31 Desember 2025 dan Outstanding balance as of 31 December 2025 and
2024 adalah masing-masing sebesar 2024 were Rp3,138,358 and Rp1,877,633,
Rp3.138.358 dan Rp1.877.633. Fasilitas ini respectively. These facilities are subject to a certain
dikenakan tarif tertentu dari Pemerintah. Jangka rate from the Government. The period of loan and
waktu kredit dan jadwal pelunasannya maksimal repayment schedule are maximum of 240 months
240 bulan (20 tahun). Pengembalian dana (20 years). Repayment (principal and interest
(angsuran pokok dan bunga) kepada BPTapera instalment) to BPTapera are carried out no later
dilaksanakan paling lambat tanggal than 10th of each month.
10 setiap bulannya.
(b) Direct off-shore loans (b) Direct off-shore loans
Rincian pinjaman direct off-shore loans adalah The details of direct off-shore loans are as follows:
sebagai berikut:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Mata uang asing Foreign currencies
Pihak ketiga Third parties
MUFG Bank, Ltd., Singapura 7.448.358 7.176.281 MUFG Bank, Ltd., Singapore
Oversea-Chinese Banking Oversea-Chinese Banking
Corporation, Singapura 4.166.600 4.020.329 Corporation, Singapore
United Overseas Bank United Overseas Bank
Limited, Singapura 3.798.013 3.662.549 Limited, Singapura
Industrial and Commercial Bank Industrial and Commercial Bank
of China, Ltd, Singapura 2.333.640 1.609.500 of China, Ltd, Singapore
Bank of Communications, Bank of Communications
Singapura 1.667.500 1.609.500 Singapore
China Construction Bank China Construction Bank
Corporation, Singapura 1.667.500 1.609.500 Corporation, Singapore
CTBC Bank Co., Ltd, Singapura 1.667.500 1.609.500 CTBC Bank Co., Ltd, Singapore
Development Bank Singapura, Development Bank Singapore,
Limited 1.665.350 1.606.078 Limited
Taipei Fubon Bank, Singapura 1.665.350 1.606.078 Taipei Fubon Bank, Singapore
Sumitomo Mitsui Banking Sumitomo Mitsui Banking
Corporation 1.334.000 - Corporation
The Hongkong and Shanghai The Hongkong and Shanghai
Banking Corporation, Banking Corporation,
Ltd, Singapura 999.210 1.606.078 Ltd, Singapore
Standard Chartered Bank, Standard Chartered Bank,
Singapura 992.525 - Singapore
Bank of China, Singapura 967.150 128.760 Bank of China, Singapore
286
1234 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1237
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(b) Direct off-shore loans (lanjutan) (b) Direct off-shore loans (continued)
Rincian pinjaman direct off-shore loans adalah The details of direct off-shore loans are as follows:
sebagai berikut: (lanjutan) (continued)
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Mata uang asing (lanjutan) Foreign currencies (continued)
Pihak ketiga (lanjutan) Third parties (continued)
Taishin International Bank 833.473 804.213 Taishin International Bank
Bank of Taiwan 749.834 724.275 Bank of Taiwan
The Saudi National Bank 725.000 - The Saudi National Bank
DZ Bank AG, Singapura 333.500 - DZ Bank AG, Singapore
The Shanghai Commercial The Shanghai Commercial
and Savings Bank Ltd 333.500 - and Savings Bank Ltd
KEB Hana Bank 116.725 - KEB Hana Bank
China Development Bank China Development Bank
- Tranche A - 1.503.004 Tranche A -
- Tranche B - 624.047 Tranche B -
33.464.728 29.899.692
MUFG Bank, Ltd., Singapura MUFG Bank, Ltd., Singapore
31 Desember 2025/31 December 2025
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore MUFG Bank Ltd., 15 Juni/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore June 2026 36 + certain margin USD 200.000.000 3.335.000 loans
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore MUFG Bank Ltd., 15 Juni/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore June 2026 36 + certain margin USD 155.000.000 2.584.625 loans
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore MUFG Bank Ltd., 15 Juni/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore June 2026 36 + certain margin USD 92.000.000 1.534.100 loans
Dikurangi: Less:
Biaya teratribusi Unamortised
yang belum attributable
diamortisasi (321.886) (5.367) costs
446.678.114 7.448.358
31 Desember 2024/31 December 2024
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore MUFG Bank Ltd., 15 Juni/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore June 2026 36 + certain margin USD 200.000.000 3.219.000 loans
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore MUFG Bank Ltd., 15 Juni/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore June 2026 36 + certain margin USD 155.000.000 2.494.725 loans
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore MUFG Bank Ltd., 15 Juni/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore June 2026 36 + certain margin USD 92.000.000 1.480.740 loans
Dikurangi: Less:
Biaya teratribusi Unamortised
yang belum attributable
diamortisasi (1.129.851) (18.184) costs
445.870.149 7.176.281
287
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1235
Page 1238
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(b) Direct off-shore loans (lanjutan) (b) Direct off-shore loans (continued)
MUFG Bank, Ltd., Singapura (lanjutan) MUFG Bank, Ltd., Singapore (continued)
Bank Mandiri memperoleh beberapa fasilitas Bank Mandiri obtained several unsecured loan
pinjaman tanpa agunan dari MUFG Bank, Ltd., facilities from MUFG Bank, Ltd., Singapore with
Singapura dengan nominal yang beragam dengan various nominal amounts and SOFR interest rates
tingkat bunga SOFR 3 (tiga) bulan ditambah of 3 (three) months plus a certain margin. The loan
marjin tertentu. Fasilitas pinjaman tersebut facility has a maturity of more than one (1) year
memiliki jatuh tempo lebih dari 1 (satu) tahun yang and will mature on 15 June 2026.
akan jatuh tempo pada tanggal 15 Juni 2026.
Oversea-Chinese Banking Corporation, Oversea-Chinese Banking Corporation,
Singapura Singapura
31 Desember 2025/31 December 2025
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
Oversea-Chinese + marjin tertentu/
Direct off-shore Banking Corporation, 24 Desember/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore December 2026 36 + certain margin USD 150.000.000 2.501.250 loans
TSOFR (3 bulan)
Oversea-Chinese + marjin tertentu/
Direct off-shore Banking Corporation, 26 Agustus/ TSOFR (3 months) Direct off-shore
loans Singapura/Singapore August 2027 45 + certain margin USD 70.000.000 1.167.250 loans
TSOFR (3 bulan)
Oversea-Chinese + marjin tertentu/
Direct off-shore Banking Corporation, 26 Agustus/ TSOFR (3 months) Direct off-shore
loans Singapura/Singapore August 2027 45 + certain margin USD 30.000.000 500.250 loans
Dikurangi: Less:
Biaya teratribusi Unamortised
yang belum attributable
diamortisasi (128.906) (2.150) costs
249.871.094 4.166.600
31 Desember 2024/31 December 2024
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
Oversea-Chinese + marjin tertentu/
Direct off-shore Banking Corporation, 24 Desember/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore December 2026 36 + certain margin USD 150.000.000 2.414.250 loans
TSOFR (3 bulan)
Oversea-Chinese + marjin tertentu/
Direct off-shore Banking Corporation, 26 Agustus/ TSOFR (3 months) Direct off-shore
loans Singapura/Singapore August 2027 45 + certain margin USD 70.000.000 1.126.650 loans
TSOFR (3 bulan)
Oversea-Chinese + marjin tertentu/
Direct off-shore Banking Corporation, 26 Agustus/ TSOFR (3 months) Direct off-shore
loans Singapura/Singapore August 2027 45 + certain margin USD 30.000.000 482.850 loans
Dikurangi: Less:
Biaya teratribusi Unamortised
yang belum attributable
diamortisasi (212.590) (3.421) costs
249.787.410 4.020.329
288
1236 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1239
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(b) Direct off-shore loans (lanjutan) (b) Direct off-shore loans (continued)
Oversea-Chinese Banking Corporation, Oversea-Chinese Banking Corporation,
Singapura (lanjutan) Singapura (continued)
Bank Mandiri memperoleh fasilitas pinjaman tanpa Bank Mandiri obtained loan facility without collateral
agunan dari Oversea-Chinese Bank Corporation, from Oversea-Chinese Bank Corporation,
Singapura dengan nominal beragam dengan Singapore with various nominal amounts with the
tingkat bunga SOFR 3 (tiga) bulan ditambah interest rate of SOFR 3 (three) months plus certain
marjin tertentu. Fasilitas pinjaman ini memiliki margin. The loan facilities have a tenor more than 1
tenor lebih dari 1 (satu) tahun dan akan jatuh (one year) and will mature on 24 December 2026
tempo pada tanggal 24 Desember 2026 dan and 26 August 2027.
26 Agustus 2027.
United Overseas Bank Limited, Singapura United Overseas Bank Limited, Singapore
31 Desember 2025/31 December 2025
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
United Overseas + marjin tertentu/
Direct off-shore Bank Limited, 24 Desember/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore December 2026 36 + certain margin USD 99.895.809 1.665.763 loans
SOFR (3 bulan)
United Overseas + marjin tertentu/
Direct off-shore Bank Limited, 26 Agustus/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore August 2027 36 + certain margin USD 70.000.000 1.167.250 loans
SOFR (3 bulan)
United Overseas + marjin tertentu/
Direct off-shore Bank Limited, 26 Agustus/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore August 2027 36 + certain margin USD 29.871.094 498.100 loans
SOFR (3 bulan)
United Overseas + marjin tertentu/
Direct off-shore Bank Limited, 24 Desember/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore December 2026 36 + certain margin USD 28.000.000 466.900 loans
227.766.903 3.798.013
31 Desember 2024/31 December 2024
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
United Overseas + marjin tertentu/
Direct off-shore Bank Limited, 24 Desember/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore December 2026 36 + certain margin USD 99.770.783 1.605.811 loans
SOFR (3 bulan)
United Overseas + marjin tertentu/
Direct off-shore Bank Limited, 26 Agustus/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore August 2027 36 + certain margin USD 70.000.000 1.126.650 loans
SOFR (3 bulan)
United Overseas + marjin tertentu/
Direct off-shore Bank Limited, 24 Desember/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore December 2026 36 + certain margin USD 29.787.410 479.428 loans
SOFR (3 bulan)
United Overseas + marjin tertentu/
Direct off-shore Bank Limited, 24 Desember/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore December 2026 36 + certain margin USD 28.000.000 450.660 loans
227.558.193 3.662.549
289
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1237
Page 1240
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(b) Direct off-shore loans (lanjutan) (b) Direct off-shore loans (continued)
United Overseas Bank Limited, Singapura United Overseas Bank Limited, Singapore
(lanjutan) (continued)
Bank Mandiri memperoleh fasilitas pinjaman Bank Mandiri obtained loan facility without collateral
tanpa agunan dari United Overseas Bank Limited, from United Overseas Bank Limited, Singapore with
Singapura dengan nominal beragam dan tingkat various nominal amounts with the interest rate of
bunga SOFR 3 (tiga) bulan ditambah marjin SOFR 3 (three) months plus a certain margin. The
tertentu. Fasilitas pinjaman ini memiliki tenor lebih loan facilities have a tenor more than 1 (one) year
dari 1 (satu) tahun dan akan jatuh tempo pada and will mature on 24 December 2026 to 26 August
tanggal 24 Desember 2026 sampai 26 Agustus 2027.
2027.
Industrial and Commercial Bank of China, Ltd, Industrial and Commercial Bank of China., Ltd,
Singapura Singapore
31 Desember 2025/31 December 2025
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore ICBC Bank., Ltd., 26 Juli/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore July 2027 45 + certain margin USD 100.000.000 1.667.500 loans
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore ICBC Bank., Ltd., 26 Agustus/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore August 2027 36 + certain margin USD 12.000.000 200.100 loans
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore ICBC Bank., Ltd., 26 Agustus/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore August 2027 36 + certain margin USD 28.000.000 466.900 loans
Dikurangi: Less:
Biaya teratribusi Unamortised
yang belum attributable
diamortisasi (51.563) (860) costs
139.948.437 2.333.640
31 Desember 2024/31 December 2024
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore ICBC Bank., Ltd., 26 Juli/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore July 2027 45 + certain margin USD 100.000.000 1.609.500 loans
100.000.000 1.609.500
Bank Mandiri memperoleh fasilitas pinjaman Bank Mandiri obtained an unsecured loan facility
tanpa agunan dari Industrial and Commercial from Industrial and Commercial Bank of China, Ltd.,
Bank of China, Ltd, Singapura sebesar Singapore amounting to USD100,000,000 (full
USD100.000.000 (nilai penuh) dengan tingkat amount), bearing interest at the 3-month SOFR plus
bunga SOFR 3 (tiga) bulan ditambah marjin a certain margin. This loan facility will mature on
tertentu. Fasilitas pinjaman ini akan jatuh tempo 26 July 2027.
pada tanggal 26 Juli 2027.
290
1238 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1241
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(b) Direct off-shore loans (lanjutan) (b) Direct off-shore loans (continued)
Industrial and Commercial Bank of China, Ltd, Industrial and Commercial Bank of China., Ltd,
Singapura (lanjutan) Singapore (continued)
Efektif per tanggal 27 Mei 2025, Bank Mandiri Effective as of 27 May 2025, Bank Mandiri has
memiliki outstanding fasilitas pinjaman tanpa outstanding unsecured loan facilities from Industrial
agunan dari Industrial and Commercial Bank of and Commercial Bank of China, Ltd., Singapore,
China, Ltd, Singapura sebesar USD12.000.000 amounting to USD12,000,000 and USD28,000,000
dan USD28.000.000 (nilai penuh) dengan tingkat (full amounts), bearing interest at the 3-month SOFR
bunga SOFR 3 (tiga) bulan ditambah marjin plus a certain margin. These facilities originated from
tertentu, yang berasal dari pengalihan sebagian the transfer of a portion of the loan from The
pinjaman The Hongkong and Shanghai Banking Hongkong and Shanghai Banking Corporation, Ltd.,
Corporation, Ltd., Singapura. Fasilitas pinjaman Singapore. The loan facilities have a tenor of more
ini memiliki tenor lebih dari 1 (satu) tahun dan akan than one (1) year and will mature on 26 August 2027.
jatuh tempo pada tanggal 26 Agustus 2027.
Bank of Communications, Singapura Bank of Communications, Singapore
31 Desember 2025/31 December 2025
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
Bank Of + marjin tertentu/
Direct off-shore Communications, 27 Agustus/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore August 2027 45 + certain margin USD 100.000.000 1.667.500 loans
100.000.000 1.667.500
31 Desember 2024/31 December 2024
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
Bank Of + marjin tertentu/
Direct off-shore Communications, 27 Agustus/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore August 2027 45 + certain margin USD 100.000.000 1.609.500 loans
100.000.000 1.609.500
Bank Mandiri memperoleh fasilitas pinjaman Bank Mandiri obtained an unsecured loan facility
tanpa agunan dari Bank of Communications, from Bank of Communications, Singapore
Singapura sebesar USD100.000.000 (nilai penuh) amounting to USD100,000,000 (full amount),
dengan tingkat bunga SOFR 3 (tiga) bulan bearing interest at the 3-month SOFR plus a certain
ditambah marjin tertentu. Fasilitas pinjaman ini margin. This loan facility will mature on 27 August
akan jatuh tempo pada tanggal 27 Agustus 2027. 2027.
291
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1239
Page 1242
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(b) Direct off-shore loans (lanjutan) (b) Direct off-shore loans (continued)
China Construction Bank Corporation, China Construction Bank Corporation,
Singapura Singapore
31 Desember 2025/31 December 2025
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
China Construction + marjin tertentu/
Direct off-shore Bank Corporation, 30 Desember/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore December 2027 36 + certain margin USD 100.000.000 1.667.500 loans
100.000.000 1.667.500
31 Desember 2024/31 December 2024
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
China Construction + marjin tertentu/
Direct off-shore Bank Corporation, 30 Desember/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore December 2027 36 + certain margin USD 100.000.000 1.609.500 loans
100.000.000 1.609.500
Bank Mandiri memperoleh fasilitas Bank Mandiri obtained loan facility without
pinjaman tanpa agunan dari China Construction collateral from China Construction Bank
Bank Corporation, Singapura sebesar Corporation, Singapore amounting
USD100.000.000 (nilai penuh) dengan tingkat USD100,000,000 (full amount) with the interest
bunga SOFR 3 (tiga) bulan ditambah marjin rate of SOFR 3 (three) months plus a certain
tertentu. Fasilitas pinjaman ini akan jatuh tempo margin. The loan facility will mature on
pada tanggal 30 Desember 2027. 30 December 2027.
CTBC Bank Co., Ltd, Singapura CTBC Bank Co., Ltd, Singapore
31 Desember 2025/31 December 2025
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore CTBC Bank Co., Ltd. 30 Juli/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore July 2027 45 + certain margin USD 100.000.000 1.667.500 loans
100.000.000 1.667.500
292
1240 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1243
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(b) Direct off-shore loans (lanjutan) (b) Direct off-shore loans (continued)
CTBC Bank Co., Ltd, Singapura (lanjutan) CTBC Bank Co., Ltd, Singapore (continued)
31 Desember 2024/31 December 2024
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore CTBC Bank Co., Ltd. 30 Juli/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore July 2027 45 + certain margin USD 100.000.000 1.609.500 loans
100.000.000 1.609.500
Bank Mandiri memperoleh fasilitas pinjaman Bank Mandiri obtained loan facility without collateral
tanpa agunan dari CTBC Bank Co., Ltd, Singapura from CTBC Bank Co., Ltd, Singapore amounting
sebesar USD100.000.000 (nilai penuh) dengan USD100,000,000 (full amount) with the interest rate
tingkat bunga SOFR 3 (tiga) bulan ditambah of SOFR 3 (three) months plus a certain margin. The
marjin tertentu. Fasilitas pinjaman ini akan jatuh loan facility will mature on 30 July 2027.
tempo pada tanggal 30 Juli 2027.
Development Bank Singapura, Limited Development Bank Singapore, Limited
31 Desember 2025/31 December 2025
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
Development + marjin tertentu/
Direct off-shore Bank Limited, 26 Agustus / SOFR (3 months) Direct off-shore
loans Singapura/Singapore August 2027 45 + certain margin USD 70.000.000 1.167.250 loans
SOFR (3 bulan)
Development + marjin tertentu/
Direct off-shore Bank Limited, 26 Agustus / SOFR (3 months) Direct off-shore
loans Singapura/Singapore August 2027 45 + certain margin USD 29.871.094 498.100 loans
99.871.094 1.665.350
31 Desember 2024/31 December 2024
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
Development + marjin tertentu/
Direct off-shore Bank Limited, 26 Agustus / SOFR (3 months) Direct off-shore
loans Singapura/Singapore August 2027 45 + certain margin USD 70.000.000 1.126.650 loans
SOFR (3 bulan)
Development + marjin tertentu/
Direct off-shore Bank Limited, 26 Agustus / SOFR (3 months) Direct off-shore
loans Singapura/Singapore August 2027 45 + certain margin USD 29.787.410 479.428 loans
99.787.410 1.606.078
293
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1241
Page 1244
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(b) Direct off-shore loans (lanjutan) (b) Direct off-shore loans (continued)
Development Bank Singapura, Limited Development Bank Singapore, Limited
(lanjutan) (continued)
Bank Mandiri memperoleh fasilitas pinjaman Bank Mandiri obtained loan facility without collateral
tanpa agunan dari Development Bank Limited, from Development Bank Limited, Singapore, with
Singapura dengan nominal yang beragam dengan various nominal amounts and SOFR interest rates
tingkat bunga SOFR 3 (tiga) bulan ditambah of 3 (three) months plus a certain margin. The loan
marjin tertentu. Fasilitas pinjaman ini terdiri dari facility consists of several loans will mature
beberapa pinjaman yang akan jatuh tempo pada 26 August 2027.
tanggal 26 Agustus 2027.
Taipei Fubon Bank, Singapura Taipei Fubon Bank, Singapore
31 Desember 2025/31 December 2025
Tingkat Nilai nominal/Nominal amount
suku
Jangka bunga Valuta asing
Tanggal jatuh waktu per tahun/ (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ Interest Foreign Rupiah/
Pinjaman/ Maturity Tenor rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
+ marjin tertentu/
Taipei Fubon
Direct off-shore Bank, 26 Agustus / SOFR (3 months) Direct off-shore
loans Singapura/Singapore August 2027 45 + certain margin USD 70.000.000 1.167.250 loans
SOFR (3 bulan)
+ marjin tertentu/
Taipei Fubon
Direct off-shore Bank, 26 Agustus / SOFR (3 months) Direct off-shore
loans Singapura/Singapore August 2027 45 + certain margin USD 29.871.094 498.100 loans
99.871.094 1.665.350
31 Desember 2024/31 December 2024
Tingkat Nilai nominal/Nominal amount
suku
Jangka bunga Valuta asing
Tanggal jatuh waktu per tahun/ (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ Interest Foreign Rupiah/
Pinjaman/ Maturity Tenor rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
Taipei Fubon + marjin tertentu/
Direct off-shore Bank, 26 Agustus / SOFR (3 months) Direct off-shore
loans Singapura/Singapore August 2027 45 + certain margin USD 70.000.000 1.126.650 loans
SOFR (3 bulan)
Taipei Fubon + marjin tertentu/
Direct off-shore Bank, 26 Agustus / SOFR (3 months) Direct off-shore
loans Singapura/Singapore August 2027 45 + certain margin USD 29.787.410 479.428 loans
99.787.410 1.606.078
Bank Mandiri memperoleh fasilitas pinjaman Bank Mandiri obtained loan facility without collateral
tanpa agunan dari Taipei Fubon Bank, Singapura from Taipei Fubon Bank, Singapore with various
dengan nominal yang beragam dengan tingkat nominal amounts and SOFR interest rates of 3
bunga SOFR 3 (tiga) bulan ditambah marjin (three) months plus a certain margin. The loan
tertentu. Fasilitas pinjaman ini terdiri dari facility consists of several loans will mature
beberapa pinjaman yang akan jatuh tempo pada 26 August 2027.
tanggal 26 Agustus 2027.
294
1242 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1245
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(b) Direct off-shore loans (lanjutan) (b) Direct off-shore loans (continued)
The Hongkong and Shanghai Banking The Hongkong and Shanghai Banking
Corporation, Ltd, Singapura Corporation, Ltd, Singapore
31 Desember 2025/31 December 2025
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
The HSBC + marjin tertentu/
Direct off-shore Bank Limited, 26 Agustus / SOFR (3 months) Direct off-shore
loans Singapura/Singapore August 2027 36 + certain margin USD 42.000.000 700.350 loans
SOFR (3 bulan)
The HSBC + marjin tertentu/
Direct off-shore Bank Limited, 26 Agustus / SOFR (3 months) Direct off-shore
loans Singapura/Singapore August 2027 36 + certain margin USD 17.922.656 298.860 loans
59.922.656 999.210
31 Desember 2024/31 December 2024
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
The HSBC + marjin tertentu/
Direct off-shore Bank Limited, 26 Agustus / SOFR (3 months) Direct off-shore
loans Singapura/Singapore August 2027 36 + certain margin USD 70.000.000 1.126.650 loans
SOFR (3 bulan)
The HSBC + marjin tertentu/
Direct off-shore Bank Limited, 26 Agustus / SOFR (3 months) Direct off-shore
loans Singapura/Singapore August 2027 36 + certain margin USD 29.787.410 479.428 loans
99.787.410 1.606.078
Bank Mandiri memperoleh fasilitas pinjaman Bank Mandiri obtained loan facility without collateral
tanpa agunan dari The Hongkong and Shanghai from The Hongkong and Shanghai Banking
Banking Corporation, Ltd, Singapura, dengan Corporation, Ltd, Singapore with various nominal
nominal yang beragam dengan tingkat bunga amounts and SOFR interest rates of 3 (three)
SOFR 3 (tiga) bulan ditambah marjin tertentu. months plus a certain margin. The loan facility will
Fasilitas pinjaman ini akan jatuh tempo pada mature 26 August 2027.
tanggal 26 Agustus 2027.
Sumitomo Mitsui Banking Corporation Sumitomo Mitsui Banking Corporation
31 Desember 2025/31 December 2025
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
Sumitomo Mitsui + marjin tertentu/
Direct off-shore Banking Corporation 14 Januari / SOFR (3 months) Direct off-shore
loans January 2028 36 + certain margin USD 69.565.217 1.160.000 loans
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore Sumitomo Mitsui 23 Januari / SOFR (3 months) Direct off-shore
loans Banking Corporation January 2028 36 + certain margin USD 10.434.783 174.000 loans
80.000.000 1.334.000
295
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1243
Page 1246
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(b) Direct off-shore loans (lanjutan) (b) Direct off-shore loans (continued)
Sumitomo Mitsui Banking Corporation Sumitomo Mitsui Banking Corporation
(lanjutan) (continued)
Bank Mandiri memperoleh fasilitas pinjaman Bank Mandiri obtained loan facility without collateral
tanpa agunan dari Sumitomo Mitsui Banking from Sumitomo Mitsui Banking Corporation with
Corporation dengan nominal yang beragam various nominal amounts and SOFR interest rates
dengan tingkat bunga SOFR 3 (tiga) bulan of 3 (three) months plus a certain margin. The loan
ditambah marjin tertentu. Fasilitas pinjaman ini facility consists of several loans will mature on
terdiri dari beberapa pinjaman yang akan jatuh 14 and 23 January 2028.
tempo pada tanggal 14 dan 23 Januari 2028.
Standard Chartered Bank, Singapura Standard Chartered Bank, Singapore
31 Desember 2025/31 December 2025
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore Standard Chartered 14 Januari/ SOFR (3 months) Direct off-shore
loans Bank Singapore January 2028 36 + certain margin USD 46.086.956 768.500 loans
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore Standard Chartered 24 Januari/ SOFR (3 months) Direct off-shore
loans Bank Singapore January 2028 36 + certain margin USD 13.434.783 224.025 loans
59.521.739 992.525
Efektif per tanggal 21 Maret 2025, Bank Mandiri Effective as of 21 March 2025, Bank Mandiri has
memiliki outstanding fasilitas pinjaman tanpa outstanding unsecured loan facilities from Standard
agunan dari Standard Chartered Bank, Singapura Chartered Bank, Singapore, amounting to
sebesar USD46.086.956,52 (nilai penuh) dan USD46.086.956,52 (full amount) and
USD13.434.782,61 (nilai penuh) dengan tingkat USD13.434.782,61 (full amount), bearing interest at
bunga SOFR 3 (tiga) bulan ditambah marjin 3 (three) month SOFR plus a certain margin, which
tertentu, yang berasal dari pengalihan sebagian originated from a partial transfer of loans from
pinjaman Sumitomo Mitsui Banking Corporation. Sumitomo Mitsui Banking Corporation.These loan
Fasilitas pinjaman ini memiliki tenor lebih dari 1 facilities have tenors of more than 1 (one) year and
(satu) tahun dan akan jatuh tempo pada tanggal will mature on 14 and 24 January 2028.
14 dan 24 Januari 2028.
Bank of China, Singapura Bank of China, Singapore
31 Desember 2025/31 December 2025
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore Bank of China, SOFR (3 months) Direct off-shore
loans Singapura/Singapore 15 Juni/June 2026 36 + certain margin USD 8.000.000 133.400 loans
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore Bank of China, 18 Januari/ SOFR (3 months) Direct off-shore
loans Singapura/Singapore January 2028 36 + certain margin USD 50.000.000 833.750 loans
58.000.000 967.150
296
1244 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1247
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(b) Direct off-shore loans (lanjutan) (b) Direct off-shore loans (continued)
Bank of China, Singapura (lanjutan) Bank of China, Singapore (continued)
31 Desember 2024/31 December 2024
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore Bank of China, SOFR (3 months) Direct off-shore
loans Singapura/Singapore 15 Juni/June 2026 36 + certain margin USD 8.000.000 128.760 loans
8.000.000 128.760
Efektif per tanggal 15 September 2023, Bank Effective as of 15 September 2023, Bank Mandiri
Mandiri memiliki outstanding fasilitas pinjaman has an outstanding unsecured loan facility from
tanpa agunan dari Bank of China Ltd., Singapura Bank of China Ltd.,Singapore, amounted to
sebesar USD8.000.000 (nilai penuh) dengan tingkat USD8,000,000 (full amount) with a SOFR 3 (three)
bunga SOFR 3 (tiga) bulan ditambah marjin months interest rate plus a certain margin,
tertentu, yang berasal dari pengalihan sebagian originating from the transfer of a portion of the loan
pinjaman MUFG Bank, Ltd., Singapura. Fasilitas from MUFG Bank, Ltd., Singapore. The loan
pinjaman ini memiliki tenor lebih dari 1 (satu) tahun facilities have a tenor more than 1 (one) year and
dan akan jatuh tempo pada tanggal 15 Juni 2026. will mature on 15 June 2026.
Efektif per tanggal 16 Januari 2025, Bank Mandiri Effective as of 16 January 2025, Bank Mandiri has
memiliki outstanding fasilitas pinjaman tanpa an outstanding unsecured loan facility from Bank of
agunan dari Bank of China Ltd., Singapura sebesar China Ltd., Singapore amounting to
USD50.000.000 (nilai penuh) dengan tingkat bunga USD50,000,000 (full amount) with an interest rate
SOFR 3 (tiga) bulan ditambah marjin tertentu, yang of 3 month SOFR plus a certain margin, which
berasal dari pengalihan sebagian pinjaman MUFG resulted from the transfer of a portion of a loan from
Bank, Ltd., Singapura. Fasilitas pinjaman ini MUFG Bank, Ltd., Singapore. This loan facility has
memiliki tenor lebih dari 1 (satu) tahun dan akan a tenor of more than one (1) year and will mature on
jatuh tempo pada tanggal 18 Januari 2028. 18 January 2028.
Taishin International Bank Taishin International Bank
31 Desember 2025/31 December 2025
Tingkat Nilai nominal/Nominal amount
suku
Jangka bunga Valuta asing
Tanggal jatuh waktu per tahun/ (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ Interest Foreign Rupiah/
Pinjaman/ Maturity Tenor rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore Taishin International 24 Desember/ SOFR (3 months) Direct off-shore
loans Bank, December 2026 36 + certain margin USD 49.983.328 833.473 loans
49.983.328 833.473
297
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1245
Page 1248
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(b) Direct off-shore loans (lanjutan) (b) Direct off-shore loans (continued)
Taishin International Bank (lanjutan) Taishin International Bank (continued)
31 Desember 2024/31 December 2024
Tingkat Nilai nominal/Nominal amount
suku Valuta asing
Jangka bunga
Tanggal jatuh waktu per tahun/ (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ Interest Foreign Rupiah/
Pinjaman/ Maturity Tenor rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore Taishin International 24 Desember/ SOFR (3 months) Direct off-shore
loans Bank December 2026 36 + certain margin USD 50.000.000 804.750 loans
Dikurangi: Less:
Biaya teratribusi Unamortised
yang belum attributable
diamortisasi (33.339) (537) costs
49.966.661 804.213
Bank Mandiri memperoleh fasilitas pinjaman Bank Mandiri obtained loan facility without collateral
tanpa agunan dari Taishin International Bank, from Taishin International Bank, Singapore
Singapura sebesar USD50.000.000 (nilai penuh) amounted to USD50,000,000 (full amount), with the
dengan tingkat bunga SOFR 3 (tiga) bulan interest rate of SOFR 3 (three) months plus certain
ditambah marjin tertentu. Fasilitas pinjaman ini margin. The loan facilities have a tenor more than 1
memiliki tenor lebih dari 1 (satu) tahun dan akan (one year) and will mature on 24 December 2026.
jatuh tempo pada tanggal 24 Desember 2026.
Bank of Taiwan Bank of Taiwan
31 Desember 2025/31 December 2025
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore SOFR (3 months) Direct off-shore
loans Bank of Taiwan 15 Juni/June 2026 36 + certain margin USD 34.974.720 583.204 loans
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore SOFR (3 months) Direct off-shore
loans Bank of Taiwan 15 Juni/June 2026 36 + certain margin USD 9.992.777 166.630 loans
44.967.497 749.834
31 Desember 2024/31 December 2024
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore SOFR (3 months) Direct off-shore
loans Bank of Taiwan 15 Juni/June 2026 36 + certain margin USD 35.000.000 563.325 loans
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore SOFR (3 months) Direct off-shore
loans Bank of Taiwan 15 Juni/June 2026 36 + certain margin USD 10.000.000 160.950 loans
45.000.000 724.275
298
1246 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1249
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(b) Direct off-shore loans (lanjutan) (b) Direct off-shore loans (continued)
Bank of Taiwan (lanjutan) Bank of Taiwan (continued)
Efektif per tanggal 15 September 2023, Bank Effective as of 15 September 2023, Bank Mandiri
Mandiri memiliki outstanding fasilitas pinjaman has an outstanding unsecured loan facility from
tanpa agunan dari Bank of Taiwan Ltd., Offshore Bank of Taiwan Ltd., Offshore Banking, amounted
Banking sebesar USD35.000.000 (nilai penuh) dan to USD35,000,000 (full amount), and from Bank of
Bank of Taiwan Ltd., Singapura USD10.000.000 Taiwan Ltd., Singapore, amounted to
(nilai penuh) dengan tingkat bunga SOFR 3 (tiga) USD10,000,000 (full amount), with a SOFR
bulan ditambah marjin tertentu, yang berasal dari 3 (three) months interest rate plus a certain margin,
pengalihan sebagian pinjaman MUFG Bank, Ltd., originating from the transfer of a portion of the loan
Singapura. Fasilitas pinjaman ini memiliki tenor from MUFG Bank, Ltd., Singapore. The loan
lebih dari 1 (satu) tahun dan akan jatuh tempo pada facilities have a tenor more than 1 (one) year and
tanggal 15 Juni 2026. will mature on 15 June 2026.
Saudi National Bank Singapura Saudi National Bank Singapore
31 Desember 2025/31 December 2025
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore 14 Januari/ SOFR (3 months) Direct off-shore
loans Saudi National Bank Singapore January 2028 36 + certain margin USD 43.478.261 725.000 loans
43.478.261 725.000
Efektif per tanggal 24 Juni 2025, Bank Mandiri Effective as of 24 June 2025, Bank Mandiri has an
memiliki outstanding fasilitas pinjaman tanpa outstanding unsecured loan facility from Saudi
agunan dari Saudi National Bank, Singapura National Bank Singapore, Offshore Banking,
sebesar USD43.478.260,87 (nilai penuh) dengan amounted to USD 43,478,260.87 (full amount), with
tingkat bunga SOFR 3 (tiga) bulan ditambah a SOFR 3 (three) months interest rate plus a certain
marjin tertentu, yang berasal dari pengalihan margin, originating from the transfer of a portion of
sebagian pinjaman Standard Chartered Bank the loan from Standard Chartered Bank Singapore.
Limited, Singapura. Fasilitas pinjaman ini memiliki The loan facility has a tenor of more than 1 (one)
tenor lebih dari 1 (satu) tahun dan akan jatuh year and will mature on 14 January 2028.
tempo pada tanggal 14 Januari 2028.
DZ Bank Singapura DZ Bank Singapore
31 Desember 2025/31 December 2025
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore 14 Januari/ SOFR (3 months) Direct off-shore
loans DZ Bank Singapore January 2028 36 + certain margin USD 17.391.304 290.000 loans
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore 24 Januari/ SOFR (3 months) Direct off-shore
loans DZ Bank Singapore January 2028 36 + certain margin USD 2.608.696 43.500 loans
20.000.000 333.500
299
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1247
Page 1250
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(b) Direct off-shore loans (lanjutan) (b) Direct off-shore loans (continued)
DZ Bank Singapura (lanjutan) DZ Bank Singapore (continued)
Efektif per tanggal 13 Mei 2025, Bank Mandiri Effective as of 13 May 2025, Bank Mandiri has an
memiliki outstanding fasilitas pinjaman tanpa outstanding unsecured loan facility from DZ Bank
agunan dari DZ Bank Singapura sebesar Singapore, Offshore Banking, amounted to
USD17.391.304,35 (nilai penuh) dan USD17,391,304.35 (full amount), and from DZ Bank
USD2.608.695,65 (nilai penuh) dengan tingkat Singapore amounted to USD2,608,695.65 (full
bunga SOFR 3 (tiga) bulan ditambah marjin amount), with a SOFR 3 (three) months interest rate
tertentu, yang berasal dari pengalihan sebagian plus a certain margin, originating from the transfer of
pinjaman Standard Chartered Bank Limited, a portion of the loan from Standard Chartered Bank
Singapura. Fasilitas pinjaman ini memiliki tenor Singapore. The loan facilities have a tenor of more
lebih dari 1 (satu) tahun dan akan jatuh tempo than 1 (one) year and will mature on
pada tanggal 14 dan 24 Januari 2028. 14 and 24 January 2028.
Shanghai Commercial & Savings Banks Shanghai Commercial & Savings Banks
31 Desember 2025/31 December 2025
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore Shanghai Commercial 14 Januari/ SOFR (3 months) Direct off-shore
loans and Savings Bank January 2028 36 + certain margin USD 17.391.304 290.000 loans
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore Shanghai Commercial 24 Januari/ SOFR (3 months) Direct off-shore
loans and Savings Bank January 2028 36 + certain margin USD 2.608.696 43.500 loans
20.000.000 333.500
Efektif per tanggal 27 Mei 2025, Bank Mandiri Effective as of 27 May 2025, Bank Mandiri has an
memiliki outstanding fasilitas pinjaman tanpa outstanding unsecured loan facility from Shanghai
agunan dari Shanghai Commercial & Savings Commercial & Savings Bank, Offshore Banking,
Banks sebesar USD17.391.304,35 (nilai penuh) amounted to USD17,391,304.35 (full amount), and
dan USD2.608.695,65 (nilai penuh) dengan from Shanghai Commercial & Savings Bank
tingkat bunga SOFR 3 (tiga) bulan ditambah amounted to USD2,608,695.65 (full amount), with a
marjin tertentu, yang berasal dari pengalihan SOFR 3 (three) months interest rate plus a certain
sebagian pinjaman Standard Chartered Bank margin, originating from the transfer of a portion of the
Limited, Singapura. Fasilitas pinjaman ini memiliki loan from Standard Chartered Bank Singapore. The
tenor lebih dari 1 (satu) tahun dan akan jatuh loan facilities have a tenor of more than 1 (one) year
tempo pada tanggal 14 dan 24 Januari 2028. and will mature on 14 and 24 January 2028
300
1248 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1251
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(b) Direct off-shore loans (lanjutan) (b) Direct off-shore loans (continued)
KEB Hana Bank, Offshore Branch KEB Hana Bank, Offshore Branch
31 Desember 2025/31 December 2025
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore KEB Hana Bank 14 Januari/ SOFR (3 months) Direct off-shore
loans Offshore Branch January 2028 36 + certain margin USD 6.086.956 101.500 loans
SOFR (3 bulan)
+ marjin tertentu/
Direct off-shore KEB Hana Bank 24 Januari/ SOFR (3 months) Direct off-shore
loans Offshore Branch January 2028 36 + certain margin USD 913.044 15.225 loans
7.000.000 116.725
Efektif per tanggal 14 Oktober 2025, Bank Mandiri Effective as of 14 October 2025, Bank Mandiri has
memiliki outstanding fasilitas pinjaman tanpa outstanding unsecured loan facilities from KEB
agunan dari KEB Hana Bank Offshore Branch Hana Bank, Offshore Branch, amounting to
sebesar USD6.086.956,52 (nilai penuh) dan USD6,086,956.52 (full amount) and
USD913.043,48 (nilai penuh) dengan tingkat USD913,043.48 (full amount), bearing interest at 3
bunga SOFR 3 (tiga) bulan ditambah marjin (three) month SOFR plus a certain margin, which
tertentu, yang berasal dari pengalihan sebagian originated from a partial transfer of loans from
pinjaman Standard Chartered Bank Limited, Standard Chartered Bank Limited,
Singapura. Fasilitas pinjaman ini memiliki tenor Singapore.These loan facilities have tenors of more
lebih dari 1 (satu) tahun dan akan jatuh tempo than one (1) year and will mature on 14 and
pada tanggal 14 dan 24 Januari 2028. 24 January 2028.
China Development Bank China Development Bank
31 Desember 2024/31 December 2024
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (6 bulan)
+ marjin tertentu/
China Development SOFR (6 months)
Tranche A Bank 15 September 2025 120 + certain margin USD 93.447.023 1.504.030 Tranche A
Dikurangi: Less:
Biaya teratribusi Unamortised
yang belum attributable
diamortisasi (63.770) (1.026) costs
93.383.253 1.503.004
SOFR (6 bulan)
+ marjin tertentu/
China Development SOFR (6 months)
Tranche B Bank 15 September 2025 120 + certain margin USD 38.773.807 624.064 Tranche B
Dikurangi: Less:
Biaya teratribusi Unamortised
yang belum attributable
diamortisasi (1.105) (17) costs
38.772.702 624.047
301
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1249
Page 1252
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(b) Direct off-shore loans (lanjutan) (b) Direct off-shore loans (continued)
China Development Bank (lanjutan) China Development Bank (continued)
Pada tanggal 16 September 2015, Bank Mandiri On 16 September 2015, Bank Mandiri signed a
menandatangani perjanjian fasilitas pinjaman long-term loan facility without collateral agreement
jangka panjang tanpa agunan dengan China with China Development Bank (CDB).
Development Bank (CDB).
Pinjaman tersebut terbagi dalam 2 (dua) fasilitas, The loan consists of 2 (two) facilities, which Tranche
yaitu Tranche A berupa pinjaman langsung dari A Facility is a direct loan from CDB denominated in
CDB dalam valuta USD dengan total fasilitas USD with a total facility of USD700,000,000 (full
sebesar USD700.000.000 (nilai penuh) yang jatuh amount) which will mature in 10 (ten) years since
tempo 10 (sepuluh) tahun setelah tanggal the agreement date with an interest rate of LIBOR 6
perjanjian dengan tingkat bunga LIBOR 6 (enam) (six) months plus a certain margin and Tranche B is
bulan ditambah marjin tertentu dan Tranche B a direct loans denominated in CNY with a total
berupa pinjaman langsung dalam valuta CNY facility of CNY1,908,420,000 (full amount) maturing
dengan total fasilitas sebesar CNY1.908.420.000 in 10 (ten) years since the agreement date with
(nilai penuh) yang jatuh tempo 10 (sepuluh) tahun SHIBOR interest rate of 6 (six) months plus certain
setelah tanggal perjanjian dengan tingkat bunga margin.
SHIBOR 6 (enam) bulan ditambah marjin tertentu.
Pada tanggal 16 Maret 2021, Tranche B telah On 16 March 2021, Tranche B was converted into a
dikonversi menjadi pinjaman dalam valuta USD loan in USD with a total amount of USD194,288,681
dengan nilai sebesar USD194.288.681 (nilai (full amount) with an interest rate of 6 (six) months
penuh) dengan tingkat bunga LIBOR 6 (enam) LIBOR plus certain margin. There is no change in
bulan ditambah marjin tertentu. Tidak terdapat the maturity of the facility for this conversion.
perubahan jatuh tempo fasilitas atas konversi ini.
Pada bulan Juni 2023, Bank telah In June 2023, the Bank has signed an override
menandatangani override agreement terkait agreement regarding the change in the benchmark
perubahan suku bunga acuan dari LIBOR menjadi interest rate from LIBOR to SOFR Simple Daily.
SOFR Simple Daily.
Fasilitas pinjaman ini telah dilunasi pada tanggal This loan facility has been fully repaid on
8 September 2025. 8 September 2025.
(c) Fasilitas pendanaan perdagangan (banker’s (c) Trade financing facilities (bankers’ acceptance)
acceptance)
Fasilitas pendanaan perdagangan merupakan Trade financing facilities represent short-term
pinjaman jangka pendek dengan jangka waktu borrowings with tenors ranging between 30 days to
mulai dari 30 hari sampai dengan 365 hari dengan 365 days with interest rate of LIBOR or SOFR plus
tingkat suku bunga sebesar LIBOR atau SOFR a certain margin. The balance are as follows:
ditambah marjin tertentu. Rincian saldo adalah
sebagai berikut:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
United Overseas Bank Limited, United Overseas Bank Limited,
Singapura 9.004.500 7.802.646 Singapore
Emirates NBD Bank, Singapura 6.586.625 7.081.800 Emirates NBD Bank, Singapore
The Hongkong and Shanghai The Hongkong and Shanghai
Banking Corporation, Banking Corporation,
Singapura 5.552.775 4.735.310 Singapore
CoBank US, Amerika Serikat 5.002.500 4.828.500 CoBank US, United States
The Bank of New York Mellon, The Bank of New York Mellon,
Singapura 4.835.750 3.276.781 Singapore
302
1250 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1253
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(c) Fasilitas pendanaan perdagangan (banker’s (c) Trade financing facilities (bankers’ acceptance)
acceptance) (lanjutan) (continued)
Fasilitas pendanaan perdagangan merupakan Trade financing facilities represent short-term
pinjaman jangka pendek dengan jangka waktu borrowings with tenors ranging between 30 days to
mulai dari 30 hari sampai dengan 365 hari dengan 365 days with interest rate of LIBOR or SOFR plus
tingkat suku bunga sebesar LIBOR atau SOFR a certain margin. The balance are as follows:
ditambah marjin tertentu. Rincian saldo adalah (continued)
sebagai berikut: (lanjutan)
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
DBS Bank, Singapura 3.793.563 315.462 DBS Bank, Singapore
CTBC Bank Co. Ltd., Singapura 3.468.400 2.864.910 CTBC Bank Co, Ltd., Singapore
Bank of America, N.A, Singapura 2.946.472 1.593.405 Bank of America, N.A., Singapore
CIMB Bank, Hong Kong 1.500.661 717.038 CIMB Bank, Hong Kong
OCBC Ltd., Hong Kong 1.327.687 - OCBC Ltd., Hong Kong
Cathay Bank, Taipei 1.250.570 804.750 Cathay Bank, Taipei
Korea Development Bank 1.083.875 - Korea Development Bank
CaixaBank, Spanyol 833.750 - CaixaBank, Spanyol
DZ Bank AG, Singapura 833.750 - DZ Bank AG, Singapore
Standard Chartered Bank, Standard Chartered Bank,
Singapura 833.750 - Singapore
Wells Fargo Bank, Singapura 833.640 - Wells Fargo Bank, Singapore
State Bank of India, Hong Kong 833.640 - State Bank of India, Hong Kong
Bank of China Limited, Singapura 416.820 - Bank of China Limited,Singapore
Sumitomo Mitsui Banking Sumitomo Mitsui Banking
Corporation, Singapura - 309.024 Corporation, Singapore
Bank of Montreal, Kanada - 3.419.061 Bank of Montreal, Canada
MUFG Bank, Ltd., Singapura - 1.609.500 MUFG Bank, Ltd., Singapore
Bank of America, N.A, Hong Kong - 1.086.817 Bank of America, N.A., Hong Kong
Total 50.938.728 40.445.004 Total
(d) Term Loans (d) Term Loans
Mata uang asing Foreign currency
Mandated Lead Arrangers & Bookrunners - Mandated Lead Arrangers & Bookrunners -
United Overseas Bank Limited United Overseas Bank Limited
31 Desember 2025/31 December 2025
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
Mandated Lead + marjin tertentu/
Arrangers & 27 Desember/ SOFR (3 months)
Term Loans Bookrunners December 2027 36 + certain margin USD 1.000.000.000 16.675.000 Term loans
Dikurangi: Less:
Biaya teratribusi Unamortised
yang belum attributable
diamortisasi (6.753.647) (112.617) costs
993.246.353 16.562.383
303
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1251
Page 1254
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(d) Term Loans (lanjutan) (d) Term Loans (continued)
Mata uang asing (lanjutan) Foreign currency (continued)
Mandated Lead Arrangers & Bookrunners - Mandated Lead Arrangers & Bookrunners -
United Overseas Bank Limited (lanjutan) United Overseas Bank Limited (continued)
31 Desember 2024/31 December 2024
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
Mandated Lead + marjin tertentu/
Arrangers & 27 Desember/ SOFR (3 months)
Term Loans Bookrunners December 2027 36 + certain margin USD 1.000.000.000 16.095.000 Term loans
Dikurangi: Less:
Biaya teratribusi Unamortised
yang belum attributable
diamortisasi (7.510) (120.874) costs
999.992.490 15.974.126
Bank Mandiri memperoleh fasilitas pinjaman tanpa Bank Mandiri obtained unsecured loan facility from
agunan dari Australia and New Zealand Banking Australia and New Zealand Banking Group Limited
Group Limited Singapore Branch, PT Bank ANZ Singapore Branch, PT Bank ANZ Indonesia, CIMB
Indonesia, CIMB Bank Berhad Singapore Branch, Bank Berhad Singapore Branch, DBS Bank Ltd.,
DBS Bank Ltd., The Hongkong and Shanghai The Hongkong and Shanghai Banking Corporation
Banking Corporation Limited Singapore Branch, Limited Singapore Branch, Oversea-Chinese
Oversea-Chinese Banking Corporation Limited, Banking Corporation Limited, and United Overseas
dan United Overseas Bank Limited sebagai Bank Limited as Mandated Lead Arrangers &
Mandated Lead Arrangers & Bookrunners sebesar Bookrunners amounted to USD1,000,000,000 (full
USD1.000.000.000 (nilai penuh) dengan tingkat amount) with a SOFR 3 (three) months interest rate
suku bunga SOFR 3 bulan ditambah margin plus a certain margin. The loan facility has a tenor
tertentu per tahun. Fasilitas pinjaman ini memiliki more than 1 (one) year which will mature on
tenor lebih dari 1 (satu) tahun dan akan jatuh 27 December 2027.
tempo pada tanggal 27 Desember 2027.
Mandated Lead Arrangers & Bookrunners - Mandated Lead Arrangers & Bookrunners -
Oversea-Chinese Banking Corporation Limited Oversea-Chinese Banking Corporation Limited
31 Desember 2025/31 December 2025
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
Mandated Lead + marjin tertentu/
Arrangers & 22 Desember/ SOFR (3 months)
Term Loans Bookrunners December 2028 36 + certain margin USD 339.000.000 5.652.825 Term loans
Dikurangi: Less:
Biaya teratribusi Unamortised
yang belum attributable
diamortisasi - - costs
339.000.000 5.652.825
304
1252 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1255
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(d) Term Loans (lanjutan) (d) Term Loans (continued)
Mata uang asing (lanjutan) Foreign currency (continued)
Mandated Lead Arrangers & Bookrunners - Mandated Lead Arrangers & Bookrunners -
Oversea-Chinese Banking Corporation Limited Oversea-Chinese Banking Corporation Limited
(lanjutan) (continued)
Pada tanggal 23 Desember 2025, Bank Mandiri On 23 December 2025, Bank Mandiri obtained
memperoleh fasilitas pinjaman tanpa agunan dari unsecured loan facility from Oversea-Chinese
Oversea-Chinese Banking Corporation Limited, Banking Corporation Limited, United Overseas
United Overseas Bank Limited, dan Wells Fargo Bank Limited, and Wells Fargo Bank, National
Bank, National Association sebagai Mandated Association as Mandated Lead Arrangers &
Lead Arrangers & Bookrunners sebesar Bookrunners amounted to USD339,000,000 (full
USD339.000.000 (nilai penuh) dengan tingkat amount) with a SOFR 3 (three) months interest rate
suku bunga SOFR 3 bulan ditambah margin plus a certain margin. The loan facility has a tenor
tertentu per tahun. Fasilitas pinjaman ini memiliki more than 1 (one) year which will mature on
tenor lebih dari 1 (satu) tahun dan akan jatuh 22 December 2028.
tempo pada tanggal 22 Desember 2028.
(e) Bilateral Loans (e) Bilateral Loans
Mata uang asing Foreign currency
Standard Chartered Bank, Jakarta Standard Chartered Bank, Jakarta
31 Desember 2025/31 December 2025
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
+ marjin tertentu/
Standard Chartered SOFR (3 months)
Bilateral Loans Bank, Jakarta 25 Juni/June 2028 36 + certain margin USD 100.000.000 1.667.500 Bilateral loans
Dikurangi: Less:
Biaya teratribusi Unamortised
yang belum attributable
diamortisasi (672.079) (11.207) costs
99.327.921 1.656.293
Bank Mandiri memperoleh fasilitas pinjaman tanpa Bank Mandiri obtained unsecured loan facility from
agunan dari Standard Chartered Bank, Jakarta Standard Chartered Bank, Jakarta amounted to
sebesar USD100.000.000 (nilai penuh) dengan USD100,000,000 (full amount) with a SOFR 3
tingkat suku bunga SOFR 3 bulan ditambah (three) months interest rate plus a certain margin.
margin tertentu per tahun. Fasilitas pinjaman ini The loan facility has a tenor more than 1 (one) year
memiliki tenor lebih dari 1 (satu) tahun dan akan which will mature on 25 June 2028.
jatuh tempo pada tanggal 25 Juni 2028.
305
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1253
Page 1256
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(e) Bilateral Loans (lanjutan) (e) Bilateral Loans (continued)
Mata uang asing (lanjutan) Foreign currency (continued)
PT Bank HSBC Indonesia PT Bank HSBC Indonesia
31 Desember 2025/31 December 2025
Tingkat Nilai nominal/Nominal amount
suku
Jangka bunga Valuta asing
Tanggal jatuh waktu per tahun/ (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ Interest Foreign Rupiah/
Pinjaman/ Maturity Tenor rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
SOFR (3 bulan)
Mandated Lead + marjin tertentu/
Arrangers & SOFR (3 months)
Bilateral loans Bookrunners 26 Mei/May 2028 36 + certain margin USD 100.000.000 1.667.500 Bilateral loans
SOFR (3 bulan)
Mandated Lead + marjin tertentu/
Arrangers & SOFR (3 months)
Bilateral loans Bookrunners 26 Mei/May 2028 36 + certain margin USD 300.000.000 5.002.500 Bilteral loans
400.000.000 6.670.000
Per tanggal 28 Mei 2025, Bank Mandiri As of 28 May 2025, Bank Mandiri obtained unsecured
memperoleh fasilitas pinjaman tanpa agunan dari loan facility from DBS Bank Limited, HSBC Limited
DBS Bank Limited, HSBC Limited Singapore Singapore Branch, OCBC Limited, and UOB Limitied
Branch, OCBC Limited, dan UOB Limitied sebagai as Mandated Lead Arrangers & Bookrunners
Mandated Lead Arrangers & Bookrunners sebesar amounted to USD300,000,000 (full amount) and
masing-masing USD300.000.000 (nilai penuh) USD100,000,000 (full amount) with a SOFR 3 (three)
dan USD100.000.000 (nilai penuh) dengan tingkat months interest rate plus a certain margin. The loan
suku bunga SOFR 3 bulan ditambah margin facility has a tenor more than 1 (one) year which will
tertentu per tahun. Fasilitas pinjaman ini memiliki mature on 26 May 2028.
tenor lebih dari 1 (satu) tahun dan akan jatuh
tempo pada tanggal 26 Mei 2028.
MUFG Bank, Ltd., Jakarta MUFG Bank, Ltd., Jakarta
31 Desember 2025/31 December 2025
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
MUFG Bank Ltd., 4 September
Bilateral loans Jakarta 2026 11 4,34% USD 500.000.000 8.337.500 Bilateral loans
SOFR (3 bulan) +
marjin
tertentu/SOFR (3
MUFG Bank Ltd., 22 Desember/ months) + certain
Bilateral loans Jakarta December 2028 36 margin USD 100.000.000 1.667.500 Bilateral loans
Biaya teratribusi Unamortised
yang belum attributable
diamortisasi (600.000) (10.005) costs
599.400.000 9.994.995
306
1254 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1257
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(e) Bilateral Loans (lanjutan) (e) Bilateral Loans (continued)
Mata uang asing (lanjutan) Foreign currency (continued)
MUFG Bank, Ltd., Jakarta (lanjutan) MUFG Bank, Ltd., Jakarta (continued)
31 Desember 2024/31 December 2024
Nilai nominal/Nominal amount
Tingkat
Jangka suku Valuta asing
Tanggal jatuh waktu bunga (nilai penuh)/ Setara
Pemberi Tempo/ (bulan)/ per tahun/ Foreign Rupiah/
Pinjaman/ Maturity Tenor Interest rate Mata uang/ currency Rupiah
Jenis Lender date (months) per annum Currency (full amount) equivalent Type
MUFG Bank Ltd., 12 September
Bilateral loans Jakarta 2025 11 4,42% USD 500.000.000 8.047.500 Bilateral loans
500.000.000 8.047.500
Bank Mandiri memperoleh fasilitas pinjaman Bank Mandiri obtained unsecured loan facility from
tanpa agunan dari MUFG Bank, Ltd., Jakarta MUFG Bank, Ltd., Jakarta amounted to
sebesar USD500.000.000 (nilai penuh) dengan USD500,000,000 (full amount) with fixed interest
tingkat suku bunga tetap sebesar 4,42%. Fasilitas rate of 4.42%. The loan facility has a tenor less than
pinjaman ini memiliki tenor kurang dari 1 (one) year which matured on 12 September 2025.
1 (satu) tahun dan jatuh tempo pada tanggal The payment of the loan principal is fully paid on the
12 September 2025. Pembayaran pokok pinjaman maturity date.
telah dilakukan secara penuh pada saat tanggal
jatuh tempo.
Bank Mandiri memperoleh fasilitas pinjaman Bank Mandiri obtained unsecured loan facility from
tanpa agunan dari MUFG Bank, Ltd., Jakarta MUFG Bank, Ltd., Jakarta amounted to
sebesar USD500.000.000 (nilai penuh) dengan USD500,000,000 (full amount) with fixed interest
tingkat suku bunga tetap sebesar 4,34%. Fasilitas rate of 4.34%. The loan facility has a tenor less than
pinjaman ini memiliki tenor kurang dari 1 (one) year which will mature on 4 September
1 (satu) tahun yang akan jatuh tempo pada 2026.
tanggal 4 September 2026.
Bank Mandiri memperoleh fasilitas pinjaman Bank Mandiri obtained unsecured loan facility from
tanpa agunan dari MUFG Bank, Ltd., Jakarta MUFG Bank, Ltd., Jakarta amounted to
sebesar USD100.000.000 (nilai penuh) dengan USD100,000,000 (full amount) with a SOFR 3
tingkat suku bunga SOFR 3 bulan ditambah (three) months interest rate plus a certain margin.
margin tertentu per tahun. Fasilitas pinjaman ini The loan facility has a tenor more than 1 (one) year
memiliki tenor lebih dari 1 (satu) tahun yang akan which will mature on 22 December 2028.
jatuh tempo pada tanggal 22 Desember 2028.
(f) Repo to maturity (f) Repo to maturity
Mata uang asing Foreign currency
Pada tanggal 30 Juni 2025, Bank Mandiri On 30 June 2025, Bank Mandiri conducted a loan
melakukan transaksi pinjaman sebesar transaction amounted to USD40,500,000 (full
USD40.500.000 (nilai penuh), USD49.000.000 amount), USD49,000,000 (full amount) dan
(nilai penuh) dan USD75.000.000 (nilai penuh) USD75,000,000 (full amount) through repo to
melalui skema repo to maturity dengan Standard maturity scheme with Standard Chartered Bank
Chartered Bank (SCB) Jakarta. Dalam transaksi (SCB) Jakarta. In this repo to maturity transactions,
repo to maturity ini, Bank Mandiri mengalihkan Bank Mandiri transferred government bonds ROI
obligasi pemerintah ROI 28, INDOIS 28, dan 28, INDOIS 28, dan INDOIS 29 to SCB Jakarta.
INDOIS 29 kepada SCB Jakarta.
307
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1255
Page 1258
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(f) Repo to maturity (lanjutan) (f) Repo to maturity (continued)
Mata uang asing (lanjutan) Foreign currency (continued)
Atas pengalihan obligasi pemerintah ROI 28, Upon the transfer of government bonds ROI 28,
INDOIS 28, dan INDOIS 29 tersebut, Bank Mandiri INDOIS 28, dan INDOIS 29, Bank Mandiri
mengakui tagihan sebesar nilai tunai (cash value) recognised receivables at the amount of cash value
dari ROI 28, INDOIS 28, dan INDOIS 29 kepada of ROI 28, INDOIS 28, dan INDOIS 29 to SCB
SCB Jakarta. Fasilitas pinjaman ini memiliki tenor Jakarta. These borrowing facilities have 3 (three)
3 (tiga) dan 4 (empat) tahun. Pinjaman sebesar and 4 (four) years tenor. The borrowings amounted
USD36.365.472 (nilai penuh), USD44.961.904 to USD36,365,472 (full amount), USD44,961,904
(nilai penuh), dan USD68.584.657 (nilai penuh) (full amount), and USD68,584,657 (full amount) will
akan jatuh tempo sesuai dengan tanggal jatuh mature according to the maturity date of ROI 28,
tempo ROI 28, INDOIS 28, dan INDOIS 29, yaitu INDOIS 28, dan INDOIS 29 , which on 11 January
11 Januari 2028, 1 Maret 2028, dan 2028, 1 March 2028, and 20 February 2029. On the
20 Februari 2029. Pada tanggal jatuh tempo, SCB maturity date, SCB Jakarta will submit cash value
Jakarta akan menyerahkan nilai tunai (USD) ke (USD) to Bank Mandiri at the amount of underlying
Bank Mandiri sesuai face value underlying face value plus the last underlying coupon, and
ditambah dengan kupon terakhir underlying, dan Bank Mandiri will send the cash value (USD) to SCB
Bank Mandiri akan mengirimkan nilai tunai (USD) Jakarta at the borrowing amount plus the last
ke SCB Jakarta sebesar jumlah pinjaman borrowing interest payment.
ditambah pembayaran bunga pinjaman.
Pada tanggal 30 Mei 2018, Bank Mandiri On 30 May 2018, Bank Mandiri conducted a loan
melakukan transaksi pinjaman sebesar transaction amounted to USD37,000,000 (full
USD37.000.000 (nilai penuh), USD40.940.000 amount), USD40,940,000 (full amount) and
(nilai penuh) dan USD50.000.000 (nilai penuh) USD50,000,000 (full amount) through repo to
melalui skema repo to maturity dengan Nomura maturity scheme with Nomura Singapore Limited
Singapore Limited (NSL). Dalam transaksi repo to (NSL). In this repo to maturity transactions, Bank
maturity ini, Bank Mandiri mengalihkan obligasi Mandiri transferred government bonds ROI 23NN,
pemerintah ROI 23NN, ROI 24, dan ROI 25 ROI 24, and ROI 25 to NSL. Upon the transfer of
kepada NSL. Atas pengalihan obligasi pemerintah government bonds ROI 23NN, ROI 24, and ROI 25,
ROI 23NN, ROI 24, dan ROI 25 tersebut, Bank Bank Mandiri recognised receivables at the amount
Mandiri mengakui tagihan sebesar nilai tunai of cash value of ROI 23NN, ROI 24 and ROI 25 to
(cash value) dari ROI 23NN, ROI 24, dan ROI 25 NSL. These borrowing facilities have 5 (five), 6 (six),
kepada NSL. Fasilitas pinjaman ini memiliki tenor and 7 (seven) years tenor. The borrowings
5 (lima), 6 (enam), dan 7 (tujuh) tahun. Pinjaman amounted to USD24,926,000 (full amount),
sebesar USD24.926.000 (nilai penuh), USD31,270,000 (full amount), and USD34.782.000
USD31.270.000 (nilai penuh), dan (full amount) have matured according to the
USD34.782.000 (nilai penuh) telah jatuh tempo maturity dates of ROI 23 NN, ROI 24, and ROI 25
sesuai dengan tanggal jatuh tempo ROI 23 NN, which are on 11 January 2023, 16 January 2024,
ROI 24, and ROI 25, yaitu11 Januari 2023, and 15 January 2025 respectively. On the maturity
16 Januari 2024, dan 15 Januari 2025. Pada date, settlement of this transaction carried out on a
tanggal jatuh tempo, penyelesaian transaksi ini net basis from borrowings and receivables between
dilakukan secara neto dari pinjaman dan tagihan Bank Mandiri and NSL.
antara Bank Mandiri dan NSL.
Pada tanggal 31 Desember 2025 dan 2024, repo As of 31 December 2025 and 2024, repo to maturity
to maturity mata uang asing masing-masing of foreign currencies amounted to Rp2,499,783
sebesar Rp2.499.783 dan Rp559.816. and Rp559,816, respectively.
Fasilitas pinjaman dari NSL tersebut dijamin This loan facilities from NSL have guaranteed by
dengan penempatan masing-masing sebesar placement amounted to USDNil (full amount)
USDNihil (nilai penuh) (31 Desember 2024 (31 December 2024: USD1,535,315 (full amount))
USD1.535.315 (nilai penuh)) (Catatan 6g). (Notes 6g).
308
1256 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1259
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(g) Bank Indonesia (g) Bank Indonesia
Pada tanggal 30 Desember 2024, Entitas Anak On 30 December 2024, the Subsidiary, namely
yaitu PT Bank Syariah Indonesia Tbk. (“BSI”) PT Bank Syariah Indonesia Tbk. (“BSI”) obtained a
mendapatkan fasilitas penyediaan dana funding facility based on sharia principles from Bank
berdasarkan prinsip syariah dari Bank Indonesia Indonesia for liquidity management amounted to
untuk pengelolaan likuiditas sebesar Rp11,131,252 with a profit-sharing rate of 6.25%
Rp11.131.252 dengan persentase bagi hasil per annum. This facility is guaranteed by collateral
sebesar 6,25% per tahun. Fasilitas ini dijamin in the form of sharia securities and will mature in
dengan agunan berupa surat berharga yang less than one month with nominal Rp18,417,864.
memenuhi prinsip syariah yang jatuh tempo
kurang dari satu bulan dengan nominal sebesar
Rp18.417.864.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari Bank Indonesia masing-masing fund borrowings from Bank Indonesia are
sebesar RpNihil dan Rp18.417.864. amounted to RpNil and Rp18,417,864,
respectively.
(h) Lain-lain (h) Others
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Pihak berelasi Related parties
PT Sarana Multigriya PT Sarana Multigriya
Finansial (Persero) 1.173.421 3.322.595 Finansial (Persero)
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk 1.071.875 666.574 (Persero) Tbk
PT Bank Tabungan Negara PT Bank Tabungan Negara
(Persero) Tbk - 638.788 (Persero) Tbk
2.245.296 4.627.957
Pihak ketiga Third parties
PT Bank Central Asia Tbk 5.659.156 7.904.515 PT Bank Central Asia Tbk
PT Bank Pan Indonesia Tbk 2.869.481 4.586.349 PT Bank Pan Indonesia Tbk
PT Bank DKI 1.608.064 1.285.258 PT Bank DKI
PT Bank Maybank PT Bank Maybank
Indonesia Tbk 1.078.981 2.292.588 Indonesia Tbk
PT Bank Pembangunan PT Bank Pembangunan
Daerah Jawa Barat 1.078.981 2.292.588 Daerah Jawa Barat
dan Banten Tbk 1.000.000 1.312.400 dan Banten
PT Bank Jago Tbk 977.113 1.245.817 PT Bank Jago Tbk
PT Bank CIMB Niaga Tbk 906.067 468.128 PT Bank CIMB Niaga Tbk
PT Bank Danamon PT Bank Danamon
Indonesia Tbk 840.197 1.008.923 Indonesia Tbk
MUFG Bank Ltd. 500.000 - MUFG Bank Ltd.
PT Bank Panin Dubai Syariah 469.269 366.364 PT Bank Panin Dubai Syariah
PT Sea Bank Indonesia 392.525 148.706 PT Sea Bank Indonesia
PT Bank CTBC Indonesia 349.487 149.711 PT Bank CTBC Indonesia
PT Bank China Construction PT Bank China Construction
Indonesia Tbk 330.953 534.510 Indonesia Tbk
PT Bank HSBC Indonesia 300.000 300.000 PT Bank HSBC Indonesia
PT Bank OCBC NISP 299.800 - PT Bank OCBC NISP
PT Bank Muamalat PT Bank Muamalat
Indonesia Tbk 288.811 176.791 Indonesia Tbk
PT BPD Daerah PT BPD Daerah
Istimewa Yogyakarta 275.556 250.824 Istimewa Yogyakarta
JP Morgan Chase Bank 248.024 - JP Morgan Chase Bank
PT Bank of India Indonesia Tbk 241.178 277.399 PT Bank of India Indonesia Tbk
PT Bank Shinhan Indonesia 199.663 274.366 PT Bank Shinhan Indonesia
PT Bank BCA Syariah 189.542 261.431 PT Bank BCA Syariah
PT Bank Permata Tbk 182.205 218.139 PT Bank Permata Tbk
PT Bank Jtrust Indonesia Tbk 177.461 345.316 PT Bank Jtrust Indonesia Tbk
309
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1257
Page 1260
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah (lanjutan) Rupiah (continued)
Pihak ketiga (lanjutan) Third parties (continued)
PT Bank Bumi Arta Tbk 176.704 190.457 PT Bank Bumi Arta Tbk
PT Bank KEB Hana Indonesia 173.888 223.764 PT Bank KEB Hana Indonesia
PT Bank QNB Indonesia Tbk 151.807 422.143 PT Bank QNB Indonesia Tbk
PT Bank DKI - PT Bank DKI -
Unit Usaha Syariah 146.609 109.657 Sharia Business Unit
PT Bank Maspion Tbk 133.190 232.897 PT Bank Maspion Tbk
PT Bank Danamon PT Bank Danamon
Indonesia Tbk - Indonesia Tbk -
Unit Usaha Syariah 120.103 109.688 Sharia Business Unit
PT Bank ICBC Indonesia 100.000 - PT Bank ICBC Indonesia
PT Bank UOB Indonesia 100.000 204.114 PT Bank UOB Indonesia
PT Bank Resona Perdania 99.868 166.312 PT Bank Resona Perdania
PT Bank Jago - PT Bank Jago -
Unit Usaha Syariah 28.331 - Sharia Business Unit
PT Bank Oke Indonesia Tbk 27.904 167.648 PT Bank Oke Indonesia Tbk
PT Maybank Syariah 15.622 40.607 PT Maybank Syariah
PT Bank SMBC Tbk - 200.000 PT Bank SMBC Tbk
PT Bank Victoria PT Bank Victoria
International Tbk - 150.000 International Tbk
Standard Chartered Bank - 100.000 Standard Chartered Bank
PT Bank Mega Tbk - 54.149 PT Bank Mega Tbk
20.657.559 25.778.971
Total 22.902.855 30.406.928 Total
Mata uang asing Foreign currencies
PT Bank Danamon PT Bank Danamon
Indonesia Tbk 687.192 1.168.866 Indonesia Tbk
PT Bank Permata PT Bank Permata
Indonesia Tbk 434.367 656.838 Indonesia Tbk
PT Bank Mizuho Indonesia 69.915 336.458 PT Bank Mizuho Indonesia
The Development Bank of The Development Bank of
Singapore Limited - 48.486 Singapore Limited
MUFG Bank, Ltd., Singapura - 76.770 MUFG Bank, Ltd., Singapore
Total 1.191.474 2.287.418 Total
24.094.329 32.694.346
Rupiah Rupiah
PT Sarana Multigriya Finansial (Persero) PT Sarana Multigriya Finansial (Persero)
Pada tanggal 27 Juli 2023 dan terakhir pada On 27 July 2023 and most recently on 6 March
tanggal 6 Maret 2024, Entitas Anak 2024, the Subsidiary (PT Mandiri Tunas Finance)
(PT Mandiri Tunas Finance) dan PT Sarana and PT Sarana Multigriya Finansial (Persero)
Multigriya Finansial (Persero) (“SMF”) (“SMF”) signed a loan agreement where SMF
menandatangani perjanjian kredit dimana SMF provided a Refinancing and Uncommitted Facility
menyediakan fasilitas Refinancing dan Line with a total facility of Rp2,100,000 which is
Uncommitted Facility Line dengan total fasilitas non-revolving and subject to a rate of fixed interest
sebesar Rp2.100.000 yang bersifat non-revolving rate. The facility has a maturity on July 2026 to June
dan dikenakan tingkat suku bunga tetap. Fasilitas 2027.
tersebut memiliki jatuh tempo pada tanggal Juli
2026 sampai dengan Juni 2027.
310
1258 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1261
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Sarana Multigriya Finansial (Persero) PT Sarana Multigriya Finansial (Persero)
(lanjutan) (continued)
Pada tanggal 17 Desember 2023, Entitas Anak On 17 December 2023, the Subsidiary (PT Mandiri
(PT Mandiri Utama Finance) dan PT Sarana Utama Finance) and PT Sarana Multigriya
Multigriya Finansial (Persero) (“SMF”) Finansial (Persero) (“SMF”) signed a loan
menandatangani perjanjian kredit dimana SMF agreement where SMF provided a Refinancing
menyediakan fasilitas Refinancing dengan total facility with a total facility of Rp200,000 which is
fasilitas sebesar Rp200.000 yang bersifat non-revolving and subject to a rate of fixed interest
non-revolving dan dikenakan tingkat suku bunga rate of 6.95%. On 15 February 2024, the Subsidiary
tetap sebesar antara 6,95%. Pada tanggal re-signed a non-revolving refinancing loan facility
15 Februari 2024 Entitas Anak menandatangani agreement with a maximum credit limit of
kembali perjanjian fasilitas pinjaman refinancing Rp750,000, subject to an interest rate of 6.80% -
non-revolving dengan batas maksimum kredit 7.18%. The facility has a maturity date of 13 August
sebesar Rp750.000 yang dikenakan tingkat suku 2027.
bunga 6,80% - 7,18%. Fasilitas tersebut memiliki
jatuh tempo pada tanggal 13 Agustus 2027.
Pada tanggal 4 Mei 2024, Bank menandatangani On 4 May 2024, Bank signed a credit agreement
perjanjian kredit dimana PT Sarana Multigriya where PT Sarana Multigriya Finansial (Persero)
Finansial (Persero) (“SMF”) menyediakan fasilitas (“SMF”) provided a Refinancing facility with a total
Refinancing dengan total fasilitas sebesar facility of Rp1,000,000 which is non-revolving and
Rp1.000.000 yang bersifat non-revolving dan subject to a fixed interest rate of 6.90%. This facility
dikenakan tingkat suku bunga tetap sebesar has a term of 12 months and has been paid off by
6,90%. Fasilitas ini memiliki jangka waktu 12 bulan Bank.
dan telah dilunasi oleh Bank.
Pada tanggal 22 Januari 2025, Entitas Anak On 22 January 2025, the Subsidiary (PT Mandiri
(PT Mandiri Taspen) menerima fasilitas Taspen) obtained a refinancing facility with a total
refinancing dengan total fasilitas sebesar credit limit of Rp500,000 and a fixed interest rate of
Rp500.000 dengan tingkat suku bunga tetap 6.90%. The facility had a term of 24 months and
sebesar 6,90%. Fasilitas ini memiliki jangka waktu was fully settled on 30 June 2025.
24 bulan dan telah dilunasi pada tanggal 30 Juni
2025.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari SMF masing-masing sebesar fund borrowings from SMF are amounting to
Rp1.173.421 dan Rp3.322.595. Rp1,173,421 and Rp3,322,595, respectively.
PT Bank Negara Indonesia (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk
Pada tanggal 18 April 2022, Entitas Anak On 18 April 2022, the Subsidiary (PT Mandiri Utama
(PT Mandiri Utama Finance) memperoleh Finance) obtained an additional limit for a non-
tambahan plafon fasilitas Kredit Modal Kerja non- revolving working capital loan facility from
revolving dari BNI dengan batas maksimum kredit PT Bank Negara Indonesia (Persero) Tbk (“BNI”)
sebesar Rp1.250.000 dengan tingkat suku bunga with a maximum credit limit of Rp1,250,000 with an
sebesar 6,50% - 6,80% yang memiliki masa interest rate of 6.50% - 6.80% which has an
kelonggaran tarik sampai dengan 18 April 2023 undrawn period until 18 April 2023 and the tenor of
dan tenor fasilitas maksimum hingga 4 (empat) the facility maximum up to 4 (four) years. Therefore
tahun. Fasilitas tersebut akan jatuh tempo tanggal the maturity date will be until 25 January 2027.
25 Januari 2027.
311
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1259
Page 1262
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank Negara Indonesia (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk
(lanjutan) (continued)
Pada tanggal 14 November 2024, Perusahaan On 14 November 2024, the Company obtained an
memperoleh tambahan plafon fasilitas pinjaman additional non-revolving working capital loan facility
modal kerja non revolving dari BNI dengan batas from BNI with a maximum credit limit of
maksimum kredit sejumlah Rp1.000.000 dengan Rp1,000,000. The facility carries an interest rate
tingkat suku bunga sebesar 6,80% - 7,30% yang ranging from 6.80% to 7.30%, with an availability
memiliki masa kelonggaran tarik sampai dengan period up to 14 November 2025, and a maximum
14 November 2025 dan tenor fasilitas maksimum facility tenor of up to 4 years.
hingga 4 tahun.
Pada tanggal 26 Juni 2025, Entitas Anak (PT On 26 June 2025, the Subsidiary (PT Mandiri Tunas
Mandiri Tunas Finance) memperoleh plafon Finance) obtained a revolving Working Capital Loan
fasilitas Kredit Modal Kerja revolving dari BNI facility from PT Bank Negara Indonesia (Persero)
dengan batas maksimum kredit Rp1.000.000 Tbk (“BNI”) with a maximum credit limit of
dengan tingkat suku bunga yang akan ditentukan Rp1,000,000. The interest rate will be determined at
saat pencairan dilakukan yang memiliki masa the time of drawdown. This facility has a drawdown
kelonggaran tarik sampai dengan Juni 2026 availability period up to June 2026, with a maximum
dengan tenor fasilitas maksimum hingga 3 (tiga) facility tenor of up to three (3) years.
tahun.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari BNI masing-masing sebesar fund borrowings from BNI are amounted to
Rp1.071.875 dan Rp666.574. Rp1,071,875 and Rp666,574, respectively.
PT Bank Tabungan Negara (Persero) Tbk PT Bank Tabungan Negara (Persero) Tbk
Pada tanggal 16 Juni 2021, Entitas Anak (Bank On 16 June 2021, the subsidiary (Bank Mandiri
Mandiri Taspen) memperoleh fasilitas kredit dari Taspen) obtained loan facility from BTN in the form
BTN, berupa fasilitas Term Loan (committed) - non of Term Loan (committed) - non revolving with a
revolving dengan jumlah maksimum sebesar maximum credit limit of Rp500,000. The facilities
Rp500.000. Fasilitas tersebut digunakan untuk were used to the subsidiary’s working capital. This
membiayai modal kerja perusahaan. Fasilitas ini facility has a term of 12 months which bears interest
memiliki jangka waktu selama 12 bulan dengan at 5.3% per annum. On 19 May 2022, this facility
suku bunga 5,3% per tahun. Pada tanggal 19 Mei has been extended up to 29 June 2025. This loan
2022, jangka waktu fasilitas ini telah diperpanjang facility have been paid off at 25 June 2025.
hingga 29 Juni 2025. Adapun pinjaman ini telah
dilunasi pada tanggal 25 Juni 2025.
Pada tanggal 12 Desember 2022, Entitas Anak On 12 December 2022, the Subsidiary (PT Mandiri
(PT Mandiri Tunas Finance) dan BTN Tunas Finance) and BTN signed a non-revolving
menandatangani perjanjian kredit sebesar loan agreement amounting to Rp500,000. The
Rp500.000 yang bersifat non-revolving. Penarikan facility was drawn on 19 December 2022, with tenor
fasilitas dilakukan pada tanggal 19 Desember of 3 (three) years and interest rate of 6.00 - 7.60%.
2022 dengan tenor 3 (tiga) tahun dan dikenakan The facility will mature on 19 December 2025 and
tingkat suku bunga antara 6,00% - 7,60%. the amount was fully settled on 17 October 2025.
Fasilitas tersebut jatuh tempo pada tanggal
19 Desember 2025 dan sudah lunas pada tanggal
17 Oktober 2025.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, the Subsidiary
Entitas Anak telah memenuhi persyaratan dan has complied with the terms and conditions set out
ketentuan yang ditetapkan dalam perjanjian in the loan agreement.
pinjaman.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari BTN masing-masing sebesar fund borrowings from BTN are amounted to RpNil
RpNihil dan Rp638.788. and Rp638,788, respectively.
312
1260 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1263
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank Central Asia Tbk PT Bank Central Asia Tbk
Pada tanggal 26 Juni 2025, Entitas Anak On 26 June 2025, the Subsidiary (PT Bank Mandiri
(PT Bank Mandiri Taspen) memperoleh fasilitas Taspen) obtained a credit facility from PT Bank
kredit dari PT Bank Central Asia (“BCA”), berupa Central Asia (“BCA”) in the form of a non-revolving
fasilitas Time Loan non revolving dengan jumlah Time Loan facility with a maximum amount of
maksimum sebesar Rp500.000. Fasilitas tersebut Rp500,000. The facility is intended for the
digunakan untuk modal kerja Entitas Anak. Subsidiary’s working capital. The facility will mature
Fasilitas akan jatuh tempo pada tanggal on 25 December 2026, with an interest rate of
25 Desember 2026 dengan suku bunga IndONIA 90 day IndONIA + 120 bps.
90 hari + 120bps.
Pada tanggal 10 Desember 2025, Bank On 10 December 2025, Bank obtained loan facility
memperoleh fasilitas kredit dari BCA, berupa from BCA in the form of Term Loan Tranche A
fasilitas Term Loan Tranche A (committed) - non (committed) - non revolving with a maximum credit
revolving dengan jumlah maksimum sebesar limit of Rp500,000. This facility has a term of 24
Rp500.000. Fasilitas ini memiliki jangka waktu months up to December 11, 2027 which bears
selama 24 bulan hingga 11 Desember 2027 interest of IndONIA 90 days + 110bps per annum.
dengan suku bunga IndONIA 90 hari + 110 bps
per tahun.
Pada tanggal 10 Desember 2025, Bank On 10 December 2025, Bank obtained loan facility
memperoleh fasilitas kredit dari BCA, berupa from BCA in the form of Term Loan Tranche B
fasilitas Term Loan Tranche B (committed) - non (committed) - non revolving with a maximum credit
revolving dengan jumlah maksimum sebesar limit of Rp250,000. This facility has a term of 24
Rp250.000. Fasilitas ini memiliki jangka waktu months up to December 22, 2027 which bears
selama 24 bulan hingga 22 Desember 2027 interest of IndONIA 90 days + 110bps per annum.
dengan suku bunga IndONIA 90 hari + 110bps per
tahun.
Pada bulan Januari 2020, Entitas Anak (PT Bank In January 2020, the Subsidiary (PT Bank Mandiri
Mandiri Taspen) memperoleh fasilitas kredit dari Taspen) obtained a loan facility from PT Bank
PT Bank Central Asia Tbk (“BCA”), berupa fasilitas Central Asia Tbk (“BCA”), in the form of Term Loan
Term Loan 1 (committed) - non-revolving dengan 1 (committed) - non-revolving facility with a
jumlah maksimum sebesar Rp500.000. Fasilitas maximum amount of Rp500,000. This facility is
tersebut digunakan untuk membiayai modal kerja used to finance the Subsidiary's working capital.
Entitas Anak. Fasilitas ini telah beberapa kali This facility has been extended for a few times, the
diperpanjang, terakhir sampai dengan tanggal latest term is up to January 20, 2025 which bears
20 Januari 2025 dengan suku bunga JIBOR 3 interest at JIBOR 3 month + 125bps, the Term Loan
bulan + 125bps, fasilitas Term Loan (committed) - (committed) - non revolving has been repaid by
non revolving telah dilunasi oleh Bank Mandiri Bank Mandiri Taspen.
Taspen.
Pada bulan Maret 2021, Entitas Anak On March 2021, the Subsidiary (PT Bank Mandiri
(PT Bank Mandiri Taspen) memperoleh fasilitas Taspen) obtained a credit facility from BCA, in the
kredit dari BCA, berupa fasilitas Term Loan 3 form of Term Loan 3 (committed) - non-revolving
(committed) - non-revolving dengan jumlah facility with maximum amount of Rp250,000. This
maksimum sebesar Rp250.000. Fasilitas tersebut facility is used to finance the Subsidiary's working
digunakan untuk membiayai modal kerja Entitas capital. This facility has a term of 12 (twelve) months
Anak. Fasilitas ini memiliki jangka waktu selama until 30 June 2022 with a JIBOR interest rate of 3
12 (dua belas) bulan hingga 30 Juni 2022 dengan (three) months + 125bps. The Term Loan 3
suku bunga JIBOR 3 bulan + 125bps. Fasilitas (committed) - non-revolving facility has matured and
Term Loan 3 (committed) - non-revolving telah was fully repaid on 31 March 2025.
jatuh tempo dan telah dilunasi pada tanggal
31 Maret 2025.
313
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1261
Page 1264
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank Central Asia Tbk (lanjutan) PT Bank Central Asia Tbk (continued)
Pada bulan Maret 2022, Entitas Anak On March 2022, the Subsidiary (PT Bank Mandiri
(PT Bank Mandiri Taspen) memperoleh fasilitas Taspen) obtained a credit facility from BCA, in the
kredit dari BCA, berupa fasilitas Term Loan 4 form of a Term Loan 4 (committed) - non-revolving
(committed) - non-revolving dengan jumlah facility with a maximum amount of Rp250,000. This
maksimum sebesar Rp250.000. Fasilitas ini facility has a term of 36 (thirty six) months from the
digunakan untuk membiayai modal kerja. date of the first drawdown with an interest rate of
Pinjaman ini memiliki jangka waktu selama 36 5.25% per annum. The Term Loan 4 (committed) -
(tiga puluh enam) bulan dari tanggal penarikan non-revolving facility has matured and was fully
pertama dengan suku bunga 5,25% per tahun. repaid on 20 January 2025.
Fasilitas Term Loan 4 (committed) – non-revolving
telah jatuh tempo dan telah dilunasi pada tanggal
20 Januari 2025.
Pada bulan Juni 2025, Bank Mandiri Taspen In June 2025, Bank Mandiri Taspen obtained a
memperoleh fasilitas kredit dari BCA, berupa credit facility from PT Bank Central Asia Tbk (“BCA”)
fasilitas Term Loan 5 (committed) - non revolving in the form of a Term Loan 5 (committed) - non-
dengan jumlah maksimum sebesar Rp500.000. revolving facility with a maximum amount of
Seluruh fasilitas tersebut digunakan untuk Rp500,000. The entire facility was utilized to finance
membiayai modal kerja Bank Mandiri Taspen. Bank Mandiri Taspen’s working capital. The facility
Fasilitas ini memiliki jangka waktu selama 18 bulan has a term of 18 months until 25 December 2026
hingga 25 Desember 2026 dengan suku bunga and bears an annual interest rate of 5.94%.
5,94% per tahun.
Pada tanggal 15 November 2022 dan terakhir On 15 November 2022 and most recently on 23 July
pada tanggal 23 Juli 2025, Entitas Anak (PT 2025, the Subsidiary (PT Mandiri Tunas Finance)
Mandiri Tunas Finance) dan BCA telah and PT Bank Central Asia Tbk (“BCA”) entered into
menandatangani perjanjian kredit dimana BCA credit agreements under which BCA provided
memberikan beberapa fasilitas Installment Loan several Installment Loan facilities and Money
dan Pinjaman Berjangka Money Market (PBMM) Market Term Loan (Pinjaman Berjangka Money
dengan total limit sebesar Rp16.500.000 yang Market/“PBMM”) facilities with a total limit of
bersifat non-revolving dan revolving. Fasilitas Rp16,500,000, consisting of non-revolving and
tersebut memiliki jatuh tempo yang beragam dan revolving facilities. These facilities have various
berkisar antara bulan Maret 2026 sampai dengan maturities ranging from March 2026 to September
bulan September 2028 dengan suku bunga yang 2028, with interest rates to be determined at each
akan ditentukan setiap penarikan fasilitas. drawdown. The PBMM facilities have been
Fasilitas PBMM diperpanjang sampai dengan extended until June 2026.
Juni 2026.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari BCA masing-masing sebesar fund borrowings from BCA was amounted to
Rp5.659.156 dan Rp7.904.515. Rp5,659,156 and Rp7,904,515, respectively.
PT Bank Pan Indonesia Tbk. PT Bank Pan Indonesia Tbk
Pada tanggal 25 Agustus 2021, Entitas Anak On 25 August 2021, the Subsidiary (PT Mandiri
(PT Mandiri Utama Finance) mendapat tambahan Utama Finance) obtained an additional Working
fasilitas Kredit Modal Kerja sebesar Rp500.000 Capital Credit Facility of Rp500,000, which is non-
yang bersifat non-revolving serta tambahan revolving, as well as an additional Money Market
Fasilitas Money Market Line sehingga menjadi Line Facility, bringing the total to Rp100,000. The
Rp100.000. Atas Fasilitas Kredit Modal Kerja Working Capital Credit Facility bears an interest
dikenakan suku bunga 7,25% pada saat rate of 7.25% at the time of drawdown, with a
penarikan dengan kelonggaran tarik sampai drawdown availability period until February 2022
dengan bulan Februari 2022 dan jatuh tempo pada and maturity on 3 February 2025. Meanwhile, the
3 Februari 2025. Sedangkan untuk fasilitas Kredit Money Market Line Facility has been extended until
Money Market Line diperpanjang sampai dengan 26 May 2025.
tanggal 26 Mei 2025.
314
1262 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1265
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank Pan Indonesia Tbk. (lanjutan) PT Bank Pan Indonesia Tbk. (continued)
Pada tanggal 15 November 2022 dan terakhir On 15 November 2022 and most recently on
pada tanggal 3 Oktober 2025, Entitas Anak (PT 3 October 2025, the Subsidiary (PT Mandiri Tunas
Mandiri Tunas Finance) dan PT Bank Pan Finance) and PT Bank Pan Indonesia Tbk. (“Panin”)
Indonesia Tbk. (“Panin”) menandatangani entered into a credit agreement with a total non-
perjanjian kredit dengan total limit sebesar revolving limit of Rp7,000,000. The facility matures
Rp7.000.000 yang bersifat non-revolving. Fasilitas in March 2028. The interest rate on the amounts
tersebut jatuh tempo pada bulan Maret 2028. drawn is fixed for the duration of the loan.
Tingkat suku bunga yang telah ditarik berlaku
tetap selama jangka waktu pinjaman.
Pada tanggal 23 Mei 2022, Entitas Anak (MUF) On 23 May 2022, the Subsidiary (MUF) obtained an
memperoleh tambahan fasilitas pinjaman modal additional non-revolving Working Capital Loan
kerja non-revolving dari Bank Panin dengan batas facility from PT Bank Pan Indonesia Tbk. (“Panin”)
maksimum kredit sejumlah Rp500.000 (“Fasilitas with a maximum credit limit of Rp500,000 (Facility
VI”) dengan tingkat suku bunga 6,50% - 7,50% VI). This facility is subject to an interest rate of
dan akan jatuh tempo pada tanggal 20 Februari 6.50% - 7.50% at the time of withdrawal. The facility
2026. will mature on 20 February 2026.
Pada tanggal 12 Juni 2023, Entitas Anak (MUF) On 12 June 2023, the Subsidiary (MUF) obtained an
memperoleh tambahan fasilitas pinjaman modal additional non-revolving Working Capital Loan
kerja non-revolving dari Bank Panin dengan batas facility from PT Bank Pan Indonesia Tbk. (“Panin”)
maksimum kredit sejumlah Rp500.000 (“Fasilitas amounted to Rp500,000 (“Facility VII”). This facility
VII”) dengan tingkat suku bunga 7,25% dan akan is subject to an interest rate of 7.25% at the time of
jatuh tempo pada tanggal 3 November 2026. withdrawal. The facility will mature on 3 November
2026.
Pada tanggal 19 Desember 2023, Entitas Anak On 19 December 2023, the Subsidiary (MUF)
(MUF) memperoleh tambahan fasilitas pinjaman obtained an additional non-revolving Working
modal kerja non-revolving dari Bank Panin dengan Capital Loan facility from PT Bank Pan Indonesia
batas maksimum kredit sejumlah Rp500.000 Tbk. (“Panin”) amounted to Rp500,000 (“Facility
(“Fasilitas VIII”) dengan tingkat suku bunga 7,00% VIII”). This facility is subject to an interest rate of
- 7,25% dan akan jatuh tempo pada tanggal 3 April 7.00% - 7.25% at the time of withdrawal. The facility
2028. will mature on 3 April 2028.
Pada tanggal 14 Agustus 2024, Entitas Anak On 14 August 2024, the Subsidiary (MUF) obtained
(MUF) memperoleh tambahan fasilitas pinjaman an additional non-revolving Working Capital Loan
modal kerja non-revolving dari Bank Panin dengan facility from PT Bank Pan Indonesia Tbk. (“Panin”)
batas maksimum kredit sejumlah Rp500.000 amounted to Rp500,000 (“Facility IX”). This facility
(“Fasilitas IX”) dengan tingkat suku bunga 7,00% - is subject to an interest rate of 7.00% - 7.50% at the
7,50% dan akan jatuh tempo pada tanggal time of withdrawal. The facility will mature on
28 Agustus 2028. 28 August 2028.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari Panin masing-masing sebesar fund borrowings from Panin are amounted to
Rp2.869.481 dan Rp4.586.349. Rp2,869,481 and Rp4,586,349, respectively.
315
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1263
Page 1266
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank DKI PT Bank DKI
Pada tanggal 15 Juni 2022, Entitas Anak On 15 June 2022, the Subsidiary
(PT Bank Mandiri Taspen) memperoleh fasilitas (PT Bank Mandiri Taspen) obtained a loan facility
kredit dari PT Bank DKI (“Bank DKI”), berupa from PT Bank DKI (“Bank DKI”), in the form of a
fasilitas Term Loan (committed) - non-revolving Term Loan (committed) - non-revolving facility with
dengan jumlah maksimum sebesar Rp500.000. a maximum loan amounting to Rp500,000. This
Fasilitas tersebut digunakan untuk membiayai facility is used to finance the Subsidiary's working
modal kerja Entitas Anak. Pada tanggal capital. On 15 December 2023, the term of this
15 Desember 2023, jangka waktu fasilitas ini telah facility was extended until 13 December 2026, with
diperpanjang hingga 13 Desember 2026 dengan an interest rate of 3-month JIBOR plus a margin of
suku bunga JIBOR 3 bulan + margin sebesar 0.75% per annum.
0,75% per tahun.
Pada 25 Juni 2025, Bank memperoleh fasilitas On 25 June 2025, Bank obtained loan facility from
kredit dari Bank DKI, berupa fasilitas Term Loan Bank DKI in the form of Term Loan (committed) -
(committed) – non revolving dengan jumlah non revolving with a maximum credit limit of
maksimum sebesar Rp500.000 yang digunakan Rp500,000 and were used to Bank’s working
untuk membiaya modal kerja Bank. Fasilitas ini capital. This facility has a term of 24 months which
memiliki jangka waktu selama 24 bulan dengan bears interest of IndoNia 90 days + 123 bps per
suku bunga IndoNia 90 hari + 123 bps per tahun. annum.
Pada tanggal 6 Maret 2024, Entitas Anak On 6 March 2024, the Subsidiary (PT Mandiri Tunas
(PT Mandiri Tunas Finance) dan Bank DKI Finance) and Bank DKI signed a loan facility
menandatangani perjanjian fasilitas pinjaman agreement where Bank DKI provides a Working
dimana Bank DKI menyediakan fasilitas Kredit Capital Executing - Term Loan facility with a total
Modal Kerja Executing - Term Loan dengan total amounted of Rp1,000,000 which is non-revolving.
fasilitas sebesar Rp1.000.000 yang bersifat non- The facility will mature in March 2027. The loan
revolving. Fasilitas tersebut memiliki jatuh tempo bears a fixed interest rate for amounts disbursed.
bulan Maret 2027. Tarif suku bunga fixed untuk
kredit yang sudah dicairkan.
Pada tanggal 26 Juni 2025, Entitas Anak On 26 June 2025, the Subsidiary (PT Bank Mandiri
(PT Bank Mandiri Taspen) memperoleh fasilitas Taspen) obtained a credit facility from Bank DKI in
kredit dari Bank DKI, berupa fasilitas kredit non- the form of a non-revolving, committed credit facility
revolving, commited dengan jumlah maksimum with a maximum amount of Rp500,000. The facility
sebesar Rp500.000. Fasilitas tersebut digunakan is intended for loan expansion and/or to support
untuk ekspansi kredit dan/atau mendukung other business activities of the Subsidiary. The
aktivitas bisnis lain Entitas Anak. Fasilitas akan facility will mature on 25 June 2027, with an interest
jatuh tempo pada tanggal 25 Juni 2027 dengan rate of 90-day IndONIA + 123 bps.
suku bunga IndONIA 90 hari + 123bps.
Pada tanggal 7 Januari 2025, Entitas Anak On 7 January 2025, the Subsidiary (PT Mandiri
(PT Mandiri Utama Finance) memperoleh fasilitas Utama Finance) obtained an Executing Loan facility
pinjaman Executing dari PT Bank DKI ("Bank from PT Bank DKI (“Bank DKI”) with a maximum
DKI") dengan batas maksimum kredit sebesar credit limit of Rp250,000. The interest rate for the
Rp250.000 dengan suku bunga ditentukan saat facility is determined at the time of drawdown. The
penarikan fasilitas. Jangka waktu penarikan facility has an availability period until 7 Apri 2025,
fasilitas tersebut adalah sampai dengan 7 April with a maximum loan tenor of 60 months from the
2025 dengan tenor pinjaman maksimal 60 bulan drawdown date. The facility is scheduled to mature
sejak tanggal penarikan, fasilitas tersebut akan on 26 March 2030.
jatuh tempo tanggal 26 Maret 2030.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari Bank DKI masing-masing sebesar borrowings from Bank DKI are amounted to
Rp1.608.064 dan Rp1.285.258. Rp1,608,064 and Rp1,285,258, respectively.
316
1264 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1267
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank Maybank Indonesia Tbk PT Bank Maybank Indonesia Tbk
Pada tanggal 27 Juli 2022, Entitas Anak On 27 July 2022, the Subsidiary (PT Mandiri Utama
(PT Mandiri Utama Finance) memperoleh Finance) obtained an additional Term Loan III
tambahan Fasilitas Pinjaman Berjangka III Facility in the amount of Rp350,000 PT Maybank
sejumlah Rp350.000 dari PT Bank Maybank Indonesia Tbk (“Maybank”) with an interest rate of
Indonesia Tbk (“Maybank”) dengan tingkat suku 7.00% and a drawdown period until 27 January
bunga 7,00% dan jangka waktu penarikan sampai 2023 with a tenor of 48 months. The Term Loan III
dengan tanggal 27 Januari 2023 dengan tenor 48 facility is hybrid in nature which can be used as a
bulan. Plafon fasilitas Pinjaman Berjangka III conventional or sharia Working Capital Loan. This
bersifat hybrid yang dapat digunakan sebagai facility will mature on 29 September 2026.
Kredit Modal Kerja konvensial maupun syariah.
Fasilitas tersebut jatuh tempo pada tanggal
29 September 2026.
Pada tanggal 29 Agustus 2022, Entitas Anak (PT On 29 August 2022, the Subsidiary (PT Bank
Bank Syariah Indonesia) dan Maybank Syariah Indonesia) and Maybank obtained a
mendapatkan fasilitas line pembiayaan Mudharabah financing line facility amounted to
Mudharabah sebesar USD100.000.000 (nilai USD100,000,000 (full amount) from Maybank. On
penuh) dari Maybank. Pada tanggal 30 Mei 2024, 30 May 2024, 24 June 2024 and 28 June 2024, BSI
24 Juni 2024, 28 Juni 2024 BSI melakukan withdrew facilities amounting to Rp300,000,
penarikan fasilitas sebesar Rp300.000, Rp750,000 and Rp300,000 respectively, with a
Rp750.000 dan Rp300.000 dengan nisbah bagi profit sharing ratio of 0.18%, 0.53% and 0.04%
hasil sebesar 0,18%, 0,53% dan 0,04% dan jatuh respectively and mature respectively on 1 July
tempo masing-masing pada tanggal 1 Juli 2024, 2024, 1 August 2024, and 5 July 2024. There is no
1 Agustus 2024, dan 5 Juli 2024. Tidak terdapat collateral pledged for this facility.
agunan yang dijaminkan untuk fasilitas ini.
Pada tanggal 3 Juni 2024, Entitas Anak (PT Bank On 3 June 2024, the Subsidiary (PT Bank Mandiri
Mandiri Taspen) memperoleh fasilitas kredit dari Taspen) obtained a credit facility from Maybank in
Maybank, berupa fasilitas kredit (uncommitted) the form of an uncommitted credit facility with a
dengan jumlah maksimum sebesar Rp250.000. maximum amount of Rp250,000. The facility is
Fasilitas tersebut digunakan untuk menunjang intended to support the company’s business
aktifitas bisnis perusahaan. Fasilitas akan jatuh activities. The facility will mature on 3 June 2026,
tempo pada tanggal 3 Juni 2026 dengan suku with an interest rate of 7.20%.
bunga 7,20%.
Per 31 Desember 2024, BSI memiliki fasilitas line As of 31 December 2024, BSI has a Mudharabah
pembiayaan berjangka Mudharabah dengan term financing line facility from PT Bank Maybank
jumlah maksimum dana yang disediakan sebesar Indonesia Tbk with a maximum amount of funds
USD95.000.000 (nilai penuh) dari PT Bank provided of USD95,000,000 (full amount) from
Maybank Indonesia Tbk dengan jangka waktu PT Bank Maybank Indonesia Tbk with a facility term
fasilitas dari 21 Februari 2024 sampai dengan from 21 February 2024 to 21 February 2025, the
21 Februari 2025, yang penarikannya dapat withdrawal of which can be done in multicurrency,
dilakukan secara multicurrency dalam mata uang in Rupiah and United States Dollar currency, and is
Rupiah dan Dolar Amerika Serikat dan bersifat revolving.
revolving
317
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1265
Page 1268
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank Maybank Indonesia Tbk (lanjutan) PT Bank Maybank Indonesia Tbk (continued)
Atas fasilitas tersebut, per 31 Desember 2024, BSI For this facility, as of 31 December 2024, BSI has a
memiliki saldo pembiayaan berjangka Mudharabah term financing balance amounting to
Mudharabah sebesar Rp1.000.000 dari Saldo atas Rp1,000,000 from Maybank. This financing facility
fasilitas pembiayaan ini terdiri dari: balance consists of:
- Pembiayaan berjangka Mudharabah sebesar - Balance of Mudharabah term financing
Rp500.000 dengan jangka waktu fasilitas dari amounting to Rp500,000, starting from
13 Desember 2024 sampai dengan 13 Januari 13 December 2024 to 13 January 2025 and a
2025 dan imbal bagi hasil sebesar 6,80% per profit sharing rate of 6.80% per annum.
tahun.
- Pembiayaan berjangka Mudharabah sebesar - Balance of Mudharabah term financing
Rp500.000 dengan jangka waktu fasilitas dari amounting to Rp500,000 starting from
20 Desember 2024 sampai dengan 20 Januari 20 December 2024 to 20 January 2025 and a
2025 dan imbal bagi hasil sebesar 6,80% per profit sharing rate of 6.80% per annum.
tahun.
Atas ke dua pembiayaan tersebut, telah dilakukan For both financing, repayment has been made
pelunasan sesuai dengan tanggal jatuh tempo yang according to the maturity date stated in the financing
tertera pada perjanjian pemberian pembiayaan. agreement.
Akad fasilitas line pembiayaan tersebut The Mudharabah term financing line facility
diperpanjangan efektif pada 21 Februari 2025 agreement was extended effectively from
sampai dengan 21 Februari 2026, dengan jumlah 21 February 2025 to 21 February 2026, with the
maksimum dana yang disediakan adalah sebesar maximum amount of funds provided being
USD95.000.000 (nilai penuh) atau Rp1.400.000. USD95,000,000 (full amount) or Rp1,400,000.
Atas fasilitas yang telah diperpanjang tersebut, Based on the extended facility, on 28 February
pada 28 Februari 2025, BSI mendapatkan 2025, BSI received term financing Mudharabah
pembiayaan berjangka Mudharabah sebesar amounting to Rp750,000 from Maybank with a profit
Rp750.000 dari Maybank dengan imbal bagi hasil sharing rate of 6.60% per annum which matured on
6,60% per tahun yang jatuh tempo pada 9 April 9 April 2025. For this financing, repayment has been
2025. Atas pembiayaan ini, telah dilakukan made according to the maturity date stated in the
pelunasan sesuai dengan tanggal jatuh tempo yang financing agreement.
tertera pada perjanjian pembiayaan.
Pada 7 Maret 2025, Entitas Anak (BSI) On 7 March 2025, the Subsidiary (BSI) received term
mendapatkan fasilitas line pembiayaan berjangka term financing Mudharabah amounting to Rp650,000
Mudharabah sebesar Rp650.000 dari Maybank from Maybank with a profit sharing rate of 6.60% per
dengan imbal bagi hasil 6,60% per tahun yang jatuh annum which matured on 21 April 2025. For this
tempo pada 21 April 2025. Atas pembiayaan ini, financing, repayment has been made in accordance
telah dilakukan pelunasan sesuai dengan tanggal with the maturity date stated in the financing
jatuh tempo yang tertera pada perjanjian. agreement.
Tidak terdapat agunan yang dijaminkan untuk There is no collateral pledged for this financing
fasilitas pembiayaan tersebut. facility.
Pada tanggal 31 Desember 2025, BSI tidak memiliki As of 31 December 2025, BSI has no balance on the
saldo atas fasilitas line pembiayaan berjangka term financing Mudharabah line facility.
Mudharabah tersebut.
318
1266 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1269
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank Maybank Indonesia Tbk (lanjutan) PT Bank Maybank Indonesia Tbk (continued)
Pada tanggal 18 Desember 2023, Entitas Anak On 18 December 2023, the Subsidiary (PT Mandiri
(PT Mandiri Utama Finance) kembali memperoleh Utama Finance) again obtained an additional Term
tambahan Fasilitas Pinjaman Berjangka IV Loan Facility IV amounting to Rp500,000 from
sejumlah Rp500.000 dari Maybank dengan Maybank with an indicative interest rate of 7.25% -
indikasi tingkat suku bunga 7,25% - 7,50% dan 7.50% and a withdrawal period until 18 April 2024,
dari jangka waktu penarikan sampai dengan and a tenor of 48 months. The limit of the Term Loan
tanggal 18 April 2024 dan tenor 48 bulan. Adapun Facility IV is hybrid and can be used for both
plafon fasilitas Pinjaman Berjangka IV bersifat conventional and Sharia loan working capital. This
hybrid yang dapat digunakan sebagai kredit modal facility matures on 1 April 2028.
kerja konvensial maupun syariah. Fasilitas ini jatuh
tempo pada tanggal 1 April 2028.
Pada tanggal 7 September 2023, Entitas Anak On 7 September 2023, the Subsidiary (PT Mandiri
(PT Mandiri Tunas Finance) dan Maybank Tunas Finance) and Maybank signed a credit
menandatangani perjanjian kredit dimana agreement under which Maybank provided a Term
Maybank menyediakan fasilitas Pinjaman Loan facility with a total limit of Rp750,000, which is
Berjangka dengan total fasilitas sebesar non-revolving. A fixed interest rate is applied upon
Rp750.000 yang bersifat non-revolving. Suku each disbursement. The facility matures in
bunga fixed per pencairan. Fasilitas tersebut January 2027.
memiliki jatuh tempo pada Januari 2027.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari Maybank sebesar Rp1.078.981 dan fund borrowings from Maybank are amounted to
Rp2.292.588. Rp1,078,981 and Rp2,292,588, respectively.
Pada tanggal 20 Maret 2025, Entitas Anak On 20 March 2025, the Subsidiary (PT Mandiri
(PT Mandiri Utama Finance) kembali memperoleh Utama Finance) obtained an additional Term Loan
tambahan Fasilitas Pinjaman Berjangka V sejumlah Facility V amounting to Rp300,000 with an interest
Rp300.000 dengan tingkat suku bunga 7,25% - rate ranging from 7.25% - 7.40% and a drawdown
7,40% dan jangka waktu penarikan sampai dengan period until 20 September 2025. The Term Loan
tanggal 20 September 2025. Adapun plafond Facility IV has a hybrid feature, allowing it to be
fasilitas Pinjaman Berjangka IV bersifat hybrid yang utilized as either a conventional or sharia working
dapat digunakan sebagai kredit modal kerja capital loan. The drawdown period for this facility
konvensial maupun syariah. Jangka waktu has been extended until 20 March 2026.
penarikan fasilitas tersebut telah diperpanjang
sampai tanggal 20 Maret 2026.
Entitas Anak (PT Mandiri Sekuritas) telah The Subsidiary (PT Mandiri Sekuritas) has obtained
mendapatkan Fasilitas Kredit dari PT Bank a Credit Facility from PT Bank Maybank Indonesia
Maybank Indonesia (“Maybank”), Tbk. Dimana (“Maybank”), Tbk. Where Maybank provides a
Maybank memberikan fasilitas Pinjaman Promes Revolving Promissory Note (Money Market Line)
Berulang (Money Market Line) dan Bank Garansi and Bank Guarantee facility that can be used
yang dapat digunakan masing-masing maupun individually or jointly up to a maximum amount of
secara bersama-sama sampai jumlah setinggi- Rp250,000. The interest rate is determined based
tingginya sebesar Rp250.000. Suku bunga on the Maybank's loan interest rate and will be
ditetapkan berdasarkan tingkat bunga pinjaman determined at the time of withdrawal. The
Maybank dan akan ditetapkan pada saat penarikan. Maybank’s facility matures until 25 July 2026.
Jatuh tempo fasilitas Maybank sampai dengan
25 Juli 2026.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 dan 2024, outstanding
pinjaman dari Maybank Syariah sebesar fund borrowings from Maybank Syariah are
Rp15.622 dan Rp40.607. amounted to Rp15,622 and Rp40,607, respectively.
319
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1267
Page 1270
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank Pembangunan Daerah Jawa Barat dan PT Bank Pembangunan Daerah Jawa Barat dan
Banten Tbk Banten Tbk
Pada tanggal 20 Desember 2023, Entitas Anak On 20 December 2023, the Subsidiary (PT Bank
(PT Bank Mandiri Taspen) memperoleh fasilitas Mandiri Taspen) obtained a loan facility from PT
kredit dari PT Bank Pembangunan Daerah Jawa Bank Pembangunan Daerah Jawa Barat dan
Barat dan Banten Tbk (“BJB”), berupa fasilitas Banten Tbk (“BJB”), in the form of Term Loan
Term Loan (committed) - non-revolving dengan (committed) - non-revolving facility with total a
total jumlah maksimum sebesar Rp1.000.000 maximum limit of Rp1,000,000 with an interest rate
dengan suku bunga JIBOR 3 bulan + 80bps. of JIBOR 3 Months + 80bps. This facility is used to
Fasilitas tersebut digunakan untuk membiayai finance the Subsidiary's working capital. This facility
modal kerja Entitas Anak. Fasilitas ini has been extended until 20 December 2026.
diperpanjang sampai dengan tanggal
20 Desember 2026.
Pada tanggal 8 Agustus 2023, Entitas Anak On 8 August 2023, the Subsidiary
(PT Mandiri Tunas Finance) dan BJB (PT Mandiri Tunas Finance) and BJB signed a loan
menandatangani perjanjian kredit dimana BJB agreement whereby BJB provided a General
menyediakan fasilitas Kredit Modal Kerja Umum Working Capital Loan Facility for Financing
Lembaga Pembiayaan dengan total limit sebesar Institutions with a total limit of Rp500,000 which is
Rp500.000 yang bersifat non-revolving. Fasilitas non-revolving. The facility will mature on August
tersebut jatuh tempo pada bulan Agustus 2026 2026 with interest rate is a floating interest rate
dengan tingkat suku bunga bunga berlaku floating during the withdrawal period and a fixed rate during
rate selama masa penarikan dan fixed rate selama the loan term around 6.00% - 7.60%. This loan was
jangka waktu kredit antara 6,00% - 7,60%. fully settled on 15 October 2025.
Pinjaman ini telah dilunasi pada tanggal
15 Oktober 2025.
Pada tanggal 18 Desember 2024, Entitas Anak On 18 December 2024, the Subsidiary
(PT Mandiri Sekuritas) telah melakukan (PT Mandiri Sekuritas) has signed with BJB.
penandatanganan dengan BJB. Saat ini Entitas Currently, the Subsidiary gets a maximum credit
Anak mendapatkan fasilitas kredit maksimum facility of Rp250,000. The credit term is valid for
sebesar Rp250.000. Jangka waktu kredit berlaku the next 12 months until 29 December 2025. The
hingga 12 bulan ke depan sampai dengan applicable credit interest rate is determined at the
29 Desember 2025. Tingkat suku bunga kredit time the Subsidiary makes a withdrawal of the
yang berlaku ditetapkan pada saat Entitas Anak Credit Facility. This loan was fully repaid on 9 April
melakukan penarikan Fasilitas Kredit. Pinjaman ini 2025.
telah dilunasi pada tanggal 9 April 2025.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari BJB masing-masing sebesar fund borrowings from BJB are amounted to
Rp1.000.000 dan Rp1.312.400. Rp1,000,000 and Rp1,312,400 respectively.
PT Bank Jago Tbk PT Bank Jago Tbk
Pada tanggal 20 Desember 2023, Entitas Anak On 20 December 2023, the Subsidiary
(PT Mandiri Utama Finance) dan PT Bank Jago (PT Mandiri Utama Finance) and PT Bank Jago Tbk
Tbk (Bank Jago) menandatangani perjanjian (Bank Jago) has signed a Working Capital Loan
fasilitas Kredit Modal kerja non-revolving dengan facility agreement non-revolving with Bank Jago with
batas maksimum kredit sejumlah Rp1.000.000 maximum limit is Rp1,000,000 with interest 7.00% -
yang dikenakan tingkat suku bunga 7,00% - 7.25%. The facility matures on 26 June 2029.
7,25%. Jatuh tempo fasilitas sampai dengan
tanggal 26 Juni 2029.
320
1268 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1271
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank Jago Tbk (lanjutan) PT Bank Jago Tbk (continued)
Pada tanggal 13 Agustus 2024, Entitas Anak On 13 August 2024, the Subsidiary (PT Mandiri
(PT Mandiri Utama Finance) dan Bank Jago Utama Finance) and Bank Jago has signed a
menandatangani perjanjian penambahan fasilitas obtained Working Capital Loan facility agreement
Kredit Modal Kerja non revolving dengan batas non revolving with Bank Jago with maximum limit is
maksimum kredit sebesar Rp1.300.000 yang Rp1,300,000 with interest 7% - 7.25% a maximum
dikenakan suku bunga 7% - 7,25% tenor pinjaman loan tenure of 60 months from the drawdown date.
maksimal 60 bulan sejak tanggal penarikan. The drawdown maturity was extended until
Terdapat perpanjangan jatuh tempo penarikan 20 December 2025.
sampai dengan tanggal 20 Desember 2025.
Pada tanggal 13 Agustus 2024, Entitas Anak On 13 August 2024, the Subsidiary (PT Mandiri
(PT Mandiri Utama Finance) dan Bank Jago Utama Finance) and Bank Jago has signed a
menandatangani perjanjian penambahan fasilitas obtained Working Capital Loan facility agreement
Kredit Modal Kerja non revolving dengan batas non revolving with Bank Jago with maximum limit is
maksimum kredit sebesar Rp1.300.000 yang Rp1,300,000 with interest 7% - 7.25% a maximum
dikenakan suku bunga 7% - 7,25% tenor pinjaman loan tenure of 60 months from the drawdown date.
maksimal 60 bulan sejak tanggal penarikan. The drawdown maturity was extended until
Terdapat perpanjangan jatuh tempo penarikan 20 December 2025.
sampai dengan tanggal 20 Desember 2025.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, oustanding fund
pinjaman dari Bank Jago masing-masing sebesar borrowings from Bank Jago are Rp977,113 and
Rp977.113 dan Rp1.245.817. Rp1,245,817, respectively.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, oustanding fund
pinjaman dari Bank Jago Syariah masing-masing borrowings from Bank Jago Sharia are Rp28,331
sebesar Rp28.331 dan RpNihil. and RpNil, respectively.
PT Bank CIMB Niaga Tbk PT Bank CIMB Niaga Tbk
Pada tanggal 19 Februari 2020, Entitas Anak On 19 February 2020, the Subsidiary
(PT Mandiri Tunas Finance) dan PT Bank CIMB (PT Mandiri Tunas Finance) and PT Bank CIMB
Niaga Tbk (“Bank CIMB Niaga”) menandatangani Niaga Tbk (“Bank CIMB Niaga”) has signed a loan
perjanjian kredit dimana Bank CIMB Niaga agreement that Bank CIMB Niaga provides non-
menyediakan fasilitas Term Loan dengan total revolving Term Loan facility with total limit up to
maksimum kredit sebesar Rp300.000 yang Rp300,000 with 8.25% of fixed interest rate at
bersifat non-revolving dan dikenakan tingkat suku drawdown. This facility will mature on
bunga tetap sebesar 8,25% pada saat penarikan. February 2023. On 4 March 2025, the term of non-
Fasilitas tersebut jatuh tempo pada bulan Februari revolving Term Loan (committed) facility has
2023. Fasilitas Term Loan (committed) - non- matured. This loan has been fully repaid with the
revolving telah jatuh tempo pada tanggal final installment on 4 March 2025 and has not been
4 Maret 2025. Pinjaman ini telah lunas dengan extended.
pembayaran angsuran terakhir tanggal 4 Maret
2025 dan tidak diperpanjang.
Pada tanggal 20 Desember 2022, Entitas Anak On 20 December 2022, the Subsidiary
(PT Mandiri Tunas Finance) dan Bank CIMB (PT Mandiri Tunas Finance) and Bank CIMB Niaga
Niaga menandatangani perjanjian kredit dimana signed a loan agreement where Bank CIMB Niaga
Bank CIMB Niaga menyediakan fasilitas Pinjaman provided several Special Transaction Loan facilities
Transaksi Khusus dengan total fasilitas sebesar with a total facility of Rp900,000 which is non-
Rp900.000 yang bersifat non-revolving dan revolving and is subject to a fixed interest rate upon
dikenakan tingkat suku bunga tetap pada saat withdrawal. The facility will mature in March 2026.
penarikan. Fasilitas tersebut jatuh tempo pada
bulan Maret 2026.
321
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1269
Page 1272
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank CIMB Niaga Tbk (lanjutan) PT Bank CIMB Niaga Tbk (continued)
Pada tanggal 13 November 2023, Entitas Anak On 13 November 2023, the Subsidiary (PT Mandiri
(PT Mandiri Utama Finance) dan Bank CIMB Utama Finance) and Bank CIMB Niaga signed a
Niaga menandatangani perjanjian fasilitas Kredit non-revolving Working Capital Loan facility
Modal Kerja non-revolving dengan batas agreement with a maximum credit limit of
maksimum kredit sejumlah Rp350.000. yang Rp350,000 and an interest rate adjustable prior to
dikenakan tingkat suku bunga yang dapat withdrawal. The drawdown period for the credit
disesuaikan sebelum penarikan. Jangka waktu facility was available until 13 May 2024, with a
penarikan fasilitas kredit adalah sampai dengan maximum loan tenor of 36 months from the
13 Mei 2024 dengan tenor pinjaman maksimal 36 withdrawal date.
bulan sejak tanggal penarikan.
Pada tanggal 6 Juni 2024, Entitas Anak (PT On 6 June 2024, the Subsidiary (PT Mandiri Utama
Mandiri Utama Finance) memperoleh Finance) obtained an extension of the drawdown
perpanjangan penarikan fasilitas Kredit Modal period for the Working Capital Loan facility until
Kerja sampai dengan tanggal 13 November 2024, 13 November 2024. The facility will mature on
fasilitas tersebut akan jatuh tempo pada tanggal 1 April 2027.
1 April 2027.
Pada tanggal 9 Januari 2025, Entitas Anak On 9 January 2025, the Subsidiary (PT Mandiri
(PT Mandiri Utama Finance) dan Bank CIMB Niaga Utama Finance) and Bank CIMB Niaga signed an
menandatangani perjanjian penambahan fasilitas agreement for an additional non-revolving Working
Kredit Modal Kerja non-revolving dengan batas Capital Loan acility with a maximum credit limit of
maksimum kredit sejumlah Rp400.000 yang Rp400,000 and an interest rate adjustable prior to
dikenakan tingkat suku bunga yang dapat withdrawal. The drawdown period for the credit
disesuaikan sebelum penarikan. Jangka waktu facility is available until 9 July 2025, with a maximum
penarikan fasilitas kredit adalah sampai dengan loan tenor of 36 months from the withdrawal date.
9 Juli 2025 dengan tenor pinjaman maksimal 36 The facility will mature on 9 July 2028.
bulan sejak tanggal penarikan. Fasilitas akan jatuh
tempo pada tanggal 9 Juli 2028.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari Bank CIMB Niaga masing-masing fund borrowings from Bank CIMB Niaga are
sebesar Rp906.067 dan Rp468.128. amounted to Rp906,067 and Rp468,128,
respectively.
PT Bank Danamon Indonesia Tbk PT Bank Danamon Indonesia Tbk
Pada tanggal 26 September 2019 dan terakhir On 26 September 2019, and most recently
diperpanjang sampai dengan 30 Agustus 2026, extended until 30 August 2026, the Subsidiary (PT
Entitas Anak (PT Mandiri Tunas Finance) Mandiri Tunas Finance) obtained an additional
mendapat tambahan fasilitas Working Capital revolving Working Capital Loan facility denominated
Loan dengan mata uang Rupiah (IDR) dan/atau in Rupiah (IDR) and/or United States Dollars (USD)
Dolar Amerika Serikat (USD) yang bersifat from PT Bank Danamon Indonesia Tbk
revolving dari PT Bank Danamon Indonesia Tbk. (“Danamon”), resulting in a total Working Capital
(“Danamon”) sehingga total keseluruhan fasilitas Loan facility of Rp150,000.
Working Capital Loan sebesar Rp150.000.
Pada tanggal 30 Desember 2019, Entitas Anak On 30 December 2019, the Subsidiary (PT Mandiri
(PT Mandiri Utama Finance) memperoleh fasilitas Utama Finance) obtained Term Loan I and Working
Term Loan I dan Working Capital dari Danamon Capital facilities from Danamon with a maximum
dengan batas maksimum kredit masing-masing credit limit of Rp350,000 and Rp100,000,
sejumlah Rp350.000 dan Rp100.000 dengan respectively, with an interest rate of 9.00% for the
tingkat suku bunga 9,00% untuk fasilitas Term Term Loan facility and the interest rate is subject to
Loan dan suku bunga mengikuti suku bunga yang the prevailing interest rate for Working Capital
berlaku untuk fasilitas Working Capital. facility.
322
1270 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1273
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank Danamon Indonesia Tbk (lanjutan) PT Bank Danamon Indonesia Tbk (continued)
Jangka waktu penarikan fasilitas Term Loan The withdrawal period for the Term Loan facility is
adalah 12 bulan sejak fasilitas ditandatangani dan 12 months from the time the facility is signed and
fasilitas bersifat non-revolving. Sedangkan untuk the facility is non-revolving. Meanwhile, for the
fasilitas Working Capital Loan, jangka waktu Working Capital Loan facility, the withdrawal period
penarikan adalah 12 bulan sejak fasilitas is 12 months from the time the facility is signed and
ditandatangani dan fasilitas bersifat revolving. the facility is revolving. This facility was fully repaid
Fasilitas ini telah lunas pada tanggal 12 Oktober on 12 October 2024.
2024.
Jangka waktu penarikan fasilitas Working Capital The withdrawal period for the Working Capital Loan
Loan sudah beberapa kali diperpanjang. facility has been extended several times.
Sedangkan fasilitas Term Loan I akan jatuh tempo Meanwhile, the Term Loan I facility will mature on
tanggal 12 Desember 2024. Pada tanggal 12 December 2024. On 21 December 2022, the
21 Desember 2022, Entitas Anak melakukan Subsidiary extended the Working Capital Facility
perpanjangan Fasilitas Working Capital dengan with a withdrawal period of the facility until
jangka waktu penarikan fasilitas sampai dengan 30 August 2023. This facility has been temporarily
tanggal 30 Agustus 2023. Fasilitas ini telah extended until 30 September 2023. Then the
diperpanjang sementara sampai dengan Subsidiary on the same date also obtained
30 September 2023. Kemudian Entitas Anak additional Term Loan and Sharia Term Loan
ditanggal yang sama juga memperoleh tambahan facilities a limit of maximum loan amounted to is
fasilitas Term Loan dan Term Loan Syariah dengan Rp400,000 and Rp100,000 respectively with an
batas maksimum kredit masing-masing sejumlah interest rate of 7.00% - 7.25% for the Term Loan
Rp400.000 dan Rp100.000 dengan tingkat suku facility, with the withdrawal period for the Term Loan
bunga 7,00% - 7,25% untuk fasilitas Term Loan, facility is 12 months from the time the facility is
dengan jangka waktu penarikan fasilitas Term Loan signed and the facility is non-revolving. This facility
adalah 12 bulan sejak fasilitas ditandatangani dan The Term Loan facility will mature on
fasilitas bersifat non-revolving. Untuk fasilitas Term 13 July 2027. The Working Capital Facility has been
Loan akan jatuh tempo pada tanggal 13 Juli 2027. extended several times, with the latest extension
Atas Fasilitas Working Capital sudah dilakukan valid until 30 August 2026.
perpanjangan beberapa kali, terakhir perpanjangan
fasilitas sampai dengan tanggal 30 Agustus 2026.
Pada tanggal 24 Januari 2025, Perusahaan On January 24, 2025, the Subsidiary obtained
memperoleh tambahan fasilitas Term Loan dan additional Term Loan and Sharia Term Loan
Term Loan Syariah dengan batas maksimum kredit facilities with maximum credit limits of Rp450,000
masing-masing sejumlah Rp450.000 dan Rp50.000 and Rp50,000, respectively. The indicative interest
dengan indikatif tingkat suku bunga 7,25% untuk rate for the Term Loan facility is 7.25%. The Term
fasilitas Term Loan, dengan jangka waktu Loan facility has a 12-month availability period from
penarikan fasilitas Term Loan adalah 12 bulan sejak the signing date and is non-revolving. These
fasilitas ditanda-tangani dan fasilitas bersifat non facilities will mature on 2 December 2029 (Term
revolving. Fasilitas tersebut masing-masing akan Loan) and 3 December 2029 (Sharia Term Loan).
jatuh tempo pada tanggal 2 Desember 2029 (Term
Loan) dan 3 Desember 2029 (Sharia Term Loan).
Pada tanggal 12 Desember 2022, Entitas Anak On 12 December 2022, the Subsidiary (PT Mandiri
(PT Mandiri Tunas Finance) mendapat fasilitas Tunas Finance) obtained a non-revolving Term
Term Loan dengan mata uang Rupiah (IDR) yang Loan facility in Rupiah (IDR) from Danamon with a
bersifat non-revolving dari Danamon dengan total total limit of Rp1,000,000, maturing in December
limit sebesar Rp1.000.000 dan jatuh tempo pada 2025. The loan carries a fixed interest rate over the
bulan Desember 2025. Suku bunga tetap selama loan tenor.
tenor pinjaman.
323
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1271
Page 1274
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank Danamon Indonesia Tbk (lanjutan) PT Bank Danamon Indonesia Tbk (continued)
Entitas anak (PT Mandiri Sekuritas) memperoleh The subsidiary (PT Mandiri Sekuritas) obtained a
Fasilitas Kredit dari PT Bank Danamon Indonesia Credit Facility from PT Bank Danamon Indonesia
Tbk sejumlah Rp280.000. Jangka waktu fasilitas Tbk amounting to Rp280,000. The term of the facility
tersebut adalah sampai dengan 22 Desember is until 22 December 2025. Currently, the Credit
2025. Adapun saat ini Fasilitas Kredit dalam Facility is in the process of being extended. This
proses perpanjangan. Pinjaman ini telah dilunasi loan was fully repaid on 1 October 2025.
pada tanggal 1 Oktober 2025.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari Danamon masing-masing sebesar fund borrowings from Danamon are amounted to
Rp840.197 dan Rp1.008.923. Rp840,197 and Rp1,008,923, respectively.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari Danamon Syariah masing-masing fund borrowings from Danamon Syariah was
sebesar Rp120.103 dan Rp109.688. amounted to Rp120,103 and Rp109,688,
respectively.
MUFG Bank, Ltd., Jakarta Branch MUFG Bank, Ltd., Jakarta Branch
Pada tanggal 11 Februari 2016 dan terakhir On 11 February 2016 and most recently amended
diubah pada tanggal 24 Juli 2025, Entitas Anak on 24 July 2025, the Subsidiary (PT Mandiri Tunas
(PT Mandiri Tunas Finance) dan MUFG Bank Ltd., Finance) and MUFG Bank Ltd., Jakarta (“MUFG”)
Jakarta (“MUFG”) menandatangani perjanjian entered into a loan agreement under which MUFG
pinjaman dimana MUFG menyediakan fasilitas provided an uncommitted revolving Short-Term
Pinjaman Jangka Pendek Tanpa Komitmen yang Loan facility with a total maximum credit limit of
bersifat revolving dengan total maksimum kredit USD78,500,000 (full amount). The applicable
sebesar USD78.500.000 (nilai penuh) . Suku interest rate is the cost of funds for the relevant
bunga yang dikenakan adalah ongkos pendanaan interest period plus a margin applicable at the time
untuk jangka waktu bunga yang bersangkutan of drawdown. The facility has been extended until
ditambah dengan marjin yang berlaku pada saat February 2026.
penarikan. Fasilitas tersebut diperpanjang sampai
dengan Februari 2026.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari MUFG masing-masing sebesar fund borrowings from MUFG was amounted to
Rp500.000 dan RpNihil. Rp500,000 and RpNil, respectively.
PT Bank Panin Dubai Syariah Tbk PT Bank Panin Dubai Syariah Tbk
Pada tanggal 27 Desember 2022, Entitas Anak On 27 December 2022, the Subsidiary (PT Mandiri
(“PT Mandiri Utama Finance”) memperoleh Utama Finance) obtained an Executing Financing
fasilitas pinjaman Executing dari PT Bank Panin Facility from PT Bank Panin Dubai Syariah Tbk
Dubai Syariah Tbk ("Panin Dubai Syariah") (“Panin Dubai Syariah”) with a maximum credit limit
dengan batas maksimum kredit sebesar of Rp450,000, with the profit-sharing ratio (nisbah)
Rp450.000 dengan nisbah bagi hasil ditentukan determined at the time of withdrawal. The
saat penarikan fasilitas. Jangka waktu penarikan drawdown period for the facility was available until
fasilitas tersebut adalah sampai dengan 31 December 2023, with a maximum financing
31 Desember 2023 dengan tenor pinjaman tenor of 48 months from the withdrawal date. The
maksimal 48 bulan sejak tanggal penarikan. facility will mature on 9 June 2027.
Fasilitas tersebut akan jatuh tempo tanggal 9 Juni
2027.
324
1272 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1275
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank Panin Dubai Syariah Tbk (lanjutan) PT Bank Panin Dubai Syariah Tbk (continued)
Pada tanggal 12 November 2024, Entitas Anak On 12 November 2024, the Subsidiary (PT Mandiri
PT Mandiri Utama Finance memperoleh Utama Finance) obtained an additional Executing
tambahan fasilitas pinjaman Executing sehingga Financing Facility, bringing the total credit limit
total plafond yang diterima dari Panin Dubai received from Bank Panin Dubai Syariah to
Syariah sebesar Rp500.000 yang bersifat Rp500,000, the facility is revolving in nature. The
revolving. Nisbah bagi hasil ditentukan saat profit-sharing ratio (nisbah) determined at the time
penarikan fasilitas. Jangka waktu penarikan of withdrawal. The drawdown period for the facility
fasilitas tersebut adalah sampai dengan 12 Mei is available until 12 May 2029, with a maximum
2029 dengan tenor pinjaman maksimal 48 bulan financing tenor of 48 months from the withdrawal
sejak tanggal penarikan. date.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari Panin Dubai Syariah masing- fund borrowing from Panin Dubai Syariah are
masing sebesar Rp469.269 dan Rp366.364. amounted to Rp469,269 and Rp366,364,
respectively.
PT Sea Bank Indonesia PT Sea Bank Indonesia
Pada tanggal 1 November 2024, Entitas Anak On 1 November 2024, the Subsidiary (PT Mandiri
(PT Mandiri Utama Finance) dan PT Bank Utama Finance) has signed a credit facility
Seabank Indonesia ("SeaBank") menandatangani agreement Money Market Line with PT Sea Bank
perjanjian fasilitas pinjaman modal kerja non Indonesia ("SeaBank") with a maximum credit limit
revolving dengan batas maksimum kredit of Rp500,000, subject to an interest rate of 7.2%.
sejumlah Rp500.000 yang dikenakan tingkat suku The credit facility withdrawal period is valid until
bunga 7,2%. Jangka waktu penarikan fasilitas 1 May 2025, with a maximum loan tenure of
kredit adalah sampai dengan 1 Mei 2025 dengan 48 months from the withdrawal date. This facility
tenor pinjaman maksimal 48 bulan sejak tanggal will mature on 23 October 2028.
penarikan. Fasilitas ini akan jatuh tempo pada
tanggal 23 Oktober 2028.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 dan 2024, oustanding fund
pinjaman dari SeaBank masing-masing sebesar borrowings from SeaBank are Rp392,525 and
Rp392.525 dan Rp148.706. Rp148,706, respectively.
PT Bank CTBC Indonesia PT Bank CTBC Indonesia
Pada tanggal 11 September 2024, Entitas Anak On 11 September 2024, the Subsidiary
(PT Mandiri Utama Finance) telah (PT Mandiri Utama Finance) has signed a credit
menandatangani perjanjian fasilitas kredit Money facility agreement Money Market Line with PT Bank
Market Line dengan PT Bank CTBC Indonesia CTBC Indonesia ("CTBC") where the facility
(“CTBC”) dimana fasilitas yang diberikan akan provided will mature on 11 September 2025. The
berakhir tanggal 11 September 2025. Fasilitas facility provided by CTBC is amounted to
yang diberikan CTBC sebesar Rp150.000. sesuai Rp150,000. The interest, according to the market
suku bunga pasar yang berlaku pada saat interest rate in effect at the time of the term
penarikan pinjaman. promissory loan withdrawal.
Pada tanggal 7 Desember 2020 dan terakhir On 7 December 2020 and most recently extended
diperpanjang pada tanggal 16 Oktober 2025, on 16 October 2025, the Subsidiary (PT Mandiri
Entitas Anak (PT Mandiri Tunas Finance) Tunas Finance) obtained a Combined Loan Limit
mendapat fasilitas Pinjaman Kombinasi Limit yaitu facility from CTBC, consisting of a revolving Short-
Pinjaman Jangka Pendek - Money Market yang Term Loan - Money Market and a non-revolving
bersifat revolving dan Pinjaman Jangka Medium-Term Loan - Fixed Interest, with a total loan
Menengah - Bunga Tetap yang bersifat non- facility of Rp200,000.
revolving dari CTBC sehingga total keseluruhan
fasilitas Pinjaman sebesar Rp200.000.
325
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1273
Page 1276
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank CTBC Indonesia (lanjutan) PT Bank CTBC Indonesia (continued)
Fasilitas tersebut memiliki jatuh tempo pada bulan These facilities will mature in March 2028.
Maret 2028.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, oustanding fund
pinjaman dari CTBC masing-masing sebesar borrowings from CTBC are Rp349,487 and
Rp349.487 dan Rp149.711. Rp149,711, respectively.
PT Bank China Construction Bank Indonesia PT Bank China Construction Bank Indonesia
Tbk Tbk
Pada tanggal 22 Februari 2022, Entitas Anak On 22 February 2022, the Subsidiary (PT Mandiri
(PT Mandiri Utama Finance) dan PT Bank China Utama Finance) and PT Bank China Construction
Construction Bank Indonesia Tbk ("CCBI") Bank Indonesia Tbk ("CCBI") signed a non-
menandatangani perjanjian fasilitas pinjaman revolving working capital loan facility agreement
modal kerja non-revolving dengan batas with a maximum credit limit of Rp250,000, bearing
maksimum kredit sejumlah Rp250.000 yang an annual interest rate of 6.50%. The drawdown
dikenakan tingkat suku bunga 6,50% per tahun. period of the credit facility was until 22 August 2022,
Jangka waktu penarikan fasilitas kredit adalah with a maximum loan tenor of 48 months from the
sampai dengan 22 Agustus 2022 dengan tenor drawdown date on 7 March 2022. The facility will
pinjaman maksimal 48 bulan sejak tanggal mature on 20 May 2026.
penarikan pada tanggal 7 Maret 2022. Fasilitas
tersebut akan jatuh tempo tanggal 20 Mei 2026.
Pada tanggal 20 Januari 2025, Entitas Anak On 20 January 2025, the Subsidiary (PT Mandiri
(PT Mandiri Tunas Finance) dan CCBI Tunas Finance) and CCBI entered into a credit
menandatangani perjanjian kredit dimana CCBI agreement under which CCBI provided a non-
menyediakan fasilitas Installment Loan dengan revolving Installment Loan facility with a total limit of
total fasilitas sebesar Rp300.000 yang bersifat Rp300,000. The facility bears a fixed interest rate
non-revolving. Suku bunga fixed rate sepanjang throughout the tenor and will mature in January
tenor. Fasilitas tersebut memiliki jatuh tempo pada 2028.
Januari 2028.
Pada tanggal 10 April 2023, Entitas Anak (PT On 10 April 2023, the Subsidiary (PT Mandiri Utama
Mandiri Utama Finance) dan PT Bank China Finance) and PT Bank China Construction Bank
Construction Bank Indonesia Tbk ("CCBI") Indonesia Tbk (“CCBI”) signed a non-revolving
menandatangani perjanjian fasilitas pinjaman Working Capital Loan Facility agreement with a
modal kerja non-revolving dengan batas maximum credit limit of Rp250,000 and an interest
maksimum kredit sejumlah Rp250.000 yang rate ranging from 7.00% to 7.15% per annum. The
dikenakan tingkat suku bunga 7,00% - 7,15% per drawdown period for the credit facility was available
tahun jangka waktu penarikan fasilitas kredit until 10 April 2024, with a maximum loan tenor of 48
adalah sampai dengan 10 April 2024 dengan tenor months from the withdrawal date. The facility will
pinjaman maksimal 48 bulan sejak tanggal mature on 24 May 2027.
penarikan. Fasilitas tersebut akan jatuh tempo
tanggal 24 Mei 2027.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari CCBI masing-masing sebesar fund borrowings from CCBI are amounted to
Rp330.953 dan Rp534.510. Rp330,953 and Rp534,510, respectively.
326
1274 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1277
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank HSBC Indonesia PT Bank HSBC Indonesia
Pada tanggal 2 November 2023, Entitas Anak (PT On 2 November 2023, the Subsidiary (PT Mandiri
Mandiri Utama Finance) dan PT Bank HSBC Utama Finance) and PT Bank HSBC Indonesia
Indonesia (“HSBC”) menandatangani perjanjian (“HSBC”) signed a credit agreement whereby Bank
kredit dimana HSBC menyediakan fasilitas Kredit HSBC provides an additional Working Capital
Modal Kerja dengan maksimum kredit sebesar Credit facility with a maximum credit of Rp300,000,
Rp300.000, yang bersifat revolving dan dikenakan which is revolving with interest rate of 1% with
tingkat suku bunga 1% di atas JIBOR pada saat JIBOR upon withdrawal. The withdrawal period for
penarikan. Jangka waktu penarikan fasilitas the facility is 24 (twenty four) months from the
adalah 24 (dua puluh empat) bulan terhitung sejak effective date the contract was signed. This facility
tanggal efektif kontrak tersebut ditandatangani. will mature on 17 July 2026.
Fasilitas ini akan jatuh tempo pada tanggal 17 Juli
2026.
Pada tanggal 17 Juni 2021, Entitas Anak (PT On 17 June 2021, the Subsidiary (PT Mandiri Tunas
Mandiri Tunas Finance) dan HSBC Finance) and HSBC entered into a credit agreement
menandatangani perjanjian kredit dimana HSBC under which HSBC provided a revolving Loan
menyediakan fasilitas Pinjaman Berulang dengan facility with a maximum credit limit of Rp250,000.
maksimum kredit sebesar Rp250.000, yang This facility is automatically extended unless HSBC
bersifat revolving. Fasilitas tersebut diperpanjang cancels, terminates, or releases PT Mandiri Tunas
secara otomatis sampai HSBC membatalkan, Finance from its obligations in writing. Interest is
menghentikan, atau membebaskan PT Mandiri charged at a fixed rate on each drawdown.
Tunas Finance dari kewajibannya secara tertulis.
Bunga akan dibebankan tetap atas setiap
penarikan.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari HSBC masing-masing sebesar fund borrowings from HSBC are amounted to
Rp300.000 dan Rp300.000. Rp300,000 and Rp300,000, respectively.
PT Bank OCBC NISP PT Bank OCBC NISP
Pada tanggal 25 September 2025, Entitas Anak On 25 September 2025, the Subsidiary (PT Mandiri
(PT Mandiri Sekuritas) menandatangani Sekuritas) signed an amendment to the loan
perubahan perjanjian pinjaman dengan PT Bank agreement with PT Bank OCBC NISP Tbk
OCBC NISP Tbk (“OCBC”). Entitas Anak (“OCBC”). The Company obtained an increase in
memperoleh kenaikan fasilitas demand loan the demand loan facility to Rp300,000 or the
menjadi sebesar Rp300.000 atau nilai ekuivalen equivalent value in USD and a Foreign Exchange
dalam mata uang USD dan Fasilitas Transaksi Transaction Facility with a notional limit of Rp50,000
valuta asing dengan jumlah batas notional with a term until 31 August 2026. The interest rate
sebesar Rp50.000 dengan jangka waktu sampai will be notified by OCBC to the Company before the
dengan 31 Agustus 2026. Tingkat suku bunga Subsidiary makes a withdrawal of the Facility.
akan diberitahukan oleh OCBC kepada Entitas
Anak sebelum Entitas Anak melakukan penarikan
Fasilitas.
Pada tanggal 10 November 2015 dan terakhir On 10 November 2015 and most recently extended
diperpanjang pada tanggal 27 Oktober 2025, on 27 October 2025, the Subsidiary (PT Mandiri
Entitas Anak (PT Mandiri Tunas Finance) Tunas Finance) obtained a revolving Demand Loan
mendapat fasilitas Demand Loan yang bersifat facility from PT Bank OCBC NISP Tbk (“OCBC”),
revolving dari PT Bank OCBC NISP Tbk (“OCBC”) bringing the total Demand Loan facilities to
sehingga total keseluruhan fasilitas Demand Loan Rp200,000. The facility is granted for a period up to
sebesar Rp200.000. Fasilitas tersebut diberikan November 2026. The applicable interest rate will be
untuk jangka waktu sampai dengan November notified by OCBC to PT Mandiri Tunas Finance one
2026. Bunga akan diberitahukan oleh OCBC day prior to each drawdown of the Demand Loan
kepada PT Mandiri Tunas Finance 1 hari sebelum facility.
melakukan penarikan fasilitas Demand Loan.
327
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1275
Page 1278
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank OCBC NISP (lanjutan) PT Bank OCBC NISP (continued)
Pada tanggal 4 Desember 2025, Entitas Anak On 4 December 2025, the Subsidiary (PT Mandiri
(PT Mandiri Utama Finance) memperoleh fasilitas Utama Finance) obtained revolving Short Term
Short Term Loan revolving dari PT Bank OCBC Loan facility from PT Bank OCBC NISP Tbk
NISP Tbk ("OCBC") dengan batas maksimum ("CTBC") with a maximum credit limit amounted to
kredit sejumlah Rp200.000 yang dikenakan Rp200,000 with interest rate are charges follow
tingkat suku bunga mengikuti suku bunga pasar applicable market interest rate. This facility will be
yang berlaku. Fasilitas ini akan jatuh tempo pada due on 4 December 2026.
4 Desember 2026.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari OCBC NISP masing-masing fund borrowings from OCBC NISP are amounted to
sebesar Rp299.800 dan RpNihil. Rp299,800 and RpNil, respectively.
PT Bank Muamalat Indonesia Tbk PT Bank Muamalat Indonesia Tbk
Pada tanggal 29 September 2023, Entitas Anak On 29 September 2023, the Subsidiary (PT Mandiri
(PT Mandiri Utama Finance) dan PT Bank Utama Finance) and PT Bank Muamalat Indonesia
Muamalat Indonesia Tbk (“Bank Muamalat”) Tbk (“Bank Muamalat”) signed a credit agreement
menandatangani perjanjian kredit dimana Bank where by Bank Muamalat provides an additional
Muamalat menyediakan tambahan fasilitas Executing Credit facility with a maximum credit of
pinjaman Executing dengan batas maksimum Rp600,000. The profit-sharing ratio (nisbah)
kredit sebesar Rp600.000 dengan nisbah bagi determined at the time of withdrawal. The
hasil ditentukan saat penarikan fasilitas. Jangka withdrawal period for the facility until 29 September
waktu penarikan fasilitas tersebut adalah sampai 2024 with tenor of 48 (fourty eight) months from the
dengan 29 September 2024 dengan tenor effective date the contract was signed. The
pinjaman maksimal 48 (empat puluh delapan) drawdown period of the facility has been extended
bulan sejak tanggal penarikan. Jangka waktu until 29 September 2026 and will be mature on
penarikan fasilitas sudah diperpanjang sampai 29 September 2030.
dengan tanggal 29 September 2026 dan jangka
waktu fasilitas akan jatuh tempo pada tanggal
29 September 2030.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari Bank Muamalat masing-masing fund borrowings from Bank Muamalat are amounted
sebesar Rp288.811 dan Rp176.791. to Rp288,811 and Rp176,791, respectively.
PT BPD Daerah Istimewa Yogyakarta PT BPD Daerah Istimewa Yogyakarta
Pada tanggal 15 Desember 2022, Entitas Anak On 15 December 2022, the Subsidiary (PT Mandiri
(PT Mandiri Utama Finance) dan PT BPD Daerah Utama Finance) and PT BPD Daerah Istimewa
Istimewa Yogyakarta (“BPD DIY”) menandatangani Yogyakarta (“BPD DIY”) signed a credit agreement
perjanjian kredit di mana BPD DIY menyediakan whereby Bank BPD DIY provided an additional non-
tambahan fasilitas Kredit Modal Kerja dengan revolving Working Capital Credit Facility with a
maksimum kredit sebesar Rp100.000 yang bersifat maximum credit limit of Rp100,000 and an interest
non revolving dan dikenakan tingkat suku bunga rate of 6.80% at the time of withdrawal. The facility
6,80% pada saat penarikan. Jangka waktu kredit has a term of 36 months from the withdrawal date
fasilitas adalah 36 bulan sejak tanggal penarikan. and will mature on 19 December 2025.
Fasilitas tersebut akan jatuh tempo pada tanggal
19 Desember 2025.
328
1276 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1279
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT BPD Daerah Istimewa Yogyakarta (lanjutan) PT BPD Daerah Istimewa Yogyakarta (continued)
Pada tanggal 13 September 2023, PT Mandiri On 13 September 2023, the Subsidiary (PT Mandiri
Utama Finance dan BPD DIY menandatangani Utama Finance) and BPD DIY signed a credit
perjanjian kredit dimana BPD DIY menyediakan agreement whereby BPD DIY provided an additional
tambahan fasilitas Kredit Modal Kerja dengan non-revolving Working Capital Credit Facility with a
maksimum kredit sebesar Rp100.000 yang bersifat maximum credit limit of Rp100,000 and an interest rate
non revolving dan dikenakan tingkat suku bunga of 7.00% at the time of withdrawal. The facility has a
7,00% pada saat penarikan. Jangka waktu kredit term of 36 months from the withdrawal date and will
fasilitas adalah 36 bulan sejak tanggal penarikan. mature on 2 October 2026.
Fasilitas tersebut akan jatuh tempo pada tanggal
2 Oktober 2026.
Pada tanggal 26 April 2024, Entitas Anak On 26 April 2024, the Subsidiary (PT Mandiri Utama
(PT Mandiri Utama Finance) dan BPD DIY Finance) and BPD DIY signed a credit agreement
menandatangani perjanjian kredit di mana BPD DIY whereby BPD DIY provided an additional non-
menyediakan tambahan fasilitas Kredit Modal Kerja revolving Working Capital Credit Facility with a
dengan maksimum kredit sebesar Rp200.000, yang maximum credit limit of Rp200,000 and an interest
bersifat non revolving dan dikenakan tingkat suku rate of 7.00% at the time of withdrawal. The facility
bunga 7,00% pada saat penarikan. Jangka waktu has a term of 36 months from the withdrawal date and
kredit fasilitas adalah 36 bulan sejak tanggal will mature on 2 May 2027.
penarikan. Fasilitas tersebut akan jatuh tempo pada
tanggal 2 Mei 2027.
Pada tanggal 7 Maret 2025, Entitas Anak On 7 March 2025, the Subsidiary (PT Mandiri
(PT Mandiri Utama Finance) dan BPD DIY Utama Finance) and BPD DIY signed a credit
menandatangani perjanjian kredit di mana BPD DIY agreement whereby BPD DIY provided an
menyediakan tambahan fasilitas Kredit Modal Kerja additional non-revolving Working Capital Credit
dengan maksimum kredit sebesar Rp200.000 yang Facility with a maximum credit limit of Rp200,000
bersifat non-revolving dan dikenakan tingkat suku and an interest rate of 7.00% at the time of
bunga 7,00% pada saat penarikan. Jangka waktu withdrawal. The facility has a term of 36 months
kredit fasilitas adalah 36 bulan sejak tanggal from the withdrawal date and will mature on
penarikan. Fasilitas tersebut akan jatuh tempo pada 6 May 2028.
tanggal 6 Mei 2028.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari BPD DIY masing-masing sebesar loans from BPD DIY are amounted to Rp275,556
Rp275.556 dan Rp250.824. and Rp250,824, respectively.
JP. Morgan Chase Bank JP. Morgan Chase Bank
Pada tanggal 8 Desember 2024, Entitas Anak (PT On 8 December 2024, the Subsidiary (PT Mandiri
Mandiri Utama Finance) dan JP. Morgan Chase Utama Finance) and JP. Morgan Chase Bank,
Bank, Jakarta Branch ("JP Morgan") Jakarta Branch (“JP Morgan”) signed a Working
menandatangani perjanjian fasilitas pinjaman Capital Loan Facility agreement denominated in
modal kerja dalam mata uang USD dengan batas USD with a maximum credit limit of USD15,000,000
maksimum kredit sejumlah USD15.000.000 (nilai (full amount), bearing an interest rate based on the
penuh) yang dikenakan tingkat suku bunga sesuai SOFR reference rate plus a margin. The loan has a
acuan SOFR dan margin dengan tenor pinjaman maximum tenor of 36 months from the withdrawal
maksimal 36 bulan sejak tanggal penarikan. date. The drawdown period for the facility was
Jangka waktu penarikan fasilitas kredit adalah initially available until 8 January 2025 and has been
sampai dengan tanggal 8 Januari 2025, dan sudah extended until 28 November 2025. The facility will
dilakukan perpanjangan jangka waktu penarikan mature on 17 October 2028.
sampai dengan tanggal 28 November 2025.
Fasilitas tersebut akan jatuh tempo tanggal
17 Oktober 2028.
329
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1277
Page 1280
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
JP. Morgan Chase Bank (lanjutan) JP. Morgan Chase Bank (continued)
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari JP Morgan masing-masing sebesar fund borrowings from JP Morgan are amounted to
Rp248.024 dan RpNihil. Rp248,024 and RpNil, respectively.
PT Bank of India Indonesia Tbk PT Bank of India Indonesia Tbk
Pada tanggal 16 Januari 2025, Entitas Anak (PT On 16 January 2025, the Subsidiary (PT Mandiri
Mandiri Utama Finance) dan PT Bank of India Utama Finance) and PT Bank of India Indonesia
Indonesia Tbk ("Bank of India") menandatangani Tbk ("Bank of India") signed a non-revolving
perjanjian fasilitas pinjaman modal kerja non- working capital loan facility agreement with a
revolving dengan batas maksimum kredit maximum credit limit of Rp300,000 bearing an
sejumlah Rp300.000 yang dikenakan tingkat suku interest rate ranging from 6.80% to 7.20%. The
bunga 6,80% - 7,20%. Jangka waktu penarikan credit facility drawdown period is valid until 16 July
fasilitas kredit adalah sampai dengan 16 Juli 2025 2025, with a maximum loan tenor of 48 months from
dengan tenor pinjaman maksimal 48 bulan sejak the drawdown date. The facility will mature on
tanggal penarikan. Fasilitas tersebut akan jatuh 20 March 2029.
tempo tanggal 20 Maret 2029.
Pada tanggal 2 Agustus 2023, Entitas Anak On 2 August 2023, the Subsidiary (PT Mandiri
(PT Mandiri Tunas Finance) dan PT Bank of India Tunas Finance) and PT Bank of India Indonesia Tbk
Indonesia Tbk (“Bank of India”) menandatangani (“Bank of India”) signed a loan agreement where
perjanjian kredit dimana Bank of India Bank of India provides a Reducing Demand Loan
menyediakan fasilitas Demand Loan Menurun (Executing) facility with a total facility of Rp500,000
(Executing) dengan total fasilitas sebesar with is non-revolving and bears a fixed interest rate
Rp500.000 yang bersifat non-revolving dan of 6.00% - 7.60% the facility will mature on
dikenakan tingkat suku bunga tetap sebesar 10 August 2026 and this facility was fully repaid on
antara 6,00% - 7,60%. Fasilitas tersebut akan 10 December 2025.
jatuh tempo pada tanggal 10 Agustus 2026 dan
fasilitas ini sudah dilunasi pada tanggal
10 Desember 2025.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari Bank of India sebesar Rp241.178 fund borrowings from Bank of India are amounted to
dan Rp277.399. Rp241,178 and Rp277,399, respectively.
PT Bank Shinhan Indonesia PT Bank Shinhan Indonesia
Pada tanggal 31 Juli 2024, Entitas Anak On 31 July 2024, the Subsidiary (PT Mandiri Utama
(PT Mandiri Utama Finance) dan PT Bank Finance) and PT Bank Shinhan Indonesia (“Bank
Shinhan Indonesia ("Bank Shinhan") Shinhan”) signed a non-revolving Working Capital
menandatangani perjanjian fasilitas pinjaman Loan Facility agreement with a maximum credit limit
modal kerja non-revolving dengan batas of Rp300,000 and an interest rate of 7.50%. The
maksimum kredit sejumlah Rp300.000 yang drawdown period for the credit facility is available
dikenakan tingkat suku bunga 7,50%. Jangka until 11 December 2024, with a maximum loan tenor
waktu penarikan fasilitas kredit adalah sampai of 48 months from the withdrawal date. The facility
dengan 11 Desember 2024 dengan tenor will mature on 19 Agustus 2028.
pinjaman maksimal 48 bulan sejak tanggal
penarikan. Fasilitas tersebut akan jatuh tempo
tanggal 19 Agustus 2028.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari Bank Shinhan masing-masing borrowing from Bank Shinhan are amounted to
sebesar Rp199.663 dan Rp274.366. Rp199,663 and Rp274,366, respectively.
330
1278 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1281
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank BCA Syariah PT Bank BCA Syariah
Pada tanggal 18 November 2020, Entitas Anak On 18 November 2020, the Subsidiary (PT Mandiri
(PT Mandiri Utama Finance) memperoleh Utama Finance) received an additional Working
tambahan fasilitas Kredit Modal Kerja dari Capital Loan facility from PT Bank BCA Syariah
PT Bank BCA Syariah (“BCA Syariah”) sehingga (“BCA Syariah”) bringing the total credit limit from
total plafon yang diterima dari PT Bank BCA PT Bank BCA Syariah to Rp200,000, with an
Syariah adalah sebesar Rp200.000 dengan interest rate of 9.00%. The drawdown availability
tingkat suku bunga 9,00%. Kelonggaran tarik period of the facility already mature on
fasilitas tersebut telah jatuh tempo pada tanggal 30 September 2025, with the total credit limit
30 September 2025 dengan total plafon menjadi amounting to Rp400,000.
Rp400.000.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, the loans from
pinjaman dari BCA Syariah masing-masing BCA Syariah amounted to Rp189,542 and
sebesar Rp189.542 dan Rp261.431. Rp261,431, respectively.
PT Bank Permata Indonesia Tbk PT Bank Permata Indonesia Tbk
Pada tanggal 1 Februari 2023, Entitas Anak On 1 February 2023, the Subsidiary (PT Mandiri
(PT Mandiri Utama Finance) dan PT Bank Utama Finance) and PT Bank Permata Indonesia
Permata Indonesia Tbk (“Bank Permata”) kembali Tbk (“Bank Permata”) entered into an additional
menandatangani tambahan fasilitas pinjaman working capital loan facility agreement with Bank
modal kerja dari PT Bank Permata Tbk berupa Permata in the form of a Term Loan and a
Term Loan dan Musyarakah Mutanaqisoh, Musyarakah Mutanaqisah facility, each with a
dengan batas maksimum kredit masing-masing maximum credit limit of Rp200,000. Both facilities
sejumlah Rp200.000 yang bersifat non-revolving, are non-revolving in nature. The drawdown period
kelonggaran tarik fasilitas ini berakhir pada for these facilities initially ended on 1 August 2023
tanggal 1 Agustus 2023 dan sudah diperpanjang and was subsequently extended until 31 October
sampai dengan 31 Oktober 2023. Pada tanggal 2023. As of 31 December 2023, the drawdown
31 Desember 2023, kelonggaran tarik fasilitas period for the Musyarakah Mutanaqisah facility had
Musyarakah Mutanaqisoh berakhir dan tidak ended and was not extended. The Term Loan
dilakukan perpanjangan. Untuk fasilitas Term facility will mature on 20 September 2027.
Loan akan jatuh tempo pada tanggal
20 September 2027.
Pada tanggal 10 Juni 2024, PT Mandiri Utama On 10 June 2024, PT Mandiri Utama Finance and
Finance dan PT Bank Permata Indonesia Tbk PT Bank Permata Indonesia Tbk (“Bank Permata”)
(“Bank Permata”) kembali menandatangani entered into an additional multicurrency (IDR and
tambahan fasilitas pinjaman modal kerja dalam USD) working capital loan facility in the form of a
multicurrency (IDR dan USD) dari PT Bank Term Loan with a maximum credit limit of
Permata Tbk berupa Term Loan dengan batas Rp500,000. The facility is non-revolving, and its
maksimum kredit sejumlah Rp500.000 yang availability period ended on 10 March 2025, with no
bersifat non-revolving, kelonggaran tarik fasilitas extension made by the Subsidiary. On the same
ini berakhir pada tanggal 10 Maret 2025 dan tidak date, the Company also obtained a Forex Line
dilakukan perpanjangan oleh Perusahaan. Pada facility with a total limit of USD10,500,000 and a
tanggal yang sama, Perusahaan juga facility term of 1 year. The Company did not extend
mendapatkan fasilitas Forex Line dengan total this Forex Line facility.
limit USD10.500.000 dan jangka waktu fasilitas 1
tahun. Atas fasilitas Forex Line tersebut
Perusahaan tidak melakukan perpanjangan.
331
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1279
Page 1282
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank Permata Indonesia Tbk (lanjutan) PT Bank Permata Indonesia Tbk (continued)
Entitas anak (PT Mandiri Sekuritas) memperoleh The Subsidiary (PT Mandiri Sekuritas) obtained a
fasilitas Money Market Loan dalam mata uang IDR Money Market Loan Facility in IDR and USD
dan USD yang dapat digunakan dipergunakan currencies which can also be used for Bank
juga untuk Fasilitas Bank Garansi dengan Guarantee Facilities with the provision that the total
ketentuan jumlah penarikan bersama-sama tidak withdrawal amount does not exceed Rp250,000.
melebihi Rp250.000. Fasilitas ini berlaku sampai This facility is valid until 7 October 2025 and if until
dengan 7 Oktober 2025 dan apabila sampai the end of the facility period Mandiri Sekuritas has
dengan berakhirnya jangka waktu fasilitas Mandiri not decided to terminate or extend the facility
Sekuritas belum memutuskan untuk mengakhiri period, the facility period will be deemed to be
atau memperpanjang jangka waktu fasilitas maka automatically extended for three months from the
jangka waktu fasilitas dianggap diperpanjang date of the end of the facility period. This loan was
secara otomatis selama tiga bulan terhitung sejak fully repaid on 2 January 2026.
tanggal berakhirnya jangka waktu fasilitas.
Pinjaman ini telah dilunasi pada tanggal 2 Januari
2026.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari Bank Permata masing-masing fund borrowings from Bank Permata was amounted
sebesar Rp182.205 dan Rp218.139. to Rp182,205 and Rp218,139, respectively.
PT Bank Jtrust Indonesia Tbk PT Bank Jtrust Indonesia Tbk
Pada tanggal 31 Januari 2023, Entitas Anak On 31 January 2023, the Subsidiary, PT Mandiri
(PT Mandiri Utama Finance) memperoleh Utama Finance, obtained an additional non-
tambahan fasilitas kredit modal kerja non- revolving working capital credit facility from PT Bank
revolving dari PT Bank JTrust Indonesia (“Jtrust”) JTrust Indonesia (“Jtrust”) with a maximum credit
dengan batas maksimum kredit sejumlah limit of Rp200,000 and an interest rate ranging from
Rp200.000 dengan tingkat suku bunga sebesar 6.85% - 7.00% per annum. The facility has a
6,85% - 7,00% dengan tenor pinjaman maksimal maximum tenor of 48 (fourty-eight) months from the
48 (empat puluh delapan) bulan sejak tanggal drawdown date and will mature on 20 March 2027.
penarikan. Fasilitas tersebut akan jatuh tempo
tanggal tgl 20 Maret 2027.
Pada tanggal 22 Februari 2022, Entitas Anak On 22 February 2022, the Subsidiary
(PT Mandiri Utama Finance) memperoleh (PT Mandiri Utama Finance) obtained an additional
tambahan fasilitas Kredit Modal Kerja non- non-revolving Working Capital Credit facility from
revolving dari PT Bank Jtrust Indonesia Tbk PT Bank Jtrust Indonesia Tbk (“Jtrust”) with a
(“Jtrust”) dengan batas maksimum kredit sejumlah maximum credit limit of Rp200,000 with an interest
Rp200.000 dengan tingkat suku bunga sebesar rate of 7.25% with a maximum loan tenor of 48
7,25% dengan tenor pinjaman maksimal 48 (fourty eight) months from the date of withdrawal
(empat puluh delapan) bulan sejak tanggal and the drawdown period for the loan facility is until
penarikan dan jangka waktu penarikan fasilitas 22 February 2023. The facility will mature on
kredit sampai dengan 22 Februari 2023. Fasilitas 8 September 2026.
tersebut akan jatuh tempo tanggal 8 September
2026.
332
1280 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1283
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank Jtrust Indonesia Tbk (lanjutan) PT Bank Jtrust Indonesia Tbk (continued)
Pada tanggal 7 November 2023, Entitas Anak (PT On 7 November 2023, the Subsidiary (PT Mandiri
Mandiri Utama Finance) memperoleh tambahan Utama Finance) obtained an additional non-
fasilitas kredit modal kerja non-revolving dengan revolving Working Capital Credit Facility with a
batas maksimum kredit sejumlah Rp150.000 maximum credit limit of Rp150,000 and an interest
dengan tingkat suku bunga sebesar 7,00% rate of 7.00%. The loan has a maximum tenor of 48
dengan tenor pinjaman maksimal 48 bulan sejak months from the withdrawal date, with the
tanggal penarikan dan jangka waktu penarikan drawdown period available until 31 January 2024.
fasilitas kredit sampai dengan 31 Januari 2024. The facility will mature on 4 December 2027.
Fasilitas tersebut akan jatuh tempo tanggal
4 Desember 2027.
Pada tanggal 15 November 2024, Entitas Anak (PT On 15 November 2024, the Subsidiary (PT Mandiri
Mandiri Utama Finance) memperoleh tambahan Utama Finance) obtained an additional non-
fasilitas kredit modal kerja non-revolving dengan revolving Working Capital Credit Facility with a
batas maksimum kredit sejumlah Rp170.000 maximum credit limit of Rp170,000 and an interest
dengan tingkat suku bunga sesuai kesepakatan rate determined based on the agreement at the time
pada saat penarikan dan tenor pinjaman maksimal of withdrawal. The loan has a maximum tenor of 48
48 bulan sejak tanggal penarikan. Jangka waktu months from the withdrawal date, with the
penarikan fasilitas kredit sampai dengan drawdown period available until 15 November
15 November 2025. 2025.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari Bank Jtrust Indonesia masing- fund borrowings from Bank Jtrust Indonesia was
masing sebesar Rp177.461 dan Rp345.316. amounted to Rp177,461 and Rp345,316,
respectively.
PT Bank Bumi Arta Tbk PT Bank Bumi Arta Tbk
Pada tanggal 13 Agustus 2024, Entitas Anak On 13 August 2024, the Subsidiary (PT Mandiri
(PT Mandiri Utama Finance) dan PT Bank Bumi Utama Finance) and PT Bank Bumi Arta Tbk (“Bank
Arta Tbk (“Bank Arta”) menandatangani perjanjian Arta”) signed a credit agreement whereby Bank Arta
kredit dimana Bank Arta menyediakan fasilitas provides a non-revolving Working Capital Credit
Kredit Modal Kerja dengan maksimum kredit facility with a maximum credit of Rp200,000 and
sebesar Rp200.000 yang bersifat non-revolving dan bears an interest rate of 7.00% - 7.25%. The facility
dikenakan tingkat suku bunga 7,00% - 7,25%. will mature on 13 September 2028.
Fasilitas tersebut akan jatuh tempo pada tanggal
13 September 2028.
Pada tanggal 31 Desember 2025 and 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari Bank Bumi Arta masing-masing borrowing from Bank Bumi Arta are amounted to
sebesar Rp176.704 dan Rp190.457. Rp176,704 and Rp190,457, respectively.
PT Bank KEB Hana Indonesia PT Bank KEB Hana Indonesia
Pada tanggal 29 Mei 2023, Entitas Anak On 29 May 2023, the Subsidiary (PT Mandiri Utama
(PT Mandiri Utama Finance) dan PT Bank KEB Finance) and PT Bank KEB Hana Indonesia (“Bank
Hana Indonesia (“Bank Hana”) menandatangani Hana”) signed a credit agreement in which Bank
perjanjian kredit dimana Bank Hana memberikan Hana provided an additional Working Capital Credit
tambahan fasilitas Kredit Modal Kerja non- facility with a maximum amount of Rp200,000. This
revolving dengan maksimum fasilitas sebesar facility is non-revolving and carries an interest rate
Rp200.000 dengan suku bunga 7,25% dan akan of 7.25%. The facility will mature on 20 June 2027.
jatuh tempo pada 20 Juni 2027.
333
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1281
Page 1284
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank KEB Hana Indonesia (lanjutan) PT Bank KEB Hana Indonesia (continued)
Pada tanggal 29 Desember 2025, Entitas Anak On 29 December 2025, the Subsidiary (PT Mandiri
(PT Mandiri Sekuritas) memperoleh fasilitas kredit Sekuritas) obtained a credit facility from PT Bank
dari PT Bank KEB Hana (“Bank Hana”) Indonesia KEB Hana Indonesia (“Bank Hana”) in the form of a
berupa fasilitas Money Market Line sebesar Money Market Line facility of Rp150,000 valid until
Rp150.000 berlaku hingga 28 Maret 2026. 28 March 2026. Based on the provisions of the
Berdasarkan ketentuan dalam perjanjian, suku agreement, the interest rate on money market
bunga fasilitas Money Market berdasarkan suku facilities based on the Money Market interest rate
bunga Money Market yang berlaku di Bank Hana applicable at Bank Hana at the time of
saat pencairan (per annum efektif, mengambang) disbursement (per annum effective, floating)
berlaku tetap selama jangka waktu penggunakan remains valid for the period of use of each
setiap kredit yang dicairkan atau digunakan. disbursed or used loan. This loan was fully repaid
Pinjaman ini telah dilunasi pada tanggal 6 Januari on 6 January 2026.
2026.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, the loans from
pinjaman dari Bank Hana masing-masing sebesar Bank Hana were Rp173,888 and Rp223,764,
Rp173.888 dan Rp223.764. respectively
PT Bank QNB Indonesia Tbk PT Bank QNB Indonesia Tbk
Pada tanggal 24 Mei 2023, Entitas Anak On 24 May 2023, the Subsidiary (PT Mandiri Tunas
(PT Mandiri Tunas Finance) dan PT Bank QNB Finance) and PT Bank QNB Indonesia Tbk (“QNB”)
Indonesia Tbk (“QNB”) menandatangani signed a loan agreement which QNB provides Fixed
perjanjian kredit dimana QNB menyediakan Loan facility with total limit amounting to Rp600,000
fasilitas Fixed Loan Facility dengan total which is non-revolving and bears a fixed market
maksimum kredit sebesar Rp600.000 yang interest rate of 6.75% at the withdrawal date. This
bersifat non-revolving dan dikenakan tingkat suku facility will mature on 7 August 2026. This loan was
bunga tetap sebesar 6,75% pada saat penarikan. fully settled on 17 October 2025.
Fasilitas tersebut akan jatuh tempo pada
7 Agustus 2026. Pinjaman ini telah dilunasi pada
tanggal 17 Oktober 2025.
Pada tanggal 28 Maret 2024, Entitas Anak On 28 March 2024, the Subsidiary (PT Mandiri
(PT Mandiri Utama Finance) dan QNB Utama Finance) and QNB signed a loan agreement
menandatangani perjanjian kredit dimana QNB which QNB provides Additional Fixed Loan facility
menyediakan fasilitas Fixed Loan Facility with total limit amounted to Rp300,000 which is non-
tambahan dengan total maksimum kredit sebesar revolving and bears a fixed market interest rate of
Rp300.000 yang bersifat non-revolving dan 7.45% at the withdrawal date. This facility will
dikenakan tingkat suku bunga tetap sebesar mature on 14 June 2028.
7,45% pada saat penarikan. Fasilitas tersebut
akan jatuh tempo pada 14 Juni 2028.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari QNB masing-masing sebesar fund borrowings from QNB are amounted to
Rp151.807 dan Rp422.143. Rp151,807 and Rp422,143, respectively.
334
1282 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1285
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank DKI (Unit Usaha Syariah) PT Bank DKI (Sharia Business Unit)
Pada tanggal 19 Desember 2023, Entitas Anak On 19 December 2023, the Subsidiary (PT Mandiri
(PT Mandiri Utama Finance) memperoleh fasilitas Utama Finance) obtained a Mudharabah
Pembiayaan Mudharabah dari PT Bank DKI (Unit Financing Facility from PT Bank DKI (Sharia
Usaha Syariah) dengan batas maksimum Business Unit) with a maximum financing limit of
pembiayaan sebesar Rp150.000 dengan nisbah Rp150,000. The profit-sharing ratio (nisbah) will
bagi hasil ditentukan saat penarikan fasilitas. be determined at the time of the facility drawdown.
Jangka waktu penarikan fasilitas tersebut adalah The drawdown period is valid until 19 June 2024,
sampai dengan 19 Juni 2024 dengan tenor with a maximum loan tenor of 36 months from the
pinjaman maksimal 36 bulan sejak tanggal drawdown date. The facility will be mature on
penarikan. Fasilitas tersebut telah jatuh tempo 2 May 2027.
tanggal 2 Mei 2027.
Pada tanggal 7 Januari 2025, Entitas Anak On 7 January 2025, the Subsidiary (PT Mandiri
(PT Mandiri Utama Finance) memperoleh Utama Finance) obtained an additional
penambahan fasilitas Pembiayaan Mudharabah Mudharabah Financing Facility from PT Bank DKI
dari PT Bank DKI (Unit Usaha Syariah) ("Bank DKI (Sharia Business Unit) (“Bank DKI Syariah”) with a
Syariah") dengan batas maksimum pembiayaan maximum financing limit of Rp100,000 and a
sebesar Rp100.000 dengan nisbah bagi hasil profit-sharing ratio (nisbah) determined at the time
ditentukan saat penarikan fasilitas. Jangka waktu of withdrawal. The drawdown period for the facility
penarikan fasilitas tersebut adalah sampai dengan is available until 7 July 2025, with a maximum
7 Juli 2025 dengan tenor pinjaman maksimal 60 financing tenor of 60 months from the withdrawal
bulan sejak tanggal penarikan, fasilitas tersebut date. The facility will mature on 25 June 2030.
akan jatuh tempo tanggal 25 Juni 2030.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 31 December 2024,
pinjaman dari PT Bank DKI (Unit Usaha Syariah) outstanding fund borrowings from PT Bank DKI
masing-masing sebesar Rp146.609 dan (Sharia Business Unit) was amounted to
Rp109.657. Rp146,609 and Rp109,657, respectively.
PT Bank Maspion Tbk PT Bank Maspion Tbk
Pada tanggal 18 September 2023, Entitas Anak On 18 September 2023, the Subsidiary (PT Mandiri
(PT Mandiri Tunas Finance) dan Bank Maspion Tunas Finance) and Bank Maspion (“Maspion”)
(“Maspion”) menandatangani perjanjian fasilitas signed a Fixed Loan Sliding Installment Working
Pinjaman Modal Kerja Fixed Loan Sliding dengan Capital Loan facility agreement with a total facility
total fasilitas sebesar Rp300.000 yang bersifat amounting to Rp300,000, which is non-revolving.
non-revolving. Fasilitas tersebut akan jatuh tempo The facility will mature on 4 April 2027 with interest
tanggal 4 April 2027 dengan tingkat suku bunga rate of 6.75%.
6,75%.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, the outstanding
pinjaman dari Maspion masing-masing sebesar loans from Maspion are amounted to Rp133,190
Rp133.190 dan Rp232.897. and Rp232,897, respectively.
335
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1283
Page 1286
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank ICBC Indonesia PT Bank ICBC Indonesia
Pada tanggal 14 Agustus 2025, Entitas Anak On 14 August 2025, the Subsidiary (PT Mandiri
(PT Mandiri Sekuritas) menandatangani Sekuritas) signed a Credit Agreement with PT Bank
Perjanjian Kredit dengan PT Bank ICBC ICBC Indonesia. The Company obtained a Credit
Indonesia. Perusahaan memperoleh Fasilitas Facility in the form of a New Uncommitted -
Kredit dalam bentuk New Uncommitted - Revolving Fixed Loan on Demand-A (PTD-A) up to
Revolving Pinjaman Tetap on Demand-A (PTD-A) a total principal amount not exceeding Rp200,000.
hingga jumlah pokok yang seluruhnya tidak The term of this Credit Facility is 1 (one) year from
melebihi Rp200.000. Jangka waktu Fasilitas the date of signing the Deed of Agreement. This
Kredit ini adalah 1 (satu) tahun sejak tanggal loan was fully repaid on 6 January 2026
penandatanganan Akta Perjanjian. Pinjaman ini
telah dilunasi pada tanggal 6 Januari 2026.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari Bank ICBC masing-masing sebesar fund borrowings from Bank ICBC are amounted to
Rp100.000 dan RpNihil. Rp100,000 and RpNil, respectively.
PT Bank UOB Indonesia PT Bank UOB Indonesia
Pada tanggal 23 November 2021 dan terakhir On 23 November 2021 and most recently extended
diperpanjang pada tanggal 14 Mei 2025, Entitas on 14 May 2025, the Subsidiary (PT Mandiri Tunas
Anak (PT Mandiri Tunas Finance) dan PT Bank Finance) and PT Bank UOB Indonesia (“UOB”)
UOB Indonesia (“UOB”) menandatangani entered into a credit agreement under which UOB
perjanjian kredit dimana Bank UOB menyediakan provided an uncommitted Term Loan sublimit under
fasilitas Term Loan Sublimit Revolving Credit a Revolving Credit facility with a limit of Rp560,000.
dengan nilai limit sebesar Rp560.000 yang The interest rate is fixed for loans that have been
bersifat uncommitted. Suku bunga berlaku fixed drawn. The Term Loan facilities have matured and
untuk pinjaman yang sudah ditarik. Fasilitas Term were fully repaid in March 2025 and September
Loan sudah jatuh tempo dan lunas pada bulan 2025. The Revolving Credit facility has been further
Maret 2025 dan September 2025. Jangka waktu extended until May 2026.
fasilitas Revolving Credit telah diperpanjang
kembali hingga Mei 2026.
Entitas Anak (PT Mandiri Sekuritas) melakukan The Subsidiary (PT Mandiri Sekuritas) has signed
penandatangan perubahan perjanjian kredit an amendment to the credit agreement with UOB
dengan UOB yang berlaku sampai dengan which is valid until 30 May 2026. UOB provides
tanggal 30 Mei 2026. UOB memberikan Revolving Revolving Credit Facility (RCF) up to the principal
Credit Facility (RCF) hingga jumlah pokok tidak amount not exceeding Rp300,000 or in United
melebihi Rp300.000 atau dalam mata uang Dolar States Dollars approved by UOB, with a sub-limit of
Amerika Serikat yang disetujui oleh UOB, dengan the Bank Guarantee facility up to the principal
sub limit fasilitas bank Garansi hingga jumlah amount not exceeding Rp300,000. The provisions
pokok tidak melebihi Rp300.000. Adapun of the outstanding RCF and BG facilities must not
ketentuan outstanding fasilitas RCF dan Bank exceed Rp300,000. Subsidiaries also obtain foreign
Garansi (BG) tidak boleh melebihi Rp300.000. exchange line facilities that are uncommitted. This
Entitas Anak juga memperoleh fasilitas foreign loan was fully repaid on 3 December 2025.
exchange line yang bersifat uncommitted.
Pinjaman ini telah dilunasi pada tanggal
3 Desember 2025.
336
1284 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1287
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank UOB Indonesia (lanjutan) PT Bank UOB Indonesia (continued)
Entitas Anak (PT Mandiri Sekuritas) melakukan The Subsidiary (PT Mandiri Sekuritas) has signed
penandatangan perubahan perjanjian kredit an amendment to the credit agreement with UOB
dengan UOB yang berlaku sampai dengan which is valid until 30 May 2026. The Bank provides
tanggal 30 Mei 2026. Bank memberikan Revolving Revolving Credit Facility (RCF) up to the principal
Credit Facility (RCF) hingga jumlah pokok tidak amount not exceeding Rp300,000 or in United
melebihi Rp300.000 atau dalam mata uang Dolar States Dollars approved by the Bank, with a sub-
Amerika Serikat yang disetujui oleh Bank, dengan limit of the Bank Guarantee facility up to the
sub limit fasilitas bank Garansi hingga jumlah principal amount not exceeding Rp300,000. The
pokok tidak melebihi Rp300.000. Adapun provisions of the outstanding RCF and BG facilities
ketentuan outstanding fasilitas RCF dan Bank must not exceed Rp300,000. Subsidiaries also
Garansi (BG) tidak boleh melebihi Rp300.000. obtain foreign exchange line facilities that are
Entitas Anak juga memperoleh fasilitas foreign uncommitted. This loan was fully repaid on
exchange line yang bersifat uncommitted. 6 January 2026.
Pinjaman ini telah dilunasi pada tanggal 6 Januari
2026.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari UOB masing-masing sebesar fund borrowings from UOB are amounted to
Rp100.000 dan Rp204.114. Rp100,000 and Rp204,114, respectively.
PT Bank Resona Perdania PT Bank Resona Perdania
Pada tanggal 11 Juni 2024, Entitas Anak On 11 June 2024, the Subsidiary (PT Mandiri Utama
(PT Mandiri Utama Finance) dan PT Bank Resona Finance) and PT Bank Resona Perdania (“Bank
Perdania ("Bank Resona") menandatangani Resona”) signed a non-revolving Working Capital
perjanjian fasilitas pinjaman modal kerja non- Loan Facility agreement with a maximum credit limit
revolving dengan batas maksimum kredit of Rp200,000 and an interest rate of 7.25%. The
sejumlah Rp200.000 yang dikenakan tingkat suku drawdown period for the credit facility is available
bunga 7,25%. Jangka waktu penarikan fasilitas until 11 December 2024, with a maximum loan tenor
kredit adalah sampai dengan 11 Desember 2024 of 48 months from the withdrawal date. The facility
dengan tenor pinjaman maksimal 48 bulan sejak will mature on 1 July 2027.
tanggal penarikan. Fasilitas tersebut akan jatuh
tempo tanggal 1 Juli 2027.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari Bank Resona masing-masing fund borrowings from Bank Resona are amounted
sebesar Rp99.868 dan Rp166.312. to Rp99,868 and Rp166,312, respectively.
PT Bank Oke Indonesia Tbk PT Bank Oke Indonesia Tbk
Pada tanggal 22 Februari 2022, Entitas Anak On 22 February 2022, the Subsidiary (PT Mandiri
(PT Mandiri Utama Finance) dan PT Bank Oke Utama Finance) and PT Bank Oke Indonesia Tbk
Indonesia Tbk (“OK Bank”) menandatangani (“OK Bank”) signed a non-revolving working capital
perjanjian fasilitas pinjaman modal kerja non- loan facility agreement with a maximum credit limit
revolving dengan batas maksimum kredit of Rp200,000 which bears an interest rate of 7.00%
sejumlah Rp200.000 yang dikenakan tingkat suku per annum. The term for withdrawing the credit
bunga 7,00% per tahun. Jangka waktu penarikan facility is up to 22 December 2022 with a maximum
fasilitas kredit adalah sampai dengan tanggal loan tenor of 48 (fourty eight) months from the
22 Desember 2022 dengan tenor pinjaman drawdown date. The facility will mature on
maksimal 48 (empat puluh delapan) bulan sejak 7 October 2026.
tanggal penarikan. Fasilitas tersebut akan jatuh
tempo tanggal 7 Oktober 2026.
337
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1285
Page 1288
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank Oke Indonesia Tbk (lanjutan) PT Bank Oke Indonesia Tbk (continued)
Pada tanggal 6 Juni 2022, Entitas Anak On 6 June 2022, the Subsidiary (PT Mandiri Tunas
(PT Mandiri Tunas Finance) dan OK Bank Finance) and OK Bank signed a non-revolving
menandatangani perjanjian fasilitas Pinjaman Installment Working Capital Loan facility agreement
Modal Kerja Installment non-revolving dengan with a maximum credit limit of Rp500,000. The
batas maksimum kredit sejumlah Rp500.000 telah facility matured on 15 June 2025 with interest rate
jatuh tempo tanggal 15 Juni 2025 dengan suku of 6.00% - 7.60%. This facility was fully repaid on
bunga antara 6,00% - 7,60%. Pinjaman ini sudah 15 June 2025 and was not extended.
lunas pada tanggal 15 Juni 2025 dan tidak
diperpanjang.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, the outstanding
pinjaman dari OK Bank masing-masing sebesar fund borrowing from OK Bank are amounted to
Rp27.904 dan Rp167.648. Rp27,904 and Rp167,648, respectively.
PT Bank SMBC Indonesia Tbk PT Bank SMBC Indonesia Tbk
Pada tanggal 24 Mei 2021 dan terakhir On 24 May 2021 and most recently extended on
diperpanjang pada tanggal 30 April 2025, Entitas 30 April 2025, the Subsidiary (PT Mandiri Tunas
Anak (PT Mandiri Tunas Finance) mendapat Finance) obtained a revolving Loan on Note facility
fasilitas Loan on Note yang bersifat revolving dari from PT Bank SMBC Indonesia Tbk (“SMBC”),
PT Bank SMBC Indonesia Tbk (“SMBC”) sehingga bringing the total Loan on Note facilities to
total keseluruhan fasilitas Loan on Note sebesar Rp300,000. The facility has been extended until
Rp300.000. Fasilitas tersebut diperpanjang April 2026.
sampai dengan bulan April 2026.
Entitas Anak (PT Mandiri Sekuritas) memperoleh The Subsidiary (PT Mandiri Sekuritas) obtained a
fasilitas kredit dari SMBC. SMBC memberikan credit facility from SMBC. SMBC provides a Loan
fasilitas Loan on Note sebesar Rp300.000 atau on Note facility of Rp300,000 or equivalent in USD
setara dalam mata uang USD dengan maksimum currency with a maximum USD currency of 90% of
valuta USD sebesar 90% dari limit dan Bank the limit and a Bank Guarantee of Rp100.000. The
Garansi sebesar Rp100.000. Adapun batas nilai maximum combined value limit for the Loan on Note
gabungan maksimum atas fasilitas Loan on Note and Bank Guarantee facility is Rp300,000. This
dan Bank Garansi adalah sebesar Rp300.000. facility is valid until 31 December 2025. This loan
Fasilitas ini berlaku sampai dengan tanggal was fully repaid on 3 July 2025.
31 Desember 2025. Pinjaman ini telah dilunasi
pada tanggal 3 Juli 2025.
Pada tanggal 19 April 2022, Entitas Anak On 19 April 2022, the Subsidiary (PT Mandiri Utama
(PT Mandiri Utama Finance) memperoleh fasilitas Finance) obtained a Money Market Line Multi-
pinjaman Money Market Line Multi Currency Rupiah Currency Facility in Rupiah and US Dollar from
dan US Dollar dari SMBC dengan batas maksimum SMBC with a maximum credit limit equivalent to
kredit ekuivalen sejumlah Rp200.000 yang tingkat Rp200,000. The interest rate on this facility follows
suku bunganya mengikuti suku bunga pasar yang the prevailing market rate. The drawdown period
berlaku. Fasilitas ini masa kelonggaran tarik sampai was initially available until 31 December 2022, with
dengan tanggal 31 Desember 2022 dengan tenor a maximum loan tenor of three months. The facility
penarikan fasilitas maksimum 3 bulan. Fasilitas ini has been extended several times, with the latest
sudah dilakukan perpanjangan beberapa kali, extension valid until 31 October 2026.
terakhir perpanjangan fasilitas sampai dengan
tanggal 31 Oktober 2026.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari SMBC masing-masing sebesar fund borrowings from SMBC are amounted to RpNil
RpNihil dan Rp200.000. and Rp200,000 respectively.
338
1286 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1289
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Rupiah (lanjutan) Rupiah (continued)
PT Bank Victoria International Tbk PT Bank Victoria International Tbk
Pada tanggal 23 Juni 2021, Entitas Anak On 23 June 2021, the Subsidiary (PT Mandiri
(PT Mandiri Utama Finance) memperoleh fasilitas Utama Finance) obtained a Money Market Line loan
pinjaman Money Market Line dari PT Bank Victoria facility from PT Bank Victoria Internasional Tbk
Internasional Tbk ("Bank Victoria") dengan batas ("Bank Victoria") with a maximum credit limit of
maksimum kredit sejumlah Rp250.000 dengan Rp250,000 with an interest rate that follows the
tingkat suku bunga mengikuti suku bunga pasar prevailings market interest rates. This facility
yang berlaku. Fasilitas ini jatuh tempo pada matures on 23 June 2022. The maturing Money
tanggal 23 Juni 2022. Atas fasilitas Money Market Market Line facility has been extended several
Line yang jatuh tempo tersebut telah beberapa kali times, with the most recent extension until
dilakukan perpanjangan, terakhir perpanjangan 24 October 2025, with a credit limit of Rp150,000,
sampai dengan tanggal 24 Oktober 2025 dengan and bearing an interest rate that follows the
plafond sebesar Rp150.000, dan tingkat suku prevailing market rate of approximately 5.50% -
bunga mengikuti suku bunga pasar yang berlaku 6.66%.
sekitar 5,50% - 6,66%.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, oustanding fund
pinjaman dari Bank Victoria masing-masing borrowings from Bank Victoria are RpNil and
sebesar RpNihil dan Rp150.000. Rp150,000, respectively.
Standard Chartered Bank Standard Chartered Bank
Pada tanggal 1 Desember 2020, Entitas Anak On 1 December 2020, the Subsidiary (PT Mandiri
(PT Mandiri Sekuritas) dan Standard Chartered Sekuritas) and Standard Chartered Bank
Bank ("Standchart") menandatangani perjanjian ("Standchart") signed a non-revolving working
fasilitas pinjaman modal kerja non-revolving capital loan facility agreement with a maximum
dengan batas maksimum kredit sejumlah credit limit of Rp225,000, subject to an interest rate
Rp225.000 yang dikenakan tingkat suku bunga of 6.20%. This facility already mature on 3 January
6,20%. Fasilitas ini telah jatuh tempo pada tanggal 2025 and was extended until 10 January 2025 and
3 Januari 2025 dan diperpanjang hingga tanggal has been settled on 10 January 2025.
10 Januari 2025 dan telah dilakukan pelunasan
pada tanggal 10 Januari 2025.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 31 December 2024,
pinjaman dari Standchart masing-masing sebesar outstanding fund borrowings from Standchart are
RpNihil dan Rp100.000. RpNil and Rp100,000, respectively.
PT Bank Mega Tbk PT Bank Mega Tbk
Pada tanggal 25 Februari 2021, Entitas Anak On 25 February 2021, the Subsidiary (PT Mandiri
(PT Mandiri Utama Finance) dan PT Bank Mega Utama Finance) and PT Bank Mega Tbk (“Bank
Tbk (“Bank Mega”) menandatangani perjanjian Mega”) signed a credit agreement whereby Bank
kredit dimana Bank Mega menyediakan fasilitas Mega provided a non-revolving Working Capital
Kredit Modal Kerja dengan maksimum kredit Credit Facility with a maximum credit limit of
sebesar Rp1.000.000 yang bersifat non-revolving Rp1,000,000 and an interest rate of 8.75%. The
dan dikenakan tingkat suku bunga 8,75%. facility was fully settled on 20 August 2025.
Fasilitas tersebut sudah lunas pada tanggal
20 Agustus 2025.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari Bank Mega masing-masing sebesar fund borrowing from Bank Mega are amounted to
RpNihil dan Rp54.149. RpNil and Rp54,149, respectively.
339
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1287
Page 1290
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Mata Uang Asing Foreign Currencies
PT Bank Danamon Indonesia Tbk PT Bank Danamon Indonesia Tbk
Pada tanggal 13 November 2023 dan terakhir On 13 November 2023, and most recently on
pada tanggal 17 Desember 2024, Entitas Anak 17 December 2024, the Subsidiary (PT Mandiri
(PT Mandiri Tunas Finance) mendapat fasilitas Tunas Finance) obtained a non-revolving Term
Term Loan dengan mata uang Rupiah (IDR) Loan facility in Rupiah (IDR) and/or United States
dan/atau Dollar Amerika Serikat (USD) yang Dollar (USD) from Danamon with a total credit limit
bersifat non-revolving dari Danamon dengan total of Rp3,000,000, maturing in July 2027. The loan
limit sebesar Rp3.000.000 dan jatuh tempo pada carries a fixed interest rate over the loan tenor. For
bulan Juli 2027. Suku bunga tetap selama tenor loans in USD, the applicable interest rate is Term
pinjaman. Untuk pinjaman dalam USD, suku SOFR plus a margin, with full hedging.
bunga yang dikenakan adalah Term SOFR
ditambah marjin dengan lindung nilai penuh.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, oustanding
pinjaman dari Danamon masing-masing sebesar fund borrowings from Danamon are Rp687,192 and
Rp687.192 dan Rp1.168.866. Rp1,168,866, respectively.
PT Bank Permata Indonesia Tbk PT Bank Permata Indonesia Tbk
Pada tanggal 12 April 2023, Entitas anak On 12 April 2023, the Subsidiary (PT Mandiri Tunas
(PT Mandiri Tunas Finance) mendapat fasilitas Finance) received an revolving Term Loan facility
Term Loan yang bersifat non-revolving dari from PT Bank Permata Indonesia Tbk (“Permata”)
PT Bank Permata Indonesia Tbk (“Permata”) so that the total Working Capital Loan facility and
sebesar Rp1.200.000 dengan suku bunga 6,00% received non-revolving Term Loan facilities of
- 7,60% pada saat penarikan, serta jatuh tempo Rp1,200,000 with an interest rate of 6.00% - 7.60%
pada tanggal 14 Agustus 2027. on drawdown and will mature on 14 August 2027.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari Permata masing-masing sebesar fund borrowings from Permata was amounted to
Rp434.367 dan Rp656.838 Rp434,367 and Rp656,838, respectively.
PT Bank Mizuho Indonesia PT Bank Mizuho Indonesia
Pada tanggal 8 April 2022 dan terakhir 24 On 8 April 2022 and most recently on 24 September
September 2025, Entitas Anak (PT Mandiri Tunas 2025, the Subsidiary (PT Mandiri Tunas Finance)
Finance) dan PT Bank Mizuho Indonesia and PT Bank Mizuho Indonesia (“Mizuho”) entered
(“Mizuho”) menandatangani perjanjian kredit into a credit agreement for a non-revolving facility
sebesar USD150.000.000 (nilai penuh) yang amounting to USD150,000,000 (full amount). The
bersifat non-revolving. Suku bunga SOFR facility bears interest at SOFR Compounding plus a
Compounding ditambah margin dengan lindung margin with full hedging and Term SOFR plus a
nilai penuh dan Term SOFR ditambah margin margin with full hedging. This facility will mature in
dengan lindung nilai penuh. Fasilitas tersebut February 2026.
jatuh tempo pada bulan Februari 2026.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari Mizuho masing-masing sebesar fund borrowings from Mizuho was amounted to
Rp69.915 dan Rp336.458. Rp69,915 and Rp336,458, respectively.
340
1288 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1291
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Mata Uang Asing (lanjutan) Foreign Currencies (continued)
The Development Bank of Singapore Limited The Development Bank of Singapore Limited
Pada 6 Maret 2019, Mandiri Securities Pte. Ltd. On 6 March 2019, Mandiri Securities Pte. Ltd.
(“MSPL”), entitas anak, menerima fasilitas dari (“MSPL”) received a facility from The Development
The Development Bank of Singapore Limited Bank of Singapore Limited (“DBS”) comprising of an
(“DBS”) yang terdiri dari fasilitas pinjaman hingga unsecured loan facility up to USD5,000,000 (full
USD5.000.000 (nilai penuh) dan meningkat amount) and increased to up to USD7,500,000 (full
menjadi USD7.500.000 (nilai penuh) dengan amount) with the tenure up to 6-months. The funds
jangka waktu hingga 6 bulan. Dana tersebut akan will be used to finance MSPL’s working capital
digunakan untuk membiayai kebutuhan modal requirements. Interest payable to DBS is fixed for
kerja MSPL. Bunga yang dibayarkan ke DBS the duration of each drawing. There is no expiration
adalah tetap selama durasi setiap penarikan. of this agreement. Agreement will valid until one of
Tidak ada kedaluwarsa perjanjian ini. Perjanjian the parties, DBS or MSPL, state otherwise.
akan berlaku sampai salah satu pihak, DBS atau
MSPL, menyatakan sebaliknya.
Dalam perjanjian pinjaman tersebut, Entitas Anak In the loan agreement, the Subsidiaries are also
juga diwajibkan untuk memenuhi persyaratan required to meet financial requirements such as the
keuangan seperti rasio jumlah utang bunga ratio of total debt to equity not exceeding a ratio of
terhadap ekuitas tidak melebihi rasio 10:1 dan 10:1 and other reporting obligations.
kewajiban penyampaian laporan lainnya.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari DBS masing-masing sebesar fund borrowings from DBS was amounted to RpNil
RpNihil dan Rp48.486. and Rp48,486, respectively.
MUFG Bank, Ltd., Singapura MUFG Bank, Ltd., Singapore
Pada tanggal 13 April 2022, Entitas Anak On 13 April 2022, Subsidiary (PT Mandiri Tunas
(PT Mandiri Tunas Finance) dan MUFG Bank Ltd., Finance) and MUFG Bank Ltd., Singapore
Singapura (“MUFG”) menandatangani perjanjian (“MUFG”) signed a loan agreement whereby MUFG
pinjaman dimana MUFG menyediakan fasilitas provides an Uncommitted Long-Term Loan/Money
Uncommitted Long-Term Loan/Money Market Market Line facility with a total limit of Rp409,459
Line revolving dengan total maksimum kredit which is revolving and bears a fixed interest rate of
sebesar Rp409.459 dan dikenakan suku bunga USD-SOFR+1.08%-1.20% per annum upon
tetap sebesar USD-SOFR+1,08%-1,20% per drawdown. This facility will mature on 11 April 2025.
tahun pada saat penarikan dan akan jatuh tempo This facility was fully repaid on 11 April 2025 and
pada tanggal 11 April 2025. Pinjaman ini sudah was not extended.
lunas pada tanggal 11 April 2025 dan tidak
diperpanjang.
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, outstanding
pinjaman dari MUFG masing-masing sebesar fund borrowings from MUFG was amounted to
RpNihil dan Rp76.770. RpNil and Rp76,770, respectively.
Pinjaman yang diterima oleh PT Mandiri Tunas Fund borrowings from PT Mandiri Tunas Finance
Finance dan PT Mandiri Utama Finance dijamin and PT Mandiri Utama Finance are secured by
dengan piutang pembiayaan konsumen sejumlah consumer financing receivables amounting to
Rp16.971.035 pada tanggal 31 Desember 2025 Rp16,971,035 as of 31 December 2025
(31 Desember 2024: Rp23.464.134) (Catatan (31 December 2024: Rp23,464,134) (Note 13e) and
13e) dan investasi bersih dalam sewa net investment in finance leases amounted to
pembiayaan sejumlah Rp460.323 pada tanggal Rp460,323 as of 31 December 2025 (31 December
31 Desember 2025 (31 Desember 2024: 2024: Rp1,583,867) (Note 14e).
Rp1.583.867) (Catatan 14e).
341
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1289
Page 1292
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
36. PINJAMAN YANG DITERIMA (lanjutan) 36. FUND BORROWINGS (continued)
(h) Lain-lain (lanjutan) (h) Others (continued)
Mata Uang Asing (lanjutan) Foreign Currencies (continued)
MUFG Bank, Ltd., Singapura (lanjutan) MUFG Bank, Ltd., Singapore (continued)
Fasilitas pinjaman dari beberapa bank dan bank The loan facilities from several banks and
sindikasi tersebut mensyaratkan Entitas Anak syndication banks require Subsidiaries to provide
untuk memberikan pemberitahuan tertulis dalam written notices in terms of dividend distribution,
hal pembagian dividen, perubahan modal dan changes in capital and shareholders, changes in
pemegang saham, perubahan susunan direksi composition of board of directors and
dan komisaris, perubahan bisnis utama, investasi commissioners, changes in main business,
dan perolehan pinjaman baru dari bank lain. investments and obtaining new loans from other
banks.
Bank Mandiri dan Entitas Anak telah melakukan Bank Mandiri and its Subsidiaries have made
pembayaran bunga pinjaman yang diterima interest payments on fund borrowings according to
sesuai dengan jadwal pembayaran bunga selama the interest payment schedule for the year ended
tahun yang berakhir tanggal 31 Desember 2025 31 December 2025 and 2024.
dan 2024.
Selama tahun yang berakhir tanggal 31 Desember During the year ended 31 December 2025 and
2025 dan 2024, Bank Mandiri dan Entitas Anak 2024, Bank Mandiri and its Subsidiaries have
telah memenuhi kondisi dan persyaratan yang complied with the terms and conditions set forth in
ditetapkan dalam perjanjian pinjaman yang the fund borrowings agreement.
diterima.
37. PINJAMAN DAN EFEK-EFEK SUBORDINASI 37. SUBORDINATED LOANS AND MARKETABLE
SECURITIES
Berdasarkan jenis dan mata uang: By type and currency:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Pihak berelasi (Catatan 56) Related parties (Note 56)
Subordinoted notes syariah Subordinated notes
mudharabah 35.000 40.000 sharia mudharabah
Pihak ketiga Third parties
Medium Term Notes Medium Term Notes
Subordinasi II 100.000 100.000 Subordinated II
Subordinoted notes syariah Subordinated notes
mudharabah 165.000 160.000 sharia mudharabah
265.000 260.000
Total Rupiah 300.000 300.000 Total Rupiah
Mata uang asing Foreign currencies
Two-step loans (TSL) Two-step loans (TSL)
Pihak ketiga Third parties
Asian Development Bank Asian Development Bank
(ADB) (Catatan 62.B.(iv)) 90.112 104.015 (ADB) (Catatan 62.B.(iv))
390.112 404.015
Dikurangi: biaya penerbitan yang
belum diamortisasi (333) (453) Less: unamortised issuance cost
Neto 389.779 403.562 Net
342
1290 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1293
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
37. PINJAMAN DAN EFEK-EFEK SUBORDINASI 37. SUBORDINATED LOANS AND MARKETABLE
(lanjutan) SECURITIES (continued)
Medium Term Notes Subordinasi II Bank Mandiri Medium Term Notes Subordinated II Bank Mandiri
Dalam rangka memperkuat struktur penghimpunan In order to strengthen the long-term funding structure as
dana jangka panjang dan mendukung ekspansi kredit, well as to support the credit expansion, on
pada tanggal 23 Juni 2023, Bank Mandiri menerbitkan 23 June 2023, Bank Mandiri issued Subordinated
Medium Term Notes Subordinasi II Bank Mandiri Medium Term Notes II Bank Mandiri 2023
Tahun 2023 (“MTN Subordinasi II”) sebesar ("Subordinated MTN II") amounted to Rp100,000. On
Rp100.000. Pada tanggal 31 Desember 2025, biaya 31 December 2025, the unamortised issuance cost of
penerbitan MTN Subordinasi II yang belum Subordinated MTN II amounted to Rp333.
diamortisasi sebesar Rp333.
MTN Subordinasi II memiliki jangka waktu 5 (lima) Subordinated MTN II has 5 (five) years in terms and will
tahun dan akan jatuh tempo pada tanggal 23 Juni mature on 23 June 2028, in which issued scriptless with
2028, diterbitkan tanpa warkat dengan tingkat bunga a fixed rate of 6.95% per annum. The Trustee of the
tetap sebesar 6,95% per tahun. Wali amanat dari issuance of Subordinated MTN II is PT Bank Negara
penerbitan MTN Subordinasi II adalah PT Bank Negara Indonesia (Persero) Tbk.
Indonesia (Persero) Tbk.
Bunga MTN Subordinasi II dibayarkan setiap triwulan, Interest of Subordinated MTN II is paid on quarterly
dengan pembayaran bunga pertama dilakukan pada basis, the first interest payment will be made on
tanggal 23 September 2023, sedangkan pembayaran 23 September 2023 while the last interest payment, in
bunga terakhir sekaligus jatuh tempo MTN Subordinasi which also the maturity date and the repayment of the
II adalah pada tanggal 23 Juni 2028 yang juga principal of Subordinated MTN II, is on 23 June 2028.
merupakan tanggal pelunasan pokok MTN The principal of Subordinated MTN II will be fully repaid
Subordinasi II. Pembayaran pokok MTN Subordinasi II on the maturity date. On 20 July 2023, Subordinated
dilakukan secara penuh pada saat tanggal jatuh MTN II approved as supplementary capital components
tempo. Pada tanggal 20 Juli 2023, MTN Subordinasi II (Tier 2) according to the approval from FSA through
telah mendapat persetujuan dari Otoritas Jasa letterNo. SR-51/PB.21/2023.
Keuangan untuk dicatat sebagai komponen modal
pelengkap (Tier 2) melalui surat
No. SR-51/PB.21/2023.
Sebelum dilunasinya semua jumlah terutang yang Prior to full repayment of the amount outstanding of the
harus dibayar, Bank Mandiri berkewajiban untuk: (i) MTN, Bank Mandiri is obliged to: (i) maintain at all times
memelihara pada setiap saat keadaan keuangan soundness of financial condition in accordance to FSA
berada dalam kondisi sehat sesuai ketentuan OJK; (ii) regulation; (ii) maintain a minimum level of soundness
mempertahankan tingkat kesehatan Bank minimal composite rating of 3 (three) which is categorised as
berada dalam peringkat komposit 3 (tiga) yang "Fair", according to internal assessment based on FSA
tergolong “Cukup Baik”, sesuai penilaian internal regulation and/or Bank Indonesia; (iii) obtain and
berdasarkan ketentuan/peraturan OJK dan/atau Bank comply with all requirements and exercise all necessary
Indonesia; (iii) memperoleh, mematuhi segala things to keep the authority, license and approval (from
ketentuan dan melakukan hal-hal yang diperlukan government or other authorities) comply with
untuk menjaga tetap berlakunya segala kuasa, izin, requirement in accordance to Republic of Indonesia’s
dan persetujuan (baik dari pemerintah maupun dari law.
pihak yang berwenang lainnya) dan melakukan hal-hal
yang diwajibkan oleh peraturan perundang-undangan
Negara Republik Indonesia.
Bank Mandiri tanpa persetujuan tertulis Wali Amanat Bank Mandiri without written permission from the
tidak akan melakukan hal-hal sebagai berikut: (i) Trustee shall not: (i) reduce registered capital, issued
mengurangi modal dasar, modal ditempatkan dan capital and paid-up capital, except required by the
modal disetor, kecuali karena adanya ketentuan government, authorised by the Authorities or Bank
Pemerintah, Otoritas yang Berwenang atau Bank Indonesia; (ii) change the core business; (iii) perform
Indonesia; (ii) mengadakan perubahan bidang usaha merger, dissolvement and/or taken over by other entity
utama; (iii) mengadakan penggabungan, peleburan which lead to dissolution of Bank Mandiri.
dan/atau pengambilalihan dengan entitas lain yang
menyebabkan bubarnya Bank Mandiri.
343
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1291
Page 1294
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
37. PINJAMAN DAN EFEK-EFEK SUBORDINASI 37. SUBORDINATED LOANS AND MARKETABLE
(lanjutan) SECURITIES (continued)
Medium Term Notes Subordinasi II Bank Mandiri Medium Term Notes Subordinated II Bank Mandiri
(lanjutan) (continued)
Tidak terdapat pelanggaran atas pembatasan There was no breach of the Trustee restrictions
perjanjian perwaliamanatan MTN Subordinasi II agreement on Subordinated MTN II during the year
selama tahun yang berakhir pada tanggal ended on 31 December 2025 and 2024.
31 Desember 2025 dan 2024.
Pada tanggal 31 Desember 2025, peringkat MTN As of 31 December 2025, rating of MTN Subordinated
Subordinasi II menurut Pefindo adalah idAA (double A). II based on Pefindo was idAA (double A).
MTN Subordinasi II tidak dijamin dengan agunan Subordinated MTN II is not guaranteed by a public
umum sesuai Pasal 1131 dan 1132 Kitab Undang- collateral which refer to Article 1131 and 1132 of
Undang Hukum Perdata maupun agunan khusus Indonesian Civil Law (UU Hukum Perdata) or include
termasuk tidak dijamin oleh Bank atau Entitas Anak, special collateral is not guaranteed by Bank or the
Negara Republik Indonesia atau pihak ketiga lainnya Subsidiary, Republic of Indonesia or other related
dan tidak dimasukkan dalam program penjaminan parties and not included to bank guarantee program
bank yang dilaksanakan oleh Lembaga Penjaminan implemented by Deposit Insurance Corporation (LPS) or
Simpanan atau penggantinya. Sesuai dengan its substitute. Based on the Law and regarding
peraturan perundang-undangan yang berlaku dan amendment Article 19 Paragraph (1) letter f of
mengikuti ketentuan pasal 19 ayat (1) huruf f peraturan regulations of the KPMM Financial Services Authority
Otoritas Jasa Keuangan KPMM dan merupakan and is an obligation of the subordinated issuer, in
kewajiban penerbit yang disubordinasi, sesuai dengan accordance with article 5 of the Subordinated MTN
pasal 5 Perjanjian Penerbitan MTN Subordinasi. Issuance Agreement.
Two-step loans - Asian Development Bank Two-step loans - Asian Development Bank
Akun ini merupakan fasilitas kredit dari Asian This account represents a loan facility from Asian
Development Bank (“ADB”) kepada Pemerintah Development Bank (“ADB”) to the Government of the
Republik Indonesia, melalui Kementerian Keuangan Republic of Indonesia, through the Ministry of Finance
Republik Indonesia, untuk disalurkan kepada bank of the Republic of Indonesia, which are relent to
peserta guna membiayai beberapa jenis proyek di participating banks to finance several projects in
Indonesia. Rincian fasilitas ini adalah sebagai berikut: Indonesia. The detail of this facility is as follows:
Fasilitas kredit/ Tujuan/ Jangka waktu/
Loan facility Purpose Period
ADB Loan 1327 - INO (SF). Membiayai Proyek Kredit Mikro 5 Januari/January 2005 - 15 Juli/July 2029
(PKM)/ dengan angsuran pertama pada tanggal/with
Funding Micro Loan Projects. the first installment start on 15 Januari/
January 2005.
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
ADB Loan 1327 - INO (SF) 90.112 104.015 ADB Loan 1327 - INO (SF)
344
1292 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1295
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
37. PINJAMAN DAN EFEK-EFEK SUBORDINASI 37. SUBORDINATED LOANS AND MARKETABLE
(lanjutan) SECURITIES (continued)
Two-step loans - Asian Development Bank Two-step loans - Asian Development Bank
(lanjutan) (continued)
Menteri Keuangan melalui surat No. S-596/MK.6/2004 The Minister of Finance through its letter
tanggal 12 Juli 2004, telah menyetujui pengalihan No. S-596/MK.6/2004 dated 12 July 2004, has approved
pengelolaan Proyek Kredit Mikro (“PKM”) Loan ADB the transfer of management of Micro Credit Project
No. 1327 - INO (“SF”) dari Bank Indonesia kepada (“PKM”) of ADB loans No. 1327 - INO (“SF”) from Bank
Bank Mandiri. Dengan disetujuinya pengalihan PKM Indonesia to Bank Mandiri. With that approval, an
tersebut, maka telah dilakukan perubahan terhadap amendment was made on the channelling loan
perjanjian penerusan pinjaman agreement No. SLA-805/DP3/1995 dated
No. SLA-805/DP3/1995 tanggal 27 April 1995 yang 27 April 1995, which was revised by amendment
diubah dengan amendemen No. AMA-287/SLA- No. AMA-287/SLA-805/DP3/2003 dated 22 April 2003,
805/DP3/2003 tanggal 22 April 2003 antara Republik between the Republic of Indonesia and Bank Indonesia
Indonesia dan Bank Indonesia menjadi Republik to the Republic of Indonesia and PT Bank Mandiri
Indonesia dan PT Bank Mandiri (Persero) Tbk, dengan (Persero) Tbk, with amendment No. AMA-298/SLA-
amendemen No. AMA-298/SLA-805/DP3/2004 805/DP3/2004 dated 16 July 2004.
tanggal 16 Juli 2004.
Pinjaman ADB untuk Proyek Kredit Mikro diberikan The ADB loan for Micro Credit Projects was granted in
dalam mata uang SDR (Special Drawing Rights) SDR (Special Drawing Rights) currency in amount of
sebesar SDR15.872.600 (nilai penuh) yang wajib SDR15,872,600 (full amount) which required Bank
dibayar kembali oleh Bank Mandiri dalam mata uang Mandiri to repay in SDR currency to the Government in
SDR kepada Pemerintah dalam 50 (lima puluh) kali 50 (fifty) prorate semi-annual installments every
angsuran setiap enam bulan secara prorata setiap 15 January and 15 July with the first installment paid on
tanggal 15 Januari dan 15 Juli, dengan angsuran 15 January 2005 and will end on 15 July 2029. The ADB
pertama dilakukan pada tanggal 15 Januari 2005 dan loans are subject to a service charge of 1.50% per
berakhir pada tanggal 15 Juli 2029. Atas pinjaman ADB annum which is charged on every 15 January and
tersebut, Bank Mandiri dikenakan service charge 15 July every year starting from its drawdown.
sebesar 1,50% per tahun pada setiap tanggal
15 Januari dan 15 Juli setiap tahunnya sejak penarikan
pinjaman.
Entitas Anak Subsidiaries
Subordinated notes syariah Mudharabah Subordinated notes syariah Mudharabah
Pada tanggal tanggal 15 Desember 2023, Entitas Anak On 15 December 2023, the Subsidiary PT Bank Syariah
PT Bank Syariah Indonesia (“BSI”) menerbitkan Sukuk Indonesia (“BSI”) issued the 2023 Mudharabah Sukuk
Mudharabah Tahun 2023 sebesar Rp200.000 dan amounting to Rp200,000 with maturity set on
akan jatuh tempo pada tanggal 15 Desember 2028. 15 December 2028.
Selama berlakunya jangka waktu Sukuk Mudharabah Throughout the tenure of the 2023 BSI Subordinated
Subordinasi BSI Tahun 2023 dan sebelum dilunasinya Mudharabah Sukuk and until the full repayment of both
semua pokok dan bagi hasil, BSI wajib untuk: (i) principal and profit-sharing, BSI is obligated to: (i)
menjaga rasio Capital Adequacy Ratio (“CAR”) tidak maintain a Capital Adequacy Ratio (“CAR”) of not less
kurang dari 12% (dua belas persen); (ii) memastikan than 12%; (ii) ensure that the 2023 Subordinated
bahwa Sukuk Mudharabah Subordinasi Tahun 2023 ini Mudharabah Sukuk is not owned by more than 49 (forty
tidak akan dimiliki oleh lebih dari 49 (empat puluh nine) investors; (iii) submit to the monitoring agent the
sembilan) investor; (iii) menyerahkan kepada agen following: (a) Copies of reports submitted to the
pemantau sebagai berikut: (a) Salinan dari laporan Financial Services Authority (OJK), including the bank's
yang disampaikan kepada OJK termasuk laporan hasil health assessment report, no later than 5 (five) business
penilaian tingkat kesehatan bank, dalam waktu days after the report is submitted to the parties
selambat-lambatnya 5 (lima) hari kerja setelah laporan mentioned above.
tersebut diserahkan kepada pihak yang disebutkan di
atas.
345
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1293
Page 1296
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
37. PINJAMAN DAN EFEK-EFEK SUBORDINASI 37. SUBORDINATED LOANS AND MARKETABLE
(lanjutan) SECURITIES (continued)
Entitas Anak (lanjutan) Subsidiaries (continued)
Subordinated notes syariah Mudharabah (lanjutan) Subordinated notes syariah Mudharabah (continued)
Dalam hal Agen Pemantau memandang perlu, If the Monitoring Agent deems it necessary, based on a
berdasarkan permohonan Agen Pemantau secara written request from the Monitoring Agent, the Company
tertulis, Perseroan wajib menyampaikan kepada Agen must provide the Monitoring Agent with additional
Pemantau dokumen-dokumen tambahan yang documents related to the above report (if any) no later
berkaitan dengan laporan tersebut di atas (apabila than 10 (ten) business days after the date the request
ada) selambat lambatnya 10 (sepuluh) hari kerja letter is received by the Company; (b) Annual financial
setelah tanggal surat permohonan tersebut diterima statements audited by public accountants registered
oleh Perseroan; (b) Laporan keuangan tahunan yang with the OJK and submitted to the Monitoring Agent
telah diaudit oleh akuntan publik yang terdaftar di OJK within 5 (five) business days after receiving a request
dan disampaikan kepada Agen Pemantau dalam letter from the Monitoring Agent.
waktu 5 (lima) hari kerja setelah menerima surat
permohonan dari Agen Pemantau.
Seluruh dana hasil penerbitan Sukuk Mudharabah All proceeds from the issuance of the Subordinated
Subordinasi, akan dipergunakan oleh Perseroan untuk Mudharabah Sukuk will be used by the Company for its
kegiatan usaha Perseroan dalam rangka memperkuat business activities to strengthen the capital structure,
struktur permodalan dengan memperhitungkan dana taking into account the issuance proceeds as
hasil penerbitan sebagai modal pelengkap dan supplementary capital and to enhance the Company's
meningkatkan aset produktif Perseroan. productive assets.
Sukuk Mudharabah Subordinasi ini diterbitkan tanpa The Subordinated Mudharabah Sukuk is issued without
warkat, kecuali Sertifikat Jumbo Sukuk Mudharabah certificates, except for the Jumbo Certificate of
Subordinasi yang diterbitkan atas nama PT Kustodian Subordinated Mudharabah Sukuk issued in the name of
Sentral Efek Indonesia (“KSEI”) sebagai bukti the Indonesian Central Securities Depository (“KSEI”)
kepemilikan Efek Syariah untuk kepentingan as evidence of ownership of Sharia Securities for the
Pemegang Sukuk Mudharabah Subordinasi. benefit of the Subordinated Mudharabah Sukuk
Pendapatan Bagi Hasil yang dihitung berdasarkan Holders. Profit-sharing is calculated by multiplying the
perkalian antara Nisbah Bagi Hasil Pemegang Sukuk Profit-sharing Ratio of the Subordinated Mudharabah
Mudharabah Subordinasi, dimana besarnya nisbah Sukuk Holders, where the ratio is 88.55% of the
adalah 88,55% dari Pendapatan yang Dibagihasilkan Distributed Income with an indicative profit-sharing rate
dengan indikasi bagi hasil sebesar ekuivalen 7,90% equivalent to 7.90% per annum. The tenure of the
per tahun. Jangka waktu Sukuk Mudharabah Subordinated Mudharabah Sukuk is 5 (five) years from
Subordinasi adalah 5 (lima) tahun terhitung sejak the Issuance Date. The Subordinated Mudharabah
Tanggal Penerbitan. Sukuk Mudharabah Subordinasi Sukuk is offered at 100% of the Subordinated
ini ditawarkan dengan nilai 100% dari jumlah Dana Mudharabah Sukuk Fund. Profit-sharing is paid
Sukuk Mudharabah Subordinasi. Pendapatan Bagi quarterly, in line with the Profit-sharing Payment Date.
Hasil dibayarkan setiap triwulan, sesuai dengan
tanggal pembayaran Pendapatan Bagi Hasil.
Bertindak sebagai wali amanat Sukuk Mudharabah The Trustee for the 2023 BSI Subordinated
Subordinasi BSI Tahun 2023 adalah PT Bank Negara Mudharabah Sukuk is PT Bank Negara Indonesia
Indonesia (Persero) Tbk. Pada tanggal 31 Desember (Persero) Tbk. As of 31 December 2025 and
2025 dan 31 Desember 2024, peringkat Sukuk 31 December 2024, the rating for the subordinated
Mudharabah Subordinasi menurut Pefindo adalah mudharabah sukuk according to Pefindo is idAA(sy)
idAA(sy) (double A syariah). (double A sharia).
346
1294 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1297
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
38. DANA SYIRKAH TEMPORER 38. TEMPORARY SYIRKAH FUNDS
Dana syirkah temporer terdiri dari: Temporary syirkah funds consists of:
a. Simpanan dari nasabah a. Deposits from Customers
1) Giro 1) Demand Deposits
a. Berdasarkan jenis: a. Based on type:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Pihak berelasi (Catatan 56) Related parties (Note 56)
Demand deposits - restricted
Giro - investasi terikat 85.001 87.002 investment
Giro - investasi tidak Demand deposits - unrestricted
terikat Mudharabah 9.295.748 10.341.649 investment Mudharabah
9.380.749 10.428.651
Pihak ketiga Third parties
Giro - investasi terikat Demand deposits - restricted
dan tidak terikat and unrestricted investment
Mudharabah 17.728.716 14.063.754 Mudharabah
Giro Mudharabah Demand deposits Mudharabah
musytarakah 17 301 musytarakah
17.728.733 14.064.055
27.109.482 24.492.706
Mata uang asing Foreign currencies
Pihak berelasi (Catatan 56) Related parties (Note 56)
Giro - investasi terikat Demand deposits - restricted
dan tidak terikat and unrestricted investment
Mudharabah 9.756.952 9.369.875 Mudharabah
9.756.952 9.369.875
Pihak ketiga Third parties
Giro - investasi terikat Demand deposits - restricted
dan tidak terikat and unrestricted investment
Mudharabah 7.170.829 3.325.938 Mudharabah
7.170.829 3.325.938
16.927.781 12.695.813
44.037.263 37.188.519
Giro - investasi terikat merupakan The demand deposits - restricted
simpanan dana pihak lain yang investment represent deposits from third
mendapatkan imbal bagi hasil dari parties which will receive returns from
pendapatan Entitas Anak atas Subsidiary’s restricted investment based
penggunaan dana pada penyaluran dana on the agreed share (nisbah) of the
yang kriterianya telah ditentukan oleh Subsidiary’s revenue.
pemilik dana berdasarkan nisbah yang
ditetapkan dan disetujui sebelumnya.
b. Kisaran nisbah bagi hasil untuk giro b. Range of profit sharing ratios for demand
Mudharabah - investasi tidak terikat per deposits - unrestricted Mudharabah
tahun: investment per annum:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah 3,10% - 3,42% 2,42% - 3,10% Rupiah
Mata uang asing 2,22% - 2,43% 1,85% - 2,21% Foreign currencies
347
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1295
Page 1298
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
38. DANA SYIRKAH TEMPORER (lanjutan) 38. TEMPORARY SYIRKAH FUNDS (continued)
Dana syirkah temporer terdiri dari: (lanjutan) Temporary syirkah funds consists of: (continued)
a. Simpanan dari nasabah (lanjutan) a. Deposits from Customers (continued)
2) Tabungan 2) Saving Deposits
a. Berdasarkan jenis: a. Based on type:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Pihak berelasi (Catatan 56) Related parties (Note 56)
Saving deposits - restricted
Tabungan - investasi terikat 16.491 5.870 investment
Tabungan Mudharabah - Mudharabah saving deposits -
investasi tidak terikat unrestricted deposits
Tabungan BSI 1.074.337 368.045 BSI saving deposits
Tabungan Mudharabah Mudharabah institution
institusi 9.458 676 saving deposits
Tabungan Mabrur 786 567 Mabrur saving deposits
Tabungan Investa Investa Cendekia
Cendekia 281 294 saving deposits
Tabungan Berencana Berencana BSI
BSI 55 316 saving deposits
1.101.408 375.768
Pihak ketiga Third parties
Tabungan - investasi terikat 4.363.905 3.583.821 investment
Tabungan Mudharabah - Mudharabah saving deposits -
investasi tidak terikat unrestricted deposits
Tabungan BSI 77.470.047 66.147.639 BSI saving deposits
Tabungan Mabrur 14.033.505 12.880.933 Mabrur saving deposits
Tabungan Pensiun 1.133.417 1.118.371 Retirement saving deposits
Tabungan Mudharabah Mudharabah institution
institusi 728.191 505.812 saving deposits
Tabungan Investa Investa Cendekia
Cendekia 347.135 465.954 saving deposits
Tabungan Berencana Berencana BSI
BSI 138.849 175.752 saving deposits
Tabungan Qurban 82 99 Qurban saving deposits
98.215.131 84.878.381
99.316.539 85.254.149
b. Kisaran nisbah bagi hasil untuk tabungan b. Range of the annual profit sharing ratio
Mudharabah - investasi tidak terikat per (nisbah) for Mudharabah saving deposits -
tahun: unrestricted investment:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah 1,29% - 1,61% 0,51% - 0,70% Rupiah
Mata uang asing 0,17% - 0,18% 0,22% - 0,23% Foreign currencies
348
1296 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1299
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
38. DANA SYIRKAH TEMPORER (lanjutan) 38. TEMPORARY SYIRKAH FUNDS (continued)
Dana syirkah temporer terdiri dari: (lanjutan) Temporary syirkah funds consists of: (continued)
a. Simpanan dari nasabah (lanjutan) a. Deposits from Customers (continued)
3) Deposito Mudharabah - investasi tidak terikat 3) Mudharabah Time Deposit - unrestricted
investment
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Pihak berelasi (Catatan 56) 44.715.076 36.497.082 Related parties (Note 56)
Pihak ketiga 87.483.379 86.394.238 Third parties
132.198.455 122.891.320
Mata uang asing Foreign currencies
Pihak berelasi (Catatan 56) 1.463.701 1.260.326 Related parties (Note 56)
Pihak ketiga 11.850.985 6.067.645 Third parties
13.314.686 7.327.971
Total 145.513.141 130.219.291 Total
b. Simpanan dari bank lain b. Deposits from Other Banks
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Pihak ketiga Third parties
Giro Mudharabah - Mudharabah demand deposits -
investasi tidak terikat 52.357 47.282 unrestricted investment
Tabungan Mudharabah - Mudharabah saving deposits -
investasi tidak terikat 616.794 536.509 unrestricted investment
Deposito Mudharabah - Mudharabah time deposits -
investasi tidak terikat 84.730 94.515 unrestricted investment
Total 753.881 678.306 Total
c. Berikut adalah informasi penting lainnya c. Other significant information related to the time
sehubungan dengan deposito dari simpanan dari deposits for deposits from customers and deposits
nasabah dan simpanan dari bank lain: from other banks:
1) Berdasarkan jangka waktu: 1) By contract period:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
1 bulan 68.897.511 64.656.825 1 month
3 bulan 40.151.754 32.361.839 3 months
6 bulan 17.984.289 19.023.479 6 months
12 bulan 5.249.631 6.943.692 12 months
Total 132.283.185 122.985.835 Total
Mata uang asing Foreign currencies
1 bulan 12.285.420 6.100.683 1 month
3 bulan 293.749 675.420 3 months
6 bulan 137.424 143.673 6 months
12 bulan 598.093 408.195 12 months
Total 13.314.686 7.327.971 Total
145.597.871 130.313.806
349
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1297
Page 1300
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
38. DANA SYIRKAH TEMPORER (lanjutan) 38. TEMPORARY SYIRKAH FUNDS (continued)
Dana syirkah temporer terdiri dari: (lanjutan) Temporary syirkah funds consists of: (continued)
c. Berikut adalah informasi penting lainnya c. Other significant information related to the time
sehubungan dengan deposito dari simpanan dari deposits for deposits from customers and deposits
nasabah dan simpanan dari bank lain: (lanjutan) from other banks: (continued)
2) Berdasarkan sisa waktu hingga jatuh tempo: 2) By remaining period until maturity date:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Kurang dari 1 bulan 76.095.059 72.729.631 Less than 1 month
1 - 3 bulan 47.848.797 29.881.194 1 - 3 months
3 - 6 bulan 5.732.194 16.528.669 3 - 6 months
6 - 12 bulan 2.607.135 3.846.341 6 - 12 months
Total 132.283.185 122.985.835 Total
Mata uang asing Foreign currencies
Kurang dari 1 bulan 12.394.667 6.447.489 Less than 1 month
1 - 3 bulan 317.972 466.065 1 - 3 months
3 - 6 bulan 302.867 340.384 3 - 6 months
6 - 12 bulan 299.180 74.033 6 - 12 months
Total 13.314.686 7.327.971 Total
145.597.871 130.313.806
Deposito berjangka Mudharabah merupakan Mudharabah time deposits represent third
simpanan dana pihak lain yang mendapatkan parties’ deposits which received a profit sharing
imbalan bagi hasil dari pendapatan Entitas return from the Subsidiary’s income over
Anak atas penggunaan dana tersebut dengan utilisation of its fund based on an agreed profit
nisbah yang ditetapkan dan disetujui sharing ratio (nisbah) set and arranged in
sebelumnya dengan akad Mudharabah Mudharabah muthlaqah agreement.
muthlaqah.
3) Kisaran nisbah bagi hasil untuk deposito 3) Ranging of the annual profit sharing ratio (nisbah) for
Mudharabah per tahun: Mudharabah Time Deposits:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah 2,38% - 3,48% 2,17% - 3,50% Rupiah
Mata uang asing 0,22% - 2,04% 0,22% - 0,23% Foreign currencies
4) Deposito berjangka Mudharabah dengan 4) Mudharabah time deposits with Mudharabah
akad Mudharabah muthlaqah yang dijadikan muthlaqah agreement that is pledged as
sebagai jaminan atas piutang dan collateral for receivables and financing
pembiayaan adalah masing-masing amounted to Rp1,960,875 and Rp1,575,029 as
berjumlah Rp1.960.875 dan Rp1.575.029 of 31 December 2025 and 2024, respectively.
pada tanggal 31 Desember 2025 dan 2024.
350
1298 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1301
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
39. KEPENTINGAN NONPENGENDALI ATAS ASET 39. NON-CONTROLLING INTERESTS IN NET ASSETS
BERSIH ENTITAS ANAK YANG DIKONSOLIDASI OF CONSOLIDATED SUBSIDIARIES
Akun ini merupakan kepentingan nonpengendali atas This account represents non-controlling interests in net
aset bersih Entitas Anak yang dikonsolidasi sebagai assets of consolidated Subsidiaries which are as
berikut: follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
PT Bank Syariah Indonesia Tbk 25.018.787 21.664.415 PT Bank Syariah Indonesia Tbk
PT Bank Mandiri Taspen 4.548.328 3.761.113 PT Bank Mandiri Taspen
PT Mandiri Tunas Finance 2.409.083 2.383.566 PT Mandiri Tunas Finance
PT AXA Mandiri Financial Services 1.674.137 1.868.228 PT AXA Mandiri Financial Services
PT Mandiri Sekuritas 689 639 PT Mandiri Sekuritas
PT Mandiri Capital Indonesia 305 291 PT Mandiri Capital Indonesia
Total 33.651.329 29.678.252 Total
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, the ownership of
kepemilikan kepentingan nonpengendali atas BSI dan non-controlling interests in BSI and Bank Mantap is
Bank Mantap masing-masing adalah sebesar 48,53% 48.53% and 48.90%, respectively.
dan 48,90%.
Ringkasan informasi keuangan BSI dan Bank Mantap The summarized financial information of BSI and Bank
disajikan berdasarkan nilai sebelum eliminasi antar Mantap is presented based on the value before
perusahaan. intercompany elimination.
Ringkasan laporan posisi keuangan: Summary of statement of financial position:
BSI Bank Mantap
31 Desember/31 December 31 Desember/31 December
2025 2024 2025 2024
Total aset 456.192.606 408.613.432 73.025.174 66.232.344 Total assets
Total liabilitas 114.099.142 109.866.532 63.627.368 58.444.320 Total liabilities
Total dana syirkah temporer 290.140.590 253.705.326 - - Total syirkah funds
Total ekuitas 51.952.874 45.041.574 9.397.806 7.788.024 Total equity
Ekuitas yang diatribusikan kepada: Attributable to:
Kepentingan nonpengendali 25.018.787 21.664.415 4.548.328 3.761.113 non-controlling interest
Ringkasan laporan laba rugi dan penghasilan Summary of statement of profit or loss and other
komprehensif lain: comprehensive income:
BSI Bank Mantap
Tahun yang berakhir pada tanggal 31 Desember/
Year ended 31 December
2025 2024 2025 2024
Laba operasional 10.008.017 9.278.144 2.053.823 2.051.255 Income from operation
Laba sebelum beban pajak 9.761.412 9.050.395 2.053.656 2.039.633 Income before tax expense
Beban pajak - neto (2.193.889) (2.044.507) (472.560) (462.083) Tax expense - net
Laba tahun berjalan 7.567.523 7.005.888 1.581.096 1.577.550 Net income for the year
Penghasilan komprehensif lain Other comprehensive income
tahun berjalan - setelah for the year - net of
pajak penghasilan 394.662 152.125 186.440 (65.310) income tax
Total penghasilan komprehensif Total comprehensive income
tahun berjalan 7.962.185 7.158.013 1.767.536 1.512.240 for the year
Laba tahun berjalan yang Net income for ther year
diatribusikan kepada attributable to
kepentingan nonpengendali 3.672.867 3.400.280 559.479 771.454 non-controlling interest
Dividen yang dibayar kepada Dividend paid for
kepentingan nonpengendali 510.042 415.243 77.145 68.922 non-controlling interest
351
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1299
Page 1302
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
39. KEPENTINGAN NONPENGENDALI ATAS ASET 39. NON-CONTROLLING INTERESTS IN NET ASSETS
BERSIH ENTITAS ANAK YANG DIKONSOLIDASI OF CONSOLIDATED SUBSIDIARIES (continued)
(lanjutan)
Ringkasan laporan arus kas: Summary of statement of cash flow:
BSI Bank Mantap
Tahun yang berakhir pada tanggal 31 Desember/
Year ended 31 December
2025 2024 2025 2024
Aktivitas operasi 14.165.559 6.812.261 6.198.064 5.886.748 Operating activities
Aktivitas investasi 6.413.828 6.345.483 (4.371.450) (4.502.517) Investing activities
Aktivitas pendanaan (17.644.971) 8.749.006 558.752 210.610 Financing activities
Kenaikan/(penurunan) neto Net increase/(decrease)
kas dan setara kas 2.934.416 21.906.750 2.385.366 1.594.841 in cash and cash equivalents
40. EKUITAS 40. EQUITY
a. Modal dasar, ditempatkan dan disetor a. Authorised, issued and fully paid capital
Modal dasar, ditempatkan dan disetor Bank The Bank’s authorised, issued and fully paid capital
Mandiri adalah sebagai berikut: respectively, are as follows:
31 Desember 2025/31 December 2025
Nilai nominal
per lembar Persentase
saham Total nilai kepemilikan
Jumlah lembar (jumlah penuh)/ saham saham/
saham/ Nominal value (jumlah penuh)/ Percentage
Number of per share Share value of
shares (full amount) (full amount) ownership
Modal dasar Authorised capital
Saham Seri A Dwiwarna 1 125 125 0,00% Dwiwarna Series A Share
Saham Biasa Seri B 127.999.999.999 125 15.999.999.999.875 100,00% Series B Common Shares
Total modal dasar 128.000.000.000 16.000.000.000.000 100,00%
Modal ditempatkan dan disetor Issued and fully paid capital
Saham Seri A Dwiwarna Dwiwarna Series A Share
Negara Republik Indonesia 1 125 125 0,00% Republic of Indonesia
Saham Seri B Series B Common Shares
PT Danantara Asset Management 48.533.333.333 125 6.066.666.666.625 52,00% PT Danantara Asset Management
(Persero) (Persero)
Indonesia Investment Authority 7.466.666.666 125 933.333.333.250 8,00% Indonesia Investment Authority
Dewan Komisaris: Board of Commissioners:
Zulkifli Zaini 22.850.900 125 2.856.362.500 0,02% Zulkifli Zaini
Muhammad Yusuf Ateh 4.244.800 125 530.600.000 0,00% Muhammad Yusuf Ateh
Direksi: Board of Directors:
Riduan 14.547.800 125 1.818.475.000 0,02% Riduan
Henry Panjaitan 163.000 125 20.375.000 0,00% Henry Panjaitan
Timothy Utama 10.334.300 125 1.291.787.500 0,01% Timothy Utama
Eka Fitria 4.293.600 125 536.700.000 0,01% Eka Fitria
Danis Subyantoro 348.584 125 43.573.000 0,00% Danis Subyantoro
Totok Priyambodo 370.000 125 46.250.000 0,00% Totok Priyambodo
Mochamad Rizaldi 403.400 125 50.425.000 0,00% Mochamad Rizaldi
Saptari 121.064 125 15.133.000 0,00% Saptari
Ari Rizaldi 183.168 125 22.896.000 0,00% Ari Rizaldi
Novita Widya Anggraini 222.000 125 27.750.000 0,00% Novita Widya Anggraini
Jan Winston Tambunan 86.400 125 10.800.000 0,00% Jan Winston Tambunan
Sunarto 549.600 125 68.700.000 0,00% Sunarto
Publik (masing-masing
dibawah 5%) 37.190.364.716 125 4.648.795.589.500 39,85% Public (less than 5%)
93.249.083.332 11.656.135.416.500 99,91%
Saham Treasuri
(catatan 2am) 84.250.000 10.531.250.000 0,09%
93.333.333.332 11.666.666.666.500 100,00%
352
1300 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1303
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
40. EKUITAS (lanjutan) 40. EQUITY (continued)
a. Modal dasar, ditempatkan dan disetor a. Authorised, issued and fully paid capital
(lanjutan) (continued)
31 Desember 2024/31 December 2024
Nilai nominal
per lembar Persentase
saham Total nilai kepemilikan
Jumlah lembar (jumlah penuh)/ saham saham/
saham/ Nominal value (jumlah penuh)/ Percentage
Number of per share Share value of
shares (full amount) (full amount) ownership
Modal dasar Authorised capital
Saham Seri A Dwiwarna 1 125 125 0,00% Dwiwarna Series A Share
Saham Biasa Seri B 127.999.999.999 125 15.999.999.999.875 100,00% Series B Common Shares
Total modal dasar 128.000.000.000 16.000.000.000.000 100,00% Total authorised capital
Modal ditempatkan dan disetor Issued and fully paid capital
Saham Seri A Dwiwarna Dwiwarna Series A Share
Negara Republik Indonesia 1 125 125 0,00% Republic of Indonesia
Saham Seri B Series B Common Shares
Negara Republik Indonesia 48.533.333.333 125 6.066.666.666.625 52,00% Republic of Indonesia
Indonesia Investment Authority 7.466.666.666 125 933.333.333.250 8,00% Indonesia Investment Authority
Dewan Komisaris: Board of Commissioners:
Rionald Silaban 3.430.200 125 428.775.000 0,00% Rionald Silaban
Arif Budimanta 3.116.400 125 389.550.000 0,00% Arif Budimanta
Faried Utomo 3.116.400 125 389.550.000 0,00% Faried Utomo
Muhammad Yusuf Ateh 2.673.600 125 334.200.000 0,00% Muhammad Yusuf Ateh
Tedi Bharata 30.300 125 3.787.500 0,00% Tedi Bharata
Direksi: Board of Directors:
Darmawan Junaidi 11.134.200 125 1.391.775.000 0,01% Darmawan Junaidi
Alexandra Askandar 11.028.200 125 1.378.525.000 0,01% Alexandra Askandar
Agus Dwi Handaya 11.347.300 125 1.418.412.500 0,01% Agus Dwi Handaya
Riduan 11.250.000 125 1.406.250.000 0,01% Riduan
Aquarius Rudianto 7.102.000 125 887.750.000 0,01% Aquarius Rudianto
Toni Eko Boy Subari 6.082.200 125 760.275.000 0,01% Toni Eko Boy Subari
Rohan Hafas 5.965.200 125 745.650.000 0,01% Rohan Hafas
Sigit Prastowo 10.869.800 125 1.358.725.000 0,01% Sigit Prastowo
Timothy Utama 7.036.600 125 879.575.000 0,01% Timothy Utama
Eka Fitria 1.197.500 125 149.687.500 0,01% Eka Fitria
Danis Subyantoro 344.800 125 43.100.000 0,00% Danis Subyantoro
Totok Priyambodo 370.000 125 46.250.000 0,00% Totok Priyambodo
Publik (dibawah 5%) 37.237.238.632 125 4.654.654.829.000 39,90% Public (less than 5%)
93.333.333.332 11.666.666.666.500 100,00%
Pada tangal 31 Desember 2018 terdapat As of 31 December 2018, there was a change of
perubahan kepemilikan saham yang dimiliki oleh ownership of the stock owned by the Board of
Dewan Komisaris Bank Mandiri, dimana Commissioners of Bank Mandiri, where the
kepemilikan saham pada tahun sebelumnya nihil. ownership of shares in the prior year was nil. The
Kepemilikan saham tersebut dalam rangka share ownership was related to the implementation
pelaksanaan POJK No. 45/POJK.03/2015 tentang of FSA regulation No. 45/POJK.03/2015, about the
Penerapan Tata Kelola dalam Pemberian Application of Corporate Governance in Granting
Remunerasi Bagi Bank Umum, dimana anggota Remuneration for Commercial Banks, where
Direksi dan Dewan Komisaris Non Independen member of Directors and Non Independent Board of
diberikan remunerasi yang bersifat variabel dalam Commissioners are entitled to variable
bentuk saham Bank atas kinerja untuk tahun buku remuneration in form of the Bank’s shares for
2017. financial performance of 2017.
Saham yang dimiliki oleh Dewan Komisaris dan Shares owned by the Board of Commissioners and
Direksi untuk tahun yang berakhir pada tanggal Board of Directors for the period and year
31 Desember 2025 dan 2024 masing-masing 31 December 2025 and 2024 respectively,
sebesar 58.718.616 lembar dan 96.094.700 amounted to 58,718,616 shares and 96,094,700
lembar saham atau 0,06% dan 0,1% dari jumlah shares, or 0.06% and 0.1% from the total number
lembar saham modal ditempatkan dan disetor. of issued and fully paid-in capital shares.
353
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1301
Page 1304
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
40. EKUITAS (lanjutan) 40. EQUITY (continued)
a. Modal dasar, ditempatkan dan disetor a. Authorised, issued and fully paid capital
(lanjutan) (continued)
Penetapan modal ditempatkan dan disetor The determination of issued and fully paid capital
sebesar Rp4.000.000 oleh Pemerintah Republik amounted to Rp4,000,000 by the Government of the
Indonesia pada tanggal pendirian Bank Mandiri, Republic of Indonesia at the date of establishment
telah dilaksanakan sebagai berikut: of Bank Mandiri was carried out as follows:
1. Pembayaran secara tunai melalui Bank 1. Cash payment through Bank Indonesia
Indonesia sejumlah Rp1.600.004. amounted to Rp1,600,004.
2. Penempatan dalam saham yang dicatat 2. Placements in shares recorded as investments
sebagai penyertaan saham pada Bank in shares of the Merged Banks amounted to
Peserta Penggabungan sejumlah Rp599.999 Rp599,999 each or totaling Rp2,399,996,
untuk setiap Bank atau jumlah keseluruhannya through the transfer of shares of the
Rp2.399.996, melalui pengalihan saham milik Government of the Republic of Indonesia in
Pemerintah Republik Indonesia pada setiap each of the Merged Banks to Bank Mandiri, as
Bank Peserta Penggabungan kepada Bank resolved during the respective Extraordinary
Mandiri, seperti yang telah disebut dalam General Shareholders’ Meetings of the Merged
Rapat Umum Pemegang Saham Luar Biasa Banks. Based on the inbreng agreement
dari Bank Peserta Penggabungan. approved by Notarial Deed No. 9 of Notary
Berdasarkan perjanjian inbreng yang telah Sutjipto, S.H., dated 2 October 1998, Bank
diaktakan dengan Akta No. 9 yang dibuat oleh Mandiri and the Government of the Republic of
Notaris Sutjipto, S.H., tanggal 2 Oktober 1998, Indonesia agreed to transfer those shares as
Bank Mandiri dan Pemerintah Republik payment for new shares to be issued by Bank
Indonesia setuju untuk mengalihkan saham- Mandiri.
saham tersebut sebagai pembayaran untuk
saham baru yang akan dikeluarkan oleh Bank
Mandiri.
Berdasarkan perubahan anggaran dasar Based on the amendments to the Articles of
Bank Mandiri yang dituangkan dalam Akta Association of Bank Mandiri which stated in the
No. 98 yang dibuat oleh Notaris Sutjipto, S.H., Notarial Deed No. 98 of Notary Sutjipto, S.H. dated
tanggal 24 Juli 1999, pemegang saham 24 July 1999, the shareholders resolved to increase
memutuskan untuk meningkatkan modal disetor the paid-in capital (share capital) of Bank Mandiri
(modal saham) Bank Mandiri dari Rp4.000.000 from Rp4,000,000 to Rp4,251,000 to be entirely
menjadi Rp4.251.000 dan jumlah tersebut akan paid by the Government of the Republic of
dibayar oleh Pemerintah Republik Indonesia. Indonesia. The increase of Rp251,000 was a
Penambahan sebesar Rp251.000 merupakan conversion from additional paid-in capital to share
hasil konversi dari tambahan modal disetor capital as a result of an excess from recapitalisation
menjadi modal saham akibat dari adanya bonds issued under the First Recapitalisation
kelebihan obligasi rekapitalisasi yang diterbitkan Program based on Government Regulation No. 52
dalam Program Rekapitalisasi Pertama year 1999.
berdasarkan Peraturan Pemerintah No. 52 Tahun
1999.
Berdasarkan keputusan RUPS-LB tanggal Based on the RUPS – LB decision dated
29 Mei 2003 yang dituangkan dalam Akta 29 May 2003, which was documented in Notarial
No. 142 yang dibuat oleh Notaris Sutjipto, S.H., Deed No. 142 of Notary Sutjipto, S.H., dated
tanggal 29 Mei 2003, pemegang saham 29 May 2003, the shareholders approved these
Bank Mandiri antara lain menyetujui: following matters:
(i) Pelaksanaan Initial Public Offering (IPO). (i) Execution of Initial Public Offering (IPO).
(ii) Perubahan struktur permodalan (ii) Changes in capital structure of Bank Mandiri.
Bank Mandiri.
(iii) Perubahan anggaran dasar Bank Mandiri. (iii) Changes in articles of association of
Bank Mandiri.
354
1302 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1305
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
40. EKUITAS (lanjutan) 40. EQUITY (continued)
a. Modal dasar, ditempatkan dan disetor a. Authorised, issued and fully paid capital
(lanjutan) (continued)
Berkaitan dengan perubahan struktur permodalan In relation to the change in capital structure of Bank
Bank Mandiri, RUPS-LB juga menyetujui Mandiri, the RUPS–LB also approved the allocation
penetapan bagian dari dana rekapitalisasi sebesar on part of recapitalisation fund amounted to
Rp168.801.315 sebagai agio saham. Rp168,801,315 as share premium.
Perubahan struktur permodalan tersebut di atas The changes of capital structure that mentioned
berlaku efektif terhitung sejak tanggal 23 Mei above became effective started from 23 May 2003,
2003, dengan catatan Bank Mandiri harus with the conditional requirement that the Bank
melakukan kuasi-reorganisasi yang ditetapkan should conduct a quasi-reorganisation before the
dalam RUPS selambat-lambatnya pada end of 2003 as required in the RUPS.
penutupan buku tahun 2003.
Saham Seri A Dwiwarna merupakan saham yang The Dwiwarna Series A share represents a share
dimiliki oleh Negara Republik Indonesia dan tidak owned by the Republic of Indonesia, which is not
dapat dipindahkan kepada siapapun. Saham Seri transferrable. It provides the Republic of Indonesia
A Dwiwarna memberikan hak istimewa kepada with the privileges where RUPS can make decision
Negara Republik Indonesia dimana dalam only if the Dwiwarna Series A shareholder attend
agenda-agenda tertentu, RUPS hanya dapat and approve certain agendas.
memutuskan jika pemegang saham Seri A
Dwiwarna hadir dan menyetujui usul agenda
dimaksud.
Beberapa agenda RUPS yang wajib dihadiri dan The agenda of RUPS where the shareholder of
disetujui oleh Pemegang Saham Seri A Dwiwarna Dwiwarna Series A are mandatory to attend and
agar RUPS dapat memutus adalah agenda RUPS approve are:
yang terkait dengan:
1. Penambahan modal. 1. Increases in capital.
2. Pengangkatan dan pemberhentian Direksi 2. Appointment and termination of the Boards of
dan Dewan Komisaris. Directors and Commissioners.
3. Perubahan anggaran dasar. 3. Amendment of the Articles of Association.
4. Penggabungan, peleburan dan 4. Mergers, acquisitions and takeovers.
pengambilalihan.
5. Pembubaran dan likuidasi. 5. Dissolution and liquidation.
Perubahan struktur modal sebagaimana The changes in the capital structure were based on
disebutkan di atas telah dicantumkan dalam the Minutes of Meeting regarding the Amendment of
Pernyataan Keputusan Rapat Perubahan the Articles of Association (Pernyataan Keputusan
Anggaran Dasar PT Bank Mandiri (Persero) Tbk Rapat Perubahan Anggaran Dasar) of PT Bank
yang dituangkan dalam akta notaris Sutjipto, S.H., Mandiri (Persero) Tbk as stated in Notarial Deed of
No. 2 tanggal 1 Juni 2003. Perubahan tersebut Sutjipto, S.H. No. 2 dated 1 June 2003.
telah disahkan oleh Menteri Hukum dan Hak Asasi The amendment was approved by the Ministry of
Manusia Republik Indonesia, dengan Surat Law and Human Rights of the Republic of Indonesia
Keputusan No. C-12783.HT.01.04.TH.2003 through Decision Letter
tanggal 6 Juni 2003 dan diumumkan pada No. C-12783.HT.01.04.TH.2003 dated 6 June 2003
tambahan No. 6590 dalam Berita Negara and announced in Appendix No. 6590 of State
Republik Indonesia No. 63 tanggal 8 Agustus Gazette of the Republic of Indonesia No. 63 dated
2003. 8 August 2003.
355
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1303
Page 1306
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
40. EKUITAS (lanjutan) 40. EQUITY (continued)
a. Modal dasar, ditempatkan dan disetor a. Authorised, issued and fully paid capital
(lanjutan) (continued)
Kenaikan modal saham ditempatkan dan disetor The increase in issued and fully paid capital of Bank
Bank Mandiri dari Rp4.251.000 menjadi Mandiri from Rp4,251,000 to Rp10,000,000 was
Rp10.000.000 dilakukan dengan cara sebagai made through the following:
berikut:
1. Pengembalian sebagian modal disetor 1. Partial return of fully paid capital of Rp251,000
sebesar Rp251.000 kepada Pemerintah to the Government as a part of the return of
sebagai bagian dari kelebihan dana excess recapitalisation fund of Rp1,412,000
rekapitalisasi yang masih ditahan pada which was retained by Bank Mandiri, and an
Bank Mandiri sebesar Rp1.412.000 dan increase in paid-in capital amounted to
meningkatkan modal disetor sebesar Rp1,000,000 from the capitalisation of
Rp1.000.000 dari pengkapitalisasian reserves, based on Government Regulation
cadangan, berdasarkan Peraturan No. 26 Year 2003 dated 29 May 2003,
Pemerintah No. 26 Tahun 2003 tanggal regarding the Conversion of the Investment of
29 Mei 2003 tentang Konversi Penyertaan the Republic of Indonesia into the Paid-in
Modal Negara Republik Indonesia ke dalam Capital of PT Bank Mandiri (Persero) Tbk, and
modal saham PT Bank Mandiri (Persero) Tbk Decree of the Ministry of State-Owned
dan Keputusan Menteri Negara Badan Usaha Enterprises (“BUMN”), as the Bank’s
Milik Negara (“BUMN”), selaku Pemegang shareholders’, No. KEP-154/M-MBU/2002
Saham PT Bank Mandiri (Persero) Tbk No. dated 29 October 2002.
KEP-154/M-MBU/2002 tanggal 29 Oktober
2002.
2. Penambahan modal disetor sebesar 2. Increase in fully paid capital of Rp5,000,000
Rp5.000.000 yang berasal dari tambahan from the additional paid-in capital based on the
modal disetor berdasarkan Keputusan Decree of the Ministry of Finance of the
Kementrian Keuangan (“KMK-RI”) Republic of Indonesia (“KMK RI”)
No. 227/202.02/2003 tanggal 23 Mei 2003 No. 227/202.02/2003 dated 23 May 2003
tentang “Besarnya Nilai Final dan regarding “The Final Amount and
Pelaksanaan Hak-Hak Pemerintah yang Implementation of the Government’s Rights
Timbul Sebagai Akibat Penambahan Arising from the Additional Share of the
Penyertaan Modal Negara Republik Government of the Republic of Indonesia in
Indonesia ke dalam Modal Perusahaan PT Bank Mandiri (Persero) Tbk in Relation to
Perseroan (Persero) PT Bank Mandiri the Commercial Banking Recapitalisation
(Persero) Tbk dalam Rangka Program Program”.
Rekapitalisasi Bank Umum”.
Program manajemen berbasis saham Management stock option plan
Berdasarkan Keputusan RUPS-LB tanggal Based on the RUPS-LB held on 29 May 2003, which
29 Mei 2003 sebagaimana tertuang dalam Akta was notarised by Notary Sutjipto, S.H., in Notarial
Notaris Sutjipto, S.H., No. 142 tanggal Deed No. 142 dated 29 May 2003, the Bank’s
29 Mei 2003, pemegang saham Bank Mandiri juga shareholders also agreed on employee and
menyetujui rencana kepemilikan saham oleh directors stock ownership plan through an
pegawai dan Direksi melalui Program Penjatahan Employee Stock Allocation (“ESA”) Program and a
Saham/Employee Stock Allocation (“ESA”) dan Management Stock Option Plan (“MSOP”). The
Pemberian Opsi Pembelian Saham kepada ESA program consists of a Share Plan Bonus and a
Manajemen/Management Stock Option Plan Share Purchase at Discount program. MSOP is
(“MSOP”). Program ESA terdiri dari program designated for Directors and Senior Management at
Pemberian Saham Bonus (Share Plan Bonus) dan certain levels and based on certain criteria. All costs
program Penjatahan Saham dengan Diskon and discounts related to the ESA program are
(Share Purchase at Discount). Sedangkan recognised by the Bank through allocation of
program MSOP ditujukan untuk Direksi dan reserves. The management and execution of the
pegawai pimpinan pada tingkatan (grade) atau ESA and MSOP programs are performed by the
kriteria tertentu. Biaya dan diskon atas program Board of Directors, while the supervision is
ESA tersebut menjadi tanggungan Bank Mandiri performed by the Board of Commissioners.
yang bebannya bersumber dari cadangan yang
telah dibentuk. Pengelolaan dan pelaksanaan
program ESA dan MSOP dilakukan oleh Direksi,
sedangkan pengawasannya dilakukan oleh
Dewan Komisaris.
356
1304 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1307
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
40. EKUITAS (lanjutan) 40. EQUITY (continued)
a. Modal dasar, ditempatkan dan disetor a. Authorised, issued and fully paid capital
(lanjutan) (continued)
Program manajemen berbasis saham (lanjutan) Management stock option plan (continued)
Pada tanggal 14 Juli 2003, Pemerintah Republik On 14 July 2003, the Government of the Republic of
Indonesia melepaskan 4.000.000.000 lembar Indonesia divested 4,000,000,000 shares
sahamnya, yang mewakili 20,00% kepemilikannya representing 20.00% of its ownership in Bank
di Bank Mandiri, melalui Initial Public Offering Mandiri through an Initial Public Offering (“IPO”).
(“IPO”).
Sebagai tindak lanjut dari Peraturan Pemerintah As a follow up action on the Government of Republic
Republik Indonesia No. 27/2003 tanggal of Indonesia Regulation No. 27/2003 dated 2 June
2 Juni 2003 yang menyetujui divestasi sampai 2003, which approved the divestment of the
30,00% atas kepemilikan Pemerintah di Bank Government ownership in Bank Mandiri of up to
Mandiri dan berdasarkan keputusan Tim 30.00%, and based on a decision of Tim Kebijakan
Kebijakan Privatisasi Badan Usaha Milik Negara Privatisasi Badan Usaha Milik Negara No. Kep-
No. Kep-05/TKP/01/2004 tanggal 19 Januari 05/TKP/01/2004 dated 19 January 2004, the
2004, Pemerintah Republik Indonesia melakukan Government of the Republic of Indonesia divested
divestasi lanjutan atas 10,00% kepemilikan di an additional 10.00% of ownership interest in Bank
Bank Mandiri atau sebanyak 2.000.000.000 Mandiri or 2,000,000,000 shares of Series B
lembar saham Biasa Seri B pada tanggal common shares on 11 March 2004 through private
11 Maret 2004 melalui private placement. placement.
Pada saat pelaksanaan IPO tanggal 14 Juli 2003, On 14 July 2003, the date of the IPO, through
Bank Mandiri memberikan opsi pembelian saham MSOP Stage 1, the Bank issued 378,583,785 share
kepada manajemen melalui program MSOP options for the management with an exercise price
Tahap 1 sebanyak 378.583.785 lembar opsi of Rp742.50 (full amount) per share and a nominal
dengan harga eksekusi sebesar Rp742,50 (nilai value of Rp500 (full amount) per share. The share
penuh) per lembar saham dan nilai nominal Rp500 options are recorded in the Shareholders’ Equity
(nilai penuh) per lembar saham. Pemberian opsi account - Share Options at fair value amounted to
saham ini dibukukan pada pos ekuitas - opsi Rp69.71 (full amount) per share options. MSOP
saham dengan nilai wajar opsi saham sebesar Stage 1 has been exercised in total 375,365,957
Rp69,71 (nilai penuh) per lembar. Opsi yang shares, thereby increasing the total issued and fully
dieksekusi dari MSOP Tahap 1 adalah sebesar paid capital by Rp187,683, and share premium by
375.365.957 lembar saham sehingga Rp117,193.
mengakibatkan penambahan Modal Ditempatkan
dan Disetor sebesar Rp187.683, penambahan
agio saham sebesar Rp117.193.
Selanjutnya pada RUPS Tahunan tanggal The Annual General Meeting of Shareholders on 16
16 Mei 2005 telah disetujui pemberian MSOP May 2005 approved MSOP Stage 2 amounted to
Tahap 2 sebanyak 312.000.000 lembar opsi 312,000,000 share options. The exercise price for
saham. Harga eksekusi per lembar saham adalah each share is Rp1,190.50 (full amount) to be
sebesar Rp1.190,50 (nilai penuh) untuk exercised in the first year and Rp2,493 (full amount)
pelaksanaan di tahun pertama dan Rp2.493 (nilai to be exercised in the second year and the
penuh) untuk pelaksanaan di tahun kedua dan di following year. The nominal value per share is
tahun berikutnya. Nilai nominal per lembar saham Rp500 (full amount). The Bank recorded MSOP
adalah Rp500 (nilai penuh). Pemberian opsi Stage 2 in the shareholders’ equity account -
saham ini dibukukan pada pos ekuitas - opsi Share Options with fair value amounted to
saham dengan nilai wajar opsi saham Rp642.28 (full amount) per share options. MSOP
sebesar Rp642,28 (nilai penuh) per lembar. Opsi Stage 2 has been exercised in total of 311,713,697
yang dieksekusi dari MSOP Tahap 2 adalah shares thereby increasing the total issued and fully
sebesar 311.713.697 lembar saham sehingga paid capital by Rp155,857 and share premium by
mengakibatkan penambahan modal ditempatkan Rp425,233.
dan disetor sebesar Rp155.857 dan penambahan
agio saham sebesar Rp425.233.
357
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1305
Page 1308
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
40. EKUITAS (lanjutan) 40. EQUITY (continued)
a. Modal dasar, ditempatkan dan disetor a. Authorised, issued and fully paid capital
(lanjutan) (continued)
Program manajemen berbasis saham (lanjutan) Management stock option plan (continued)
RUPS Tahunan tanggal 22 Mei 2006 The Annual General Meeting of Shareholders on
menyetujui pemberian MSOP Tahap 3 sebanyak 22 May 2006 approved MSOP Stage 3 amounted to
309.416.215 lembar opsi saham. 309,416,215 share options.
Harga eksekusi opsi per lembar saham MSOP The exercise price for each share in the MSOP
Tahap 3 adalah sebesar Rp1.495,08 (nilai penuh) Stage 3 is Rp1,495.08 (full amount) with nominal
dengan nilai nominal Rp500 (nilai penuh) per value of Rp500 (full amount) per share. The Bank
lembar saham. Pemberian opsi saham ini recorded MSOP Stage 3 as part of the
dibukukan pada pos ekuitas - opsi saham dengan shareholders’ equity account at fair value amounted
nilai wajar opsi saham sebesar Rp593,89 (nilai to Rp593.89 (full amount) per share option. The total
penuh) per lembar. Opsi yang dieksekusi dari option that has been exercised in MSOP Stage 3
MSOP Tahap 3 adalah sebesar 309.415.088 was 309,415,088 shares thereby increasing the
lembar saham sehingga mengakibatkan total issued and fully paid capital by Rp154,707 and
penambahan modal ditempatkan dan disetor share premium by Rp491,651.
sebesar Rp154.707 dan penambahan agio saham
sebesar Rp491.651.
Pada tanggal 27 Desember 2010, Bank telah On 27 December 2010, Bank Mandiri submitted
melakukan pendaftaran pertama kepada Otoritas a first registration to Financial Services Authority
Jasa Keuangan (“OJK”) (dahulu Badan Pengawas (“FSA”) (formerly Capital Market Supervisory Board
Pasar Modal dan Lembaga Keuangan (Bapepam- and Financial Institution (Bapepam-LK)) in relation
LK)) dalam rangka Penawaran Umum Terbatas to the Limited Public Offering (“LPO”) to the Bank’s
(“PUT”) kepada para pemegang saham Bank shareholders in respect to the issuance of Pre-
dalam rangka Penerbitan Hak Memesan Efek emptive Rights ("HMETD") of 2,336,838,591 series
Terlebih Dahulu (“HMETD”) sebanyak B shares. The Limited Public Offering has been
2.336.838.591 lembar saham seri B. PUT ini telah approved by the Board of Commissioners through
mendapatkan persetujuan dari Dewan Komisaris its letter dated 29 April 2010. The Bank has
melalui suratnya tertanggal 29 April 2010. Bank submitted the notification letter regarding the
telah menyampaikan pemberitahuan mengenai Limited Public Offering to Bank Indonesia through
PUT kepada Bank Indonesia melalui surat its letter dated 17 September 2010. The Limited
tertanggal 17 September 2010. PUT ini juga telah Public Offering has been enacted through the
diundangkan melalui Peraturan Pemerintah Indonesian Government Regulation No. 75 year
Republik Indonesia No. 75 tahun 2010 tertanggal 2010 dated 20 November 2010.
20 November 2010.
PUT telah mendapat persetujuan efektif dari LPO has been approved by Bapepam-LK through
Bapepam-LK melalui surat No. S-807/BL/2011 its letter No. S-807/BL/2011 dated
tertanggal 27 Januari 2011, dimana PUT menjadi 27 January 2011, and the LPO has become
efektif setelah mendapat persetujuan dari effective after obtaining approval in the
pemegang saham dalam Rapat Umum Pemegang Extraordinary General Meeting of Shareholders
Saham Luar Biasa yang dilaksanakan pada held on 28 January 2011.
tanggal 28 Januari 2011.
HMETD sebanyak 2.336.838.591 lembar saham The Pre-emptive Rights of 2,336,838,591 shares
diperdagangkan selama periode 14 - 21 Februari were traded during the period of
2011 dengan harga pelaksanaan sebesar 14 - 21 February 2011 with an exercise price of
Rp5.000 (nilai penuh) per lembar saham yang Rp5,000 (full amount) per share which resulted in
mengakibatkan penambahan modal ditempatkan an additional of issued and paid-up capital
dan disetor sebesar Rp1.168.420. amounted to Rp1,168,420.
358
1306 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1309
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
40. EKUITAS (lanjutan) 40. EQUITY (continued)
b. Tambahan modal disetor/agio saham b. Additional paid-in capital/share premium
Tambahan modal disetor/agio saham pada The additional paid-in capital/shares premium as of
tanggal 31 Desember 2024 dan 2023 masing- 31 December 2024 and 2023 amounted to
masing sebesar Rp18.095.274 dan Rp17.643.264 Rp18,095,274 and Rp17,643,264, respectively from
berasal dari Penawaran Umum Terbatas (“PUT”), the Limited Public Offering (LPO), the
Program Rekapitalisasi (Catatan 1c) dan Recapitalization Program (Note 1c) and sale of Bank
penjualan kepemilikan saham Bank Mandiri di Mandiri’s share ownership in PT Usaha Gedung
PT Usaha Gedung Mandiri (“UGM”) dan PT Bumi Mandiri (“UGM”) and PT Bumi Daya Plaza (“BDP”)
Daya Plaza (“BDP”) serta penggabungan usaha as well as the business merger of Bank Syariah
Bank Syariah Mandiri (“BSM”), Bank Rakyat Mandiri (“BSM”), Bank Rakyat Indonesia Syariah
Indonesia Syariah (“BRIS”) dan Bank Negara (“BRIS”) and Bank Negara Indonesia Syariah
Indonesia Syariah (“BNIS”) menjadi Bank Syariah (“BNIS”) became Bank Syariah Indonesia (“BSI”).
Indonesia (“BSI”). Agio saham sebesar The shares premium amounted to Rp17,535,764
Rp17.535.764 termasuk agio yang berasal dari including premium from the LPO (Note 40a)
PUT (Catatan 40a) sebesar Rp10.515.774 amounted to Rp10,515,774 before deducting the
sebelum dikurangi dengan biaya-biaya yang costs related to the LPO amounted to Rp274,078.
terkait PUT sebesar Rp274.078. Penambahan The additional share premium in 2013 amounted to
agio saham di tahun 2013 sebesar Rp113.817 di Rp113,817 in the consolidated financial statements
laporan keuangan konsolidasian (Rp273.932 di (Rp273,932 in the financial statements of the Parent
laporan keuangan Entitas Induk) berasal dari Entity) came from the transfer of ownership of Bank
pengalihan kepemilikan saham Bank Mandiri di Mandiri's shares in UGM and BDP to entities under
UGM dan BDP kepada entitas-entitas common control, i.e. the difference between the
sepengendali, yaitu selisih antara harga jual selling price and the carrying amount of the
dengan nilai tercatat penyertaan di laporan investment in the consolidated financial statements.
keuangan konsolidasian. Penambahan agio The additional shares premium of Rp327,072 from
saham sebesar Rp327.072 berasal dari the merger of BSM, BRIS and BNIS into BSI.
penggabungan usaha BSM, BRIS dan BNIS
menjadi BSI.
Selisih antara harga jual dengan nilai tercatat The difference between selling price and book value
penyertaan yang dicatat sebagai agio saham di of shares recorded as share premium in Parent
laporan keuangan induk Bank dan laporan Entity and consolidated financial statements are
konsolidasian adalah masing-masing sebesar amounted to Rp273,932 and Rp113,817,
Rp273.932 dan Rp113.817. respectively.
Berdasarkan hasil dari uji telaah/due diligence Based on the results of a due diligence review
review yang dilaksanakan atas nama Pemerintah conducted on behalf of the Government dated
tanggal 31 Desember 1999 dan Kontrak 31 December 1999 and Management Contract
Manajemen (“IMPA") tanggal 8 April 2000, (“IMPA”) dated 8 April 2000, it was decided that
ditetapkan bahwa terdapat kelebihan there was an excess on recapitalisation amounted
rekapitalisasi sebesar Rp4.069.000. Bank telah to Rp4,069,000. The Bank has refunded
mengembalikan Rp2.657.000 dari Obligasi Rp2,657,000 of Government Recapitalisation
Rekapitalisasi Pemerintah ke Pemerintah pada Bonds to the Government on 7 July 2000 pursuant
tanggal 7 Juli 2000 sesuai dengan kontrak to the Management Contract. The remaining
manajemen. Sedangkan atas sisa kelebihan balance of Rp1,412,000 was refunded to the
sebesar Rp1.412.000 telah dikembalikan kepada Government on 25 April 2003 based on approval
Pemerintah pada tanggal 25 April 2003 sesuai from the shareholders during its meeting on
dengan persetujuan dari pemegang saham dalam 29 October 2002 and the Ministry of State-Owned
rapat tanggal 29 Oktober 2002 dan Surat Enterprises Decision Letter No. KEP-154/M-
Keputusan Menteri BUMN No. KEP-154/M- MBU/2002 dated 29 October 2002.
MBU/2002 tanggal 29 Oktober 2002.
Termasuk di dalam jumlah pengembalian sisa The refund for above excess of recapitalisation
kelebihan dana rekapitalisasi sebesar amounted to Rp1,412,000 includes a portion of
Rp1.412.000 di atas adalah bagian dari modal issued and fully paid capital of Rp251,000.
ditempatkan dan disetor sebesar Rp251.000.
359
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1307
Page 1310
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
40. EKUITAS (lanjutan) 40. EQUITY (continued)
b. Tambahan modal disetor/agio saham (lanjutan) b. Additional paid-in capital/share premium
(continued)
Pada tanggal 23 Mei 2003, Menteri Keuangan On 23 May 2003, the Minister of Finance of the
Republik Indonesia telah mengeluarkan Surat Republic of Indonesia issued Decree (KMK-RI)
Keputusan (KMK-RI) No. 227/KMK.02/2003 No. 227/KMK.02/2003 dated 23 May 2003, which
tanggal 23 Mei 2003 dan kemudian diubah dengan was amended by KMK-RI No. 420/KMK.02/2003
KMK-RI No. 420/KMK.02/2003 tanggal dated 30 September 2003, which provides further
30 September 2003 sebagai ketentuan lebih lanjut guidance on Government Regulations No. 52 year
atas pelaksanaan Peraturan Pemerintah No. 52 1999 and No. 97 year 1999 regarding the final
tahun 1999 dan No. 97 tahun 1999 mengenai additional Government participation in
jumlah final tambahan penyertaan modal Negara Bank Mandiri’s capital.
dalam modal Bank Mandiri.
Hal-hal yang diputuskan dalam KMK-RI ini adalah The following are the matters decided under the
sebagai berikut: KMK-RI:
a. Nilai final kebutuhan rekapitalisasi a. The final Bank Mandiri recapitalisation amount
Bank Mandiri adalah sebesar is Rp173,801,315;
Rp173.801.315;
b. Terhadap dana rekapitalisasi senilai b. The recapitalisation fund of Rp5,000,000 is
Rp5.000.000 dikonversi dengan 5.000.000 converted into 5,000,000 new shares issued by
lembar saham baru yang diterbitkan oleh Bank Mandiri with a nominal value of
Bank Mandiri dengan nilai nominal Rp1,000,000 (full amount) per share;
Rp1.000.000 (nilai penuh) per lembar saham;
c. Terhadap sisa dana rekapitalisasi senilai c. The remaining recapitalisation fund amount of
Rp168.801.315 dibukukan sebagai agio pada Rp168,801,315 is recorded as share premium
struktur modal Bank Mandiri. within the capital structure of Bank Mandiri.
Dengan dilaksanakannya kuasi-reorganisasi oleh Through quasi-reorganisation, the Bank’s
Bank, saldo rugi sebelum kuasi-reorganisasi pada accumulated losses as of 30 April 2003 amounted
tanggal 30 April 2003 sebesar Rp162.874.901 to Rp162,874,901 were eliminated against
dieliminasi ke akun tambahan modal disetor/agio. additional paid-in capital/share premium.
Pada tanggal 1 Februari 2021, terdapat transaksi On 1 February 2021, there was a transaction
pembentukan PT Bank Syariah Indonesia Tbk involving the establishment of PT Bank Syariah
yang merupakan hasil penggabungan PT Bank Indonesia Tbk, which included the merger of
Syariah Mandiri (BSM), PT Bank BRISyariah Tbk PT Bank Syariah Mandiri (BSM), PT Bank
(BRIS), dan PT Bank BNI Syariah (BNIS) BRISyariah Tbk (BRIS), and PT Bank BNI Syariah
merupakan kombinasi bisnis entitas pengendali. (BNIS). This transaction constituted a business
Perbedaan antara jumlah imbalan yang combination of controlling entities. The difference
dialihkan dan jumlah tercatat investasi yang between the consideration transferred and the fair
diperoleh dari transaksi ini diakui sebagai “Selisih value of the acquired investments from this
Nilai Transaksi Kombinasi Bisnis Entitas transaction is recognised as "Business Combination
Sepengendali” dan disajikan sebagai bagian Transaction Value Difference" and presented as
“Tambahan Modal disetor” sebesar Rp327.072 part of "Additional Paid-in Capital" amounting to
(Catatan 1g). Rp327,072 (Note 1g).
Pada tanggal 26 Juni 2024 Bank Mandiri telah On 26 June 2024, Bank Mandiri lost control over
kehilangan pengendalian atas Mandiri Inhealth Mandiri Inhealth, resulting in Bank Mandiri ceasing
yang mengakibatkan Bank Mandiri menghentikan recognition of Mandiri Inhealth's net assets at their
pengakuan terhadap aset bersih Mandiri Inhealth carrying amount. The difference between the
pada nilai tercatatnya. Perbedaan antara jumlah consideration received and the carrying amount of
imbalan yang diterima dan jumlah tercatat the investments acquired from this transaction is
investasi yang diperoleh dari transaksi ini diakui recognised as "Business Combination Transaction
sebagai “Selisih Nilai Transaksi Kombinasi Bisnis Value Difference" and presented as part of
Entitas Sepengendali” dan disajikan sebagai "Additional Paid-in Capital" amounting to
bagian “Tambahan Modal disetor” sebesar Rp452,010 (Note 1g).
Rp452.010 (Catatan 1g).
360
1308 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1311
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
40. EKUITAS (lanjutan) 40. EQUITY (continued)
c. Distribusi laba bersih c. Distribution of net income
Dalam Rapat Umum Pemegang Saham Tahunan Based on the Annual General Meeting of
(“RUPST”) yang diadakan tanggal 25 Maret 2025 Shareholders (“RUPST”) held on 25 March 2025
dan 7 Maret 2024, para pemegang saham and 7 March 2024, the shareholders approved the
menyetujui distribusi laba bersih tahun 2024 dan distribution of the 2024 and 2023 net income as
2023 sebagai berikut: follows:
2024 2023
Dividen 43.510.539 33.036.034 Dividends
Laba ditahan Retained earnings
Belum ditentukan penggunaannya 12.272.203 22.024.023 Unappropriated
55.782.742 55.060.057
Dividen per lembar saham Dividend per share
(nilai penuh) 466,18 353,96 (full amount)
Dividen atas laba bersih tahun 2024 sebesar Dividends from 2024 net income amounted to
Rp43.510.539 dibayarkan pada tanggal 23 April Rp43,510,539 were paid on 23 April 2025 and
2025 dan dividen atas laba bersih tahun 2023 dividends from 2023 net income amounted to
sebesar Rp33.036.034 dibayarkan pada tanggal Rp33,036,034 were paid on 28 March 2024.
28 Maret 2024. Pembagian dividen tersebut Distribution of dividends were recorded in the
dibukukan sebagai pengurang saldo laba dalam Consolidated Statements of Changes in Equity with
Laporan Perubahan Ekuitas Konsolidasian sesuai approval from RUPST.
dengan persetujuan RUPST.
Dividen interim tahun 2025 sebesar Rp9.324.158 The 2025 interim dividend of Rp9,324,158 was paid
dibayarkan pada tanggal 14 Januari 2026. on 14 January 2026. The interim dividend payment
Pembayaran dividen interim dilakukan was made based on the approval of the Board of
berdasarkan persetujuan Dewan Komisaris atas Commissioners of Bank Mandiri’s Board of
keputusan Direksi Bank Mandiri pada tanggal Directors on 18 December 2025.
18 Desember 2025.
d. Saham treasuri d. Treasury shares
Pada posisi per tanggal 31 Desember 2025, Bank As of 31 December 2025, Bank Mandiri had
Mandiri telah melakukan pembelian kembali repurchased a total of 84,250,000 (eighty-four
saham yang disimpan sebagai saham treasuri dan million two hundred fifty thousand) shares, which
tercatat di Bursa Efek Indonesia sejumlah are held as treasury shares and recorded on the
84.250.000 (delapan puluh empat dua ratus lima Indonesia Stock Exchange, based on the monthly
puluh ribu) lembar saham berdasarkan data report data from PT Datindo Entrycom as the
laporan bulanan dari PT Datindo Entrycom selaku Company’s Share Registrar (see Note 1f).
Biro Administrasi Efek Perseroan (lihat catatan 1f).
e. Pengalihan sebagian saham Seri B milik e. Transfer of part of the Series B shares owned by
Negara Republik Indonesia kepada Indonesia the Republic of Indonesia to the Indonesia
Investment Authority Investment Authority
Berdasarkan Peraturan Pemerintah RI No. 111 Based on Government Regulation of the Republic
Tahun 2021 tentang Penambahan Penyertaan of Indonesia No. 111 of 2021 regarding the Addition
Modal Negara Republik Indonesia ke dalam Modal of the State Equity Participation of the Republic of
Lembaga Pengelola Investasi telah ditetapkan Indonesia into the Capital of the Investment
penambahan penyertaan modal negara kepada Management Institution, it has been stipulated that
Lembaga Pengelola Investasi (dalam hal ini the addition of the state's equity participation to the
Indonesia Investment Authority). Penambahan Investment Management Institution (in this case the
penyertaan modal tersebut berasal dari Indonesia Investment Authority). The additional
pengalihan sebagian saham seri B milik Negara shares participation comes from the transfer of part
Republik Indonesia pada Bank. of the Series B shares owned by the Republic of
Indonesia to the Bank.
361
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1309
Page 1312
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
40. EKUITAS (lanjutan) 40. EQUITY (continued)
e. Pengalihan sebagian saham Seri B milik e. Transfer of part of the Series B shares owned by
Negara Republik Indonesia kepada Indonesia the Republic of Indonesia to the Indonesia
Investment Authority (lanjutan) Investment Authority (continued)
Selanjutnya sesuai dengan Akta Notaris Furthermore, according to the Notary Deed
No. 32 tanggal 23 Desember 2021 tentang No. 32 dated 23 December 2021 regarding the
Perjanjian Pengalihan Hak atas Saham Negara Agreement on the Transfer of Rights to the Shares
Republik Indonesia pada Perusahaan Perseroan of the Republic of Indonesia in PT Bank Mandiri
(Persero) PT Bank Mandiri (Persero) Tbk kepada (Persero) Tbk to and with the purpose of addition of
dan Dalam Rangka Penambahan Penyertaan the State Equity Participation of the Republic of
Modal Negara Republik Indonesia ke dalam Modal Indonesia into the Capital of the Investment
Lembaga Pengelola Investasi, yang dibuat oleh Management Institution, made by Fathiah Helmi
Fathiah Helmi S.H., pengalihan sebagian saham S.H., the transfer of part of the Series B shares
seri B milik Negara Republik Indonesia pada Bank belonging to the Republic of Indonesia in the Bank
kepada Indonesia Investment Authority telah to the Indonesia Investment Authority has been
efektif setelah ditandantanganinya Akta tersebut effective after the signing of the Deed on
pada tanggal 23 Desember 2021. 23 December 2021.
Pengalihan sebagian saham seri B milik Negara The transfer of part of the Series B shares owned
Republik Indonesia pada Bank kepada Indonesia by the Republic of Indonesia in the Bank to the
Investment Authority sejumlah 3.733.333.333 Indonesia Investment Authority in the amount of
lembar saham atau sebesar 8%, sehingga saham 3,733,333,333 shares or 8%, so that the Series B
seri B milik Negara Republik Indonesia pada Bank shares owned by the Republic of Indonesia in the
menjadi sejumlah 24.266.666.666 lembar saham Bank became 24,266,666,666 shares or 52%.
atau sebesar 52%.
f. Pengalihan seluruh saham Seri B milik Negara f. Transfer of all of the Series B shares owned by
Republik Indonesia kepada PT Biro Klasifikasi the Republic of Indonesia to PT Biro Klasifikasi
Indonesia (Persero) Indonesia (Persero)
Berdasarkan Peraturan Pemerintah Based on Government Regulation No. 15 Year
No. 15 Tahun 2025 tentang Penambahan 2025 concerning the Additional State Equity
Penyertaan Modal Negara Republik Indonesia ke Participation of the Republic of Indonesia into the
dalam Modal Saham Perusahaan Perseroan Share Capital of Perusahaan Perseroan (Persero)
(Persero) PT Biro Klasifikasi Indonesia (BKI) PT Biro Klasifikasi Indonesia (BKI) (which, as of 5
(yang per tanggal 5 Juni 2025 berganti nama June 2025, has changed its name to PT Danantara
menjadi PT Danantara Asset Management Asset Management (DAM)) for the Establishment of
(DAM)) untuk Pendirian Holding Operasional an Operational Holding (Government Regulation
(PP No. 15 tahun 2025) tanggal 21 Maret 2025 No. 15 Year 2025 dated 21 March 2025), and Deed
dan Akta No. 121 tanggal 22 Maret 2025 tentang No. 121 dated 22 March 2025 concerning the
Penyertaan Saham dengan Pemasukan dalam Capital Participation through In-Kind Contribution in
Perseroan Terbatas yang dibuat oleh Jose Dima a Limited Liability Company made before Jose Dima
Satria, S.H., M.Kn., Negara Republik Indonesia Satria, S.H., M.Kn., the Republic of Indonesia made
melakukan penambahan penyertaan modal an additional state equity participation in DAM
negara ke dalam DAM yang berasal dari derived from the transfer of all Series B shares
pengalihan seluruh saham Seri B milik Negara owned by the Republic of Indonesia in the Bank to
Republik Indonesia pada Bank kepada DAM DAM, totaling 48,533,333,333 Series B shares.
sebanyak 48.533.333.333 lembar saham Seri B.
362
1310 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1313
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
40. EKUITAS (lanjutan) 40. EQUITY (continued)
f. Pengalihan seluruh saham Seri B milik Negara f. Transfer of all of the Series B shares owned by
Republik Indonesia kepada PT Biro Klasifikasi the Republic of Indonesia to PT Biro Klasifikasi
Indonesia (Persero) (lanjutan) Indonesia (Persero) (continued)
Setelah pengalihan seluruh saham Seri B milik Based on Government Regulation No. 15 Year
Negara Republik Indonesia tersebut, Negara Following the transfer of all Series B shares owned
Republik Indonesia tetap memiliki 1 lembar saham by the Republic of Indonesia, the Republic of
Seri A Dwiwarna serta pengendalian terhadap Indonesia retains one Dwiwarna Series A share and
Bank. Pencatatan perubahan kepemilikan saham maintains control over the Bank. The recording of
tersebut efektif pada tanggal 24 Maret 2025. the change in share ownership became effective on
24 March 2025.
g. Laba per saham g. Earning per share
Berikut ini adalah jumlah lembar saham yang The computation of basic earning per share
digunakan untuk perhitungan laba per saham attributable to the owners of the Bank is based on
dasar yang diatribusikan kepada pemilik entitas the following number of shares data:
induk:
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Laba tahun berjalan Net income for the year
Laba tahun berjalan Net income for the year for
untuk perhitungan saham 56.293.950 55.782.742 earning per share computation
Jumlah saham Total shares
Jumlah rata-rata tertimbang saham Weighted average number of
biasa untuk perhitungan ordinary shares for computation
laba per saham 93.320 93.333 of earning per share
Laba per saham dasar dan Basic and diluted earnings
dilusian (nilai penuh) 603,23 597,67 per share (full amount)
41. PENDAPATAN BUNGA DAN PENDAPATAN 41. INTEREST INCOME AND SHARIA INCOME
SYARIAH
Pendapatan bunga dan pendapatan syariah adalah Interest income and sharia income are as follow:
sebagai berikut:
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Pendapatan bunga Interest income
Kredit yang diberikan 109.869.267 100.107.075 Loans
Obligasi pemerintah 14.146.067 15.186.343 Government bonds
Pendapatan pembiayaan konsumen 6.624.748 7.092.516 Consumer financing income
Penempatan pada Bank Indonesia Placements with Bank Indonesia
dan bank lain 3.915.675 3.507.428 and other banks
Efek-efek 3.501.440 2.419.111 Marketable securities
Tagihan lainnya - transaksi Others receivables - trade
perdagangan 1.015.084 844.744 transactions
Efek-efek yang dibeli dengan janji Securities purchased under
dijual kembali 469.893 416.157 agreements to resell
Marjin 99.530 59.976 Margin
Lain-lain 7.733 5.291 Others
139.649.437 129.638.641
363
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1311
Page 1314
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
41. PENDAPATAN BUNGA DAN PENDAPATAN 41. INTEREST INCOME AND SHARIA INCOME
SYARIAH
Pendapatan bunga dan pendapatan syariah adalah Interest income and sharia income are as follow:
sebagai berikut: (lanjutan) (continued)
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Pendapatan syariah Sharia income
Keuntungan murabahah dan
istishna bersih 14.510.697 13.404.056 Net murabahah and istishna
Bagi hasil musyarakah 9.978.945 7.841.528 Musyarakah profit sharing
Bagi hasil Mudharabah 147.268 159.678 Mudharabah profit sharing
Ijarah bersih 126.119 192.124 Net ijarah
24.763.029 21.597.386
164.412.466 151.236.027
Termasuk dalam pendapatan bunga dari kredit yang Included in interest income from loans is interest income
diberikan adalah pendapatan bunga atas bagian yang recognised on the non-impaired portion of the impaired
tidak mengalami penurunan nilai dari kredit yang loans for the year ended 31 December 2025 and 2024
mengalami penurunan nilai untuk tahun yang berakhir amounted to Rp677,573 and Rp717,754 and fees and
pada tanggal 31 Desember 2025 dan 2024 masing- commissions income directly attributable to lending
masing sebesar Rp677.573 dan Rp717.754 dan activities amortised using effective interest rate method
pendapatan bunga dari provisi dan komisi yang for the year ended ended 31 December 2025 and 2024
berkaitan langsung dengan kegiatan pemberian kredit amounted to Rp2,165,758 and Rp1,793,560,
yang diamortisasi berdasarkan metode suku bunga respectively.
efektif untuk tahun yang berakhir pada tanggal
31 Desember 2025 dan 2024 masing-masing sebesar
Rp2.165.758 dan Rp1.793.560.
Pada tanggal 31 Desember 2025 dan 2024, termasuk As of 31 December 2025 and 2024 included in interest
dalam pendapatan bunga dan pendapatan syariah di income and sharia income was income from transaction
atas adalah pendapatan dari pihak berelasi terkait with related parties on government bonds and treasury
transaksi obligasi pemerintah dan SPN masing-masing bills amounted to Rp14,146,067 and Rp15,186,343,
sebesar Rp14.146.067 dan Rp15.186.343. respectively.
42. BEBAN BUNGA DAN BEBAN SYARIAH 42. INTEREST EXPENSE AND SHARIA EXPENSE
Rincian beban bunga dan beban syariah terdiri atas: Interest expense and sharia expense are incurred on the
following:
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Beban bunga Interest expense
Deposito berjangka 17.228.576 12.434.702 Time deposits
Giro 15.933.820 14.779.962 Demand deposits
Pinjaman yang diterima 8.099.951 6.438.445 Fund borrowings
Efek-efek yang dijual dengan janji Securities sold under agreements
dibeli kembali (repo) 3.103.782 3.215.029 to repurchase (repo)
Efek-efek yang diterbitkan 2.225.080 1.925.021 Debt securities issued
Tabungan 2.192.927 2.309.256 Saving deposits
Interbank call money 272.866 486.251 Interbank call money
Pinjaman dan efek - efek Subordinated loans and
subordinasi 9.024 1.413 marketable securities
49.066.026 41.590.079
364
1312 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1315
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
42. BEBAN BUNGA DAN BEBAN SYARIAH 42. INTEREST EXPENSE AND SHARIA EXPENSE
Rincian beban bunga dan beban syariah terdiri atas: Interest expense and sharia expense are incurred on the
following:
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Beban syariah Sharia expense
Deposito Mudharabah 6.589.557 5.539.667 Mudharabah time deposits
Musytarakah - Mudharabah Musytarakah - Mudharabah
musytarakah 1.318.108 1.120.870 musytarakah
Tabungan Mudharabah 438.716 432.774 Mudharabah saving deposits
Efek-efek syariah yang diterbitkan 362.424 209.236 Sharia debt securities issued
Pembiayaan yang diterima 213.822 405.816 Fund borrowings
Investasi terikat 213.778 180.665 Restricted investments
9.136.405 7.889.028
58.202.431 49.479.107
Termasuk dalam beban bunga dan beban syariah di Included in interest expense and sharia expense are
atas adalah beban bunga dari transaksi dengan pihak- interest expense from related parties transactions related
pihak berelasi terkait beban bunga atas pinjaman yang to interest expense of fund borrowing for the year ended
diterima untuk tahun yang berakhir pada tanggal 31 December 2025 and 2024 amounted to Rp216,163
31 Desember 2025 dan 2024 masing-masing sebesar and Rp251,816, respectively.
Rp216.163 dan Rp251.816.
43. PENDAPATAN PROVISI DAN KOMISI 43. FEES AND COMMISIONS
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Kredit yang diberikan dan Loans
piutang/pembiayan syariah 7.024.918 5.975.365 and sharia receivables/financing
Transaksi e-channel 5.275.236 4.426.297 E-channel transactions
Kartu kredit 4.119.616 3.180.165 Credit cards
Transaksi simpanan 3.301.091 3.148.013 Deposit transactions
Pengiriman uang, kliring dan Remittances, clearings and
inkaso 2.779.749 2.228.007 collections
Transaksi perdagangan 1.709.977 1.692.064 Trade transactions
Efek-efek 1.502.153 1.100.888 Marketable securities
Bancassurance dan reksadana 620.273 634.330 Bancassurance and mutual funds
Penasihat Keuangan 311.495 499.656 Financial advisor
Kustodian dan wali amanat 235.154 254.452 Custodian and trustee
Pendapatan ganti rugi Restructuring compensation
restrukturisasi (ta'wid) 23.145 27.467 income (ta'wid)
Lain-lain 650.607 280.816 Others
27.553.414 23.447.520
365
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1313
Page 1316
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
43. PENDAPATAN PROVISI DAN KOMISI (lanjutan) 43. FEES AND COMMISIONS (continued)
Lain-lain terutama terdiri dari pendapatan provisi dan Others mainly consist of fees and commissions from cash
komisi dari fee cash management, fee notifikasi melalui management fees, Short Message Service (SMS)
Short Message Service (SMS) kepada nasabah, fee notification fees to customers, Livin’ point and tax
redemption Livin’ point dan fee jasa pelayanan payment distribution service fees.
penyaluran pembayaran pajak.
44. PENDAPATAN DARI KELOMPOK NILAI WAJAR 44. INCOME FROM FAIR VALUE THROUGH PROFIT OR
MELALUI LABA RUGI - NETO LOSS CLASSIFICATION - NET
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Keuntungan dari
penjualan - neto 2.835.118 1.741.833 Gain from sales - net
Keuntungan atas transaksi Gain from derivatives
derivatif - neto 2.326.908 2.121.648 transactions - net
Pendapatan bunga 1.131.813 996.131 Interest income
Keuntungan/(kerugian) yang belum Unrealised gain/(loss)
direalisasi dari kenaikan nilai from increase
wajar - neto 49.643 (376.314) in fair value – net
Perubahan nilai wajar investasi dari Changes in fair value of
investasi pemegang polis*) - 619.141 policyholders’ investment*)
Penurunan liabiilitas Decrease in unit-link
kontrak unit link*) - (619.141) contracts liability*)
Total 6.343.482 4.483.298 Total
*) Dicatat sebagai bagian dari liabilitas kontrak asuransi mulai tanggal 1 Januari *) Recorded as part of insurance contract liabilities starting 1 January 2025 due to
2025 dikarenakan penerapan PSAK 117 “Kontrak Asuransi” (Catatan 2z) implementation of SFAS 117 “Insurance Contract” (Note 2z).
45. PENDAPATAN OPERASIONAL LAINNYA - LAIN- 45. OTHER OPERATING INCOME - OTHERS
LAIN
Tahun yang berakhir
Year ended 31 December
2025 2024
Penerimaan kembali atas pokok kredit Recoveries from written-off
dan piutang/pembiayaan syariah loans and sharia receivables/
yang telah dihapusbukukan 9.563.710 9.009.381 financing principal
Pendapatan administrasi dan Other administration and
komisi lainnya 1.231.125 1.804.571 commission income
Pendapatan sewa mesin Electronic Data Capture (“EDC”)
Electronic Data Capture (“EDC”) 937.285 597.086 rent income
Pendapatan dividen reksa dana dan Dividend income from mutual fund
investasi saham 833.784 888.649 and shares investment
Pendapatan denda 639.121 861.918 Penalty income
Penerimaan kembali atas bunga Recovery from
kredit yang telah written-off
dihapusbukukan 280.670 301.175 interest from loans
Pendapatan bea materai 51.333 54.730 Stamp duty income
Safety deposit box 39.259 38.403 Safety deposit box
Lain-lain 529.252 684.284 Others
Total 14.105.539 14.240.197 Total
366
1314 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1317
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
46. PEMBENTUKAN CADANGAN KERUGIAN 46. ALLOWANCE FOR IMPAIRMENT LOSSES
PENURUNAN NILAI
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
(Pembentukan)/pembalikan cadangan (Allowance)/reversal for provision of
kerugian penurunan nilai atas: impairment losses on:
Giro pada bank lain Current accounts with other banks
(Catatan 5d) 5.159 2.674 (Note 5d)
Penempatan pada bank lain Placements with other banks
(Catatan 6e) 400 (760) (Note 6e)
Efek-efek (Catatan 7g) (25.046 ) 112.741 Marketable securities (Note 7g)
Tagihan lainnya - transaksi Other receivables - trade
perdagangan (Catatan 9c) 32.691 125.378 transactions (Note 9c)
Kredit yang diberikan dan piutang/ Loans and sharia receivables/
pembiayaan syariah financing
(Catatan 12A.c, 12B.g) (8.271.814 ) (10.341.244) (Note 12A.c, 12B.g)
Piutang pembiayaan konsumen Consumer financing receivables
(Catatan 13c) (1.819.658 ) (1.717.469) (Note 13c)
Investasi bersih dalam sewa Net investment finance leases
pembiayaan (Catatan 14c) (288.953 ) (85.319) (Note 14c)
Tagihan akseptasi (Catatan 15c) 6.321 91.509 Acceptance receivables (Note 15c)
Penyertaan saham (Catatan 16b) 1.408 704 Investments in shares (Note 16b)
Total (10.359.492 ) (11.811.786) Total
47. PEMBENTUKAN PENYISIHAN LAINNYA DAN 47. ALLOWANCE FOR OTHER IMPARMENT LOSSES
KERUGIAN RISIKO OPERASIONAL - NETO AND OPERATIONAL RISK LOSSES - NET
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
(Pembentukan)/pembalikan (Allowance)/reversal provision
penyisihan atau beban atas: or expenses of:
Estimasi kerugian yang timbul Estimated losses arising
dari kasus hukum (269) 21.828 from legal cases
Kerugian risiko Operational risk
operasional - klien, losses - clients, products &
produk & praktek bisnis (16) (204) business practices
Kerugian risiko operasional - Operational risk losses -
kerusakan aset fisik (59) (511) physical asset damage
Denda/sanksi (401) (8.041) Fines/penalty
Kerugian risiko operasional - Operational risk losses
manajemen eksekusi, management execution,
pengiriman & pemrosesan (4.427) (7.961) delivering and processing
Kerugian risiko operasional - Operational risk losses -
gangguan aktivitas bisnis business disruption
dan kegagalan sistem (1.945) (15.282) and system failure
Kerugian risiko operasional - Operational risk losses
kecurangan internal (32.076) (31.923) internal fraud
Kerugian risiko operasional - Operational risk losses
kecurangan eksternal (49.082) (106.047) external fraud
Penyisihan kerugian risiko Provision operational
operasional (414) - risk losses
Aset lain-lain (Catatan 20) (1.142.381) (2.906) Other assets (Note 20)
Total (1.231.070) (151.047) Total
367
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1315
Page 1318
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
48. KEUNTUNGAN DARI PENJUALAN EFEK-EFEK DAN 48. GAIN ON SALE OF MARKETABLE SECURITIES AND
OBLIGASI PEMERINTAH - NETO GOVERNMENT BONDS - NET
Berikut adalah keuntungan dari penjualan efek-efek dan Gain on sale of marketable securities and government
obligasi pemerintah yang diukur pada biaya perolehan bonds - net at amortised cost and fair value through other
diamortisasi dan nilai wajar melalui penghasilan comprehensive income is as follows:
komprehensif lain:
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Efek-efek 445.490 42.094 Marketable securities
Obligasi pemerintah 17.656 108.203 Government bonds
Total 463.146 150.297 Total
49. BEBAN GAJI DAN TUNJANGAN 49. SALARIES AND EMPLOYEE BENEFITS EXPENSES
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Gaji, upah, pensiun dan Salaries, wages, pension and
tunjangan pajak 14.556.553 13.622.133 tax allowances
Bonus dan lainnya 3.895.277 2.361.930 Bonuses and others
Tunjangan Hari Raya (THR), Religious holidays allowance,
cuti dan beban terkait lainnya 3.012.814 2.955.473 leave and other related expenses
Kesejahteraan pegawai 2.806.679 2.594.602 Employee benefits in kind
Penyisihan cadangan tantiem 955.842 848.340 Provision for tantiem
Pembentukan penyisihan cadangan Allowance of provision for
uang penghargaan pegawai 929.096 1.006.833 post-employment benefits
Pendidikan dan pelatihan 479.193 601.452 Training and education
Total 26.635.454 23.990.763 Total
50. BEBAN UMUM DAN ADMINISTRASI 50. GENERAL AND ADMINISTRATIVE EXPENSES
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Jasa profesional 4.896.637 5.836.961 Professional fees
Promosi 4.598.568 2.701.820 Promotion
Barang/jasa pihak ketiga Goods/services provided by
lainnya 4.128.880 3.742.691 third parties
Perbaikan dan pemeliharaan 2.527.310 2.664.658 Repairs and maintenance
Penyusutan aset tetap yang dimiliki Depreciation of fixed assets
(Catatan 18a) 2.494.163 1.752.856 (Note 18a)
Penyusutan aset hak guna Depreciation of right of use assets
(Catatan 18a) 2.055.860 1.969.965 (Note 18a)
Komunikasi 1.735.433 1.274.074 Communication
Amortisasi aset takberwujud Amortisation of intangible assets
(Catatan 19) 1.556.721 945.641 (Note 19)
Sewa 1.531.224 1.083.568 Rent
Keperluan kantor 1.242.044 1.276.018 Office supplies
Transportasi 691.823 738.544 Transportations
Listrik, air dan gas 580.601 485.417 Electricity, water and gas
Perjalanan dinas 260.765 264.323 Traveling
Pajak selain pajak penghasilan 318.281 249.635 Tax other than income tax
368
1316 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1319
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
50. BEBAN UMUM DAN ADMINISTRASI (lanjutan) 50. GENERAL AND ADMINISTRATIVE EXPENSES
(continued)
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Tanggung jawab sosial dan Social and environmental
lingkungan 251.124 250.028 responsibility
Zakat 250.293 232.061 Zakat
Premi asuransi 207.799 175.539 Insurance premium
Bunga atas liabilitas sewa Interest on lease liability
(Catatan 18a) 145.638 128.407 (Note 18a)
Keamanan 43.055 38.025 Security
Rekrutmen 12.919 13.742 Recruitment
Program pemerintah 12.691 4.584 Government program
Lain-lain 880.452 691.076 Others
Total 30.422.281 26.519.633 Total
Untuk tahun yang berakhir pada tanggal 31 Desember For the year ended 31 December 2025 and 2024,
2025 dan 2024, beban promosi termasuk beban promotions expenses include the reward/prize expenses
hadiah undian dana pihak ketiga masing-masing of third party funds amounted to Rp35,170 and
sebesar Rp35.170 dan Rp49.918. Rp49,918 respectively.
Tanggung Jawab Sosial dan Lingkungan (TJSL) Corporate Social and Environmental Responsibility
merupakan komitmen berkelanjutan untuk (CSR) is a continuous commitment to contribute to
memberikan kontribusi kepada pengembangan economic development and Bank Mandiri’s concern for
ekonomi dan kepedulian Bank Mandiri kepada society. Based on the Regulation of the Minister of State-
masyarakat. Berdasarkan Peraturan Menteri Badan Owned Enterprises Number PER-1/MBU/03/2023 on
Usaha Milik Negara Nomor PER-1/MBU/03/2023 Special Assignments and the Corporate Social and
tentang Penugasan Khusus dan Program Tanggung Environmental Responsibility Program of State-Owned
Jawab Sosial dan Lingkungan Badan Usaha Milik Enterprises, the CSR Program for SOEs is carried out
Negara bahwa Program TJSL BUMN dilakukan secara systematically and integratively to ensure the
sistematis dan terpadu untuk menjamin pelaksanaan, implementation, achievement of success, and
pencapaian keberhasilan serta pengelolaan dampak management of the impact of the CSR Program for
Program TJSL BUMN sesuai dengan prioritas SOEs in accordance with the priorities and/or
dan/atau pencapaian dari tujuan Program TJSL BUMN achievements of the CSR Program objectives, guided by
yang berpedoman pada rencana kerja perseroan. the company's work plan.
Program TJSL sesuai Peraturan Menteri BUMN diatas The CSR Program, according to the above Ministerial
dilaksanakan dengan mengacu pada 4 pilar utama Regulation, is implemented by referring to four main
yaitu Sosial, Ekonomi, Lingkungan serta Hukum dan pillars: Social, Economic, Environmental, and Legal and
Tata Kelola. Pelaksanaan Program TJSL PT Bank Governance. The implementation of the CSR Program
Mandiri (Persero) Tbk, dalam bentuk bantuan dan/atau by PT Bank Mandiri (Persero) Tbk, includes assistance
kegiatan lainnya dan dilaksanakan dengan and/or other activities, prioritising the focus areas of
mengutamakan fokus Bidang Pendidikan, Lingkungan, Education, Environment, and Micro and Small Business
dan Pengembangan Usaha Mikro dan Usaha Kecil (UMK) Development. The realisation of CSR as of
(UMK). Realisasi TJSL Posisi 31 Desember 2025 31 December 2025, was Rp251,124 and as of
adalah sebesar Rp251.124 dan 31 Desember 2024 31 December 2024, it was Rp250,028.
sebesar Rp250.028.
Lain-lain terutama terdiri dari beban penelitian dan Others is consist of research and development
pengembangan, beban agency, beban keanggotaan expenses, agency expenses, membership fee
depository bank, beban izin perwakilan luar negeri dan depository bank, overseas representative expenses and
beban representasi. representation expenses.
369
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1317
Page 1320
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
51. DANA PENSIUN DAN PESANGON 51. PENSION PLAN AND SEVERANCE PAY
Sesuai dengan kebijakan Bank, selain gaji, pegawai Under the Bank’s policy, other than salaries, employees
juga mendapatkan fasilitas dan tunjangan berupa are entitled to allowances and benefits, such as religious
Tunjangan Hari Raya (THR), fasilitas kesehatan, uang holiday allowance, medical reimbursements,
duka dan santunan duka, tunjangan cuti, fasilitas bereavement money and benefits, leave allowance,
jabatan untuk jabatan tertentu, program pensiun untuk functional allowance for certain levels, pension plan for
pegawai tetap, insentif sesuai dengan kinerja pegawai permanent employees, incentives based on employee’s
dan Bank serta manfaat untuk pegawai yang berhenti and the Bank’s performance and post-employment
bekerja sesuai dengan Undang-undang di Bidang benefits in accordance with prevailing Employment Law
Ketenagakerjaan dan Perjanjian Kerja Bersama Bank and Bank Mandiri Collective Labor Agreement.
Mandiri.
Dana pensiun Pension plan
Bank Mandiri memiliki 5 (lima) Dana Pensiun yang Bank Mandiri has 5 (five) Pension Funds in the form of
berbentuk Dana Pensiun Pemberi Kerja (DPPK) yang Employer Pension Funds (DPPK) consisting of 1 (one)
terdiri dari 1 (satu) Dana Pensiun yang Pension Fund that organizes a Defined Contribution
menyelenggarakan Program Pensiun Iuran Pasti Pension Program (PPIP) and 4 (four) Pension Funds
(PPIP) dan 4 (empat) Dana Pensiun yang that organizes a Defined Benefit Pension Program
menyelenggarakan Program Pensiun Manfaat Pasti (PPMP) as follows:
(PPMP) sebagai berikut:
a. Dana Pensiun Bank Mandiri (Program Pensiun a. Bank Mandiri Pension Fund (Defined Contribution
Iuran Pasti) Pension Program)
Dana Pensiun Bank Mandiri yang Dana Pensiun Pemberi Kerja Program Pensiun
menyelenggarakan Program Pensiun Iuran Pasti Iuran Pasti (DPPK-PPIP) or Bank Mandiri Pension
(DPPK-PPIP) didirikan pada tanggal Fund (Dana Pensiun Bank Mandiri (DPBM)) which
1 Agustus 1999 berdasarkan Keputusan Direksi was established on 1 August 1999 based on Board
Bank Mandiri No. 004/KEP.DIR/1999 tanggal of Directors’s resolution No. 004/KEP.DIR/1999
26 April 1999 tentang Peraturan Dana Pensiun dated 26 April 1999 regarding Pension Plan of Bank
dari Dana Pensiun Bank Mandiri. Peraturan Dana Mandiri’s pension fund. Regulation established by
Pensiun dari Dana Pensiun Bank Mandiri telah Bank Mandiri pension fund were approved by the
mendapat pengesahan dari Menteri Keuangan Minister of Finance of the Republic of Indonesia
Republik Indonesia berdasarkan Surat Keputusan through its Decision Letter
Menteri Keuangan Republik Indonesia No. KEP/300/KM.017/1999 dated 14 July 1999 and
No. KEP/300/KM.017/1999 tanggal 14 Juli 1999 was published in the Additional of the State Gazette
dan diumumkan di dalam Tambahan Lembaran of the Republic of Indonesia No. 62 dated
Berita Negara Republik Indonesia No. 62 tanggal 3 August 1999.
3 Agustus 1999.
Peraturan Dana Pensiun dari Dana Pensiun Bank The regulations for Pension Fund from Bank
Mandiri telah disesuaikan, terakhir berdasarkan Mandiri Pension Fund have been revised, based on
Keputusan Direksi PT Bank Mandiri (Persero) Tbk the latest Decision of the Board of Directors of PT
Nomor: KEP.DPB5/001/2024 tanggal 6 Desember Bank Mandiri (Persero) Tbk
2024. Penyesuaian dilakukan dalam rangka Number: KEP.DPB5/001/2024 dated December 6,
menyesuaikan dengan Undang-Undang Nomor 4 2024. The adjustment was made to align with Law
tahun 2023 tentang Pengembangan dan Number 4 of 2023 concerning the Development and
Penguatan Sektor Keuangan Bab XII Dana Strengthening of the Financial Sector, Chapter XII
Pensiun, Program Jaminan Hari Tua, dan Program on Pension Funds, Old Age Security Programs, and
Pensiun dan Peraturan Otoritas Jasa Keuangan Pension Programs, as well as the Financial
(POJK) Nomor 27 tahun 2023 tanggal Services Authority (OJK) Regulation (POJK)
22 Desember 2023 tentang Penyelengaraan Number 27 of 2023 dated December 22, 2023,
Usaha Dana Pensiun. regarding the Implementation of Pension Fund
Business Operations.
370
1318 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1321
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
51. DANA PENSIUN DAN PESANGON (lanjutan) 51. PENSION PLAN AND SEVERANCE PAY (continued)
Dana pensiun (lanjutan) Pension plan (continued)
Bank Mandiri memiliki 5 (lima) Dana Pensiun yang Bank Mandiri has 5 (five) Pension Funds in the form of
berbentuk Dana Pensiun Pemberi Kerja (DPPK) yang Employer Pension Funds (DPPK) consisting of 1 (one)
terdiri dari 1 (satu) Dana Pensiun yang Pension Fund that organizes a Defined Contribution
menyelenggarakan Program Pensiun Iuran Pasti Pension Program (PPIP) and 4 (four) Pension Funds
(PPIP) dan 4 (empat) Dana Pensiun yang that organizes a Defined Benefit Pension Program
menyelenggarakan Program Pensiun Manfaat Pasti (PPMP) as follows: (continued)
(PPMP) sebagai berikut: (lanjutan)
a. Dana Pensiun Bank Mandiri (Program Pensiun a. Bank Mandiri Pension Fund (Defined Contribution
Iuran Pasti) (lanjutan) Pension Program) (continued)
Perubahan Peraturan Dana Pensiun dari Dana The revised regulations for Pension Fund from
Pensiun Bank Mandiri telah mendapatkan Bank Mandiri Pension Fund have been approved by
pengesahan dari Otoritas Jasa Keuangan the Financial Services Authority (OJK) through the
berdasarkan Keputusan Dewan Komisioner Decision of the Board of Commissioners of the
Otoritas Jasa Keuangan Financial Services Authority
Nomor KEP-722/PD.02/2024 tanggal Number KEP-722/PD.02/2024 dated
24 Desember 2024 dan diumumkan di dalam 24 December 2024 and was announced in
Tambahan Lembaran Berita Negara Republik Supplement to the State Gazette of the Republic of
Indonesia No. 5 tanggal 17 Januari 2025. Indonesia No. 5 dated 17 January 2025.
Iuran pensiun yang dibukukan atas nama masing- The pension contribution is recorded for each
masing Peserta ditanggung bersama oleh members, which jointly borne by the employer and
Pemberi Kerja dan Peserta: the members:
1. Peserta wajib membayar iuran sebesar 5% 1. The member is obliged to contribute 5% (five
(lima persen) dari penghasilan dasar pensiun. percent) of basic pension income.
2. Pemberi Kerja wajib membayar iuran sebesar 2. The employer is obliged to contribute 10% (ten
10% (sepuluh persen) dari penghasilan dasar percent) of basic pension income.
pensiun.
Bank telah membayar iuran pensiun masing- The Bank has paid pension contribution of
masing sebesar Rp640.946 dan Rp590.397 untuk Rp640,946 and Rp590,397 for the year ended
tahun yang berakhir pada tanggal 31 Desember 31 December 2025 and 2024, respectively.
2025 dan 2024.
Dana Pensiun Bank Mandiri menginvestasikan The Bank Mandiri’s pension funds invest their
beberapa sumber keuangannya antara lain pada financial resources including term deposits balance
deposito berjangka dan deposito on call Bank and deposits on call at Bank Mandiri. Balance on
Mandiri. Saldo deposito berjangka dan deposit on deposits balance and deposit on call as of
call tersebut pada tanggal 31 Desember 2025 dan 31 December 2025 and 2024 amounted to
2024 masing-masing sebesar Rp747.600 dan Rp747,600 and Rp9,950, respectively. The interest
Rp9.950. Tingkat suku bunga atas deposito rate of the deposits are the same with interest rate
tersebut adalah sama dengan suku bunga atas for third party time deposits.
deposito berjangka pihak ketiga.
371
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1319
Page 1322
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
51. DANA PENSIUN DAN PESANGON (lanjutan) 51. PENSION PLAN AND SEVERANCE PAY (continued)
Dana pensiun (lanjutan) Pension plan (continued)
b. Dana Pensiun Bank Mandiri (Program Pensiun b. Bank Mandiri Pension Fund (Defined Benefit
Manfaat Pasti) Pension Program)
Bank Mandiri memiliki 4 (empat) Dana Pensiun Four employer’s pension funds provide defined
yang menyelenggarakan Program Pensiun benefits program (DPPK-PPMP), which from the
Manfaat Pasti (DPPK-PPMP) sebagai berikut: merger of 4 (four) legacy banks, namely:
1. Dana Pensiun Bank Mandiri Satu (Bank Bumi 1. Dana Pensiun Bank Mandiri Satu (Bank Bumi
Daya), Daya),
2. Dana Pensiun Bank Mandiri Dua (Bank 2. Dana Pensiun Bank Mandiri Dua (Bank
Dagang Negara), Dagang Negara),
3. Dana Pensiun Bank Mandiri Tiga (Bank Exim) 3. Dana Pensiun Bank Mandiri Tiga (Bank Exim)
dan and
4. Dana Pensiun Bank Mandiri Empat (Bank 4. Dana Pensiun Bank Mandiri Empat (Bank
Pembangunan Indonesia). Pembangunan Indonesia),
Peserta program pensiun manfaat pasti adalah The members of the pension funds are employees
mereka yang berasal dari legacy bank dengan from Legacy Bank with working period of three
masa kerja tiga tahun atau lebih pada saat years or more at the merger date which were active
penggabungan yang terdiri dari pegawai aktif employees, ex employees (resigned but did not
bank, bekas karyawan (karyawan yang berhenti transfer their right to other pension fund) and retired
bekerja dan tidak mengalihkan haknya ke dana employees.
pensiun lain) dan pensiunan.
Peraturan Dana Pensiun dari Dana Pensiun Bank The regulations for Pension Funds from Dana
Mandiri telah mengalami beberapa kali Pensiun Bank Mandiri have been changed several
perubahan, hal tersebut dilakukan dalam rangka times, in order to comply with the applicable laws
menyesuaikan dengan peraturan perundang- and regulations, as follows:
undangan yang berlaku yaitu:
1. Dana Pensiun Bank Mandiri Satu 1. Dana Pensiun Bank Mandiri Satu
(“DPBMS”) (“DPBMS”)
Dalam rangka penggabungan For the purpose of the merger of
PT Bank Bumi Daya (Persero) ke dalam PT Bank Bumi Daya (Persero) into
PT Bank Mandiri (Persero), telah ditetapkan PT Bank Mandiri (Persero), a Decree of the
Keputusan Direksi PT Bank Mandiri (Persero) Board of Directors of PT Bank Mandiri
Nomor 021A/KEP.DIR/1999 tanggal 31 Juli (Persero) Number 021A/KEP.DIR/1999
1999 yang telah mendapat pengesahan dated 31 July 1999 was stipulated, which was
Menteri berdasarkan Keputusan Nomor KEP- approved by the Minister based on Decree
394/KM.17/1999 tanggal 15 November 1999, Number KEP-394/KM.17/1999 dated
dengan nama Dana Pensiun Bank Mandiri 15 November 1999, under the name Dana
Satu. Pensiun Bank Mandiri Satu.
Peraturan Dana Pensiun dari Dana Pensiun The Pension Fund Regulations of the Dana
Bank Mandiri Satu telah disesuaikan terakhir Pensiun Bank Mandiri Satu have been
berdasarkan Keputusan Direksi adjusted recently by Decree of the Board of
PT Bank Mandiri (Persero) Tbk Nomor Directors of PT Bank Mandiri (Persero) Tbk
KEP.DPB1/001/2025 tanggal 21 Maret 2025. Number KEP.DPB1/001/2025 dated 21 March
2025.
372
1320 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1323
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
51. DANA PENSIUN DAN PESANGON (lanjutan) 51. PENSION PLAN AND SEVERANCE PAY (continued)
Dana pensiun (lanjutan) Pension plan (continued)
b. Dana Pensiun Bank Mandiri (Program Pensiun c. Bank Mandiri Pension Fund (Defined Benefit
Manfaat Pasti) (lanjutan) Pension Program) (continued)
Peraturan Dana Pensiun dari Dana Pensiun Bank The regulations for Pension Funds from Dana
Mandiri telah mengalami beberapa kali Pensiun Bank Mandiri have been changed several
perubahan, hal tersebut dilakukan dalam rangka times, in order to comply with the applicable laws
menyesuaikan dengan peraturan perundang- and regulations, as follows: (continued)
undangan yang berlaku yaitu: (lanjutan)
1. Dana Pensiun Bank Mandiri Satu 1. Dana Pensiun Bank Mandiri Satu
(“DPBMS”) (lanjutan) (“DPBMS”) (continued)
Penyesuaian dilakukan dalam rangka The amendment was made in order to align
menyesuaikan dengan ketentuan Undang- with the provisions of Law Number 4 of 2023
Undang Nomor 4 Tahun 2023 tanggal dated 12 January 2023, concerning the
12 Januari 2023 tentang Pengembangan dan Development and Strengthening of the
Penguatan Sektor Keuangan dan peraturan Financial Sector and its implementing
pelaksanaannya yang berlaku serta untuk regulations, as well as to further enhance the
lebih meningkatkan kesejahteraan Peserta welfare of Participants,including the provision
termasuk pemberian Manfaat Pensiun of Additional Pension Benefits in the form of a
Lainnya berupa Dana Manfaat Tambahan, Supplemental Benefit Fund. Accordingly, it is
maka perlu dilakukan pengaturan pemberian necessary to regulate the provision of such
Manfaat Pensiun Lainnya berupa Dana Additional Pension Benefits in the form of a
Manfaat Tambahan di tahun 2025 sesuai Supplemental Benefit Fund in 2025, in
dengan kemampuan pendanaan Dana accordance with the funding capacity of Dana
Pensiun Bank Mandiri Satu dan dengan Pensiun Bank Mandiri Satu and with due
memperhatikan Pedoman Standar Akuntansi regard to the applicable Accounting Standards
yang berlaku bagi Pendiri. Guidelines for the Founder.
Dalam rangka penggabungan For the purpose of the merger of
PT Bank Bumi Daya (Persero) ke dalam PT Bank Bumi Daya (Persero) into
PT Bank Mandiri (Persero), telah ditetapkan PT Bank Mandiri (Persero), a Decree of the
Keputusan Direksi PT Bank Mandiri (Persero) Board of Directors of PT Bank Mandiri
Nomor 021A/KEP.DIR/1999 tanggal 31 Juli (Persero) Number 021A/KEP.DIR/1999
1999 yang telah mendapat pengesahan dated 31 July 1999 was stipulated, which was
Menteri berdasarkan Keputusan Nomor KEP- approved by the Minister based on Decree
394/KM.17/1999 tanggal 15 November 1999, Number KEP-394/KM.17/1999 dated
dengan nama Dana Pensiun Bank Mandiri 15 November 1999, under the name Dana
Satu. Pensiun Bank Mandiri Satu.
Peraturan Dana Pensiun dari Dana Pensiun The Pension Fund Regulations of the Dana
Bank Mandiri Satu telah disesuaikan terakhir Pensiun Bank Mandiri Satu have been
berdasarkan Keputusan Direksi adjusted recently by Decree of the Board of
PT Bank Mandiri (Persero) Tbk Nomor Directors of PT Bank Mandiri (Persero) Tbk
KEP.DPB1/001/2025 tanggal 21 Maret 2025. Number KEP.DPB1/001/2025 dated 21 March
2025.
373
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1321
Page 1324
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
51. DANA PENSIUN DAN PESANGON (lanjutan) 51. PENSION PLAN AND SEVERANCE PAY (continued)
b. Dana Pensiun Bank Mandiri (Program Pensiun b. Bank Mandiri Pension Fund (Defined Benefit
Manfaat Pasti) (lanjutan) Pension Program) (continued)
Peraturan Dana Pensiun dari Dana Pensiun Bank The regulations for Pension Funds from Dana
Mandiri telah mengalami beberapa kali Pensiun Bank Mandiri have been changed several
perubahan, hal tersebut dilakukan dalam rangka times, in order to comply with the applicable laws
menyesuaikan dengan peraturan perundang- and regulations, as follows: (continued)
undangan yang berlaku yaitu: (lanjutan)
1. Dana Pensiun Bank Mandiri Satu 1. Dana Pensiun Bank Mandiri Satu
(“DPBMS”) (lanjutan) (“DPBMS”) (continued)
Penyesuaian dilakukan dalam rangka The amendment was made in order to align
menyesuaikan dengan ketentuan Undang- with the provisions of Law Number 4 of 2023
Undang Nomor 4 Tahun 2023 tanggal dated 12 January 2023, concerning the
12 Januari 2023 tentang Pengembangan dan Development and Strengthening of the
Penguatan Sektor Keuangan dan peraturan Financial Sector and its implementing
pelaksanaannya yang berlaku serta untuk regulations, as well as to further enhance the
lebih meningkatkan kesejahteraan Peserta welfare of Participants,including the provision
termasuk pemberian Manfaat Pensiun of Additional Pension Benefits in the form of a
Lainnya berupa Dana Manfaat Tambahan, Supplemental Benefit Fund. Accordingly, it is
maka perlu dilakukan pengaturan pemberian necessary to regulate the provision of such
Manfaat Pensiun Lainnya berupa Dana Additional Pension Benefits in the form of a
Manfaat Tambahan di tahun 2025 sesuai Supplemental Benefit Fund in 2025, in
dengan kemampuan pendanaan Dana accordance with the funding capacity of Dana
Pensiun Bank Mandiri Satu dan dengan Pensiun Bank Mandiri Satu and with due
memperhatikan Pedoman Standar Akuntansi regard to the applicable Accounting Standards
yang berlaku bagi Pendiri. Guidelines for the Founder.
Perubahan Peraturan Dana Pensiun dari The amendment to the Pension Fund
Dana Pensiun Bank Mandiri Satu ini, telah Regulation from Dana Pensiun Bank Mandiri
mendapat pengesahan dari Otoritas Jasa Satu has been approved by the Financial
Keuangan berdasarkan Keputusan Dewan Services Authority based on the Decree of the
Komisioner Otoritas Jasa Keuangan Nomor Board of Commissioners of the Financial
KEP-254/PD.02/2025 tanggal 28 April 2025 Services Authority Number KEP-
Tentang Pengesahan Atas Peraturan Dana 254/PD.02/2025 dated 28 April 2025,
Pensiun dari Dana Pensiun Bank Mandiri Dua regarding the Approval of the Pension Fund
dan diumumkan di dalam Tambahan Regulation from Dana Pensiun Bank Mandiri
Lembaran Berita Negara Republik Indonesia Dua, and was announced in the Supplement to
No. 37 tanggal 9 Mei 2025. the State Gazette of the Republic of Indonesia
No. 37 dated 9 May 2025.
2. Dana Pensiun Bank Mandiri Dua 2. Dana Pensiun Bank Mandiri Dua (“DPBMD”)
(“DPBMD”)
Dalam rangka penggabungan PT Bank For the purpose of the merger of PT Bank
Dagang Negara (Persero) ke dalam PT Bank Dagang Negara (Persero) into PT Bank
Mandiri (Persero), telah ditetapkan Mandiri (Persero), a Decree of the Board of
Keputusan Direksi PT Bank Mandiri (Persero) Directors of PT Bank Mandiri (Persero)
Nomor 021B/KEP.DIR/1999 tanggal 31 Juli Number 021B/KEP.DIR/1999 dated 31 July
1999, yang telah mendapat pengesahan 1999 was stipulated, which was approved by
Menteri berdasarkan Keputusan Nomor KEP- the Minister based on Decree
395/KM.17/1999 tanggal 15 November 1999, No. KEP-395/KM.17/1999 dated 15 November
dengan nama Dana Pensiun Bank Mandiri 1999, under the name Dana Pensiun Bank
Dua. Mandiri Dua.
374
1322 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1325
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
51. DANA PENSIUN DAN PESANGON (lanjutan) 51. PENSION PLAN AND SEVERANCE PAY (continued)
Dana pensiun (lanjutan) Pension plan (continued)
b. Dana Pensiun Bank Mandiri (Program Pensiun b. Bank Mandiri Pension Fund (Defined Benefit
Manfaat Pasti) (lanjutan) Pension Program) (continued)
Peraturan Dana Pensiun dari Dana Pensiun Bank The regulations for Pension Funds from Dana
Mandiri telah mengalami beberapa kali Pensiun Bank Mandiri have been changed several
perubahan, hal tersebut dilakukan dalam rangka times, in order to comply with the applicable laws
menyesuaikan dengan peraturan perundang- and regulations, as follows: (continued)
undangan yang berlaku yaitu: (lanjutan)
2. Dana Pensiun Bank Mandiri Dua 2. Dana Pensiun Bank Mandiri Dua (“DPBMD”)
(“DPBMD”) (lanjutan) (continued)
Peraturan Dana Pensiun dari Dana Pensiun The Pension Fund Regulations of Dana
Bank Mandiri Dua telah disesuaikan terakhir Pensiun Bank Mandiri Dua have been adjusted
berdasarkan Keputusan Direksi recently by Decree of the Board of Directors of
PT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) Tbk
No. KEP.DPB2/001/2025 tanggal No. KEP.DPB2/001/2025 dated 21 March
21 Maret 2025. Penyesuaian dilakukan dalam 2025. The amendment was made in order to
rangka pemberian Manfaat Pensiun Lainnya align with the provisions of Law Number 4 of
menyesuaikan dengan ketentuan Undang- 2023 dated 12 January 2023, concerning the
Undang Nomor 4 Tahun 2023 tanggal Development and Strengthening of the
12 Januari 2023 tentang Pengembangan dan Financial Sector and its implementing
Penguatan Sektor Keuangan dan peraturan regulations, as well as to further enhance the
pelaksanaannya yang berlaku serta untuk welfare of Participants, including the provision
lebih meningkatkan kesejahteraan Peserta of Additional Pension Benefits in the form of a
termasuk pemberian Manfaat Pensiun Supplemental Benefit Fund. Accordingly, it is
Lainnya berupa Dana Manfaat Tambahan, necessary to regulate the provision of such
maka perlu dilakukan pengaturan pemberian Additional Pension Benefits in the form of a
Manfaat Pensiun Lainnya berupa Dana Supplemental Benefit Fund in 2025, in
Manfaat Tambahan di tahun 2025, sesuai accordance with the funding capacity of Dana
dengan kemampuan pendanaan Dana Pensiun Bank Mandiri Dua and with due regard
Pensiun Bank Mandiri Dua dan dengan to the applicable Accounting Standards
memperhatikan Pedoman Standar Akuntansi Guidelines for the Founder.
yang berlaku bagi Pendiri.
Perubahan Peraturan Dana Pensiun dari The amendment to the Pension Fund
Dana Pensiun Bank Mandiri Dua ini, telah Regulation from Dana Pensiun Bank Mandiri
mendapat pengesahan dari Otoritas Jasa Dua has been approved by the Financial
Keuangan berdasarkan Keputusan Dewan Services Authority based on the Decree of the
Komisioner Otoritas Jasa Keuangan Nomor Board of Commissioners of the Financial
KEP-253/PD.02/2025 tanggal 28 April 2025 Services Authority Number KEP-
Tentang Pengesahan Atas Peraturan Dana 253/PD.02/2025 dated 28 April 2025,
Pensiun dari Dana Pensiun Bank Mandiri Dua regarding the Approval of the Pension Fund
dan diumumkan di dalam Tambahan Regulation from Dana Pensiun Bank Mandiri
Lembaran Berita Negara Republik Indonesia Dua, and was announced in the Supplement to
No. 37 tanggal 9 Mei 2025. the State Gazette of the Republic of Indonesia
No. 37 dated 9 May 2025.
375
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1323
Page 1326
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
51. DANA PENSIUN DAN PESANGON (lanjutan) 51. PENSION PLAN AND SEVERANCE PAY (continued)
Dana pensiun (lanjutan) Pension plan (continued)
b. Dana Pensiun Bank Mandiri (Program Pensiun b. Bank Mandiri Pension Fund (Defined Benefit
Manfaat Pasti) (lanjutan) Pension Program) (continued)
Peraturan Dana Pensiun dari Dana Pensiun Bank The regulations for Pension Funds from Dana
Mandiri telah mengalami beberapa kali Pensiun Bank Mandiri have been changed several
perubahan, hal tersebut dilakukan dalam rangka times, in order to comply with the applicable laws
menyesuaikan dengan peraturan perundang- and regulations, as follows: (continued)
undangan yang berlaku yaitu: (lanjutan)
3. Dana Pensiun Bank Mandiri Tiga 3. Dana Pensiun Bank Mandiri Tiga
(“DPBMT”) (“DPBMT”)
Dalam rangka penggabungan PT Bank For the purpose of the merger of PT Bank
Ekspor Impor Indonesia (Persero) ke dalam Ekspor Impor Indonesia (Persero) into
PT Bank Mandiri (Persero), telah ditetapkan PT Bank Mandiri (Persero), a Decree of the
Keputusan Direksi PT Bank Mandiri (Persero) Board of Directors of PT Bank Mandiri
No. 021C/KEP.DIR/1999 tanggal 31 Juli (Persero) No. 021C/KEP.DIR/1999 dated
1999, yang telah mendapat pengesahan 31 July 1999 was stipulated, which was
Menteri berdasarkan Keputusan No. KEP- approved by the Minister based on the Decree
396/KM.17/1999 tanggal 15 November 1999, No. KEP-396/KM.17/1999 dated
dengan nama Dana Pensiun Bank Mandiri 15 November 1999, under the name Dana
Tiga. Pensiun Bank Mandiri Tiga.
Peraturan Dana Pensiun dari Dana Pensiun The Pension Fund Regulations of Dana
Bank Mandiri Tiga telah disesuaikan terakhir Pensiun Bank Mandiri Tiga have been adjusted
berdasarkan Keputusan Direksi recently by Decree of the Board of Directors of
PT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) Tbk
No. KEP.DPB3/001/2025 tanggal 21 Maret No. KEP.DPB3/001/2025 dated 21 March
2025. Penyesuaian dilakukan dalam rangka 2025. The amendment was made in order to
menyesuaikan dengan ketentuan Undang- align with the provisions of Law Number 4 of
Undang Nomor 4 Tahun 2023 tanggal 2023 dated 12 January 2023, concerning the
12 Januari 2023 tentang Pengembangan dan Development and Strengthening of the
Penguatan Sektor Keuangan dan peraturan Financial Sector and its implementing
pelaksanaannya yang berlaku serta untuk regulations, as well as to further enhance the
lebih meningkatkan kesejahteraan Peserta welfare of Participants, including the provision
termasuk pemberian Manfaat Pensiun of Additional Pension Benefits in the form of a
Lainnya berupa Dana Manfaat Tambahan, Supplemental Benefit Fund. Accordingly, it is
maka perlu dilakukan pengaturan pemberian necessary to regulate the provision of such
Manfaat Pensiun Lainnya berupa Dana Additional Pension Benefits in the form of a
Manfaat Tambahan di tahun 2025, sesuai Supplemental Benefit Fund in 2025, in
dengan kemampuan pendanaan Dana accordance with the funding capacity of Dana
Pensiun Bank Mandiri Tiga dan dengan Pensiun Bank Mandiri Tiga and with due regard
memperhatikan Pedoman Standar Akuntansi to the applicable Accounting Standards
yang berlaku bagi Pendiri. Guidelines for the Founder.
376
1324 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1327
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
51. DANA PENSIUN DAN PESANGON (lanjutan) 51. PENSION PLAN AND SEVERANCE PAY (continued)
Dana pensiun (lanjutan) Pension plan (continued)
b. Dana Pensiun Bank Mandiri (Program Pensiun b. Bank Mandiri Pension Fund (Defined Benefit
Manfaat Pasti) (lanjutan) Pension Program) (continued)
Peraturan Dana Pensiun dari Dana Pensiun Bank The regulations for Pension Funds from Dana
Mandiri telah mengalami beberapa kali Pensiun Bank Mandiri have been changed several
perubahan, hal tersebut dilakukan dalam rangka times, in order to comply with the applicable laws
menyesuaikan dengan peraturan perundang- and regulations, as follows: (continued)
undangan yang berlaku yaitu: (lanjutan)
3. Dana Pensiun Bank Mandiri Tiga 3. Dana Pensiun Bank Mandiri Tiga
(“DPBMT”) (lanjutan) (“DPBMT”) (continued)
Perubahan Peraturan Dana Pensiun dari The amendment to the Pension
Dana Pensiun Bank Mandiri Tiga ini, telah Fund Regulation of Dana Pensiun Bank
mendapat pengesahan dari Otoritas Jasa Mandiri Tiga has been authorised by the
Keuangan berdasarkan Keputusan Dewan Financial Services Authority based on the
Komisioner Otoritas Jasa Keuangan Decision of the Board of Commissioners of the
Nomor: KEP-252/PD.02/2025 tanggal Financial Services Authority Number
28 April 2025 Tentang Pengesahan Atas KEP-252/PD.02/2025 dated 28 April 2025
Peraturan Dana Pensiun dari Dana Pensiun regarding the Ratification of the Pension Fund
Bank Mandiri Tiga dan diumumkan di dalam Regulation of Dana Pensiun Bank Mandiri Tiga
Tambahan Lembaran Berita Negara Republik and has been announced in the Additional to
Indonesia No. 37 tanggal 9 Mei 2025. the State Gazette of the Republic of Indonesia
No. 37 dated 9 May 2025.
4. Dana Pensiun Bank Mandiri Empat 4. Dana Pensiun Bank Mandiri Empat
(“DPBME") (“DPBME")
Dalam rangka penggabungan PT Bank For the purpose of the merger of PT Bank
Pembangunan Indonesia (Persero) ke dalam Pembangunan Indonesia (Persero) into
PT Bank Mandiri (Persero), telah ditetapkan PT Bank Mandiri (Persero), a Decree of the
Keputusan Direksi PT Bank Mandiri (Persero) Board of Directors of PT Bank Mandiri
No. 021D/KEP.DIR/1999 tanggal (Persero) No. 021D/KEP.DIR/1999 dated
31 Juli 1999, yang telah mendapat 31 July 1999 was stipulated, which was
pengesahan Menteri berdasarkan Keputusan approved by the Minister based on Decree No.
Nomor KEP-397/KM.17/1999 tanggal KEP-397/KM.17/1999 dated 15 November
15 November 1999, dengan nama Dana 1999, under the name Dana Pensiun Bank
Pensiun Bank Mandiri Empat. Mandiri Empat.
Peraturan Dana Pensiun dari Dana Pensiun The Pension Fund Regulations of Dana
Bank Mandiri Empat telah disesuaikan Pensiun Bank Mandiri Empat have
terakhir berdasarkan Keputusan Direksi been adjusted recently by Decree of the
PT Bank Mandiri (Persero) Tbk Board of Directors of PT Bank Mandiri
Nomor: KEP.DPB4/001/2025 tanggal (Persero) Tbk Number KEP.DPB4/001/2025
21 Maret 2025. Penyesuaian dilakukan dalam dated 21 March 2025.. The amendment was
rangka menyesuaikan dengan ketentuan made in order to align with the provisions of
Undang-Undang Nomor 4 Tahun 2023 Law Number 4 of 2023 dated 12 January 2023,
tanggal 12 Januari 2023 tentang concerning the Development and
Pengembangan dan Penguatan Sektor Strengthening of the Financial Sector and its
Keuangan dan peraturan pelaksanaannya implementing regulations, as well as to further
yang berlaku serta untuk lebih meningkatkan enhance the welfare of Participants, including
kesejahteraan Peserta termasuk pemberian the provision of Additional Pension Benefits in
Manfaat Pensiun Lainnya berupa Dana the form of a Supplemental Benefit Fund.
Manfaat Tambahan, maka perlu dilakukan Accordingly, it is necessary to regulate the
pengaturan pemberian Manfaat Pensiun provision of such Additional Pension Benefits in
Lainnya berupa Dana Manfaat Tambahan di the form of a Supplemental Benefit Fund in
tahun 2025, sesuai dengan kemampuan 2025, in accordance with the funding capacity
pendanaan Dana Pensiun Bank Mandiri of Dana Pensiun Bank Mandiri Empat and with
Empat dan dengan memperhatikan Pedoman due regard to the applicable Accounting
Standar Akuntansi yang berlaku bagi Pendiri. Standards Guidelines for the Founder.
377
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1325
Page 1328
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
51. DANA PENSIUN DAN PESANGON (lanjutan) 51. PENSION PLAN AND SEVERANCE PAY (continued)
Dana pensiun (lanjutan) Pension plan (continued)
b. Dana Pensiun Bank Mandiri (Program Pensiun b. Bank Mandiri Pension Fund (Defined Benefit
Manfaat Pasti) (lanjutan) Pension Program) (continued)
Peraturan Dana Pensiun dari Dana Pensiun Bank The regulations for Pension Funds from Dana
Mandiri telah mengalami beberapa kali Pensiun Bank Mandiri have been changed several
perubahan, hal tersebut dilakukan dalam rangka times, in order to comply with the applicable laws
menyesuaikan dengan peraturan perundang- and regulations, as follows: (continued)
undangan yang berlaku yaitu: (lanjutan)
4. Dana Pensiun Bank Mandiri Empat 4. Dana Pensiun Bank Mandiri Empat
(“DPBME") (lanjutan) (“DPBME") (continued)
Perubahan Peraturan Dana Pensiun dari The amendment to the Pension Fund
Dana Pensiun Bank Mandiri Empat ini, telah Regulations of Dana Pensiun Bank
mendapat pengesahan dari Otoritas Jasa Mandiri Empat has been authorised by the
Keuangan berdasarkan Keputusan Dewan Financial Services Authority based on the
Komisioner Otoritas Jasa Keuangan Decision of the Board of Commissioners of the
Nomor KEP-251/PD.02/2025 tanggal 28 April Financial Services Authority Number
2025 Tentang Pengesahan Atas Peraturan KEP-251/PD.02/2025 dated 28 April 2025
Dana Pensiun dari Dana Pensiun Bank regarding the Ratification of the Pension Fund
Mandiri Empat dan diumumkan di dalam Regulations of Dana Pensiun Bank Mandiri
Tambahan Lembaran Berita Negara Republik Empat and has been announced in the
Indonesia No. 37 tanggal 9 Mei 2025. Additional to the State Gazette of the Republic
of Indonesia No. 37 dated 9 May 2025.
Perhitungan aktuaria atas liabilitas manfaat pensiun The actuarial calculation on pension benefits liability for
untuk Bank saja pada tanggal 31 Desember 2025 dan Bank only as of 31 December 2025 and 2024 were
2024 didasarkan atas perhitungan aktuaria untuk based on actuarial calculation for the year ended
tahun yang berakhir pada tanggal 31 Desember 2025 31 December 2025 and 31 December 2024 as stated in
dan 31 Desember 2024 yang tercantum pada laporan the reports from the Actuarial Consulting Office Halim &
dari Aktuaria Halim & Rekan dan Aktuaria Enny Diah Rekan and Enny Diah Awal dated 2 January 2026 and
Awal pada tanggal 2 Januari 2026 dan 27 Desember 27 December 2024 using the Projected Unit Credit
2024 dengan metode Projected Unit Credit. method.
Asumsi-asumsi yang digunakan adalah sebagai The assumptions used are as follows:
berikut:
DPBMS DPBMD DPBMT DPBME
6,25% 6,30% 6,25% 6,40%
Tingkat diskonto (2024: 6,90%; 2023: 6,70%) (2024: 6,90%; 2023: 6,70%) (2024: 6,90%; 2023: 6,70%) (2024: 6,90%; 2023: 6,70%) Discount rate
Tingkat
pengembalian Expected rate of
aset dana pensiun return on pension
yang diharapkan 8% 8% 8% 8% plan assets
Masa kerja yang Per 31 Juli 1999/ Per 31 Juli 1999/ Per 31 Juli 1999/ Per 31 Juli 1999/ Working period
digunakan As of 31 July 1999 As of 31 July 1999 As of 31 July 1999 As of 31 July 1999 used
(Gaji Pokok + Tunjangan
Keluarga) x Tunjangan
kemahalan cabang yang
terdaftar pada tanggal
Gaji Pokok + Tunjangan 31 Juli 1999 yang telah
Gaji Pokok x Indeks yang lainnya yang terdaftar pada disesuaikan
terdaftar pada tanggal tanggal 31 Juli 1999 yang pada tanggal Gaji Dasar yang terdaftar
31 Juli 1999 yang telah telah disesuaikan 31 Desember 2002/ pada tanggal 31 Juli 1999
disesuaikan pada tanggal pada tanggal (Basic Salary + Family yang telah disesuaikan
31 Desember 2002/ 31 Desember 2002/ Allowance) x Expensive pada tanggal
Basic Salary x Index Basic Salary + Other allowance for branches 31 Desember 2002/
Penghasilan Dasar registered on 31 July 1999, Benefits registered on 31 registered on 31 July 1999, Basic Salary registered on Pensionable
Pensiun (PhDP) which adjusted on 31 July 1999, which adjusted on which adjusted on 31 31 July 1999, which adjusted salary
yang digunakan December 2002 31 December 2002 December 2002 on 31 December 2002 (PhDP) used
378
1326 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1329
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
51. DANA PENSIUN DAN PESANGON (lanjutan) 51. PENSION PLAN AND SEVERANCE PAY (continued)
Dana pensiun (lanjutan) Pension plan (continued)
Asumsi-asumsi yang digunakan adalah sebagai The assumptions used are as follows: (continued)
berikut: (lanjutan)
DPBMS DPBMD DPBMT DPBME
Tingkat kenaikan Expected rates of
PhDP Nihil/Nil Nihil/Nil Nihil/Nil Nihil/Nil PhDP increase
Tabel tingkat
kematian 80% UN 2010 Male 80% UN 2010 Male 80% UN 2010 Male 80% UN 2010 Male Mortality rate table
Usia 42 - UPN = 9,00% Usia 42 - UPN = 9,00% turun Usia 42 - UPN = 9,00% Usia 42 - UPN = 9,00% turun
turun linear s.d. 0,00%/ linear s.d. 0,00%/ turun linear s.d. 0,00%/ linear s.d. 0,00%/
Age 42 - Normal Retirement Age 42 - Normal Retirement Age 42 - Normal Retirement Age 42 - Normal Retirement
Tingkat Age = 9.00% decreasing Age = 9.00% decreasing Age = 9.00% decreasing Age = 9.00% decreasing
pengunduran diri linearly up to 0.00% linearly up to 0.00% linearly up to 0.00% linearly up to 0.00% Turnover rate
10,00% dari tingkat mortalita/ 10,00% dari tingkat mortalita/ 10,00% dari tingkat mortalita/ 10,00% dari tingkat mortalita/
Tingkat kecacatan 10.00% of mortality rate 10.00% of mortality rate 10.00% of mortality rate 10.00% of mortality rate Disability rate
Metode aktuaria Projected Unit Credit Projected Unit Credit Projected Unit Credit Projected Unit Credit Actuarial method
48 tahun sampai dengan 56
tahun disesuaikan
berdasarkan strata/ 56 tahun untuk 56 tahun untuk 56 tahun untuk
Usia pensiun 48 years old to 56 years semua strata/ semua strata/ semua strata/ Normal retirement age
normal (“UPN”) depending on the Grades 56 years old for all Grades 56 years old for all Grades 56 years old for all Grades (“UPN”)
Tingkat Expected rate of
kenaikan manfaat 4,00% per dua tahun/ pension benefit
pensiun Nihil/Nil Nihil/Nil Nihil/Nil 4.00% per two years increase
Tarif pajak progresif Tarif pajak progresif Tarif pajak progresif Tarif pajak progresif
berdasarkan UU RI No.7 berdasarkan UU RI No.7 berdasarkan UU RI No.7 berdasarkan UU RI No.7
Tarif pajak rata-rata tahun 2021/ Progressive tax tahun 2021/ Progressive tax tahun 2021/ Progressive tax tahun 2021/ Progressive tax Average tax rates
rate based on UU RI No.7 rate based on UU RI No.7 rate based on UU RI No.7 rate based on UU RI No.7
Estimasi nilai kini liabilitas manfaat pensiun dan nilai Estimated present value of the pension benefit obligations
wajar aset bersih sebagai berikut: and net fair value of plan assets are as follows:
31 Desember 2025/31 December 2025
DPBMS DPBMD DPBMT DPBME
Nilai kini liabilitas Present value of the pension
manfaat pensiun (1.068.137) (1.174.117) (485.739) (389.905) benefit obligation
Nilai wajar aset program 1.147.223 1.230.290 528.391 550.610 Fair value of plan assets
Funded status 79.086 56.173 42.652 160.705 Funded status
Batas aset (asset ceiling)*) (79.086) (56.173) (42.652) (160.705) Asset ceiling*)
Aset program manfaat Pension plan program
pensiun yang diakui assets recognised in
di laporan posisi consolidated statement
keuangan konsolidasian**) - - - - of financial position **)
31 Desember 2024/31 December 2024
DPBMS DPBMD DPBMT DPBME
Nilai kini liabilitas Present value of the pension
manfaat pensiun (1.100.298) (1.222.283) (499.913) (396.228) benefit obligation
Nilai wajar aset program 1.241.448 1.314.881 535.363 561.143 Fair value of plan assets
Funded status 141.150 92.598 35.450 164.915 Funded status
Batas aset (asset ceiling)*) (141.150) (92.598 (35.450) (164.915) Asset ceiling*)
Aset program manfaat Pension plan program
pensiun yang diakui assets recognised in
di laporan posisi consolidated statement
keuangan konsolidasian**) - - - - of financial position **)
*) *)
Tidak terdapat akumulasi kerugian aktuarial bersih dan biaya jasa lalu yang There are no unrealised accumulated actuarial loss-net nor unrealised past
belum diakui serta tidak terdapat nilai kini dari manfaat ekonomis yang tersedia service cost and there are no present value of available future refunds or
dalam bentuk pengembalian dana dari program atau pengurangan iuran masa reductions of future contributions.
depan.
**) **)
Tidak ada aset yang diakui di laporan posisi keuangan konsolidasian karena There are no plan assets recognised in the consolidated statement of financial
ketentuan yang disyaratkan dalam PSAK 219 “Imbalan Kerja” tidak terpenuhi. position because the requirements under SFAS 219 “Employee Benefits” are not
fulfilled.
379
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1327
Page 1330
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
51. DANA PENSIUN DAN PESANGON (lanjutan) 51. PENSION PLAN AND SEVERANCE PAY (continued)
Dana pensiun (lanjutan) Pension plan (continued)
Komposisi aset program dari masing-masing dana The composition of plan assets from Pension Fund:
pensiun:
31 Desember 2025/31 December 2025
DPBMS DPBMD DPBMT DPBME
Deposito 2% 10% 0% 16% Time deposit
Obligasi 22% 36% 3% 10% Bonds
Penempatan langsung 10% 18% 37% 4% Direct placement
Tanah dan bangunan 37% 3% 30% 0% Land and building
Saham 2% 1% 0% 0% Shares
Surat Berharga Negara 27% 31% 30% 65% Treasury bills
Lain-lain 0% 1% 0% 5% Others
Total 100% 100% 100% 100% Total
31 Desember 2024/31 December 2024
DPBMS DPBMD DPBMT DPBME
Deposito 3% 8% 0% 20% Time deposit
Obligasi 28% 35% 9% 13% Bonds
Penempatan langsung 9% 17% 39% 5% Direct placement
Tanah dan bangunan 34% 5% 32% 0% Land and building
Saham 2% 1% 0% 0% Shares
Surat Berharga Negara 24% 30% 20% 62% Treasury bills
Lain-lain 0% 4% 0% 0% Others
Total 100% 100% 100% 100% Total
Undang-undang di Bidang Ketenagakerjaan dan Labor Law and Bank Mandiri Collective Labor
Perjanjian Kerja Bersama Bank Mandiri Agreement
Bank Mandiri telah menerapkan kebijakan akuntansi Bank Mandiri has implemented an accounting policy for
imbalan kerja PSAK 219 dengan mengakui cadangan employment benefits SFAS 219 to recognise provision
atas tunjangan masa kerja pegawai (employee service for employee service entitlements. Bank Mandiri
entitlements). Bank Mandiri mengakui cadangan atas recognizes provisions for employee long service benefits
tunjangan masa kerja pegawai berdasarkan Undang- based on the Employment Law and and Bank Mandiri
undang di Bidang Ketenagakerjaan dan Perjanjian Collective Labor Agreements for the period and year
Kerja Bersama Bank Mandiri untuk tahun yang ended 31 December 2025 and 2024 amounted to
berakhir pada tanggal 31 Desember 2025 dan Rp3.953.341 and Rp3,395,987, respectively (including
2024 masing-masing sejumlah Rp3.953.341 dan compensation benefits of Rp8,240 for resigned
Rp3.395.987 (termasuk Rp8.240 yang merupakan employees which have not yet been paid and excluded
pesangon atas pegawai yang sudah berhenti tetapi from actuarial calculation), respectively, based on the
belum dibayarkan dan telah dikeluarkan dari estimated post employment benefit in the independent
perhitungan aktuarial) berdasarkan perkiraan biaya actuarial reports (Note 34).
uang penghargaan pegawai sebagaimana tercantum
dalam laporan aktuaria independen (Catatan 34).
Penyisihan atas tunjangan masa kerja pegawai pada Provision for employee service entitlements as of
tanggal 31 Desember 2025 dan 31 Desember 2024 31 December 2025 and 31 December 2024 are
dihitung berdasarkan perhitungan hak masa kerja estimated using the employees service entitlements
pegawai untuk tahun yang berakhir pada tanggal calculation for the year ended. The assumptions used by
tersebut. Asumsi-asumsi yang digunakan oleh aktuaria the actuary are as follows:
adalah sebagai berikut:
a. Tingkat diskonto: 6,30% (2024: 7,10%) per tahun. a. Discount rate: 6.30% (2024: 7.10%) per annum.
b. Tingkat kenaikan gaji: 8,00%. b. Salary increase rate: 8.00%.
c. Tabel tingkat kematian yang digunakan Tabel c. Mortality rate table used is Indonesia Mortality 2019.
Mortalita Indonesia Tahun 2019.
380
1328 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1331
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
51. DANA PENSIUN DAN PESANGON (lanjutan) 51. PENSION PLAN AND SEVERANCE PAY (continued)
Dana pensiun (lanjutan) Pension plan (continued)
Undang-undang di Bidang Ketenagakerjaan dan Labor Law and Bank Mandiri Collective Labor
Perjanjian Kerja Bersama Bank Mandiri (lanjutan) Agreement (continued)
Asumsi-asumsi yang digunakan oleh aktuaria adalah The assumptions used by the actuary are as follows:
sebagai berikut: (lanjutan) (continued)
d. Tingkat pengunduran diri: Usia 23 - 29 = 8,50%, d. Turnover rate: Age 23 - 29 = 8.50%, Age 30 -
Usia 30 - UPN = 3,50% turun linear s.d. 0,00%. Normal Retirement Age = 3.50% decreasing linearly
up to 0.00%.
e. Metode aktuaria adalah projected unit credit e. Actuarial method is projected unit credit method.
method.
f. Usia pensiun normal berkisar antara 36 tahun f. Normal retirement age between 36 to 56 years
sampai dengan 56 tahun disesuaikan according to the grades.
berdasarkan strata.
g. Tingkat kecacatan 10,00% dari kemungkinan g. Disability rate is 10.00% of death probability at each
orang meninggal pada masing-masing usia. age.
Jumlah yang diakui pada laporan posisi keuangan The amounts recognised in the statement of financial
ditentukan berdasarkan laporan aktuaria independen position are determined based on independent actuarial
sebagai berikut (Bank Mandiri saja): report as follows (Bank Mandiri only):
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Cadangan atas tunjangan masa kerja Provision for post employment
pegawai yang diakui di laporan benefits presented in statement
posisi keuangan 2.661.825 2.209.448 of financial position
Mutasi nilai kini kewajiban pasti selama tahun berjalan The movement in present value of obligation over the
adalah sebagai berikut (Bank Mandiri saja): year is as follows (Bank Mandiri only):
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Nilai kini kewajiban pada awal Beginning balance of present value
tahun 2.209.448 2.066.274 of obligation
Biaya bunga 169.425 129.194 Interest fee
Biaya jasa kini 163.757 194.104 Current service cost
Biaya pesangon 93.380 160.281 Severance payment
(Keuntungan)/kerugian aktuarial 318.797 (7.710) Actuarial (gain)/losses
Pembayaran imbalan pasca-kerja (141.004) (332.695) Benefit paid
Biaya jasa lalu (151.978) - Past service cost
Nilai kini kewajiban pada akhir Ending balance of present
tahun 2.661.825 2.209.448 value of obligation
Jumlah yang diakui pada laporan laba rugi dan The amounts recognised in the statement of profit or loss
penghasilan komprehensif lain berdasarkan laporan and other comprehensive income based on independent
aktuaria independen adalah sebagai berikut (Bank actuarial report are as follows (Bank Mandiri only):
Mandiri saja):
Laba Rugi Profit or Loss
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Biaya jasa kini 257.137 354.385 Current service cost
Biaya bunga 169.425 129.194 Interest cost
Biaya jasa lalu (151.978) - Past service cost
Biaya uang penghargaan pegawai 274.584 483.579 Cost of pension benefits
381
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1329
Page 1332
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
51. DANA PENSIUN DAN PESANGON (lanjutan) 51. PENSION PLAN AND SEVERANCE PAY (continued)
Dana pensiun (lanjutan) Pension plan (continued)
Undang-undang di Bidang Ketenagakerjaan dan Labor Law and Bank Mandiri Collective Labor
Perjanjian Kerja Bersama Bank Mandiri (lanjutan) Agreement (continued)
Penghasilan Komprehensif Lain Other Comprehensive Income
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Asumsi keuangan Financial assumptions
(perubahan asumsi) 187.070 (15.750) (change in assumptions)
Penyesuaian pengalaman Experience adjustment
(demografi dan keuangan) 131.727 8.040 (demographics and finances)
Keuntungan aktuarial yang diakui Actuarial gains recognised
pada penghasilan in other comprehensive
komprehensif lain 318.797 (7.710) income
Rekonsiliasi cadangan atas tunjangan masa kerja Reconciliations of provision for post employment benefits
pegawai adalah sebagai berikut: are as follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Bank Mandiri Bank Mandiri
Cadangan atas tunjangan masa kerja Beginning balance of provision for
pegawai awal tahun 2.209.448 2.066.274 post employment benefits
Biaya selama tahun berjalan 274.584 483.579 Expenses during the year
Keuntungan aktuarial yang diakui pada Recognition of actuarial gain in
penghasilan komprehensif lain 318.797 (7.710) other comprehensive income
Pembayaran manfaat (141.004) (332.695) Payments of benefits
Cadangan atas tunjangan Ending balance of provision for
masa kerja pegawai akhir tahun post employment benefits
(Bank Mandiri saja) 2.661.825 2.209.448 (Bank Mandiri only)
Entitas Anak Subsidiaries
Cadangan atas tunjangan masa Provision for post employment
kerja pegawai 1.283.276 1.178.299 benefits
Total cadangan atas tunjangan masa Total provision for post
kerja pegawai (Catatan 34) 3.945.101*) 3.387.747*) employment benefits (Note 34)
*) *)
Pada tanggal 31 Desember 2025 dan 2024, jumlah tersebut tidak termasuk As of 31 December 2025 and 2024, the amount does not include unpaid
pesangon atas pegawai yang telah berhenti tetapi belum dibayarkan sebesar severance for resigned employees which have not yet been paid amounted to
Rp8.240 yang telah dikeluarkan dari perhitungan aktuarial. Rp8,240, which was excluded from actuarial calculation.
Nilai kini liabilitas yang didanai, nilai wajar aset program The present value of funded benefit obligations, fair
dan surplus pada program untuk lima tahun terakhir value of plan assets and the surplus on the program for
yaitu (Bank Mandiri saja): the last five years, which are (Bank Mandiri only):
31 Desember/
31 December
2025 2024 2023 2022 2021
Nilai kini kewajiban Present value of defined
imbalan pasti 2.661.825 2.209.448 2.066.274 1.879.403 1.920.311 benefit obligations
Nilai wajar aset program - - - - - Fair value of plan assets
Defisit program 2.661.825 2.209.448 2.066.274 1.879.403 1.920.311 Deficit the plan
Penyesuaian pengalaman Experience adjustments
pada liabilitas program (131.727) (8.040) 139.790 114.748 309.589 on plan liabilities
Penyesuaian pengalaman Experience adjustments
pada aset program - - - - - on asset program
382
1330 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1333
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
51. DANA PENSIUN DAN PESANGON (lanjutan) 51. PENSION PLAN AND SEVERANCE PAY (continued)
Apresiasi Pensiun Pension Appreciation
Bank Mandiri memberikan program apresiasi pensiun Bank Mandiri provides pension appreciation programs to
kepada pegawai yang memasuki usia pensiun normal employees who enter normal retirement age (age 56).
(56 tahun). Program ini berlaku bagi pegawai yang This program is eligible for employees who have entered
telah memasuki masa kerja 10 tahun. Nilai kini their ten years of service period. The present value for
kewajiban untuk cadangan atas program apresiasi provision of pension appreciation program as of
pensiun pada tanggal 31 Desember 2025 dan 2024 31 December 2025 and 2024 based on an actuarial
berdasarkan perhitungan aktuaria sebesar Rp64.964 calculation amounted to Rp64.964 and Rp99,188,
dan Rp99.188 (Catatan 34). respectively (Note 34).
Asumsi-asumsi yang digunakan adalah sebagai The assumptions used are as follows:
berikut:
a. Tingkat diskonto: 5,70% (2024: 7,10%) a. Discount rate: 5.70% (2024: 7.10%)
b. Harga emas: Rp2.478.559 (2024: Rp1.514.000) b. Gold price: Rp2,478,559 (2024: Rp1,514,000) (full
(nilai penuh). amount).
c. Tingkat kenaikan harga emas: 6,00%. c. Increment rate of gold price: 6.00%.
d. Tabel tingkat kematian yang digunakan Tabel d. Mortality rate table used is Indonesia Mortality
Mortalita Indonesia Tahun 2019. 2019.
e. Tingkat kecacatan 10% dari kemungkinan orang e. Disability rate is 10% of death probability at each
meninggal pada masing-masing usia. age.
f. Tingkat pengunduran diri: Usia 23 - 29 = 8,50% f. Turnover rate: Age 23 - 29 = 8.50% Age 30 - Normal
Usia 30 - UPN = 3,50% turun linear s.d. 0,00%. Retirement Age = 3.50% decreasing linearly up to
0.00%.
g. Usia pensiun normal yaitu ketika pekerja g. Normal retirement age is until age of 56 years.
mencapai usia 56 tahun.
h. Metode aktuaria adalah projected unit credit h. Actuarial method used is projected unit credit
method. method.
Mutasi nilai kini kewajiban pasti selama tahun berjalan The movement in present value of obligation over the
adalah sebagai berikut (Bank Mandiri saja): year is as follows (Bank Mandiri only):
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Beginning balance of present value
Nilai kini kewajiban pada awal tahun 99.188 83.508 of obligation
Biaya selama tahun berjalan 10.965 17.990 Expenses during the year
Pembayaran manfaat (8.767) (7.886) Benefit paid
Biaya jasa lalu (1.251) - Past service cost
Kerugian aktuarial yang diakui pada Actuarial losses through other
penghasilan komprehensif lain (35.171) 5.576 comprehensive income
Nilai kini kewajiban pada akhir Ending balance of present value
tahun (Catatan 34) 64.964 99.188 of obligation (Note 34)
Jumlah yang diakui pada laporan laba rugi dan The amounts recognised in the statement of profit or loss
penghasilan komprehensif lain berdasarkan laporan and other comprehensive income based on independent
aktuaria independen adalah sebagai berikut (Bank actuarial report are as follows (Bank Mandiri only):
Mandiri saja):
Laba Rugi Profit or Loss
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Biaya jasa kini 2.661 12.500 Current service cost
Biaya bunga 8.304 5.490 Interest cost
Biaya jasa lalu (1.251) - Past service cost
Biaya apresiasi pensiun 9.714 17.990 Cost of pension appreciation
383
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1331
Page 1334
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
51. DANA PENSIUN DAN PESANGON (lanjutan) 51. PENSION PLAN AND SEVERANCE PAY (continued)
Apresiasi Pensiun (lanjutan) Pension Appreciation (continued)
Penghasilan Komprehensif Lain Other Comprehensive Income
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Asumsi keuangan Financial assumptions
(perubahan asumsi) (4.321) (11.180) (change in assumptions)
Penyesuaian pengalaman Experience adjustment
(demografi dan keuangan) (30.850) 16.756 (demographics and finances)
Kerugian aktuarial yang diakui Actuarial losses recognised
pada penghasilan in other comprehensive
komprehensif lain (35.171) 5.576 income
Rekonsiliasi PVDBO (Bank Mandiri saja): Reconciliation of PVDBO (Bank Mandiri only):
31 Desember 2025/31 December 2025
Apresiasi
UUK TK Pensiun/
dan/and Pension
DPBMS DPBMD DPBMT DPBME PKB BMRI appreciation
PVDBO pada awal tahun 1.100.298 1.222.284 499.913 396.228 2.209.448 99.188 Beginning balances of PVDBO
Biaya jasa kini - - - - 163.757 2.661 Current service cost
Biaya jasa lalu - - - - (151.978) (1.251) Past service cost
Biaya bunga atas PVDBO 70.662 78.649 32.301 25.633 169.425 8.304 Interest cost of PVDBO
Biaya pesangon - - - - 93.380 - Severance pay
Pembayaran imbalan dari Benefit payments from
aset program (152.424) (164.876) (63.553) (49.464) (141.004) (8.767) plan assets
Keuntungan)/kerugian Actuarial (gain)/losses
aktuarial dari PVDBO: from PVDBO:
Kerugian atau perubahan Losses on change of
asumsi demografis - - - - - - In demographics)
(Keuntungan)/kerugian atas (Gain)/losses on change of
perubahan asumsi ekonomis 42.139 44.785 19.837 14.142 187.070 (4.321) assumption in economic
(Keuntungan)/Kerugian atas
penyesuaian pengalaman (Gain)/losses on experience
(experience adjustment) 7.462 (6.725) (2.759) 3.366 131.727 (30.850) adjustment
PVDBO pada akhir tahun 1.068.137 1.174.117 485.739 389.905 2.661.825 64.964 Ending balances of PVDBO
31 Desember 2024/31 December 2024
Apresiasi
UUK TK Pensiun/
dan/and Pension
DPBMS DPBMD DPBMT DPBME PKB BMRI appreciation
Saldo awal PVDBO 1.252.727 1.383.448 570.853 439.812 2.066.274 83.508 Beginning balances of PVDBO
Biaya jasa kini - - - - 194.104 12.500 Current service cost
Biaya bunga atas PVDBO 78.253 86.844 35.890 27.434 129.194 5.490 Interest cost of PVDBO
Biaya pesangon - - - - 160.281 Severance pay
Pembayaran imbalan dari Benefit payments from
aset program (169.523) (174.526) (70.366) (60.683) (332.695) (7.886) plan assets
(Keuntungan)/kerugian Actuarial (gain)/losses
aktuarial dari PVDBO: from PVDBO:
Kerugian atau perubahan Losses on change of
asumsi demografis 9 1 4 1 1.523 - In demographics)
Keuntungan atas Gain on change of
perubahan asumsi ekonomis (13.831) (16.466) (6.516) (5.936) (15.750) (11.180) assumption in economic
(Keuntungan)/Kerugian atas
penyesuaian pengalaman (Gain)/losses on experience
(experience adjustment) (47.337) (57.017) (29.952) (4.400) 6.517 16.756 adjustment
Saldo akhir PVDBO 1.100.298 1.222.284 499.913 396.228 2.209.448 99.188 Ending balances of PVDBO
384
1332 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1335
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
51. DANA PENSIUN DAN PESANGON (lanjutan) 51. PENSION PLAN AND SEVERANCE PAY (continued)
Rekonsiliasi atas aset program (Bank Mandiri saja): Reconciliation of plan assets (Bank Mandiri only):
31 Desember 2025/31 December 2025
DPBMS DPBMD DPBMT DPBME
Nilai wajar aset program pada Beginning fair value of
awal tahun 1.241.448 1.314.881 535.363 561.143 plan assets
Pembayaran imbalan dari Benefit payments from
aset program (152.424) (164.876) (63.553) (49.463) plan assets
Pendapatan bunga atas Interest income in
aset program 80.401 85.039 34.747 37.012 plan assets
Hasil aset program Result of plan assets
(tidak termasuk pendapatan bunga) (22.202) (4.754) 21.834 1.918 (exclude interest income)
Nilai wajar aset program pada Ending fair value plan
akhir tahun 1.147.223 1.230.290 528.391 550.610 assets
31 Desember 2024/31 December 2024
DPBMS DPBMD DPBMT DPBME
Nilai wajar aset program pada Beginning fair value of
awal tahun 1.295.271 1.404.869 583.862 586.699 plan assets
Pembayaran imbalan dari Benefit payments from
aset program (169.522) (174.526) (70.365) (60.683) plan assets
Pendapatan bunga atas Interest income in
aset program 81.104 88.280 36.761 37.276 plan assets
Hasil aset program Result of plan assets
(tidak termasuk pendapatan bunga) 34.595 (3.742) (14.895) (2.149) (exclude interest income)
Nilai wajar aset program pada Ending fair value plan
akhir tahun 1.241.448 1.314.881 535.363 561.143 assets
Mutasi penghasilan komprehensif lainnya: Movements in other comprehensive income:
Mutasi penghasilan komprehensif lainnya untuk Bank Movements in other comprehensive income for the Bank
Mandiri adalah sebagai berikut: Mandiri only are as follows:
31 Desember 2025/31 December 2025
Apresiasi
UUK TK Pensiun/
dan/and Pension
DPBMS DPBMD DPBMT DPBME PKB BMRI appreciation
Akumulasi keuntungan/(kerugian) Accumulated of actuarial gains/(loss)
aktuarial awal tahun - - - - 1.877.301 (8.414) on beginning year
Keuntungan/(kerugian) aktuarial Actuarial gain/(loss) of
tahun berjalan - - - - (318.797) (35.171) the current year
Akumulasi keuntungan/(kerugian) Accumulated actuarial gains/(loss)
aktuarial akhir tahun - - - - 1.558.504 (43.585) on ending year
31 Desember 2024/31 December 2024
Apresiasi
UUK TK Pensiun/
dan/and Pension
DPBMS DPBMD DPBMT DPBME PKB BMRI appreciation
Akumulasi keuntungan/(kerugian) Accumulated of actuarial gains/(loss)
aktuarial awal tahun - - - - 1.869.591 (2.839) on beginning year
Keuntungan/(kerugian) aktuarial Actuarial gain/(loss) of
tahun berjalan - - - - 7.710 (5.575) the current year
Akumulasi keuntungan/(kerugian) Accumulated actuarial gains/(loss)
aktuarial akhir tahun - - - - 1.877.301 (8.414) on ending year
385
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1333
Page 1336
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
51. DANA PENSIUN DAN PESANGON (lanjutan) 51. PENSION PLAN AND SEVERANCE PAY (continued)
Jatuh tempo dari manfaat pada tanggal 31 Desember Employee benefits liabilities maturing on 31 December
2025 adalah sebagai berikut untuk Undang-undang 2025 related to Labor Law are as follows:
Ketenagakerjaan:
31 Desember 2025/
31 December 2025
Tahun ke-1 291.105 Year 1
Tahun ke-2 311.324 Year 2
Tahun ke-3 367.665 Year 3
Tahun ke-4 360.272 Year 4
Tahun ke-5 329.682 Year 5
Tahun ke-6 dan seterusnya 8.982.350 Year 6 and others
Total 10.642.398 Total
Rata-rata durasi kewajiban manfaat pasti adalah 6,8 The average duration of defined benefit obligations is
tahun, dan kewajiban iuran pasti 6,9 tahun pada 6.8 years, and the fixed contribution obligations are 6.9
tanggal 31 Desember 2025. years as of 31 December 2025.
Perhitungan aktuaria atas liabilitas manfaat pensiun The actuarial calculation on pension benefits liability for
untuk Bank saja pada tanggal 31 Desember 2025 dan Bank only as of 31 December 2025 and 2024 were
2024 didasarkan atas perhitungan aktuaria untuk based on actuarial calculation for the year ended
tahun yang berakhir pada tanggal 31 Desember 2025 31 December 2025 and 31 December 2024 as stated in
dan 31 Desember 2024 yang tercantum pada laporan the reports from the Actuarial Consulting Office Halim &
dari Aktuaria Halim & Rekan dan Aktuaria Enny Diah Rekan and Enny Diah Awal dated 2 January 2026 and
Awal pada tanggal 2 Januari 2026 dan 27 Desember 27 December 2024 using the Projected Unit Credit
2024 dengan metode Projected Unit Credit. method.
Penyisihan atas tunjangan masa kerja pegawai pada Provision for employee service entitlements of
tanggal 31 Desember 2025 Entitas Anak telah dihitung Subsidiaries as of 31 December 2025 were calculated
oleh aktuaria independen sebagaimana tercantum by an independent actuary as included in the
dalam laporan aktuaria independen sebagai berikut: independent actuarial report as follows:
Nama Entitas Anak/ Aktuaria independen/
Name of Subsidiaries Independent actuary 2025
Kantor Konsultan Aktuaria Steven & Mourits/ 5 Januari/
PT Bank Syariah Indonesia Tbk Steven & Mourits Actuarial Consultant Office January 2026
Kantor Konsultan Aktuaria Steven & Mourits/ 5 Januari/
PT Mandiri Sekuritas Steven & Mourits Actuarial Consultant Office January 2026
Kantor Konsultan Aktuaria Nandi dan Sutama/ 2 Januari/
PT Bank Mandiri Taspen Nandi and Sutama Actuarial Consultant Office January 2026
Kantor Konsultan Aktuaria Steven & Mourits/ 2 Januari/
PT Mandiri Tunas Finance Steven & Mourits Actuarial Consultant Office January 2026
Kantor Konsultan Aktuaria Steven & Mourits/ 6 Januari/
PT AXA Mandiri Financial Services Steven & Mourits Actuarial Consultant Office January 2026
Kantor Konsultan Aktuaria Bambang Sudrajad/ 31 Desember/
PT Mandiri Utama Finance Bambang Sudrajad Actuarial Consultant Office December 2025
386
1334 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1337
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
51. DANA PENSIUN DAN PESANGON (lanjutan) 51. PENSION PLAN AND SEVERANCE PAY (continued)
Sensitivitas dari kewajiban imbalan pasti terhadap The sensitivity of the defined benefit obligation to changes
perubahan asumsi aktuaria adalah sebagai berikut in actuarial assumptions are as follows (Bank Mandiri
(Bank Mandiri saja) (tidak diaudit): only) (unaudited):
31 Desember 2025/
31 December 2025
Perubahan asumsi: Changes of assumptions:
Kenaikan 1% tingkat diskonto (2.475.575) 1% increase in discount rate
Penurunan 1% tingkat diskonto 2.818.395 1% decrease in discount rate
Kenaikan 1% tingkat gaji 2.974.850 1% increase in salary rate
Penurunan 1% tingkat gaji (2.371.254) 1% decrease in salary rate
52. BEBAN OPERASIONAL LAINNYA - LAIN-LAIN - 52. OTHER OPERATING EXPENSES - OTHERS - NET
NETO
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Premi asuransi untuk program Insurance premiums on third party
penjaminan dana nasabah 3.842.673 3.301.573 funds guarantee program
Beban provisi dan komisi 3.090.316 1.222.846 Fees and commissions expenses
Beban terkait dengan transaksi Fees related to credit card and
ATM dan kartu kredit 1.723.034 954.291 ATM transaction
Iuran regulator 1.073.393 1.087.973 Regulator fee
Beban unwinding polis Unwinding expense
asuransi 122.384 - insurance policy
Beban transaksi RTGS, remittance Fees from RTGS, remittance and
dan kliring 103.592 76.964 clearing transactions
Beban keanggotaan 76.240 65.249 Membership fee
Kompensasi tenaga pemasaran Insurance marketing personnel
asuransi - 147.776 compensation
Fee bancassurance - 120.472 Bancassurance fee
Komisi asuransi kelompok - 99.868 Group insurance commisions
Lain-lain 495.038 1.023.038 Others
10.526.670 8.100.050
Lain-lain terutama terdiri dari beban transaksi Others mainly consist of securities trading transaction
perdagangan efek dan beban administrasi bank. expenses and bank administration expenses.
53. PENDAPATAN/(BEBAN) BUKAN OPERASIONAL - 53. NON-OPERATING (EXPENSE)/INCOME - NET
NETO
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Laba atas penjualan aset tetap 2.277 2.835 Gain on sale of fixed assets
Lain-lain - neto 104.547 341.056 Others - net
Neto 106.824 343.891 Net
387
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1335
Page 1338
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
54. KOMITMEN DAN KONTINJENSI 54. COMMITMENTS AND CONTINGENCIES
Akun-akun di bawah ini merupakan akun yang dicatat The following accounts represent accounts which are
di laporan posisi keuangan konsolidasian ekstra- recorded on off-balance sheet:
komtabel (off balance sheet):
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
KOMITMEN COMMITMENTS
Liabilitas komitmen: Commitment payables:
Fasilitas kredit yang diberikan
yang belum digunakan*) Unused loan facilities*)
Pihak berelasi (Catatan 56) (128.582.195) (107.740.421) Related parties (Note 56)
Pihak ketiga (155.385.582) (159.489.452) Third parties
(283.967.777) (267.229.873)
Letter of credit yang tidak dapat
dibatalkan yang masih Outstanding irrevocable
berjalan (Catatan 31): letter of credit (Note 31):
Pihak berelasi (Catatan 56) (13.182.139) (9.905.951) Related parties (Note 56)
Pihak ketiga (10.049.643) (12.533.712) Third parties
(23.231.782) (22.439.663)
Liabilitas komitmen - neto (307.199.559) (289.669.536) Commitment payables - net
KONTINJENSI CONTINGENCIES
Tagihan kontinjensi: Contingent receivables:
Garansi yang diterima dari Guarantees received from
bank lain 64.031.673 50.383.762 other banks
Pendapatan bunga dalam Interest receivable on
penyelesaian 12.424.085 10.912.104 non-performing assets
Lain-lain 34.471 34.411 Others
76.490.229 61.330.277
Liabilitas kontinjensi: Contingent payables:
Garansi yang diberikan dalam bentuk: Guarantees issued in the form of:
Bank garansi (Catatan 31): Bank guarantees (Note 31):
Pihak berelasi (Catatan 56) (46.002.464) (37.567.187) Related parties (Note 56)
Pihak ketiga (120.037.908) (100.990.316) Third parties
(166.040.372) (138.557.503)
Standby letter of credit (Catatan 31) Standby letter of credit (Note 31)
Pihak berelasi (Catatan 56) (9.819.236) (5.281.006) Related parties (Note 56)
Pihak ketiga (8.540.555) (7.027.683) Third parties
(18.359.791) (12.308.689)
Lain-lain (4.796.785) (4.072.541) Others
Total (189.196.948) (154.938.733) Total
Liabilitas kontinjensi - neto (112.706.719) (93.608.456) Contingent payables - net
(419.906.278) (383.277.992)
*) *)
Termasuk fasilitas kredit committed dan uncommitted yang belum digunakan. Include unused committed and uncommitted loans facilities
388
1336 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1339
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
55. TRANSAKSI-TRANSAKSI MATA UANG ASING 55. FOREIGN CURRENCY TRANSACTIONS
Nilai wajar dari transaksi berjangka dan swap The fair value of forward and cross currency swap
pertukaran mata uang asing disajikan dalam laporan transactions are presented as derivative
posisi keuangan konsolidasian sebagai receivables/payables in the consolidated statement of
tagihan/liabilitas derivatif (Catatan 11). financial position (Note 11).
Rincian transaksi pembelian dan penjualan tunai spot Details of the outstanding buy and sell foreign currency
mata uang asing (Bank Mandiri saja, tidak terdapat spot transactions (Bank Mandiri only, there are no spot
transaksi spot pada Entitas Anak): transactions in Subsidiaries) are as follows:
31 Desember 2025/31 December 2025
Spot - Beli/Spot - Buy Spot - Jual/Spot - Sell
Mata uang
asal Mata uang asal
(nilai penuh)/ Setara (nilai penuh)/ Setara
Original Rupiah/ Original Rupiah/
currency Rupiah currency Rupiah
Mata uang asal (full amount) equivalent (full amount) equivalent Original currency
Dolar Amerika Serikat 388.958.008 6.485.875 312.555.288 5.211.859 United States Dollar
Lain-lain*) 1.583.073 1.624.290 Others*)
8.068.948 6.836.149
31 Desember 2024/31 December 2024
Spot - Beli/Spot - Buy Spot - Jual/Spot - Sell
Mata uang
asal Mata uang asal
(nilai penuh)/ Setara (nilai penuh)/ Setara
Original Rupiah/ Original Rupiah/
currency Rupiah currency Rupiah
Mata uang asal (full amount) equivalent (full amount) equivalent Original currency
Dolar Amerika Serikat 203.626.162 3.277.363 274.513.807 4.418.300 United States Dollar
Lain-lain*) 236.220 909.569 Others*)
3.513.583 5.327.869
*)
Terdiri dari berbagai mata uang asing. *) Consist of various currencies
56. TRANSAKSI DENGAN PIHAK-PIHAK BERELASI 56. RELATED PARTY TRANSACTIONS
Dalam rangka menjalankan bisnis normalnya, Bank In the normal course of business, Bank Mandiri and
Mandiri dan Entitas Anak melakukan transaksi dengan Subsidiaries entered into certain transactions with the
pihak berelasi karena hubungan kepemilikan dan/atau parties which are related to the management and/or
kepengurusan. owned by the same shareholders.
Seluruh transaksi yang signifikan dengan pihak-pihak All significant transactions with related parties have met
berelasi dilakukan dengan kebijakan dan syarat yang the agreed terms and conditions (Note 2f).
telah disepakati bersama (Catatan 2f).
389
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1337
Page 1340
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
56. TRANSAKSI DENGAN PIHAK-PIHAK BERELASI 56. RELATED PARTY TRANSACTIONS (continued)
(lanjutan)
Transaksi usaha yang signifikan dengan pihak-pihak Significant transactions with related parties are as
berelasi sebagai berikut: follows:
Hubungan pihak berelasi sebagai pemegang Related party relationship as the controlling
saham utama: shareholder:
Pemerintah Republik Indonesia melalui The Government of Republic of Indonesia through the
Kementerian. Ministry.
Sifat dari transaksi lain antara lain adalah efek-efek, Nature of other transactions are marketable
obligasi pemerintah, kredit yang diberikan dan securities, government bonds, loans and sharia
piutang/pembiayaan syariah, simpanan dari receivables/financing, deposits from customers, fund
nasabah, pinjamanan yang diterima dan fasilitas borrowings and unused loan facilities.
kredit yang diberikan yang belum digunakan.
Hubungan pihak berelasi oleh karena Related parties relationship by ownership and/or
kepemilikan dan/atau kepengurusan: management:
No. Pihak berelasi/Related parties No. Pihak berelasi/Related parties No. Pihak berelasi/Related parties
a. Bank Mandiri sebagai pendiri/Bank Mandiri as a founder
1 Dana Pensiun Bank Mandiri 3 Dana Pensiun Bank Mandiri Dua 5 Dana Pensiun Bank Mandiri Empat
2 Dana Pensiun Bank Mandiri Satu 4 Dana Pensiun Bank Mandiri Tiga
b. Dikendalikan oleh Dana Pensiun Bank Mandiri (sejak tanggal 19 Desember 2013)/Controlled by Dana Pensiun Bank Mandiri (since
19 December 2013)
6 PT Bumi Daya Plaza 7 PT Pengelola Investama Mandiri 8 PT Usaha Gedung Mandiri
c. Dikendalikan oleh Dana Pensiun Bank Mandiri Satu/Controlled by Dana Pensiun Bank Mandiri Satu
9 PT Estika Daya Mandiri
d. Dikendalikan oleh Dana Pensiun Bank Mandiri Dua/Controlled by Dana Pensiun Bank Mandiri Dua
10 PT Asuransi Staco Mandiri
(sebelumnya PT Asuransi Staco
Jasapratama)
e. Dikendalikan oleh Dana Pensiun Bank Mandiri Tiga/Controlled by Dana Pensiun Bank Mandiri Tiga
11 PT Mulia Sasmita Bhakti
f. Dikendalikan oleh Dana Pensiun Bank Mandiri Empat/Controlled by Dana Pensiun Bank Mandiri Empat
12 PT Krida Upaya Tunggal 13 PT Wahana Optima Permai
g. Dipengaruhi secara signifikan oleh Bank Mandiri/Significantly influenced by Bank Mandiri
14 Koperasi Kesehatan Pegawai dan
Pensiunan Bank Mandiri
(Mandiri Healthcare)
Sifat dari transaksi dengan pihak-pihak berelasi Nature of related party transaction consists of
antara lain adalah penyertaan saham, kredit yang investment in shares, loans and sharia
diberikan dan piutang/pembiayaan syariah, receivables/financing, customer deposits, bank
simpanan dari nasabah, bank garansi, efek-efek guarantees, debt securities issued, fund borrowings
yang diterbitkan, pinjaman dan efek-efek and subordinated loans.
subordinasi.
390
1338 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1341
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
56. TRANSAKSI DENGAN PIHAK-PIHAK BERELASI 56. RELATED PARTY TRANSACTIONS (continued)
(lanjutan)
Transaksi usaha yang signifikan dengan pihak-pihak Significant transactions with related parties are as
berelasi sebagai berikut: (lanjutan) follows: (continued)
Hubungan pihak berelasi dengan entitas Related parties relationship with government
Pemerintah: related entities:
No. Pihak berelasi/Related parties No. Pihak berelasi/Related parties No. Pihak berelasi/Related parties
a. Entitas Anak dari BUMN/Subsidiary of State Owned Enterprise
1 Demi Bahtera Laju Abadi Pte. Ltd. 51 PT Asuransi Jasaraharja Putera 101 PT Brantas Prospek Enjineering
2 EPC Energy Singapore Pte. Ltd 52 PT Asuransi Jasindo Syariah 102 PT Brantas Prospek Mandiri
3 Etablissments Maurel et Prom 53 PT Asuransi Jiwa IFG 103 PT Brass Bahtera Laju Abadi
PT BRI Asuransi Indonesia (BRI
4 Indometal London Limited 54 PT Asuransi Jiwa Taspen 104
Insurance)
KSO Hutama – Wika – Adipatria
5 55 PT Asuransi Kredit Indonesia 105 PT BRI Manajemen Investasi
(Irigasi Kapuas)
PT Asuransi Tugu Pratama PT BRI Multifinance Indonesia (BRI
6 Makassar Coastal City 56 106
Indonesia Tbk Finance)
7 MIND ID Trading Pte. Ltd. 57 PT Badak NGL 107 PT Bromo Steel Indonesia
Pertamina Hulu Energi Offshore
8 58 PT Bahana Artha Ventura 108 PT Bukit Asam Banko
North West Java LLC.
Pertamina International Marketing &
9 59 PT Bahana Securities 109 PT Bukit Asam Medika
Distribution
PT Bahana TCW Investment
10 Pertamina International Timor S.A. 60 110 PT Bukit Asam Prima
Management
PGAS Telecommunication
11 61 PT Bakti Timah Medika 111 PT Bukit Asam Tbk
International Pte. Ltd.
12 PT Abipraya Nusantara Energi 62 PT Balai Lelang Artha Gasia 112 PT Bukit Energi Investama
13 PT Adhi Commuter Properti 63 PT Balai Pustaka 113 PT Bukit Energi Servis Terpadu
14 PT Adhi Jalintim Riau 64 PT Banggai Bahtera Laju Abadi 114 PT Bukit Multi Investama
15 PT Adhi Persada Beton 65 PT Bangkit Bahtera Laju Abadi 115 PT Bukit Multi Properti
16 PT Adhi Persada Gedung 66 PT Bangun Prima Jambi Energi 116 PT Bukit Prima Bahari
17 PT Adhi Persada Properti 67 PT Bank Hibank Indonesia 117 PT Buma Cima Nusantara
PT Bank Raya Indonesia Tbk
18 PT Administrasi Medika 68 118 PT Bumi Sawindo Permai
(Raya)
19 PT Aero Globe Indonesia 69 PT Bantas Nipajaya Energi 119 PT Cibaliung Sumber Daya
20 PT Aero Systems Indonesia 70 PT Banyan Koalindo Lestari 120 PT Cibitung Tj.Priok Port Tollways
21 PT Aero Wisata 71 PT Barung Bahtera Laju Abadi 121 PT Cinere Serpong Jaya
22 PT Aerofood Indonesia 72 PT Batubara Bukit Kendi 122 PT Ciptanugrah Indonesia
23 PT Aerojasa Cargo 73 PT Baturaja Multi Usaha 123 PT Citilink Indonesia
24 PT Aerojasa Perkasa 74 PT Belitung Intipermai 124 PT Citra Lautan Teduh
25 PT Aerotrans Services Indonesia 75 PT Benggala Bahtera Laju Abadi 125 PT Citra Tobindo Sukses Perkasa
26 PT Agro Medika Nusantara 76 PT Bepondi Bahtera Laju Abadi 126 PT Cogindo Daya Bersama
27 PT Agro Sinergi Nusantara 77 PT Berdikari 127 PT Collega Inti Pratama
28 PT Akses Pelabuhan Indonesia 78 PT Berdikari Logistik Indonesia 128 PT Cut Meutia Medika Nusantara
29 PT Alam Lestari Nusantara 79 PT Berdikari United Livestock 129 PT Dahana
30 PT Alor Bahtera Laju Abadi 80 PT Berkah Cenning Tebu 130 PT Damanusa Bahtera Laju Abadi
31 PT Alur Pelayaran Barat Surabaya 81 PT Berkah Industri Mesin Angkat 131 PT Damar Bahtera Laju Abadi
32 PT Aneka Tambang Tbk 82 PT Berkah Multi Cargo 132 PT Danareksa Capital
33 PT Angkasa Pura Aviasi 83 PT Berlian Jasa Terminal Indonesia 133 PT Danareksa Finance
34 PT Angkasa Pura Hotel 84 PT Berlian Manyar Sejahtera 134 PT Dasaplast Nusantara
35 PT Angkasa Pura Indonesia 85 PT BGR Logistik Indonesia 135 PT Dayamitra Telekomunikasi
36 PT Angkasa Pura Logistic 86 PT Bhirawa Steel 136 PT Dharma Lautan Nusantara
37 PT Angkasa Pura Property 87 PT Bima Sepaja Abadi 137 PT Dirgantara Indonesia
38 PT Angkasa Pura Retail 88 PT BNI Asset Management 138 PT Dok dan Perkapalan Air Kantung
39 PT Angkasa Pura Sarana Digital 89 PT BNI Life Insurance 139 PT Dok dan Perkapalan Waiame
40 PT Angkasa Pura Solusi Integra 90 PT BNI Modal Ventura 140 PT Dwimitra Enggang Khatulistiwa
PT Electronic Data Interchange
41 PT Angkasa Pura Support 91 PT BNI Sekuritas 141
Indonesia
42 PT Antam Resourcindo 92 PT Borneo Alumina Indonesia 142 PT Elnusa Daya Kreatif
43 PT Ararkula Bahtera Laju Abadi 93 PT Borneo Edo International 143 PT Elnusa Fabrikasi Konstruksi
44 PT Aroma Cipta Anugrahtama 94 PT Brantas Adya Surya Energi 144 PT Elnusa Geosains Indonesia
45 PT Artha Daya Coalindo 95 PT Brantas Cakrawala Energi 145 PT Elnusa Oilfield Services
46 PT Aru Bahtera Laju Abadi 96 PT Brantas Energi 146 PT Elnusa Petrofin
47 PT Askrindo Mitra Utama 97 PT Brantas Energi Mandiri 147 PT Elnusa Tbk
48 PT Asuransi Asei Indonesia 98 PT Brantas Hidro Energi 148 PT Elnusa Trans Samudera
49 PT Asuransi BRI Life (BRI Life) 99 PT Brantas Mahalona Energi 149 PT Eltran Indonesia
50 PT Asuransi Jasa Indonesia 100 PT Brantas Prospek Energi 150 PT Emas Antam Indonesia
391
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1339
Page 1342
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
56. TRANSAKSI DENGAN PIHAK-PIHAK BERELASI 56. RELATED PARTY TRANSACTIONS (continued)
(lanjutan)
Transaksi usaha yang signifikan dengan pihak-pihak Significant transactions with related parties are as
berelasi sebagai berikut: (lanjutan) follows: (continued)
Hubungan pihak berelasi dengan entitas Related parties relationship with government
Pemerintah: (lanjutan) related entities: (continued)
No. Pihak berelasi/Related parties No. Pihak berelasi/Related parties No. Pihak berelasi/Related parties
a. Entitas Anak dari BUMN/Subsidiary of State Owned Enterprise
151 PT Energi Agro Nusantara 191 PT Indonesia Asahan Aluminium 231 PT Jasamarga Akses Patimban
152 PT Energi Biomasa Indonesia 192 PT Indonesia Chemical Alumina 232 PT Jasamarga Bali Tol
PT Jasamarga Balikpapan
153 PT Energi Pelabuhan Indonesia 193 PT Indonesia Coal Resources 233
Samarinda
154 PT Energy Management Indonesia 194 PT Indonesia Comnets Plus 234 PT Jasamarga Gempol Pasuruan
155 PT Equiport Inti Indonesia 195 PT Indonesia Connectivity Investasi 235 PT Jasamarga Japek Selatan
156 PT Farmalab Indoutama 196 PT Indonesia Ferry Property 236 PT Jasamarga Jogja Bawen
157 PT Finnet Indonesia 197 PT Indonesia Kendaraan Terminal 237 PT Jasamarga Kualanamu Tol
PT Indonesia Papua Metal dan PT Jasamarga Kunciran
158 PT Gadang Hidro Energi 198 238
Mineral Cengkareng
159 PT Gag Nikel 199 PT Indonesian Air & Marine Supply 239 PT Jasamarga Manado Bitung
160 PT Gagas Energi Indonesia 200 PT Indopelita Aircraft Services 240 PT Jasamarga Ngawi Kertosono
161 PT Games Karya Nusantara 201 PT Industri Karet Nusantara 241 PT Jasamarga Pandaan Tol
PT Jasamarga Probolinggo
162 PT Gapura Angkasa 202 PT Industri Kemasan Semen Gresik 242
Banyuwangi
163 PT Garam 203 PT Industri Nabati Lestari 243 PT Jasamarga Related Business
PT Garuda Maintenance Facility
164 204 PT Infomedia Nusantara 244 PT Jasamarga Rest Area Batang
Aero Asia Tbk
165 PT GIEB Indonesia 205 PT Infomedia Solusi Humanika 245 PT Jasamarga Semarang Batang
PT Infrastruktur Telekomunikasi
166 PT GIH Indonesia 206 246 PT Jasamarga Solo Ngawi
Indonesia
167 PT Gitanusa Sarana Niaga 207 PT Inhutani I 247 PT Jasamarga Surabaya Mojokerto
PT Jasamarga Tollroad
168 PT Graha Investama Bersama 208 PT Inhutani V 248
Maintenance
169 PT Graha Sarana Duta 209 PT INKA Multi Solusi 249 PT Jasamarga Tollroad Operator
170 PT Graha Yasa Selaras 210 PT Inka Multi Solusi Trading 250 PT Jasamarga Transjawa Tol
171 PT Grahaniaga Tatautama 211 PT Intan Sejahtera Utama 251 PT Jembatan Nusantara
172 PT Griyaton Indonesia 212 PT integrasi aviasi solusi 252 PT Kalimantan Jawa Gas
173 PT Gunung Kendaik 213 PT Integrasi Logistik Cipta Solusi 253 PT Kalimantan Medika Nusantara
174 PT HaKaAston 214 PT International Mineral Capital 254 PT Kaltim Adhiguna Dermaga
175 PT Haleyora Powerindo 215 PT International Prima Coal 255 PT Kaltim Daya Mandiri
176 PT Hasta Kreasi Mandiri 216 PT Inti Konten Indonesia 256 PT Kaltim Industrial Estate
177 PT HK Infrastruktur 217 PT IPC Terminal Peti Kemas 257 PT Kaltim Jasa Sekuriti
178 PT HK Realtindo 218 PT ITDC Nusantara Properti 258 PT Kaltim Kariangau Terminal
179 PT Hotel Indonesia Group 219 PT ITDC Nusantara Utilitas 259 PT Karya Nusa Tujuh
180 PT Hotel Indonesia Natour 220 PT ITDC Nusantara Xplorin 260 PT Kawasan Berikat Nusantara
181 PT Hotel Indonesia Properti 221 PT Jalin Pembayaran Nusantara 261 PT Kawasan Industri Gresik
PT Kawasan Industri Kujang
182 PT Hutama Mambelim Trans Papua 222 PT Jalintim Adhi Abipraya 262
Cikampek
183 PT Hutama Marga Waskita 223 PT Jambi Prima Coal 263 PT Kawasan Industri Makassar
184 PT IAS Hospitality Indonesia 224 PT Jaminan Kredit Indonesia 264 PT Kawasan Industri Medan
PT Jaminan Pembiayaan Askrindo
185 PT IAS Properti Indonesia 225 265 PT Kawasan Industri Nusantara
Syariah
PT Kawasan Industri Terpadu
186 PT IAS Support Indonesia 226 PT Jasa Armada Indonesia 266
Batang
187 PT Indo Ridlatama Power 227 PT Jasa Prima Logistik 267 PT Kawasan Industri Wijayakusuma
188 PT Indofarma Global Medika 228 PT Jasa Raharja 268 PT KBN Graha Medika
189 PT Indofarma Tbk 229 PT Jasa Tirta Energi 269 PT KBN Prima Logistic
190 PT Indonesia Aluminium Alloy 230 PT Jasa Tirta Luhur 270 PT Kereta Api Logistik
392
1340 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1343
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
56. TRANSAKSI DENGAN PIHAK-PIHAK BERELASI 56. RELATED PARTY TRANSACTIONS (continued)
(lanjutan)
Transaksi usaha yang signifikan dengan pihak-pihak Significant transactions with related parties are as
berelasi sebagai berikut: (lanjutan) follows: (continued)
Hubungan pihak berelasi dengan entitas Related parties relationship with government
Pemerintah: (lanjutan) related entities: (continued)
No. Pihak berelasi/Related parties No. Pihak berelasi/Related parties No. Pihak berelasi/Related parties
a. Entitas Anak dari BUMN/Subsidiary of State Owned Enterprise (lanjutan/continued)
271 PT Kereta Api Pariwisata 311 PT Lintas Marga Jawa 351 PT Nusantara Regas
272 PT Kereta Api Properti Manajemen 312 PT Liran Bahtera Laju Abadi 352 PT Nusantara Sebelas Medika
273 PT Kereta Commuter Indonesia 313 PT LPP Agro Nusantara 353 PT Nusantara Sukses Investasi
274 PT Kertas Padalarang 314 PT mahakarya abadi prima 354 PT Nusantara Turbin Dan Propulsi
PT Kharisma Pemasaran Bersama PT Mandau Cipta Tenaga
275 315 355 PT Nutech Integrasi
Nusantara Nusantara
276 PT Kilang Pertamina Balikpapan 316 PT Marga Sarana Jabar 356 PT Optima Nusa Tujuh
277 PT Kilang Pertamina International 317 PT Marga Trans Nusantara 357 PT Paguntaka Cahaya Nusantara
278 PT Kimia Farma Apotek 318 PT Mega Citra Utama 358 PT PAL Indonesia
279 PT Kimia Farma Diagnostika 319 PT Menara Maritim Indonesia 359 PT PAL Marine Service
PT Kimia Farma Sungwun
280 320 PT Meratus Jaya Iron & Steel 360 PT Palawi Risorsis
Pharmacopia
281 PT Kimia Farma Tbk 321 PT Merese Mandalika Nusantara 361 PT PANN Pembiayaan Maritim
PT Kimia Farma Trading &
282 322 PT Metra Digital Investama 362 PT Patra Drilling Contractor
Distribution
283 PT Kliring Berjangka Indonesia 323 PT Metra Digital Media 363 PT Patra Jasa
PT Kliring Perdagangan Berjangka
284 324 PT Metranet 364 PT Patra Logistik
Indonesia
285 PT Kodja Terramarin 325 PT Metraplasa 365 PT Patra Nusa Data
286 PT Krakatau Baja Industri 326 PT MGPA Nusantara Jaya 366 PT Patra Trading
287 PT Krakatau Baja Konstruksi 327 PT Miangas Bahtera Laju Abadi 367 PT Pegadaian
288 PT Krakatau Bandar Samudera 328 PT Mirtasari Hotel Development 368 PT Pegadaian Galeri Dua Empat
289 PT Krakatau Engineering 329 PT Mitra Bisnis Madani 369 PT Pekanbaru Permai Propertindo
290 PT Krakatau Global Trading 330 PT Mitra Cipta Polasarana 370 PT Pelabuhan Bukit Prima
PT Krakatau Information
291 331 PT Mitra Dagang Madani 371 PT Pelabuhan Indonesia Investama
Technology
292 PT Krakatau Jasa Industri 332 PT Mitra Karya Prima 372 PT Pelabuhan Tanjung Priok
293 PT Krakatau Jasa Logistik 333 PT Mitra Kerinci 373 PT Pelayanan Energi Batam
294 PT Krakatau Jasa Samudera 334 PT Mitra Proteksi Madani 374 PT Pelayaran Bahtera Adhiguna
295 PT Krakatau Medika 335 PT Mitra Rajawali Banjaran 375 PT Pelayaran Energi Batam
296 PT Krakatau Niaga Indonesia 336 PT Mitra Tekno Madani 376 PT Pelindo Daya Sejahtera
PT Krakatau Perbengkelan dan
297 337 PT Mitra Tours and Travel 377 PT Pelindo Energi Logistik
Perawatan
298 PT Krakatau Pipe Industries 338 PT Mitra Utama Madani 378 PT Pelindo Husada Citra
299 PT Krakatau Sarana Infrastruktur 339 PT Mitrasraya Adhijasa 379 PT Pelindo Jasa Maritim
300 PT Krakatau Sarana Properti 340 PT Mitratani Dua Tujuh 380 PT Pelindo Marine Service
301 PT Krakatau Tirta Industri 341 PT Multi Terminal Indonesia 381 PT Pelindo Multi Terminal
PT Krakatau Tirta Operasi &
302 342 PT Multimedia Nusantara 382 PT Pelindo Properti Indonesia
Pemeliharaan
303 PT Lamong Energi Indonesia 343 PT Nindya Beton 383 PT Pelindo Solusi Logistik
304 PT Lamong Nusantara Gas 344 PT Nindya Karya 384 PT Pelindo Solusi Maritim
305 PT Lancarjaya Mandiri Abadi 345 PT Nuon Digital Indonesia 385 PT Pelindo Terminal Petikemas
306 PT Laras Astra Kartika 346 PT Nusa Dua Propertindo 386 PT Pelita Air Service
307 PT LEN Railway Systems 347 PT Nusa Karya Arindo 387 PT Pelita Bandar Nasional
308 PT LEN Rekaprima Semesta 348 PT Nusa Pratama Property 388 PT Pelita Indonesia Djaya
309 PT LEN Telekomunikasi Indonesia 349 PT Nusantara Batulicin 389 PT Pemalang Batang Toll Road
PT Pembangkitan Jawa Bali
310 PT Limbong Hidro Energi 350 PT Nusantara Medika Utama 390
Investindo
393
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1341
Page 1344
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
56. TRANSAKSI DENGAN PIHAK-PIHAK BERELASI 56. RELATED PARTY TRANSACTIONS (continued)
(lanjutan)
Transaksi usaha yang signifikan dengan pihak-pihak Significant transactions with related parties are as
berelasi sebagai berikut: (lanjutan) follows: (continued)
Hubungan pihak berelasi dengan entitas Related parties relationship with government
Pemerintah: (lanjutan) related entities: (continued)
No. Pihak berelasi/Related parties No. Pihak berelasi/Related parties No. Pihak berelasi/Related parties
a. Entitas Anak dari BUMN/Subsidiary of State Owned Enterprise (lanjutan/continued)
PT Pembangunan Perumahan Tirta PT Pertamina Hulu Rokan – Blok
391 428 465 PT PIM Prima Medika
Riau Rokan/Rokan Block
392 PT Penajam Internasional Terminal 429 PT Pertamina Hulu Sanga Sanga 466 PT Pindad
PT Pertamina Internasional
393 PT Pendawa Lestari Perkasa 430 467 PT Pindad Enjiniring Indonesia
Eksplorasi dan Produksi
PT Pendidikan Maritim & Logistik
394 431 PT Pertamina International Shipping 468 PT Pindad International Logistic
Indonesia
PT Pengembangan Pariwisata
395 432 PT Pertamina Lubricants 469 PT Pindad Medika Utama
Indonesia
PT Pertamina Maintenance and
396 PT Pengerukan Indonesia 433 470 PT PINS Indonesia
Construction
PT Pertamina Malaysia Eksplorasi
397 PT Penjaminan Jamkrindo Syariah 434 471 PT PLN Batam
Produksi
398 PT Perhutani Anugerah Kimia 435 PT Pertamina Marine Engineering 472 PT PLN Batubara Investasi
399 PT Perikanan indonesia 436 PT Pertamina Marine Solution 473 PT PLN Batubara Niaga
400 PT Perjaya Bravo Energi 437 PT Pertamina Patra Niaga 474 PT PLN Electricity Services
401 PT Perkebunan Mitra Ogan 438 PT Pertamina Pedeve Indonesia 475 PT PLN Energi Gas
PT Perkebunan Nusantara I ( Eks PT Pertamina Petrochemical
402 439 476 PT PLN EPI
PTPN I, II, VII s.d. XII, dan XIV) Trading
PT Perkebunan Nusantara IV (Eks
403 440 PT Pertamina Port and Logistics 477 PT PLN Indonesia Geothermal
PTPN IV, V, VI, XIII)
404 PT Permata Graha Nusantara 441 PT Pertamina Power Indonesia 478 PT PLN Indonesia Power
PT Permodalan Nasional Madani PT PLN Indonesia Power
405 442 PT Pertamina Retail 479
(PNM) Renewables
406 PT Persada Sokka Tama 443 PT Pertamina Training & Consulting 480 PT PLN Nusa Daya
407 PT Perta Arun Gas 444 PT Pertamina Trans Kontinental 481 PT PLN Nusantara Power
PT PLN Nusantara Power
408 PT Pertagas Niaga 445 PT Pertani Property 482
Construction
409 PT Pertamedika Bali Hospital 446 PT Peruri Digital Security 483 PT PLN Nusantara Power Services
410 PT Pertamina Bina Medika IHC 447 PT Peruri Properti 484 PT PLN Nusantara Renewables
PT Pertamina Drilling Services
411 448 PT Peruri Wira Timur 485 PT PNM Investment Management
Indonesia
412 PT Pertamina Energy Terminal 449 PT Perusahaan Pengelola Aset 486 PT PNM Venture Capital
PT Perusahaan Perdagangan
413 PT Pertamina EP 450 487 PT Pos Logistik Indonesia
Indonesia
414 PT Pertamina EP Cepu 451 PT Pesona Indonesia Jaya 488 PT Pos Properti Indonesia
PT Pertamina EP Cepu ADK – Blok
415 Alas Dara Kemuning/ Alas Dara 452 PT Pesonna Indonesia Jaya 489 PT PP Energi
Kemuning Block
416 PT Pertamina Gas 453 PT Pesonna Optima Jasa 490 PT PP Infrastruktur
417 PT Pertamina Gas Negara Tbk 454 PT Petrokimia Gresik 491 PT PP Presisi Tbk
418 PT Pertamina Geothermal Energy 455 PT Petrokimia Kayaku 492 PT PP Properti Jababeka Residen
419 PT Pertamina Hulu Energi 456 PT Petronesia Benimel 493 PT PP Properti Tbk
PT Pertamina Hulu Energi Abar -
420 457 PT Petrosida Gresik 494 PT PP Semarang Demak
Blok Abar/Abar Block
PT Pertamina Hulu Energi Metana
421 Kalimantan B - Blok Sangatta 458 PT PG Rajawali I 495 PT PP Sinergi Banjaratma
II/Sangatta II Block
PT Pertamina Hulu Energi Metana
422 Sumatera 5 - Blok Muara Enim 459 PT PG Rajawali II 496 PT PP Urban
II/Muara Enim II Block
PT Pertamina Hulu Energi OSES -
423 460 PT PGAS Solution 497 PT PPA Finance
Blok OSES/OSES Block
PT Pertamina Hulu Energi W
PT PGAS Telekomunikasi
424 Madura Offshore - Blok West 461 498 PT PPA Kapital
Nusantara
Madura/West Madura Block
425 PT Pertamina Hulu Indonesia 462 PT PGN LNG Indonesia 499 PT Pratama Mitra Sejati
PT Pertamina Hulu Kalimantan
426 463 PT Phapros Tbk 500 PT Prima Armada Raya
Timur
PT PHE Metana Sumatera Tanjung
427 PT Pertamina Hulu Mahakam 464 501 PT Prima Bara Indonesia
Enim
394
1342 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1345
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
56. TRANSAKSI DENGAN PIHAK-PIHAK BERELASI 56. RELATED PARTY TRANSACTIONS (continued)
(lanjutan)
Transaksi usaha yang signifikan dengan pihak-pihak Significant transactions with related parties are as
berelasi sebagai berikut: (lanjutan) follows: (continued)
Hubungan pihak berelasi dengan entitas Related parties relationship with government
Pemerintah: (lanjutan) related entities: (continued)
No. Pihak berelasi/Related parties No. Pihak berelasi/Related parties No. Pihak berelasi/Related parties
a. Entitas Anak dari BUMN/Subsidiary of State Owned Enterprise (lanjutan/continued)
502 PT Prima Husada Cipta Medan 543 PT Rolas Nusantara Tambang 584 PT Semen Indonesia Logistik
503 PT Prima Indonesia Logistik 544 PT Rumah Sakit Pelabuhan 585 PT Semen Padang
PT Prima Layanan Nasional
504 545 PT Rumah Sakit Pelni 586 PT Semen Tonasa
Enjiniring
PT Prima Layanan Niaga Suku
505 546 PT Sabre Travel Network Indonesia 587 PT Senggigi Pratama internasional
Cadang
506 PT Prima Medica Nusantara 547 PT Sahung Brantas Energi 588 PT Sepatim Batamtama
507 PT Prima Multi Terminal 548 PT Saka Eksplorasi Baru 589 PT Sepoetih Daya Prima
508 PT Prima Pengembangan Kawasan 549 PT Saka Eksplorasi Ventura 590 PT SI International Trading Pte, Ltd
509 PT Prima Power Nusantara 550 PT Saka Energi Bangkanai Barat 591 PT SIER Puspa Utama
510 PT Prima Terminal Petikemas 551 PT Saka Energi Indonesia 592 PT Sigma Cipta Caraka
511 PT Propernas Griya Utama 552 PT Saka Energi Sepinggan 593 PT Sigma Cipta Utama
512 PT Pupuk Indonesia Logistik 553 PT Saka Energi Sepinggan Timur 594 PT Sigma Mitra Sejati
513 PT Pupuk Indonesia Niaga 554 PT Sang Hyang Seri 595 PT Sigma Utama
514 PT Pupuk Indonesia Pangan 555 PT Sarana Bandar Logistik 596 PT Sinergi Colomadu
515 PT Pupuk Indonesia Utilitas 556 PT Sarana Bandar Nasional 597 PT Sinergi Gula Nusantara
PT Sinergi Informatika Semen
516 PT Pupuk Iskandar Muda 557 PT Sarana Bengkulu Ventura 598
Indonesia
517 PT Pupuk Kalimantan Timur 558 PT Sarana Jabar Ventura 599 PT Sinergi Mitra Investama
518 PT Pupuk Kujang 559 PT Sarana Jakarta Ventura 600 PT Sinergi Mitra Lestari Indonesia
519 PT Pupuk Sriwidjaja Palembang 560 PT Sarana Jambi Ventura 601 PT Sinergi Mitra Operasi Rembang
520 PT Puspetindo 561 PT Sarana Jateng Ventura 602 PT Sinergi Perkebunan Nusantara
521 PT Pusri Agro Lestari 562 PT Sarana Jatim Ventura 603 PT Sinkona Indonesia Lestari
522 PT Putra Suralaya Indotenaga 563 PT Sarana Kalbar Ventura 604 PT Sintas Kurama Perdana
523 PT Putra Wijayakusuma Sakti 564 PT Sarana Kalsel Ventura 605 PT Solusi Bangun Andalas
524 PT Railink 565 PT Sarana Kalteng Ventura 606 PT Solusi Bangun Beton
525 PT Rajawali Citramass 566 PT Sarana Kaltim Ventura 607 PT Solusi Bangun Indonesia
526 PT Rajawali Nusindo 567 PT Sarana Papua Ventura 608 PT Solusi Energy Nusantara
527 PT Rajawali Tanjungsari Enjiniring 568 PT Sarana Riau Ventura 609 PT Sri Pamela Medika Nusantara
528 PT Rantepao Hidro Energi 569 PT Sarana Sulsel Ventura 610 PT Sucofindo
PT READYMIX CONCRETE
529 570 PT Sarana Sulut Ventura 611 PT Sucofindo Advisory Utama
INDONESIA
530 PT Reasuransi Nasional Indonesia 571 PT Sarana Surakarta Ventura 612 PT Sucofindo Episi
531 PT Reasuransi Syariah Indonesia 572 PT Sari Valuta Asing 613 PT Sumberdaya Arindo
PT Surabaya Industrial Estate
532 PT Rekadaya Elektrika Consult 573 PT Sarinah 614
Rungkut
533 PT Rekaindo Global Jasa 574 PT Satria Bahana Sarana 615 PT Suralaya Indo Tenaga
PT Surveyor Carbon Consulting
534 PT Rekayasa Cakrawala Resources 575 PT SBI Bangun Nusantara 616
Indonesia
535 PT Rekayasa Industri 576 PT Sei Mangkei Nusantara Tiga 617 PT Surveyor Indonesia
PT Rekayasa Industri Engineering &
536 577 PT Semen Baturaja Tbk 618 PT Surya Energi Indotama
Construction
537 PT Rekind Daya Mamuju 578 PT Semen Gresik 619 PT Swadarma Sarana Informatika
PT Synergy Risk Management
538 PT Reksa Sentosa Dinamika 579 PT Semen Indogreen Sentosa 620
Consultant
539 PT Reska Multi Usaha 580 PT Semen Indonesia Aceh 621 PT Tanjung Alam Jaya
540 PT Riset Perkebunan Nusantara 581 PT Semen Indonesia Beton 622 PT Tanjung Emas Daya Sejahtera
541 PT Rolas Nusantara Mandiri 582 PT Semen Indonesia Distributor 623 PT Taspen Abadi Sentosa
PT Telekomunikasi Indonesia
542 PT Rolas Nusantara Medika 583 PT Semen Indonesia International 624
International
395
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1343
Page 1346
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
56. TRANSAKSI DENGAN PIHAK-PIHAK BERELASI 56. RELATED PARTY TRANSACTIONS (continued)
(lanjutan)
Transaksi usaha yang signifikan dengan pihak-pihak Significant transactions with related parties are as
berelasi sebagai berikut (lanjutan): follows: (continued)
Hubungan pihak berelasi dengan entitas Related parties relationship with government
Pemerintah (lanjutan): related entities: (continued)
No. Pihak berelasi/Related parties No. Pihak berelasi/Related parties No. Pihak berelasi/Related parties
a. Entitas Anak dari BUMN/Subsidiary of State Owned Enterprise (lanjutan/continued)
625 PT Telekomunikasi Selular 647 PT Transjawa Paspro Jalan Tol 669 PT Widar Mandripa Indonesia
626 PT Telemedia Dinamika Sarana 648 PT Tugu Pratama Interindo 670 PT Widya Tirta Selaras
627 PT Telkom Akses 649 PT Tugu Reasuransi Indonesia 671 PT Wijaya Karya Aspal
PT Wijaya Karya Bangunan Gedung
628 PT Telkom Data Ekosistem 650 PT TWC BP dan RB 672
Tbk
629 PT Telkom Infrastruktur Indonesia 651 PT United Tractors Semen Gresik 673 PT Wijaya Karya Beton Tbk
630 PT Telkom Landmark Tower 652 PT Varia Usaha Bahari 674 PT Wijaya Karya Bitumen
PT Wijaya Karya Industri dan
631 PT Telkom Satelit Indonesia 653 PT Varia Usaha Beton 675
Konstruksi
632 PT Telkomsel Ekosistem Digital 654 PT Varia Usaha Dharma Segara 676 PT Wijaya Karya Komponen Beton
633 PT Telkomsel Mitra Inovasi 655 PT Varia Usaha Fabrikasi 677 PT Wijaya Karya Realty
634 PT Tembakau Deli Medica 656 PT Varia Usaha Lintas Segara 678 PT Wijaya Karya Rekayasa Konstruksi
635 PT Terang Wahana Hijau 657 PT Waskita Beton Precast Tbk 679 PT WIKA Krakatau Beton
636 PT Terminal Petikemas Surabaya 658 PT Waskita Bumi Wira 680 PT WIKA Pracetak Gedung
637 PT Terminal Teluk Lamong 659 PT Waskita Fim Perkasa Realti 681 PT WIKA Serang Panimbang
638 PT Tiar Daya Hidro 660 PT Waskita Karya Infrastruktur 682 PT WIKA Tirta Jaya Jatiluhur
639 PT Timah Agro Manunggal 661 PT Waskita Karya Realty 683 PT Wisma Seratus Sejahtera
640 PT Timah Industri 662 PT Waskita Modern Realti 684 PT Yasa Industri Nusantara
641 PT Timah Investasi Mineral 663 PT Waskita Sangir Energi 685 PT. Mitra Transaksi Indonesia
642 PT Timah Karya Persada Properti 664 PT Waskita Sriwijaya Tol 686 Saka Indonesia Pangkah BV
643 PT Timah Tbk 665 PT Waskita Toll Road 687 Saka Pangkah LLC
644 PT Tirta Tangsel Mandiri 666 PT Waskita Transjawa Tol Road 688 Timah International Investment
645 PT Tracon Industri 667 PT Waskita Wado Energi
646 PT Trans Optima Luhur 668 PT Wege Solusi Proklamasi
b. Entitas Asosiasi dari BUMN/Associate Company of State Owned Enterprise
689 PT Asuransi Jiwa Inhealth PT Jakarta Industrial Estate
698 707 PT Menara Antam Sejahtera
Indonesia Pulogadung
690 PT Jasamarga Jalanlayang
PT Bandara Internasional Batam 699 708 PT Minahasa Brantas Energi
Cikampek
691 PT Belawan New Container PT New Priok Container Terminal
700 PT Jasamarga Jogja Solo 709
Terminal One
692 PT Biro Klasifikasi Indonesia 701 PT Jasamarga Pandaan Malang 710 PT Petro Jordan Abadi
693 PT BRI Danareksa Sekuritas 702 PT Kalimantan Agro Nusantara 711 PT Petrokopindo Cipta Selaras
694 PT Fintek Karya Nusantara 703 PT Krakatau Posco 712 PT Prima Citra Nutrindo
695 PT Freeport Indonesia 704 PT Krakatau Semen Indonesia 713 PT Vale Indonesia Tbk
696 PT Krakatau Wajatama Osaka Steel
PT Indo Pusaka Berau 705
Marketing
697 PT Industri Baterai Indonesia 706 PT Marga Mandalasakti
c. Ventura Bersama
714 Waskita - KMP
d. Badan Usaha Milik Negara/State Owned Enterprise
PT Bahana Pembinaan Usaha
715 Perum Bulog 725 Perum Produksi Film Negara 735
Indonesia (Persero)
PT Bank Negara Indonesia (Persero)
716 Perum Damri 726 PT Adhi Karya (Persero) Tbk 736
Tbk
PT Agrinas Jaladri Nusantara
PT Bank Rakyat Indonesia (Persero)
717 Perum Jasa Tirta I 727 (Persero) (dahulu PT Virama 737
Tbk
Karya (Persero))
PT Agrinas Palma Nusantara
PT Bank Tabungan Negara (Persero)
718 Perum Jasa Tirta II 728 (Persero) (dahulu PT Indra Karya 738
Tbk
(Persero))
PT Agrinas Pangan Nusantara
Perum Lembaga Kantor Berita
719 729 (Persero) (dahulu PT Yodya Karya 739 PT Barata Indonesia (Persero)
Nasional Antara
(Persero))
720 Perum LPPNPI 730 PT Amarta Karya (Persero) 740 PT BioFarma (Persero)
Perum Percetakan Negara
721 731 PT ASABRI (Persero) 741 PT Boma Bisma Indra (Persero)
Republik Indonesia
Perum Percetakan Uang Republik
722 732 PT ASDP Indonesia Ferry (Persero) 742 PT Brantas Abipraya (Persero)
Indonesia
723 Perum Perhutani 733 PT Asuransi Jiwasraya (Persero) 743 PT Danareksa (Persero)
PT Aviasi Pariwisata Indonesia
724 Perum Perumnas 734 744 PT Djakarta Lloyd (Persero)
(Persero)
396
1344 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1347
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
56. TRANSAKSI DENGAN PIHAK-PIHAK BERELASI 56. RELATED PARTY TRANSACTIONS (continued)
(lanjutan)
Transaksi usaha yang signifikan dengan pihak-pihak Significant transactions with related parties are as
berelasi sebagai berikut: (lanjutan) follows: (continued)
Hubungan pihak berelasi dengan entitas Related parties relationship with Government
Pemerintah: (lanjutan) related entities: (continued)
No. Pihak berelasi/Related parties No. Pihak berelasi/Related parties No. Pihak berelasi/Related parties
d. Badan Usaha Milik Negara (lanjutan)/State Owned Enterprise (continued)
PT Dok dan Perkapalan Kodja
745 757 PT LEN Industri (Persero) 768 PT Primissima (Persero)
Bahari (Persero)
PT Dok dan Perkapalan Surabaya PT Mineral Industri Indonesia
746 758 769 PT Pupuk Indonesia (Persero)
(Persero) (Persero)
PT Garuda Indonesia (Persero) PT Rajawali Nusantara Indonesia
747 759 PT PANN (Persero) 770
Tbk (Persero)
PT Reasuransi Indonesia Utama
748 PT Hutama Karya (Persero) 760 PT PDI Pulau Batam (Persero) 771
(Persero)
749 PT Indah Karya (Persero) 761 PT Pelabuhan Indonesia (Persero) 772 PT Semen Indonesia (Persero) Tbk
PT Industri Kapal Indonesia PT Pelayaran Nasional Indonesia
750 762 773 PT Semen Kupang Indonesia
(Persero) (Persero)
PT Pembangunan Perumahan
751 PT Industri Kereta Api (Persero) 763 774 PT Taspen (Persero)
(Persero) Tbk
PT Perkebunan Nusantara III
752 PT Industri Nuklir Indonesia 764 775 PT Telkom Indonesia (Persero) Tbk
(Persero)
PT Industri Telekomunikasi
753 765 PT Pertamina (Persero) 776 PT Varuna Tirta Prakasya (Persero)
Indonesia (Persero)
PT Perusahaan Listrik Negara
754 PT Jasa Marga (Persero) Tbk 766 777 PT Waskita Karya (Persero) Tbk
(Persero)
755 PT Kereta Api Indonesia (Persero) 767 PT Pos Indonesia (Persero) 778 PT Wijaya Karya (Persero) Tbk
756 PT Krakatau Steel (Persero) Tbk
e. Lembaga Jaminan Sosial/Social Security Institution
Perusahaan Penerbit SBSN
779 BPJS Kesehatan 780 BPJS Ketenagakerjaan 781
Indonesia
f. Lembaga Keuangan/Financial Institution
Lembaga Pembiayaan Ekspor PT Sarana Multi Infrastruktur
782 784 PT Indonesia Infrastruktur Finance 786
Indonesia (Persero)
Lembaga Pengelola Investasi PT Penjaminan Infrastruktur
783 785 787 PT Sarana Multigriya Finansial
(Indonesia Investment Authority) Indonesia
g. Entitas Berelasi Lainnya/Others Related Entity
Badan Pengelola Investasi (BPI) PT Danantara Asset Management PT Danantara Investment
788 790 791
Danantara (DAM) Management (DIM)
789 PT Bina Karya (Persero)
Sifat dari transaksi dengan pihak-pihak berelasi Nature of transactions with government related
entitas pemerintah antara lain adalah giro pada entities are current accounts with other banks,
bank lain, penempatan pada bank lain, efek-efek, placements with other banks, marketable securities,
obligasi pemerintah, tagihan lainnya - transaksi government bonds, other receivables - trade
perdagangan, tagihan atas efek-efek yang dibeli transaction, securities purchased under agreements
dengan janji dijual kembali, tagihan derivatif, kredit to resell, derivative receivables, loans and sharia
yang diberikan dan piutang/pembiayaan syariah, receivables/financing, consumer financing
piutang pembiayaan konsumen, tagihan akseptasi, receivables, acceptance receivables, investment in
penyertaan saham, simpanan dari nasabah, shares, deposit from customers, deposits from other
simpanan dari bank lain, liabilitas derivatif, liabilitas bank, derivative liabilities, acceptance payables, debt
akseptasi, efek-efek yang diterbitkan, pinjaman securities issued, fund borrowings, subordinated loans
yang diterima, pinjaman dan efek-efek subordinasi, and marketable securities, temporary syirkah funds
dana syirkah temporer, fasilitas kredit yang unused loan facility, outstanding irrevocable letter of
diberikan yang belum digunakan, letter of credit credit, guarantees issued in the form of bank
yang tidak dapat dibatalkan yang masih berjalan guarantee and irrevocable letter of credit, and standby
garansi yang diberikan dalam bentuk bank garansi, letter of credit.
dan standby letter of credit.
397
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1345
Page 1348
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
56. TRANSAKSI DENGAN PIHAK-PIHAK BERELASI 56. RELATED PARTY TRANSACTIONS (continued)
(lanjutan)
Transaksi usaha yang signifikan dengan pihak-pihak Significant transactions with related parties are as
berelasi sebagai berikut: (lanjutan) follows: (continued)
Hubungan pihak berelasi dengan entitas Related parties relationship with Government
Pemerintah: (lanjutan) related entities: (continued)
Dalam menjalankan kegiatan usahanya, Grup juga In the ordinary course of its business, the Group also
melakukan transaksi pembelian atau penggunaan purchases or pays for services, such as
jasa seperti biaya telekomunikasi, biaya listrik, dan telecommunication expenses, utility expenses, and
biaya lainnya dengan pihak-pihak berelasi entitas other expenses to government related entities.
pemerintah.
Hubungan manajemen atau karyawan kunci Transactions with management and key personnel
Bank Mandiri: of Bank Mandiri:
Imbalan kerja jangka pendek dan Imbalan kerja Short-term employment benefits and Long-term
jangka panjang untuk Dewan Komisaris, Direksi, employment benefits of the Boards of Commissioners,
Komite Audit dan Komite Pemantau Risiko, Dewan Directors, Audit Committee and Risk Oversight
Pengawas Syariah serta Senior Executive Vice Committee, Sharia Supervisory Board, and Senior
President dan Senior Vice President untuk tahun Executive Vice President, and Senior Vice President
yang berakhir pada tanggal 31 Desember 2025 dan for the year ended 31 December 2025 and 2024
2024 masing-masing sebesar Rp1.238.593 dan amounted to Rp1,238,593 and Rp2,708,912 or 1.83%
Rp2.708.912 atau 1,83% dan 4,62% dari jumlah and 4.62% of total consolidated other operating
beban operasional lainnya konsolidasian, dengan expenses, respectively, as follows:
rincian sebagai berikut:
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Imbalan kerja jangka pendek 1.184.835 2.651.613 Short-term employment benefits
Imbalan kerja jangka panjang 53.758 57.299 Long-term employment benefits
Total 1.238.593 2.708.912 Total
Rincian saldo transaksi dengan pihak-pihak berelasi Details of transactions with related parties as of are as
adalah sebagai berikut: follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Aset Assets
Giro pada bank lain (Catatan 5a) Current accounts with other banks (Note 5a)
PT Bank Negara Indonesia (Persero) Tbk 146.943 151.749 PT Bank Negara Indonesia (Persero) Tbk
PT Bank Rakyat Indonesia (Persero) Tbk 28.774 38.384 PT Bank Rakyat Indonesia (Persero) Tbk
PT Bank Tabungan Negara (Persero) Tbk 26.176 4.278 PT Bank Tabungan Negara (Persero) Tbk
201.893 194.411
Penempatan pada Bank Indonesia dan bank lain Placements with Bank Indonesia and other
(Catatan 6b dan 6c) 1.286.559 3.107.120 banks (Note 6b dan 6c)
Efek-efek (Catatan 7a) Marketable securities (Note 7a)
PT BNI Asset Management 3.500.000 3.500.000 PT BNI Asset Management
Pemerintah Republik Indonesia melalui The Goverment of the Republic of
Kementerian 2.919.596 4.029.685 Indonesia through the Ministry
PT Bank Rakyat Indonesia (Persero) Tbk 1.762.667 1.316.089 PT Bank Rakyat Indonesia (Persero) Tbk
PT BRI Danareksa Sekuritas 1.450.000 1.450.000 PT BRI Danareksa Sekuritas
PT Bahana TCW Investment Management 1.416.843 1.480.137 PT Bahana TCW Investment Management
PT Pertamina (Persero) 942.991 696.295 PT Pertamina (Persero)
PT Hutama Karya (Persero) Tbk 903.000 903.000 PT Hutama Karya (Persero) Tbk
PT Bank Negara Indonesia (Persero) Tbk 692.335 363.917 PT Bank Negara Indonesia (Persero) Tbk
PT Telkom Indonesia (Persero) Tbk 557.828 638.809 PT Telkom Indonesia (Persero) Tbk
PT Pupuk Indonesia (Persero) 389.000 389.000 PT Pupuk Indonesia (Persero)
PT Pelabuhan Indonesia (Persero) 250.000 856.282 PT Pelabuhan Indonesia (Persero)
PT Perusahaan Listrik Negara (Persero) 226.606 459.167 PT Perusahaan Listrik Negara (Persero)
PT Indonesia Asahan Aluminium 206.061 876.080 PT Indonesia Asahan Aluminium
Lainnya 1.817.370 3.264.614 Others
17.034.297 20.223.075
398
1346 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1349
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
56. TRANSAKSI DENGAN PIHAK-PIHAK BERELASI 56. RELATED PARTY TRANSACTIONS (continued)
(lanjutan)
Transaksi usaha yang signifikan dengan pihak-pihak Significant transactions with related parties are as
berelasi sebagai berikut: (lanjutan) follows: (continued)
Hubungan manajemen atau karyawan kunci Transactions with management and key
Bank Mandiri: (lanjutan) personnel of Bank Mandiri: (continued)
Rincian saldo transaksi dengan pihak-pihak berelasi Details of transactions with related parties as of are as
adalah sebagai berikut: follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Aset (lanjutan) Assets (continued)
Obligasi pemerintah (Catatan 8) 292.817.548 287.272.659 Government bonds (Note 8)
Tagihan lainnya - transaksi perdagangan Other receivables - trade
(Catatan 9a) transactions (Note 9a)
PT Pembangunan Perumahan PT Pembangunan Perumahan
(Persero) Tbk 3.732.358 3.914.245 (Persero) Tbk
PT PP Presisi Tbk 485.978 278.804 PT PP Presisi Tbk
PT Wijaya Karya Beton Tbk 243.673 289.709 PT Wijaya Karya Beton Tbk
PT Semen Padang 203.577 250.862 PT Semen Padang
PT Prima Layanan Niaga Suku Cadang 173.248 96.883 PT Prima Layanan Niaga Suku Cadang
PT Semen Indonesia (Persero) Tbk 152.637 972.838 PT Semen Indonesia (Persero) Tbk
PT Semen Tonasa 146.797 136.462 PT Semen Tonasa
PT Adhi Persada Beton 116.172 117.471 PT Adhi Persada Beton
PT Wijaya Karya Bangunan Gedung Tbk 115.343 209.403 PT Wijaya Karya Bangunan Gedung Tbk
PT Semen Baturaja Tbk 98.263 88.030 PT Semen Baturaja Tbk
PT Nindya Karya 74.126 - PT Nindya Karya
PT United Tractors Semen Gresik 64.040 67.077 PT United Tractors Semen Gresik
PT Pindad (Persero) 58.575 84.281 PT Pindad (Persero)
PT Dayamitra Telekomunikasi Tbk 56.755 - PT Dayamitra Telekomunikasi Tbk
PT Pupuk Iskandar Muda 32.391 - PT Pupuk Iskandar Muda
PT Elnusa Tbk 25.248 79.121 PT Elnusa Tbk
PT Jasamarga Tollroad Maintenance 18.264 70.488 PT Jasamarga Tollroad Maintenance
PT Petrokimia Gresik 6.825 - PT Petrokimia Gresik
PT Krakatau Steel (Persero) Tbk - 27.357 PT Krakatau Steel (Persero) Tbk
Lainnya 1.076.387 371.636 Lainnya
6.880.657 7.054.667
Tagihan atas efek-efek yang dibeli dengan Securities purchased under
janji dijual kembali (Catatan 10a) agreements to resell (Note 10a)
PT Bank Negara Indonesia (Persero) Tbk 52.242 - PT Bank Negara Indonesia (Persero) Tbk
PT Bank Rakyat Indonesia (Persero) Tbk - 4.613 PT Bank Rakyat Indonesia (Persero) Tbk
52.242 4.613
Tagihan derivatif (Catatan 11) Derivative receivables (Note 11)
PT Perusahaan Listrik Nasional PT Perusahaan Listrik Negara
(Persero) 2.752.706 2.682.766 (Persero)
PT Pertamina Patra Niaga 68.120 20.337 PT Pertamina Patra Niaga
PT Bank Negara Indonesia (Persero) Tbk 19.251 40.022 PT Bank Negara Indonesia (Persero) Tbk
PT Bank Rakyat Indonesia (Persero) Tbk 17.519 - PT Bank Rakyat Indonesia (Persero) Tbk
PT Kilang Pertamina Internasional 10.192 20.896 PT Kilang Pertamina Internasional
Lainnya 162.192 184.974 Others
3.029.980 2.948.995
Kredit yang diberikan dan piutang/pembiayaan Loans and sharia receivables/financing
syariah (Catatan 12A.a) (Note 12A.a)
Pemerintah Republik Indonesia melalui The Goverment of Republic of
Kementerian 115.115.269 85.182.125 Indonesia through the Ministry
PT Agrinas Pangan Nusantara (Persero) (dahulu PT Agrinas Pangan Nusantara (Persero)
PT Yodya Karya (Persero)) 46.697.487 - (formerly PT Yodya Karya (Persero))
PT Perusahaan Listrik Negara (Persero) 43.422.071 17.233.247 PT Perusahaan Listrik Negara (Persero)
PT Pelabuhan Indonesia (Persero) 19.458.601 10.986.502 PT Pelabuhan Indonesia (Persero)
PT Pegadaian 12.640.994 20.071.777 PT Pegadaian
PT Perkebunan Nusantara IV 9.740.780 9.804.930 PT Perkebunan Nusantara IV
PT Angkasa Pura Indonesia 8.710.849 9.409.018 PT Angkasa Pura Indonesia
PT Cibitung Tanjung Priok Port Tollways 8.630.789 1.814.093 PT Cibitung Tanjung Priok Port Tollways
PT Kereta Api Indonesia (Persero) 8.161.666 9.314.887 PT Kereta Api Indonesia (Persero)
PT Waskita Karya (Persero) Tbk 7.939.832 8.448.348 PT Waskita Karya (Persero) Tbk
Lainnya 122.329.241 119.370.173 Others
402.847.579 291.635.100
399
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1347
Page 1350
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
56. TRANSAKSI DENGAN PIHAK-PIHAK BERELASI 56. RELATED PARTY TRANSACTIONS (continued)
(lanjutan)
Rincian saldo transaksi dengan pihak-pihak berelasi Details of transactions with related parties are as follows:
sebagai berikut: (lanjutan) (continued)
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Aset (lanjutan) Assets (continued)
Piutang pembiayaan konsumen (Catatan 13a) Consumer financing receivables (Note 13a)
Lainnya 4.257 41.346 Others
Tagihan akseptasi (Catatan 15a) Acceptance receivables (Note 15a)
PT Pembangunan Perumahan (Persero) Tbk 662.728 764.209 PT Pembangunan Perumahan (Persero) Tbk
PT Bank Rakyat Indonesia (Persero) Tbk 128.074 183.941 PT Bank Rakyat Indonesia (Persero) Tbk
PT Bank Negara Indonesia (Persero) Tbk 104.762 234.771 PT Bank Negara Indonesia (Persero) Tbk
PT Pindad 71.022 56.721 PT Pindad
PT Wijaya Karya Beton Tbk 64.911 21.898 PT Wijaya Karya Beton Tbk
PT Bank Tabungan Negara (Persero) Tbk 16.306 - PT Bank Tabungan Negara (Persero) Tbk
PT Nindya Karya 7.632 10.507 PT Nindya Karya
PT PP Presisi Tbk 5.945 67.186 PT PP Presisi Tbk
PT Semen Baturaja Tbk 4.259 - PT Semen Baturaja Tbk
PT Wijaya Karya Bangunan Gedung Tbk 2.523 21.785 PT Wijaya Karya Bangunan Gedung Tbk
PT Brantas Abipraya (Persero) 257 - PT Brantas Abipraya (Persero)
PT PP Urban - 28.633 PT PP Urban
PT Dirgantara Indonesia (Persero) - 143.418 PT Dirgantara Indonesia (Persero)
PT Pertamina Patra Niaga - 136.295 PT Pertamina Patra Niaga
Lainnya 92.874 29.500 Lainnya
1.161.293 1.698.864
Penyertaan saham (Catatan 16a) Investments in shares (Note 16a)
PT Fintek Karya Nusantara 359.718 586.554 PT Fintek Karya Nusantara
PT Asuransi Jiwa Inhealth Indonesia 402.536 436.588 PT Asuransi Jiwa Inhealth Indonesia
762.254 1.023.142
Total aset kepada pihak-pihak berelasi 726.078.559 615.203.992 Total assets with related parties
Total aset konsolidasian 2.829.948.026 2.427.223.262 Total consolidated assets
Persentase total aset kepada pihak-pihak berelasi Percentage of total assets with related
terhadap total aset konsolidasian 25,66% 25,35% parties to total consolidated assets
Liabilitas Liabilities
Simpanan dari nasabah Deposits from customers
Giro dan giro wadiah Demand deposits and wadiah demand
(Catatan 21a) deposits (Note 21a)
Entitas dan Lembaga Pemerintah 196.569.720 152.710.426 Government Body and Entity
Manajemen kunci 367 106 Key management
Lainnya 678.750 1.444.940 Others
197.248.837 154.155.472
Tabungan dan tabungan wadiah Saving deposits and wadiah saving
(Catatan 22a) deposit (Note 22a)
Entitas dan Lembaga Pemerintah 4.788.351 5.986.525 Government Body and Entity
Manajemen kunci 220.606 260.175 Key management
Lainnya 91.562 92.343 Others
5.100.519 6.339.043
Deposito berjangka (Catatan 23a) Time deposits (Note 23a)
Entitas dan Lembaga Pemerintah 200.566.524 49.933.020 Government Body and Entity
Manajemen kunci 126.365 219.493 Key management
Lainnya 5.572.604 3.337.785 Others
206.265.493 53.490.298
Simpanan dari bank lain Deposits from other banks
Giro, giro wadiah dan tabungan Demand deposits, wadiah demand
(Catatan 24a) deposits and saving deposits (Note 24a)
Entitas dan Lembaga Pemerintah 100.827 4.298.212 Government Body and Entity
Lainnya 847 1.024 Others
101.674 4.299.236
400
1348 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1351
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
56. TRANSAKSI DENGAN PIHAK-PIHAK BERELASI 56. RELATED PARTY TRANSACTIONS (continued)
(lanjutan)
Rincian saldo transaksi dengan pihak-pihak berelasi Details of transactions with related parties are as follows:
sebagai berikut: (lanjutan) (continued)
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Liabilitas (lanjutan) Liabilities (continued)
Inter-bank call money (Catatan 25a) Inter-bank call money (Note 25a)
Entitas dan Lembaga Pemerintah 750.375 1.931.400 Government Body and Entity
Deposito berjangka (Catatan 26a) Time deposits (Note 26a)
Entitas dan Lembaga Pemerintah 817.075 289.710 Government Body and Entity
Liabilitas atas efek - efek yang dijual dengan Securities sold under agreements to
janji dibeli kembali (Catatan 28) repurchase liabilities (Note 28)
PT Bank Tabungan Negara (Persero) Tbk 20.212 - PT Bank Tabungan Negara (Persero) Tbk
Liabilitas derivatif (Catatan 11) Derivative payables (Note 11)
PT Perusahaan Listrik Negara (Persero) 2.413.612 2.057.169 PT Perusahaan Listrik Negara (Persero)
PT Bank Rakyat Indonesia (Persero) Tbk 19.124 - PT Bank Rakyat Indonesia (Persero) Tbk
PT Pertamina Patra Niaga 13.998 16.847 PT Pertamina Patra Niaga
PT Kilang Pertamina Internasional 8.584 1.216 PT Kilang Pertamina Internasional
Lainnya 12.519 58.272 Others
2.467.837 2.133.504
Liabilitas akseptasi (Catatan 29a) Acceptance payables (Note 29a)
PT Bank Negara Indonesia (Persero) Tbk 1.139.389 732.647 PT Bank Negara Indonesia (Persero) Tbk
PT Bank Rakyat Indonesia (Persero) Tbk 280.965 1.624.925 PT Bank Rakyat Indonesia (Persero) Tbk
PT Pertamina Petrochemical Trading 171.490 - PT Pertamina Petrochemical Trading
PT Krakatau Baja Konstruksi 35.507 86.486 PT Krakatau Baja Konstruksi
PT Krakatau Baja Industri 28.960 59.663 PT Krakatau Baja Industri
PT Pembangunan Perumahan PT Pembangunan Perumahan
(Persero) Tbk 19.364 19.865 (Persero) Tbk
PT Solusi Bangun Beton 10.761 17.870 PT Solusi Bangun Beton
PT Timah Industri - 10.475 PT Timah Industri
Lainnya 41.896 13.356 Lainnya
1.728.332 2.565.287
Efek-efek yang diterbitkan (Catatan 30) 6.425.220 4.580.825 Debt securities issued (Note 30)
Pinjaman yang diterima (Catatan 36) 2.245.296 4.627.957 Fund borrowings (Note 36)
Pinjaman dan efek-efek subordinasi Subordinated loans and marketable
(Catatan 37) 35.000 40.000 securities (Note 37)
Total liabilitas kepada pihak-pihak berelasi 423.205.870 234.452.732 Total liabilities with related parties
Total liabilitas konsolidasian 2.212.925.204 1.860.408.316 Total consolidated liabilities
Persentase total liabilitas kepada pihak - pihak Percentage of total liabilities with related
berelasi terhadap total liabilitas konsolidasian 19,12% 12,60% parties to total consolidated liabilities
Dana syirkah temporer (Catatan 38) Temporary syirkah funds (Note 38)
Entitas dan Lembaga Pemerintah 65.928.389 57.487.931 Government Body and Entity
Manajemen kunci 129.562 92.660 Key management
Lainnya 359.935 351.111 Others
66.417.886 57.931.702
Total dana syirkah temporer 289.620.824 253.340.265 Total Temporary syirkah funds
Persentase terhadap total dana syirkah Percentage to total temporary syirkah
temporer 22,93% 22,87% funds
401
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1349
Page 1352
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
56. TRANSAKSI DENGAN PIHAK-PIHAK BERELASI 56. RELATED PARTY TRANSACTIONS (continued)
(lanjutan)
Rincian saldo transaksi dengan pihak-pihak berelasi Details of transactions with related parties are as follows:
sebagai berikut: (lanjutan) (continued)
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Laporan laba rugi dan penghasilan Statement of profit or loss and other
komprehensif lain comprehensive income
Pendapatan bunga dari obligasi Interest income from government
pemerintah dan SPN (Catatan 41) 14.146.067 15.186.343 bonds and treasury bills (Note 41)
Total Pendapatan bunga 164.412.466 151.236.027 Total Interest income
Persentase terhadap pendapatan bunga dan Percentage to interest income and sharia
pendapatan syariah 8,60% 10,04% income
Beban bunga pinjaman yang diterima Interest expense from fund
(Catatan 42) 216.163 251.816 borrowings (Note 42)
Total Beban bunga 58.202.431 49.479.107 Total Interest expense
Persentase terhadap beban bunga dan beban Percentage to interest expense and
syariah 0,37% 0,51% sharia expense
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Komitmen dan kontinjensi Commitments and contingencies
(Catatan 54) (Note 54)
Fasilitas kredit yang diberikan yang belum
digunakan Unused loan facilities
Pemerintah Republik Indonesia melalui The Goverment of Republic of
Kementerian 80.383.539 43.367.362 Indonesia through the Ministry
PT Pertamina (Persero) 16.631.277 16.589.453 PT Pertamina (Persero)
PT Pegadaian (Persero) 5.858.973 1.789.890 PT Pegadaian (Persero)
PT Freeport Indonesia 3.144.429 3.035.057 PT Freeport Indonesia
PT LEN Industri (Persero) 2.006.202 10.372 PT LEN Industri (Persero)
Badan Pengelola Investasi Badan Pengelola Investasi (BPI)
(BPI) Danantara 2.000.000 - Danantara
PT Pertamina Patra Niaga 1.500.401 1.043.592 PT Pertamina Patra Niaga
PT Pelabuhan Indonesia (Persero) 1.393.417 1.344.064 PT Pelabuhan Indonesia (Persero)
PT Barata Indonesia (Persero) 1.150.000 - PT Barata Indonesia (Persero)
PT Mineral Industri Indonesia PT Mineral Industri Indonesia
(Persero) 1.121.094 1.402.969 (Persero)
Lainnya 13.392.863 39.157.662 Others
128.582.195 107.740.421
Letter of credit yang tidak dapat dibatalkan Outstanding irrevocable letter of credit
yang masih berjalan
PT Kereta Api Indonesia (Persero) 2.868.181 3.599.685 PT Kereta Api Indonesia (Persero)
PT Pindad 2.320.221 914.949 PT Pindad
PT Kilang Pertamina International 1.885.850 201.744 PT Kilang Pertamina International
PT Perusahaan Listrik Negara 1.698.851 1.778.828 PT Perusahaan Listrik Negara
PT Pembangunan Perumahan PT Pembangunan Perumahan
(Persero) Tbk 1.217.716 617.315 (Persero) Tbk
PT Pertamina Patra Niaga 483.575 39.087 PT Pertamina Patra Niaga
402
1350 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1353
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
56. TRANSAKSI DENGAN PIHAK-PIHAK BERELASI 56. RELATED PARTY TRANSACTIONS (continued)
(lanjutan)
Rincian saldo transaksi dengan pihak-pihak berelasi Details of transactions with related parties are as follows:
sebagai berikut: (lanjutan) (continued)
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Komitmen dan kontinjensi Commitments and contingencies
(Catatan 54) (lanjutan) (Note 54) (continued)
Letter of credit yang tidak dapat dibatalkan Outstanding irrevocable letter of credit
yang masih berjalan (lanjutan) (continued)
PT Pupuk Kalimantan Timur 251.426 135.032 PT Pupuk Kalimantan Timur
PT Indonesia Power 250.137 316.403 PT Indonesia Power
PT Pupuk Sriwidjaja Palembang 246.088 178.347 PT Pupuk Sriwidjaja Palembang
PT PAL Indonesia 243.770 395.308 PT PAL Indonesia
Lainnya 1.716.324 1.729.253 Others
13.182.139 9.905.951
Garansi yang diberikan dalam bentuk bank Guarantees issued in the form of bank
garansi guarantee
PT PAL Indonesia 8.066.733 3.803.328 PT PAL Indonesia
PT Pembangunan Perumahan PT Pembangunan Perumahan
(Persero) Tbk 5.327.424 4.293.297 (Persero) Tbk
PT Dirgantara Indonesia (Persero) 4.403.221 1.218.130 PT Dirgantara Indonesia (Persero)
PT LEN Industri (Persero) 3.228.599 2.392.063 PT LEN Industri (Persero)
PT Adhi Karya (Persero) Tbk 3.080.849 4.020.303 PT Adhi Karya (Persero) Tbk
PT Pindad 2.842.224 3.634.350 PT Pindad
PT Brantas Abipraya (Persero) 2.265.254 2.227.920 PT Brantas Abipraya (Persero)
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk 2.158.937 3.064.328 (Persero) Tbk
PT Hutama Karya (Persero) 1.862.170 2.600.543 PT Hutama Karya (Persero)
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk 1.506.343 782.650 (Persero) Tbk
PT Wijaya Karya (Persero) Tbk 1.454.407 1.728.740 PT Wijaya Karya (Persero) Tbk
Lainnya 9.806.303 7.801.535 Others
46.002.464 37.567.187
Garansi yang diberikan dalam bentuk standby Guarantees issued in the form of
letter of credit standby letter of credit
PT Kilang Pertamina International 1.764.660 903.825 PT Kilang Pertamina International
PT PLN Batubara Investasi 1.518.402 651.935 PT PLN Batubara Investasi
PT Perusahaan Listrik Negara PT Perusahaan Listrik Negara
(Persero) 1.510.468 1.238.819 (Persero)
PT Pupuk Sriwidjaja Palembang 1.501.583 648.643 PT Pupuk Sriwidjaja Palembang
PT Pupuk Kalimantan Timur 1.371.164 36.060 PT Pupuk Kalimantan Timur
PT Pertamina Power Indonesia 416.728 389.757 PT Pertamina Power Indonesia
PT Pertamina Gas 374.713 366.033 PT Pertamina Gas
PT Petrokimia Gresik 299.144 391.962 PT Petrokimia Gresik
PT Pengembangan Pariwisata PT Pengembangan Pariwisata
Indonesia 249.787 174.597 Indonesia
PT Pertamina Patra Niaga 217.063 230.466 PT Pertamina Patra Niaga
Lainnya 595.524 248.909 Lainnya
9.819.236 5.281.006
Total komitmen dan kontinjensi untuk pihak Total commitments and contingencies
berelasi 197.586.034 160.494.565 for relate parties
Total komitmen dan kontinjensi - Total commitments and contingencies
neto 419.906.278 383.277.992 - net
Persentase total komitmen dan Percentages of total commitments
kontinjensi kepada pihak-pihak berelasi terhadap and contingencies with related parties
total komitmen dan to total commitments and
kontinjensi - neto 47,05% 41,87% contingencies - net
403
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1351
Page 1354
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
57. INFORMASI SEGMEN 57. SEGMENT INFORMATION
Grup telah menyajikan segmen operasi berdasarkan The Group has presented its operating segments in a
informasi yang disiapkan secara internal untuk manner consistent with the internal reporting provided
pengambilan keputusan operasional (Catatan 2ak). for operational decision making (Note 2ak).
Di bawah ini penjelasan mengenai operasi dari The following describes the operations in each
masing-masing pelaporan segmen: reportable segment:
Corporate Banking : termasuk kredit yang diberikan, simpanan dari nasabah dan transaksi-
transaksi lainnya milik nasabah korporasi, baik BUMN dan badan usaha
swasta dengan skala besar./
including loans, deposits from customers and other transactions which belong
to corporate customers, including state-owned enterprises and private
enterprises with large scale.
Commercial Banking : termasuk kredit yang diberikan, simpanan dari nasabah dan transaksi-
transaksi lainnya milik nasabah komersial dengan skala menengah./
including loans, deposits from customers and other transactions belong to
commercial customer with medium scale.
Hubungan Kelembagaan/ : termasuk kredit yang diberikan, simpanan dari nasabah dan transaksi-
Government Institution transaksi lainnya milik nasabah lembaga pemerintah dan dana pensiun
BUMN./
including loans, deposits from customers and other transactions which belong
to government entities and pension plan of state-owned enterprises.
Retail Banking (terdiri dari : termasuk kredit yang diberikan kepada badan usaha atau individu dengan
segmen konsumer/individual, skala mikro hingga kecil, produk dan jasa lainnya seperti dana pihak ketiga,
segmen mikro & bisnis transaksi pembayaran dan transaksi-transaksi lainnya milik nasabah mikro
dan wealth)/ dan kecil serta merupakan kredit pembiayaan konsumsi termasuk kredit
Retail Banking (consists of kepemilikan rumah, kartu kredit serta produk dan jasa lainnya seperti dana
consumer/individual segment pihak ketiga, transaksi pembayaran dan transaksi-transaksi lainnya milik
and micro & business and nasabah perorangan./
wealth segment) including loans granted to business entities or individuals with micro-scale to
small, products or other services such as deposits, payment transactions and
other transactions which belong to micro and small customers also consumer
finance loans, including mortgage loans, credit cards and other products and
services such as deposits, payment transactions and other transactions which
belong to individual customers.
Treasury & International : segmen treasury terkait dengan kegiatan treasury Bank termasuk transaksi
Banking valuta asing, money market, fixed income, bisnis perbankan internasional,
pasar modal, dan Kantor Luar Negeri./
treasury segment associated with treasury activities of the Bank include foreign
exchange, money market, fixed income, international banking business, capital
markets, and the Overseas Branches.
Kantor Pusat/Head Office : terutama mengelola aset dan liabilitas Grup selain yang telah dikelola oleh
segmen operasi lainnya termasuk menerima alokasi biaya atas penyediaan
jasa servis secara sentralisasi kepada segmen lainnya serta
pendapatan/biaya yang tidak teralokasi ke pelaporan segmen lainnya./
mainly managing the assets and liabilities of the Group other than those
managed by other operating segments including accepting the cost allocation
for the provision of the centralizing services to other segments as well as
income/costs that are not allocated to other segments reporting.
Entitas Anak - Syariah/ : seluruh transaksi yang dilakukan oleh Entitas Anak yang bergerak di bidang
Subsidiary - Sharia perbankan syariah./
including all transactions conducted by a Subsidiary engaged in sharia
banking.
Entitas Anak - Asuransi/ : seluruh transaksi yang dilakukan oleh Entitas Anak yang bergerak di bidang
Subsidiary - Insurance asuransi jiwa, asuransi kesehatan, dan asuransi kerugian./
including all transactions conducted by Subsidiary engaged in life insurance,
health insurance, and general insurance.
Entitas Anak - selain Syariah : seluruh transaksi Entitas Anak yang bergerak di bidang pembiayaan
dan asuransi/ konsumen, layanan remittance, sekuritas, perbankan, dan modal ventura./
Subsidiaries - other than Sharia including all transactions of Subsidiaries engaged in consumer finance,
and insurance remittance services, securities, banking and venture capital.
404
1352 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1355
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
57. INFORMASI SEGMEN (lanjutan) 57. SEGMENT INFORMATION (continued)
31 Desember 2025/31 December 2025
Entitas Anak
- selain
Syariah dan Penyesuaian
Entitas Asuransi/ dan
Hubungan Treasury & Entitas Anak Anak - Subsidiary - Eliminasi***)
Kelembagaan*) Inter- Kantor - Syariah/ Asuransi/ other than /Adjustment
*)
Corporate Commercial /Government Retail national Pusat / Subsidiary - Subsidiary - Sharia and and
Keterangan Banking*) Banking*)
Institutional*) Banking*) Banking*) Head Office*) Sharia Insurance Insurance Elimination***) Total Description
Consolidated
Laporan laba rugi statements of profit
dan penghasilan or loss and other
komprehensif lain comprehensive
konsolidasian income
Pendapatan bunga Interest and
dan syariah**) 59.373.177 32.217.560 17.760.180 80.778.570 28.869.801 361.314 28.263.075 887.733 13.752.500 (97.851.444) 164.412.466 sharia income **)
Beban bunga **) Interest and
dan syariah (46.396.079) (23.017.853) (13.889.004) (32.043.905) (30.730.624) (243.428) (9.136.405) - (5.857.940) 103.112.807 (58.202.431) sharia expense **)
Pendapatan bunga dan Net interest and
syariah - neto 12.977.098 9.199.707 3.871.176 48.734.665 (1.860.823) 117.886 19.126.670 887.733 7.894.560 5.261.363 106.210.035 sharia income
Pendapatan Net premium
premi - neto - - - - - - - 550.415 - - 550.415 income
Pendapatan bunga, Net interest,
Syariah dan sharia and
premi - neto 12.977.098 9.199.707 3.871.176 48.734.665 (1.860.823) 117.886 19.126.670 1.438.148 7.894.560 5.261.363 106.760.450 premium income
Pendapatan Other operating
operasional lainnya: income:
Pendapatan provisi Fees
dan komisi 3.769.678 1.268.385 331.422 9.790.664 459.355 5.133.952 4.607.178 - 2.755.894 (563.114) 27.553.414 and commission
Lainnya 415.460 131.871 36.961 5.129.581 5.651.788 4.360.265 3.045.192 189.943 2.984.301 (1.496.341) 20.449.021 Others
Total 4.185.138 1.400.256 368.383 14.920.245 6.111.143 9.494.217 7.652.370 189.943 5.740.195 (2.059.455) 48.002.435 Total
Pembalikan/ Reversal of/
(pembentukan) (allowance for)
cadangan impairment
kerugian losses on
penurunan nilai financial
aset keuangan assets and
dan lainnya 51.962 892.812 (22.498) (6.000.150) (24.217) (600.470) (3.259.129) - (2.369.500) 303 (11.330.887) others
Keuntungan dari Gain on sale of
penjualan marketable
efek-efek securities and
dan obligasi government
pemerintah - neto - - - - - 210.974 243.713 6.187 2.272 - 463.146 bonds - net
Beban operasional Other operating
lainnya: expenses:
Salaries and
Beban gaji dan employee benefit
tunjangan (807.234) (788.253) (304.943) (11.436.883) (196.522) (3.969.712) (5.496.618) - (3.635.289) - (26.635.454) expenses
General and
Beban umum administrative
dan administrasi (728.315) (500.306) (430.662) (11.624.781) (222.624) (6.216.356) (7.451.839) - (3.247.398) - (30.422.281) expenses
Lainnya (1.268.034) (626.797) (525.465) (3.051.794) (572.818) (2.676.630) (1.030.158) (720.035) (617.733) 562.794 (10.526.670) Others
Total (2.803.583) (1.915.356) (1.261.070) (26.113.458) (991.964) (12.862.698) (13.978.615) (720.035) (7.500.420) 562.794 (67.584.405) Total
Pendapatan/(beban) Non-operating
bukan income/(expense)
operasional - neto - - - - - 124.559 (23.593) - 5.858 - 106.824 - net
Beban pajak - neto - - - - - (11.925.255) (2.193.889) (77.428) (874.858) - (15.071.430) Tax expense - net
Laba bersih 14.410.615 9.577.419 2.955.991 31.541.302 3.234.139 (15.440.787) 7.567.527 836.815 2.898.107 3.765.005 61.346.133 Net income
Laba bersih
yang dapat Net income
diatribusikan attributable
kepada: to:
Kepentingan Non-controlling
nonpengendali - - - - - - - - - - 5.052.183 interest
Pemilik Entitas Induk - - - - - - - - - - 56.293.950 Parent Entity
Laporan posisi Consolidated
keuangan statement of
konsolidasian financial position
Kredit yang diberikan
dan piutang/ Loans and sharia
pembiayaan receivables/
syariah - bruto 636.601.990 328.309.681 121.121.113 404.715.061 6.360.817 - 314.811.165 - 51.693.319 (13.645.190) 1.849.967.956 financing - gross
Total aset 652.205.516 323.724.460 121.527.857 275.626.665 333.612.242 521.399.843 456.192.606 43.813.450 137.305.312 (35.459.925) 2.829.948.026 Total assets
Demand deposits
Giro dan and wadiah
giro wadiah (282.753.032) (126.426.814) (77.838.861) (146.377.154) (7.648.141) 1.191.686 (27.790.474) - (504.784) 2.037.984 (666.109.590) demand deposits
Tabungan dan Saving deposits
tabungan and wadiah
wadiah (19.366.211) (33.940.255) (2.110.787) (490.273.021) (520.827) - (63.311.121) - (12.392.748) - (621.914.970) saving deposits
Deposito berjangka (102.477.377) (35.820.876) (192.760.477) (247.976.153) (16.324.065) 106.743.220 - - (42.202.904) 1.945.984 (528.872.648) Time deposits
Total simpanan Total deposit from
dari nasabah (404.596.620) (196.187.945) (272.710.125) (884.626.328) (24.493.033) 107.934.906 (91.101.595) - (55.100.436) 3.983.968 (1.816.897.208) customers
Total liabilitas (405.878.894) (197.074.237) (274.636.187) (773.224.701) (81.762.620) (233.557.641) (114.099.143) (40.396.844) (112.698.228) 20.403.291 (2.212.925.204) Total liabilities
*) Sesuai dengan segmen-segmen operasi Bank Mandiri (Catatan 2ak). *) In accordance with operating segments of Bank Mandiri (Note 2ak).
**) Termasuk komponen internal transfer pricing antar segmen operasi. **) Include component of internal transfer pricing among operating segments.
***) Termasuk eliminasi internal transfer pricing atau reklasifikasi antar segmen operasi dan eliminasi terhadap ***) Include elimination of internal transfer pricing or reclassification among operating segments and elimination
Entitas Anak. for Subsidiaries.
405
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1353
Page 1356
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
57. INFORMASI SEGMEN (lanjutan) 57. SEGMENT INFORMATION (continued)
31 Desember 2024/31 December 2024
Entitas Anak -
selain Syariah
dan asuransi/ Penyesuaian
Hubungan Entitas Anak - Entitas Anak Subsidiary - dan Eliminasi***)
Kelembagaan*)/ Treasury & Kantor Syariah/ -Asuransi/ other than /Adjustment
Corporate Commercial Government Retail Inter-national Pusat*)/ Subsidiary - Subsidiary - Sharia and and
Keterangan Banking*) Banking*) Institutional*) Banking*) Banking*) Head Office*) Sharia insurance insurance Elimination***) Total Description
Consolidated
Laporan laba rugi statements of profit
dan penghasilan or loss and other
komprehensif lain comprehensive
konsolidasian income
Pendapatan bunga Interest and
dan syariah**) 55.458.085 28.329.824 12.599.521 82.023.216 25.675.744 311.561 25.190.341 366.240 13.922.134 (92.640.639) 151.236.027 sharia income **)
Beban bunga Interest and
dan syariah**) (43.095.529) (21.526.623) (9.354.874) (31.421.713) (26.435.919) (309.039) (7.889.030) - (5.662.346) 96.215.966 (49.479.107) sharia expense **)
Pendapatan bunga dan Net interest and
syariah - neto 12.362.556 6.803.201 3.244.647 50.601.503 (760.175) 2.522 17.301.311 366.240 8.259.788 3.575.327 101.756.920 sharia income
Pendapatan Net premium
premi - neto - - - - - - - 2.520.813 - - 2.520.813 income
Pendapatan bunga, Net interest,
syariah sharia and
dan premi - neto 12.362.556 6.803.201 3.244.647 50.601.503 (760.175) 2.522 17.301.311 2.887.053 8.259.788 3.575.327 104.277.733 premium income
Pendapatan Other operating
operasional lainnya: income:
Pendapatan provisi Fees
dan komisi 3.579.720 1.068.987 540.910 7.939.832 249.408 4.207.616 3.591.648 - 2.876.145 (606.746) 23.447.520 and commission
Lainnya 370.578 140.578 47.508 5.979.568 2.795.794 4.640.925 2.674.566 1.163.338 2.552.526 (1.641.886) 18.723.495 Others
Total 3.950.298 1.209.565 588.418 13.919.400 3.045.202 8.848.541 6.266.214 1.163.338 5.428.671 (2.248.632) 42.171.015 Total
Pembalikan/ Reversal of/
(pembentukan) (allowance for)
cadangan impairment
kerugian losses on
penurunan nilai financial
aset keuangan assets and
dan lainnya 208.039 533.724 22.539 (8.056.279) (19.093) 39.701 (2.822.044) - (1.835.591) - (11.929.004) others
Keuntungan dari Gain on sale of
penjualan marketable
efek- efek securities and
dan obligasi government
pemerintah - neto - - - - - 1.041 147.338 1.016 902 - 150.297 bonds - net
Beban operasional Other operating
lainnya: expenses:
Salaries and
Beban gaji dan employee benefit
tunjangan (707.702) (582.713 ) (261.121) (8.550.280) (184.589) (4.397.981) (5.284.069 ) (461.312) (3.560.996) - (23.990.763) expenses
General and
Beban umum administrative
dan administrasi (537.990) (337.903 ) (287.935) (8.794.411) (163.140) (6.746.929) (5.822.530 ) (780.922) (3.047.873) - (26.519.633) expenses
Lainnya (953.374) (474.356 ) (283.621) (3.421.039) (353.631) (398.829) (850.481 ) (1.154.040) (657.778) 447.099 (8.100.050) Others
Total (2.199.066) (1.394.972) (832.677) (20.765.730) (701.360) (11.543.739) (11.957.080) (2.396.274) (7.266.647) 447.099 (58.610.446) Total
Pendapatan/(beban) Non-operating
bukan income/(expense)
operasional - neto - - - - - 342.689 4.393 - (3.191) - 343.891 - net
Beban pajak - neto - - - - - (11.890.259) (2.044.505) (278.899) (1.024.702) - (15.238.365) Tax expense - net
Laba bersih 14.321.827 7.151.518 3.022.927 35.698.894 1.564.574 (14.199.504) 6.895.627 1.376.234 3.559.230 1.773.794 61.165.121 Net income
Laba bersih
yang dapat Net income
diatribusikan attributable
kepada: to:
Kepentingan Non-controlling
nonpengendali - - - - - - - - - - 5.382.379 interest
Pemilik Entitas Induk - - - - - - - - - - 55.782.742 Parent Entity
Laporan posisi Consolidated
keuangan statement of
konsolidasian financial position
Kredit yang diberikan
dan piutang/ Loans and sharia
pembiayaan receivables/
syariah - bruto 515.387.333 292.862.407 96.337.445 397.443.310 8.748.909 - 275.170.624 - 46.933.649 (9.667.065) 1.623.216.612 financing - gross
Total aset 532.047.351 285.625.155 97.040.404 270.832.653 288.676.693 403.099.471 408.613.432 41.914.379 131.222.110 (31.848.386) 2.427.223.262 Total assets
Demand deposits
Giro dan and wadiah
giro wadiah (266.264.072) (101.979.504) (56.424.491) (121.995.373) (5.041.157) 670.918 (19.147.079) - (1.094.974) 2.699.723 (568.576.009) demand deposits
Tabungan dan Saving deposits
tabungan and wadiah
wadiah (22.875.714) (29.835.214) (2.216.055) (459.185.804) (426.607) - (55.280.067) - (10.372.335) - (580.191.796) saving deposits
Deposito berjangka (40.428.190) (29.372.581) (44.297.076) (246.264.747) (4.983.283) 104.031.094 - - (37.426.416) 1.274.047 (297.467.152) Time deposits
Total simpanan Total deposit from
dari nasabah (329.567.976) (161.187.299) (102.937.622) (827.445.924) (10.451.047) 104.702.012 (74.427.146) - (48.893.725) 3.973.770 (1.446.234.957) customers
Total liabilitas (330.132.708) (162.089.578) (104.667.569) (719.307.812) (116.194.603) (187.803.514) (109.666.533) (38.101.669) (109.228.303) 16.783.973 (1.860.408.316) Total liabilities
*) Sesuai dengan segmen-segmen operasi Bank Mandiri (Catatan 2ak). *) In accordance with operating segments of Bank Mandiri (Note 2ak).
**) Termasuk komponen internal transfer pricing antar segmen operasi. **) Include component of internal transfer pricing among operating segments.
***) Termasuk eliminasi internal transfer pricing atau reklasifikasi antar segmen operasi dan eliminasi terhadap ***) Include elimination of internal transfer pricing or reclassification among operating segments and elimination
Entitas Anak. for Subsidiaries.
406
1354 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1357
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
57. INFORMASI SEGMEN (lanjutan) 57. SEGMENT INFORMATION (continued)
Segmen geografis Geographical segment
Operasional utama Grup dikelola di wilayah Indonesia, The Group’s main operations is managed in Indonesia,
Asia (Singapura, Hong Kong, Timor Leste, Shanghai, Asia (Singapore, Hong Kong, Timor Leste, Shanghai,
Malaysia), Eropa Barat (Inggris), dan Cayman Islands. Malaysia), West Europe (England), and Cayman
Islands.
Informasi yang berkaitan dengan segmen berdasarkan Information concerning the geographical segments of
geografis dari Grup disajikan dalam tabel di bawah ini: the Group is set out in the table below:
31 Desember 2025/31 December 2025
Eropa Barat/ Cayman Konsolidasian/
Indonesia Asia West Europe Islands Consolidated
Laporan laba rugi dan Consolidated statements of
Penghasilan komprehensif profit or loss and other
lain konsolidasian comprehensive income
Pendapatan bunga dan syariah 155.890.757 6.252.511 216.033 2.053.165 164.412.466 Interest and sharia income
Beban bunga dan syariah (53.078.341) (4.044.589) (132.713) (946.788) (58.202.431) Interest and sharia expense
Pendapatan bunga dan
syariah - neto 102.812.416 2.207.922 83.320 1.106.377 106.210.035 Net interest and sharia income
Pendapatan premi - neto 550.415 - - - 550.415 Net premium income
Pendapatan bunga dan syariah Net interest, sharia and
dan premi - neto 103.362.831 2.207.922 83.320 1.106.377 106.760.450 remium income
Pendapatan operasional lainnya: Other operating income:
Pendapatan provisi dan komisi 26.823.814 636.871 - 92.729 27.553.414 Fees and commisions
Lainnya 20.372.682 62.823 13.339 177 20.449.021 Others
Total 47.196.496 699.694 13.339 92.906 48.002.435 Total
(Pembentukan)/pembalikan (Allowance for)/reversal of
cadangan kerugian impairment losses on
penurunan nilai aset financial assets and
keuangan dan lainnya (11.066.570) (264.585) 446 (178) (11.330.887) others
Keuntungan dari penjualan Gain on sale of marketable
efek-efek dan obligasi securities and
pemerintah 463.146 - - - 463.146 government bonds - net
Beban operasional lainnya: Other operating expenses:
Salaries and employee benefit
Beban gaji dan tunjangan (26.328.123) (250.574) (43.073) (13.684) (26.635.454) expenses
Beban umum, administrasi General, administrative
dan lainnya (40.669.107) (230.339) (27.533) (21.972) (40.948.951) expenses and others
Total (66.997.230) (480.913) (70.606) (35.656) (67.584.405) Total
Laporan laba rugi dan Consolidated statements of
Penghasilan komprehensif profit or loss and other
lain konsolidasian comprehensive income
Pendapatan/(beban) bukan Non operating income/
operasional - neto 533.562 1.099 - (427.837) 106.824 (expense) - net
Beban pajak (14.702.559) (364.851) (4.020) - (15.071.430) Tax expense
Laba bersih 58.789.676 1.798.366 22.479 735.612 61.346.133 Net income
Laba bersih yang dapat
diatribusikan kepada: Net income attributable to:
Kepentingan nonpengendali - - - - 5.052.183 Non-controlling interest
Pemilik Entitas Induk - - - - 56.293.950 Parent Entity
Laporan posisi keuangan Consolidated statement of
Konsolidasian financial position
Kredit yang diberikan dan Loans and sharia
piutang/pembiayaan receivables/
syariah- bruto 1.712.610.103 97.811.019 1.162.601 38.384.233 1.849.967.956 financing - gross
Total aset 2.644.515.291 132.087.044 4.974.960 48.370.731 2.829.948.026 Total assets
Demand deposits and wadiah
Giro dan giro wadiah (656.823.767) (9.215.958) (69.865) - (666.109.590) deposits
Tabungan dan tabungan Saving deposits and wadiah
wadiah (618.288.173) (3.626.797) - - (621.914.970) saving deposits
Deposito berjangka (521.905.634) (6.967.014) - - (528.872.648) Time deposits
Total simpanan dari nasabah (1.797.017.574) (19.809.769) (69.865) - (1.816.897.208) Total deposit from customers
Total liabilitas (2.069.001.088) (114.056.311) (4.032.224) (25.835.581) (2.212.925.204) Total liabilities
407
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1355
Page 1358
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
57. INFORMASI SEGMEN (lanjutan) 57. SEGMENT INFORMATION (continued)
Segmen geografis (lanjutan) Geographical segment (continued)
Operasional utama Grup dikelola di wilayah Indonesia, The Group’s main operations is managed in Indonesia,
Asia (Singapura, Hong Kong, Timor Leste, Shanghai, Asia (Singapore, Hong Kong, Timor Leste, Shanghai,
Malaysia), Eropa Barat (Inggris), dan Cayman Islands. Malaysia), West Europe (England), and Cayman
(lanjutan) Islands. (continued)
Informasi yang berkaitan dengan segmen berdasarkan Information concerning the geographical segments of
geografis dari Grup disajikan dalam tabel di bawah ini: the Group is set out in the table below: (continued)
(lanjutan)
31 Desember 2024/31 December 2024
Eropa Barat/ Cayman Konsolidasian/
Indonesia Asia West Europe Islands Consolidated
Laporan laba rugi dan Consolidated statements of
Penghasilan komprehensif profit or loss and other
lain konsolidasian comprehensive income
Pendapatan bunga dan syariah 143.256.544 5.544.063 212.757 2.222.663 151.236.027 Interest and sharia income
Beban bunga dan syariah (45.035.523) (3.371.107) (137.362) (935.115) (49.479.107) Interest and sharia expense
Pendapatan bunga dan
syariah - neto 98.221.021 2.172.956 75.395 1.287.548 101.756.920 Net interest and sharia income
Pendapatan premi - neto 2.520.813 - - - 2.520.813 Net premium income
Pendapatan bunga dan syariah Net interest, sharia and
dan premi - neto 100.741.834 2.172.956 75.395 1.287.548 104.277.733 premium income
Pendapatan operasional lainnya: Other operating income:
Pendapatan provisi dan komisi 22.913.886 527.229 - 6.405 23.447.520 Fees and commisions
Lainnya 18.343.628 272.474 9.813 97.580 18.723.495 Others
Total 41.257.514 799.703 9.813 103.985 42.171.015 Total
(Pembentukan)/pembalikan (Allowance for)/reversal of
cadangan kerugian impairment losses on
penurunan nilai aset financial assets and
keuangan dan lainnya (11.314.308) (615.051) 355 - (11.929.004) others
Keuntungan dari penjualan Gain on sale of marketable
efek-efek dan obligasi securities and
pemerintah 149.256 1.041 - - 150.297 government bonds - net
Beban operasional lainnya: Other operating expenses:
Salaries and employee benefit
Beban gaji dan tunjangan (23.681.058) (254.407) (41.119) (14.179) (23.990.763) expenses
Beban umum, administrasi General, administrative
dan lainnya (34.386.919) (185.828) (24.756) (22.180) (34.619.683) expenses and others
Total (58.067.977) (440.235) (65.875) (36.359) (58.610.446) Total
Pendapatan/(beban) bukan Non operating income/
operasional - neto 1.014.015 (79.245) - (590.879) 343.891 (expense) - net
Beban pajak (14.919.990) (314.704) (3.671) - (15.238.365) Tax expense
Laba bersih 58.860.344 1.524.465 16.017 764.295 61.165.121 Net income
Laba bersih yang dapat
diatribusikan kepada: Net income attributable to:
Kepentingan nonpengendali - - - - 5.382.379 Non-controlling interest
Pemilik Entitas Induk - - - - 55.782.742 Parent Entity
Laporan posisi keuangan Consolidated statement of
Konsolidasian financial position
Kredit yang diberikan dan Loans and sharia
piutang/pembiayaan receivables/
syariah- bruto 1.517.435.476 75.116.822 672.234 29.992.080 1.623.216.612 financing - gross
Total aset 2.275.077.684 106.434.035 4.210.018 41.501.525 2.427.223.262 Total assets
Demand deposits and wadiah
Giro dan giro wadiah (560.332.344) (8.174.487) (69.178) - (568.576.009) demand deposits
Tabungan dan tabungan Saving deposits and wadiah
wadiah (576.968.536) (3.223.260) - - (580.191.796) saving deposits
Deposito berjangka (292.929.427) (4.537.725) - - (297.467.152) Time deposits
Total simpanan dari nasabah (1.430.230.307) (15.935.472) (69.178 ) - (1.446.234.957) Total deposit from customers
Total liabilitas (1.751.615.503) (88.871.873) (3.337.396) (16.583.544) (1.860.408.316) Total liabilities
408
1356 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1359
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
58. JAMINAN PEMERINTAH TERHADAP LIABILITAS 58. GOVERNMENT GUARANTEE FOR PAYMENT
PEMBAYARAN BANK UMUM OBLIGATIONS OF COMMERCIAL BANKS
Berdasarkan Undang-undang Republik Indonesia Based on the Law of the Republic of Indonesia
No. 24 tahun 2004 tanggal 22 September 2004 No. 24 year 2004 dated 22 September 2004 as amended
sebagaimana telah diubah oleh Peraturan Pemerintah by Government Regulation in Lieu of Law No. 3 year
Pengganti Undang-undang Republik Indonesia 2008 concerning Amendments to Law No. 24 year 2004
No. 3 tahun 2008 tentang Perubahan atas Undang- regarding the Deposit Insurance Corporation. The
undang No. 24 tahun 2004 tentang Lembaga Penjamin Government of Republic Indonesia has established an
Simpanan, Pemerintah telah membentuk lembaga independent agency called Deposit Insurance
penjaminan independen, yaitu Lembaga Penjamin Corporation (“LPS”), LPS guarantee public funds,
Simpanan (“LPS”) untuk menjamin dana masyarakat including funds from other banks in form of demand
termasuk dana dari bank lain dalam bentuk giro, deposits, time deposits, certificates of deposit, savings
deposito, sertifikat deposito, tabungan dan/atau bentuk and/or other equivalent deposits.
lainnya yang dipersamakan dengan itu.
Berdasarkan Salinan Peraturan Lembaga Penjamin Based on the LPS No. 1/PLPS/2023 dated 22 May 2023
Simpanan No. 1/PLPS/2023 tanggal 22 Mei 2023 regarding the Deposit Guarantee Program, the
tentang Program Penjaminan Simpanan, besarnya maximum guaranteed amount for each customer in one
saldo yang dijamin untuk setiap nasabah pada satu bank is Rp2,000,000,000 (full amount).
bank adalah paling tinggi sebesar Rp2.000.000.000
(nilai penuh).
Suku bunga simpanan LPS pada tanggal 31 Desember The interest rate of LPS as of 31 December 2025 and
2025 dan 2024 masing-masing adalah sebesar 3,50% 2024 for deposits denominated in Rupiah is 3.50% and
dan 4,25% untuk simpanan dalam mata uang Rupiah 4.25% respectively, for deposits denominated in foreign
dan masing-masing sebesar 2,00% dan 2,25% untuk currencies is 2.00% and 2.25%, respectively.
simpanan dalam mata uang asing.
59. TAMBAHAN INFORMASI ARUS KAS 59. ADDITIONAL INFORMATION OF CASH FLOWS
a. Perubahan liabilitas pada aktivitas pendanaan a. Changes of liabilities in financing activities
Perubahan pada liabilitas yang timbul dari Changes in liabilities arising from financing activities
aktivitas pendanaan pada laporan arus kas in the consolidated statement of cash flow are as
konsolidasian adalah sebagai berikut: follow:
Non-arus kas/Non-cash flow
1 Januari Selisih kurs/ 31 Desember
2025/ Differences 2025/
1 January Arus kas/ due to Lainnya/ 31 December
2025 Cash flow exchange rate Others 2025
Efek-efek yang diterbitkan 41.141.067 20.358.171 739.323 (33.330) 62.205.231 Debt securities issued
Pinjaman yang diterima 147.915.981 3.141.941 3.611.239 3.261 154.672.422 Fund borrowing
Pinjaman dan efek-efek Subordinated loans and
subordinasi 403.562 (17.338) 3.435 120 389.779 marketable securities
Liabilitas atas efek-efek Securities sold
yang dijual dengan under agreements to
janji dibeli kembali 90.256.225 (52.356.534) 221.211 1.834.987 39.955.889 repurchase liabilities
Total liabilitas dari aktivitas Total liabilities from
pendanaan 279.716.835 (28.873.760) 4.575.208 1.805.038 257.223.321 financing activities
Non-arus kas/Non-cash flow
1 Januari Selisih kurs/ 31 Desember
2024/ Differences 2024/
1 January Arus kas/ due to Lainnya/ 31 December
2024 Cash flow exchange rate Others 2024
Efek-efek yang diterbitkan 50.317.764 (10.621.275) 1.440.279 4.299 41.141.067 Debt securities issued
Pinjaman yang diterima 95.445.459 50.822.496 1.766.126 (118.100) 147.915.981 Fund borrowing
Pinjaman dan efek-efek Subordinated loans and
subordinasi 415.171 (16.887) 5.167 111 403.562 marketable securities
Liabilitas atas efek-efek Securities sold
yang dijual dengan under agreements to
janji dibeli kembali 36.330.064 53.371.351 554.810 - 90.256.225 repurchase liabilities
Total liabilitas dari aktivitas Total liabilities from
pendanaan 182.508.458 93.555.685 3.766.382 (113.690) 279.716.835 financing activities
409
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1357
Page 1360
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
59. TAMBAHAN INFORMASI ARUS KAS (lanjutan) 59. ADDITIONAL INFORMATION OF CASH FLOWS
(continued)
b. Penerimaan bersih dari pengalihan pengendalian b. Net proceeds from control transfer of a Subsidiaries
atas Entitas Anak
Tabel berikut ini merupakan rekonsiliasi arus kas The following table is the reconciliation of cash flow
yang diperoleh dan dilepaskan dalam pengalihan received and released from control transfer of
pengendalian atas Entitas Anak: a Subsidiaries:
31 Desember 2024/
31 December 2024
Imbalan kas yang diterima 1.710.000 Cash consideration received
Dikurangi saldo kas Entitas Anak Less cash balance of Subsidiary
yang dialihkan pengendaliannya (758.716) in which control is transferred
Penerimaan bersih dari pengalihan Net proceeds from control transfer
pengendalian atas Entitas Anak 951.284 of Subsidiaries
60. KEGIATAN JASA KUSTODIAN DAN WALI AMANAT 60. CUSTODIAN SERVICES AND TRUST OPERATIONS
Kegiatan Jasa Kustodian Custodian Services
Bank Mandiri telah memberikan Jasa Kustodian sejak Bank Mandiri started providing Custodian
tahun 1995. Surat izin operasi telah diperbaharui oleh Services since 1995. The operating license was
Bapepam dan LK berdasarkan Surat Keputusan renewed by Capital Market and Financial Institutions
No. KEP.01/PM/Kstd/1999 tertanggal 4 Oktober 1999. Supervisory Board based on Decree
Kustodian Bank Mandiri merupakan bagian dari unit No. KEP.01/PM/Kstd/1999 dated 4 October 1999. Bank
kerja Financial Institutions Business Group dimana Mandiri’s Custodian, which is the part of Financial
jasa-jasa yang ditawarkan adalah sebagai berikut: Institutions Business Group, provides a full range of
Custodian Services as follows:
a. Penyelesaian transaksi (settlement) jual dan beli a. Settlement and handling services for script and
efek dengan maupun tanpa warkat (scripless). scripless trading transactions.
b. Penyimpanan (safekeeping) dan administrasi b. Safekeeping and administration of marketable
(administration) atas efek-efek maupun dokumen securities and other valuable assets.
berharga lainnya.
c. Pengurusan hak-hak nasabah atas kepemilikan c. Corporate action services which starting from
efek-efek yang disimpan sampai dengan hak administrating the safekeeping of customer’s
tersebut efektif di rekening nasabah (corporate ownership right on marketable securities until that
action). right become effective in the customer’s account.
d. Perwalian (proxy) pada Rapat Umum Pemegang d. Proxy services for its customers’ in General
Saham dan Rapat Umum Pemegang Obligasi. Meeting of Shareholders and General Meeting of
Bondholders.
e. Penyampaian laporan (reporting) dan informasi e. Reporting and information submission related to the
(information) yang terkait dengan efek-efek customers’ marketable securities and/or other
dan/atau dokumen berharga milik nasabah yang valuable assets which are kept and administered by
disimpan dan diadministrasikan oleh kustodian Bank Mandiri’s custodian.
Bank Mandiri.
410
1358 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1361
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
60. KEGIATAN JASA KUSTODIAN DAN WALI AMANAT 60. CUSTODIAN SERVICES AND TRUST OPERATIONS
(lanjutan) (continued)
Kegiatan Jasa Kustodian (lanjutan) Custodian Services (continued)
Untuk memenuhi kebutuhan investor dalam In order to fulfill the investors’ needs in investing on
melakukan investasi pada berbagai instrumen efek- various marketable securities instruments, Bank
efek, Kustodian Bank Mandiri memfasilitasinya dengan Mandiri’s Custodian facilitate it through provisions of
menyediakan beragam layanan: various services as follow:
a. Kustodian umum untuk melayani investor yang a. General custodian which provide services for
melakukan investasi pada instrumen pasar modal investors who are investing in capital market or
maupun pasar uang di Indonesia. money market in Indonesia.
b. Kustodian lokal untuk American Depository b. Local custodian for American Depository Receipts
Receipts (ADR) dan Global Depository Receipts (ADR) and Global Depository Receipts (GDR)
(GDR) yang dibutuhkan oleh investor yang akan which is needed by the investors to convert the
melakukan konversi dari saham perusahaan yang companies’ shares which are listed in local and
terdaftar di bursa lokal dan luar negeri (dual/multi overseas stock exchange (dual/multi listing).
listing).
c. Sub-Registry untuk melayani investor yang c. Sub-Registry which provide services for investors
melakukan transaksi dan investasi pada Surat that conduct transaction and investment in
Utang Negara (SUN, baik Obligasi Negara Government Bonds (either in form of Bonds or
maupun Surat Perbendaharaan Negara) serta Treasury Bills) and Bank Indonesia Certificates
Sertifikat Bank Indonesia (SBI). (Sertifikat Bank Indonesia (SBI)).
d. Kustodian mutual fund (reksa dana) dan d. Custodian for mutual funds and discretionary fund
discretionary fund (kontrak pengelolaan dana) issued and managed by investment manager.
yang diterbitkan dan dikelola oleh manajer
investasi.
e. Kustodian Euroclear bagi nasabah yang akan e. Custodian of Euroclear for customer who is
melakukan investasi dan penyelesaian transaksi conducting investment and settlement of securities
efek-efek yang tercatat di Euroclear Operations transactions registered at the Euroclear Operations
Centre, Brussels. Kustodian Bank Mandiri Centre, Brussels. Bank Mandiri’s Custodian is a
merupakan direct member dari Euroclear. direct member of Euroclear
f. Kustodian Pinjam Meminjam Efek (securities f. Securities lending and borrowing as services for
lending and borrowing) bagi nasabah yang ingin customers who want to maximise their investment
memaksimalkan hasil investasinya dengan return by lending their securities to securities
meminjamkan efek-efeknya (saham) kepada companies through intermediary and guarantee of
perusahaan sekuritas melalui perantara dan PT Kliring Penjaminan Efek Indonesia (PT KPEI).
penjaminan PT Kliring Penjaminan Efek Indonesia
(PT KPEI).
g. Kustodian Exchange Traded Fund (ETF) yang g. Custodian for Exchange Traded Fund (ETF) which
diterbitkan dan dikelola oleh manajer investasi issued and managed by an investment manager
dimana unit penyertaannya diperdagangkan di where the unit of participation will be traded on stock
bursa. exchange.
h. Jasa Kustodian Efek Beragun Aset (EBA) h. Custodian for Asset Backed Securities (Efek
berbentuk Kontrak Investasi Kolektif (KIK) yang Beragun Aset (EBA)) in the form of Collective
diterbitkan oleh manajer investasi dan bank Investment Contract (Kontrak Investasi Kolektif
kustodian dalam rangka transaksi sekuritisasi aset (KIK)) which was issued by the investment manager
yang dimiliki perbankan atau lembaga keuangan and custodian bank in relation to asset securitisation
lainnya. transactions owned by banks or other financial
institutions.
411
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1359
Page 1362
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
60. KEGIATAN JASA KUSTODIAN DAN WALI AMANAT 60. CUSTODIAN SERVICES AND TRUST OPERATIONS
(lanjutan) (continued)
Kegiatan Jasa Kustodian (lanjutan) Custodian Services (continued)
Untuk tahun yang berakhir pada tanggal As of 31 December 2025 and 2024, Bank Mandiri’s
31 Desember 2025 dan 2024, kustodian Bank Mandiri Custodian has 42.234 and 19,460 customers,
memiliki 42.234 dan 19.460 nasabah yang terdiri dari respectively, which consist of pension funds, insurance
dana pensiun, perusahaan asuransi, bank, yayasan, companies, banks, foundation, securities companies,
perusahaan sekuritas, reksa dana, institusi/badan mutual funds, other institution/legal entities and
hukum lain maupun perseorangan. Nilai portofolio individual customer. Total portfolio by currencies as of
berdasarkan mata uang yang disimpan pada tanggal 31 December 2025 are amounted to Rp717,194,948,
31 Desember 2025 sebesar Rp717.194.948, USD4,707, AUD0.864, HKD0.257, JPY1,093, and
USD4.707, AUD0,864, HKD0,257, JPY1.093 dan EUR0.971 and as of 31 December 2024 are amounted
EUR0,971 dan pada tanggal 31 Desember 2024 to Rp642,827,813, USD5,356 and EUR0.1. Assets kept
sebesar Rp642.827.813, USD5.356 dan EUR0,1. Aset in custodian services activities are not included in the
yang disimpan dalam kegiatan jasa kustodian tidak consolidated financial statement of Bank Mandiri and its
termasuk dalam laporan posisi keuangan Subsidiaries.
konsolidasian Bank Mandiri dan Entitas Anak.
Bank Mandiri mengasuransikan portofolio nasabah Bank Mandiri has insured the customer’s portfolio kept
yang disimpan di kustodian terhadap kemungkinan in custodians against potential losses arising from
kerugian yang timbul dari penyimpanan dan safekeeping and transfer of securities in accordance
pemindahan efek-efek sesuai dengan ketentuan with the Financial Services Authority’s regulation.
Otoritas Jasa Keuangan.
Kegiatan Wali Amanat Trustee Agent Operations
Bank Mandiri telah memberikan Jasa Wali Amanat Bank Mandiri has been providing Trustee Agent
sejak tahun 1983. Surat izin operasi untuk kegiatan Operations Services since 1983. The operating license
wali amanat telah diperbaharui dan didaftarkan for trust services was renewed and re-registered in
kembali ke Bapepam dan LK berdasarkan Surat Decree of Capital Market and Financial Institutions
Keputusan No. 17/STTD-WA/PM/1999 tertanggal Supervisory Board based on Decree
27 Oktober 1999. Jasa-jasa yang ditawarkan adalah No. 17/STTD-WA/PM/1999 dated 27 October 1999.
sebagai berikut: The type of services are as follows:
a. Jasa wali amanat dan agen pemantau untuk a. Trustee agent for bonds and Medium Term Notes
penerbitan Obligasi dan Medium Term Notes (MTN) issuance
(MTN)
b. Jasa agen pengelola rekening penampungan b. Escrow agent
c. Jasa agen pembayaran c. Paying agent
d. Jasa penampungan dana IPO/Initial Public d. Initial Public Offering/IPO (receiving bank)
Offering
e. Jasa agen penjaminan e. Security agent
Untuk tahun yang berakhir pada tanggal 31 Desember For year ended 31 December 2025 and 2024, Bank
2025 dan 2024, Bank Mandiri selaku Wali Amanat Mandiri as the Trustee manage 115 and 110 customers
mengelola masing-masing 115 dan 110 emisi Obligasi with the total value of bonds and MTN issued based on
dan MTN dengan nilai emisi berdasarkan mata uang currency amounted Rp128,054,874 and Rp69,389,196,
sebesar Rp128.054.874 dan Rp69.389.196. respectively.
Baik wali amanat maupun kustodian Bank Mandiri Both Bank Mandiri’s trustee operations and custodian
telah mendapat sertifikasi standar mutu pelayanan ISO services have received quality certification ISO
9001:2015. 9001:2015.
412
1360 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1363
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
60. KEGIATAN JASA KUSTODIAN DAN WALI AMANAT 60. CUSTODIAN SERVICES AND TRUST OPERATIONS
(lanjutan) (continued)
Kegiatan Usaha Bank Berupa Penitipan Dengan Trust Services
Pengelolaan (Trust)
Bank Mandiri melakukan kegiatan penitipan dengan Bank Mandiri carried out custodial management (Trust)
pengelolaan (Trust) setelah mendapatkan izin prinsip activities after obtaining a principal license based on
berdasarkan Surat Bank Indonesia Bank Indonesia Letter No. 15/30/DPB1/PB1-1 dated
No. 15/30/DPB1/PB1-1 tanggal 26 April 2013 dan surat 26 April 2013, and a confirmation letter for Trust services
penegasan layanan Trust No. 15/32/DPB1/PB1-1 No. 15/32/DPB1/PB1-1 dated 28 August 2013.
tanggal 28 Agustus 2013.
Kegiatan Penitipan dengan Pengelolaan (Trust) The Custodial Management (Trust) activity is a custodial
merupakan layanan penitipan dengan pengelolaan service involving the management of assets owned by
atas harta milik penitip harta Trust (Settlor) the Trust depositor (Settlor), based on a written
berdasarkan perjanjian tertulis antara Bank Mandiri agreement between Bank Mandiri as the recipient and
sebagai penerima dan pengelola harta Trust (Trustee) manager of the Trust assets (Trustee) and the Trust
dengan penitip harta Trust (Settlor) untuk kepentingan depositor (Settlor), for the benefit of the beneficiary
penerima manfaat (Beneficiary). (Beneficiary).
Fungsi dari Layanan Trust Bank Mandiri adalah Functions of Bank Mandiri Trust Service are:
sebagai:
a. Agen pembayar (paying agent) yaitu kegiatan a. Paying agent is the activity of receiving and
menerima dan melakukan pemindahan uang transferring money and/or funds, as well as
dan/atau dana, serta mencatat arus kas masuk recording cash in and cash out for and on behalf of
dan kas keluar untuk dan atas nama nasabah the customer (settlor).
(settlor).
b. Agen investasi (investment agent) yaitu b. Investment agent is the activity of placing,
kegiatan menempatkan, mengkonversi, dan converting, and administering the placement of
mengadministrasikan penempatan dana untuk funds for and on behalf of the customer (settlor).
dan atas nama nasabah (settlor).
Layanan Trust Bank Mandiri juga mengelola nasabah Bank Mandiri’s Trust Service also managing customers
dari berbagai segmen, mencakup oil and gas from various segments, including oil and gas company,
company, segmen corporate dan segmen commercial, corporate segments and commercial segments, as well
juga nasabah non-profit organisation untuk kegiatan as non-profit organisation customers for the distribution
pendistribusian hasil penjualan gas, jual-beli/akuisisi of gas sales proceeds, company sales/acquisition, and
perusahaan, penampungan untuk dana bantuan luar pooling of funds for foreign aid and others.
negeri dan sebagainya.
61. KREDIT PENERUSAN (CHANNELING LOANS) 61. CHANNELING LOANS
Kredit penerusan berdasarkan sumber dana dan Channeling loans based on sources of funds and
sektor ekonomi adalah sebagai berikut: economic sectors are as follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Pemerintah: United States Dollar
Pertanian 157.001 157.614 Agriculture
Industri 14.543 14.543 Manufacturing
Total 171.544 172.157 Total
413
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1361
Page 1364
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
61. KREDIT PENERUSAN (CHANNELING LOANS) 61. CHANNELING LOANS (continued)
(lanjutan)
Bank Mandiri telah ditunjuk untuk menatausahakan Bank Mandiri has been appointed to administer the loans
kredit kelolaan yang diterima oleh Pemerintah received by the Government of the Republic of Indonesia
Indonesia dengan beberapa skema yang saat ini through several existing schemes as follows:
(existing) yaitu sebagai berikut:
1. Penerusan pinjaman Kementerian Keuangan 1. Channeling loans from the Ministry of Finance in
dalam berbagai mata uang dari beberapa various currencies from several bilateral and
lembaga keuangan bilateral dan multilateral untuk multilateral financial institutions to finance
membiayai proyek-proyek Pemerintah melalui Government projects through State Owned
BUMN, BUMD dan Pemda, antara lain: Asian Enterprises, Region Owned Enterprises and
Development Bank, Banque Français & Credit Regional Government, such as: Asian Development
National, Barclays, BNP Paribas, BNP Paribas & Bank, Banque Français & Credit National, Barclays,
CAI Belgia, Calyon & BNP Paribas, BNP Paribas, BNP Paribas & CAI Belgium, Calyon
Commonwealth Development Corporation & BNP Paribas, Commonwealth Development
(“CDC”) NES, Export Finance and Insurance Corporation (“CDC”) NES, Export Finance and
Corporation (“EFIC”) Australia, International Insurance Corporation (“EFIC”) Australia,
Development Association (“IDA”), International International Development Association (“IDA”),
Bank for Reconstruction and Development, Japan International Bank for Reconstruction and
Bank for International Cooperation, Kreditanstalt Development, Japan Bank for International
Fur Wiederaufbau, Nederlands Urban Sector Loan Cooperation, Kreditanstalt Fur Wiederaufbau,
& De Nederlandse Inveseringsbank voor Nederlands Urban Sector Loan & De Nederlandse
Ontwikkelingslanden NV, Pemerintah Swiss, RDI Inveseringsbank voor Ontwikkelingslanden NV,
- KI, Spanyol, U.B Denmark, US Export Import Swiss Government, RDI - KI, Spain, U.B Denmark,
Bank dan Overseas Economic Cooperation Fund. US Export Import Bank and Overseas Economic
Namun berdasarkan Peraturan Menteri Keuangan Cooperation Fund. However, based on the
No. 40/PMK.05/2015 tanggal 6 Maret 2015 bahwa Regulation of the Minister of Finance
terhitung mulai tanggal 1 Oktober 2015 No. 40/PMK.05/2015 dated 6 March 2015, stated
pengelolaan penatausahaan pinjaman luar negeri starting from 1 October 2015 the administration of
dilakukan oleh Kementerian Keuangan, kecuali overseas loans is managed by the Ministry of
pinjaman dalam bentuk Project Aid BI. Finance, except loans in the form of BI Project Aid.
2. Penerusan pinjaman eksproyek Perusahaan Inti 2. Channeling loans from former of Perusahaan Inti
Rakyat (“PIR”) tetap ada kepada petani dalam Rakyat (“PIR”) are still exists to farmers for
rangka pembangunan kebun rakyat yang meliputi community plantation development which includes
proyek Nucleus Estate & Smallholder (“NES”) the Nucleus Estate & Smallholder (“NES”) ADB
ADB, PIR Khusus dan PIR Lokal. Bank Mandiri project, Special PIR and Local PIR. Bank Mandiri as
sebagai penatausaha pengembalian Piutang the administrator for the repayment of receivables
Negara pada Petani PIR tetap ada, dimana to PIR Farmers continues to exist, whereas the
Kementerian Keuangan sebagai pengelola Ministry of Finance is managing the repayment of
pengembalian piutang negara kepada petani dan receivables to farmers and the Ministry of
Kementerian Pertanian sebagai pengelola teknis Agriculture is managing the technical execution of
pelaksanaan proyek PIR tetap ada. Untuk the PIR Project still exist. The distribution of
penyaluran pinjaman Perusahaan Inti Rakyat Perusahaan Inti Rakyat Perkebunan (“PIR-Bun”)
Perkebunan (“PIR-Bun”) sudah tidak dilakukan loans has stopped.
lagi.
3. Penerusan Pinjaman Dana Reboisasi Hutan 3. Channeling loans of Industrial Plantation Forest
Tanaman Industri (“DRHTI”) dari Kementerian Reforestation (“DRHTI”) from the Ministry of
Lingkungan Hidup dan Kehutanan (“KLHK”). Environment and Forestry (“KLHK”). Since 1999,
Terhitung sejak tahun 1999, KLHK telah the Ministry of Environment and Forestry has
menghentikan penyaluran Dana Reboisasi dalam stopped distributing the Reforestation Loans for
rangka Pinjaman untuk Pembangunan Hutan Industrial Plantation Forests, therefore the DRHTI
Tanaman Industri tersebut, sehingga pinjaman loans which are currently managed by PT Bank
DRHTI yang saat ini dikelola di PT Bank Mandiri Mandiri (Persero) Tbk are existing DRHTI Loans
(Persero) Tbk adalah existing Pinjaman DRHTI which were inherited from Participating Bank.
yang berasal dari Bank Peserta Penggabungan.
414
1362 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1365
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
61. KREDIT PENERUSAN (CHANNELING LOANS) 61. CHANNELING LOANS (continued)
(lanjutan)
Bank Mandiri telah ditunjuk untuk menatausahakan Bank Mandiri has been appointed to administer the loans
kredit kelolaan yang diterima oleh Pemerintah received by the Government of the Republic of Indonesia
Indonesia dengan beberapa skema yang saat ini through several existing schemes as follows: (continued)
(existing) yaitu sebagai berikut: (lanjutan)
Kredit penerusan tidak disajikan dalam laporan posisi Channeling loans are not presented in the consolidated
keuangan konsolidasian karena Bank Mandiri dan statement of financial position since the credit risk are
Entitas Anak tidak menanggung risiko atas kredit not borne by the Bank and its Subsidiaries. In
tersebut. Berdasarkan perjanjian tersebut di atas, Bank accordance to the agreement mentioned above, Bank
Mandiri bertugas melakukan penagihan kepada Mandiri is responsible to bill the debtors and made
debitur dan menyetorkan kembali kepada Pemerintah payments to the Government in the principal, including
pembayaran pokok kredit, termasuk bunga dan beban- the interest and other charges such as loan
beban lainnya serta pengelolaan dokumentasi kredit. documentation management. As compensation, Bank
Sebagai gantinya, Bank Mandiri akan menerima jasa Mandiri receives banking fee which varies from 0.50% -
perbankan (banking fee) yang berkisar antara 0,50% - 2.00%.
2,00%.
62. MANAJEMEN RISIKO 62. RISK MANAGEMENT
Bank Mandiri menerapkan manajemen risiko yang Bank Mandiri implements independent risk management
independen dan sesuai dengan standar yang merujuk in accordance with standards that refer to the regulations
pada ketentuan dari OJK, Bank Indonesia serta best of FSA, Bank Indonesia regulation and international
practices yang diterapkan di perbankan internasional. banking best practices. Bank Mandiri adopts the
Bank Mandiri menggunakan konsep Enterprise Risk Enterprise Risk Management (“ERM”) concept as
Management (“ERM”) sebagai salah satu strategi comprehensive and integrated risk management
manajemen risiko yang komprehensif dan terintegrasi, strategy which is customised with the Bank’s business
yang disesuaikan dengan kebutuhan bisnis dan and operational needs. ERM implementation provides
operasional Bank. Penerapan ERM akan memberikan value added benefits to the Bank’s and its stakeholders.
nilai tambah bagi Bank dan stakeholders.
ERM adalah sebuah proses pengelolaan risiko yang ERM is a risk management process embedded in
melekat dalam proses bisnis Bank, artinya pengelolaan business strategies and operations that are integrated in
risiko menjadi bagian yang menyatu dalam pengambilan the Bank’s daily business decision making processes.
keputusan bisnis Bank sehari-hari. Dengan ERM, Bank With ERM, the Bank establishes a systematic and
akan memiliki kerangka kerja pengelolaan risiko yang comprehensive risk management framework (credit risk,
sistematis dan menyeluruh (risiko kredit, risiko pasar, market risk, and operational risk) by connecting the
dan risiko operasional) dengan menghubungkan capital management and business processes with the
pengelolaan modal dan proses bisnis dengan risiko risks in holistic approach. In addition, ERM also applies
yang dihadapi secara utuh. Selain itu, ERM juga integrated risk management for the Subsidiaries, to
menerapkan pengelolaan risiko secara terintegrasi maximise the effectiveness of supervision and value
dengan Entitas Anak untuk memaksimalkan efektivitas creation to the Bank based on POJK No. 30 year 2024
pengawasan dan nilai perusahaan berdasarkan POJK regarding Financial Conglomerate and Financial
No. 30 Tahun 2024 tentang Konglomerasi Keuangan Conglomerate Holding Company.
dan Perusahaan Induk Konglomerasi Keuangan.
Kerangka pengelolaan risiko Bank mengacu pada POJK The Bank’s risk management framework is based on
No. 18/POJK.03/2016 tentang Penerapan Manajemen POJK No. 18/POJK.03/2016 regarding Implementation
Risiko Bagi Bank Umum, Peraturan Menteri BUMN of Risk Management for Commercial Banks, Ministerial
No. PER-2/MBU/03/2023 tentang Pedoman Tata Kelola Regulation of State-owned Enterprise
dan Kegiatan Korporasi Signifikan Badan Usaha Milik No. PER-2/MBU/03/2023 regarding Guidelines for
Negara, dan POJK No. 17 tahun 2023 tentang Governance and Significant Corporate Activities of
Penerapan Tata Kelola Bagi Bank Umum. Kerangka State-Owned Enterprises, and POJK No. 17 of the year
pengelolaan risiko Bank tercantum dalam Kebijakan 2023 regarding the Implementation of Good Corporate
Manajemen Risiko (KMNR), dalam kerangka Governance by Commercial Banks. The Bank’s risk
pengelolaan risiko ini, diatur berbagai kebijakan agar management framework is included in Risk
manajemen risiko berfungsi sebagai business enabler Management Policy (KMNR), which consists of various
sehingga bisnis dapat tetap tumbuh dalam koridor policies to support risk management function as a
prudential principle dengan menerapkan proses business enabler for business growth within the corridor
manajemen risiko yang ideal (identifikasi - pengukuran - of prudential principle by adopting the ideal risk
pemantauan - pengendalian risiko) pada semua level management processes (identification - measurement -
organisasi. monitoring - risk control) at all organisation levels.
415
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1363
Page 1366
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
Sebagai bagian dari proses ERM, Bank Mandiri As part of the ERM process, Bank Mandiri applies a Risk
menerapkan Risk Appetite Statement (“RAS”). RAS Appetite Statement (“RAS”). RAS represents type and
merupakan jenis dan tingkat risiko yang sanggup level of risk that the Bank is able to take/face within its
diambil/dihadapi Bank yang berada dalam kapasitas risk capacity in order to achieve business objectives. The
risiko yang dimiliki dalam rangka mencapai tujuan bisnis. implementation of the RAS is also synchronized with the
Penerapan RAS juga disinkronkan dengan pemantauan monitoring of Bank Mandiri's Recovery Plan indicators
indikator Recovery Plan Bank Mandiri (mengacu pada (referring to POJK No. 5 Year 2024 on the Determination
POJK No. 5 Tahun 2024 tentang Penetapan Status of Supervision Status and Handling of Problems of
Pengawasan dan Penanganan Permasalahan Bank Commercial Banks).
Umum).
Adapun Risk Appetite Statement Bank Mandiri sebagai The Bank Mandiri Risk Appetite Statement is as follows:
berikut:
Dimensi/Dimensions Statement
Menjaga laba yang stabil serta sustain sesuai dengan tingkat risiko yang diambil./
Rentabilitas/Rentability
Maintain a stable and sustainable profit in accordance with the level of risk taken.
Menjaga permodalan yang kuat untuk mendukung risiko bisnis yang dihadapi dan
Permodalan/Capital memenuhi ketentuan Regulator./
Maintain capital to support the business risks and comply with regulator requirements.
Menjaga posisi likuiditas yang kuat dalam berbagai kondisi stress./Maintain a
strong liquidity position under a variety of stressful conditions.
Likuiditas/Liquidity
Menjaga pendanaan yang stabil dan terdiversifikasi dengan baik./Maintain stable
and well-diversified funding.
Menjaga kualitas portofolio dan konsentrasi kredit sesuai appetite Bank./Maintain
portfolio quality and credit concentration according to the Bank's appetite.
Risiko Kredit/Credit Risk
Menjaga biaya kredit pada level yang optimum./Maintain credit costs at optimum
levels.
Menjaga eksposur risiko pasar yang timbul, baik dari aktivitas trading book maupun
banking book, berada dalam appetite yang ditetapkan manajemen./
Risiko Pasar/Market Risk
Maintain market risk exposure arising from both trading book and banking book activities
within the level of appetite set by management.
Menjaga batas toleransi terhadap fraud eksternal, fraud internal serta isu terkait sistem
IT dan kerahasiaan data temasuk kerugian akibat insiden siber sesuai appetite
Risiko Operasional/
Bank./Maintain tolerance level to external fraud, internal fraud and issues related to IT
Operational Risk
systems and data confidentiality including losses due to cyber incidents according to the
Bank’s appetite.
Menjaga batas toleransi atas pelanggaran kepatuhan terhadap regulasi (yang berakibat
Risiko Kepatuhan/
sanksi/denda) sesuai appetite Bank./Maintain tolerance level for violation of regulatory
Compliance Risk
compliance (which results in sanctions/fines) according to the Bank’s appetite.
Menjaga potensi kerugian akibat tuntutan hukum pada tingkat yang rendah./
Risiko Hukum/Legal Risk
Maintain potential losses due to lawsuits at a low level.
Risiko Reputasi/ Menjaga reputasi Bank melalui produk dan layanan yang handal./
Reputation Risk Maintain the Bank's reputation through reliable products and services.
Seluruh risiko yang dihadapi Bank diukur dan dipantau All risks that faced by the Bank are measured and
secara rutin, baik melalui metode pengukuran internal monitored on regular basis through internal
maupun melalui penyusunan laporan profil risiko secara measurement method, quarterly risk profile report and
triwulanan dan laporan tingkat kesehatan Bank secara semiannually Bank’s soundness report in order to
semesteran, untuk menggambarkan seluruh risiko yang describe all the embedded risks in the Bank’s business
melekat dalam kegiatan bisnis Bank termasuk risiko activities, including consolidated Subsidiaries risks.
Entitas Anak secara konsolidasi.
Grup tidak terekspos risiko pasar, risiko kredit dan risiko There are no market risk, credit risk and liquidity risk
likuiditas pada investasi pemegang unit-link, exposed to the Group for policyholders’ investments in
dikarenakan semua risiko ditanggung langsung oleh unit-linked contract, since all credit risk is directly borne
masing-masing pemegang polis. by each policyholder.
416
1364 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1367
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
Pengawasan aktif Dewan Direksi dan Dewan Komisaris Active supervision by the Board of Directors and the
terhadap aktivitas manajemen risiko Bank, baik secara Board of Commissioners in risk management activities,
langsung maupun tidak langsung dilaksanakan melalui directly and indirectly, is implemented through the
pembentukan komite di bawah supervisi Dewan establishment of committees at the level of the Board of
Komisaris, yaitu Komite Pemantau Risiko, Komite Tata Commissioners which are Risk Monitoring Committee,
Kelola Terintegrasi, Komite Remunerasi dan Nominasi, Integrated Governance Committee, Remuneration and
dan Komite Audit. Adapun komite di bawah supervisi Nomination Committee and Audit Committee. The
Direksi terdiri dari Asset & Liability Management Executive Committee under the supervision of the Board
Committee (ALCO), Risk Management Committee of Directors consists of Asset & Liability Management
(RMC), Credit Policy Committee (CPC), Integrated Risk Committee (ALCO), Risk Management Committee
Committee (IRC), Capital & Subsidiaries Committee (RMC), Credit Policy Committee (CPC), Integrated Risk
(CSC), Business Committee (BC), Information Committee (IRC), Capital & Subsidiaries Committee
Technology & Digital Banking Committee (ITDC), (CSC), Business Committee (BC), Information
Human Capital Policy Committee (HCPC), Policy & Technology & Digital Banking Committee (ITDC),
Procedure Committee (PPC), Credit Committee/Rapat Human Capital Policy Committee (HCPC), Policy &
Komite Kredit (RKK), Transformation Committee (TC), Procedure Committee (PPC), Credit Committee/Rapat
dan Social & Enviromental Responsibility Committee Komite Kredit (RKK), Transformation Committee (TC),
(SERC). and Social & Enviromental Responsibility Committee
(SERC).
Dari 12 komite yang berada di bawah supervisi Direksi, From 12 Executive Committees supervised under Board
terdapat 5 komite yang berkaitan langsung dengan of Directors, 5 committees are directly involved with risk
pengelolaan manajemen risiko yaitu RMC, IRC, ALCO management, i.e., RMC, IRC, ALCO, PPC and CPC. All
PPC dan CPC. Adapun fungsi dan tugas masing- functions and key responsibilities are as follows:
masing komite adalah sebagai berikut:
1. Risk Management Committee (RMC) 1. Risk Management Committee (RMC)
Memastikan kecukupan pelaksanaan identifikasi, Ensure the adequacy of the implementation of risk
pengukuran, dan pemantauan risiko, penetapan identification, measurement and monitoring,
kebijakan dan strategi manajemen risiko dalam establishing policies and risk management
rangka pelaksanaan proses dan sistem strategies in order to implement effective risk
manajemen risiko yang efektif. management system.
2. Integrated Risk Committee (IRC) 2. Integrated Risk Committee (IRC)
Memberikan rekomendasi kepada Direksi Entitas Providing recommendations to the Board of
Utama dalam rangka penerapan Manajemen Risiko Directors of the Main Entity, at least with regard to
Terintegrasi yang komprehensif dan efektif, the drafting and revision or improvement of the
termasuk penyusunan dan perbaikan atau Integrated Risk Management policy based on the
penyempurnaan kebijakan Manajemen Risiko implementation evaluation results. Bank Mandiri as
Terintegrasi berdasarkan hasil evaluasi main entity has established IRC as a fulfillment of
pelaksanaan. Bank Mandiri sebagai Entitas Utama POJK No. 17/POJK.03/2014 regarding The
membentuk IRC sebagai wujud penerapan Implementation of Integrated Risk Management for
POJK No. 17/POJK.03/2014 tentang Penerapan Financial Conglomerates. Members of the IRC
Manajemen Risiko Terintegrasi bagi Konglomerasi include the Board of Directors of the Main Entity and
Keuangan. Anggota IRC mencakup Direksi Entitas its subsidiaries.
Utama dan Entitas Anak.
3. Asset & Liabilities Management Committee (ALCO) 3. Asset & Liabilities Management Committee (ALCO)
Menjalankan fungsi penetapan strategi Manages Bank’s strategic management of asset
pengelolaan aset dan liabilitas, penetapan suku and liabilities, interest rate, liquidity and other areas
bunga da,n likuiditas, serta hal-hal lain yang terkait related to the asset and liability management of the
dengan pengelolaan aset dan liabilitas Bank. Bank. Furthermore, in condition of financial
Selain itu pada kondisi tekanan/krisis keuangan, stress/crisis, ALCO has the function and
ALCO juga memiliki tugas dan wewenang untuk responsibility to monitor Bank’s risk and financial
melakukan pemantauan indikator risiko dan indicators stated in the Recovery Plan in cases
keuangan Bank yang tercantum dalam Recovery where these indicators exceed the set limits.
Plan serta mengusulkan aktivasi Recovery Plan
dalam hal indikator-indikator tersebut melampaui
batasan yang ditetapkan.
417
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1365
Page 1368
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
Dari 12 komite yang berada di bawah supervisi Direksi, From 12 Executive Committees supervised under Board
terdapat 5 komite yang berkaitan langsung dengan of Directors, 5 committees are directly involved with risk
pengelolaan manajemen risiko yaitu RMC, IRC, ALCO management, i.e., RMC, IRC, ALCO, PPC, and CPC. All
PPC, dan CPC. Adapun fungsi dan tugas masing- functions and key responsibilities are as follows:
masing komite adalah sebagai berikut: (lanjutan) (continued)
4. Policy & Procedure Committee (PPC) 4. Policy & Procedure Committee (PPC)
PPC adalah komite yang bertugas membantu PPC is a committee that assist the Board of
Direksi dalam pengaturan Peraturan Bank dalam Directors in arrangement of the Bank’s Regulations
bentuk ketentuan Mandiri Group, kebijakan atau in the form of Mandiri Group's policies, Bank’s
prosedur serta pengaturan pemberian policies or procedures, as well as arrangement of
kewenangan kepada pejabat Bank secara ex- granting authority to the Bank’s executives on an ex-
officio. officio basis.
5. Credit Policy Committee (CPC) 5. Credit Policy Committee (CPC)
Membantu Direksi dalam merumuskan Assist the Board of Directors in formulating policies,
kebijakan, mengawasi pelaksanaan kebijakan, overseeing policy implementation, monitoring the
memantau perkembangan dan kondisi portofolio growth and condition of the credit and/or financing
perkreditan atau pembiayaan serta memberikan portfolio and providing recommendations for
saran langkah perbaikan, termasuk dalam corrective actions, including evaluating agenda and
membahas dan/atau mengevaluasi agenda determining Management Limit based on the
terkait Management Limit dan menetapkan Authority Holder.
Management Limit sesuai kewenangan
memutus.
Komite di bawah supervisi Dewan Komisaris yang Committees formed under Board of Commissioners
memiliki tugas dan tanggung jawab melakukan kajian including Risk Monitoring Committee, Integrated
dan evaluasi atas kebijakan serta pelaksanaan Governance Committee, and Audit Committee, which
manajemen risiko Bank, serta memberikan masukan have tasks and responsibilities to review and evaluate
dan rekomendasi kepada Dewan Komisaris dalam the policy and implementation of the Bank's risk
rangka melaksanakan fungsi pengawasan adalah management, as well as providing inputs and
Komite Pemantau Risiko, Komite Tata Kelola recommendations to the Board of Commissioners in
Terintegrasi, dan Komite Audit. order to carry out the monitoring roles.
A. Risiko kredit A. Credit risk
Dalam menyalurkan kreditnya, Bank Mandiri In distributing its credit, Bank Mandiri always
senantiasa mengedepankan prinsip kehati-hatian prioritizes the prudential principle which is reflected
yang tercermin di beberapa aspek antara lain in several aspects, including the following:
sebagai berikut:
1. Tata Kelola dan Struktur Organisasi 1. Governance and Organisational Structure
Bank Mandiri senantiasa berpedoman pada Bank Mandiri is always guided by the Bank
Kebijakan Perkreditan Bank Mandiri dalam Mandiri Credit Policy in managing credit risk
mengelola risiko kredit secara end-to-end end-to-end which is outlined in more detail in
yang secara lebih rinci dituangkan dalam the form of Credit Procedure Standards (SPK)
bentuk Standar Prosedur Kredit (SPK) dan and Product Manuals.
Manual Produk.
Direktorat Manajemen Risiko bersama unit The Risk Management Directorate together
kerja terkait dalam melakukan manajemen with related work units carry out integrated
risiko terintegrasi untuk bertanggung jawab risk management to be responsible for
dalam mengelola 10 jenis risiko yang dihadapi managing 10 types of risks faced by the Bank
Bank beserta Entitas Anak, serta membahas and its Subsidiaries, as well as discussing and
dan mengusulkan kebijakan dan pedoman proposing risk management policies and
pengelolaan risiko. guidelines.
418
1366 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1369
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
A. Risiko kredit (lanjutan) A. Credit risk (continued)
Dalam menyalurkan kreditnya, Bank Mandiri In distributing its credit, Bank Mandiri always
senantiasa mengedepankan prinsip kehati-hatian prioritizes the prudential principle which is reflected
yang tercermin di beberapa aspek antara lain in several aspects, including the following:
sebagai berikut: (lanjutan) (continued)
1. Tata Kelola dan Struktur Organisasi (lanjutan) 1. Governance and Organisational Structure
(continued)
Struktur organisasi Direktorat Manajemen The organisational structure of the Risk
Risiko terdiri dari Risk Taking Unit dan Management Directorate consists of the Risk
Independent Risk Management Unit. Risk Taking Unit and the Independent Risk
Taking Unit menjalankan fungsi four-eyes Management Unit. The Risk Taking Unit
principle, sedangkan Independent Risk carries out the function of the four-eyes
Management Unit bertanggung jawab principle, while the Independent Risk
langsung kepada Direktur Manajemen Risiko. Management Unit is directly responsible to
Bank Mandiri menempatkan fungsi analisis the Risk Management Director. Bank Mandiri
kredit yang dilakukan oleh unit bisnis dan unit places the credit analysis function carried out
risiko kredit yang independen. by independent business units and credit risk
units.
2. Aktivitas-aktivitas terkait Pengelolaan Risiko 2. Activities related to Credit Risk Management
Kredit
A. Segmen Wholesale A. Wholesale Segment
Proses pengelolaan kredit di segmen The credit management process in the
Wholesale diawali dengan menentukan Wholesale segment begins with
target pasar melalui Loan Portfolio determining the target market through the
Guideline yang menetapkan Industry Loan Portfolio Guideline which determines
Classification (menarik, netral, selektif dan the appropriate Industry Classification
waspada) dan Industry Limit yang sesuai, (attractive, neutral, selective and cautious)
serta memilih dan menyaring target and Industry Limit, as well as selecting and
nasabah melalui Industry Acceptance filtering target customers through Industry
Criteria dan Name Clearance untuk Acceptance Criteria and Name Clearance
menghasilkan pipeline debitur yang to produce a high quality debtor pipeline.
berkualitas.
Proses selanjutnya adalah melakukan The next process is to carry out a credit risk
credit risk assessment menggunakan assessment using a series of credit risk
serangkaian credit risk tools (credit risk tools (credit risk rating, spreadsheet, CPA,
rating, spreadsheet, CPA, NAK, dan NAK, etc.) which is then decided by the
sebagainya) yang kemudian diputus oleh Credit Approval Authority Holder (through a
Pemegang Kewenangan Memutus Kredit Credit Committee Meeting) with a four-eye
(melalui Rapat Komite Kredit) dengan principle involving the Business Unit and
four-eyes principle yang melibatkan Independent Credit Risk Management Unit.
Business Unit dan Credit Risk The four-eye principle mechanism is carried
Management Unit secara independen. out by the Credit Committee in accordance
Mekanisme four-eyes principle dilakukan with the limits of authority, where the credit
oleh Credit Committee sesuai limit termination process is carried out through
kewenangan, dimana proses pemutusan the RKK mechanism.
kredit dilaksanakan melalui mekanisme
RKK.
419
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1367
Page 1370
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
A. Risiko kredit (lanjutan) A. Credit risk (continued)
Dalam menyalurkan kreditnya, Bank Mandiri In distributing its credit, Bank Mandiri always
senantiasa mengedepankan prinsip kehati-hatian prioritizes the prudential principle which is reflected
yang tercermin di beberapa aspek antara lain in several aspects, including the following:
sebagai berikut: (lanjutan) (continued)
2. Aktivitas-aktivitas terkait Pengelolaan Risiko 2. Activities related to Credit Risk Management
Kredit (lanjutan) (continued)
A. Segmen Wholesale (lanjutan) A. Wholesale Segment (continued)
Setelah proses disbursement kredit, risiko After the credit disbursement process, the
kredit dan potensi kegagalan debitur harus debtor's credit risk and potential failure must
senantiasa dimonitor dan dideteksi secara always be monitored and detected early.
dini Khusus untuk debitur yang bermasalah Specifically for debtors with problems,
maka perlu dilakukan penanganan lebih further handling needs to be carried out,
lanjut antara lain mencakup aktivitas including restructuring, collection, and
restrukturisasi, collection, maupun recovery activities.
recovery.
B. Segmen Retail B. Retail Segment
Dengan mempertimbangkan karakteristik By considering its mass market
yang mass market, maka proses kredit characteristics, the credit process is carried
dilakukan secara lebih otomatis out more automatically using a credit risk
menggunakan credit risk scorecard, scorecard, referring to the Risk Acceptance
dengan mengacu pada Risk Acceptance Criteria for each product, and processed
Criteria setiap produk, serta diproses through an automated work-flow (loan
melalui work-flow yang terotomasi (loan factory). The monitoring process is carried
factory). Proses monitoring dilakukan out in a portfolio manner.
secara portofolio.
Pemberian kredit di segmen Retail Lending in the Retail segment especially for
khususnya pada kredit produktif juga productive loan also refers to the Loan
mengacu kepada Loan Portfolio Guideline. Portfolio Guideline.
3. Penilaian Kelayakan Kredit 3. Credit Worthiness Assessment
A. Rating System A. Rating System
Bank Mandiri memiliki Rating System yang Bank Mandiri has a Rating System known
dikenal dengan BMRS (Bank Mandiri as BMRS (Bank Mandiri Rating System).
Rating System). BMRS yang telah The BMRS that has been developed by the
dikembangkan oleh Bank terdiri dari Rating Bank consists of a Rating System for the
System untuk segmen Corporate and Corporate and Commercial Banking
Commercial Banking, Rating System untuk segment, a Rating System for the SME
segmen SME, dan Rating System untuk segment, and a Rating System for Financial
Financial Institution (Bank). Dengan Institutions (Banks). By using the Rating
menggunakan Rating System untuk System for Financial Institutions (Banks),
Financial Institution (Bank), Bank dapat Banks can identify and measure the risk
melakukan identifikasi dan pengukuran that counterparty Banks can tolerate in
risiko Bank counterparty yang dapat providing credit line facilities.
ditoleransi dalam memberikan fasilitas
credit line.
420
1368 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1371
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
A. Risiko kredit (lanjutan) A. Credit risk (continued)
Dalam menyalurkan kreditnya, Bank Mandiri In distributing its credit, Bank Mandiri always
senantiasa mengedepankan prinsip kehati-hatian prioritizes the prudential principle which is reflected
yang tercermin di beberapa aspek antara lain in several aspects, including the following:
sebagai berikut: (lanjutan) (continued)
3. Penilaian Kelayakan Kredit (lanjutan) 3. Credit Worthiness Assessment (continued)
B. Credit Scoring B. Credit Scoring
Bank Mandiri memiliki Credit Bank Mandiri has different Credit Scoring
Scoring yang berbeda untuk setiap for each segment, consisting of: SME
segmen, terdiri dari: SME Scoring, Micro Scoring, Micro Scoring, and Consumer
Scoring, dan Consumer Scoring, yang Scoring, across the end-to-end credit
digunakan secara end-to-end dalam lifecycle, including acquisition, portfolio
siklus kredit, mulai dari akuisisi, portfolio management, and collection prioritization.
manajemen dan prioritisasi penagihan. Bank Mandiri has developed generic credit
Bank Mandiri telah mengembangkan scoring for consumer loan and micro
generic credit scoring untuk segmen productive loan segment using internal data
kredit konsumtif dan micro productive (transactions, funding and lending) for
dengan menggunakan data internal Existing-to-Bank (“ETB”) customers that
(transaksi, funding, maupun lending) enables seamless credit process through
untuk nasabah Existing-to-Bank (“ETB”) Livin’ application and other diverse banking
yang memungkinkan proses kredit secara channels. For New-to-Bank (NTB)
seamless melalui aplikasi Livin’ dan customers, Bank Mandiri also work with
berbagai channel lainnya. Untuk nasabah alternative credit scoring service provider
New-to-Bank (NTB), Bank Mandiri juga that use external data. Furthermore, Bank
telah bekerja sama dengan penyedia Mandiri has commenced the development
layanan alternative credit scoring yang of a bureau credit scoring utilizing SLIK as
menggunakan data eksternal. Selain itu, external data.
Bank Mandiri mulai mengembangkan
bureau credit scoring yang menggunakan
data eksternal berupa SLIK.
Model yang telah dikembangkan oleh The models developed by the Bank, both
Bank, baik itu model risiko kredit dan non credit and non-credit risk models, are
kredit, divalidasi secara internal oleh validated internally by the Model Validator,
Model Validator, yaitu fungsi yang which is an independent and separate
independen dan terpisah dari fungsi function from model developer function.
pengembang model. Hal ini dilakukan This is done to ensure quality and validity of
untuk meyakini kualitas dan validitas model. Apart from validation, another thing
model. Selain validasi, hal lainnya yang that is implemented regarding model risk
diterapkan terkait pengelolaan risiko management is the implementation of a
model yaitu penerapan kerangka tata model management governance framework
kelola pengelolaan model (Model Risk (Model Risk Management).
Management).
421
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1369
Page 1372
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
A. Risiko kredit (lanjutan) A. Credit risk (continued)
Dalam menyalurkan kreditnya, Bank Mandiri In distributing its credit, Bank Mandiri always
senantiasa mengedepankan prinsip kehati-hatian prioritizes the prudential principle which is reflected
yang tercermin di beberapa aspek antara lain in several aspects, including the following:
sebagai berikut: (lanjutan) (continued)
4. Monitoring Kredit 4. Credit Monitoring
Pengelolaan risiko kredit Bank terutama The Bank's credit risk management is primarily
diarahkan untuk meningkatkan keseimbangan directed at improving the balance between
antara ekspansi kredit yang sehat dengan healthy credit expansion and prudent credit
pengelolaan kredit secara prudent agar management to avoid a decline in quality or
terhindar dari penurunan kualitas atau menjadi becoming a NPL, as well as managing optimal
kategori NPL serta mengelola penggunaan capital use through identifying business units,
modal yang optimal melalui identifikasi unit segments, products, areas that provide added
bisnis, segmen, produk, wilayah yang value for the Bank. In addition, in implementing
memberikan nilai tambah bagi Bank. Dalam credit concentration risk management at the
melaksanakan pengelolaan risiko konsentrasi debtor level, Bank Mandiri consistently
kredit di level debitur, Bank Mandiri secara monitors the BMPK. In general, the credit
konsisten memonitor BMPK. Secara umum, process and credit risk management at Bank
proses kredit dan pengelolaan risiko kredit di Mandiri has been carried out end-to-end and
Bank Mandiri sudah dilakukan secara end-to- integrated.
end dan terintegrasi.
Bank melakukan identifikasi dan deteksi dini The Bank carries out early identification and
terhadap debitur Corporate dan Commercial detection of Corporate and Commercial
dengan kualitas 1 dan 2 melalui ALERT Tools. debtors with collectability 1 and 2 through
Dalam melakukan penilaian dan monitoring ALERT Tools. In assessing and monitoring
kualitas kredit, Bank mengacu kepada credit quality, the Bank refers to Regulator
ketentuan Regulator dengan mengedepankan provisions by prioritizing the principle of
prinsip kehati-hatian dengan cara melakukan prudence by reviewing 3 Pillar, namely
reviu atas 3 Pilar yaitu prospek usaha, kinerja business prospects, financial performance and
debitur, dan kemampuan membayar. repayment capability. Based on the results of
Berdasarkan hasil analisa tersebut, Bank this analysis, the Bank determines the debtor's
menetapkan kualitas debitur, status early quality, early warning status, account strategy,
warning, account strategy, dan/atau action plan and/or action plan early to prevent the
secara dini untuk mencegah terjadinya gagal occurrence of default.
bayar.
5. Agunan 5. Collateral
Jenis agunan yang diterima Bank terdiri dari The types of collateral accepted by the Bank
benda bergerak (antara lain agunan tunai, consist of movable objects (including cash
piutang dagang, persediaan barang, mesin, collateral, trade receivables, inventories of
dan surat berharga), dan benda tak bergerak goods, machinery, and securities), and
(antara lain tanah, bangunan, dan mesin), Bank immovable objects (including land, buildings,
mengutamakan agunan dalam bentuk aset and machinery), Bank prioritizes collateral in
tetap. Penilaian agunan dapat dilakukan oleh the form of fixed assets. The collateral
penilai internal atau penilai eksternal appraisal should be carried out by an internal
sebagaimana ketentuan yang berlaku. appraisal or external appraisal according to the
applicable policy.
422
1370 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1373
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
A. Risiko kredit (lanjutan) A. Credit risk (continued)
Dalam menyalurkan kreditnya, Bank Mandiri In distributing its credit, Bank Mandiri always
senantiasa mengedepankan prinsip kehati-hatian prioritizes the prudential principle which is reflected
yang tercermin di beberapa aspek antara lain in several aspects, including the following:
sebagai berikut: (lanjutan) (continued)
6. Stress Test 6. Stress Test
Untuk memantau kualitas dan menguji To monitor quality and test the elasticity of
elastisitas kualitas portofolio (NPL dan yield) portfolio quality (NPL and yield) to changes in
terhadap perubahan variabel-variabel economic variables that can impact the Bank's
ekonomi yang dapat berdampak pada capital adequacy, the Bank routinely and ad-
kecukupan modal Bank, Bank secara rutin hoc carries out stress tests on the entire credit
maupun ad-hoc melakukan stress test portfolio, both per large debtor group, business
terhadap seluruh portofolio kredit baik per segment, industries and products with various
kelompok debitur besar, segmen bisnis, scenarios.
industri maupun produk dengan berbagai
skenario.
Dengan stress test ini, Bank dapat With this stress test, the Bank can understand
memahami kemungkinan potensi negatif the possible negative potential for Bank
terhadap kinerja bisnis Bank Mandiri dan Mandiri's business performance and anticipate
mengantisipasi lebih awal dan mengambil it early and take portfolio control steps and the
langkah-langkah pengendalian portofolio dan most optimal solutions as a short-term and
solusi yang paling optimal sebagai strategi long-term strategy so that the quality of the
jangka pendek maupun jangka panjang Bank's credit portfolio and capital adequacy are
sehingga kualitas portofolio kredit dan well maintained.
kecukupan modal Bank terjaga dengan baik.
7. Recovery Plan dan Resolution Plan 7. Recovery Plan and Resolution Plan
Bank Mandiri telah menyusun Rencana Aksi Bank Mandiri has prepared a Recovery Plan
Pemulihan (Recovery Plan) dan Opsi and Recovery Options as regulated in OJK
Pemulihan (Recovery Options) sebagaimana Regulation No. 5 Year 2024 regarding
diatur dalam Peraturan OJK No. 5 Tahun “Penetapan Status Pengawasan dan
2024 tentang Penetapan Status Penanganan Permasalahan Bank Umum.”
Pengawasan dan Penanganan Recovery Plan is a plan to address potential
Permasalahan Bank Umum. Recovery Plan financial problems that may occur at the Bank.
merupakan rencana untuk mengatasi The Recovery Options within the Recovery
permasalahan keuangan yang mungkin Plan document are the actions the Bank has
terjadi di Bank. Opsi Pemulihan (Recovery decided to take in response to financial stress
Options) yang terdapat dalam dokumen experienced by the Bank to prevent, recover, or
Recovery Plan merupakan pilihan tindakan improve the financial condition and viability of
yang ditetapkan akan dilakukan Bank untuk the Bank.
merespon tekanan keuangan (financial
stress) yang dialami oleh Bank dalam
mencegah, memulihkan maupun
memperbaiki kondisi keuangan serta
keberlangsungan usaha Bank (viability).
423
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1371
Page 1374
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
A. Risiko kredit (lanjutan) A. Credit risk (continued)
7. Recovery Plan dan Resolution Plan (lanjutan) 7. Recovery Plan and Resolution Plan
(continued)
Recovery Options telah ditetapkan untuk Recovery Options have been set for four
empat area indikator yaitu permodalan, indicator areas namely capital, liquidity,
likuiditas, rentabilitas dan kualitas aset rentability and asset quality, which represent
sebagai indikator yang mewakili kerentanan the main vulnerabilities of a Bank to financial
utama sebuah Bank terhadap kesulitan difficulties. For each indicator in the Recovery
finansialnya. Untuk setiap indikator pada Plan, the Bank has set trigger levels to
Recovery Plan, Bank telah menetapkan trigger implement recovery options. The trigger levels
level untuk melaksanakan opsi pemulihan. in the Recovery Plan indicators have been
Trigger level dalam indikator Recovery Plan synchronized with the Risk Appetite Threshold
telah dilakukan sinkronisasi dengan Risk as the starting limit for Early Contingency
Appetite Threshold sebagai batasan Actions.
dimulainya Early Contingency Actions.
Bank juga telah menyusun Rencana Resolusi The Bank has also prepared a Resolution Plan
(Resolution Plan) sesuai dengan aturan pada in accordance with the regulations in PLPS No.
PLPS No. 2 Tahun 2024. Resolution Plan 2 Year 2024. The Resolution Plan contains
merupakan rencana tindakan resolusi yang details about the charateristics of the Bank and
berisi antara lain rincian karateristik Bank dan the preferred resolution strategies, in order to
strategi tindakan resolusi yang diutamakan maintain the continuity of the Bank’s critical
(preferred) untuk Bank tersebut, dalam rangka economic functions without causing disruptions
menjaga keberlangsungan fungsi ekonomi to financial system stability.
penting (critical economic function) Bank
tanpa menyebabkan gangguan pada stabilitas
sistem keuangan.
(i) Eksposur maksimum risiko kredit tanpa (i) Maximum exposure to credit risk without
memperhitungkan agunan dan pendukung kredit considering collateral held and other credit supports
lainnya
Eksposur maksimum risiko kredit disajikan setelah Maximum credit risk exposures on financial assets
cadangan kerugian penurunan nilai tanpa are presented net after allowance for impairment
memperhitungkan agunan dan pendukung kredit losses without considering collateral and other
lainnya terhadap aset keuangan pada laporan credit supports are as follows:
posisi keuangan konsolidasian sebagai berikut:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Current account with
Giro pada Bank Indonesia 238.289.478 105.146.044 Bank Indonesia
Giro pada bank lain 60.924.962 46.637.684 Current account with other banks
Penempatan pada Bank Indonesia Placement with Bank Indonesia
dan bank lain 50.470.248 63.228.375 and other banks
Efek-efek**) Marketable securities**)
Pemerintah Government
Diukur pada nilai wajar Fair value through
melalui laba rugi 19.927.879 10.886.578 profit or loss
Diukur pada nilai wajar melalui Fair value through
penghasilan komprehensif lain 1.847.374 1.779.038 other comprehensive income
Diukur pada biaya perolehan
diamortisasi 741.403 718.802 Amortised cost
*) *)
Segmen untuk manajemen risiko dikelompokkan menjadi Korporasi, Segments of risk management are classified into Corporate,
Komersial, Retail dan Syariah. Commercial, Retail and Sharia.
**) **)
Tidak termasuk efek-efek yang merupakan investasi dari pemegang polis Excluding marketable securities which are the investment from the
unit-link Entitas Anak yang tidak memiliki risiko kredit. Subsidiaries policyholder’s unit-link which has no credit risk exposure.
***) ***)
Tidak termasuk obligasi pemerintah yang merupakan investasi dari Excluding government bonds which are the investment from the
pemegang polis unit-link Entitas Anak yang tidak memiliki risiko kredit. Subsidiaries’ policyholder’s unit-link which has no credit risk exposure.
424
1372 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1375
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
A. Risiko kredit (lanjutan) A. Credit risk (continued)
(i) Eksposur maksimum risiko kredit tanpa (i) Maximum exposure to credit risk without
memperhitungkan agunan dan pendukung kredit considering collateral held and other credit supports
lainnya (lanjutan) (continued)
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Efek-efek**) (lanjutan) Marketable securities**) (continued)
Non-pemerintah Non-government
Diukur pada nilai wajar Fair value through
melalui laba rugi 31.218.286 11.157.909 profit or loss
Diukur pada nilai wajar melalui Fair value through
penghasilan komprehensif lain 53.322.591 45.249.563 other comprehensive income
Diukur pada biaya perolehan
diamortisasi 3.826.063 8.220.183 Amortised cost
Diukur pada biaya perolehan 1.997.673 3.231.978 At cost
Obligasi pemerintah***) Government bonds***)
Diukur pada nilai wajar Fair value through
melalui laba rugi 19.407.836 17.761.405 profit or loss
Diukur pada nilai wajar melalui Fair value through
penghasilan komprehensif lain 106.034.349 82.065.670 other comprehensive income
Diukur pada biaya perolehan
diamortisasi 137.907.775 153.035.870 Amortised cost
Diukur pada biaya perolehan 15.187.944 22.560.953 At cost
Tagihan lainnya - transaksi Other receivables - trade
Perdagangan 30.639.841 28.551.228 transactions
Tagihan atas efek-efek yang dibeli Securities purchased under
dengan janji dijual kembali 3.903.777 8.290.138 agreements to resell
Tagihan derivatif 7.277.675 7.761.508 Derivatives receivables
Kredit yang diberikan dan Loans and sharia
piutang/pembiayaan syariah*) receivables/financing*)
Korporasi 747.623.768 603.077.918 Corporate
Komersial 308.277.746 274.963.443 Commercial
Retail 442.189.462 430.923.203 Retail
Syariah 303.843.233 264.897.403 Sharia
Piutang pembiayaan konsumen 39.813.630 40.638.953 Consumer financing receivables
Investasi bersih dalam Net investment finance
sewa pembiayaan 4.018.753 5.653.739 leases
Tagihan akseptasi 8.062.263 9.282.525 Acceptance receivables
Aset lain-lain Other assets
Pendapatan yang masih akan
diterima 12.199.366 10.923.073 Accrued income
Piutang transaksi Receivables from
nasabah 5.127.337 3.362.133 customer transactions
Tagihan terkait dengan transaksi Receivables from transactions
ATM dan kartu kredit 1.756.992 2.271.878 related to ATM and credit card
Tagihan kepada pemegang polis - 415.944 Receivables from policyholders
Penjualan efek-efek yang Receivables from sales of
masih akan diterima 1.855.501 155.629 marketable securities
Tagihan atas obligasi pemerintah Receivables from government
yang diagunkan 2.746.074 802.754 bonds pledged as collateral
2.660.439.279 2.263.651.521
*) *)
Segmen untuk manajemen risiko dikelompokkan menjadi Korporasi, Segments of risk management are classified into Corporate,
Komersial, Retail dan Syariah. Commercial, Retail and Sharia.
**) **)
Tidak termasuk efek-efek yang merupakan investasi dari pemegang polis Excluding marketable securities which are the investment from the
unit-link Entitas Anak yang tidak memiliki risiko kredit. Subsidiaries policyholder’s unit-link which has no credit risk exposure.
***) ***)
Tidak termasuk obligasi pemerintah yang merupakan investasi dari Excluding government bonds which are the investment from the
pemegang polis unit-link Entitas Anak yang tidak memiliki risiko kredit. Subsidiaries’ policyholder’s unit-link which has no credit risk exposure.
425
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1373
Page 1376
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
A. Risiko kredit (lanjutan) A. Credit risk (continued)
(i) Eksposur maksimum risiko kredit tanpa (i) Maximum exposure to credit risk without
memperhitungkan agunan dan pendukung kredit considering collateral held and other credit supports
lainnya (lanjutan) (continued)
Eksposur risiko kredit terhadap rekening Credit risk exposures relating to administrative
administratif setelah cadangan kerugian penurunan accounts net after allowance for impairment losses
nilai adalah sebagai berikut: are as follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Bank garansi yang diterbitkan 165.372.990 137.700.405 Bank guarantees issued
Fasilitas kredit yang diberikan yang
belum digunakan*) 143.992.234 90.593.269 Unused loan facilities*)
Letter of credit yang tidak dapat Outstanding irrevocable
dibatalkan yang masih berjalan 23.214.617 22.400.690 letter of credit
Standby letter of credit 18.332.809 12.288.826 Standby letter of credit
350.912.650 262.983.190
*) *)
Termasuk fasilitas kredit committed dan uncommitted kartu kredit yang Include unused committed and uncommitted credit card facilities.
belum digunakan.
Tabel di atas menggambarkan eksposur The above table represents the maximum financial
maksimum aset keuangan atas risiko kredit bagi assets exposure on credit risk for Bank Mandiri and
Bank Mandiri dan Entitas tanpa memperhitungkan Subsidiaries without taking into account any
agunan atau pendukung kredit lainnya. Untuk aset collateral held or other credit support. For financial
keuangan dalam laporan posisi keuangan assets in the consolidated statement of financial
konsolidasian, eksposur di atas ditentukan position, the exposures set out above are based on
berdasarkan nilai tercatat seperti carrying amounts as reported in the consolidated
yang diungkapkan pada laporan keuangan financial statements.
konsolidasian.
Konsentrasi risiko aset keuangan dengan eksposur Concentration of risks of financial assets with credit
risiko kredit risk exposure
a) Sektor geografis a) Geographical sectors
Tabel berikut menggambarkan rincian The following table breaks down Bank Mandiri
eksposur kredit Bank Mandiri dan Entitas Anak and its Subsidiaries’ credit exposure at their
pada nilai bruto (tanpa memperhitungkan gross amounts (without taking into account any
cadangan kerugian penurunan nilai, agunan allowance for impairment losses, collateral held
atau pendukung kredit lainnya), yang or other credit support), as categorised by
dikategorikan berdasarkan area geografis. geographical region. In the following table,
Untuk tabel ini, Bank Mandiri dan Entitas Anak Bank Mandiri and its Subsidiaries have
telah mengalokasikan eksposur area allocated exposures based on the geographical
berdasarkan wilayah geografis dimana kantor area where the transactions are recorded.
pencatatan transaksi dilakukan.
426
1374 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1377
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
A. Risiko kredit (lanjutan) A. Credit risk (continued)
(i) Eksposur maksimum risiko kredit tanpa (i) Maximum exposure to credit risk without
memperhitungkan agunan dan pendukung kredit considering collateral held and other credit supports
lainnya (lanjutan) (continued)
Konsentrasi risiko aset keuangan dengan eksposur Concentration of risks of financial assets with credit
risiko kredit (lanjutan) risk exposure (continued)
a) Sektor geografis (lanjutan) a) Geographical sectors (continued)
31 Desember 2025/31 December 2025
****)
Jawa Lain-lain****) /
dan/and Bali Sumatera Kalimantan Sulawesi Others Total
Giro pada Current accounts with
Bank Indonesia 238.289.478 - - - - 238.289.478 Bank Indonesia
Giro pada Current accounts with
bank lain 46.605.015 1 46 - 14.347.521 60.952.583 other banks
Penempatan pada Placement with
Bank Indonesia Bank Indonesia and
dan bank lain 47.920.000 - - - 2.551.834 50.471.834 other banks
Efek-efek **) Marketable securities**)
Pemerintah Government
Diukur pada nilai wajar Fair value through
melalui laba rugi 14.362.850 - - - 5.565.029 19.927.879 profit or loss
Diukur pada nilai wajar
melalui penghasilan
komprehensif lain - - - - 1.847.374 1.847.374 Fair value through OCI
Diukur pada biaya
perolehan
diamortisasi - - - - 741.403 741.403 Amortised cost
Non-pemerintah Non government
Diukur pada nilai wajar Fair value through
melalui laba rugi 30.491.693 - - - 727.022 31.218.715 profit or loss
Diukur pada nilai wajar
melalui penghasilan
komprehensif lain 52.684.318 - - - 667.462 53.351.780 Fair value through OCI
Diukur pada biaya
perolehan
diamortisasi 3.204.715 - - - 629.761 3.834.476 Amortised cost
Diukur pada biaya
perolehan 2.000.362 - - - - 2.000.362 At cost
Obligasi pemerintah ***) Government bonds***)
Diukur pada nilai wajar Fair value through
melalui laba rugi 19.266.311 - - - 141.525 19.407.836 profit or loss
Diukur pada nilai wajar
melalui penghasilan
komprehensif lain 99.693.232 - - - 6.341.117 106.034.349 Fair value through OCI
Diukur pada biaya
perolehan diamortisasi 127.184.091 - - - 10.723.684 137.907.775 Amortised cost
Diukur pada biaya
perolehan 15.187.944 - - - - 15.187.944 At cost
Tagihan lainnya - Other receivables-trade
transaksi perdagangan 32.003.261 - - - 68.850 32.072.111 transactions
Tagihan atas efek-efek Securities purchased
yang dibeli dengan under agreements
janji dijual kembali 3.903.777 - - - - 3.903.777 to resell
Tagihan derivatif 7.194.107 - - - 83.568 7.277.675 Derivatives receivables
Kredit yang diberikan Loans and sharia
dan piutang/pembiayaan receivables/*)
syariah*) financing
Korporasi 535.712.236 52.643.185 16.153.161 21.841.654 136.853.480 763.203.716 Corporate
Komersial 204.855.593 46.561.143 46.991.764 15.716.705 2.582.092 316.707.297 Commercial
Retail 285.729.958 83.597.439 35.677.383 38.434.075 11.806.923 455.245.778 Retail
Syariah 188.620.036 75.658.656 22.610.988 16.915.330 11.006.155 314.811.165 Sharia
Piutang pembiayaan Consumer financing
konsumen 25.214.743 7.135.187 4.289.630 4.082.493 141.147 40.863.200 receivables
Investasi bersih dalam Net investment finance
sewa pembiayaan 3.305.707 440.512 212.489 182.313 12.719 4.153.740 leases
Tagihan akseptasi 8.053.613 - - - 34.665 8.088.278 Acceptance receivables
Aset lain-lain Other assets
Pendapatan yang masih
akan diterima 9.585.234 514.069 261.561 311.923 1.526.579 12.199.366 Accrued Income
Piutang transaksi Receivables from customer
nasabah 5.136.221 - - - - 5.136.221 transactions
Tagihan terkait dengan Receivables from transactions
transaksi ATM dan related to ATM and
kartu kredit 1.756.992 - - - - 1.756.992 credit card
Penjualan efek-efek Receivables from
yang masih sales of marketable
harus diterima 1.849.957 - - - 5.544 1.855.501 securities
Tagihan atas obligasi Receivable from government
pemerintah yang diagunkan 2.746.074 - - - - 2.746.074 bonds pledged as collateral
2.012.557.518 266.550.192 126.197.022 97.484.493 208.405.454 2.711.194.679
*) *)
Segmen untuk manajemen risiko dikelompokkan menjadi Korporasi, Komersial, Segments of risk management are classified into Corporate, Commercial,
Retail dan Syariah. Retail and Sharia.
**) **)
Tidak termasuk efek-efek yang merupakan investasi dari pemegang polis unit-link Excluding securities which are the investment of the Subsidiary’s unit-link
Entitas Anak yang tidak memiliki risiko kredit. policyholders with no credit risk.
***) ***)
Tidak termasuk obligasi pemerintah yang merupakan investasi dari pemegang polis Excluding government bonds from investments from Subsidiary’s unit-link
unit-link Entitas Anak yang tidak memiliki risiko kredit. policyholders with no credit risk.
****) ****)
Lain-lain termasuk portofolio di daerah Papua dan cabang luar negeri. Others include portfolios in Papua and overseas branches.
427
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1375
Page 1378
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
A. Risiko kredit (lanjutan) A. Credit risk (continued)
(i) Eksposur maksimum risiko kredit tanpa (i) Maximum exposure to credit risk without
memperhitungkan agunan dan pendukung kredit considering collateral held and other credit supports
lainnya (lanjutan) (continued)
Konsentrasi risiko aset keuangan dengan eksposur Concentration of risks of financial assets with credit
risiko kredit (lanjutan) risk exposure (continued)
a) Sektor geografis (lanjutan) a) Geographical sectors (continued)
31 Desember 2024/31 December 2024
****)
Jawa Lain-lain****) /
dan/and Bali Sumatera Kalimantan Sulawesi Others Total
Giro pada Current accounts with
Bank Indonesia 105.146.044 - - - - 105.146.044 Bank Indonesia
Giro pada Current accounts with
bank lain 33.117.502 1 46 - 13.550.890 46.668.439 other banks
Penempatan pada Placement with
Bank Indonesia Bank Indonesia and
dan bank lain 56.227.776 - 125.000 - 6.877.278 63.230.054 other banks
Efek-efek **) Marketable securities**)
Pemerintah Government
Diukur pada nilai wajar Fair value through
melalui laba rugi 6.307.186 - - - 4.579.392 10.886.578 profit or loss
Diukur pada nilai wajar
melalui penghasilan
komprehensif lain - - - - 1.779.038 1.779.038 Fair value through OCI
Diukur pada biaya
perolehan
diamortisasi - - - - 718.802 718.802 Amortised cost
Non-pemerintah Non government
Diukur pada nilai wajar Fair value through
melalui laba rugi 10.835.081 - - - 323.275 11.158.356 profit or loss
Diukur pada nilai wajar
melalui penghasilan
komprehensif lain 44.685.969 - - - 580.359 45.266.328 Fair value through OCI
Diukur pada biaya
perolehan
diamortisasi 7.244.141 - - - 992.102 8.236.243 Amortised cost
Diukur pada biaya
perolehan 3.241.531 - - - - 3.241.531 At cost
Obligasi pemerintah ***) Government bonds***)
Diukur pada nilai wajar Fair value through
melalui laba rugi 17.761.405 - - - - 17.761.405 profit or loss
Diukur pada nilai wajar
melalui penghasilan
komprehensif lain 76.832.496 - - - 5.233.174 82.065.670 Fair value through OCI
Diukur pada biaya
perolehan diamortisasi 142.441.103 - - - 10.594.767 153.035.870 Amortised cost
Diukur pada biaya
perolehan 22.560.953 - - - - 22.560.953 At cost
Tagihan lainnya - Other receivables-trade
transaksi perdagangan 29.732.692 - - - 241.425 29.974.117 transactions
Tagihan atas efek-efek Securities purchased
yang dibeli dengan under agreements
janji dijual kembali 8.290.138 - - - - 8.290.138 to resell
Tagihan derivatif 7.579.322 - - - 182.186 7.761.508 Derivatives receivables
Kredit yang diberikan Loans and sharia
dan piutang/pembiayaan receivables/*)
syariah*) financing
Korporasi 429.370.155 51.095.695 10.616.701 24.396.049 103.201.699 618.680.299 Corporate
Komersial 186.494.470 43.780.899 37.952.463 15.000.003 2.433.125 285.660.960 Commercial
Retail 281.223.501 79.424.315 35.472.524 36.624.422 10.959.965 443.704.727 Retail
Syariah 165.745.732 66.832.059 19.106.724 13.960.948 9.525.163 275.170.626 Sharia
Piutang pembiayaan Consumer financing
konsumen 25.550.231 6.342.235 5.162.552 4.346.104 172.184 41.573.306 receivables
Investasi bersih dalam Net investment finance
sewa pembiayaan 4.711.290 461.340 336.805 218.446 29.195 5.757.076 leases
Tagihan akseptasi 8.999.195 - - - 314.670 9.313.865 Acceptance receivables
Aset lain-lain Other assets
Pendapatan yang masih
akan diterima 8.509.445 481.916 230.879 355.188 1.345.645 10.923.073 Accrued Income
Piutang transaksi Receivables from customer
nasabah 3.368.645 - - - - 3.368.645 transactions
Tagihan terkait dengan Receivables from transactions
transaksi ATM dan related to ATM and
kartu kredit 2.271.878 - - - - 2.271.878 credit card
Tagihan kepada Receivables to
pemegang polis 415.944 - - - - 415.944 policyholders
Penjualan efek-efek Receivables from
yang masih sales of marketable
harus diterima 150.277 - - - 5.352 155.629 securities
Tagihan atas obligasi Receivable from government
pemerintah yang diagunkan 802.754 - - - - 802.754 bonds pledged as collateral
1.689.616.856 248.418.460 109.003.694 94.901.160 173.639.686 2.315.579.856
*) *)
Segmen untuk manajemen risiko dikelompokkan menjadi Korporasi, Komersial, Segments of risk management are classified into Corporate, Commercial,
Retail dan Syariah. Retail and Sharia.
**) **)
Tidak termasuk efek-efek yang merupakan investasi dari pemegang polis unit-link Excluding securities which are the investment of the Subsidiary’s unit-link
Entitas Anak yang tidak memiliki risiko kredit. policyholders with no credit risk.
***) ***)
Tidak termasuk obligasi pemerintah yang merupakan investasi dari pemegang polis Excluding government bonds from investments from Subsidiary’s unit-link
unit-link Entitas Anak yang tidak memiliki risiko kredit. policyholders with no credit risk.
****) ****)
Lain-lain termasuk portofolio di daerah Papua dan cabang luar negeri. Others include portfolios in Papua and overseas branches.
428
1376 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1379
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
A. Risiko kredit (lanjutan) A. Credit risk (continued)
(i) Eksposur maksimum risiko kredit tanpa (i) Maximum exposure to credit risk without
memperhitungkan agunan dan pendukung kredit considering collateral held and other credit supports
lainnya (lanjutan) (continued)
Konsentrasi risiko aset keuangan dengan eksposur Concentration of risks of financial assets with credit
risiko kredit (lanjutan) risk exposure (continued)
a) Sektor geografis (lanjutan) a) Geographical sectors (continued)
Eksposur risiko kredit atas rekening Credit risk exposure relating to administrative
administratif adalah sebagai berikut: accounts are as follows:
31 Desember 2025/31 December 2025
Jawa Lain-lain**)/
dan/and Bali Sumatera Kalimantan Sulawesi Others**) Total
Rekening administratif Administrative accounts
Bank garansi yang diterbitkan 163.260.833 377.725 18.558 19.576 2.363.680 166.040.372 Bank guarantees issued
Fasilitas kredit yang diberikan
yang belum digunakan*) 56.170.456 7.673.239 867.602 235.547 79.229.652 144.176.496 Unused loan facilities*)
Letter of credit yang tidak dapat
dibatalkan yang Outstanding irrevocable
masih berjalan 21.598.116 61.616 - - 1.572.050 23.231.782 letter of credit
Standby letter of credit 17.685.887 81.169 - - 592.735 18.359.791 Standby letter of credit
258.715.292 8.193.749 886.160 255.123 83.758.117 351.808.441
31 Desember 2024/31 December 2024
Jawa Lain-lain**)/
dan/and Bali Sumatera Kalimantan Sulawesi Others**) Total
Rekening administratif Administrative accounts
Bank garansi yang diterbitkan 135.721.611 331.051 32.259 25.680 2.446.902 138.557.503 Bank guarantees issued
Fasilitas kredit yang diberikan
yang belum digunakan*) 50.590.260 6.504.322 1.131.402 267.295 32.298.069 90.791.348 Unused loan facilities*)
Letter of credit yang tidak dapat
dibatalkan yang Outstanding irrevocable
masih berjalan 21.543.558 18.450 - - 877.655 22.439.663 letter of credit
Standby letter of credit 11.697.117 70.124 - - 541.448 12.308.689 Standby letter of credit
219.552.546 6.923.947 1.163.661 292.975 36.164.074 264.097.203
*) *)
Termasuk fasilitas kredit committed dan uncommitted kartu Include unused committed and uncommitted credit card
kredit yang belum digunakan. facilities.
**) **)
Lain-lain termasuk portofolio di daerah Papua dan cabang Others include portfolios in Papua and overseas branches.
luar negeri.
b) Sektor industri b) Industry sectors
Tabel berikut ini menggambarkan rincian The following table describe Bank’s credit
eksposur kredit Bank pada nilai bruto (tanpa exposure at gross amounts (without taking into
memperhitungkan cadangan kerugian account any allowance for impairment losses,
penurunan nilai, agunan atau pendukung collateral held or other credit support), as
kredit lainnya), yang dikategorikan categorised by industry sectors.
berdasarkan sektor industri.
31 Desember 2025/31 December 2025
Lembaga
keuangan/
Bank/ Jasa dunia
Financial usaha/ ****)
Pemerintah/ institution/ Industri/ Pertanian/ Business Lain-lain****) /
Government Bank Manufacturing Agriculture services Others Total
Giro pada Current accounts with
Bank Indonesia - 238.289.478 - - - - 238.289.478 Bank Indonesia
Giro pada Current accounts with
bank lain - 60.952.583 - - - - 60.952.583 other banks
Penempatan pada Placement with
Bank Indonesia Bank Indonesia and
dan bank lain - 50.471.834 - - - - 50.471.834 other banks
429
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1377
Page 1380
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
A. Risiko kredit (lanjutan) A. Credit risk (continued)
(i) Eksposur maksimum risiko kredit tanpa (i) Maximum exposure to credit risk without
memperhitungkan agunan dan pendukung kredit considering collateral held and other credit supports
lainnya (lanjutan) (continued)
Konsentrasi risiko aset keuangan dengan eksposur Concentration of risks of financial assets with credit
risiko kredit (lanjutan) risk exposure (continued)
b) Sektor industri b) Industry sectors
31 Desember 2025/31 December 2025
Lembaga
keuangan/
Bank/ Jasa dunia
Financial usaha/ ****)
Pemerintah/ institution/ Industri/ Pertanian/ Business Lain-lain****) /
Government Bank Manufacturing Agriculture services Others Total
Efek-efek **) Marketable securities**)
Pemerintah Government
Diukur pada nilai wajar Fair value through
melalui laba rugi 19.927.879 - - - - - 19.927.879 profit or loss
Diukur pada nilai wajar Fair value through
melalui penghasilan other comprehensive
komprehensif lain 1.847.374 - - - - - 1.847.374 income
Diukur pada biaya
perolehan
diamortisasi 741.403 - - - - - 741.403 Amortised cost
Non-Pemerintah Non government
Diukur pada nilai wajar Fair value through
melalui laba rugi - 31.218.106 195 14 13 387 31.218.715 profit or loss
Diukur pada nilai wajar Fair value through
melalui penghasilan other comprehensive
komprehensif lain - 50.870.418 170.233 390.183 510.747 1.410.199 53.351.780 income
Diukur pada biaya
perolehan
diamortisasi - 1.996.022 270.000 245.000 830.007 493.447 3.834.476 Amortised cost
Diukur pada biaya
perolehan - 2.000.362 - - - - 2.000.362 At cost
Obligasi pemerintah***) Government bonds***)
Diukur pada nilai wajar Fair value through
melalui laba rugi 19.407.836 - - - - - 19.407.836 profit or loss
Diukur pada nilai wajar Fair value through
melalui penghasilan other comprehensive
komprehensif lain 106.034.349 - - - - - 106.034.349 income
Diukur pada biaya
perolehan
diamortisasi 137.907.775 - - - - - 137.907.775 Amortised cost
Diukur pada biaya
perolehan 15.187.944 - - - - - 15.187.944 At cost
Tagihan lainnya - Other receivables -
transaksi perdagangan - 333.500 - - - 31.738.611 32.072.111 trade transactions
Tagihan atas efek-efek Securities purchased
yang dibeli dengan under resale
janji dijual kembali - 3.903.777 - - - - 3.903.777 agreements
Tagihan derivatif - 3.370.685 669.488 215 2.729.766 507.521 7.277.675 Derivatives receivables
Kredit yang diberikan dan Loans and sharia
piutang/pembiayaan
*)
receivables/*)
syariah financing
Korporasi 114.861.105 6.144.709 123.637.212 78.750.064 192.406.945 247.403.681 763.203.716 Corporate
Komersial - 1.844.103 68.321.672 54.945.981 102.893.488 88.702.053 316.707.297 Commercial
Retail - 73.919 12.227.525 46.884.583 112.601.203 283.458.548 455.245.778 Retail
Syariah 25.682.426 6.264.752 12.900.062 23.408.843 34.273.156 212.281.926 314.811.165 Sharia
Piutang pembiayaan Consumer financing
konsumen 29.013 78.108 76.099 62.295 53.693 40.563.992 40.863.200 receivables
Investasi bersih dalam Net investment finance
sewa pembiayaan 3.391 10.119 11.007 19.003 7.703 4.102.517 4.153.740 leases
Tagihan akseptasi - 1.717.037 1.590.495 29.820 - 4.750.926 8.088.278 Acceptance receivables
Aset lain-lain Other assets
Pendapatan yang masih
akan diterima 2.157.818 327.471 1.359.439 192.645 134.072 8.027.921 12.199.366 Accrued income
Piutang transaksi Receivables from
nasabah - - - - - 5.136.221 5.136.221 customer transactions
Tagihan terkait dengan Receivables from
transaksi transactions related to
ATM dan kartu kredit - - - - - 1.756.992 1.756.992 ATM and credit card
Penjualan efek-efek Receivable from
yang masih sales of marketable
harus diterima - 1.855.501 - - - - 1.855.501 securities
Tagihan atas obligasi Receivable from government
Pemerintah yang diagunkan - - - - - 2.746.074 2.746.074 bonds pledged as collateral
443.788.313 461.722.484 221.233.427 204.928.646 446.440.793 933.081.016 2.711.194.679
*)
Segmen untuk manajemen risiko dikelompokkan menjadi Korporasi, Komersial, *)
Segments of risk management are classified into Corporate, Commercial,
Retail dan Syariah. Retail and Sharia.
**)
Tidak termasuk efek-efek yang merupakan investasi dari pemegang polis unit-link **)
Excluding marketable securities from investment from the Subsidiary’s unit-
Entitas Anak yang tidak memiliki risiko kredit. link policyholders with no credit risk.
***)
Tidak termasuk obligasi pemerintah yang merupakan investasi dari pemegang ***)
Excluding government bonds from investments from Subsidiary’s unit-link
polis unit-link Entitas Anak yang tidak memiliki risiko kredit. policyholders with no credit risk.
****)
Lain-lain termasuk perdagangan, restoran dan hotel, tambang, pengangkutan, ****)
pergudangan dan komunikasi, konstruksi, listrik, gas dan air dan jasa sosial. Others including trading, restaurant and hotel, mining, transportation,
warehousing and communication, construction, electricity, gas and water, and
social services.
430
1378 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1381
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
A. Risiko kredit (lanjutan) A. Credit risk (continued)
(i) Eksposur maksimum risiko kredit tanpa (i) Maximum exposure to credit risk without
memperhitungkan agunan dan pendukung kredit considering collateral held and other credit supports
lainnya (lanjutan) (continued)
Konsentrasi risiko aset keuangan dengan eksposur Concentration of risks of financial assets with credit
risiko kredit (lanjutan) risk exposure (continued)
b) Sektor industri (lanjutan) b) Industry sectors (continued)
31 Desember 2024/31 December 2024
Lembaga
keuangan/
Bank/ Jasa dunia
Financial usaha/ ****)
Pemerintah/ institution/ Industri/ Pertanian/ Business Lain-lain****) /
Government Bank Manufacturing Agriculture services Others Total
Giro pada - 105.146.044 - - - - 105.146.044 Current accounts with
Bank Indonesia Bank Indonesia
Giro pada Current accounts with
bank lain - 46.668.439 - - - - 46.668.439 other banks
Penempatan pada Placement with
Bank Indonesia Bank Indonesia and
dan bank lain - 63.230.054 - - - - 63.230.054 other banks
Efek-efek **) Marketable securities**)
Pemerintah Government
Diukur pada nilai wajar Fair value through
melalui laba rugi 10.886.578 - - - - - 10.886.578 profit or loss
Diukur pada nilai wajar Fair value through
melalui penghasilan other comprehensive
komprehensif lain 1.779.038 - - - - - 1.779.038 income
Diukur pada biaya
perolehan
diamortisasi 718.802 - - - - - 718.802 Amortised cost
Diukur pada biaya
perolehan - - - - - - At cost
Non-Pemerintah Non government
Diukur pada nilai wajar Fair value through
melalui laba rugi - 11.057.404 21.731 15 48.833 30.373 11.158.356 profit or loss
Diukur pada nilai wajar Fair value through
melalui penghasilan other comprehensive
komprehensif lain - 42.650.923 119.032 386.277 506.815 1.603.281 45.266.328 income
Diukur pada biaya
perolehan
diamortisasi - 5.034.926 631.127 245.000 1.586.142 739.048 8.236.243 Amortised cost
Diukur pada biaya
perolehan - 2.682.731 - - 213.800 345.000 3.241.531 At cost
Obligasi pemerintah***) Government bonds***)
Diukur pada nilai wajar Fair value through
melalui laba rugi 17.761.405 - - - - - 17.761.405 profit or loss
Diukur pada nilai wajar Fair value through
melalui penghasilan other comprehensive
komprehensif lain 82.065.670 - - - - - 82.065.670 income
Diukur pada biaya
perolehan
diamortisasi 153.035.870 - - - - - 153.035.870 Amortised cost
Diukur pada biaya
perolehan 22.560.953 - - - - - 22.560.953 At cost
Tagihan lainnya - Other receivables -
transaksi perdagangan - 1.753.545 - - - 28.220.572 29.974.117 trade transactions
Tagihan atas efek-efek Securities purchased
yang dibeli dengan under resale
janji dijual kembali - 8.290.138 - - - - 8.290.138 agreements
Tagihan derivatif - 3.631.354 877.100 216 2.673.918 578.920 7.761.508 Derivatives receivables
Kredit yang diberikan dan Loans and sharia
piutang/pembiayaan receivables/*)
syariah*) financing
Korporasi 85.081.375 8.101.679 285.310.062 32.237.613 137.660.676 70.288.894 618.680.299 Corporate
Komersial - 1.735.764 100.195.185 56.309.051 88.085.089 39.335.871 285.660.960 Commercial
Retail - 53.922 25.616.926 43.506.687 110.664.838 263.362.354 443.204.727 Retail
Syariah 25.658.512 5.806.852 12.754.202 24.252.209 22.883.334 183.815.517 275.170.626 Sharia
Piutang pembiayaan Consumer financing
konsumen 45.265 120.151 113.459 69.112 67.538 41.157.781 41.573.306 receivables
Investasi bersih dalam Net investment finance
sewa pembiayaan 3.938 10.348 19.577 35.238 17.077 5.670.898 5.757.076 leases
Tagihan akseptasi - 1.056.048 2.726.997 85.489 - 5.445.331 9.313.865 Acceptance receivables
Aset lain-lain Other assets
Pendapatan yang masih
akan diterima 1.949.949 420.961 699.472 224.822 140.370 7.487.499 10.923.073 Accrued income
Piutang transaksi Receivables from
nasabah - - - - - 3.368.645 3.368.645 customer transactions
Tagihan terkait dengan Receivables from
transaksi transactions related to
ATM dan kartu kredit - - - - - 2.271.878 2.271.878 ATM and credit card
Tagihan kepada Receivables to
pemegang polis - 415.944 - - - - 415.944 policyholders
Penjualan efek-efek Receivable from
yang masih sales of marketable
harus diterima - 155.629 - - - - 155.629 securities
Tagihan atas obligasi Receivables from
pemerintah yang government bonds
diagunkan - 802.754 - - - - 802.754 pledged as collateral
401.547.355 308.825.610 429.084.870 157.351.729 364.548.430 653.721.862 2.315.079.856
*)
Segmen untuk manajemen risiko dikelompokkan menjadi Korporasi, Komersial, *)
Segments of risk management are classified into Corporate, Commercial,
Retail dan Syariah. Retail and Sharia.
**)
Tidak termasuk efek-efek yang merupakan investasi dari pemegang polis unit-link **)
Excluding marketable securities from investment from the Subsidiary’s unit-
Entitas Anak yang tidak memiliki risiko kredit. link policyholders with no credit risk.
***)
Tidak termasuk obligasi pemerintah yang merupakan investasi dari pemegang ***)
Excluding government bonds from investments from Subsidiary’s unit-link
polis unit-link Entitas Anak yang tidak memiliki risiko kredit. policyholders with no credit risk.
****)
Lain-lain termasuk perdagangan, restoran dan hotel, tambang, pengangkutan, ****)
Others including trading, restaurant and hotel, mining, transportation,
pergudangan dan komunikasi, konstruksi, listrik, gas dan air dan jasa sosial. warehousing and communication, construction, electricity, gas and water, and
social services.
431
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1379
Page 1382
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
A. Risiko kredit (lanjutan) A. Credit risk (continued)
(i) Eksposur maksimum risiko kredit tanpa (i) Maximum exposure to credit risk without
memperhitungkan agunan dan pendukung kredit considering collateral held and other credit supports
lainnya (lanjutan) (continued)
Konsentrasi risiko aset keuangan dengan eksposur Concentration of risks of financial assets with credit
risiko kredit (lanjutan) risk exposure (continued)
b) Sektor industri (lanjutan) b) Industry sectors (continued)
Eksposur risiko kredit atas rekening Credit risk exposure relating to administrative
administratif adalah sebagai berikut: accounts items are as follows:
31 Desember 2025/31 December 2025
Lembaga
keuangan/
Bank/ Jasa dunia
Financial usaha/
Pemerintah/ institution/ Industri/ Pertanian/ Business Lain-lain **)/
Government Bank Manufacturing Agriculture services Others**) Total
Rekening administratif Administrative accounts
Bank garansi yang
diterbitkan 97.792 65.879.399 56.093.623 446.785 72.457 43.450.316 166.040.372 Bank guarantees issued
Fasilitas kredit yang
diberikan yang
belum digunakan*) 71.827.074 2.392.990 4.509.446 4.751.952 1.601 60.693.433 144.176.496 Unused loan facilities*)
Letter of credit yang
tidak dapat dibatalkan Outstanding irrevocable
yang masih berjalan - 80.886 10.936.727 415.100 1.698.851 10.100.218 23.231.782 letter of credit
Standby letter of credit - 241.102 4.706.767 38.895 1.760.255 11.612.772 18.359.791 Standby letter of credit
71.924.866 68.594.377 76.246.563 5.652.732 3.533.164 125.856.739 351.808.441
31 Desember 2024/31 December 2024
Lembaga
keuangan/
Bank/ Jasa dunia
Financial usaha/
Pemerintah/ institution/ Industri/ Pertanian/ Business Lain-lain **)/
Government Bank Manufacturing Agriculture services Others**) Total
Rekening administratif Administrative accounts
Bank garansi yang
diterbitkan 2.382 51.064.346 40.619.857 568.693 32.156 46.270.069 138.557.503 Bank guarantees issued
Fasilitas kredit yang
diberikan yang
belum digunakan*) 26.371.180 2.614.575 5.345.452 3.725.464 47 52.734.630 90.791.348 Unused loan facilities*)
Letter of credit yang
tidak dapat dibatalkan Outstanding irrevocable
yang masih berjalan - 25.389 8.366.219 124.537 1.779.398 12.144.120 22.439.663 letter of credit
Standby letter of credit - 210.044 2.268.237 38.581 2.065.350 7.726.477 12.308.689 Standby letter of credit
26.373.562 53.914.354 56.599.765 4.457.275 3.876.951 118.875.296 264.097.203
*) *)
Termasuk fasilitas kredit committed dan uncommitted kartu Include unused committed and uncommitted credit card facilities
kredit yang belum digunakan.
**) **)
Lain-lain termasuk perdagangan, restoran dan hotel, tambang, Others include trade, restaurants and hotels, mining,
pengangkutan, pergudangan dan komunikasi, konstruksi, listrik, transportation, warehousing and communications, construction,
gas dan air, dan jasa sosial. electricity, gas and water, and social services.
432
1380 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1383
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
A. Risiko kredit (lanjutan) A. Credit risk (continued)
(ii) Kualitas aset keuangan (ii) Financial assets quality
Tabel di bawah menunjukkan kualitas aset The following tables show the quality of
keuangan berdasarkan golongan aset untuk financial assets by asset class for all financial
semua aset keuangan yang mempunyai risiko assets exposed by credit risk (excluding
kredit (di luar cadangan kerugian penurunan allowance for impairment losses) for financial
nilai) untuk aset keuangan dari Entitas Anak assets from sharia Subsidiary (for financial
syariah (untuk kualitas aset keuangan selain assets other than from sharia Subsidiary are
dari Entitas Anak syariah dikelompokkan classified based on stage) (Note 5, 6, 7, 8, 9,
berdasarkan stage) (Catatan 5, 6, 7, 8, 9, 12, 12, and 15):
dan 15):
31 Desember 2025/31 December 2025
Telah jatuh
Belum jatuh tempo atau tempo tetapi
tidak mengalami penurunan tidak
nilai/Neither past due mengalami
nor impaired penurunan
nilai/ Mengalami
Tingkat Past due penurunan
Tingkat tinggi/ standar/ but not nilai/ Jumlah/
High grade Standard grade impaired Impaired Total
Aset Assets
Giro pada Bank Indonesia 29.440.190 - - - 29.440.190 Current accounts with Bank Indonesia
Giro pada bank lain 2.718.450 - - - 2.718.450 Current accounts with other banks
Penempatan pada bank Indonesia Placement with Bank Indonesia
dan bank lain 22.162.853 - - - 22.162.853 and other banks
Efek-efek*) Marketable securities*)
Pemerintah 20.988.839 - - - 20.988.839 Government
Non pemerintah 4.942.867 - - - 4.942.867 Non-government
Obligasi pemerintah*) 35.482.375 - - - 35.482.375 Government bonds*)
Tagihan lainnya - transaksi Other receivables - trade
perdagangan 1.730.718 - - 43.429 1.774.147 transactions
Kredit yang diberikan dan Loans and sharia
piutang/pembiayaan syariah 285.542.972 18.113.581 5.427.103 5.727.509 314.811.165 receivables/financing
Tagihan akseptasi 660.347 - - - 660.347 Acceptance receivables
403.669.611 18.113.581 5.427.103 5.770.938 432.981.233
*) *)
Termasuk aset keuangan yang diukur pada nilai wajar melalui Include financial assets measured at fair value through profit or
laba rugi. loss.
31 Desember 2024/ 31 December 2024
Telah jatuh
Belum jatuh tempo atau tempo tetapi
tidak mengalami penurunan tidak
nilai/Neither past due mengalami
nor impaired penurunan
nilai/ Mengalami
Tingkat Past due penurunan
Tingkat tinggi/ standar/ but not nilai/ Jumlah/
High grade Standard grade impaired Impaired Total
Aset Assets
Giro pada Bank Indonesia 13.838.304 - - - 13.838.304 Current accounts with Bank Indonesia
Giro pada bank lain 1.480.874 - - - 1.480.874 Current accounts with other banks
Penempatan pada bank Indonesia Placement with Bank Indonesia
dan bank lain 36.127.975 - - - 36.127.975 and other banks
Efek-efek*) Marketable securities
Pemerintah 23.303.366 - - - 23.303.366 Government
Non pemerintah 5.814.920 - - - 5.814.920 Non-government
Obligasi pemerintah*) 35.419.634 - - - 35.419.634 Government bonds*)
Tagihan lainnya - transaksi Other receivables - trade
perdagangan 319.422 - - 43.429 362.851 transactions
Kredit yang diberikan dan Loans and sharia
piutang/pembiayaan syariah 255.049.260 9.885.245 4.991.430 5.244.691 275.170.626 receivables/financing
Tagihan akseptasi 185.145 - - - 185.145 Acceptance receivables
371.538.900 9.885.245 4.991.430 5.288.120 391.703.695
*) *)
Termasuk aset keuangan yang diukur pada nilai wajar melalui Include financial assets measured at fair value through profit or
laba rugi. loss.
433
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1381
Page 1384
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
A. Risiko kredit (lanjutan) A. Credit risk (continued)
(ii) Kualitas aset keuangan (lanjutan) (ii) Financial assets quality (continued)
Tabel di bawah menunjukkan kualitas aset The following tables show the quality of
keuangan berdasarkan golongan aset untuk financial assets by asset class for all financial
semua aset keuangan yang mempunyai risiko assets exposed by credit risk (excluding
kredit (di luar cadangan kerugian penurunan allowance for impairment losses) for financial
nilai) untuk aset keuangan dari Entitas Anak assets from sharia Subsidiary (for financial
syariah (untuk kualitas aset keuangan selain assets other than from sharia Subsidiary are
dari Entitas Anak syariah dikelompokkan classified based on stage) (Note 5, 6, 7, 8, 9,
berdasarkan stage) (Catatan 5, 6, 7, 8, 9, 12, 12, and 15): (continued)
dan 15): (lanjutan)
31 Desember 2025/31 December 2025
Telah jatuh
Belum jatuh tempo atau tempo tetapi
tidak mengalami penurunan tidak
nilai/Neither past due mengalami
nor impaired penurunan
nilai/ Mengalami
Tingkat Past due penurunan
Tingkat tinggi/ standar/ but not nilai/ Jumlah/
High grade Standard grade impaired Impaired Total
Rekening administratif 1.267.138 Administrative accounts
Bank garansi yang diterbitkan 1.267.138 - - - Bank guarantees issued
Letter of credit yang tidak
dapat dibatalkan yang Outstanding irrevocable
masih berjalan 108.179 - - - 108.179 letter of credit
Standby letter of credit 1.213.301 - - - 1.213.301 Standby letter of credit
2.588.618 - - - 2.588.618
31 Desember 2024/31 December 2024
Telah jatuh
Belum jatuh tempo atau tempo tetapi
tidak mengalami penurunan tidak
nilai/Neither past due mengalami
nor impaired penurunan
nilai/ Mengalami
Tingkat Past due penurunan
Tingkat tinggi/ standar/ but not nilai/ Jumlah/
High grade Standard grade impaired Impaired Total
Rekening administratif Administrative accounts
Bank garansi yang diterbitkan 1.301.664 - - - 1.301.664 Bank guarantees issued
Letter of credit yang tidak
dapat dibatalkan yang Outstanding irrevocable
masih berjalan 364.586 - - - 364.586 letter of credit
Standby letter of credit 739.062 - - - 739.062 Standby letter of credit
2.405.312 - - - 2.405.312
Tingkat tinggi High grade
(a) Giro dan penempatan pada Bank (a) Current accounts and placements with
Indonesia, giro dan penempatan pada Bank Indonesia, current accounts and
bank lain yaitu giro atau penempatan placements with other banks are current
pada institusi Pemerintah, institusi accounts or placements with the
Pemerintah Daerah, bank yang Government institutions, Local
terdaftar di bursa serta transaksi Government institutions, banks listed on
dengan bank yang memiliki reputasi the stock exchange and transactions with
baik dengan tingkat kemungkinan gagal reputable banks with low probability of
bayar atas kewajiban yang rendah. default on liabilities.
(b) Investasi pada surat berharga yaitu (b) Investments in marketable securities are
surat berharga yang diterbitkan oleh securities issued by Government,
Pemerintah, efek-efek dan obligasi securities and bonds that are included in
yang termasuk dalam investment grade investment grade with rating at least
dengan rating minimal idBBB (Pefindo), idBBB (Pefindo), BBB+ (S&P), Baa1
BBB+ (S&P), Baa1 (Moody’s) atau (Moody’s) or BBB+ (Fitch).
BBB+ (Fitch).
434
1382 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1385
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
A. Risiko kredit (lanjutan) A. Credit risk (continued)
(ii) Kualitas aset keuangan (lanjutan) (ii) Financial assets quality (continued)
Tingkat tinggi (lanjutan) High grade (continued)
(c) Pembiayaan, piutang, dan pinjaman (c) Financing, receivables and funds are
yaitu pembiayaan, piutang, dan financing, receivables and funds to
pinjaman kepada debitur dengan debtors with excellent payments history
riwayat pembayaran yang sangat baik and never being in arrears throughout the
dan tidak pernah menunggak financing period and debtors whose
sepanjang jangka waktu pembiayaan accounts have never been restructured.
dan debitur dengan riwayat tidak pernah
direstrukturisasi.
(d) Aset lain-lain yaitu piutang kepada (d) Other assets are receivables from
Pemerintah (termasuk Bank Indonesia) Government (including Bank Indonesia)
atau Pemerintah Daerah seperti piutang or local government such as income
pendapatan yang masih akan diterima. receivables.
Tingkat standar Standard grade
(a) Giro dan penempatan pada bank lain (a) Current accounts and placements with
yaitu giro atau penempatan pada bank other banks are current accounts or
yang tidak terdaftar di bursa. placements with non-listed banks.
(b) Investasi pada surat berharga yaitu (b) Investments in marketable securities are
surat berharga yang termasuk dalam non-investment grade securities with a
non-investment grade dengan rating minimum rating of idBB (Pefindo), BBB-
minimal idBB (Pefindo), BBB-(S&P), (S&P), Baa3 (Moody’s) or BBB-(Fitch).
Baa3 (Moody’s) atau BBB-(Fitch).
(c) Pembiayaan, piutang, dan pinjaman (c) Financing, receivables and funds are
yaitu pembiayaan, piutang, dan financing, receivables and funds to
pinjaman kepada debitur dengan debtors with a good payment history and
riwayat pembayaran yang baik dan debtors whose accounts have been
debitur dengan riwayat pernah restructured.
direstrukturisasi.
(d) Aset lain-lain yaitu aset keuangan (d) Other assets are financial assets other
lainnya selain piutang pendapatan yang than income receivables from
masih akan diterima kepada Government or Local Government such
Pemerintah atau Pemerintah Daerah as other receivables to third parties.
seperti tagihan rupa-rupa kepada pihak
ketiga lainnya.
Berdasarkan PSAK 107, aset keuangan yang According to SFAS 107, past due financial
telah jatuh tempo ditentukan ketika debitur assets are determined when the debtor fails to
gagal melakukan pembayaran sesuai jadwal. make payments on schedule. The table below
Tabel di bawah menunjukkan aging analysis shows aging analysis of past due but not
terhadap aset keuangan yang diberikan yang impaired of financial assets:
telah jatuh tempo tetapi tidak mengalami
penurunan nilai:
31 Desember 2025/31 December 2025
≤ 30 hari/ 31 - 60 hari/ 61 - 90 hari/ Jumlah/
days days days Total
Kredit yang diberikan dan Loans and sharia
piutang/pembiayaan syariah receivables/financing
Piutang murabahah 1.078.254 625.732 600.620 2.304.606 Murabahah receivables
Pinjaman qardh 38.782 10.141 1.435 50.358 Funds of qardh
Pembiayaan musyarakah 2.783.752 223.474 64.913 3.072.139 Musyarakah financing
3.900.788 859.347 666.968 5.427.103
435
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1383
Page 1386
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
A. Risiko kredit (lanjutan) A. Credit risk (continued)
(ii) Kualitas aset keuangan (lanjutan) (ii) Financial assets quality (continued)
Berdasarkan PSAK 107, aset keuangan yang According to SFAS 107, past due financial
telah jatuh tempo ditentukan ketika debitur assets are determined when the debtor fails to
gagal melakukan pembayaran sesuai jadwal. make payments on schedule. The table below
Tabel di bawah menunjukkan aging analysis shows aging analysis of past due but not
terhadap aset keuangan yang diberikan yang impaired of financial assets: (continued)
telah jatuh tempo tetapi tidak mengalami
penurunan nilai: (lanjutan)
31 Desember 2024/31 December 2024
≤ 30 hari/ 31 - 60 hari/ 61 - 90 hari/ Jumlah/
days days days Total
Kredit yang diberikan dan Loans and sharia
piutang/pembiayaan syariah receivables/financing
Piutang murabahah 1.051.945 576.261 528.102 2.156.308 Murabahah receivables
Pinjaman qardh 28.917 11.945 2.295 43.157 Funds of qardh
Pembiayaan musyarakah 2.678.490 76.347 37.128 2.791.965 Musyarakah financing
3.759.352 664.553 567.525 4.991.430
B. Risiko pasar dan risiko likuiditas B. Market risk and liquidity risk
(i) Manajemen risiko likuiditas (i) Liquidity risk management
Risiko likuiditas adalah risiko akibat Liquidity risk represents the risk of Bank’s
ketidakmampuan Bank untuk memenuhi inability to fulfill all financial liabilities when they
kewajiban yang jatuh tempo dari sumber become due from its financing cash flows and/or
pendanaan arus kas dan/atau dari aset likuid high quality liquid assets that can be pledged,
berkualitas tinggi yang dapat diagunkan, tanpa without negatively impacting the Bank’s
mengganggu aktivitas dan kondisi keuangan activities and financial condition.
Bank.
Untuk mengukur besarnya risiko likuiditas, The Bank’s liquidity risk is measured through
Bank menggunakan beberapa indikator, several indicators, which are minimum
antara lain adalah rasio Giro Wajib Minimum statutory reserve ratio (“GWM”) in Bank
(“GWM”) pada Bank Indonesia dan kas, Indonesia and cash, Macroprudential Liquidity
Penyangga Likuiditas Makroprudensial Reserve (“PLM”), liquidity reserve,
(“PLM”), cadangan likuiditas, Rasio Macroprudential Intermediation Ratio (“RIM”),
Intermediasi Makroprudensial (“RIM”), Liquidity Coverage Ratio (“LCR”), Net Stable
Liquidity Coverage Ratio (“LCR”), Net Stable Funding Ratio (“NSFR”), and dependency on
Funding Ratio (“NSFR”), dan ketergantungan large customer deposits.
terhadap pendanaan nasabah besar.
GWM adalah simpanan minimum yang wajib GWM is a minimum deposits required to be
dipelihara oleh Bank dalam bentuk saldo maintained by the Bank in the form of current
rekening giro pada Bank Indonesia atau surat accounts with Bank Indonesia or marketable
berharga yang besarnya ditetapkan oleh securities in which the amount is determined by
Bank Indonesia sebesar persentase tertentu Bank Indonesia based on certain percentage
dari dana pihak ketiga (DPK). PLM from total deposits from customers. PLM is an
merupakan persentase kepemilikan surat ownership percentage in Rupiah marketable
berharga Rupiah yang dapat digunakan securities which can be used in open market
dalam operasi pasar terbuka, antara lain SBI, operations i.e., SBI, SDBI, SBN, SRBI, and BI-
SDBI, SBN, SRBI, dan BI-FRN. FRN.
436
1384 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1387
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(i) Manajemen risiko likuiditas (lanjutan) (i) Liquidity risk management (continued)
Cadangan likuiditas adalah alat likuid Bank di Liquidity reserve is the Bank’s liquidity on top of
atas GWM dengan fungsi untuk pemenuhan GWM to anticipate unscheduled liquidity needs.
kebutuhan likuiditas yang tidak terjadwal. In managing the liquidity reserve, Bank has
Dalam mengelola cadangan likuiditas, Bank liquidity reserve limit in the form of safety level
memiliki batasan dalam bentuk limit safety limit, which represents the Bank’s liquidity
level, yaitu proyeksi cadangan likuiditas Bank reserve projection for one following month. As of
untuk 1 bulan ke depan. Pada tanggal 31 December 2025, the liquidity reserve balance
31 Desember 2025, cadangan likuiditas is above the safety level.
berada di atas safety level.
RIM adalah rasio hasil perbandingan antara RIM is a ratio of loans and qualified marketable
kredit yang diberikan dan surat berharga securities owned by the Bank to the customer
korporasi yang memenuhi persyaratan deposits. qualified debt securities issued by the
tertentu yang dimiliki bank terhadap dana Bank and qualified borrowing received by the
pihak ketiga, surat-surat berharga yang Bank. As of 31 December 2025. The Banks’s
memenuhi persyaratan tertentu yang
RIM is 84.52%.
diterbitkan oleh Bank dan pinjaman yang
memenuhi persyaratan tertentu yang diterima
oleh Bank. Pada tanggal 31 Desember 2025.
RIM Bank Mandiri saja sebesar 84,52%.
LCR merupakan rasio antara High Quality LCR is a ratio between High Quality Liquid
Liquid Assets (HQLA) dengan estimasi total Assets (HQLA) with the estimation of total net
arus kas keluar bersih (net cash outflow) cash outflow for the next 30 (thirty) days under
selama 30 (tiga puluh) hari ke depan dalam a crisis scenario. LCR is used to improve the
skenario krisis. LCR bertujuan untuk short-term liquidity of the Bank under a crisis
meningkatkan ketahanan likuiditas jangka
conditions. As of 31 December 2025. The
pendek Bank dalam kondisi krisis. Pada
tanggal 31 Desember 2025. LCR Bank Bank’s LCR is 137.40%.
Mandiri saja sebesar 137,40%.
NSFR merupakan rasio perbandingan antara NSFR is a ratio comparing the available stable
pendanaan stabil yang tersedia (available funding to required stable funding. As of
stable funding) dengan pendanaan stabil yang 31 December 2025. The Bank’s NSFR is
diperlukan (required stable funding). Pada 109.95%.
tanggal 31 Desember 2025. NSFR Bank
Mandiri saja sebesar 109,95%.
Kondisi likuiditas Bank di masa mendatang The Bank uses liquidity gap methodology to
diproyeksikan melalui metodologi liquidity gap, project its liquidity conditions for the future.
yang merupakan maturity mismatch antara Liquidity gap is basically a maturity mismatch
komponen-komponen aset dan liabilitas between components of assets and liabilities
(termasuk off-balance sheet), yang disusun ke (including off-balance sheet), which are
dalam periode waktu (time bucket) classified into time bucket based on their
berdasarkan contractual maturity ataupun contractual maturity or behavioral maturity. As
behavioral maturity. Pada tanggal of 31 December 2025, the Bank's liquidity
31 Desember 2025, proyeksi likuiditas Bank forecast up to next 12 months is at a surplus
sampai dengan 12 bulan ke depan berada position. Even in the surplus position for the
dalam posisi surplus. Meskipun proyeksi next 12 months, the Bank always prepares for
likuiditas 12 bulan ke depan surplus, Bank alternative funding to anticipate tight liquidity in
selalu mempersiapkan alternatif funding the market or the liquidity is not as expected.
apabila kondisi likuiditas pasar menjadi ketat
atau tidak sesuai dengan prediksi Bank.
437
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1385
Page 1388
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(i) Manajemen risiko likuiditas (lanjutan) (i) Liquidity risk management (continued)
Untuk mengetahui dampak perubahan faktor To determine the impact of changes in market
pasar maupun faktor internal pada kondisi factors and internal factors under extreme
ekstrim (krisis) terhadap kondisi likuiditas, conditions (crisis) to the liquidity, the Bank
Bank melakukan stress testing risiko likuiditas conducts stress testing of liquidity risk on a
secara berkala. Hasil stress testing yang regular basis. The results of stress testing
dilakukan telah dipaparkan kepada performed was presented to the Management.
Manajemen. Hasil stress testing menunjukkan The stress testing result showed that the Bank
bahwa Bank dapat bertahan pada kondisi will be able to survive under liquidity crisis
krisis likuiditas. conditions.
Meskipun hasil stress testing menunjukkan Although the stress testing result showed
bahwa risiko likuiditas dapat dikelola dengan liquidity risk is well managed, Bank has
baik, Bank memiliki Liquidity Contingency Plan Liquidity Contingency Plan (LCP) in crisis
(LCP) yang meliputi strategi pendanaan dan condition which covers funding strategy and
strategi pricing dalam kondisi krisis, antara lain pricing strategy including money market
pinjaman pasar uang, repo, pinjaman bilateral, borrowing, repo, bilateral borrowing, FX swap
FX swap dan wholesale funding. Dalam LCP, and wholesale funding. In LCP, determination
penetapan kondisi likuiditas dan strategi- of liquidity situations and funding strategies
strategi pendanaan telah mempertimbangkan have considered internal and external
kondisi internal dan eksternal. conditions.
Dalam rangka mengantisipasi timbulnya risiko To anticipate liquidity risks due to volatility of
likuiditas akibat adanya perubahan faktor global economic condition, Bank Mandiri
ekonomi global, Bank Mandiri memonitor monitors external indicators, including indONIA,
indikator - indikator eksternal di antaranya: BI Rate, 10-years SUN Yield, Rupiah Banking
indONIA, suku bunga kebijakan Bank Liquidity Outstanding, Composite Stock Price
Indonesia (BI Rate), yield SUN 10 tahun, Index (IHSG), Rate Interbank Call Money,
outstanding likuiditas perbankan Rupiah, 10-years UST Yield, USD/IDR Exchange Rate,
Indeks Harga Saham Gabungan (IHSG), rate Indonesia’s 5-years Credit Default Swap (CDS)
interbank call money, yield UST 10 tahun, nilai and the current market informations.
tukar USD/IDR, Credit Default Swap (CDS) 5
tahun Indonesia, serta informasi pasar terkini.
Pelaporan jatuh tempo pada tanggal The maturity profile as of 31 December 2025
31 Desember 2025 dan 2024, didasarkan and 2024 are based on the remaining period
pada jangka waktu yang tersisa sejak tanggal- from these dates. Historically, there were a large
tanggal tersebut. Secara historis, terdapat portion of deposits to be renewed upon maturity.
bagian dari simpanan dalam jumlah yang In addition, if there is a need for liquidity,
cukup besar yang diperpanjang pada saat Government bonds (at fair value through profit
jatuh tempo. Selain itu, jika terdapat keperluan or loss and fair value through other
likuiditas, obligasi pemerintah (portofolio diukur comprehensive income) can be exercised by
pada nilai wajar melalui laba rugi dan tersedia utilising as collateral in interbank market.
untuk dijual diukur pada nilai wajar melalui
penghasilan komprehensif lain) dapat
dicairkan dengan menggunakannya sebagai
jaminan dalam pasar antar bank.
438
1386 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1389
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(i) Manajemen risiko likuiditas (lanjutan) (i) Liquidity risk management (continued)
Pelaporan jatuh tempo aset dan liabilitas The maturity profile of financial assets and liabilities
keuangan dengan metode arus kas discounted presented using discounted cash flows method are
adalah sebagai berikut: as follows:
31 Desember 2025/31 December 2025
Tidak
mempunyai
kontrak > 1 bulan > 3 bulan > 6 bulan > 1 tahun
jatuh tempo/ - ≤ 3 bulan/ ≤ 6 bulan/ - ≤ 12 bulan/ - ≤ 3 tahun/
No maturity ≤ 1 bulan/ > 1 month > 3 months > 6 months > 1 year > 3 tahun/
Keterangan Total contract ≤ 1 month - ≤ 3 months ≤ 6 months ≤ 12 months - ≤ 3 years > 3 years Description
Aset Assets
Giro pada Current accounts with
Bank Indonesia 238.289.478 - 238.289.478 - - - - - Bank Indonesia
Giro pada Current accounts with
bank lain - bruto 60.952.583 - 60.952.583 - - - - - other banks - gross
Penempatan pada Placement with
Bank Indonesia Bank Indonesia
dan bank lain - bruto 50.471.834 - 47.136.177 783.757 1.250 1.085.872 1.448.627 16.151 and other banks - gross
Efek-efek - bruto 124.768.694 10.591.337 16.075.159 12.173.571 31.235.184 28.307.743 15.700.759 10.684.941 Marketable securities - gross
Obligasi Pemerintah 292.817.548 - 1.733.900 14.504.692 11.439.951 20.078.695 50.338.484 194.721.826 Government bonds
Tagihan lainnya - transaksi Other receivables - trade
perdagangan - bruto 32.072.111 - 6.052.769 12.509.515 11.576.988 496.417 - 1.436.422 transactions - gross
Tagihan atas efek-efek Securities purchased
yang dibeli dengan janji under resale
dijual kembali - bruto 3.903.777 - 3.768.270 61.544 73.963 - - - agreements - gross
Tagihan derivatif - bruto 7.277.675 - 307.711 224.139 233.649 142.154 2.956.038 3.413.984 Derivative receivables - gross
Kredit yang diberikan dan Loans and sharia
piutang/pembiayaan receivables/financing -
syariah – bruto 1.849.967.956 - 58.945.663 65.382.096 95.854.018 108.640.956 281.298.930 1.239.846.293 gross
Piutang pembiayaan Consumer financing
konsumen – bruto 40.863.200 - 1.570.542 3.089.043 4.347.230 7.983.759 18.834.385 5.038.241 receivables - gross
Investasi bersih dalam sewa Net Investment finance
pembiayaan - bruto 4.153.740 - 230.241 436.348 607.305 1.006.233 1.686.919 186.694 leases - gross
Tagihan akseptasi - bruto 8.088.278 - 2.292.677 2.574.776 2.390.249 451.400 159.543 219.633 Acceptance receivables - gross
Aset lain-lain - bruto*) 23.694.154 - 14.175.358 811.864 551.536 805.509 2.703.683 4.646.204 Other asset - gross*)
2.737.321.028 10.591.337 451.530.528 112.551.345 158.311.323 168.998.738 375.127.368 1.460.210.389
Cadangan kerugian Allowance for impairment
penurunan nilai 50.755.400 losses
Jumlah 2.686.565.628 Total
Liabilitas Liabilities
Simpanan dari nasabah Deposits from customers
Giro dan Demand deposits and
giro wadiah 666.109.590 - 666.109.590 - - - - - wadiah demand deposits
Tabungan dan tabungan Saving deposits and wadiah
wadiah 621.914.970 - 621.914.970 - - - - - saving deposits
Deposito berjangka 528.872.648 - 262.810.972 229.974.627 23.757.084 11.667.888 662.077 - Time deposits
Simpanan dari bank lain Deposits from other banks
Giro, giro wadiah Demand deposits,
dan wadiah demand deposits
tabungan 6.022.469 - 6.022.469 - - - - - and saving deposits
Interbank call money 8.013.882 - 3.567.462 2.730.143 1.716.277 - - - Interbank call money
Deposito berjangka 6.719.192 - 3.112.992 2.343.800 686.900 75.250 500.250 - Time deposits
Liabilitas atas efek-efek Securities sold
yang dijual dengan under agreements
janji dibeli kembali 39.955.889 - 4.534.866 7.681.072 2.532.068 6.767.959 14.891.359 3.548.565 to repurchase
Liabilitas derivatif 6.841.621 - 317.745 135.811 350.176 74.201 2.626.799 3.336.889 Derivative liabilities
Liabilitas akseptasi 7.919.333 - 2.273.964 2.516.119 2.298.674 451.400 159.543 219.633 Acceptance liabilities
Efek-efek yang diterbitkan 62.205.231 - 5.398.174 - 12.403.215 7.887.915 29.397.162 7.118.765 Debt securities issued
Beban yang masih
harus dibayar 6.168.983 - 6.168.983 - - - - - Accrued expenses
Liabilitas lain-lain**) 15.094.279 - 9.917.099 1.147.635 - 207.915 3.525.260 296.370 Other liabilities**)
Pinjaman yang diterima 154.672.422 - 17.606.517 17.910.812 33.636.905 13.611.421 64.407.888 7.498.879 Fund borrowings
Pinjaman dan efek-efek Subordinated loans and
subordinasi 389.779 - - - 45.023 45.090 - 299.666 marketable securities
2.130.900.288 - 1.609.755.803 264.440.019 77.426.322 40.789.039 116.170.338 22.318.767
Perbedaan jatuh tempo 606.420.740 10.591.337 (1.158.225.275) (151.888.674) 80.885.001 128.209.699 258.957.030 1.437.891.622 Maturity gap
Posisi neto setelah cadangan Net positions, net of allowance
kerugian penurunan nilai 555.665.340 for impairment losses
*) *)
Aset lain-lain terdiri dari pendapatan yang masih akan diterima, tagihan Other assets consists of accrued income, receivables from government
atas obligasi pemerintah yang diagunkan, piutang transaksi nasabah, bonds pledged as collateral, receivables from customer transactions,
penjualan efek-efek yang masih akan diterima, tagihan terkait dengan receivables from sales of marketable securities, receivables related to
transaksi ATM dan kartu kredit, dan tagihan kepada pemegang polis. ATM and credit card transaction and receivables from policyholders.
**)
Liabilitas lain-lain terdiri dari utang transaksi nasabah, liabilitas terkait **)
Other liabilities consists of customers transfer transaction, liabilities
dengan transaksi ATM dan kartu kredit, setoran jaminan, pembelian efek- related to ATM and credit card transactions, guarantee deposits, lease
efek yang masih harus dibayar, liabilitas terkait dengan transaksi transfer liabilities, liabilities related to customer transfer transactions and claim
nasabah, liabilitas sewa dan utang klaim. payables.
439
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1387
Page 1390
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(i) Manajemen risiko likuiditas (lanjutan) (i) Liquidity risk management (continued)
Pelaporan jatuh tempo aset dan liabilitas The maturity profile of financial assets and liabilities
keuangan dengan metode arus kas discounted presented using discounted cash flows method are
adalah sebagai berikut: (lanjutan) as follows: (continued)
31 Desember 2024/31 December 2024
Tidak
mempunyai
kontrak > 1 bulan > 3 bulan > 6 bulan > 1 tahun
jatuh tempo/ - ≤ 3 bulan/ ≤ 6 bulan/ - ≤ 12 bulan/ - ≤ 3 tahun/
No maturity ≤ 1 bulan/ > 1 month > 3 months > 6 months > 1 year > 3 tahun/
Keterangan Total contract ≤ 1 month - ≤ 3 months ≤ 6 months ≤ 12 months - ≤ 3 years > 3 years Description
Aset Assets
Giro pada Current accounts with
Bank Indonesia 105.146.044 - 105.146.044 - - - - - Bank Indonesia
Giro pada Current accounts with
bank lain - bruto 46.668.439 - 46.668.439 - - - - - other banks - gross
Penempatan pada Placement with
Bank Indonesia Bank Indonesia
dan bank lain - bruto 63.230.054 - 59.897.069 791.323 170.963 14.663 1.947.702 408.334 and other banks - gross
Efek-efek - bruto 95.529.548 13.407.281 16.202.127 11.657.726 12.046.470 16.366.408 15.035.589 10.813.947 Marketable securities - gross
Obligasi Pemerintah 287.272.659 - 1.192.305 177.536 9.874.148 19.554.725 58.923.440 197.550.505 Government bonds
Tagihan lainnya - transaksi Other receivables - trade
perdagangan - bruto 29.974.117 - 6.224.035 10.952.067 10.687.347 720.460 82.687 1.307.521 transactions - gross
Tagihan atas efek-efek Securities purchased
yang dibeli dengan janji under agreements
dijual kembali - bruto 8.290.138 - 8.159.589 86.333 44.216 - - - to resell - gross
Tagihan derivatif - bruto 7.761.508 - 738.867 531.533 249.969 213.035 2.023.738 4.004.366 Derivative receivables - gross
Kredit yang diberikan dan Loans and sharia
piutang/pembiayaan receivables/financing -
syariah - bruto 1.623.216.612 - 8.666.977 45.622.290 51.729.617 93.688.409 218.664.320 1.204.844.999 gross
Piutang pembiayaan Consumer financing
konsumen - bruto 41.573.306 - 1.572.853 3.129.605 4.216.125 7.784.544 19.367.032 5.503.147 receivables - gross
Investasi bersih dalam sewa Net Investment finance
pembiayaan - bruto 5.757.076 - 294.226 559.844 773.167 1.311.781 2.589.072 228.986 leases - gross
Tagihan akseptasi - bruto 9.313.865 - 2.021.864 4.486.214 2.525.858 30.962 248.967 - Acceptance receivables - gross
Aset lain-lain - bruto*) 17.937.923 415.944 10.849.946 418.823 509.680 915.082 2.853.266 1.975.182 Other asset - gross*)
2.341.671.289 13.823.225 267.634.341 78.413.294 92.827.560 140.600.069 321.735.813 1.426.636.987
Cadangan kerugian Allowance for impairment
penurunan nilai (51.937.342) losses
Jumlah 2.289.733.947 Total
Liabilitas Liabilities
Simpanan dari nasabah Deposits from customers
Giro dan Demand deposits and
giro wadiah 568.576.009 - 568.576.009 - - - - - wadiah demand deposits
Tabungan dan tabungan Saving deposits and wadiah
wadiah 580.191.796 - 580.191.796 - - - - - saving deposits
Deposito berjangka 297.467.152 - 170.652.188 105.011.637 17.733.699 3.462.951 606.677 - Time deposits
Simpanan dari bank lain Deposits from other banks
Giro, giro wadiah Demand deposits,
dan wadiah demand deposits
tabungan 9.090.038 - 9.090.038 - - - - - and saving deposits
Interbank call money 9.961.554 - 5.910.063 3.097.868 953.623 - - - Interbank call money
Deposito berjangka 7.991.117 - 4.974.980 846.350 1.545.427 12.750 611.610 - Time deposits
Liabilitas atas efek-efek Securities sold
yang dijual dengan under agreements
janji dibeli kembali 90.256.225 - 58.120.983 - 100.213 1.901.365 23.845.349 6.288.315 to repurchase
Liabilitas derivatif 7.336.998 - 782.342 584.340 218.497 56.678 1.972.353 3.722.788 Derivative liabilities
Liabilitas akseptasi 9.136.013 - 1.999.943 4.441.668 2.414.473 30.962 248.967 - Acceptance liabilities
Efek-efek yang diterbitkan 41.141.067 - 3.343.089 851.315 2.950.000 8.778.449 19.377.140 5.841.074 Debt securities issued
Beban yang masih
harus dibayar 5.466.461 - 4.480.819 - - 985.642 - - Accrued expenses
Liabilitas lain-lain**) 10.853.170 198.737 7.669.606 1.368.247 - 204.450 1.412.130 - Other liabilities**)
Pinjaman yang diterima 147.915.981 - 24.344.976 8.223.779 17.389.140 44.543.861 30.202.160 23.212.065 Fund borrowings
Pinjaman dan efek-efek Subordinated loans and
subordinasi 403.562 - 20.797 - - 20.797 62.421 299.547 marketable securities
1.785.787.143 198.737 1.440.157.629 124.425.204 43.305.072 59.997.905 78.338.807 39.363.789
Perbedaan jatuh tempo 555.884.146 13.624.488 (1.172.523.288) (46.011.910) 49.522.488 80.602.164 243.397.006 1.387.273.198 Maturity gap
Posisi neto setelah cadangan Net positions, net of allowance
kerugian penurunan nilai 503.946.804 for impairment losses
*) *)
Aset lain-lain terdiri dari pendapatan yang masih akan diterima, tagihan Other assets consists of accrued income, receivables from government
atas obligasi pemerintah yang diagunkan, piutang transaksi nasabah, bonds pledged as collateral, receivables from customer transactions,
penjualan efek-efek yang masih akan diterima, tagihan terkait dengan receivables from sales of marketable securities, receivables related to
transaksi ATM dan kartu kredit, tagihan terkait bancassurance, dan tagihan ATM and credit card transactions, receivables from bancassurance, and
receivables from policyholders.
kepada pemegang polis.
**)
Liabilitas lain-lain terdiri dari utang transaksi nasabah, liabilitas terkait **)
Other liabilities consists of customers transfer transaction, liabilities
dengan transaksi ATM dan kartu kredit, setoran jaminan, pembelian efek- related to ATM and credit card transactions, guarantee deposits, lease
efek yang masih harus dibayar, liabilitas terkait dengan transaksi transfer liabilities, liabilities related to customer transfer transactions and claim
nasabah, liabilitas sewa dan utang klaim. payables.
440
1388 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1391
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(i) Manajemen risiko likuiditas (lanjutan) (i) Liquidity risk management (continued)
Tabel jatuh tempo berikut ini menyajikan informasi The following maturity table provides information
mengenai perkiraan jatuh tempo dari liabilitas regarding contractual maturities of financial liabilities
keuangan sesuai kontrak berdasarkan arus kas based on undiscounted cash flows as follows:
undiscounted adalah sebagai berikut:
31 Desember 2025/31 December 2025
Tidak
mempunyai
kontrak > 1 bulan > 3 bulan > 6 bulan > 1 tahun
jatuh tempo/ - ≤ 3 bulan/ ≤ 6 bulan/ - ≤ 12 bulan/ - ≤ 3 tahun/
No maturity ≤ 1 bulan/ > 1 month > 3 months > 6 months > 1 year > 3 tahun/
Keterangan Total contract ≤ 1 month - ≤ 3 months ≤ 6 months ≤ 12 months - ≤ 3 years > 3 years Description
Liabilitas Liabilities
Simpanan dari nasabah Deposit from customers
Giro dan Demand deposits and wadiah
giro wadiah 667.056.903 - 667.056.903 - - - - - demand deposits
Tabungan dan Saving deposits and wadiah
tabungan wadiah 622.069.951 - 621.553.139 9.160 23.840 3.064 297.811 182.937 saving deposits
Deposito berjangka 532.203.788 - 259.046.729 231.548.968 24.661.823 16.282.686 663.582 - Time deposits
Simpanan dari bank lain Deposits from other banks
Giro, giro wadiah Demand deposits,
dan wadiah demand deposits
tabungan 6.025.647 - 6.025.647 - - - - - and saving deposits
Interbank call money 8.072.518 - 3.602.864 2.747.325 1.722.329 - - - Interbank call money
Deposito berjangka 6.851.479 - 3.334.900 2.195.443 717.263 77.952 525.921 - Time deposits
Liabilitas atas efek-efek Securities sold
yang dijual dengan under agreements
janji dibeli kembali 42.515.045 - 5.821.880 8.173.575 2.942.823 7.107.386 15.627.435 2.841.946 to repurchase
Liabilitas derivatif 6.450.520 - 559.051 175.965 352.446 111.032 2.279.555 2.972.471 Derivative payables
Liabilitas akseptasi 7.919.333 - 2.273.964 2.516.119 2.298.674 451.400 159.543 219.633 Acceptance payables
Efek-efek yang diterbitkan 66.841.929 - 5.526.896 402.535 12.785.371 9.197.659 31.342.472 7.586.996 Debt securities issued
Beban yang masih harus dibayar 6.168.983 - 6.168.983 - - - - - Accrued expenses
Liabilitas lain-lain 15.094.279 - 9.917.099 1.147.635 - 207.915 3.525.260 296.370 Other liabilities
Pinjaman yang diterima 164.163.848 - 17.941.124 18.479.714 35.707.712 15.191.408 68.756.418 8.087.472 Fund borrowings
Pinjaman dan efek-efek Subordinated loans and
subordinasi 412.629 - 690 1.380 47.092 49.229 13.671 300.567 marketable securities
Total 2.151.846.852 - 1.608.829.869 267.397.819 81.259.373 48.679.731 123.191.668 22.488.392 Total
31 Desember 2024/31 December 2024
Tidak
mempunyai
kontrak > 1 bulan > 3 bulan > 6 bulan > 1 tahun
jatuh tempo/ - ≤ 3 bulan/ ≤ 6 bulan/ - ≤ 12 bulan/ - ≤ 3 tahun/
No maturity ≤ 1 bulan/ > 1 month > 3 months > 6 months > 1 year > 3 tahun/
Keterangan Total contract ≤ 1 month - ≤ 3 months ≤ 6 months ≤ 12 months - ≤ 3 years > 3 years Description
Liabilitas Liabilities
Simpanan dari nasabah Deposit from customers
Giro dan Demand deposits and wadiah
giro wadiah 570.039.119 - 570.039.119 - - - - - demand deposits
Tabungan dan Saving deposits and wadiah
tabungan wadiah 580.417.481 - 579.873.299 58.155 60.400 133.985 187.629 104.013 saving deposits
Deposito berjangka 298.980.027 - 171.463.879 104.944.671 18.209.643 3.745.716 616.118 - Time deposits
Simpanan dari bank lain Deposits from other banks
Giro, giro wadiah Demand deposits,
dan wadiah demand deposits
tabungan 9.095.981 - 9.095.981 - - - - - and saving deposits
Interbank call money 10.018.970 - 5.943.085 3.118.591 957.294 - - - Interbank call money
Deposito berjangka 8.202.915 - 6.898.370 589.475 69.254 8.584 637.232 - Time deposits
Liabilitas atas efek-efek Securities sold
yang dijual dengan under agreements
janji dibeli kembali 92.939.218 - 58.171.723 - 100.213 2.069.384 25.760.123 6.837.775 to repurchase
Liabilitas derivatif 6.693.221 - 6.136.589 109.394 56.717 13.330 209.074 168.117 Derivative payables
Liabilitas akseptasi 9.136.013 - 1.999.943 4.441.668 2.414.473 30.962 248.967 - Acceptance payables
Efek-efek yang diterbitkan 44.040.348 - 133.702 1.018.639 303.337 8.714.857 20.573.732 13.296.081 Debt securities issued
Beban yang masih harus dibayar 5.466.461 - 4.480.819 - - 985.642 - - Accrued expenses
Liabilitas lain-lain 10.853.170 198.737 7.669.606 1.368.247 - 204.450 1.412.130 - Other liabilities
Pinjaman yang diterima 155.074.787 - 23.536.068 21.165.046 28.596.949 17.468.924 55.101.229 9.206.571 Fund borrowings
Pinjaman dan efek-efek Subordinated loans and
subordinasi 228.353 - 21.373 1.153 22.526 65.881 113.384 4.036 marketable securities
Total 1.801.186.064 198.737 1.445.463.556 136.815.039 50.790.806 33.441.715 104.859.618 29.616.593 Total
441
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1389
Page 1392
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(i) Manajemen risiko likuiditas (lanjutan) (i) Liquidity risk management (continued)
Tabel jatuh tempo berikut ini menyajikan informasi The following maturity table provides information
mengenai perkiraan jatuh tempo dari rekening regarding contractual maturities of administrative
administratif sesuai kontrak berdasarkan arus kas accounts based on undiscounted cash flows as
undiscounted adalah sebagai berikut: follows:
31 Desember 2025/31 December 2025
Tidak
mempunyai
kontrak > 1 bulan > 3 bulan > 6 bulan > 1 tahun
jatuh tempo/ - ≤ 3 bulan/ ≤ 6 bulan/ - ≤ 12 bulan/ - ≤ 3 tahun/
No maturity ≤ 1 bulan/ > 1 month > 3 months > 6 months > 1 year > 3 tahun/
Keterangan Total contract ≤ 1 month - ≤ 3 months ≤ 6 months ≤ 12 months - ≤ 3 years > 3 years Description
Rekening administratif Administrative accounts
Bank garansi yang diterbitkan 166.040.372 - 166.040.372 - - - - - Bank guarantees issued
Fasilitas kredit yang diberikan
yang belum digunakan*) 144.176.496 - 144.176.496 - - - - - Unused loan facilities*)
Letter of credit yang tidak
dapat dibatalkan yang Outstanding irrevocable
masih berjalan 23.231.782 - 5.270.703 8.815.727 3.171.248 2.290.109 3.683.975 20 letter of credit
Standby letter of credit 18.359.791 - 18.359.791 - - - - - Standby letter of credit
351.808.441 - 333.847.362 8.815.727 3.171.248 2.290.109 3.683.975 20
31 Desember 2024/31 December 2024
Tidak
mempunyai
kontrak > 1 bulan > 3 bulan > 6 bulan > 1 tahun
jatuh tempo/ - ≤ 3 bulan/ ≤ 6 bulan/ - ≤ 12 bulan/ - ≤ 3 tahun/
No maturity ≤ 1 bulan/ > 1 month > 3 months > 6 months > 1 year > 3 tahun/
Keterangan Total contract ≤ 1 month - ≤ 3 months ≤ 6 months ≤ 12 months - ≤ 3 years > 3 years Description
Rekening administratif Administrative accounts
Bank garansi yang diterbitkan 138.557.503 - 138.557.503 - - - - - Bank guarantees issued
Fasilitas kredit yang diberikan
yang belum digunakan*) 90.791.348 - 90.791.348 - - - - - Unused loan facilities*)
Letter of credit yang tidak
dapat dibatalkan yang Outstanding irrevocable
masih berjalan 22.439.663 - 5.779.806 7.335.780 1.920.992 2.156.983 5.109.344 136.758 letter of credit
Standby letter of credit 12.308.689 - 12.308.689 - - - - - Standby letter of credit
264.097.203 - 247.437.346 7.335.780 1.920.992 2.156.983 5.109.344 136.758
*) *)
Termasuk fasilitas kredit committed dan uncommitted kartu kredit yang Include unused committed and uncommitted credit card facilities
belum digunakan.
(ii) Manajemen risiko suku bunga portfolio banking (ii) Interest rate risk management on banking book
book portfolio
Risiko pasar adalah risiko pada posisi neraca dan Market risk is the risk of balance sheet position and
rekening administratif, termasuk transaksi administrative accounts, including derivative
derivatif, akibat perubahan secara keseluruhan transactions, resulted from changes in market
dari kondisi pasar, termasuk risiko perubahan conditions, including changes in option price risk.
harga option.
Pengelolaan risiko pasar banking book dilakukan Managing market risk on banking book is performed
dengan mengoptimalkan struktur laporan posisi by optimising the structure of the Bank's statement of
keuangan Bank untuk mendapatkan imbal hasil financial position to obtain maximum yield of return at
yang maksimal sesuai tingkat risiko yang dapat acceptable risk level to the Bank. The monitoring of
diterima Bank. Pengendalian risiko pasar banking market risk on banking book is performed by setting
book dilakukan dengan menetapkan limit yang a limit which is refer to the regulator requirements and
mengacu pada ketentuan Regulator dan internal the internal policies, which are monitored on a weekly
yang dimonitor secara mingguan maupun bulanan and monthly basis by the Market Risk Management
oleh Market Risk Management Unit. Unit.
442
1390 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1393
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(ii) Manajemen risiko suku bunga portfolio banking (ii) Interest rate risk management on banking book
book (lanjutan) portfolio (continued)
Sumber risiko suku bunga banking book adalah The sources of banking book’s interest rate risk are
repricing risk (repricing mismatch antara repricing risk (repricing mismatch between asset and
komponen aset dan liabilitas), basis risk liability components), basis risk (usage of different
(penggunaan suku bunga acuan yang berbeda), interest rate reference), yield curve risk (changes in
yield curve risk (perubahan bentuk dan slope yield shape and slope of the yield curve) and the option risk
curve) dan option risk (pelunasan kredit atau (loan repayment or redeem of deposit before
pencairan deposito sebelum jatuh tempo). Bank maturity). The Bank uses the repricing gap and
menggunakan repricing gap dan melakukan performs sensitivity analysis to obtain the projected
sensitivity analysis guna memperoleh proyeksi Net Interest Income (“NII”).
perubahan Net Interest Income (“NII”).
a. Sensitivitas terhadap pendapatan bunga - a. Sensitivity of net interest income - net
neto
Tabel di bawah ini mengikhtisarkan The table below shows the sensitivity of net
sensitivitas pendapatan bunga - neto Bank income for the next 1 (one) year to interest rate
Mandiri untuk 1 (satu) tahun ke depan movement of interest bearing assets and liabilities
terhadap pergerakan suku bunga dari of Bank Mandiri (Bank Mandiri only) as follows:
portofolio aset dan liabilitas yang memiliki
suku bunga (Bank Mandiri saja) yaitu:
Peningkatan 400 bps/ Penurunan 400 bps/
Increased by 400 bps Decreased by 400 bps
31 Desember 2025 31 December 2025
Menambah/(mengurangi) Increase/(decrease)
pendapatan bunga - neto (3.823.449) (2.831.637) net interest income
Peningkatan 400 bps/ Penurunan 400 bps/
Increased by 400 bps Decreased by 400 bps
31 Desember 2024 31 December 2024
Menambah/(mengurangi) Increase/(decrease)
pendapatan bunga - neto 1.198.553 (4.378.629) net interest income
Proyeksi di atas mengasumsikan bahwa The above projections assumed that all other
seluruh variabel lainnya adalah konstan pada variables are held constant at reporting date.
tanggal pelaporan keuangan.
b. Sensitivitas pendapatan bunga untuk b. Sensitivity of interest income from financial
kelompok nilai wajar melalui pendapatan assets classified at fair value through other
komprehensif lain comprehensive income
Tabel di bawah ini mengikhtisarkan The table below shows the sensitivity of Bank
sensitivitas pendapatan bunga untuk Mandiri’s interest income from available for sale
kelompok nilai wajar melalui pendapatan marketable securities to movement of interest
komprehensif lain yang akan jatuh tempo rates which will be due in 12 (twelve) months due
dalam 12 (dua belas) bulan atas perubahan to interest rate changes (Bank Mandiri only) as
tingkat suku bunga (Bank Mandiri saja) yaitu: follows:
Peningkatan 400 bps/ Penurunan 400 bps/
Increased by 400 bps Decreased by 400 bps
31 Desember 2025 31 December 2025
Menambah/(mengurangi) Increase/(decrease)
pendapatan bunga - neto 471.862 (479.384) net interest income
443
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1391
Page 1394
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(ii) Manajemen risiko suku bunga portfolio banking (ii) Interest rate risk management on banking book
book (lanjutan) portfolio (continued)
b. Sensitivitas pendapatan bunga untuk b. Sensitivity of interest income from financial
kelompok nilai wajar melalui pendapatan assets classified at fair value through other
komprehensif lain comprehensive income
Tabel di bawah ini mengikhtisarkan The table below shows the sensitivity of Bank
sensitivitas pendapatan bunga untuk Mandiri’s interest income from available for sale
kelompok nilai wajar melalui pendapatan marketable securities to movement of interest
komprehensif lain yang akan jatuh tempo rates which will be due in 12 (twelve) months due
dalam 12 (dua belas) bulan atas perubahan to interest rate changes (Bank Mandiri only) as
tingkat suku bunga (Bank Mandiri saja) yaitu: follows: (continued)
(lanjutan)
Peningkatan 400 bps/ Penurunan 400 bps/
Increased by 400 bps Decreased by 400 bps
31 Desember 2024 31 December 2024
Menambah/(mengurangi) Increase/(decrease)
pendapatan bunga - neto 134.562 (132.419) net interest income
Proyeksi di atas mengasumsikan bahwa The above projections assumed that all other
seluruh variabel lainnya adalah konstan pada variables are held constant at reporting date.
tanggal pelaporan keuangan.
Sensitivitas pendapatan bunga untuk The sensitivities of interest income from fair
kelompok nilai wajar melalui pendapatan value through other comprehensive income
komprehensif lain, tidak memperhitungkan without considering the effect off hedging and
efek dari lindung nilai dan tindakan-tindakan actions that Bank Mandiri would take to mitigate
Bank Mandiri untuk mengurangi risiko atas the impact of this interest rate risk. In practice,
tingkat suku bunga. Dalam kenyataannya, Bank Mandiri proactively seeks to mitigate the
Bank Mandiri secara proaktif melakukan effect of prospective interest movements.
mitigasi atas efek prospektif pergerakan
tingkat suku bunga.
c. Eksposur Bank Mandiri terhadap risiko tingkat c. Bank Mandiri’s exposure to interest rate risk
suku bunga (repricing gap) (repricing gap)
Tabel di bawah ini mengikhtisarkan aset dan The tables below summarise Bank Mandiri’s
liabilitas keuangan Bank Mandiri pada nilai financial asset and liabilities at carrying
tercatat, yang dikategorikan menurut mana amounts categorised by earlier of contractual
yang lebih dulu antara tanggal repricing repricing date or maturity dates:
secara kontraktual atau tanggal jatuh tempo:
31 Desember 2025/31 December 2025
Dikenakan bunga/Interest bearing
Lebih dari Lebih dari
1 bulan tapi 3 bulan tapi Lebih dari Lebih dari Lebih dari Lebih dari
Kurang dari tidak lebih tidak lebih 1 tahun tapi 2 tahun tapi 3 tahun tapi 4 tahun tapi
sama dari 3 bulan/ dari 1 tahun/ tidak lebih tidak lebih tidak lebih tidak lebih
dengan Over 1 Over 3 dari 2 tahun/ dari 3 tahun/ dari 4 tahun/ dari 5 tahun/ Tidak
1 bulan/ month but months but Over 1 year Over 2 years Over 3 years Over 4 years dikenakan
Less than or not more not more but not but not but not but not Lebih dari bunga/
equal to than than more than more than more than more than 5 tahun/ Non-interest
1 month 3 months 1 year 2 years 3 years 4 years 5 years Over 5 years bearing Total
Demand deposits
Giro pada with Bank
Bank Indonesia - - - - - - - - 238.289.478 238.289.478 Indonesia
Giro pada Current accounts
bank lain 58.234.133 - - - - - - - 2.718.450 60.952.583 with other banks
Penempatan pada Placements with
Bank Indonesia Bank Indonesia
dan bank lain 28.421.724 591.447 (359.425) - - - - - 21.818.088 50.471.834 and other banks
444
1392 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1395
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(ii) Manajemen risiko suku bunga portfolio banking (ii) Interest rate risk management on banking book
book (lanjutan) portfolio (continued)
c. Eksposur Bank Mandiri terhadap risiko tingkat c. Bank Mandiri’s exposure to interest rate risk
suku bunga (repricing gap) (lanjutan) (repricing gap) (continued)
31 Desember 2025/31 December 2025
Dikenakan bunga/Interest bearing
Lebih dari Lebih dari
1 bulan tapi 3 bulan tapi Lebih dari Lebih dari Lebih dari Lebih dari
Kurang dari tidak lebih tidak lebih 1 tahun tapi 2 tahun tapi 3 tahun tapi 4 tahun tapi
sama dari 3 bulan/ dari 1 tahun/ tidak lebih tidak lebih tidak lebih tidak lebih
dengan Over 1 Over 3 dari 2 tahun/ dari 3 tahun/ dari 4 tahun/ dari 5 tahun/ Tidak
1 bulan/ month but months but Over 1 year Over 2 years Over 3 years Over 4 years dikenakan
Less than or not more not more but not but not but not but not Lebih dari bunga/
equal to than than more than more than more than more than 5 tahun/ Non-interest
1 month 3 months 1 year 2 years 3 years 4 years 5 years Over 5 years bearing Total
Marketable
Efek-efek 12.714.741 6.844.973 50.214.203 14.546.598 3.334.201 2.448.145 3.556.674 4.680.443 26.428.716 124.768.694 securities
Obligasi
pemerintah 544.414 1.254.908 37.200.132 28.083.297 24.375.306 35.277.823 32.298.239 133.783.429 -292.817.548 Government bonds
Tagihan lainnya - Other receivables
transaksi - trade
perdagangan 6.032.332 12.322.800 10.466.349 14.639 - - 88.608 - 3.147.383 32.072.111 transactions
Tagihan atas Securities
efek-efek yang purchased
dibeli dengan janji under resale
dijual kembali 3.768.269 61.545 73.963 - - - - - - 3.903.777 agreements
Tagihan Derivative
derivatif 307.710 224.140 375.802 1.629.822 1.326.216 2.280.995 1.012.028 120.962 - 7.277.675 receivables
Kredit yang diberikan Loans and
dan piutang/ sharia
pembiayaan receivables/
syariah*) 310.472.978 725.470.251 265.105.763 62.535.922 43.759.305 26.814.413 15.451.120 85.547.039 314.811.165 1.849.967.956 financing*)
Piutang Consumer
pembiayaan financing
konsumen 1.570.542 3.089.044 12.330.988 11.505.434 7.328.952 3.764.703 1.204.735 68.802 - 40.863.200 receivables
Investasi bersih Net investment
dalam sewa finance
pembiayaan 230.240 436.348 1.613.538 1.218.281 468.638 145.436 28.695 12.564 - 4.153.740 leases
Tagihan Acceptance
akseptasi - - - - - - - - 8.088.278 8.088.278 receivables
Aset lain-lain 14.175.358 811.864 551.536 805.509 2.703.683 4.646.204 - - - 23.694.154 Other assets
436.472.441 751.107.320 377.572.849 120.339.502 83.296.301 75.377.719 53.640.099 224.213.239 615.301.558 2.737.321.028
Simpanan dari Deposits from
nasabah customers
Demand deposits
Giro dan and wadiah
giro wadiah 352.418.037 8.053.552 36.240.982 48.321.309 48.321.309 48.321.309 48.321.309 48.321.309 27.790.474 666.109.590 demand deposits
Tabungan dan Saving deposits
tabungan and wadiah
Wadiah 147.020.013 11.588.513 52.133.992 69.679.433 69.570.611 69.554.279 69.542.787 69.514.221 63.311.121 621.914.970 saving deposits
Deposito Time
berjangka 285.610.832 203.182.883 28.182.240 11.896.213 480 - - - - 528.872.648 deposits
Simpanan dari Deposits from
bank lain other banks
Demand deposits,
wadiah demand
Giro, deposits
giro wadiah and saving
dan tabungan 3.716.245 61.984 278.928 371.904 371.904 371.904 371.904 371.904 105.792 6.022.469 deposits
Interbank call Interbank call
money 3.805.933 2.491.672 1.716.277 - - - - - - 8.013.882 money
Deposito Time
berjangka 5.170.817 369.350 678.775 500.250 - - - - - 6.719.192 deposits
Liabilitas atas Securities
efek-efek yang sold under
dijual dengan janji agreements
dibeli kembali 3.841.278 8.446.698 9.227.989 12.610.447 3.304.086 2.525.391 - - - 39.955.889 to repurchase
Liabilitas Derivative
derivatif 317.745 135.811 424.377 1.597.753 1.029.045 2.262.163 998.003 76.724 - 6.841.621 payables
Liabilitas Acceptance
akseptasi - - - - - - - - 7.919.333 7.919.333 payables
Efek-efek yang Debt securities
diterbitkan - - 19.006.625 2.523.154 23.835.525 2.960.278 2.215.862 - 11.663.787 62.205.231 issued
Beban yang
masih harus Accrued
dibayar - - - - - - - - 6.168.983 6.168.983 expenses
Liabilitas lain-lain 9.917.099 1.147.635 - 207.915 3.525.260 296.370 - - - 15.094.279 Other liabilities
Pinjaman yang Fund
diterima 17.359.653 92.187.076 32.175.434 5.948.185 (523.456) 3.051.986 855.679 3.617.865 - 154.672.422 borrowings
Pinjaman dan Subordinated loans
efek-efek and marketable
subordinasi - - - - - - - 189.779 200.000 389.779 securitites
829.177.652 327.665.174 180.065.619 153.656.563 149.434.764 129.343.680 122.305.544 122.091.802 117.159.490 2.130.900.288
Total Total interest
repricing gap repricing
suku bunga (392.705.211) 423.442.146 197.507.230 (33.317.061) (66.138.463) (53.965.961) (68.665.445) 102.121.437 498.142.068 606.420.740 gap
*) Termasuk piutang/dan pembiayaan Entitas Anak yang menjalankan usaha secara syariah *) Represent receivables/and financing from Subsidiary engaged in sharia business which earn
dimana menerima imbalan berupa margin dan bagi hasil margin and profit sharing.
445
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1393
Page 1396
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(ii) Manajemen risiko suku bunga portfolio banking (ii) Interest rate risk management on banking book
book (lanjutan) portfolio (continued)
c. Eksposur Bank Mandiri terhadap risiko tingkat c. Bank Mandiri’s exposure to interest rate risk
suku bunga (repricing gap) (lanjutan) (repricing gap) (continued)
31 Desember 2024/31 December 2024
Dikenakan bunga/Interest bearing
Lebih dari Lebih dari
1 bulan tapi 3 bulan tapi Lebih dari Lebih dari Lebih dari Lebih dari
Kurang dari tidak lebih tidak lebih 1 tahun tapi 2 tahun tapi 3 tahun tapi 4 tahun tapi
sama dari 3 bulan/ dari 1 tahun/ tidak lebih tidak lebih tidak lebih tidak lebih
dengan Over 1 Over 3 dari 2 tahun/ dari 3 tahun/ dari 4 tahun/ dari 5 tahun/ Tidak
1 bulan/ month but months but Over 1 year Over 2 years Over 3 years Over 4 years dikenakan
Less than or not more not more but not but not but not but not Lebih dari bunga/
equal to than than more than more than more than more than 5 tahun/ Non-interest
1 month 3 months 1 year 2 years 3 years 4 years 5 years Over 5 years bearing Total
Giro pada with Bank
Bank Indonesia - - - - - - - - 105.146.044 105.146.044 Indonesia
Giro pada Current accounts
bank lain 45.187.565 - - - - - - - 1.480.874 46.668.439 with other banks
Penempatan pada Placements with
Bank Indonesia Bank Indonesia
dan bank lain 21.523.169 155.798 156.365 440.848 - 1.866.502 - - 39.087.372 63.230.054 and other banks
Marketable
Efek-efek 21.988.643 3.741.619 18.072.279 5.272.650 8.126.793 2.376.911 2.218.345 4.187.119 29.545.189 95.529.548 securities
Obligasi
pemerintah 3.639.987 107.534 19.873.009 32.647.761 13.303.790 9.634.768 33.397.254 139.248.922 35.419.634 287.272.659Government bonds
Tagihan lainnya - Other receivables
transaksi - trade
perdagangan 6.224.035 10.952.067 11.407.807 82.687 1.307.521 - - - - 29.974.117 transactions
Tagihan atas Securities
efek-efek yang purchased
dibeli dengan janji under agreements
dijual kembali 8.113.681 132.240 44.217 - - - - - - 8.290.138 to resell
Tagihan Derivative
derivatif 753.470 542.038 471.997 447.324 1.615.679 1.045.009 2.745.171 140.820 - 7.761.508 receivables
Kredit yang diberikan Loans and
dan piutang/ sharia
pembiayaan receivables/
syariah*) 274.907.445 584.062.214 257.636.297 61.015.616 45.598.711 23.885.976 13.455.614 87.484.113 275.170.626 1.623.216.612 financing*)
Piutang Consumer
pembiayaan financing
konsumen 1.572.853 3.129.605 12.000.669 11.812.941 7.554.091 4.007.187 1.379.561 116.399 - 41.573.306 receivables
Investasi bersih Net investment
dalam sewa finance
pembiayaan 294.226 559.844 2.084.949 1.820.435 768.637 178.480 50.505 - - 5.757.076 leases
Tagihan Acceptance
akseptasi - - - - - - - - 9.313.865 9.313.865 receivables
Aset lain-lain 10.849.946 418.823 509.680 915.082 2.853.266 1.975.182 - - 415.944 17.937.923 Other assets
395.055.020 603.801.782 322.257.269 114.455.344 81.128.488 44.970.015 53.246.450 231.177.373 495.579.548 2.341.671.289
Simpanan dari Deposits from
nasabah customers
Demand deposits
Giro dan and wadiah
giro wadiah 317.911.225 6.521.625 29.347.315 39.129.753 39.129.753 39.129.753 39.129.753 39.129.753 19.147.079 568.576.009 demand deposits
Tabungan dan Saving deposits
tabungan and wadiah
Wadiah 149.933.058 10.604.237 47.656.190 63.393.930 63.363.085 63.327.651 63.321.756 63.311.822 55.280.067 580.191.796 saving deposits
Deposito Time
berjangka 175.497.380 99.408.058 18.675.678 3.885.676 360 - - - - 297.467.152 deposits
Simpanan dari Deposits from
bank lain other banks
Demand deposits,
wadiah demand
Giro, deposits
giro wadiah and saving
dan tabungan 5.773.453 88.246 397.105 529.474 529.474 529.474 529.474 529.474 183.864 9.090.038 deposits
Interbank call Interbank call
money 3.334.863 2.293.118 4.333.573 - - - - - - 9.961.554 money
Deposito Time
berjangka 6.855.923 496.106 27.478 128.760 482.850 - - - - 7.991.117 deposits
Liabilitas atas Securities
efek-efek yang sold under
dijual dengan janji agreements
dibeli kembali 58.138.164 - 2.000.559 13.724.484 12.052.057 1.995.091 2.345.870 - - 90.256.225 to repurchase
Liabilitas Derivative
derivatif 782.342 584.340 275.175 443.776 1.528.575 958.146 2.668.461 96.183 - 7.336.998 payables
Liabilitas Acceptance
akseptasi - - - - - - - - 9.136.013 9.136.013 payables
Efek-efek yang Debt securities
diterbitkan - 1.009.447 8.745.765 15.643.531 3.564.594 3.665.142 2.260.225 - 6.252.363 41.141.067 issued
Beban yang
masih harus Accrued
dibayar - - - - - - - - 5.466.461 5.466.461 expenses
Liabilitas lain-lain 7.669.606 1.368.247 - 204.450 1.412.130 - - - 198.737 10.853.170 Other liabilities
Pinjaman yang Fund
diterima 2.577.152 14.111.847 46.682.264 24.507.489 31.209.765 4.186.787 1.473.585 3.749.229 19.417.863 147.915.981 borrowings
Pinjaman dan Subordinated loans
efek-efek and marketable
subordinasi - - - - - - - 203.562 200.000 403.562 securitites
728.473.166 136.485.271 158.141.102 161.591.323 153.272.643 113.792.044 111.729.124 107.020.023 115.282.447 1.785.787.143
Total Total interest
repricing gap repricing
suku bunga (333.418.146) 467.316.511 164.116.167 (47.135.979) (72.144.155) (68.822.029) (58.482.674) 124.157.350 380.297.101 555.884.146 gap
*) Termasuk piutang/dan pembiayaan Entitas Anak yang menjalankan usaha secara syariah *) Represent receivables/and financing from Subsidiary engaged in sharia business which earn
dimana menerima imbalan berupa margin dan bagi hasil margin and profit sharing.
446
1394 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1397
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(ii) Manajemen risiko suku bunga portfolio banking (ii) Interest rate risk management on banking book
book (lanjutan) portfolio (continued)
Untuk mengetahui dampak perubahan suku To assess the impact of changes in interest rates and
bunga dan nilai tukar pada kondisi ekstrim (krisis) exchange rates at extreme conditions (crisis) to
terhadap pendapatan dan modal, Bank melakukan earnings and capital, the Bank conducts stress
stress testing risiko pasar banking book secara testing on the market risk of banking book regularly.
berkala.
(iii) Manajemen pricing (iii) Pricing management
Bank menerapkan kebijakan pricing baik untuk The Bank implements pricing policy for loans or
produk dana maupun produk kredit. Kebijakan deposit products. The pricing policy is one of the
pricing merupakan salah satu strategi untuk Bank’s strategy to maximise Net Interest Margin
memaksimalkan Net Interest Margin (“NIM”) dan (“NIM”) and to support the Bank to dominate the
sekaligus mendukung Bank menguasai market market share by considering the competition
share dengan mempertimbangkan kondisi condition.
persaingan.
Bank secara konsisten berupaya menerapkan The Bank consistently manages to apply the
strategi sebagai market leader dalam hal pricing strategy as market leader in terms of fund pricing.
pendanaan. Namun demikian, dengan However, considering the liquidity conditions and
mempertimbangkan kondisi likuiditas dan funding needs, the Bank may implement an
kebutuhan dana, Bank dapat menerapkan strategi aggressive strategy (greater than major
agresif (lebih besar dari pesaing utama) atau competitors) or defensive (equal to or smaller than
defensif (sama atau lebih kecil dari pesaing major competitors).
utama).
Dalam menetapkan suku bunga kredit, Bank In determine interest rates, the Bank implements
menerapkan risk based pricing yaitu pemberian risk-based pricing by providing a range of interest
suku bunga kredit kepada nasabah bervariasi rate of loan to customers based on credit risk level.
berdasarkan tingkat risiko kreditnya. Dalam In order to minimize interest rate risk, the loan
rangka meminimalkan risiko suku bunga, maka interest rate is adjusted with interest rate from cost
suku bunga kredit disesuaikan dengan suku of funds. Other than cost of funds, loan interest rates
bunga sumber dana pembiayaan. Selain biaya are determined with consideration to overhead
dana, suku bunga kredit ditetapkan dengan costs, credit risk premiums and profit margins as
mempertimbangkan biaya overhead, premi risiko well as taking into account the Bank's
kredit dan marjin keuntungan Bank dengan tetap competitiveness with its major competitors. Interest
memperhatikan competitiveness dengan pesaing rates for loan can be either a floating or a fixed rate
utama. Suku bunga kredit dapat berupa suku for certain tenors.
bunga mengambang (floating rate) atau suku
bunga tetap (fixed rate) untuk tenor tertentu.
Risiko nilai tukar adalah potensi kerugian yang Exchange rate risk represents potential loss arising
timbul akibat pergerakan nilai tukar di pasar yang from unfavourable exchange rate movements in the
berlawanan pada saat Bank memiliki posisi market when the Bank has an open position. The
terbuka. Bank menerapkan manajemen risiko nilai Bank applies a proper foreign exchange risk
tukar yang memadai sehingga terhindar dari management to avoid loss arising from exchange
kerugian akibat perubahan atau volatilitas nilai rate changes or volatility. Exchange rate risk arises
tukar. Risiko nilai tukar berasal dari transaksi from foreign exchange currency transactions with
valuta asing dengan nasabah atau counterparty customer or counterparty which leads to an open
yang menyebabkan posisi terbuka dalam valuta position in foreign currency or structural positions in
asing maupun posisi struktural dalam valuta asing foreign currencies due to capital investment. The
akibat penyertaan modal. Bank mengelola risiko Bank manages exchange rate risk by monitoring
nilai tukar dengan melakukan pemantauan dan and managing the Net Open Position (“NOP”) in
pengelolaan Posisi Devisa Neto (“PDN”) sesuai accordance with internal limits and the regulation of
dengan limit internal dan ketentuan Bank Bank Indonesia.
Indonesia.
447
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1395
Page 1398
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(iv) Manajemen risiko nilai tukar (iv) Foreign exchange risk management
Perhitungan PDN pada tanggal 31 Desember The calculation of the net open position as of
2025 dan 2024 berdasarkan Peraturan Bank 31 December 2025 and 2024 is based on Bank
Indonesia No. 12/10/PBI/2010 tanggal 1 Juli 2010 Indonesia’s Regulation No. 12/10/PBI/2010 dated
yang telah diperbaharui oleh Peraturan Bank 1 July 2010 which amended by Bank Indonesia’s
Indonesia No. 17/5/PBI/2015 tanggal 29 Mei 2015 Regulation No. 17/5/PBI/2015 dated on 29 May
yang mengatur mengenai penghapusan peraturan 2015 regarding removal implementation NOP 30
PDN 30 menit. Sesuai dengan Peraturan Bank minutes. In accordance with Bank Indonesia
Indonesia, rasio PDN secara keseluruhan adalah Regulation, the overall NOP ratio is the total
penjumlahan nilai absolut dari selisih bersih antara absolute amount from the net difference between
aset dan liabilitas dalam laporan posisi keuangan assets and liabilities for each foreign currency on
untuk setiap mata uang asing yang dinyatakan statement of financial position which presented in
dalam Rupiah ditambah dengan selisih bersih dari Rupiah added with the net difference between
tagihan dan liabilitas komitmen dan kontinjensi, receivables and payables of commitments and
yang dicatat dalam rekening administratif, untuk contingencies for each foreign currency
setiap mata uang asing, yang dinyatakan dalam recorded in administrative which presented in
Rupiah. PDN untuk laporan posisi keuangan Rupiah. The net open position for the statement of
adalah selisih bersih jumlah aset dan jumlah financial position is the net difference between
liabilitas dalam mata uang asing yang dinyatakan total assets and liabilities for each foreign
dalam Rupiah. Terhitung tanggal 20 Maret 2020 currency which presented in Rupiah. As of
sesuai dengan Surat BI No. 22/53/DPPK/Srt/B, 20 March 2020, in accordance with BI Letter
transaksi Domestic Non-Deliverable Forward No. 22/53/DPPK/Srt/B, Domestic Non-Deliverable
(“DNDF”) disertakan ke dalam perhitungan PDN. Forward (“DNDF”) transactions are included in the
NOP calculation.
a. Eksposur Bank Mandiri atas risiko nilai tukar a. Bank Mandiri exposure to foreign currency
mata uang asing exchange rate risk
Tabel di bawah ini mengikhtisarkan eksposur The table below summarizes the Group’s
Grup atas risiko nilai tukar mata uang asing. exposure of foreign currency exchange rate
Termasuk di dalamnya adalah instrumen risk. Included in the table are the Group’s
keuangan Grup pada nilai tercatat, financial instruments at carrying amount,
dikategorikan berdasarkan jenis mata uang. categorised by currencies.
31 Desember 2025/31 December 2025
Dolar Pound
Amerika Sterling
Serikat/ Dolar Dolar Yuan Inggris/
United Euro Eropa/ Singapura/ Yen Jepang/ Australia/ China/ Great Britain
States European Singapore Japanese Australian Chinese Pound- Lain-lain/
Dollar Euro Dollar Yen Dollar Yuan sterling Others Total
Aset Assets
Kas 1.689.981 373.434 276.815 65.795 330.111 3.041 30.690 439.853 3.209.720 Cash
Giro pada Current accounts
Bank Indonesia 18.737.295 - - - - - - - 18.737.295 with Bank Indonesia
Giro pada Current accounts with
bank lain 39.201.743 6.630.289 1.938.399 4.461.066 305.901 4.431.280 714.096 3.046.495 60.729.269 other banks
Penempatan pada Placement with
Bank Indonesia Bank Indonesia
dan bank lain 30.277.690 - - - - 811.639 - - 31.089.329 and other banks
Efek-efek 27.198.421 - 785.333 4.272.997 - 128.784 - - 32.385.535 Marketable securities
Obligasi pemerintah 50.311.415 690.935 - 265.597 2.788 - - - 51.270.735 Government bonds
Tagihan lainnya - Other receivables -
transaksi trade
perdagangan 12.110.898 246.134 25.680 101.085 - 321.237 65.579 119.601 12.990.214 transactions
Tagihan derivatif 6.136.746 4.283 297 2.017 967 15.333 3.600 - 6.163.243 Derivative receivables
Kredit yang diberikan
dan piutang/ Loans and sharia
pembiayaan receivables/
syariah 318.939.286 5.781.666 1.550.163 - 2.155.845 8.183.357 688.120 - 337.298.437 financing
Tagihan Acceptance
akseptasi 3.231.641 146.656 2.136 16.442 - 623.143 - 61.572 4.081.590 receivables
Aset lain-lain 4.368.855 94.723 8.723 844 8.406 43.906 10.295 106 4.535.858 Other assets
Total aset 512.203.971 13.968.120 4.587.546 9.185.843 2.804.018 14.561.720 1.512.380 3.667.627 562.491.225 Total asset
448
1396 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1399
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(iv) Manajemen risiko nilai tukar (lanjutan) (iv) Foreign exchange risk management (continued)
a. Eksposur Bank Mandiri atas risiko nilai tukar a. Bank Mandiri exposure to foreign currency
mata uang asing (lanjutan) exchange rate risk (continued)
Tabel di bawah ini mengikhtisarkan eksposur The table below summarizes the Group’s
Grup atas risiko nilai tukar mata uang asing. exposure of foreign currency exchange rate
Termasuk di dalamnya adalah instrumen risk. Included in the table are the Group’s
keuangan Grup pada nilai tercatat, financial instruments at carrying amount,
dikategorikan berdasarkan jenis mata uang. categorised by currencies. (continued)
(lanjutan)
31 Desember 2025/31 December 2025
Dolar Pound
Amerika Sterling
Serikat/ Dolar Dolar Yuan Inggris/
United Euro Eropa/ Singapura/ Yen Jepang/ Australia/ China/ Great Britain
States European Singapore Japanese Australian Chinese Pound- Lain-lain/
Dollar Euro Dollar Yen Dollar Yuan sterling Others Total
Liabilitas Liabilities
Simpanan dari
nasabah Deposits from customers
Demand deposits
Giro dan and wadiah
giro wadiah 166.820.298 4.408.139 726.410 411.816 107.284 3.619.995 16.848 776.595 176.887.385 demand deposits
Saving deposits and
Tabungan dan wadiah saving
tabungan wadiah 41.542.031 997.906 1.339.055 7.879.437 198.222 630.204 177.059 216.929 52.980.843 deposits
Deposito berjangka 55.461.040 29.366 1.042.130 38.110 24.592 1.663.650 1.975 52.608 58.313.471 Time deposits
Deposits from
Simpanan dari bank lain other banks
Demand deposits,
Giro. giro wadiah wadiah demand
dan deposits and
tabungan 2.117.104 399 1.765 432 - 8.270 - 44 2.128.014 saving deposits
Interbank call money 2.501.250 - - - - 5.512.632 - - 8.013.882 Interbank call money
Deposito berjangka 4.237.324 - - - - - - - 4.237.324 Time deposits
Liabilitas atas efek-efek Securities sold under
yang dijual dengan agreements to
janji dibeli kembali 38.154.501 - - - - - - - 38.154.501 repurchase
Liabilitas derivatif 5.987.560 8.841 902 58.470 - 2.632 19 833 6.059.257 Derivative payable
Liabilitas akseptasi 3.231.641 146.656 2.136 16.442 - 623.143 - 61.572 4.081.590 Acceptance payables
Efek-efek yang Debt securities
diterbitkan 23.277.310 - - - - - - - 23.277.310 issued
Beban yang masih
harus dibayar 1.430.892 16.413 46.911 143 150 54.540 55 8.351 1.557.455 Accrued expenses
Liabilitas lain-lain 1.098.958 10.586 152.978 17.581 6.477 267.133 1.956 125.850 1.681.519 Other liabilities
Pinjaman yang diterima128.631.209 - - - - - - - 128.631.209 Fund borrowings
Pinjaman dan Subordinated loans
efek-efek and marketable
subordinasi 90.112 - - - - - - - 90.112 securities
Total liabilitas 474.581.230 5.618.306 3.312.287 8.422.431 336.725 12.382.199 197.912 1.242.782 506.093.872 Total liabilities
Laporan posisi Net statement of
keuangan bersih 37.622.741 8.349.814 1.275.259 763.412 2.467.293 2.179.521 1.314.468 2.424.845 56.397.354 financial position
Rekening
administratif Administrative
bersih 5.839.445 (7.799.168) (1.034.859) (733.995) (2.424.166) (80.958) (1.353.462) (1.178.684) (8.765.847) accounts - net
31 Desember 2024/31 December 2024
Dolar Pound
Amerika Sterling
Serikat/ Dolar Dolar Yuan Inggris/
United Euro Eropa/ Singapura/ Yen Jepang/ Australia/ China/ Great Britain
States European Singapore Japanese Australian Chinese Pound- Lain-lain/
Dollar Euro Dollar Yen Dollar Yuan sterling Others Total
Aset Assets
Kas 2.336.137 306.836 231.324 67.744 273.072 5.379 31.811 435.539 3.687.842 Cash
Giro pada Current accounts
Bank Indonesia 13.738.349 - - - - - - - 13.738.349 with Bank Indonesia
Giro pada Current accounts with
bank lain 29.598.431 5.920.871 905.392 5.858.813 229.755 1.784.098 1.048.389 918.300 46.264.049 other banks
Penempatan pada Placement with
Bank Indonesia Bank Indonesia
dan bank lain 30.350.296 - 35.889 - - 201.757 - 105.729 30.693.671 and other banks
Efek-efek 24.727.200 - 644.529 10.385 - 73.676 - - 25.455.790 Marketable securities
Obligasi pemerintah 50.464.201 1.138.143 - - - - - - 51.602.344 Government bonds
Tagihan lainnya - Other receivables -
transaksi trade
perdagangan 11.446.140 85.543 30.726 11.585 - 152.884 40.038 18.321 11.785.237 transactions
Tagihan derivatif 6.530.888 26.749 4 13.091 42 23.694 2.515 133 6.597.116 Derivative receivables
Kredit yang diberikan
dan piutang/ Loans and sharia
pembiayaan receivables/
syariah 271.899.002 5.309.651 1.662.946 32.067 1.130.626 4.829.413 516.849 - 285.380.554 financing
Tagihan Acceptance
akseptasi 3.080.537 255.283 2.869 54.769 - 366.435 - 40.036 3.799.929 receivables
Aset lain-lain 3.371.087 95.210 10.644 259 6.203 28.771 8.829 76 3.521.079 Other assets
Total aset 447.542.268 13.138.286 3.524.323 6.048.713 1.639.698 7.466.107 1.648.431 1.518.134 482.525.960 Total asset
449
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1397
Page 1400
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(iv) Manajemen risiko nilai tukar (lanjutan) (iv) Foreign exchange risk management (continued)
a. Eksposur Bank Mandiri atas risiko nilai tukar a. Bank Mandiri exposure to foreign currency
mata uang asing (lanjutan) exchange rate risk (continued)
Tabel di bawah ini mengikhtisarkan eksposur The table below summarizes the Group’s
Grup atas risiko nilai tukar mata uang asing. exposure of foreign currency exchange rate
Termasuk di dalamnya adalah instrumen risk. Included in the table are the Group’s
keuangan Grup pada nilai tercatat, financial instruments at carrying amount,
dikategorikan berdasarkan jenis mata uang. categorised by currencies. (continued)
(lanjutan)
31 Desember 2024/31 December 2024
Dolar Pound
Amerika Sterling
Serikat/ Dolar Dolar Yuan Inggris/
United Euro Eropa/ Singapura/ Yen Jepang/ Australia/ China/ Great Britain
States European Singapore Japanese Australian Chinese Pound- Lain-lain/
Dollar Euro Dollar Yen Dollar Yuan sterling Others Total
Liabilitas Liabilities
Simpanan dari
nasabah Deposits from customers
Demand deposits
Giro dan and wadiah
giro wadiah 177.865.251 4.164.814 601.942 1.479.829 154.963 2.199.676 68.938 100.613 186.636.026 demand deposits
Saving deposits and
Tabungan dan wadiah saving
tabungan wadiah 39.539.856 480.402 702.088 3.786.159 217.302 53.919 179.728 44.900 45.004.354 deposits
Deposito berjangka 37.559.481 19.941 608.155 36.194 30.906 776.103 1.611 35.125 39.067.516 Time deposits
Deposits from
Simpanan dari bank lain other banks
Demand deposits,
Giro, giro wadiah wadiah demand
dan deposits and
tabungan 5.032.056 345 1.608 419 - 476 - 43 5.034.947 saving deposits
Interbank call money 5.713.725 - - - - 3.547.829 - - 9.261.554 Interbank call money
Deposito berjangka 3.255.487 - - - - - - - 3.255.487 Time deposits
Liabilitas atas efek-efek Securities sold under
yang dijual dengan agreements to
janji dibeli kembali 32.671.051 - - - - - - - 32.671.051 repurchase liabilities
Liabilitas derivatif 6.414.612 672 31 96.580 30 17.476 - 20 6.529.421 Derivative payable
Liabilitas akseptasi 3.080.537 255.283 2.869 54.769 - 366.435 - 40.036 3.799.929 Acceptance payables
Efek-efek yang Debt securities
diterbitkan 17.676.520 - - - - - - - 17.676.520 issued
Beban yang masih
harus dibayar 1.366.463 1.247 49.275 138 140 42.149 58 6.906 1.466.376 Accrued expenses
Liabilitas lain-lain 599.223 26.618 153.625 42.659 19.647 391.407 2.719 60.220 1.296.118 Other liabilities
Pinjaman yang diterima 97.213.556 - - - - - - - 97.213.556 Fund borrowings
Pinjaman dan Subordinated loans
efek-efek and marketable
subordinasi 104.015 - - - - - - - 104.015 securities
Total liabilitas 428.091.833 4.949.322 2.119.593 5.496.747 422.988 7.395.470 253.054 287.863 449.016.870 Total liabilities
Laporan posisi Net statement of
keuangan bersih 19.450.435 8.188.964 1.404.730 551.966 1.216.710 70.637 1.395.377 1.230.271 33.509.090 financial position
Rekening
administratif Administrative
bersih 17.859.719 (7.472.470) (1.337.325) (638.533) (1.210.033) 486.186 (1.380.114) (1.068.819) 5.238.611 accounts - net
450
1398 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1401
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(iv) Manajemen risiko nilai tukar (lanjutan) (iv) Foreign exchange risk management (continued)
b. Saldo aset dan liabilitas moneter dalam mata b. The balance of monetary assets and liabilities
uang asing adalah sebagai berikut: in foreign currencies are as follows:
31 Desember 2025/
31 December 2025
Ekuivalen Rupiah Mata uang asing
(dalam jutaan)/ (dalam ribuan)/
Rupiah equivalent Foreign currencies
(in million) (in thousand)
Aset Assets
Kas Cash
Dolar Amerika Serikat 1.689.981 101.348 United States Dollar
Dolar Singapura 276.815 21.351 Singapore Dollar
Euro Eropa 373.434 19.081 European Euro
Dolar Australia 330.111 29.600 Australian Dollar
Yen Jepang 65.795 617.793 Japanese Yen
Pound Sterling Inggris 30.690 1.368 Great Britain Pound Sterling
Yuan China 3.041 1.275 Chinese Yuan
Lain-lain 439.853 31.816 Others
3.209.720 823.632
Giro pada Current accounts with
Bank Indonesia Bank Indonesia
Dolar Amerika Serikat 18.737.295 1.123.676 United States Dollar
Giro pada Current accounts with
bank lain other banks
Dolar Amerika Serikat 39.201.743 2.350.929 United States Dollar
Euro Eropa 6.630.289 338.774 European Euro
Yen Jepang 4.461.066 41.887.944 Japanese Yen
Yuan China 4.431.280 1.858.197 Chinese Yuan
Dolar Singapura 1.938.399 149.510 Singapore Dollar
Pound Sterling Inggris 714.096 31.823 Great Britain Pound Sterling
Dolar Australia 305.901 27.430 Australian Dollar
Lain-lain 3.046.495 395.013 Others
60.729.269 47.039.620
Penempatan pada Placement with
Bank Indonesia dan bank lain Bank Indonesia and other banks
Dolar Amerika Serikat 30.277.690 1.815.754 United States Dollar
Yuan China 811.639 340.350 Chinese Yuan
31.089.329 2.156.104
Efek-efek Marketable securities
Dolar Amerika Serikat 27.198.421 1.631.091 United States Dollar
Dolar Singapura 785.333 60.573 Singapore Dollar
Yuan China 128.784 54.004 Chinese Yuan
Yen Jepang 4.272.997 40.122.038 Japanese Yen
32.385.535 41.867.706
Obligasi pemerintah Government bonds
Dolar Amerika Serikat 50.311.415 3.017.176 United States Dollar
Euro Eropa 690.935 35.303 European Euro
Yen Jepang 265.597 2.493.869 Japanese Yen
Dolar Australia 2.788 250 Australian Dollar
51.270.735 5.546.598
Tagihan lainnya - transaksi Other receivables - trade
perdagangan transactions
Dolar Amerika Serikat 12.110.898 726.291 United States Dollar
Euro Eropa 246.134 12.576 European Euro
Yuan China 321.237 134.706 Chinese Yuan
Pound Sterling Inggris 65.579 2.922 Great Britain Pound Sterling
Yen Jepang 101.085 949.155 Japanese Yen
Dolar Singapura 25.680 1.981 Singapore Dollar
Lain-lain 119.601 7.172 Others
12.990.214 1.834.803
451
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1399
Page 1402
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(iv) Manajemen risiko nilai tukar (lanjutan) (iv) Foreign exchange risk management (continued)
b. Saldo aset dan liabilitas moneter dalam mata b. The balance of monetary assets and liabilities
uang asing adalah sebagai berikut: (lanjutan) in foreign currencies are as follows: (continued)
31 Desember 2025/
31 December 2025
Ekuivalen Rupiah Mata uang asing
(dalam jutaan)/ (dalam ribuan)/
Rupiah equivalent Foreign currencies
(in million) (in thousand)
Aset (lanjutan) Assets (continued)
Tagihan derivatif Derivative receivables
Dolar Amerika Serikat 6.136.746 368.021 United States Dollar
Euro Eropa 4.283 219 European Euro
Dolar Singapura 297 23 Singapore Dollar
Yuan China 15.333 6.430 Chinese Yuan
Pound Sterling Inggris 3.600 160 Great Britain Pound Sterling
Yen Jepang 2.017 18.939 Japanese Yen
Dolar Australia 967 87 Australian Dollar
6.163.243 393.879
Kredit yang diberikan dan Loan and sharia
piutang/pembiayaan syariah loan/financing
Dolar Amerika Serikat 318.939.286 19.126.794 United States Dollar
Yuan China 8.183.357 3.431.580 Chinese Yuan
Euro Eropa 5.781.666 295.413 European Euro
Dolar Singapura 1.550.163 119.565 Singapore Dollar
Dolar Australia 2.155.845 193.310 Australian Dollar
Pound Sterling Inggris 688.120 30.665 Great Britain Pound Sterling
337.298.437 23.197.327
Tagihan akseptasi Acceptance receivables
Dolar Amerika Serikat 3.231.641 193.802 United States Dollar
Yuan China 623.143 261.307 Chinese Yuan
Euro Eropa 146.656 7.493 European Euro
Yen Jepang 16.442 154.385 Japanese Yen
Dolar Singapura 2.136 165 Singapore Dollar
Lain-lain 61.572 3.692 Others
4.081.590 620.844
Aset lain-lain Other assets
Dolar Amerika Serikat 4.368.855 262.001 United States Dollar
Euro Eropa 94.723 4.840 European Euro
Yuan China 43.906 18.412 Chinese Yuan
Dolar Australia 8.406 754 Australian Dollar
Dolar Singapura 8.723 673 Singapore Dollar
Pound Sterling Inggris 10.295 459 Great Britain Pound Sterling
Yen Jepang 844 7.925 Japanese Yen
Lain-lain 106 6 Others
4.535.858 295.070
Total aset 562.491.225 124.899.259 Total assets
Liabilitas Liabilities
Simpanan dari nasabah Deposits from customers
Giro dan Demand deposits and
giro wadiah wadiah demand deposits
Dolar Amerika Serikat 166.820.298 10.004.216 United States Dollar
Euro Eropa 4.408.139 225.233 European Euro
Yuan China 3.619.995 1.517.996 Chinese Yuan
Dolar Singapura 726.410 56.028 Singapore Dollar
Yen Jepang 411.816 3.866.817 Japanese Yen
Dolar Australia 107.284 9.620 Australian Dollar
Pound Sterling Inggris 16.848 751 Great Britain Pound Sterling
Lain-lain 776.595 208.433 Others
176.887.385 15.889.094
452
1400 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1403
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(iv) Manajemen risiko nilai tukar (lanjutan) (iv) Foreign exchange risk management (continued)
b. Saldo aset dan liabilitas moneter dalam mata b. The balance of monetary assets and liabilities
uang asing adalah sebagai berikut: (lanjutan) in foreign currencies are as follows: (continued)
31 Desember 2025/
31 December 2025
Ekuivalen Rupiah Mata uang asing
(dalam jutaan)/ (dalam ribuan)/
Rupiah equivalent Foreign currencies
(in million) (in thousand)
Liabilitas (lanjutan) Liabilities (continued)
Simpanan dari nasabah (lanjutan) Deposits from customers (continued)
Tabungan dan Saving deposits and
tabungan wadiah wadiah saving deposits
Dolar Amerika Serikat 41.542.031 2.491.277 United States Dollar
Yen Jepang 7.879.437 73.985.324 Japanese Yen
Dolar Singapura 1.339.055 103.282 Singapore Dollar
Euro Eropa 997.906 50.988 European Euro
Dolar Australia 198.222 17.774 Australian Dollar
Pound Sterling Inggris 177.059 7.890 Great Britain Pound Sterling
Yuan China 630.204 264.268 Chinese Yuan
Lain-lain 216.929 19.519 Others
52.980.843 76.940.322
Deposito berjangka Time deposits
Dolar Amerika Serikat 55.461.040 3.325.999 United States Dollar
Dolar Singapura 1.042.130 80.380 Singapore Dollar
Yuan China 1.663.650 697.629 Chinese Yuan
Yen Jepang 38.110 357.840 Japanese Yen
Euro Eropa 29.366 1.500 European Euro
Dolar Australia 24.592 2.205 Australian Dollar
Pound Sterling Inggris 1.975 88 Great Britain Pound Sterling
Lain-lain 52.608 24.557 Others
58.313.471 4.490.198
Simpanan dari bank lain Deposits from other banks
Giro, Demand deposits,
giro wadiah dan wadiah demand deposits and
tabungan saving deposits
Dolar Amerika Serikat 2.117.104 129.963 United States Dollar
Dolar Singapura 1.765 136 Singapore Dollar
Yuan China 8.270 3.468 Chinese Yuan
Yen Jepang 432 4.056 Japanese Yen
Euro Eropa 399 20 European Euro
Lain-lain 44 3 Others
2.128.014 137.646
Interbank call money Interbank call money
Yuan China Chinese Yuan
Dolar Amerika Serikat 2.501.250 150.000 United States Dollar
Yuan China 5.512.632 2.311.647 Chinese Yuan
8.013.882 2.461.647
Deposito berjangka Time deposits
Dolar Amerika Serikat 4.237.324 254.112 United States Dollar
Liabilitas atas efek-efek Securities sold
yang dijual dengan under agreements
janji dibeli kembali to repurchase
Dolar Amerika Serikat 38.154.501 2.288.126 United States Dollar
Liabilitas derivatif Derivative payables
Dolar Amerika Serikat 5.987.560 359.074 United States Dollar
Yen Jepang 58.470 549.014 Japanese Yen
Euro Eropa 8.841 452 European Euro
Dolar Singapura 902 70 Singapore Dollar
Pound Sterling Inggris 19 1 Great Britain Pound Sterling
Yuan China 2.632 1.104 Chinese Yuan
Dolar Australia 833 50 Australian Dollar
6.059.257 909.765
453
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1401
Page 1404
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(iv) Manajemen risiko nilai tukar (lanjutan) (iv) Foreign exchange risk management (continued)
b. Saldo aset dan liabilitas moneter dalam mata b. The balance of monetary assets and liabilities
uang asing adalah sebagai berikut: (lanjutan) in foreign currencies are as follows: (continued)
31 Desember 2025/
31 December 2025
Ekuivalen Rupiah Mata uang asing
(dalam jutaan)/ (dalam ribuan)/
Rupiah equivalent Foreign currencies
(in million) (in thousand)
Liabilitas (lanjutan) Liabilities (continued)
Liabilitas akseptasi Acceptance payables
Dolar Amerika Serikat 3.231.641 193.802 United States Dollar
Yuan China 623.143 261.307 Chinese Yuan
Euro Eropa 146.656 7.493 European Euro
Yen Jepang 16.442 154.385 Japanese Yen
Dolar Singapura 2.136 165 Singapore Dollar
Lain-lain 61.572 3.692 Others
4.081.590 620.844
Efek - efek yang diterbitkan Debt securities issued
Dolar Amerika Serikat 23.277.310 1.395.941 United States Dollar
Beban yang masih harus dibayar Accrued expenses
Dolar Amerika Serikat 1.430.892 85.811 United States Dollar
Dolar Singapura 46.911 3.618 Singapore Dollar
Yuan China 54.540 22.871 Chinese Yuan
Euro Eropa 16.413 839 European Euro
Dolar Australia 150 13 Australian Dollar
Yen Jepang 143 1.343 Japanese Yen
Pound Sterling Inggris 55 2 Great Britain Pound Sterling
Lain-lain 8.351 3.898 Others
1.557.455 118.395
Liabilitas lain-lain Other liabilities
Dolar Amerika Serikat 1.098.957 65.905 United States Dollar
Yuan China 267.133 112.018 Chinese Yuan
Dolar Singapura 152.978 11.799 Singapore Dollar
Euro Eropa 10.586 541 European Euro
Dolar Australia 6.477 581 Australian Dollar
Pound Sterling Inggris 1.956 87 Great Britain Pound Sterling
Yen Jepang 17.581 165.080 Japanese Yen
Lain-lain 125.850 30.870 Others
1.681.518 386.881
Pinjaman yang diterima Fund borrowings
Dolar Amerika Serikat 128.631.210 7.714.016 United States Dollar
Pinjaman dan efek-efek Subordinated loans and
subordinasi marketable securities
Dolar Amerika Serikat 90.112 5.404 United States Dollar
Total liabilitas 506.093.872 113.609.391 Total liabilities
454
1402 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1405
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(iv) Manajemen risiko nilai tukar (lanjutan) (iv) Foreign exchange risk management (continued)
b. Saldo aset dan liabilitas moneter dalam mata b. The balance of monetary assets and liabilities
uang asing adalah sebagai berikut: (lanjutan) in foreign currencies are as follows: (continued)
31 Desember 2024/
31 December 2024
Ekuivalen Rupiah Mata uang asing
(dalam jutaan)/ (dalam ribuan)/
Rupiah equivalent Foreign currencies
(in million) (in thousand)
Aset Assets
Kas Cash
Dolar Amerika Serikat 2.336.137 145.147 United States Dollar
Euro Eropa 306.836 18.310 European Euro
Dolar Australia 273.072 27.270 Australian Dollar
Dolar Singapura 231.324 19.530 Singapore Dollar
Yen Jepang 67.744 657.517 Japanese Yen
Pound Sterling Inggris 31.811 1.573 Great Britain Pound Sterling
Yuan China 5.379 2.439 Chinese Yuan
Lain-lain 435.539 32.537 Others
3.687.842 904.323
Giro pada Current accounts with
Bank Indonesia Bank Indonesia
Dolar Amerika Serikat 13.738.349 853.579 United States Dollar
Giro pada Current accounts with
bank lain other banks
Dolar Amerika Serikat 29.598.431 1.838.983 United States Dollar
Euro Eropa 5.920.871 353.314 European Euro
Yen Jepang 5.858.813 56.865.117 Japanese Yen
Yuan China 1.784.098 809.118 Chinese Yuan
Pound Sterling Inggris 1.048.389 51.853 Great Britain Pound Sterling
Dolar Singapura 905.392 76.439 Singapore Dollar
Dolar Australia 229.755 22.945 Australian Dollar
Lain-lain 918.300 81.519 Others
46.264.049 60.099.288
Penempatan pada Placement with
Bank Indonesia dan bank lain Bank Indonesia and other banks
Dolar Amerika Serikat 30.350.296 1.885.697 United States Dollar
Yuan China 201.757 91.500 Chinese Yuan
Dolar Singapura 35.889 3.030 Singapore Dollar
Lain-lain 105.729 51.000 Others
30.693.671 2.031.227
Efek-efek Marketable securities
Dolar Amerika Serikat 24.727.200 1.536.329 United States Dollar
Dolar Singapura 644.529 54.416 Singapore Dollar
Yuan China 73.676 33.413 Chinese Yuan
Yen Jepang 10.385 100.796 Japanese
25.455.790 1.724.954
Obligasi pemerintah Government bonds
Dolar Amerika Serikat 50.464.201 3.135.396 United States Dollar
Euro Eropa 1.138.143 67.916 European Euro
51.602.344 3.203.312
Tagihan lainnya - transaksi Other receivables - trade
perdagangan transactions
Dolar Amerika Serikat 11.446.140 711.161 United States Dollar
Yuan China 152.884 69.335 Chinese Yuan
Euro Eropa 85.543 5.105 European Euro
Pound Sterling Inggris 40.038 1.980 Great Britain Pound Sterling
Dolar Singapura 30.726 2.594 Singapore Dollar
Yen Jepang 11.585 112.443 Japanese Yen
Lain-lain 18.321 1.138 Others
11.785.237 903.756
455
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1403
Page 1406
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(iv) Manajemen risiko nilai tukar (lanjutan) (iv) Foreign exchange risk management (continued)
b. Saldo aset dan liabilitas moneter dalam mata b. The balance of monetary assets and liabilities
uang asing adalah sebagai berikut: (lanjutan) in foreign currencies are as follows: (continued)
31 Desember 2024/
31 December 2024
Ekuivalen Rupiah Mata uang asing
(dalam jutaan)/ (dalam ribuan)/
Rupiah equivalent Foreign currencies
(in million) (in thousand)
Aset (lanjutan) Assets (continued)
Tagihan derivatif Derivative receivables
Dolar Amerika Serikat 6.530.888 405.771 United States Dollar
Euro Eropa 26.749 1.596 European Euro
Yuan China 23.694 10.746 Chinese Yuan
Yen Jepang 13.091 127.060 Japanese Yen
Pound Sterling Inggris 2.515 124 Great Britain Pound Sterling
Dolar Australia 42 4 Australian Dollar
Dolar Singapura 4 - Singapore Dollar
Lain-lain 133 8 Others
6.597.116 545.309
Kredit yang diberikan dan Loan and sharia
piutang/pembiayaan syariah loan/financing
Dolar Amerika Serikat 271.899.002 16.893.383 United States Dollar
Euro Eropa 5.309.651 316.840 European Euro
Yuan China 4.829.413 2.190.220 Chinese Yuan
Dolar Singapura 1.662.946 140.397 Singapore Dollar
Dolar Australia 1.130.626 112.910 Australian Dollar
Pound Sterling Inggris 516.849 25.563 Great Britain Pound Sterling
Yen Jepang 32.067 311.239 Japanese Yen
285.380.554 19.990.552
Tagihan akseptasi Acceptance receivables
Dolar Amerika Serikat 3.080.537 191.397 United States Dollar
Yuan China 366.435 166.184 Chinese Yuan
Euro Eropa 255.283 15.233 European Euro
Yen Jepang 54.769 531.583 Japanese Yen
Dolar Singapura 2.869 242 Singapore Dollar
Lain-lain 40.036 2.487 Others
3.799.929 907.126
Aset lain-lain Other assets
Dolar Amerika Serikat 3.371.087 209.450 United States Dollar
Euro Eropa 95.210 5.681 European Euro
Yuan China 28.771 13.048 Chinese Yuan
Dolar Singapura 10.644 898 Singapore Dollar
Pound Sterling Inggris 8.829 437 Great Britain Pound Sterling
Dolar Australia 6.203 619 Australian Dollar
Yen Jepang 259 2.514 Japanese Yen
Lain-lain 76 13 Others
3.521.079 232.660
Total aset 482.525.960 91.396.086 Total assets
Liabilitas Liabilities
Simpanan dari nasabah Deposits from customers
Giro dan Demand deposits and
giro wadiah wadiah demand deposits
Dolar Amerika Serikat 177.865.251 11.050.963 United States Dollar
Euro Eropa 4.164.814 248.525 European Euro
Yuan China 2.199.676 997.590 Chinese Yuan
Yen Jepang 1.479.829 14.363.088 Japanese Yen
Dolar Singapura 601.942 50.820 Singapore Dollar
Dolar Australia 154.963 15.475 Australian Dollar
Pound Sterling Inggris 68.938 3.410 Great Britain Pound Sterling
Lain-lain 100.613 8.996 Others
186.636.026 26.738.867
456
1404 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1407
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(iv) Manajemen risiko nilai tukar (lanjutan) (iv) Foreign exchange risk management (continued)
b. Saldo aset dan liabilitas moneter dalam mata b. The balance of monetary assets and liabilities
uang asing adalah sebagai berikut: (lanjutan) in foreign currencies are as follows: (continued)
31 Desember 2024/
31 December 2024
Ekuivalen Rupiah Mata uang asing
(dalam jutaan)/ (dalam ribuan)/
Rupiah equivalent Foreign currencies
(in million) (in thousand)
Liabilitas (lanjutan) Liabilities (continued)
Simpanan dari nasabah (lanjutan) Deposits from customers (continued)
Tabungan dan Saving deposits and
tabungan wadiah wadiah saving deposits
Dolar Amerika Serikat 39.539.856 2.456.656 United States Dollar
Yen Jepang 3.786.159 36.748.122 Japanese Yen
Dolar Singapura 702.088 59.275 Singapore Dollar
Euro Eropa 480.402 28.667 European Euro
Dolar Australia 217.302 21.701 Australian Dollar
Pound Sterling Inggris 179.728 8.889 Great Britain Pound Sterling
Yuan China 53.919 24.453 Chinese Yuan
Lain-lain 44.900 8.234 Others
45.004.354 39.355.997
Deposito berjangka Time deposits
Dolar Amerika Serikat 37.559.481 2.333.612 United States Dollar
Dolar Singapura 608.155 51.345 Singapore Dollar
Yuan China 776.103 351.976 Chinese Yuan
Yen Jepang 36.194 351.296 Japanese Yen
Euro Eropa 19.941 1.190 European Euro
Dolar Australia 30.906 3.086 Australian Dollar
Pound Sterling Inggris 1.611 80 Great Britain Pound Sterling
Lain-lain 35.125 16.943 Others
39.067.516 3.109.528
Simpanan dari bank lain Deposits from other banks
Giro, Demand deposits,
giro wadiah, dan wadiah demand deposits and
tabungan saving deposits
Dolar Amerika Serikat 5.032.056 312.647 United States Dollar
Dolar Singapura 1.608 136 Singapore Dollar
Yuan China 476 216 Chinese Yuan
Yen Jepang 419 4.067 Japanese Yen
Euro Eropa 345 21 European Euro
Lain-lain 43 3 Others
5.034.947 317.090
Interbank call money Interbank call money
Dolar Amerika Serikat 5.713.725 355.000 United States Dollar
Yuan China 3.547.829 1.609.000 Chinese Yuan
9.261.554 1.964.000
Deposito berjangka Time deposits
Dolar Amerika Serikat 3.255.487 202.267 United States Dollar
Liabilitas atas efek-efek Securities sold
yang dijual dengan under agreements
janji dibeli kembali to repurchase
Dolar Amerika Serikat 32.671.051 2.029.888 United States Dollar
Liabilitas derivatif Derivative payables
Dolar Amerika Serikat 6.414.612 398.547 United States Dollar
Yen Jepang 96.580 937.397 Japanese Yen
Yuan China 17.476 7.926 Chinese Yuan
Euro Eropa 672 40 European Euro
Dolar Australia 30 3 Australian Dollar
Dolar Singapura 31 3 Singapore Dollar
Lain-lain 20 1 Others
6.529.421 1.343.917
457
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1405
Page 1408
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(iv) Manajemen risiko nilai tukar (lanjutan) (iv) Foreign exchange risk management (continued)
b. Saldo aset dan liabilitas moneter dalam mata b. The balance of monetary assets and liabilities
uang asing adalah sebagai berikut: (lanjutan) in foreign currencies are as follows: (continued)
31 Desember 2024/
31 December 2024
Ekuivalen Rupiah Mata uang asing
(dalam jutaan)/ (dalam ribuan)/
Rupiah equivalent Foreign currencies
(in million) (in thousand)
Liabilitas (lanjutan) Liabilities (continued)
Liabilitas akseptasi Acceptance payables
Dolar Amerika Serikat 3.080.537 191.397 United States Dollar
Yuan China 366.435 166.184 Chinese Yuan
Euro Eropa 255.283 15.233 European Euro
Yen Jepang 54.769 531.583 Japanese Yen
Dolar Singapura 2.869 242 Singapore Dollar
Lain-lain 40.036 2.487 Others
3.799.929 907.126
Efek - efek yang diterbitkan Debt securities issued
Dolar Amerika Serikat 17.676.520 1.098.262 United States Dollar
Beban yang masih harus dibayar Accrued expenses
Dolar Amerika Serikat 1.366.463 84.900 United States Dollar
Dolar Singapura 49.275 4.160 Singapore Dollar
Yuan China 42.149 19.115 Chinese Yuan
Dolar Hong Kong 6.897 3.327 Hong Kong Dollar
Euro Eropa 1.247 74 European Euro
Yen Jepang 138 1.339 Japanese Yen
Pound Sterling Inggris 58 3 Great Britain Pound Sterling
Dolar Australia 140 14 Australian Dollar
Lain-lain 9 1 Others
1.466.376 112.933
Liabilitas lain-lain Other liabilities
Dolar Amerika Serikat 599.223 37.231 United States Dollar
Yuan China 391.407 177.509 Chinese Yuan
Dolar Singapura 153.625 12.970 Singapore Dollar
Yen Jepang 42.659 414.044 Japanese Yen
Euro Eropa 26.618 1.589 European Euro
Dolar Australia 19.647 1.962 Australian Dollar
Pound Sterling Inggris 2.719 134 Great Britain Pound Sterling
Lain-lain 60.220 6.713 Others
1.296.118 652.152
Pinjaman yang diterima Fund borrowings
Dolar Amerika Serikat 97.213.556 6.039.985 United States Dollar
Pinjaman dan efek-efek Subordinated loans and
subordinasi marketable securities
Dolar Amerika Serikat 104.015 6.463 United States Dollar
Total liabilitas 449.016.870 83.878.475 Total liabilities
458
1406 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1409
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(iv) Manajemen risiko nilai tukar (lanjutan) (iv) Foreign exchange risk management (continued)
c. Sensitivitas terhadap laba bersih c. Sensitivity to net income
Tabel di bawah ini mengikhtisarkan sensitivitas The table below shows the sensitivity of Bank
laba bersih Bank Mandiri atas perubahan nilai Mandiri’s net income to movement of foreign
tukar mata uang asing yaitu: exchange rates:
Peningkatan 5%/ Penurunan 5%/
Increased by 5% Decreased by 5%
31 Desember 2025 31 December 2025
Menambah/(mengurangi) Increase/(decrease)
laba bersih 118.207 (118.207) net income
Peningkatan 5%/ Penurunan 5%/
Increased by 5% Decreased by 5%
31 Desember 2024 31 December 2024
Menambah/(mengurangi) Increase/(decrease)
laba bersih (84.975) 84.975 net income
Proyeksi di atas hanya mengasumsikan The projection above assumes only changes in
perubahan nilai tukar mata uang asing Dolar foreign currency exchange rate of US Dollar
Amerika Serikat sedangkan nilai tukar mata while other foreign exchange rates remain
uang asing lainnya tidak berubah. Dolar unchanged. US Dollars is the major foreign
Amerika Serikat merupakan komponen exchange rate held by the Bank. The projection
terbesar mata uang asing yang dimiliki Bank. also assumes that all other variables are held
Proyeksi dalam hal ini juga mengasumsikan constant at reporting date.
bahwa seluruh variabel lainnya adalah
konstan pada tanggal pelaporan keuangan.
(v) Nilai wajar aset dan liabilitas keuangan (v) Fair value of financial assets and liabilities
Penilaian/valuasi juga merupakan komponen Valuation is also an important component to
penting yang dibutuhkan untuk mengelola hampir manage most risks in banking industry including
semua risiko perbankan termasuk risiko pasar, market risk, credit risk and liquidity risk. Valuation
risiko kredit dan risiko likuiditas. Proses valuasi process is performed for all trading book position
dilakukan atas seluruh posisi trading book including marketable securities owned by the
termasuk efek-efek yang dimiliki Grup dalam Group’s portfolio measured at fair value through
portofolio diukur pada nilai wajar melalui other comprehensive income.
penghasilan komprehensif lain.
Tabel di bawah ini menganalisis instrumen The table below shows analysis of financial
keuangan yang dicatat pada nilai wajar instruments carried at fair value based on method of
berdasarkan tingkatan metode penilaian. valuation levels. The difference at each level of
Perbedaan pada setiap tingkatan metode assessment methods is described as follows:
penilaian dijelaskan sebagai berikut:
Harga kuotasian (tidak disesuaikan) dari Quoted prices (not adjusted) from active market
pasar yang aktif untuk aset atau liabilitas yang for asset or liability which are the same/identical
identik (Tingkat 1); (Level 1);
Input selain harga yang kuotasian dari pasar Inputs other than quoted market prices included
yang disertakan pada Tingkat 1 yang dapat in Level 1 that are observable for the asset and
diobservasi untuk aset dan liabilitas, baik liability, either directly (as a price) or indirectly
secara langsung (yaitu sebagai sebuah (derived from prices) (Level 2);
harga) atau secara tidak langsung (yaitu
sebagai turunan dari harga) (Tingkat 2);
Input untuk aset atau liabilitas yang tidak Inputs for the asset or liability that are not based
didasarkan pada data pasar yang dapat on observable market data (unobservable
diobservasi (informasi yang tidak dapat information) (Level 3).
diobservasi) (Tingkat 3).
459
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1407
Page 1410
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(v) Nilai wajar aset dan liabilitas keuangan (lanjutan) (v) Fair value of financial assets and liabilities
(continued)
Tabel berikut menyajikan aset dan liabilitas Grup The table below shows the Group’s assets and
yang diukur sebesar nilai wajar: liabilities that are measured at fair value:
31 Desember 2025/31 December 2025
Nilai wajar/Fair value
Nilai tercatat / Tingkat 1/ Tingkat 2/ Tingkat 3/
Carrying value Level 1 Level 2 Level 3 Total
Aset yang diukur sebesar Assets measured at
nilai wajar fair value
Efek-efek Marketable securities
Diukur pada nilai wajar melalui Fair value through
laba rugi 62.993.300 52.596.196 10.397.104 - 62.993.300 profit or loss
Diukur pada nilai wajar melalui Fair value through other
penghasilan komprehensif lain 55.199.153 22.272.019 32.927.134 - 55.199.153 comprehensive income
Obligasi pemerintah Government bonds
Diukur pada nilai wajar melalui Fair value through
laba rugi 33.687.479 31.458.904 2.228.575 - 33.687.479 profit or loss
Diukur pada nilai wajar melalui Fair value through other
penghasilan komprehensif lain 106.034.349 87.899.905 18.134.444 - 106.034.349 comprehensive income
Kredit yang diberikan dan Loans and sharia
piutang/pembiayaan syariah receivables/financing
Diukur pada nilai wajar melalui Fair value through other
penghasilan komprehensif lain 7.287.028 - - 7.287.028 7.287.028 comprehensive income
Tagihan derivatif 7.277.675 - 7.277.675 - 7.277.675 Derivative receivables
Penyertaan saham 1.930.234 11.735 - 1.918.499 1.930.234 Investments in shares
Liabilitas yang diukur sebesar Liabilities measured at
nilai wajar fair value
Liabilitas derivatif 6.841.621 - 6.841.621 - 6.841.621 Derivative payables
31 Desember 2024/31 December 2024
Nilai wajar/Fair value
Nilai tercatat / Tingkat 1/ Tingkat 2/ Tingkat 3/
Carrying value Level 1 Level 2 Level 3 Total
Aset yang diukur sebesar Assets measured at
nilai wajar fair value
Efek-efek Marketable securities
Diukur pada nilai wajar melalui Fair value through
laba rugi 18.188.560 17.386.563 801.997 - 18.188.560 profit or loss
Diukur pada nilai wajar melalui Fair value through other
penghasilan komprehensif lain 20.796.893 2.663.221 18.133.672 - 20.796.893 comprehensive income
Obligasi pemerintah Government bonds
Diukur pada nilai wajar melalui Fair value through
laba rugi 6.962.445 6.844.756 117.689 - 6.962.445 profit or loss
Diukur pada nilai wajar melalui Fair value through other
penghasilan komprehensif lain 46.345.877 46.345.877 - - 46.345.877 comprehensive income
Kredit yang diberikan dan Loans and sharia
piutang/pembiayaan syariah receivables/financing
Diukur pada nilai wajar melalui Fair value through other
penghasilan komprehensif lain 5.462.851 - - 5.462.851 5.462.851 comprehensive income
Tagihan derivatif 7.761.508 - 7.761.508 - 7.761.508 Derivative receivables
Penyertaan saham 1.966.608 678.712 1.267.899 19.997 1.966.608 Investments in shares
Liabilitas yang diukur sebesar Liabilities measured at
nilai wajar fair value
Liabilitas derivatif 7.336.998 - 7.336.998 - 7.336.998 Derivative payables
Pada tanggal 31 Desember 2025 dan 2024, untuk As of 31 December 2025 and 2024, assets and
aset dan liabilitas yang dimiliki pada akhir tahun liabilities held at the end of the reporting year are
laporan diukur pada nilai wajar secara berulang, measured at fair value on a recurring basis. The
Bank dan Entitas Anak tidak memiliki transfer Bank and its Subsidiaries have no transfers
antara Tingkat 1 dan Tingkat 2 dari hierarki. Selain between Level 1 and Level 2 of the hierarchy. In
itu pada posisi tanggal yang sama, tidak terdapat addition at the same date, there is no Marketable
Surat Berharga yang masuk ke dalam Tingkat 3. Securities included in Level 3.
Nilai wajar instrumen keuangan yang The fair value of financial instruments traded in active
diperdagangkan dalam pasar aktif (misalnya efek markets (such as marketable securities which are
yang diukur pada nilai wajar melalui laba rugi dan measured at fair value through profit or loss and fair
nilai wajar melalui penghasilan komprehensif lain) value through other comprehensive income) was
ditentukan berdasarkan harga pasar kuotasian determined based on quoted market prices at the
pada tanggal pelaporan. reporting date.
460
1408 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1411
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(v) Nilai wajar aset dan liabilitas keuangan (lanjutan) (v) Fair value of financial assets and liabilities
(continued)
Suatu pasar dianggap aktif apabila informasi A market is considered active if the information
mengenai kuotasian dapat dengan mudah dan regarding price quotations can be easily obtained and
secara berkala tersedia dari suatu bursa, regularly available from an exchange, securities
pedagang efek, atau broker, kelompok penilai dealer or broker, the market price of a particular
harga pasar industri tertentu, regulator dan harga- industry assessors, regulators and those price
harga tersebut mencerminkan transaksi pasar reflects actual and regular market transactions at a
yang aktual dan reguler pada tingkat yang wajar. fair value. Quoted market price for financial assets
Harga pasar kuotasian untuk aset keuangan yang owned by the Group are using current offering price.
dimiliki Grup adalah harga penawaran sekarang. These instruments are included in Level 1. The
Instrumen-instrumen tersebut termasuk dalam instruments included in Level 1 generally include
Tingkat 1. Instrumen yang termasuk dalam Tingkat investments in shares in IDX and debt securities
1 umumnya meliputi investasi ekuitas dan surat classified as held for trading and fair value through
hutang terdaftar di Bursa Efek Indonesia yang other comprehensive income.
diklasifikasikan sebagai surat berharga yang
diukur pada nilai wajar melalui laba rugi dan nilai
wajar melalui penghasilan komprehensif lain.
Nilai wajar instrumen keuangan yang tidak The fair value of financial instruments that are not
diperdagangkan pada pasar aktif (meliputi derivatif traded in an active market (include over-the-counter
over the counter dan obligasi pemerintah yang derivatives and inactive government bonds) are
tidak aktif) ditentukan dengan teknik penilaian determined by internal valuation techniques.
internal.
Teknik-teknik penilaian tersebut memaksimumkan The valuation techniques maximise the use of
penggunaan data pasar yang dapat diobservasi observable market data when available and as far as
dan sedapat mungkin meminimalisir penggunaan possible to minimise the use of specific estimates of
estimasi yang bersifat spesifik dari entitas. Seluruh the entity. If all the inputs needed to determine the fair
input yang dibutuhkan untuk menentukan nilai value of financial instruments are observable from
wajar instrumen keuangan dapat diobservasi dari market, therefore the instrument is included in Level
pasar, oleh karena itu instrumen tersebut 2. Instead, if one or more data is not based on
termasuk dalam Tingkat 2. Sebaliknya, jika salah observable market data, these instrument are
satu atau lebih data tidak didasarkan pada data included in Level 3.
pasar yang dapat diobservasi, instrumen ini
termasuk dalam Tingkat 3.
Nilai tercatat dari aset dan liabilitas keuangan The carrying value of the Bank’s financial assets
Bank Mandiri memiliki nilai yang hampir sama and liabilities approximates their fair value except for
dengan nilai wajarnya kecuali untuk instrumen the following financial instruments:
berikut:
31 Desember 2025/31 December 2025
Nilai wajar/Fair value
Nilai tercatat / Tingkat 1/ Tingkat 2/ Tingkat 3/
Carrying value Level 1 Level 2 Level 3 Total
Aset yang disajikan sebesar Assets disclosed at
nilai wajar fair value
Efek-efek*) Marketable securities*)
Diukur pada biaya perolehan
diamortisasi 4.567.465 3.054.399 1.507.210 - 4.561.609 At amortised cost
Diukur pada biaya perolehan 1.997.673 - 1.997.673 - 1.997.673 At cost
Obligasi pemerintah*) Government bonds*)
Diukur pada biaya perolehan
diamortisasi 137.907.775 138.085.633 - - 138.085.633 At amortised cost
Diukur pada biaya perolehan 15.187.944 - 15.187.944 - 15.187.944 At cost
Kredit yang diberikan dan Loans and sharia
piutang/pembiayaan syariah 1.794.647.181 - 442.370.983 1.352.290.726 1.794.661.709 receivables/financing
Piutang pembiayaan Consumer financing
konsumen 39.813.630 - 36.472.769 - 36.472.769 receivables
Investasi bersih dalam Net investment
sewa pembiayaan 4.018.753 - 3.822.543 - 3.822.543 finance leases
461
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1409
Page 1412
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(v) Nilai wajar aset dan liabilitas keuangan (lanjutan) (v) Fair value of financial assets and liabilities
(continued)
Nilai tercatat dari aset dan liabilitas keuangan The carrying value of the Bank’s financial assets
Bank Mandiri memiliki nilai yang hampir sama and liabilities approximates their fair value except for
dengan nilai wajarnya kecuali untuk instrumen the following financial instruments:
berikut:
31 Desember 2025/31 December 2025
Nilai wajar/Fair value
Nilai tercatat / Tingkat 1/ Tingkat 2/ Tingkat 3/
Carrying value Level 1 Level 2 Level 3 Total
Liabilitas yang disajikan sebesar Liabilities disclosed at
nilai wajar fair value
Efek-efek yang diterbitkan 62.205.231 - 62.851.830 - 62.851.830 Debt securities issued
Pinjaman yang diterima 154.672.422 - 153.805.872 - 153.805.872 Fund borrowings
Pinjaman dan efek-efek Subordinated loans and
subordinasi 189.778 - 192.618 - 192.618 marketable securities
31 Desember 2024/31 December 2024
Nilai wajar/Fair value
Nilai tercatat / Tingkat 1/ Tingkat 2/ Tingkat 3/
Carrying value Level 1 Level 2 Level 3 Total
Aset yang disajikan sebesar Assets disclosed at
nilai wajar fair value
Efek-efek*) Marketable securities*)
Diukur pada biaya perolehan
diamortisasi 8.938.993 7.114.298 1.832.588 - 8.946.886 At amortised cost
Diukur pada biaya perolehan 3.231.978 - 3.231.978 - 3.231.978 At cost
Obligasi pemerintah*) Government bonds*)
Diukur pada biaya perolehan
diamortisasi 153.035.870 - 153.220.759 - 153.220.759 At amortised cost
Diukur pada biaya perolehan 22.560.953 - 22.560.953 - 22.560.953 At cost
Kredit yang diberikan dan Loans and sharia
piutang/pembiayaan syariah 1.568.399.116 - 425.920.051 1.140.427.108 1.566.347.159 receivables/financing
Piutang pembiayaan Consumer financing
konsumen 40.638.953 - 38.855.572 - 38.855.572 receivables
Investasi bersih dalam Net investment
sewa pembiayaan 5.653.739 - 5.376.317 - 5.376.317 finance leases
Liabilitas yang disajikan sebesar Liabilities disclosed at
nilai wajar fair value
Efek-efek yang diterbitkan 41.141.067 - 41.820.420 - 41.820.420 Debt securities issued
Pinjaman yang diterima 147.915.981 - 146.931.089 - 146.931.089 Fund borrowings
Pinjaman dan efek-efek Subordinated loans and
subordinasi 403.562 - 403.562 - 403.562 marketable securities
*) *)
Efek-efek dan obligasi pemerintah yang dimiliki Entitas Anak sesuai Marketable securities and government bonds owned by Subsidiary in
dengan PSAK 410 “Akuntansi Sukuk”. accordance with SFAS 410 “Accounting for Sukuk”.
(i) Giro pada Bank Indonesia, giro pada bank (i) Current accounts with Bank Indonesia, current
lain, penempatan pada Bank Indonesia dan accounts with other banks, placement with
bank lain, tagihan lainnya - transaksi Bank Indonesia and other banks, other
perdagangan, tagihan atas efek-efek yang receivables - trading transactions, securities
dibeli dengan janji dijual kembali, tagihan purchased under agreements to resell,
akseptasi dan aset lain-lain acceptance receivables and other assets
Penempatan pada Bank Indonesia dan bank Placements with Bank Indonesia and other
lain merupakan penanaman dana dalam banks represent placements in the form of
bentuk deposit facility, FASBI syariah, call deposit facility, sharia FASBI, call money, fixed-
money, penempatan “fixed term”, deposito term placements, time deposits and others.
berjangka dan lain-lain.
462
1410 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1413
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(v) Nilai wajar aset dan liabilitas keuangan (lanjutan) (v) Fair value of financial assets and liabilities
(continued)
(i) Giro pada Bank Indonesia, giro pada bank (i) Current accounts with Bank Indonesia, current
lain, penempatan pada Bank Indonesia dan accounts with other banks, placement with
bank lain, tagihan lainnya - transaksi Bank Indonesia and other banks, other
perdagangan, tagihan atas efek-efek yang receivables - trading transactions, securities
dibeli dengan janji dijual kembali, tagihan purchased under agreements to resell,
akseptasi dan aset lain-lain (lanjutan) acceptance receivables and other assets
(continued)
Nilai tercatat dari giro pada Bank Indonesia The carrying amount of current accounts with
dan bank lain, penempatan overnight dengan Bank Indonesia and other banks, placements
suku bunga mengambang adalah perkiraan and overnight deposits, which uses floating
yang layak atas nilai wajar. rate, is a reasonable approximation of fair
value.
Estimasi nilai wajar terhadap penempatan The estimated fair value of fixed interest
dengan suku bunga tetap, tagihan lainnya - bearing placements, other receiveables -
transaksi perdagangan, tagihan atas efek- trading transactions, securities purchased
efek yang dibeli dengan janji dijual kembali, under agreements to resell, acceptance
tagihan akseptasi dan aset lain-lain receivables and other assets is based on
ditetapkan berdasarkan diskonto arus kas discounted cash flows using prevailing money
dengan menggunakan suku bunga pasar market interest rates for debts with similar
uang yang berlaku untuk utang dengan risiko credit risk and remaining maturity. Since the
kredit dan sisa jatuh tempo yang serupa. remaining maturity is below one year, the
Dikarenakan sisa jatuh tempo di bawah satu carrying amount of fixed interest bearing
tahun, nilai tercatat dari penempatan dengan placements, other receiveables - trading
suku bunga tetap, tagihan lainnya - transaksi transactions, securities purchased under
perdagangan, tagihan atas efek-efek yang agreements to resell, acceptance receivables
dibeli dengan janji dijual kembali, tagihan and other assets is a reasonable approximation
akseptasi dan aset lain-lain adalah perkiraan of fair value.
yang layak atas nilai wajar.
(ii) Efek-efek dan obligasi pemerintah (diukur (ii) Marketable securities and government bonds
pada biaya perolehan dan biaya perolehan (measured at cost and amortised cost)
diamortisasi)
Nilai wajar untuk efek-efek dan obligasi The fair value for marketable securities and
pemerintah yang diukur pada biaya perolehan goverment bonds measured at cost and
dan biaya perolehan diamortisasi ditetapkan amortised cost is determined based on market
berdasarkan harga pasar atau harga kuotasi prices or intermediary (broker)/dealer quotes. If
perantara (broker)/pedagang efek (dealer). this information is not available, the fair value is
Jika informasi ini tidak tersedia, nilai wajar estimated using market prices of similar credit,
diestimasi dengan menggunakan harga pasar maturity and yield securities or evaluated using
kuotasi efek yang memiliki karakteristik kredit, internal valuation methods.
jatuh tempo dan yield yang serupa atau dinilai
dengan menggunakan metode valuasi
internal.
463
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1411
Page 1414
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(v) Nilai wajar aset dan liabilitas keuangan (lanjutan) (v) Fair value of financial assets and liabilities
(continued)
(iii) Kredit yang diberikan dan piutang/ (iii) Loans and sharia receivables/financing,
pembiayaan syariah, piutang pembiayaan consumer financing receivables and net
konsumen serta investasi bersih dalam sewa investment in finance leases
pembiayaan
Kredit yang diberikan dan Loans and sharia receivables/financing,
piutang/pembiayaan syariah, piutang consumer financing receivables and net
pembiayaan konsumen serta investasi bersih Investment in finance leases are recorded at
dalam sewa pembiayaan dinyatakan carrying amount net of charges for impairment.
berdasarkan jumlah nilai tercatat setelah The estimated fair value of loans and sharia
dikurangi dengan penurunan nilai. Estimasi receivables/financing, consumer financing
nilai wajar dari kredit yang diberikan dan receivables, and net investment in finance
piutang/pembiayaan syariah, piutang leases represents the discounted amount of
pembiayaan konsumen serta investasi bersih estimated future cash flows expected to be
dalam sewa pembiayaan mencerminkan received. The fair value of loans and sharia
jumlah diskonto dari estimasi kini dari arus receivables/financing, consumer financing
kas masa depan yang diharapkan akan receivables, and net investment in finance
diterima. Nilai wajar dari kredit yang diberikan leases is determined by discounting the
dan piutang/pembiayaan syariah, piutang expected future cash flows at current market
pembiayaan konsumen serta investasi bersih interest rates.
dalam sewa pembiayaan ditentukan dengan
mendiskontokan arus kas yang diharapkan
pada tingkat suku bunga pasar terkini.
(iv) Simpanan dari nasabah dan simpanan dari (iv) Deposits from customers and other banks,
bank lain, liabilitas atas efek-efek yang dijual securities sold under agreements to
dengan janji dibeli kembali, liabilitas akseptasi repurchase, acceptance payables and other
dan liabilitas lain-lain liabilities
Estimasi nilai wajar simpanan yang bisa The estimated fair value of deposits that can be
ditarik kembali sewaktu-waktu, termasuk withdrawn at any time, includes non-interest
simpanan tanpa bunga, adalah sebesar bearing deposits, is the payable
jumlah terutang/nilai tercatat ketika utang amount/carrying amount when the payable is
tersebut dibayarkan. paid.
Estimasi nilai wajar simpanan dengan tingkat The estimated fair value of fixed interest
suku bunga tetap, liabilitas atas efek-efek bearing deposits, securities sold under
yang dijual dengan janji dibeli kembali, agreements to repurchase, acceptance
liabilitas akseptasi dan liabilitas lain-lain yang payables and other liabilities not quoted in an
tidak memiliki kuotasi di pasar aktif ditetapkan active market is based on discounted cash
berdasarkan diskonto arus kas dengan flows using interest rates for new debts with
menggunakan suku bunga utang baru similar remaining maturity. As the remaining
dengan sisa jatuh tempo yang serupa. maturity is below one year, the carrying amount
Dikarenakan sisa jatuh tempo di bawah satu of fixed interest bearing deposits, acceptance
tahun, nilai tercatat dari simpanan dengan payables and other liabilities is a reasonable
tingkat bunga tetap, liabilitas akseptasi dan approximation of fair value.
liabilitas lain-lain adalah perkiraan yang layak
atas nilai wajar.
464
1412 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1415
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(v) Nilai wajar aset dan liabilitas keuangan (lanjutan) (v) Fair value of financial assets and liabilities
(continued)
(v) Efek-efek yang diterbitkan, pinjaman yang (v) Debt securities issued, fund borrowings and
diterima dan pinjaman dan efek-efek subordinated loans and marketable securities
subordinasi
Nilai wajar agregat dihitung berdasarkan The aggregate fair values are calculated based
harga pasar kuotasi. Jika informasi ini tidak on quoted market prices. When information is
tersedia, model diskonto arus kas digunakan not available, a discounted cash flow model is
berdasarkan kurva yield terkini yang sesuai used based on the current yield curve
dengan sisa periode jatuh temponya. appropriate for the remaining term to maturity.
(vi) Value at Risk (VaR) (vi) Value at Risk (VaR)
Dalam pelaksanaan pengelolaan risiko pasar The implementation of managing market risk of
trading, Bank menerapkan prinsip segregation of trading, the Bank applies segregation of duties
duties dengan cara melakukan pemisahan antara principle by separation of front office unit (conduct
unit front office (melaksanakan transaksi trading), trading transaction), middle office unit (conduct
unit middle office (melaksanakan proses process of risk management as well as develop
manajemen risiko serta menyusun kebijakan dan policies and procedures) and back office unit
prosedur) dan unit back office (melaksanakan (conduct process of settlement transaction).
proses settlement transaksi).
Analisa risiko pasar atas aktivitas trading treasury Market risk analysis of trading treasury daily
dilakukan secara harian menggunakan activities using best practice approach by consider
pendekatan sesuai best practice yang ada dan internal and external policies, such as through
mengacu pada ketentuan internal dan eksternal calculation of VaR.
yang berlaku, salah satunya melalui perhitungan
VaR.
VaR adalah potensi kerugian maksimum dari VaR is the maximum potential loss from the Bank's
posisi portofolio Bank (open position) dengan portfolio position (open position) with a certain
confidence level dan holding period tertentu dalam confidence level and holding period under normal
kondisi pasar yang normal. Metode perhitungan market conditions. The VaR calculation method
VaR yang digunakan Bank yaitu metode Historical used by the Bank is the Historical Simulation
Simulation yang tidak membutuhkan asumsi method which does not require the assumption that
bahwa pergerakan faktor pasar terdistribusi the movement of market factors is normally
normal. Bank menghitung VaR berdasarkan 250 distributed. The Bank calculates VaR based on 250
hari data faktor pasar historis. days of historical market factor data.
Realisasi VaR (tidak diaudit) adalah sebagai VaR realisation (unaudited) are as follows:
berikut:
31 Desember 2025/31 December 2025
VaR VaR VaR VaR
Rata-rata/ Maksimum/ Minimum/ Akhir tahun/
Average Maximum Minimum End of year
VaR VaR VaR VaR
Jenis risiko Type of risk
Risiko suku bunga*) 33.259 63.561 11.173 33.534 Interest rate risk*)
Risiko nilai tukar 28.355 61.741 2.423 45.257 Foreign exchange risk
Total 38.127 69.331 14.587 42.358 Total
*) *)
Hanya posisi trading book. Only trading book position.
465
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1413
Page 1416
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(vi) Value at Risk (VaR) (lanjutan) (vi) Value at Risk (VaR) (continued)
Realisasi VaR (tidak diaudit) adalah sebagai VaR realisation (unaudited) are as follows:
berikut: (lanjutan) (continued)
31 Desember 2024/ 31 December 2024
VaR VaR VaR VaR
Rata-rata/ Maksimum/ Minimum/ Akhir tahun/
Average Maximum Minimum End of year
VaR VaR VaR VaR
Jenis risiko Type of risk
Risiko suku bunga*) 20.675 57.586 6.845 15.803 Interest rate risk*)
Risiko nilai tukar 14.272 40.349 1.760 8.948 Foreign exchange risk
Total 24.019 58.801 7.571 22.164 Total
*) *)
Hanya posisi trading book. Only trading book position
Bank melakukan backtesting untuk memastikan The Bank performs backtesting to ensure the
keakuratan metode perhitungan VaR dalam accuracy of the VaR calculation method in
memprediksi laba/rugi aktivitas treasury. Metode predicting the profit/loss of treasury activities.
backtesting dilakukan dengan membandingkan Backtesting method compares the daily profit/loss
laba/rugi harian dengan nilai VaR yang dihitung with the VaR calculated by the Bank.
oleh Bank.
Hasil backtesting tahun Desember 2025 Backtesting result for the year December 2025
menunjukkan bahwa perhitungan VaR yang telah shows that the VaR calculation has been performed
dilakukan akurat, dimana tidak terdapat accurately, where there are no irregularities of
penyimpangan Laba/Rugi terhadap daily VaR Profit/Loss to the daily VaR is still acceptable.
masih dapat diterima.
(vii) Manajemen kas (vii) Cash management
Kas terdiri atas: Details of cash are as follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Jumlah Jumlah
ekuivalen ekuivalen
nosional nosional
mata uang mata uang
asing asing
(dalam ribuan)/ (dalam ribuan)/
Notional Notional
amount of amount of
foreign foreign
currency currency
equivalent equivalent
(in thousands) Rupiah (in thousands) Rupiah
Rupiah - 30.647.501 - 27.977.240 Rupiah
Mata uang asing Foreign currencies
Dolar Amerika Serikat 101.348 1.689.981 145.147 2.336.137 United States Dollar
Dolar Singapura 21.351 276.815 19.530 231.324 Singapore Dollar
Euro Eropa 19.081 373.434 18.310 306.836 European Euro
Dolar Australia 29.600 330.111 27.270 273.072 Australian Dollar
Yen Jepang 617.793 65.795 657.517 67.744 Japanese Yen
Pound Sterling Inggris 1.368 30.690 1.573 31.811 Great Britain Pound Sterling
Dolar Hong Kong 6.240 13.368 6.286 13.031 Hong Kong Dollar
Yuan China 1.275 3.041 2.439 5.379 Chinese Yuan
Lain-lain 25.576 426.485 26.251 422.508 Others
823.632 33.857.221 904.323 31.665.082
Pada tanggal 31 Desember 2025 dan 2024 saldo As of 31 December 2025 and 2024, the cash
kas tersebut, sudah termasuk uang dalam mesin balance, including money in ATM (Automatic Teller
ATM (Anjungan Tunai Mandiri) serta kas dalam Machine) and cash in transit for ATM amounted to
perjalanan untuk ATM masing-masing sebesar Rp7,578,538 and Rp7,138,793, respectively.
Rp7.578.538 dan Rp7.138.793.
466
1414 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1417
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(viii) Dampak Reformasi Acuan Suku Bunga (viii) Impact of Interest Rate Benchmark Reform
a. LIBOR a. LIBOR
Pada tahun 2017, Financial Conduct Authority In 2017, the UK Financial Conduct Authority
(FCA) Inggris mengumumkan rencana untuk (FCA) announced plans to stop using LIBOR by
menghentikan penggunaan LIBOR pada akhir the end of 2020. In November 2020, the ICE
tahun 2020. Pada November 2020, ICE Benchmark Administration (IBA) officially
Benchmark Administration (IBA) announced plans to stop publishing the LIBOR
mengumumkan secara resmi rencana untuk benchmark interest rate. In response to the latest
menghentikan publikasi suku bunga acuan conditions, on 5 March 2021, FCA announced a
LIBOR. Sebagai tanggapan atas kondisi plan to partially suspend the publication of the
terbaru, pada tanggal 5 Maret 2021, FCA LIBOR benchmark interest rate by the IBA which
mengumumkan rencana penundaan has held in 2 (two) stages as follows:
sebagian penghentian publikasi suku bunga
acuan LIBOR oleh IBA tersebut yang telah
diadakan dalam 2 (dua) tahap sebagai
berikut:
1. Pada tanggal 31 Desember 2021 untuk 1. As of 31 December 2021, the reference
suku bunga acuan LIBOR semua tenor interest rate is LIBOR for all tenors in GBP,
dalam mata uang GBP, EUR, CHF dan EUR, CHF and JPY and in USD for 1 (one)
JPY serta dalam mata uang USD untuk week and 2 (two) months tenors.
tenor 1 (satu) minggu dan 2 (dua) bulan.
2. Pada tanggal 31 Desember 2023 untuk 2. On 31 December 2023, the reference
suku bunga acuan LIBOR dalam mata interest rate is LIBOR in USD for the
uang USD untuk tenor overnight, 1 overnight tenor, 1 (one) month, 3 (three)
(satu) bulan, 3 (tiga) bulan, 6 (enam) months, 6 (six) months and 12 (twelve)
bulan dan 12 (dua belas) bulan. months.
Eksposur risiko Bank yang secara langsung The Bank's risk exposures that are directly
terdampak dari reformasi acuan suku bunga affected by the interest rate benchmark reform
terdiri dari portfolio kredit korporasi, transaksi consist of a portfolio of corporate loans, derivative
derivatif dan borrowing yang menggunakan transactions and borrowing using the USD
suku bunga acuan USD LIBOR. LIBOR benchmark interest rate.
Saat ini Bank telah menggunakan suku bunga Currently, the Bank has used to use the Secured
acuan Secured Overnight Financing Rate Overnight Financing Rate (SOFR) benchmark
(SOFR) atau suku bunga acuan lain yang interest rate or other agreed benchmark interest
disepakati untuk menggantikan suku bunga rate to replace the USD LIBOR benchmark
acuan USD LIBOR. Terkait suku bunga acuan interest rate. Regarding the SOFR benchmark
SOFR, terdapat beberapa perbedaan antara interest rate, there are several differences
USD LIBOR dan SOFR. USD LIBOR adalah between USD LIBOR and SOFR. USD LIBOR is
“term rate”, yang berarti USD LIBOR the “term rate”, which means that USD LIBOR is
dipublikasikan untuk beberapa periode published for several loan periods (for example 3
pinjaman (sebagai contoh 3 (tiga) bulanan (three) months or 6 (six) months) and is “forward
atau 6 (enam) bulanan) dan bersifat “forward looking” (LIBOR is published at the beginning of
looking” (LIBOR dipublikasikan pada awal the period), while SOFR is the rate “backward-
periode), sedangkan SOFR merupakan suku looking” benchmark interest rate, based on the
bunga acuan yang bersifat “backward overnight interest rate of actual transactions, and
looking”, berdasarkan suku bunga overnight published at the end of the overnight period.
dari transaksi actual, dan dipublikasikan pada
akhir periode overnight.
467
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1415
Page 1418
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(viii) Dampak Reformasi Acuan Suku Bunga (lanjutan) (viii) Impact of Interest Rate Benchmark Reform
(continued)
a. LIBOR (lanjutan) a. LIBOR (continued)
Selain itu, LIBOR merupakan tingkat suku In addition, LIBOR is an interest rate that has
bunga yang telah memperhitungkan credit taken into account credit spreads, while SOFR
spread, sementara SOFR saat ini adalah suku is currently an almost risk free interest rate
bunga yang hampir risk free berdasarkan based on US Treasury repurchase agreement
transaksi pasar repurchase agreement (repo) (repo) market transactions.
US Treasury.
Untuk melakukan transisi atas kontrak dan In order to make the transition of contracts and
perjanjian yang saat ini mengacu ke USD agreements that currently refer to USD LIBOR to
LIBOR menjadi mengacu ke suku bunga acuan refer to the alternative benchmark interest rate
alternatif (SOFR), diperlukan penyesuaian (SOFR), adjustments are needed to ensure that
untuk memastikan bahwa kedua suku bunga the two benchmark interest rates are
acuan tersebut secara ekonomis setara. economically equivalent.
Dari segi manajemen risiko pasar, Bank telah In terms of market risk management, the Bank
mengidentifikasi dan mengantisipasi has identified and anticipated changes that
perubahan yang terjadi pada aspek - aspek occured in aspects including changes in market
antara lain perubahan market data, yang data, which in turn will have an impact on the
selanjutnya berdampak pada hasil perhitungan results of the mark to market calculation, VaR
mark to market, perhitungan dan monitoring calculation and monitoring, and other
VaR, dan perhitungan lain - lain terkait risiko calculations related to market risk. With regard to
pasar. Terhadap perubahan-perubahan yang these changes, the Bank has made adjustments
terjadi tersebut, Bank telah melakukan to the market risk management system and has
penyesuaian pada sistem manajemen risiko reported system enhancement realisation to the
pasar dan ketentuan internal terkait, serta telah regulator. In 2024, all treasury derivative
melaporkan realisasi enhancement pada transactions with USD currency have used USD
sistem ke regulator. Pada tahun 2024, seluruh SOFR as benchmark interest rate.
transaksi derivatif treasury dengan mata uang
USD telah menggunakan USD SOFR sebagai
suku bunga acuannya.
Dalam hal kaitannya dengan risiko likuiditas, In terms of liquidity risk, changes in the LIBOR
perubahan atas suku bunga acuan LIBOR benchmark interest rate to another alternative
menjadi suku bunga acuan alternatif lain juga benchmark interest rate may also have an impact
dapat berdampak pada kondisi likuiditas Bank. on the Bank's liquidity condition. In this case,
Dalam hal ini, perubahan nominal pembayaran changes in the nominal payment of credit interest,
bunga kredit, transaksi derivatif dan/atau bunga derivative transactions and/or loan interest may
pinjaman dapat berpengaruh pada nilai arus affect the value of cash flows received or paid by
kas yang diterima atau dibayarkan oleh Bank, the Bank, including those measured in the
antara lain yang terukur dalam indikator Liquidity Coverage Ratio (LCR) and Net Stable
Liquidity Coverage Ratio (LCR) dan Net Stable Funding Ratio (NSFR) indicators. However, this
Funding Ratio (NSFR). Namun demikian, impact is not expected to significantly affect the
dampak tersebut diperkirakan tidak signifikan Bank's overall liquidity condition.
mempengaruhi kondisi likuiditas Bank secara
keseluruhan.
Sebagai bentuk mitigasi risiko pasar, per posisi As a form of market risk mitigation, as of
31 Desember 2025 dan 2024, Bank telah 31 December 2025 and 2024, the Bank has
mengidentifikasi kebutuhan perubahan pada identified the need for changes to the information
sistem informasi dan Bank telah melakukan system and the Bank has made adjustments to
penyesuaian pada sistem tersebut. Bank juga the system. The Bank has also conducted studies
telah melakukan kajian yang dibutuhkan dalam needed in the transition process related to the
proses transisi terkait proses dan model valuasi process and model of the valuation of financial
instrumen keuangan. instruments.
468
1416 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1419
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(viii) Dampak Reformasi Acuan Suku Bunga (lanjutan) (viii) Impact of Interest Rate Benchmark Reform
(continued)
a. LIBOR (lanjutan) a. LIBOR (continued)
Pada tahun 2023, Bank telah melakukan In 2023, the Bank has communicated with
komunikasi dengan counterparty dan/atau affected counterparties and/or customers to
nasabah yang terdampak untuk memberikan provide the latest information regarding changes
informasi terkini terkait perubahan yang that may occur as a result of the reform of the
mungkin terjadi akibat dari reformasi acuan interest rate reference, specifically USD LIBOR,
suku bunga, secara khusus USD LIBOR, baik either through socialization, discussion or in
melalui sosialisasi, diskusi maupun tertulis. writing. The Bank has identified areas that have
Bank telah mengidentifikasi area yang memiliki a significant risk of discontinuing USD LIBOR,
risiko yang signifikan terhadap penghentian namely developing information systems and
USD LIBOR, yaitu melakukan pengembangan adjusting business processes to accommodate
pada sistem informasi dan penyesuaian proses the use of alternative reference interest rates,
bisnis untuk dapat mengakomodasi conducting contract amendments/repapering
penggunaan suku bunga acuan alternatif, and/or reviewing fallback clauses on existing
melakukan amendemen kontrak/repapering contracts.
dan/atau melakukan kajian fallback clause
pada kontrak existing.
Selain melakukan usaha berkelanjutan dalam In addition to carrying out continuous efforts in
pemantauan kondisi terkini terkait transisi USD monitoring the latest conditions related to the
LIBOR, Bank juga telah melakukan diskusi USD LIBOR transition, the Bank has also
lebih intensif dengan pelaku industri baik yang conducted more intensive discussions with
berasal dari dalam maupun luar negeri dalam industry players both from within and outside the
rangka benchmark serta komunikasi dengan country in the context of benchmarking and
Regulator untuk memastikan transisi communication with Regulators to ensure the
perubahan suku bunga acuan dari USD LIBOR transition of changes in the benchmark interest
ke suku bunga acuan alternatif berjalan dengan rate from USD LIBOR to alternative interest rates
baik, sekaligus meminimalisasi risiko yang went well, also to minimize the risk arising from
muncul dari proses transisi tersebut. the transition process.
Bank telah mengidentifikasi area yang memiliki The Bank has identified areas that have a
risiko yang signifikan terhadap penghentian significant risk of discontinuing USD LIBOR,
USD LIBOR, yaitu melakukan pengembangan namely developing information systems and
pada sistem informasi dan penyesuaian proses adjusting business processes to accommodate
bisnis untuk dapat mengakomodasi the use of alternative benchmark interest rates,
penggunaan suku bunga acuan alternatif, conducting contract amendments/repapering
melakukan amendemen kontrak/repapering and/or reviewing fallback clauses on existing
dan/atau melakukan kajian fallback clause contracts. In addition to carrying out continuous
pada kontrak existing. Selain melakukan usaha efforts in monitoring the latest conditions related
berkelanjutan dalam pemantauan kondisi to the USD LIBOR transition, the Bank has also
terkini terkait transisi USD LIBOR, Bank juga conducted more intensive discussions with
telah melakukan diskusi lebih intensif dengan industry players both from within and outside the
pelaku industri baik yang berasal dari dalam country in the context of benchmarking and
maupun luar negeri dalam rangka benchmark communication with Regulators to ensure the
serta komunikasi dengan Regulator untuk transition of changes in the benchmark interest
memastikan transisi perubahan suku bunga rate from USD LIBOR to alternative interest rates
acuan dari USD LIBOR ke suku bunga acuan went well, also to minimize the risk arising from
alternatif berjalan dengan baik, sekaligus the transition process.
meminimalisasi risiko yang muncul dari proses
transisi tersebut.
469
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1417
Page 1420
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(viii) Dampak Reformasi Acuan Suku Bunga (lanjutan) (viii) Impact of Interest Rate Benchmark Reform
(continued)
a. LIBOR (lanjutan) a. LIBOR (continued)
Berikut adalah informasi kuantitatif tentang The following is quantitative information on
instrumen keuangan yang belum beralih ke financial instruments that have not yet switched
acuan suku bunga alternatif yang menunjukkan to alternative benchmark interest rates which
secara terpisah aset keuangan non separately shows non-derivative corporate
derivatif kredit korporasi, liabilitas keuangan credit financial assets, borrowing, and derivative
non derivatif borrowing dan derivatif (Bank non-derivative financial liabilities (bank only).
Mandiri saja).
31 Desember 2025/
31 December 2025
Nilai kontrak USD
(nilai penuh)/
USD contract value Nilai wajar/
(full amount) Fair value
Derivatif Derivatives
Tagihan derivatif 20.000.000 4.848 Derivatives receivables
31 Desember 2024/
31 December 2024
Nilai kontrak USD
(nilai penuh)/
USD contract value Nilai wajar/
(full amount) Fair value
Derivatif Derivatives
Tagihan derivatif 61.450.000 32.613 Derivatives receivables
Liabilitas derivatif 10.000.000 (4.035) Derivatives liabilities
b. JIBOR b. JIBOR
Pada tanggal 27 September 2024 National On 27 September 2024 National Working Group
Working Group on Benchmark Reform on Benchmark Reform (NWGBR) consisting of
(NWGBR) yang terdiri dari BI, OJK, dari BI, FSA, the Ministry of Finance, Indonesian
Kementerian Keuangan, Asosiasi Pelaku Pasar Association of Money Market and Foreign
Uang dan Pasar Valuta Asing Indonesia Exchange Market Participants (APUVINDO)
(APUVINDO) telah menetapkan timeline transisi established the transition timeline for the Jakarta
suku bunga Jakarta Interbank Offered Rate Interbank Offered Rate (JIBOR) to the Indonesia
(JIBOR) menjadi Indonesia Overnight Index Overnight Index Average (IndONIA) was
Average (IndONIA) yang dipublikasikan melalui announced through a press release and the
press release dan publikasi panduan transisi publication of a JIBOR transition guide.
JIBOR.
Bank Indonesia akan menghentikan publikasi Bank Indonesia will permanently discontinue the
JIBOR secara permanen pada tanggal 1 Januari publication of JIBOR on 1 January 2026, and
2026 dan IndONIA digunakan secara penuh IndONIA will be fully adopted as its replacement.
(fully adopted) menggantikan JIBOR. The discontinuation of the JIBOR benchmark
Penghentian publikasi suku bunga acuan JIBOR interest rate is planned to take place in three (3)
tersebut direncanakan akan diadakan dalam 3 stages as follows:
(tiga) tahap sebagai berikut:
1. Pada tanggal 1 Januari 2025 untuk tenor 1. As of 1 January 2025, for interest rate tenors
suku bunga acuan overnight hingga 1 for overnight up to 1 week.
minggu.
2. Pada tanggal 1 April 2025 untuk tenor suku 2. As of 1 April 2025, for interest rate tenors for
bunga acuan 1 bulan hingga 3 bulan. 1 month up to 3 months.
3. Pada tanggal 1 Juni 2025 untuk tenor suku 3. As of 1 June 2025, for interest rate tenors for
bunga acuan 6 bulan hingga 12 bulan. 6 months up to 12 months.
470
1418 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1421
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(viii) Dampak Reformasi Acuan Suku Bunga (lanjutan) (viii) Impact of Interest Rate Benchmark Reform
(continued)
b. JIBOR (lanjutan) b. JIBOR (continued)
Exposure risiko Bank yang secara langsung The Bank's risk exposures that are directly
terdampak dari reformasi acuan suku bunga affected by the interest rate benchmark reform
terdiri dari portofolio kredit, derivatif, surat consists of credit portfolios, derivatives,
berharga dan penggunaan lainnya (seperti trade securities and other uses (such as trade finance)
finance) yang menggunakan suku bunga acuan using the JIBOR benchmark interest rate.
JIBOR.
Terkait suku bunga acuan IndONIA, terdapat Regarding the IndONIA benchmark interest rate,
beberapa perbedaan antara JIBOR dan there are several differences between JIBOR
IndONIA. JIBOR adalah “term rate”, yang berarti and IndONIA. JIBOR is a “term rate”, which
JIBOR dipublikasikan untuk beberapa periode means JIBOR is published for several loan
pinjaman (sebagai contoh 3 (tiga) bulanan atau periods (for example 3 (three) months or 6 (six)
6 (enam) bulanan) dan bersifat “forward looking” months) and is “forward looking” (JIBOR is
(JIBOR dipublikasikan pada awal periode), published at the beginning of the period), while
sedangkan indONIA merupakan suku bunga indONIA is a “backward-looking” benchmark
acuan yang bersifat “backward-looking”, interest rate, based on the overnight interest rate
berdasarkan suku bunga overnight dari of actual transactions, and is published at the
transaksi actual, dan dipublikasikan pada akhir end of the overnight period. In addition, JIBOR
periode overnight. Selain itu, JIBOR merupakan is an interest rate that uses a simple average
tingkat suku bunga yang menggunakan metode calculation method (with trimming 15% highest
perhitungan simple average (dengan trimming and 15% lowest) and in-advance (forward
15% highest dan 15% lowest) dan in-advance looking), while indONIA uses a volume weighted
(forward looking), sementara indONIA average calculation method (weighted average
menggunakan metode perhitungan volume based on volume) and compounded in-advance,
weighted average (rata-rata tertimbang compounded in-arrears or hybrid. In order to
berdasarkan volume) dan compounded in- make the transition from contracts and
advance, compounded in-arrears atau hybrid. agreements that currently refer to JIBOR to
Untuk melakukan transisi atas kontrak dan referring to alternative benchmark interest rates,
perjanjian yang saat ini mengacu ke JIBOR adjustments are needed to ensure that the two
menjadi mengacu ke suku bunga acuan benchmark interest rates are economically
alternatif, diperlukan penyesuaian untuk equivalent.
memastikan bahwa kedua suku bunga acuan
tersebut secara ekonomis setara.
Saat ini Bank terus memantau perkembangan Currently, the Bank continues to monitor the
terkini terkait transisi JIBOR dan berencana latest developments related to the JIBOR
melakukan diskusi lebih intensif dengan pelaku transition and plans to engage in more intensive
industri serta Regulator untuk memastikan discussions with industry players and regulators
transisi perubahan suku bunga acuan dari to ensure a smooth transition from JIBOR to an
JIBOR ke suku bunga acuan alternatif berjalan alternative benchmark interest rate, as well as to
dengan baik, serta untuk meminimalisasi risiko minimize the risks associated with the transition
dari proses transisi tersebut. Bank akan secara process. The Bank will continuously assess the
berkelanjutan menilai risiko yang akan timbul potential risks arising from the JIBOR transition.
dari transisi JIBOR dimaksud.
471
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1419
Page 1422
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
B. Risiko pasar dan risiko likuiditas (lanjutan) B. Market risk and liquidity risk (continued)
(viii) Dampak Reformasi Acuan Suku Bunga (lanjutan) (viii) Impact of Interest Rate Benchmark Reform
(continued)
b. JIBOR (lanjutan) b. JIBOR (continued)
Berikut adalah informasi kuantitatif tentang The following is quantitative information on
instrumen keuangan yang belum beralih ke financial instruments that have not yet switched
acuan suku bunga alternatif pada tanggal to the alternative benchmark interest rate as of
31 Desember 2025, yang menunjukkan secara 31 December 2025, which separately shows
terpisah aset keuangan non derivatif kredit non-derivative financial assets of corporate credit
korporasi dan derivatif (Bank Mandiri saja). and derivatives (Bank Mandiri only).
31 Desember 2025/
31 December 2025
Aset/ Liabilitas/
Asset Liabilities
Non Derivatif Non Derivatives
Kredit yang diberikan 151.063.606 - Loans
C. Risiko operasional C. Operational risk
Risiko operasional adalah risiko akibat Operational risk is a risk due to inadequacy and/or
ketidakcukupan dan/atau tidak berfungsinya proses dysfunctional internal process, human error, systems
internal, kesalahan manusia, kegagalan sistem failure or external factors which impact the Bank’s
atau adanya faktor eksternal yang mempengaruhi operations. Including risks related to cyber security.
operasional Bank. Termasuk dalam bagian dari The effectiveness of operational risk management
risiko operasional yaitu risiko terkait keamanan can reduce losses due to operational risk.
siber. Pengelolaan atas risiko operasional secara
efektif dapat menekan kerugian akibat risiko
operasional.
Dalam rangka mengelola risiko operasional secara In order to the achieve the effectiveness of
efektif, Bank menyusun kerangka kerja yang operational risk management, the Bank has
mengacu pada regulasi Bank Indonesia, Otoritas established a framework based on Bank Indonesia,
Jasa Keuangan, Basel dan best practice di industri Financial Services Authority, Basel and best practice
baik lokal maupun global. Bank saat ini telah in both local and global industries. The Bank has
memiliki Kebijakan Manajemen Risiko, Standar implemented Bank Mandiri’s Risk Management
Prosedur Operasional Manajemen Risiko Policy, Standard Operating Procedures for
Operasional dan Petunjuk Teknis Operasional Operational Risk Management and Technical
Manajemen Risiko Operasional, yang meliputi Guidelines for Operational Risk Management
aspek governance maupun sistem pelaporan. covering both aspects of governance and reporting
systems.
Managing risk through operation Managing risk through operation
Dalam pengelolaan risiko operasional melalui In managing operational risk through Operation, the
Operation, Bank telah: Bank has:
(i) Menetapkan risk governance pengelolaan (i) Established risk governance of operational
risiko operasional. risk management.
(ii) Menetapkan kebijakan dan prosedur serta (ii) Established policies and procedures and
melakukan review secara berkala. conducts periodic review.
(iii) Menetapkan operational risk appetite (iii) Established operational risk appetite
statement. statement.
(iv) Menyusun metodologi dan perangkat (iv) Designed methodologies and tools for
pengelolaan risiko operasional. operational risk management.
(v) Mengembangkan dan (v) Developed and implemented Risk Awareness
mengimplementasikan program Risk Program for managing operational risk for all
Awareness pengelolaan risiko operasional employees.
terhadap seluruh karyawan.
472
1420 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1423
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
C. Risiko operasional (lanjutan) C. Operational risk (continued)
Managing risk through operation (lanjutan) Managing risk through operation (continued)
Dalam pengelolaan risiko operasional melalui In managing operational risk through Operation, the
Operation, Bank telah: (lanjutan) Bank has: (continued)
(vi) Mendesain, mengembangkan, dan (vi) Designed, developed, and implemented
mengimplementasikan Operational Risk Operational Risk Management System.
Management System.
(vii) Menjalankan implementasi pengelolaan (vii) Implemented the operational risk
risiko operasional ke seluruh unit kerja management to the all units (Head Office and
(Kantor Pusat dan Kantor Wilayah) Regional Offices) including the Operational
termasuk implementasi Operational Risk Risk Management Tools (ORM Tools).
Management Tools (ORM Tools).
(viii) Melaksanakan monitoring dan pelaporan (viii) Performed monitoring and reporting for
internal maupun eksternal (regulator). internal and external (regulator).
(ix) Mengembangkan kompetensi standar untuk (ix) Developed standard competencies for
pegawai yang terlibat dalam aktivitas employees involved in the implementation of
implementasi kerangka kerja manajemen operational risk management framework
risiko operasional. activities.
Pelaksanaan operational risk governance The implementation of operational risk governance
dilakukan melalui: begins with:
(i) Pengawasan aktif Dewan Komisaris dan (i) Active monitoring by Board of Commissioners
Direksi and Directors
(ii) Pelaksanaan pengelolaan risiko operasional (ii) The implementation of operational risk
disupervisi oleh Direktur Manajemen Risiko management is supervised by Director of Risk
yang didukung dengan keterlibatan: Management which supported by the
involvement of:
Risk Management Committee Risk Management Committee
Unit Kerja Pemilik dan Pengendali Risiko Business Unit and Risk Controlling Unit
Unit Kerja Manajemen Risiko Operational Risk Management Unit
Operasional
Unit Kerja Pembina Manajemen Risiko Operational Risk Management and
Operasional Development Unit
Unit Kerja Kepatuhan Compliance Unit
Unit Kerja Internal Audit Internal Audit Unit
Bank telah menetapkan kebijakan dan prosedur The Bank has established internal policies and
internal dalam Manajemen Risiko Operasional procedures for Operational Risk Management
yang mengacu pada Kebijakan Manajemen referred to as Risk Management Policy, which is the
Risiko, yang menjadi landasan implementasi basis of risk management implementation.
manajemen risiko.
473
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1421
Page 1424
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
C. Risiko operasional (lanjutan) C. Operational risk (continued)
Managing risk through operation (lanjutan) Managing risk through operation (continued)
Terkait dengan ORM Tools, ORM Tools yang The ORM Tools used by the Bank are:
dipergunakan Bank adalah:
(i) Risk & Control Self Assessment (RCSA), (i) Risk & Control Self Assessment (RCSA), is a
merupakan sebuah register atas identifikasi register of risk identification and main control of
risiko dan kontrol utama dari proses bisnis the business processes within the Bank, where
yang ada di Bank, yang secara periodik inherent risk rating and control effectiveness
dilakukan penilaian/assessment terhadap either through control testing or by consensus
inherent risk rating dan efektivitas kontrol baik are periodically assessed. The testing of
melalui pengujian kontrol (Control Testing) inherent risk rating and control rating generated
maupun secara konsensus. Penilaian inherent residual risk value which become a component
risk rating dan control rating menghasilkan nilai of operational risk profile. The residual risk level
residual risk dan menjadi bagian dari profil is minimized by taking necessary mitigations
risiko operasional. Tingkat risiko residual before risk occurs.
dijaga seminimal mungkin dengan mengambil
tindakan yang diperlukan untuk mitigasi
sebelum risiko terjadi.
(ii) Loss Event Database, merupakan database (ii) Loss Event Database, is a database of
insiden risiko operasional yang dicatat secara operational risk incidents which recorded on
risk-based dengan tujuan sebagai lesson risk based basis as a lesson learned,
learned, pemantauan tindak lanjut perbaikan remediation monitoring and future
kedepannya, serta sebagai salah satu improvements, also as a component for
komponen untuk perhitungan modal risiko calculation of operational risk capital calculation
operasional (regulatory capital charge) metode (regulatory capital charge) with the
Standardized Approach (SA). Standardized Approach (SA) method.
(iii) Key Indicator (KI), merupakan early warning (iii) Key Indicator (KI), is an early warning signal in
signal dalam pengelolaan risiko operasional operational risk management with the aim that
dengan tujuan agar upaya mitigasi dapat mitigation efforts can be immediately
segera ditentukan dan dilaksanakan sebelum determined and implemented before a risk
sebuah risiko terjadi. KI mengindikasikan occurs. KI indicates the probability that a risk
besar kecilnya kemungkinan suatu risiko akan will occur (risk based) or indicates the
terjadi (risk-based) atau mengindikasikan probability that a control is not implemented
besar kecilnya kemungkinan suatu kontrol properly (control based). KI is set a threshold
tidak dilaksanakan sebagaimana mestinya and its realization score is recorded
(control based). KI ditetapkan ambang periodically.
batasnya (threshold) dan dicatat skor
realisasinya secara berkala.
(iv) Issue & Action Management (IAM), merupakan (iv) Issue & Action Management (IAM), is a tool to
perangkat untuk memantau tindak lanjut yang monitor follow-up action that have been
telah disusun atas isu-isu yang ditemukan dari designed on identified issues through various
berbagai sumber, seperti dari hasil Control activities, such as Control Testing, incident, key
Testing, hasil monitoring Key Indicator, indicator monitoring result, self identified issued
terjadinya insiden, teridentifikasinya suatu and other.
permasalahan (self-identified issue) dan
lainnya.
(v) Capital Modelling, merupakan model (v) Capital Modelling, an operational capital
perhitungan modal risiko operasional calculation model (regulatory capital charge)
(regulatory capital charge) sesuai regulasi that complies with applicable regulations.
yang berlaku.
474
1422 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1425
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
62. MANAJEMEN RISIKO (lanjutan) 62. RISK MANAGEMENT (continued)
C. Risiko operasional (lanjutan) C. Operational risk (continued)
Managing risk through operation (lanjutan) Managing risk through operation (continued)
Sebagai output dari proses Manajemen Risiko As the output of Operational Risk Management
Operasional, akan dihasilkan profil risiko process, each unit generates operational risk profile
operasional yang direviu oleh unit Internal Audit, reviewed by Internal Audit unit and presented to the
dipresentasikan kepada Direksi dan Dewan Board of Commissioners and directors, and
Komisaris, serta dilaporkan dalam bentuk Laporan submitted to the regulators periodically in the form of
Tingkat Kesehatan Bank (Risk Based Bank Rating) Risk Based Bank Rating and Risk Profile. In addition,
dan Profil Risiko yang disampaikan kepada in order to manage operational risk, there is an
Regulator secara periodik. Selain itu, dalam rangka operational risk management reports that are
pengelolaan risiko operasional terdapat laporan submitted to management as a monitoring tool and
pengelolaan risiko operasional yang disampaikan consideration for priority decision making.
kepada manajemen sebagai sarana monitoring dan
bahan pertimbangan untuk mengambil tindakan
prioritas.
Managing risk through capital Managing risk through capital
Sesuai ketentuan, Bank menggunakan According to the regulations, the Bank utilizes the
Standardized Approach (SA)/Pendekatan Standar Standardized Approach (SA) in accordance with
sesuai SEOJK No. 06/SEOJK.03/2020 untuk SEOJK No. 06/SEOJK.03/2020 for operational risk
perhitungan beban modal risiko operasional. capital charges calculation. The calculation of the
Perhitungan ATMR dengan Pendekatan Standar Risk Weighted Assets (RWA) using Standardized
dilakukan setiap tahun berdasarkan data Approach is performed annually based on
Komponen Kerugian Risiko Operasional selama 10 Operational Risk Loss Components data for the last
(sepuluh) tahun terakhir dan data Komponen 10 (ten) years and Business Indicator Components
Indikator Bisnis selama 3 (tiga) tahun terakhir. data for the last 3 (three) years.
63. PERJANJIAN, KOMITMEN DAN KONTINJENSI 63. SIGNIFICANT AGREEMENTS, COMMITMENTS AND
PENTING CONTINGENCIES
a. Perjanjian integrated banking system dengan a. Integrated banking system agreement with
vendor vendor
Pengadaan Perjanjian dengan vendor untuk On 2024, Bank Mandiri entered into an agreement
menambah fitur eMAS di tahun 2024, pada with vendors to add eMAS features. On
tanggal 31 Desember 2025 dari nilai kontrak 31 December 2025, out of a contract,value
sebesar USD730.181,29 (nilai penuh), Bank telah amounted to USD730,181.29 (full amount) the Bank
melakukan pembukuan sebagai aset tetap has recorded it as fixed assets amounted to
sebesar USD678.046,44 (nilai penuh) sehingga USD678,046.44 (full amount) with the estimated
estimasi penyelesaian posisi 31 Desember 2025 project completion on 31 December 2025 is
adalah 92,86%. 92.86%.
Perikatan antara Bank Mandiri dengan pihak Bank Mandiri and related parties have complied the
terkait telah mengikuti syarat dan ketentuan yang mutually agreed terms and conditions.
disepakati bersama.
b. Perkara hukum b. Legal matters
Bank saat ini masih menghadapi permasalahan Currently, the Bank has a number of outstanding
hukum diantaranya dengan debitur dan/atau litigation cases, including lawsuits with debtors and/or
pemilik dana sebagai akibat adanya perselisihan fund owners due to disputes that had been decided
perjanjian yang telah diputus oleh Pengadilan by the Court where the Bank was convicted by the
dimana Bank dihukum untuk membayar ganti rugi Court to pay compensation amounted to Rp195,80.
sebesar Rp195.80. Saat ini Bank masih dalam Currently, the Bank is still in the legal process to
proses/upaya hukum keberatan terhadap appeal against the decision.
putusan.
475
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1423
Page 1426
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
63. PERJANJIAN, KOMITMEN DAN KONTINJENSI 63. SIGNIFICANT AGREEMENTS, COMMITMENTS AND
PENTING (lanjutan) CONTINGENCIES (continued)
b. Perkara hukum (lanjutan) b. Legal matters (continued)
Jumlah klaim terhadap Bank Mandiri atas tuntutan The Bank’s total potential financial exposure arising
hukum yang belum selesai pada tanggal from outstanding lawsuits as of 31 December 2025
31 Desember 2025 dan 2024 masing-masing and 2024 amounted to Rp417,596 and Rp460,861,
sebesar Rp417.596 dan Rp460.861. Pada tanggal respectively. As of 31 December 2025 and 2024, the
31 Desember 2025 dan 2024, Bank Mandiri telah Bank has provided a provision amounted to
membentuk cadangan masing-masing sebesar Rp67,888 and Rp68,662, respectively, and believes
Rp67.888 dan Rp68.662 dan berpendapat bahwa that the provision is adequate.
cadangan yang dibentuk telah memadai.
c. Trade Agreement dengan Asian Development c. Trade Agreement with Asian Development Bank
Bank
Pada tanggal 25 November 2009, Bank Mandiri On 25 November 2009, Bank Mandiri has signed a
telah menandatangani perjanjian kerjasama contractual agreement with Asian Development
dengan Asian Development Bank (“ADB”) melalui Bank (“ADB”) through Trade Finance Facilitation
Trade Finance Facilitation Program (“TFFP”), Program (“TFFP”) which are Confirmation Bank
yaitu Confirmation Bank Agreement (“CBA”). Agreement (“CBA”).
Berdasarkan CBA, Bank Mandiri dapat bertindak Based on CBA, Bank Mandiri can act as confirming
sebagai confirming bank bagi transaksi ekspor bank for export import transactions of its customers
impor nasabah dengan basis Letter of Credit with Letter of Credit (“L/C”) arrangement. As a
(“L/C”). Sebagai confirming bank, Bank Mandiri confirming bank, Bank Mandiri can request a
dapat diberikan jaminan oleh ADB atas L/C yang guarantee from ADB for L/C issued by issuing bank.
diterbitkan oleh issuing bank.
Skema TFFP tersebut merupakan program ADB TFFP scheme is a program initiated by ADB to
untuk memfasilitasi transaksi perdagangan facilitate the L/C based trade transactions within
berbasis L/C di negara-negara berkembang Asia Asian developing countries to increase the trade-
untuk mendorong tingkat pertumbuhan volume volume growth. Becoming a participant in this
perdagangan. Dengan menjadi partisipan dalam program, Bank Mandiri will have an easier access to
TFFP ini, Bank Mandiri memiliki peluang untuk increase its trade volume and to open new business
trade volume dan membuka bisnis baru opportunities especially to countries in ADB
khususnya dengan bank dari negara-negara yang program.
termasuk dalam program ADB.
d. Perjanjian Bancassurance Entitas Anak d. Subsidiary’s Bancassurance Agreement
Pada tanggal 27 September 2024, Entitas Anak On 27 September 2024, the Subsidiary signed a
menandatangani perjanjian bancassurance bancassurance agreement with PT Prudential
dengan PT Prudential Sharia Life Assurance Sharia Life Assurance ("Prudential Sharia Life") to
(”Prudential Sharia Life”) untuk memasarkan, market, promote and reference Prudential Sharia
mempromosikan dan mereferensikan produk Life insurance products through the Bank's
asuransi Prudential Sharia Life melalui jaringan distribution network. This cooperation agreement is
distribusi Bank. Perjanjian kerjasama ini berlaku effective from the date of the agreement and will
efektif sejak tanggal perjanjian dan akan terus continue to be valid and effective until the fifteenth
berlaku dan efektif hingga tahun kelima belas (15) (15th) year from the date of launch
sejak tanggal peluncuran (1 Maret 2025). Adapun (1 March 2025). The Subsidiary's obligations before
kewajiban Entitas Anak sebelum tanggal the launch date related to the issuance of
peluncuran terkait dengan penerbitan produk dan insurance products and services in the
layanan asuransi di jaringan distribusi Entitas Anak Subsidiary's distribution network include preparing
antara lain mempersiapkan peraturan internal, internal regulations, training of the Subsidiary's
pelatihan pegawai Entitas Anak, rencana employees, marketing and communication plans,
pemasaran dan komunikasi serta penyesuaian and system adjustments.
sistem.
476
1424 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1427
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
64. REKLASIFIKASI AKUN ATAS LAPORAN 64. RECLASSIFICATION OF ACCOUNT OF THE
KEUANGAN KONSOLIDASIAN CONSOLIDATED FINANCIAL STATEMENTS
Penyajian akun-akun tertentu dalam laporan The presentation of certain accounts in the
keuangan konsolidasian Grup tanggal 31 Desember consolidated financial statements of the Group as of
2024 dan untuk tahun yang berakhir pada tanggal 31 December 2024 and for the year then ended have
tersebut telah direklasifikasi untuk menyesuaikan been reclassified to conform with the presentation in
penyajiannya dengan laporan keuangan the consolidated financial statements of the Group as
konsolidasian Grup tanggal 31 Desember 2025 dan of 31 December 2025 and for the year then ended as
untuk tahun yang berakhir pada tanggal tersebut shown below:
sebagaimana disajikan di bawah ini:
31 Desember 2024/31 December 2024
Dilaporkan Dilaporkan
sebelumnya/ saat ini/
As previously Reklasifikasi/ As currently
reported Reclassifications reported
LIABILITAS LIABILITIES
Liabilitas lain-lain 40.131.500 (7.474.601) 32.656.899 Other liabilities
Liabilitas kontrak asuransi 28.012.886 7.474.601 35.487.487 Insurance contract liabilities
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS OPERASIONAL OPERATING ACTIVITIES
Liabilitas lain-lain 3.441.525 (648.163) 2.793.362 Other liabilities
Liabilitas kontrak asuransi (1.181.816) 648.163 (533.653) Insurance contract liabilities
Oleh karena reklasifikasi tersebut di atas berdampak Since the effects of the above-mentioned
material terhadap laporan posisi keuangan reclassifications are material to the consolidated
konsolidasian Grup tanggal 1 Januari 2024/ statement of financial position of the Group as of
31 Desember 2023, laporan posisi keuangan 1 January 2024/31 December 2023, such reclassified
konsolidasian yang telah direklasifikasi tersebut juga consolidated statement of financial position shall also
harus disajikan dalam laporan keuangan be presented in these consolidated financial
konsolidasian ini sesuai dengan Standar Akuntansi statements in accordance with Indonesian Financial
Keuangan di Indonesia, yang telah disajikan melalui Accounting Standards, which has been made through
pencantuman kalimat berikut ini. Sebelumnya Bank the incorporation of the following statement. The Bank
telah menyajikan laporan posisi keuangan has previously presented the reclassified consolidated
konsolidasian Grup tanggal 1 Januari 2024/ statement of financial position of the Group as of
31 Desember 2023 yang telah direklasifikasi ketika 1 January 2024/31 December 2023 during the issuance
penerbitan laporan keuangan konsolidasian interim of the interim consolidated financial statements of the
Grup tanggal 30 Juni 2025 dan untuk periode enam Group as of 30 June 2025 and for the six-month period
bulan yang berakhir pada tanggal tersebut, yang then ended, which were completed and authorized for
diselesaikan dan diotorisasi untuk diterbitkan oleh issuance by the Board of Directors of the Bank on
Direksi Bank pada tanggal 17 September 2025. 17 September 2025.
477
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1425
Page 1428
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
65. INFORMASI TAMBAHAN 65. ADDITIONAL INFORMATION
Informasi tambahan berikut yang disajikan di bawah ini The following additional information presented below is
merupakan informasi yang disyaratkan oleh regulasi information required by applicable regulations and is not
yang berlaku dan bukan/tidak merupakan informasi information required by Indonesian Accounting
yang dipersyaratkan oleh Standar Akuntansi Standards.
Indonesia.
a. Giro Wajib Minimum (GWM), Penyangga a. Minimum Statutory Reserves, Macroprudential
Likuiditas Makroprudensial (PLM), dan Rasio Liquidity Buffer, and Macroprudential
Intermediasi Makroprudensial (RIM) Intermediation Ratio
Rasio Giro Wajib Minimum (“GWM”) Rupiah dan The Rupiah and Foreign Currency Minimum
Mata Uang Asing serta rasio Penyangga Likuiditas Statutory Reserves (“GWM”) ratios and the
Makroprudensial (“PLM”) yang harus dipenuhi Macroprudential Liquidity Buffer (“PLM”) ratios that
Bank adalah sebagai berikut: must be met by the Bank are as follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Primary Minimum Statutory
GWM*) 3,60% 5,00% Reserve*)
(i) GWM secara harian 0,00% 0,00% (i) Daily Minimum Statutory Reserve
(ii) Average Minimum Statutory
(ii)GWM secara rata-rata 3,60% 5,00% Reserve
Penyangga Likuiditas Macroprudential Liquidity
Makroprudensial 4,00% 5,00% Buffer
Mata uang asing Foreign currencies
Primary Minimum Statutory
GWM 4,00% 4,00% Reserve
(i) GWM secara harian 2,00% 2,00% (i) Daily Minimum Statutory Reserve
(ii) Average Minimum Statutory
(ii)GWM secara rata-rata 2,00% 2,00% Reserve
*) *)
Bank melakukan penyediaan dana untuk kegiatan ekonomi The Bank provided funding for certain economic and inclusive activities,
tertentu dan inklusif, sehingga Bank mendapatkan insentif berupa thereby receiving an incentive in the form of a relaxation of the Rupiah
kelonggaran GWM dalam Rupiah pada tanggal 31 Desember 2025 Reserve Requirement (GWM) on 31 December 2025 and 2024,
dan 2024 masing-masing sebesar 5,40% dan 4,00%. GWM dalam amounting to 5.40% and 4.00%, respectively. The Rupiah Reserve
Rupiah yang harus dipenuhi Bank pada tanggal 31 Desember 2025 Requirement (GWM) that the Bank was originally required to maintain
dan 2024 yang seharusnya masing-masing sebesar 9,00% dengan as of 31 December 2025 and 2024 each at 9.00%, with a daily
ketentuan harian 0,00% dan rata-rata 9,00%, menjadi sebesar requirement of 0.00% and an average requirement of 9.00% was
3,60% pada tanggal 31 Desember 2025 dengan ketentuan harian reduced to 3.60% as of 31 December 2025 with a daily requirement of
0,00% dan rata-rata 3,60%, serta menjadi sebesar 5,00% pada 0.00% and an average requirement of 3.60%, and to 5.00% as of
tanggal 31 Desember 2024 dengan ketentuan harian 0,00% dan 31 December 2024 with a daily requirement of 0.00% and an average
rata-rata 5,00%. requirement of 5.00%.
Bank telah memenuhi rasio sesuai ketentuan di The Bank has fulfilled the ratio as mentioned
atas. Rasio GWM Rupiah dan valuta asing serta above. The Rupiah and foreign currencies
PLM (Bank Mandiri saja) yaitu masing-masing Minimum Statutory Reserves Ratio and
sebesar: Macroprudential Liquidity Buffer Ratio (Bank
Mandiri only), are as follows:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Rupiah Rupiah
Primary Minimum Statutory
GWM 7,12% 5,21% Reserve
(i) GWM secara harian*) 0,00% 0,00% (i) Daily Minimum Statutory Reserve*)
(ii) Average Minimum Statutory
(ii) GWM secara rata-rata 7,12% 5,21% Reserve
Penyangga Likuiditas Macroprudential Liquidity
Makroprudensial 14,04% 9,17% Buffer
Mata uang asing Foreign currencies
Primary Minimum Statutory
GWM 4,10% 4,10% Reserve
478
1426 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1429
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
65. INFORMASI TAMBAHAN (lanjutan) 65. ADDITIONAL INFORMATION (continued)
Informasi tambahan berikut yang disajikan di bawah ini The following additional information presented below is
merupakan informasi yang disyaratkan oleh regulasi information required by applicable regulations and is not
yang berlaku dan bukan/tidak merupakan informasi information required by Indonesian Accounting
yang dipersyaratkan oleh Standar Akuntansi Standards. (continued)
Indonesia. (lanjutan)
a. Giro Wajib Minimum (GWM), Penyangga a. Minimum Statutory Reserves, Macroprudential
Likuiditas Makroprudensial (PLM), dan Rasio Liquidity Buffer, and Macroprudential
Intermediasi Makroprudensial (RIM) (lanjutan) Intermediation Ratio (continued)
Bank telah memenuhi rasio sesuai ketentuan di The Bank has fulfilled the ratio as mentioned
atas. Rasio GWM Rupiah dan valuta asing serta above. The Rupiah and foreign currencies
PLM (Bank Mandiri saja) yaitu masing-masing Minimum Statutory Reserves Ratio and
sebesar: (lanjutan) Macroprudential Liquidity Buffer Ratio (Bank
Mandiri only), are as follows: (continued)
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
(i) GWM secara harian**) 2,00% 2,00% (i) Daily Minimum Statutory Reserve**)
(ii) Average Minimum Statutory
(ii) GWM secara rata-rata 2,10% 2,10% Reserve
*)
Realisasi GWM harian Rupiah posisi 31 Desember 2025 dan 2024 *) Realization of daily Rupiah minimum statutory reserve as of
masing-masing sebesar 13,92% dan 6,52%. 31 December 2025 and 2024 were 13.92% and 6.52%, respectively.
**)
Realisasi GWM harian Mata Uang Asing posisi 31 Desember 2025 **) Realization of daily foreign currencies minimum statutory reserve as of
dan 2024 masing-masing sebesar 4,10% dan 4,10%. 31 December 2025 and 2024 were 4.10% and 4.10%, respectively.
Pada tanggal 31 Desember 2025 dan 2024, Bank As of 31 December 2025 and 2024, the Bank is
berkewajiban untuk melakukan pemenuhan Giro obliged to fulfill the RIM Current Account of 0.00%
RIM masing-masing sebesar 0,00% dan 0,25% and 0.25%, respectively, and the Bank has fulfilled
dan Bank telah melakukan pemenuhan kewajiban these obligations.
tersebut.
Pada tanggal 31 Desember 2025 (Bank Mandiri As of 31 December 2025 (Bank Mandiri only), the
saja), posisi GWM Rupiah rata-rata adalah Bank maintained average Rupiah GWM of 7.12%
sebesar 7,12% dari total DPK Rupiah, sesuai from total outstanding deposit from customers
dengan limit yang telah ditetapkan, sedangkan denominated in Rupiah in accordance with the
untuk Giro RIM adalah sebesar 0,00% dan PLM regulated limit, while for RIM disincentive ratio is
adalah sebesar 14,04% dari total DPK Rupiah. 0.00% and PLM ratio of 14.04% from the
Sementara untuk posisi GWM valas rata-rata outstanding deposit from customer denominated in
adalah sebesar 4.10% dari total DPK valuta asing Rupiah. Meanwhile for the foreign currency, the
sesuai dengan limit yang ditetapkan. Bank maintained average foreign exchange GWM
at 4.10% from the outstanding deposits from
customer denominated in foreign currency in
accordance with the regulated limit.
479
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1427
Page 1430
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
65. INFORMASI TAMBAHAN (lanjutan) 65. ADDITIONAL INFORMATION (continued)
Informasi tambahan berikut yang disajikan di bawah ini The following additional information presented below is
merupakan informasi yang disyaratkan oleh regulasi information required by applicable regulations and is not
yang berlaku dan bukan/tidak merupakan informasi information required by Indonesian Accounting
yang dipersyaratkan oleh Standar Akuntansi Standards. (continued)
Indonesia. (lanjutan)
b. Posisi Devisa Neto (PDN) b. Net Open Position (NOP)
Posisi devisa neto Bank Mandiri saja berdasarkan Net open position of Bank Mandiri by currencies
mata uang (dinyatakan dalam Rupiah) pada (expressed in Rupiah) as of 31 December 2025 as
tanggal 31 Desember 2025 adalah sebagai follows:
berikut:
Posisi devisa
Aset/ Liabilitas/ neto/
Mata uang Assets Liabilities Net open position Currency
KESELURUHAN (LAPORAN OVERALL (STATEMENT OF
POSISI KEUANGAN FINANCIAL POSITION
DAN REKENING AND ADMINISTRATIVE
ADMINISTRATIF)**) ACCOUNTS)**)
Dolar Amerika Serikat 902.006.928 899.642.785 2.364.143 United States Dollar
Euro Eropa 20.003.600 19.805.065 198.535 European Euro
Dolar Singapura 7.774.071 7.681.034 93.037 Singapore Dollar
Yen Jepang 24.744.275 25.007.755 263.480 Japanese Yen
Dolar Australia 3.070.897 3.055.323 15.574 Australian Dollar
Pound Sterling Inggris 3.168.211 3.244.831 76.620 Great Britain Pound Sterling
Dolar Hong Kong 850.660 847.942 2.718 Hong Kong Dollar
Lain-lain 22.730.591 21.488.378 1.448.597 Others
Total 4.462.704 Total
Total Modal (Catatan 65c) 253.294.877 Total Capital (Note 65c)
Rasio PDN (keseluruhan) 1,76% NOP ratio (overall)
Rasio PDN pada tanggal 31 Desember 2025 jika Net Open Position ratio as of 31 December 2025 if
menggunakan modal bulan November 2025 calculated using November 2025 capital as follows:
adalah sebagai berikut:
Modal bulan November 2025/November 2025 Capital 251.609.941
Rasio PDN (keseluruhan)**) /NOP ratio (overall)**) 1,77%
Posisi devisa neto Bank Mandiri saja berdasarkan Net open position of Bank Mandiri by currencies
mata uang (dinyatakan dalam Rupiah) pada (expressed in Rupiah) as of 31 December 2024 as
tanggal 31 Desember 2024 adalah sebagai follows:
berikut:
Posisi devisa
Aset/ Liabilitas/ neto/
Mata uang Assets Liabilities Net open position Currency
KESELURUHAN (LAPORAN OVERALL (STATEMENT OF
POSISI KEUANGAN FINANCIAL POSITION
DAN REKENING AND ADMINISTRATIVE
ADMINISTRATIF)**) ACCOUNTS)**)
Dolar Amerika Serikat 635.657.537 637.357.047 1.699.510 United States Dollar
Euro Eropa 13.464.091 13.380.144 83.947 European Euro
Dolar Singapura 5.334.006 5.581.912 247.906 Singapore Dollar
*) *)
Merupakan penjumlahan absolut dari selisih antara aset dan liabilitas beberapa Represents total absolute amount of difference between assets and liabilities from
mata uang asing lainnya. other foreign currencies.
**) **)
Perhitungan posisi devisa neto Bank berdasarkan pada Peraturan Bank The calculation of the Bank’s net open position is based on Bank Indonesia’s
Indonesia No. 12/10/PBI/2010 tanggal 1 Juli 2010 dan Peraturan Bank Indonesia regulation No. 12/10/PBI/2010 dated 1 July 2010 and Bank Indonesia’s regulation
No. 17/5/PBI/2015 tanggal 29 Mei 2015 tentang Perubahan Keempat atas No. 17/5/PBI/2015 dated 29 May 2015 regarding the Fourth amendment of Bank
Peraturan Bank Indonesia No. 5/13/PBI/2003 tentang Posisi Devisa Neto Bank Indonesia’s regulation No. 5/13/PBI/2003 regarding net open position for Commercial
Umum. Berdasarkan peraturan tersebut, mulai tanggal 1 Juli 2010, Bank hanya Banks. Under the regulation, starting on 1 July 2010, the Bank is only required to keep
diwajibkan untuk menjaga posisi devisa neto secara keseluruhan maksimum 20% the net open position of a maximum of 20% of total capital.
dari total modal.
480
1428 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1431
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
65. INFORMASI TAMBAHAN (lanjutan) 65. ADDITIONAL INFORMATION (continued)
Informasi tambahan berikut yang disajikan di bawah ini The following additional information presented below is
merupakan informasi yang disyaratkan oleh regulasi information required by applicable regulations and is not
yang berlaku dan bukan/tidak merupakan informasi information required by Indonesian Accounting
yang dipersyaratkan oleh Standar Akuntansi Standards. (continued)
Indonesia. (lanjutan)
b. Posisi Devisa Neto (PDN) (lanjutan) b. Net Open Position (NOP) (continued)
Posisi devisa neto Bank Mandiri saja berdasarkan Net open position of Bank Mandiri by currencies
mata uang (dinyatakan dalam Rupiah) pada (expressed in Rupiah) as of 31 December 2024 as
tanggal 31 Desember 2024 adalah sebagai follows: (continued)
berikut: (lanjutan)
Posisi devisa
Aset/ Liabilitas/ neto/
Mata uang Assets Liabilities Net open position Currency
KESELURUHAN (LAPORAN OVERALL (STATEMENT OF
POSISI KEUANGAN FINANCIAL POSITION
DAN REKENING AND ADMINISTRATIVE
ADMINISTRATIF)**) (lanjutan) ACCOUNTS)**) (continued)
Yen Jepang 11.001.825 11.031.642 29.817 Japanese Yen
Dolar Australia 1.653.860 1.673.032 19.172 Australian Dollar
Pound Sterling Inggris 1.738.946 1.777.549 38.603 Great Britain Pound Sterling
Dolar Hong Kong 224.924 147.959 76.965 Hong Kong Dollar
Lain-lain 13.039.651 13.185.410 246.623*) Others
Total 2.442.543 Total
Total Modal (Catatan 65c) 244.258.632 Total Capital (Note 65c)
Rasio PDN (keseluruhan) 1,00% NOP ratio (overall)
Rasio PDN pada tanggal 31 Desember 2024 jika Net Open Position ratio as of 31 December 2024 if
menggunakan modal bulan November 2024 calculated using November 2024 capital as follows:
adalah sebagai berikut:
Modal bulan November 2024/November 2024 Capital 240.756.495
Rasio PDN (keseluruhan)**) /NOP ratio (overall)**) 1,01%
*) *)
Merupakan penjumlahan absolut dari selisih antara aset dan liabilitas beberapa Represents total absolute amount of difference between assets and liabilities from
mata uang asing lainnya. other foreign currencies.
**) **)
Perhitungan posisi devisa neto Bank berdasarkan pada Peraturan Bank The calculation of the Bank’s net open position is based on Bank Indonesia’s
Indonesia No. 12/10/PBI/2010 tanggal 1 Juli 2010 dan Peraturan Bank Indonesia regulation No. 12/10/PBI/2010 dated 1 July 2010 and Bank Indonesia’s regulation
No. 17/5/PBI/2015 tanggal 29 Mei 2015 tentang Perubahan Keempat atas No. 17/5/PBI/2015 dated 29 May 2015 regarding the Fourth amendment of Bank
Peraturan Bank Indonesia No. 5/13/PBI/2003 tentang Posisi Devisa Neto Bank Indonesia’s regulation No. 5/13/PBI/2003 regarding net open position for Commercial
Umum. Berdasarkan peraturan tersebut, mulai tanggal 1 Juli 2010, Bank hanya Banks. Under the regulation, starting on 1 July 2010, the Bank is only required to keep
diwajibkan untuk menjaga posisi devisa neto secara keseluruhan maksimum 20% the net open position of a maximum of 20% of total capitall.
dari total modal.
c. Kewajiban Penyediaan Modal Minimum c. Capital Adequacy Ratio
(KPMM)
Pengelolaan risiko melalui modal Capital risk management
Kebijakan permodalan Bank Mandiri adalah Bank Mandiri's capital policy is prudently to comply
secara prudent memenuhi regulatory capital with the regulatory capital requirement, to diversify its
requirement, melakukan diversifikasi sumber capital resources to anticipate long-term strategic
permodalan untuk mengantisipasi rencana plans and to efficiently allocate capital to business
strategis jangka panjang dan mengalokasikan segments that have the potential to provide an
modal secara efisien pada segmen bisnis yang optimal risk-return profile, including placement and
memiliki potensi untuk memberikan profil risk- investment in Subsidiaries in order to meet
return yang optimal, termasuk penempatan dan stakeholder’s expectations including investors and
penyertaan pada Entitas Anak dalam rangka regulators.
memenuhi ekspektasi stakeholder termasuk
investor dan regulator.
481
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1429
Page 1432
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
65. INFORMASI TAMBAHAN (lanjutan) 65. ADDITIONAL INFORMATION (continued)
Informasi tambahan berikut yang disajikan di bawah ini The following additional information presented below is
merupakan informasi yang disyaratkan oleh regulasi information required by applicable regulations and is not
yang berlaku dan bukan/tidak merupakan informasi information required by Indonesian Accounting
yang dipersyaratkan oleh Standar Akuntansi Standards. (continued)
Indonesia. (lanjutan)
c. Kewajiban Penyediaan Modal Minimum c. Capital Adequacy Ratio (continued)
(KPMM) (lanjutan)
Pengelolaan risiko melalui modal (lanjutan) Capital risk management (continued)
Bank Mandiri memastikan memiliki kecukupan Bank Mandiri ensures it has sufficient capital to cover
modal untuk dapat memenuhi risiko kredit, risiko credit risk, market risk and operational risk, both in
pasar dan risiko operasional, baik dalam supporting business growth in normal conditions and
mendukung pertumbuhan bisnis pada kondisi anticipating stress conditions.
normal maupun untuk mengantisipasi terjadinya
kondisi stress.
Dalam perhitungan kecukupan modal, Bank In calculating capital adequacy, the Bank refers to
mengacu pada POJK No. 11/POJK.03/2016 POJK No. 11/POJK.03/2016 regarding Minimum
tentang Kewajiban Penyediaan Modal Minimum Capital Adequacy Requirement for Commercial
Bank Umum yang diubah oleh POJK Banks, as amended by POJK
No. 34/POJK.03/2016 dan POJK No. 34/POJK.03/2016 and POJK
No. 27/POJK.03/2022. No. 27/POJK.03/2022.
Untuk perhitungan Aset Tertimbang Menurut For the calculation of Risk-Weighted Assets (RWA),
Risiko (ATMR), Bank menggunakan Pendekatan the Bank employs Standardized Approach in
Standar yang mengacu kepada Basel III Reforms accordance with Basel III Reforms (Standardized
(Standardized Approach) untuk Risiko Kredit, Approach) for Credit Risk, Market Risk, and
Risiko Pasar dan Risiko Operasional. Untuk Risiko Operational Risk. For Market Risk, the Bank also
Besar, Bank juga secara internal menggunakan employs Value at Risk internally.
Value at Risk.
Hasil perhitungan ATMR (Kredit, Operasional, dan The calculation result of RWA (Credit, Operational,
Pasar) serta Rasio Kecukupan Modal (Bank and Market) and Capital Adequacy Ratio (CAR)
Mandiri saja) adalah sebagai berikut: (Bank Mandiri only) are as follows:
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
Modal: Capital:
Modal inti 238.082.036 229.932.670 Core capital
Modal pelengkap 15.212.841 14.325.962 Supplementary capital
Jumlah modal untuk risiko kredit, Total capital for credit risk,
risiko operasional, dan operational risk, and
risiko pasar 253.294.877 244.258.632 market risk
Aset Tertimbang Menurut Risiko
(ATMR) kredit1 1.208.049.003 1.132.192.033 Risk-Weighted Assets for credit
Aset Tertimbang Menurut Risiko Risk-Weighted Assets for
(ATMR) operasional2 64.518.330 62.675.961 operational
Aset Tertimbang Menurut Risiko Risk-Weighted Assets for
(ATMR) pasar3 35.887.720 20.289.449 market
Jumlah ATMR untuk risiko kredit, Total Risk-Weighted Assets for credit,
risiko operasional, dan operational risk, and
risiko pasar 1.308.455.053 1.215.157.443 market risk
482
1430 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1433
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
65. INFORMASI TAMBAHAN YANG TIDAK 65. ADDITIONAL INFORMATION THAT IS NOT
DIPERSYARATKAN OLEH STANDAR AKUNTANSI REQUIRED BY INDONESIAN ACCOUNTING
INDONESIA (lanjutan) STANDARDS (continued)
Informasi tambahan berikut yang disajikan di bawah ini The following additional information presented below is
merupakan informasi yang disyaratkan oleh regulasi information required by applicable regulations and is not
yang berlaku dan bukan/tidak merupakan informasi information required by Indonesian Accounting
yang dipersyaratkan oleh Standar Akuntansi Standards. (continued)
Indonesia. (lanjutan)
c. Kewajiban Penyediaan Modal Minimum c. Capital Adequacy Ratio (continued)
(KPMM) (lanjutan)
Pengelolaan risiko melalui modal (lanjutan) Capital risk management (continued)
Hasil perhitungan ATMR (Kredit, Operasional, dan The calculation result of RWA (Credit, Operational,
Pasar) serta Rasio Kecukupan Modal (Bank and Market) and Capital Adequacy Ratio (CAR)
Mandiri saja) adalah sebagai berikut: (lanjutan) (Bank Mandiri only) are as follows: (continued)
Tahun yang berakhir
pada tanggal 31 Desember/
Year ended 31 December
2025 2024
CAR untuk modal inti 18,20% 18,92% CAR for core capital
CAR untuk risiko kredit, CAR for credit risk,
operasional dan pasar 19,36% 20,10% operational risk and market risk
CAR minimum modal inti 6,00% 6,00% Minimum CAR core capital4
CAR minimum sesuai profil risiko 9,74% 9,69% Minimum CAR based on risk profile5
Rasio kecukupan modal Bank secara konsolidasian The Bank’s capital adequacy ratio on a consolidated
pada tanggal 31 Desember 2025 dan 2024 basis as of 31 December 2025 and 2024 including
dengan memperhitungkan risiko kredit, operasional credit risk, operational risk and market risk are
dan pasar masing-masing adalah 20,43% dan 20.43% and 20.82%, respectively.
20,82%.
i) Mengacu pada SEOJK No. 24/SEOJK.03/2021 tentang Pedoman i) Referring to SEOJK No. 24/SEOJK.03/2021 regarding Guidelines for
Perhitungan ATMR untuk Risiko Kredit dengan Menggunakan Calculation of Risk Weighted Assets (“RWA”) for Credit Risk Using the
Pendekatan Standar, SEOJK No. 48/SEOJK.03/2017 tentang Pedoman Standardized Approach, SEOJK No. 48/SEOJK.03/2017 regarding
Perhitungan Tagihan Bersih Transaksi Derivatif dalam Perhitungan Aset Guidelines for Calculation of Net Receivables of Derivative Transactions in
Tertimbang Menurut Risiko untuk Risiko Kredit Dengan Menggunakan Risk-Weighted Asset Calculations for Credit Risk Using the Standardized
Pendekatan Standar dan POJK No. 11/POJK.03/2019 tentang Prinsip Approach and POJK No. 11/POJK.03/2019 regarding Prudential Principles
Kehati-hatian dalam Aktivitas Sekuritisasi Aset Bagi Bank Umum. in Assets Securitization Activities for Commercial Banks.
ii) Mengacu pada SEOJK No. 6/SEOJK.03/2020 tentang Perhitungan ii) Referring to SEOJK No. 6/SEOJK.03/2020 regarding Calculation of Risk
ATMR untuk Risiko Operasional dengan Menggunakan Pendekatan Weighted Assets for Operational Risk Using the Standardized Approach for
Standar Bagi Bank Umum. Commercial Banks.
iii) Mengacu pada SEOJK No. 38/SEOJK.03/2016 tentang Pedoman iii) Referring to SEOJK No. 38/SEOJK.03/2016 regarding Guidelines for the
Penggunaan Metode Standar dalam Perhitungan Kewajiban Penyediaan Use of Standardized Method in Calculation of Minimum Capital Adequacy
Modal Minimum Bank Umum dengan Memperhitungkan Risiko Pasar. Requirement for Commercial Banks by Taking Market Risk Into Account.
iv) Berdasarkan POJK No. 27/POJK.03/2022 tentang Perubahan kedua iv) Based on POJK No. 27/POJK.03/2022 concerning the second amendment
atas POJK Nomor 11/POJK.03/2016 tentang Kewajiban Penyediaan to POJK Number 11/POJK.03/2016 concerning Minimum Capital
Modal Minimum Bank Umum, Bank wajib menyediakan modal inti paling Requirements for Commercial Banks, Banks are required to provide core
rendah sebesar 6% (enam persen) dari ATMR baik secara individu capital of at least 6% (six percent) of RWA both individually and consolidated
maupun konsolidasi dengan perusahaan anak. with subsidiary company.
v) CAR minimum untuk risiko-risiko utama Pillar 1 dan risiko-risiko v) Minimum CAR for Pillar 1 main risks and Pillar 2 additional risks (capital add-
tambahan Pillar 2 (capital add-on) berdasarkan metode Internal Capital on) based on the Internal Capital Adequacy Assessment Process (ICAAP)
Adequacy Assessment Process (ICAAP). method.
d. Giro pada Bank Lain d. Current Accounts With Other Banks
Berdasarkan kolektibilitas sesuai POJK: By collectability based on FSA regulation:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Lancar 60.952.583 46.668.439 Current
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (27.621) (30.755 ) impairment losses
Neto 60.924.962 46.637.684 Net
483
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1431
Page 1434
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
65. INFORMASI TAMBAHAN YANG TIDAK 65. ADDITIONAL INFORMATION THAT IS NOT
DIPERSYARATKAN OLEH STANDAR AKUNTANSI REQUIRED BY INDONESIAN ACCOUNTING
INDONESIA (lanjutan) STANDARDS (continued)
Informasi tambahan berikut yang disajikan di bawah ini The following additional information presented below is
merupakan informasi yang disyaratkan oleh regulasi information required by applicable regulations and is not
yang berlaku dan bukan/tidak merupakan informasi information required by Indonesian Accounting
yang dipersyaratkan oleh Standar Akuntansi Standards. (continued)
Indonesia. (lanjutan)
e. Penempatan pada Bank Indonesia dan Bank e. Placements with Bank Indonesia and Other
Lain Banks
Berdasarkan kolektibilitas sesuai POJK: By collectability based on FSA regulation:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Lancar 50.471.834 63.230.054 Current
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (1.586) (1.679) impairment losses
Neto 50.470.248 63.228.375 Net
f. Efek-efek f. Marketable securities
Berdasarkan kolektibilitas sesuai POJK: By collectability based on FSA regulation:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Lancar 124.758.602 95.520.874 Current
Macet 10.092 8.674 Loss
Total 124.768.694 95.529.548 Total
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (40.720) (51.497 ) impairment losses
Neto 124.727.974 95.478.051 Net
g. Obligasi Pemerintah g. Government Bonds
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, Bank
kolektibilitas Bank Indonesia untuk Obligasi Indonesia’s collectability for Government Bonds is
Pemerintah adalah lancar. current.
h. Tagihan Lainnya - Transaksi Perdagangan h. Other Receivables - Trade Transactions
Berdasarkan kolektibilitas sesuai POJK: By collectability based on FSA regulation:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Lancar 30.680.959 28.565.530 Current
Dalam perhatian khusus 43.337 101.066 Special mention
Macet 1.347.815 1.307.521 Loss
Total 32.072.111 29.974.117 Total
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (1.432.270) (1.422.889) impairment losses
Neto 30.639.841 28.551.228 Net
484
1432 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1435
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
65. INFORMASI TAMBAHAN YANG TIDAK 65. ADDITIONAL INFORMATION THAT IS NOT
DIPERSYARATKAN OLEH STANDAR AKUNTANSI REQUIRED BY INDONESIAN ACCOUNTING
INDONESIA (lanjutan) STANDARDS (continued)
Informasi tambahan berikut yang disajikan di bawah ini The following additional information presented below is
merupakan informasi yang disyaratkan oleh regulasi information required by applicable regulations and is not
yang berlaku dan bukan/tidak merupakan informasi information required by Indonesian Accounting
yang dipersyaratkan oleh Standar Akuntansi Standards. (continued)
Indonesia. (lanjutan)
i. Tagihan Atas Efek-Efek Yang Dibeli Dengan i. Securities Purchased Under Agreements To
Janji Dijual Kembali Resell
Berdasarkan kolektibilitas sesuai POJK: By collectability based on FSA regulation:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Lancar 3.903.777 8.290.138 Current
j. Tagihan dan Liabilitas Derivatif j. Derivative Receivables and Payables
Pada tanggal 31 Desember 2025 dan 2024, As of 31 December 2025 and 2024, the FSA
kolektibilitas OJK untuk tagihan derivatif adalah collectability for derivative receivables is current
lancar dan diklasifikasikan pada stage 1. and classified in stage 1.
k. Kredit yang Diberikan dan Piutang/ k. Loans and Sharia Receivables/Financing
Pembiayaan Syariah
1. Kredit yang diberikan dan piutang/pembiayaan 1. Details of loans and sharia receivables/financing:
syariah terdiri atas:
a. Berdasarkan jenis dan kolektibilitas sesuai a. By type and collectability based on POJK:
POJK:
31 Desember 2025/31 December 2025
Dalam
perhatian
khusus/ Kurang
Lancar/ Special lancar/ Diragukan/ Macet/
Current mention Substandard Doubtful Loss Total
Rupiah Rupiah
Modal kerja 381.492.262 18.506.292 341.403 436.695 3.396.517 404.173.169 Working capital
Investasi*) 477.334.855 6.814.310 158.771 135.451 3.133.763 487.577.150 Investment*)
Konsumen 350.350.601 9.964.331 1.778.177 2.063.096 6.284.730 370.440.935 Consumer
Program pemerintah 95.054.663 2.225.901 404.588 289.889 658.451 98.633.492 Government program
Sindikasi**) 85.859.572 503.897 - - - 86.363.469 Syndication**)
Karyawan 51.651.771 222.777 - 1.428 12.142 51.888.118 Employees
Ekspor 13.566.485 26.701 - - - 13.593.186 Export
Total 1.455.310.209 38.264.209 2.682.939 2.926.559 13.485.603 1.512.669.519 Total
Mata uang asing Foreign currencies
Investasi 179.737.947 5.918.055 - - 814.013 186.470.015 Investment
Sindikasi***) 95.503.062 3.445.703 159.884 - - 99.108.649 Syndication***)
Modal kerja 37.155.925 1.948.577 - - 343.843 39.448.345 Working capital
Ekspor 9.203.337 26.153 - - - 9.229.490 Export
Konsumen 3.041.938 - - - - 3.041.938 Consumer
Total (Catatan 62.B.(iv)) 324.642.209 11.338.488 159.884 - 1.157.856 337.298.437 Total (Note 62.B.(iv))
1.779.952.418 49.602.697 2.842.823 2.926.559 14.643.459 1.849.967.956
Dikurangi: cadangan Less: allowance for
kerugian penurunan nilai (17.165.959) (18.060.102) (1.276.521) (1.379.548) (10.151.617) (48.033.747) impairment losses
Neto 1.762.786.459 31.542.595 1.566.302 1.547.011 4.491.842 1.801.934.209 Net
*) *)
Termasuk kredit yang diukur pada nilai wajar melalui Including loans measured at fair value through other
penghasilan komprehensif lain, berdasarkan kategori comprehensive income, on the “current collectability” category in
“kolektibilitas lancar” pada mata uang Rupiah dengan jenis Rupiah currency with an investment loan type amounted to
kredit investasi sebesar Rp293.471. Rp293,471.
**) **)
Termasuk kredit yang diukur pada nilai wajar melalui Including loans measured at fair value through other
penghasilan komprehensif lain, berdasarkan kategori comprehensive income, on the “current collectability” category in
“kolektibilitas lancar” pada mata uang Rupiah dengan jenis Rupiah currency with a syndication loan type amounted to
kredit sindikasi sebesar Rp3.054.761. Rp3,054,761.
***) ***)
Termasuk kredit yang diukur pada nilai wajar melalui Including loans measured at fair value through other
penghasilan komprehensif lain, berdasarkan kategori comprehensive income, on the “current collectability” category in
“kolektibilitas lancar” pada mata uang asing dengan jenis foreign currencies with a syndication loan type amounted to
kredit sindikasi sebesar Rp3.938.796. Rp3,938,796.
485
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1433
Page 1436
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
65. INFORMASI TAMBAHAN YANG TIDAK 65. ADDITIONAL INFORMATION THAT IS NOT
DIPERSYARATKAN OLEH STANDAR AKUNTANSI REQUIRED BY INDONESIAN ACCOUNTING
INDONESIA (lanjutan) STANDARDS (continued)
Informasi tambahan berikut yang disajikan di bawah ini The following additional information presented below is
merupakan informasi yang disyaratkan oleh regulasi information required by applicable regulations and is not
yang berlaku dan bukan/tidak merupakan informasi information required by Indonesian Accounting
yang dipersyaratkan oleh Standar Akuntansi Standards. (continued)
Indonesia. (lanjutan)
k. Kredit yang Diberikan dan Piutang/ k. Loans and Sharia Receivables/Financing
Pembiayaan Syariah (lanjutan) (continued)
1. Kredit yang diberikan dan piutang/pembiayaan 1. Details of loans and sharia receivables/financing:
syariah terdiri atas: (lanjutan) (continued)
a. Berdasarkan jenis dan kolektibilitas sesuai a. By type and collectability based on POJK:
POJK: (lanjutan) (continued)
31 Desember 2024/31 December 2024
Dalam
perhatian
khusus/ Kurang
Lancar/ Special lancar/ Diragukan/ Macet/
Current mention Substandard Doubtful Loss Total
Rupiah Rupiah
Modal kerja 397.863.732 19.284.340 473.179 623.199 3.874.238 422.118.688 Working capital
Investasi*) 338.969.128 6.648.747 184.330 103.869 3.171.480 349.077.554 Investment*)
Konsumen 322.937.142 10.488.337 1.653.269 1.890.241 3.453.096 340.422.085 Consumer
Program pemerintah 89.605.652 2.247.823 358.355 324.076 351.927 92.887.833 Government program
Sindikasi**) 72.899.306 511.981 - - - 73.411.287 Syndication**)
Karyawan 48.620.514 172.074 500 1.044 11.652 48.805.784 Employees
Ekspor 11.081.146 29.904 - - 1.777 11.112.827 Export
Total 1.281.976.620 39.383.206 2.669.633 2.942.429 10.864.170 1.337.836.058 Total
Mata uang asing Foreign currencies
Investasi 146.380.882 5.763.917 - - 806.090 152.950.889 Investment
Sindikasi***) 74.624.052 3.501.260 164.881 - - 78.290.193 Syndication***)
Modal kerja 41.286.970 1.653.418 - - 582.034 43.522.422 Working capital
Ekspor 7.902.310 - - - - 7.902.310 Export
Konsumen 2.714.644 - - - 96 2.714.740 Consumer
Total (Catatan 62.B.(iv)) 272.908.858 10.918.595 164.881 - 1.388.220 285.380.554 Total (Note 62.B.(iv))
1.554.885.478 50.301.801 2.834.514 2.942.429 12.252.390 1.623.216.612
Dikurangi: cadangan Less: allowance for
kerugian penurunan nilai (18.121.064) (19.002.932) (1.384.412) (1.522.549) (9.323.688) (49.354.645) impairment losses
Neto 1.536.764.414 31.298.869 1.450.102 1.419.880 2.928.702 1.573.861.967 Net
*) *)
Termasuk kredit yang diukur pada nilai wajar melalui Including loans measured at fair value through other
penghasilan komprehensif lain, berdasarkan kategori comprehensive income, on the “current collectability” category in
“kolektibilitas lancar” pada mata uang Rupiah dengan jenis Rupiah currency with an investment loan type amounted to
kredit investasi sebesar Rp326.658. Rp326,658.
**) **)
Termasuk kredit yang diukur pada nilai wajar melalui Including loans measured at fair value through other
penghasilan komprehensif lain, berdasarkan kategori comprehensive income, on the “current collectability” category in
“kolektibilitas lancar” pada mata uang Rupiah dengan jenis Rupiah currency with a syndication loan type amounted to
kredit sindikasi sebesar Rp3.539.765. Rp3,539,765.
***) ***)
Termasuk kredit yang diukur pada nilai wajar melalui Including loans measured at fair value through other
penghasilan komprehensif lain, berdasarkan kategori comprehensive income, on the “current collectability” category in
“kolektibilitas lancar” pada mata uang asing dengan jenis foreign currencies with a syndication loan type amounted to
kredit sindikasi sebesar Rp1.596.428. Rp1,596,428.
486
1434 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1437
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
65. INFORMASI TAMBAHAN YANG TIDAK 65. ADDITIONAL INFORMATION THAT IS NOT
DIPERSYARATKAN OLEH STANDAR AKUNTANSI REQUIRED BY INDONESIAN ACCOUNTING
INDONESIA (lanjutan) STANDARDS (continued)
Informasi tambahan berikut yang disajikan di bawah ini The following additional information presented below is
merupakan informasi yang disyaratkan oleh regulasi information required by applicable regulations and is not
yang berlaku dan bukan/tidak merupakan informasi information required by Indonesian Accounting
yang dipersyaratkan oleh Standar Akuntansi Standards. (continued)
Indonesia. (lanjutan)
k. Kredit yang Diberikan dan Piutang/ k. Loans and Sharia Receivables/Financing
Pembiayaan Syariah (lanjutan) (continued)
1. Kredit yang diberikan dan piutang/pembiayaan 1. Details of loans and sharia receivables/financing:
syariah terdiri atas: (lanjutan) (continued)
b. Berdasarkan sektor ekonomi dan b. By economic sector and Bank collectability
kolektibilitas sesuai POJK: based on POJK:
31 Desember 2025/31 December 2025
Dalam
perhatian
khusus/ Kurang
Lancar/ Special lancar/ Diragukan/ Macet/
Current mention Substandard Doubtful Loss Total
Rupiah Rupiah
Perdagangan, restoran, Trading, restaurant,
dan hotel 183.868.187 4.775.346 496.670 444.737 1.355.031 190.939.971 and hotel
Pertanian 195.160.897 944.836 139.895 114.855 1.028.184 197.388.667 Agriculture
Jasa dunia usaha*) 125.374.710 2.688.525 78.708 60.509 226.297 128.428.749 Business service*)
Industri 123.103.695 5.560.826 113.656 100.433 2.452.012 131.330.622 Manufacturing
Konstruksi 96.612.459 11.094.571 5.227 11.609 275.653 107.999.519 Construction
Pengangkutan, pergudangan, Transportation, warehousing,
dan komunikasi**) 115.370.321 1.143.725 22.992 57.778 142.023 116.736.839 and communications**)
Tambang 88.502.020 506.516 100 13.219 1.541.356 90.563.211 Mining
Jasa sosial 68.542.439 566.414 27.317 37.773 75.607 69.249.550 Social service
Listrik, gas dan air 53.246.461 596.958 122 313 3.440 53.847.294 Electricity, gas and water
Lain-lain 405.529.020 10.386.492 1.798.252 2.085.333 6.386.000 426.185.097 Others
Total 1.455.310.209 38.264.209 2.682.939 2.926.559 13.485.603 1.512.669.519 Total
Mata uang asing Foreign currencies
Tambang 66.552.587 70.231 - - - 66.622.818 Mining
Industri***) 77.259.661 7.338.329 - - 1.157.856 85.755.846 Manufacturing***)
Jasa sosial 69.291.067 - - - - 69.291.067 Social service
Listrik, gas, dan air 40.520.551 3.445.703 159.884 - - 44.126.138 Electricity, gas, and water
Pengangkutan, pergudangan, Transportation, warehousing,
dan komunikasi 35.847.752 484.225 - - - 36.331.977 and communications
Perdagangan, restoran, Trading, restaurant,
dan hotel 12.713.104 - - - - 12.713.104 and hotel
Jasa dunia usaha 11.446.918 - - - - 11.446.918 Business service
Pertanian 6.600.806 - - - - 6.600.806 Agriculture
Konstruksi 149.117 - - - - 149.117 Construction
Lain-lain 4.260.646 - - - - 4.260.646 Others
Total (Catatan 62.B.(iv)) 324.642.209 11.338.488 159.884 - 1.157.856 337.298.437 Total (Note 62.B.(iv))
1.779.952.418 49.602.697 2.842.823 2.926.559 14.643.459 1.849.967.956
Dikurangi: cadangan Less: allowance
kerugian penurunan nilai (17.165.959) (18.060.102) (1.276.521) (1.379.548) (10.151.617) (48.033.747) for impairment losses
Neto 1.762.786.459 31.542.595 1.566.302 1.547.011 4.491.842 1.801.934.209 Net
*) *)
Termasuk kredit yang diukur pada nilai wajar melalui penghasilan Including loans measured at fair value through other
komprehensif lain, berdasarkan kategori “kolektibilitas lancar” comprehensive income, on the “current collectability” category in
pada mata uang Rupiah dengan sektor ekonomi jasa dunia Rupiah currency and business service economic sector amounted
usaha sebesar Rp3.054.761. to Rp3,054,761.
**) **)
Termasuk kredit yang diukur pada nilai wajar melalui penghasilan Including loans measured at fair value through other
komprehensif lain, berdasarkan kategori “kolektibilitas lancar” comprehensive income, on the “current collectability” category in
pada mata uang Rupiah dengan sektor ekonomi pengangkutan, Rupiah currency and transportation, warehousing, and
pergudangan, dan komunikasi sebesar Rp293.471. communication economic sector amounted to Rp293,471.
***) ***)
Termasuk kredit yang diukur pada nilai wajar melalui penghasilan Including loans measured at fair value through other
komprehensif lain, berdasarkan kategori “kolektibilitas lancar” comprehensive income, on the “current collectability” category in
pada mata uang asing dengan sektor ekonomi industri sebesar foreign currencies and manufacturing economic sector amounted
Rp3.938.796. to Rp3,938,796.
487
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1435
Page 1438
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
65. INFORMASI TAMBAHAN YANG TIDAK 65. ADDITIONAL INFORMATION THAT IS NOT
DIPERSYARATKAN OLEH STANDAR AKUNTANSI REQUIRED BY INDONESIAN ACCOUNTING
INDONESIA (lanjutan) STANDARDS (continued)
Informasi tambahan berikut yang disajikan di bawah ini The following additional information presented below is
merupakan informasi yang disyaratkan oleh regulasi information required by applicable regulations and is not
yang berlaku dan bukan/tidak merupakan informasi information required by Indonesian Accounting
yang dipersyaratkan oleh Standar Akuntansi Standards. (continued)
Indonesia. (lanjutan)
k. Kredit yang Diberikan dan Piutang/ k. Loans and Sharia Receivables/Financing
Pembiayaan Syariah (lanjutan) (continued)
1. Kredit yang diberikan dan piutang/pembiayaan 1. Details of loans and sharia receivables/financing:
syariah terdiri atas: (lanjutan) (continued)
b. Berdasarkan sektor ekonomi dan b. By economic sector and collectability based on
kolektibilitas sesuai POJK: (lanjutan) POJK: (continued)
31 Desember 2024/31 December 2024
Dalam
perhatian
khusus/ Kurang
Lancar/ Special lancar/ Diragukan/ Macet/
Current mention Substandard Doubtful Loss Total
Rupiah Rupiah
Perdagangan, restoran, Trading, restaurant,
dan hotel 160.337.031 4.523.586 554.524 429.348 1.034.172 166.878.661 and hotel
Pertanian 146.914.238 1.011.154 127.881 186.545 982.041 149.221.859 Agriculture
Jasa dunia usaha*) 132.794.503 2.845.360 101.266 46.357 280.186 136.067.672 Business service*)
Industri 125.743.355 5.997.672 132.940 236.631 2.876.714 134.987.312 Manufacturing
Konstruksi 87.676.790 11.555.968 6.246 46.769 388.836 99.674.609 Construction
Pengangkutan, pergudangan, Transportation, warehousing,
dan komunikasi**) 96.534.978 1.056.967 19.582 19.592 106.276 97.737.395 and communications**)
Tambang 73.594.269 59.137 750 2.859 1.537.722 75.194.737 Mining
Jasa sosial 57.366.294 555.284 24.507 26.795 40.382 58.013.262 Social service
Listrik, gas, dan air 22.469.072 609.032 140 805 15.695 23.094.744 Electricity, gas, and water
Lain-lain 378.546.090 11.169.046 1.701.797 1.946.728 3.602.146 396.965.807 Others
Total 1.281.976.620 39.383.206 2.669.633 2.942.429 10.864.170 1.337.836.058 Total
Mata uang asing Foreign currencies
Tambang 70.308.434 68.005 - - - 70.376.439 Mining
Industri***) 55.046.438 6.877.487 - - 1.388.124 63.312.049 Manufacturing***)
Jasa sosial 48.450.799 - - - - 48.450.799 Social service
Listrik, gas, dan air 35.274.620 3.501.260 164.881 - - 38.940.761 Electricity, gas, and water
Pengangkutan, pergudangan, Transportation, warehousing,
dan komunikasi 28.559.643 471.843 - - - 29.031.486 and communications
Perdagangan, restoran, Trading, restaurant,
dan hotel 13.686.770 - - - - 13.686.770 and hotel
Jasa dunia usaha 10.920.060 - - - - 10.920.060 Business service
Pertanian 7.083.702 - - - - 7.083.702 Agriculture
Konstruksi 209.179 - - - - 209.179 Construction
Lain-lain 3.369.213 - - - 96 3.369.309 Others
Total (Catatan 62.B.(iv)) 272.908.858 10.918.595 164.881 - 1.388.220 285.380.554 Total (Note 62.B.(iv))
1.554.885.478 50.301.801 2.834.514 2.942.429 12.252.390 1.623.216.612
Dikurangi: cadangan Less: allowance
kerugian penurunan nilai (18.121.064) (19.002.932) (1.384.412) (1.522.549) (9.323.688) (49.354.645) for impairment losses
Neto 1.536.764.414 31.298.869 1.450.102 1.419.880 2.928.702 1.573.861.967 Net
*) *)
Termasuk kredit yang diukur pada nilai wajar melalui penghasilan Including loans measured at fair value through other
komprehensif lain, berdasarkan kategori “kolektibilitas lancar” comprehensive income, on the “current collectability” category in
pada mata uang Rupiah dengan sektor ekonomi jasa dunia Rupiah currency and business service economic sector amounted
usaha sebesar Rp3.539.765. to Rp3,539,765.
**) **)
Termasuk kredit yang diukur pada nilai wajar melalui penghasilan Including loans measured at fair value through other
komprehensif lain, berdasarkan kategori “kolektibilitas lancar” comprehensive income, on the “current collectability” category in
pada mata uang Rupiah dengan sektor ekonomi pengangkutan, Rupiah currency and transportation, warehousing, and
pergudangan, dan komunikasi sebesar Rp326.658. communication economic sector amounted to Rp326,658.
***) ***)
Termasuk kredit yang diukur pada nilai wajar melalui penghasilan Including loans measured at fair value through other
komprehensif lain, berdasarkan kategori “kolektibilitas lancar” comprehensive income, on the “current collectability” category in
pada mata uang asing dengan sektor ekonomi industri sebesar foreign currencies and manufacturing economic sector amounted
Rp1.596.428. to Rp1,596,428.
488
1436 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1439
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
65. INFORMASI TAMBAHAN YANG TIDAK 65. ADDITIONAL INFORMATION THAT IS NOT
DIPERSYARATKAN OLEH STANDAR AKUNTANSI REQUIRED BY INDONESIAN ACCOUNTING
INDONESIA (lanjutan) STANDARDS (continued)
Informasi tambahan berikut yang disajikan di bawah ini The following additional information presented below is
merupakan informasi yang disyaratkan oleh regulasi information required by applicable regulations and is not
yang berlaku dan bukan/tidak merupakan informasi information required by Indonesian Accounting
yang dipersyaratkan oleh Standar Akuntansi Standards. (continued)
Indonesia. (lanjutan)
k. Kredit yang Diberikan dan Piutang/ k. Loans and Sharia Receivables/Financing
Pembiayaan Syariah (lanjutan) (continued)
2. Kredit yang direstrukturisasi 2. Restructured loans
Berikut ini adalah jenis dan jumlah kredit yang Below are the types and amounts of
diberikan dan piutang/pembiayaan syariah restructured loans and sharia receivables/
yang telah direstrukturisasi: financing:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Perpanjangan jangka waktu Extension of loan maturity
kredit 73.873.391 64.996.001 dates
Perpanjangan jangka waktu dan Extension of loan maturity dates
penurunan suku bunga kredit 4.936.571 2.708.408 and reduction of interest rates
Perpanjangan jangka waktu Extension of loan maturity
kredit dan skema dates and other restructuring
restrukturisasi lain-lain*) 20.329.231 21.494.614 schemes*)
**)
Total 99.139.193 89.199.023 Total**)
*) *)
Skema restrukturisasi lain-lain terutama terdiri dari skema Other restructuring schemes mainly involve reduction of interest
restrukturisasi penurunan suku bunga kredit, penjadwalan rates, rescheduling of unpaid interest and extension of
kembali bunga yang tertunggak dan perpanjangan jangka repayment periods for unpaid interest.
waktu pembayaran bunga tertunggak.
**) **)
Termasuk baki debet kredit restrukturisasi Covid-19 pada Including the Covid-19 restructured loans outstanding balance
tanggal 31 Desember 2025 dan 2024 adalah masing-masing as of 31 December 2025 and 2024, amounted to Rp14,934,483
sebesar Rp14.934.483 dan Rp14.202.221. and Rp14,202,221, respectively.
Berikut ini adalah jumlah kredit yang diberikan Below are the amount of restructured loans
dan piutang/pembiayaan syariah yang telah and sharia receivables/financing based on
direstrukturisasi berdasarkan kolektibilitas: collectability:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Lancar 50.358.590 41.451.833 Current
Dalam perhatian khusus 39.520.940 37.974.541 Special mention
Kurang lancar 960.207 1.038.071 Substandard
Diragukan 788.221 601.245 Doubtful
Macet 7.511.235 8.133.333 Loss
Total*) 99.139.193 89.199.023 Total*)
*)
*) Termasuk baki debet kredit restrukturisasi Covid-19 pada Including the Covid-19 restructured loans outstanding balance
tanggal 31 Desember 2025 dan 2024 adalah masing-masing as of 31 December 2025 and 2024, amounted to Rp14,934,483
sebesar Rp14.934.483 dan Rp14.202.221. and Rp14,202,221, respectively.
Total kredit yang diberikan dan Total restructured loans and sharia
piutang/pembiayaan syariah yang telah receivables/financing under Non-Performing
direstrukturisasi dan dalam kategori kredit Loans (NPL) category as of 31 December 2025
bermasalah pada tanggal 31 Desember 2025 and 2024 are amounted to Rp9,259,663 and
dan 2024 masing-masing sebesar Rp9,772,649, respectively.
Rp9.259.663 dan Rp9.772.649.
489
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1437
Page 1440
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
65. INFORMASI TAMBAHAN YANG TIDAK 65. ADDITIONAL INFORMATION THAT IS NOT
DIPERSYARATKAN OLEH STANDAR AKUNTANSI REQUIRED BY INDONESIAN ACCOUNTING
INDONESIA (lanjutan) STANDARDS (continued)
Informasi tambahan berikut yang disajikan di bawah ini The following additional information presented below is
merupakan informasi yang disyaratkan oleh regulasi information required by applicable regulations and is not
yang berlaku dan bukan/tidak merupakan informasi information required by Indonesian Accounting
yang dipersyaratkan oleh Standar Akuntansi Standards. (continued)
Indonesia. (lanjutan)
k. Kredit yang Diberikan dan Piutang/ k. Loans and Sharia Receivables/Financing
Pembiayaan Syariah (lanjutan) (continued)
2. Kredit yang direstrukturisasi (lanjutan) 2. Restructured loans (continued)
Grup telah melakukan restrukturisasi kredit The Group has restructured loans for debtors
untuk debitur yang terdampak pandemi Covid- affected by the Covid-19 pandemic in
19 sesuai dengan POJK accordance with POJK No. 11/POJK.03/2020
No. 11/POJK.03/2020 tentang “Stimulus regarding "National Economic Stimulus as a
Perekonomian Nasional Sebagai Kebijakan Countercyclical Policy for the Impact of the
Countercyclical Dampak Penyebaran Spread of the 2019 Coronavirus Disease"
Coronavirus Disease 2019” tanggal dated 13 March 2020 as amended twice by
13 Maret 2020 sebagaimana telah diubah dua POJK No. 48/POJK.03/2020 regarding
kali melalui POJK No. 48/POJK.03/2020 "National Economic Stimulus as a
tentang “Stimulus Perekonomian Nasional Countercyclical Policy for the Impact of the
Sebagai Kebijakan Countercyclical Dampak Spread of the 2019 Coronavirus Disease"
Penyebaran Coronavirus Disease 2019” dated 1 December 2020 and POJK
tanggal 1 Desember 2020 dan POJK No. 17/POJK.03/2021 regarding Second
No. 17/POJK.03/2021 tentang Perubahan Amendment of POJK No. 11/POJK/03/2020
Kedua Atas POJK Nomor 11/POJK.03/2020 regarding “National Economic Stimulus as
tentang “Stimulus Perekonomian Nasional Countercyclical for the Impact of the Spread of
Sebagai Kebijakan Countercyclical Dampak 2019 Coronavirus Disease” dated
Penyebaran Coronavirus Disease 2019” 10 September 2021.
tanggal 10 September 2021.
3. Batas Maksimum Pemberian Kredit (BMPK) 3. Legal Lending Limit (LLL)
Pada tanggal 31 Desember 2025 dan 2024, Regarding the Legal Lending Limit (LLL) on
Bank tidak melanggar dan melampaui 31 December 2025 and 2024, the Bank did not
ketentuan BMPK untuk pihak terkait dan pihak violate and exceeded the LLL provisions for
tidak terkait. BMPK dihitung sesuai dengan related parties and non-related parties. LLL is
POJK No. 38/POJK.03/2019 tanggal calculated in accordance with POJK
19 Desember 2019 tentang Perubahan Atas No. 38/POJK.03/2019 dated 19 December
POJK No. 32/POJK.03/2018 tentang Batas 2019 regarding Legal Lending Limits for
Maksimum Pemberian Kredit dan Penyediaan Commercial Banks as amended by POJK
Dana Besar Bagi Bank Umum. No. 32/POJK.03/2018 regarding Legal Lending
Limits of Loans Disbursement and Large
Funding for Commerical Banks.
490
1438 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1441
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
65. INFORMASI TAMBAHAN YANG TIDAK 65. ADDITIONAL INFORMATION THAT IS NOT
DIPERSYARATKAN OLEH STANDAR AKUNTANSI REQUIRED BY INDONESIAN ACCOUNTING
INDONESIA (lanjutan) STANDARDS (continued)
Informasi tambahan berikut yang disajikan di bawah ini The following additional information presented below is
merupakan informasi yang disyaratkan oleh regulasi information required by applicable regulations and is not
yang berlaku dan bukan/tidak merupakan informasi information required by Indonesian Accounting
yang dipersyaratkan oleh Standar Akuntansi Standards. (continued)
Indonesia. (lanjutan)
k. Kredit yang Diberikan dan Piutang/ k. Loans and Sharia Receivables/Financing
Pembiayaan Syariah (lanjutan) (continued)
4. Ikhtisar kredit yang diberikan dan 4. Summary of non-performing loans and sharia
piutang/pembiayaan syariah bermasalah receivables/financing based on economic
berdasarkan sektor ekonomi dan minimum sector and the minimum allowance for loans
penyisihan kerugian kredit yang diberikan dan and sharia receivables/financing impairment
piutang/pembiayaan syariah bermasalah losses are as follows:
adalah sebagai berikut:
Kredit bermasalah
(berdasarkan Peraturan
Otoritas Jasa Keuangan)/
Non-performing loans Minimum penyisihan kerugian/
(based on Financial Services Minimum allowance for
Authority Regulations) impairment losses
31 Desember/31 December 31 Desember/31 December
2025 2024 2025 2024
Rupiah Rupiah
Industri 2.666.101 3.246.285 2.519.277 3.014.969 Manufacturing
Perdagangan, restoran, Trading, restaurant,
dan hotel 2.296.438 2.018.044 1.651.900 1.332.025 and hotel
Tambang 1.554.675 1.541.331 1.547.981 1.539.264 Mining
Pertanian 1.282.934 1.296.467 1.106.596 1.094.496 Agriculture
Konstruksi 292.489 441.851 282.242 413.157 Construction
Jasa dunia usaha 365.514 427.809 268.358 318.554 Business service
Pengangkutan, Transportation,
pergudangan, dan warehouse, and
komunikasi 222.793 145.450 174.361 119.009 communications
Jasa sosial 140.697 91.684 98.591 57.456 Social services
Listrik, gas, dan air 3.875 16.640 3.615 16.119 Electricity, gas, and water
Lain-lain 10.269.585 7.250.671 7.698.402 4.830.780 Others
19.095.101 16.476.232 15.351.323 12.735.829
Mata uang asing Foreign currencies
Industri 1.157.856 1.388.124 1.157.856 1.388.124 Manufacturing
Listrik, gas, dan air 159.884 164.881 23.983 24.732 Electricity, gas, and water
Lain-lain - 96 - 96 Others
1.317.740 1.553.101 1.181.839 1.412.952
Total 20.412.841 18.029.333 16.533.162 14.148.781 Total
5. Rasio kredit bermasalah 5. Ratio of non-performing loans
Rasio kredit bermasalah Bank Mandiri dan The ratio of non-performing loans of Bank
Entitas Anak secara gross (sebelum dikurangi Mandiri and its Subsidiaries on a gross basis
cadangan kerugian penurunan nilai) pada (before deducted with allowance for impairment
tanggal 31 Desember 2025 dan 2024 masing- losses) as of 31 December 2025 and 2024 were
masing sebesar 1,13% dan 1,12% (rasio untuk 1.13% and 1.12%, respectively (the ratios for
Bank Mandiri saja masing-masing 0,96% dan Bank Mandiri only were 0.96% and 0.97% as of
0,97%, masing-masing pada tanggal 31 December 2025 and 2024, respectively).
31 Desember 2025 dan 2024).
491
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1439
Page 1442
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
65. INFORMASI TAMBAHAN YANG TIDAK 65. ADDITIONAL INFORMATION THAT IS NOT
DIPERSYARATKAN OLEH STANDAR AKUNTANSI REQUIRED BY INDONESIAN ACCOUNTING
INDONESIA (lanjutan) STANDARDS (continued)
Informasi tambahan berikut yang disajikan di bawah ini The following additional information presented below is
merupakan informasi yang disyaratkan oleh regulasi information required by applicable regulations and is not
yang berlaku dan bukan/tidak merupakan informasi information required by Indonesian Accounting
yang dipersyaratkan oleh Standar Akuntansi Standards. (continued)
Indonesia. (lanjutan)
k. Kredit yang Diberikan dan Piutang/ k. Loans and Sharia Receivables/Financing
Pembiayaan Syariah (lanjutan) (continued)
5. Rasio kredit bermasalah (lanjutan) 5. Ratio of non-performing loans (continued)
Rasio kredit bermasalah Bank Mandiri dan The ratio of non-performing loans of Bank
Entitas Anak secara neto pada tanggal Mandiri and its Subsidiaries on a net basis as of
31 Desember 2025 dan 2024 masing-masing 31 December 2025 and 2024 were 0.43% and
sebesar 0,43% dan 0,37% (rasio untuk Bank 0.37%, respectively (the ratios for Bank Mandiri
Mandiri saja sebesar 0,40% dan 0,33%, only were 0.40% and 0.33%, as of
masing-masing pada tanggal 31 Desember 31 December 2025 and 2024, respectively). The
2025 dan 2024). Saldo kredit bermasalah Bank balance of non-performing loans of Bank
Mandiri dan Entitas Anak termasuk piutang Mandiri and its Subsidiaries included consumer
pembiayaan konsumen dan investasi bersih financing receivables and net investment
dalam sewa pembiayaan dari Entitas Anak. finance leases from the Subsidiaries.
Perhitungan rasio kredit bermasalah Bank The calculation of non-performing loans ratio for
Mandiri dan Entitas Anak pada tanggal Bank Mandiri and its Subsidiaries as of
31 Desember 2025 dan 2024 sesuai dengan 31 December 2025 and 2024 are in accordance
Surat Edaran Otoritas Jasa Keuangan with Financial Services Authority Circular Letter
(SEOJK) No. 9/SEOJK.03/2020 tanggal No. 9/SEOJK.03/2020 dated 30 June 2020
30 Juni 2020 tentang Transparansi dan which is calculated from the loan amount,
Publikasi Laporan Bank Umum Konvensional, excluding loan to other banks amounted to
dihitung atas dasar jumlah kredit tidak Rp6,243,669 and Rp7,769,438 as of
termasuk kredit yang diberikan pada bank lain 31 December 2025 and 2024, respectively.
sebesar Rp6.243.669 dan Rp7.769.438
masing-masing pada tanggal 31 Desember
2025 dan 2024.
6. Kredit program pemerintah 6. Government program loans
Kredit program pemerintah terdiri dari kredit Government program loans consists of
investasi, kredit modal kerja permanen, kredit investment loans, permanent working capital
modal kerja dan KPR Sejahtera Fasilitas loans, working capital loans and KPR Sejahtera
Likuiditas Pembiayaan Perumahan (“FLPP”), Liquidity Facility of House Financing (“FLPP”)
dimana Pemerintah dapat menyediakan which can be partially and/or fully funded by the
sebagian dan/atau keseluruhan dananya. Government.
Dalam rangka percepatan Pemulihan Ekonomi In order to accelerate National Economic
Nasional pada tahun 2020, Bank berpartisipasi Recovery Program in 2020, the Bank
dalam penyaluran kredit program Pemulihan participates in lending in the National Economic
Ekonomi Nasional (“PEN”) sesuai dengan Recovery (“PEN”) program in accordance with
Peraturan Menteri Keuangan No. Ministry of Finance Regulation No.
70/PMK.05/2020 yang selanjutnya 70/PMK.05/2020 which was subsequently
diperbaharui dengan PMK updated with PMK
No. 104/PMK.05/2020 tanggal 6 Agustus No. 104/PMK.05/2020 dated 6 August 2020.
2020.
492
1440 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1443
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
65. INFORMASI TAMBAHAN YANG TIDAK 65. ADDITIONAL INFORMATION THAT IS NOT
DIPERSYARATKAN OLEH STANDAR AKUNTANSI REQUIRED BY INDONESIAN ACCOUNTING
INDONESIA (lanjutan) STANDARDS (continued)
Informasi tambahan berikut yang disajikan di bawah ini The following additional information presented below is
merupakan informasi yang disyaratkan oleh regulasi information required by applicable regulations and is not
yang berlaku dan bukan/tidak merupakan informasi information required by Indonesian Accounting
yang dipersyaratkan oleh Standar Akuntansi Standards. (continued)
Indonesia. (lanjutan)
k. Kredit yang Diberikan dan Piutang/ k. Loans and Sharia Receivables/Financing
Pembiayaan Syariah (lanjutan) (continued)
6. Kredit program pemerintah (lanjutan) 6. Government program loans (continued)
Program penyaluran kredit dalam rangka PEN The loans disbursement program of PEN,
tersebut bersumber dari penempatan uang funded from the Government's placement
negara kepada perbankan salah satunya di which one of them is in PT Bank Mandiri
PT Bank Mandiri (Persero) Tbk, dalam bentuk (Persero) Tbk, in the form of time deposits with
deposito dengan tenor 3 bulan sebesar 3 months tenor contract amounted to
Rp10.000.000 pada tanggal 25 Juni 2020. Rp10,000,000 on 25 June 2020. The
Dana Pemerintah tersebut telah disalurkan Government Fund has been distributed in form
dalam bentuk kredit sebesar Rp39.043.255 of loan amounted to Rp39,043,255 until
sampai dengan tanggal jatuh tempo deposito maturity date of time deposit on 25 September
pada 25 September 2020, dan selanjutnya 2020 and after that the funds was returned to
dana dikembalikan ke Pemerintah. the Government.
Berdasarkan evaluasi dan proposal PT Bank Based on PT Bank Mandiri (Persero) Tbk’s
Mandiri (Persero) Tbk, dan sesuai Peraturan evaluation and proposal, and in accordance to
Menteri Keuangan No. 104/PMK.05/2020, PMK No. 104/PMK.05/2020, the Government
Pemerintah melakukan Penempatan Dana conducted the Phase II of Placement of
Pemerintah Tahap II kepada perbankan salah Government Funds to banks, one of which was
satunya PT Bank Mandiri (Persero) Tbk, dalam PT Bank Mandiri (Persero) Tbk, in form
bentuk deposito dengan tenor 110 hari, of time deposit with placement period of
sebesar Rp15.000.000 pada tanggal 110 days, amounted to Rp15,000,000 on
25 September 2020, yang telah disalurkan 25 September 2020, and the funds has been
dalam bentuk kredit akumulatif sebesar distributed in form of loan with accumulative
Rp66.634.884 sampai dengan tanggal jatuh amounted to Rp66,634,884 until maturity date
tempo deposito pada 13 Januari 2021. of time deposit on 13 January 2021. The
Penempatan Dana Pemerintah Tahap II Governments placement Phase II has ended
tersebut telah berakhir dan telah dikembalikan and the fund was returned to Government on
kepada Pemerintah pada tanggal 13 Januari 13 January 2021.
2021.
Bank Mandiri juga berperan aktif dalam Bank Mandiri also plays an active role in
penyaluran kredit dengan penjaminan kredit lending with Micro, Small and Medium
UMKM dari Pemerintah sesuai PMK Enterprises (“MSME”) loan guarantees from
No. 71/PMK.08/2020 tanggal 23 Juni 2020. the Government in accordance with PMK
Penjaminan Pemerintah melalui badan usaha No. 71/PMK.08/2020 dated 23 June 2020.
penjaminan, yaitu melalui PT Jaminan Kredit Government guarantees are through guarantee
Indonesia dan PT Asuransi Kredit Indonesia. business entities, which are through
Hingga 30 November 2021, penyaluran kredit PT Jaminan Kredit Indonesia and PT Asuransi
UMKM dengan penjaminan kredit dari Kredit Indonesia. As of 30 November 2021,
pemerintah ini disalurkan kepada 13.352 MSME loan disbursement with loan guarantees
debitur UMKM dengan nilai pencairan kredit from the government was distributed to 13,352
sebesar Rp2,84 triliun. MSME debtors with a loan disbursement value
of Rp2.84 trillion.
493
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1441
Page 1444
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
65. INFORMASI TAMBAHAN YANG TIDAK 65. ADDITIONAL INFORMATION THAT IS NOT
DIPERSYARATKAN OLEH STANDAR AKUNTANSI REQUIRED BY INDONESIAN ACCOUNTING
INDONESIA (lanjutan) STANDARDS (continued)
Informasi tambahan berikut yang disajikan di bawah ini The following additional information presented below is
merupakan informasi yang disyaratkan oleh regulasi information required by applicable regulations and is not
yang berlaku dan bukan/tidak merupakan informasi information required by Indonesian Accounting
yang dipersyaratkan oleh Standar Akuntansi Standards. (continued)
Indonesia. (lanjutan)
k. Kredit yang Diberikan dan Piutang/ k. Loans and Sharia Receivables/Financing
Pembiayaan Syariah (lanjutan) (continued)
6. Kredit program pemerintah (lanjutan) 6. Government program loans (continued)
Pada tahun 2022, program penjaminan In 2022, the MSME loan guarantee program
kredit UMKM dari pemerintah tersebut from the government will continue its
dilanjutkan penyalurannya sesuai PMK distribution in accordance with PMK
No. 28/PMK.08/2022 tanggal 30 Maret 2022. No. 28/PMK.08/2022 dated 30 March 2022.
Hingga 31 Desember 2022, penyaluran kredit Until 31 December 2022, MSME loan
UMKM dengan penjaminan kredit dari distribution with loan guarantees from the
pemerintah ini disalurkan kepada 3.030 debitur government is distributed to 3,030 MSME
UMKM dengan nilai pencairan kredit sebesar debtors with a value of loan disbursement of
Rp148,66 miliar. Rp148.66 billion.
l. Piutang Pembiayaan Konsumen l. Consumer Financing Receivables
Berdasarkan kolektibilitas sesuai POJK: By collectability based on FSA regulation:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Lancar 37.988.114 38.852.457 Current
Dalam perhatian khusus 2.065.884 2.174.092 Special mention
Kurang lancar 138.255 214.525 Substandard
Diragukan 190.304 215.860 Doubtful
Macet 480.643 116.372 Loss
Total 40.863.200 41.573.306 Total
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (1.049.570) (934.353 ) impairment losses
Neto 39.813.630 40.638.953 Net
m. Investasi Bersih dalam Sewa Pembiayaan m. Net Investment Finance Leases
Berdasarkan kolektibilitas sesuai POJK: By collectability based on FSA regulation:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Lancar 3.906.449 5.335.749 Current
Dalam perhatian khusus 162.179 390.418 Special mention
Kurang lancar 8.391 9.340 Substandard
Diragukan 12.117 12.563 Doubtful
Macet 64.604 9.006 Loss
Total 4.153.740 5.757.076 Total
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (134.987) (103.337 ) impairment losses
Neto 4.018.753 5.653.739 Net
494
1442 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1445
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
65. INFORMASI TAMBAHAN YANG TIDAK 65. ADDITIONAL INFORMATION THAT IS NOT
DIPERSYARATKAN OLEH STANDAR AKUNTANSI REQUIRED BY INDONESIAN ACCOUNTING
INDONESIA (lanjutan) STANDARDS (continued)
Informasi tambahan berikut yang disajikan di bawah ini The following additional information presented below is
merupakan informasi yang disyaratkan oleh regulasi information required by applicable regulations and is not
yang berlaku dan bukan/tidak merupakan informasi information required by Indonesian Accounting
yang dipersyaratkan oleh Standar Akuntansi Standards. (continued)
Indonesia. (lanjutan)
n. Tagihan Akseptasi n. Acceptance Receivables
Berdasarkan kolektibilitas sesuai POJK: By collectability based on FSA regulation:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Lancar 8.085.682 9.308.408 Current
Dalam perhatian khusus 2.596 5.457 Special mention
8.088.278 9.313.865
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (26.015) (31.340 ) impairment losses
Neto 8.062.263 9.282.525 Net
o. Penyertaan Saham o. Investments in Shares
Berdasarkan kolektibilitas sesuai POJK: By collectability based on FSA regulation:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Lancar 2.346.353 2.416.779 Current
Macet 1.955 1.955 Loss
Total 2.348.308 2.418.734 Total
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (1.986) (1.986 ) impairment losses
Neto 2.346.322 2.416.748 Net
p. Estimasi Kerugian Atas Komitmen dan p. Estimated Losses on Commitments and
Kontinjensi Contingencies
Berdasarkan kolektibilitas sesuai POJK: By collectability based on FSA regulation:
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
Lancar 350.683.484 262.953.576 Current
Dalam perhatian khusus 1.082.083 1.134.720 Special mention
Kurang lancar 1.344 493 Substandard
Diragukan 2.139 1.442 Doubtful
Macet 39.391 6.972 Loss
Total 351.808.441 264.097.203 Total
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (895.791) (1.114.013) impairment losses
Komitmen dan Commitments and
kontinjensi - neto 350.912.650 262.983.190 contingencies - neto
495
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1443
Page 1446
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
65. INFORMASI TAMBAHAN YANG TIDAK 65. ADDITIONAL INFORMATION THAT IS NOT
DIPERSYARATKAN OLEH STANDAR AKUNTANSI REQUIRED BY INDONESIAN ACCOUNTING
INDONESIA (lanjutan) STANDARDS (continued)
Informasi tambahan berikut yang disajikan di bawah ini The following additional information presented below is
merupakan informasi yang disyaratkan oleh regulasi information required by applicable regulations and is not
yang berlaku dan bukan/tidak merupakan informasi information required by Indonesian Accounting
yang dipersyaratkan oleh Standar Akuntansi Standards. (continued)
Indonesia. (lanjutan)
q. Rasio Aset Produktif Bermasalah, Rasio q. Non-Performing Earning Assets Ratio,
Pemenuhan Cadangan Kerugian Penurunan Allowance for Impairment Losses on Earning
Nilai Aset Produktif, dan Rasio Kredit Usaha Assets Fulfillment Ratio, and Micro and Small
Mikro dan Kecil Business Loans Ratio
Rasio aset produktif bermasalah terhadap jumlah Non-performing earning assets to total earning
aset produktif (termasuk Rekening Administratif) assets ratio (including Administrative Accounts) as
pada tanggal 31 Desember 2025 dan 2024 (Bank of 31 December 2025 and 2024 (Bank Mandiri
Mandiri saja) adalah masing-masing sebesar only) are 0.67% and 0.67%,respectively. For Non-
0,67% dan 0,67%. Untuk rasio kredit bermasalah Performing Loan (NPL) ratio refer to Note 65.k.5.
lihat Catatan 65.k.5.
Rasio jumlah cadangan kerugian penurunan nilai The ratio of total allowance for impairment losses
aset produktif dibentuk oleh Bank Mandiri pada on earning assets provided by Bank Mandiri as of
tanggal 31 Desember 2025 dan 2024 terhadap 31 December 2025 and 2024 compared to the
jumlah minimum cadangan kerugian penurunan minimum allowance for impairment losses on
nilai aset produktif sesuai dengan ketentuan earning assets according to regulatory regulations
regulator pada tanggal 31 Desember 2025 dan as of 31 December 2025 and 2024 are 110.31%
2024 masing-masing sebesar 110,31% dan and 135.06%, respectively.
135,06%.
Rasio aset produktif bermasalah terhadap jumlah The ratio of non-performing earning assets to total
aset produktif (termasuk Rekening Administratif) earning assets (including Administrative Accounts)
dan rasio jumlah cadangan kerugian penurunan and the ratio of total allowance for impairment
nilai aset produktif dihitung sesuai dengan SEOJK losses on earning assets is calculated in
No. 9/SEOJK.03/2020 tanggal 30 Juni 2020 accordance with SEOJK No. 9/SEOJK.03/2020
tentang Transparansi dan Publikasi Laporan Bank dated 30 June 2020 concerning Transparency and
Umum Konvensional. Publication of Conventional Commercial Bank
Reports.
Rasio kredit usaha mikro dan kecil terhadap The ratio of small-scale and micro business loans
jumlah kredit yang diberikan Bank Mandiri pada to total loans provided by Bank Mandiri as of
tanggal 31 Desember 2025 dan 2024 masing- 31 December 2025 and 2024 are 7.72% and 8.10%,
masing sebesar 7,72% dan 8,10%. respectively.
r. Manajemen risiko r. Risk management
1) Risiko pasar dan risiko likuiditas 1) Market risk and liquidity risk
Manajemen risiko likuiditas Liquidity risk management
Pada tanggal 31 Desember 2025, RIM Bank As of 31 December 2025, the Banks’s RIM is
Mandiri saja sebesar 84,52%. Pada tanggal 84.52%. As of 31 December 2025, the Bank’s
31 Desember 2025, LCR Bank Mandiri saja LCR is 137.40%. As of 31 December 2025, the
sebesar 137,40%. Pada tanggal Bank’s NSFR is 109.95%.
31 Desember 2025, NSFR Bank Mandiri saja
sebesar 109,95%.
496
1444 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1447
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
65. INFORMASI TAMBAHAN YANG TIDAK 65. ADDITIONAL INFORMATION THAT IS NOT
DIPERSYARATKAN OLEH STANDAR AKUNTANSI REQUIRED BY INDONESIAN ACCOUNTING
INDONESIA (lanjutan) STANDARDS (continued)
Informasi tambahan berikut yang disajikan di bawah ini The following additional information presented below is
merupakan informasi yang disyaratkan oleh regulasi information required by applicable regulations and is not
yang berlaku dan bukan/tidak merupakan informasi information required by Indonesian Accounting
yang dipersyaratkan oleh Standar Akuntansi Standards. (continued)
Indonesia. (lanjutan)
r. Manajemen risiko (lanjutan) r. Risk Management (continued)
2) Risiko operasional 2) Operational risk
Managing risk through capital Managing risk through capital
Hasil perhitungan dari beban modal risiko The result of calculation of operational risk
operasional Bank Mandiri (Bank Mandiri saja) capital charges for Bank Mandiri (Bank Only) as
pada tanggal 31 Desember 2025 adalah of 31 December 2025 amounted to
sebesar Rp5.161.466 sedangkan secara Rp5,161,466 while for consolidation (Bank
konsolidasian (Bank Mandiri dengan Entitas Mandiri and its Subsidiaries) amounted to
Anak) adalah sebesar Rp6.532.494. Rp6,532,494. Based on these operational risk
Berdasarkan nilai beban modal risiko capital charges values, RWA for operational risk
operasional tersebut, nilai ATMR risiko as of 31 December 2025 amounted to
operasional pada tanggal 31 Desember 2025 Rp64,518,330 (Bank Only) and Rp81,656,177
adalah sebesar Rp64.518.330 (Bank Mandiri (consolidated).
saja) dan Rp81.656.177 (konsolidasian).
66. ASET DAN LIABILITAS DIKUASAI UNTUK DIJUAL 66. ASSETS AND LIABILITIES HELD FOR SALE
Kelompok aset dan liabilitas dalam laporan posisi Group of assets and liabilities in the consolidated
keuangan konsolidasian yang diklasifikasikan sebagai statement of financial position which classified as assets
aset dan liabilitas yang dikuasai untuk dijual and liabilities held for sale are assets and liabilities from
merupakan aset dan liabilitas dari PT Mandiri PT Mandiri Manajemen Investasi (MMI) in relation to Bank
Manajemen Investasi (MMI) sehubungan dengan Mandiri’s intention through its Subsidiary, PT Mandiri
intensi Bank Mandiri melalui Entitas Anak, PT Mandiri Sekuritas to transfer its 99.93% of its ownership in MMI to
Sekuritas untuk mengalihkan 99,93% kepemilikan the shareholders of Bank Mandiri within the next 12 month
saham di MMI kepada pemegang saham Bank Mandiri period. Details of those assets and liabilities held for sale
dalam periode 12 bulan kedepan. Rincian aset dan are as follows:
liabilitas yang dikuasai untuk dijual tersebut adalah
sebagai berikut:
31 Desember 2025/
31 December 2025
ASET*) ASSETS*)
Kas 14 Cash
Giro pada bank lain 4.879 Current accounts with other banks
Penempatan pada Bank Indonesia Placements with Bank Indonesia
dan bank lain 64.007 and other banks
Efek-efek 69.108 Marketable securities
Biaya dibayar dimuka 6.887 Prepaid expenses
Pajak dibayar dimuka 1.627 Prepaid taxes
Aset tetap 75.686 Fixed assets
Dikurangi: akumulasi penyusutan (44.984) Less: accumulated depreciation
Aset takberwujud 7.419 Intangible assets
Dikurangi: akumulasi amortisasi (6.420) Less: accumulated amortisation
*)
Setelah eliminasi transaksi intragroup After elimination of intercompany transactions *)
497
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1445
Page 1448
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
66. ASET DAN LIABILITAS DIKUASAI UNTUK DIJUAL 66. ASSETS AND LIABILITIES HELD FOR SALE
Rincian aset dan liabilitas yang dikuasai untuk dijual Details of those assets and liabilities held for sale are as
tersebut adalah sebagai berikut: (lanjutan) follows: (continued)
31 Desember 2025/
31 December 2025
ASET*) (lanjutan) ASSETS*) (continued)
Aset lain-lain 66.099 Other assets
Aset pajak tangguhan - neto 9.452 Deferred tax assets - net
TOTAL ASET 253.774 TOTAL ASSETS
*) *)
Setelah eliminasi transaksi intragroup After elimination of intercompany transactions
LIABILITAS LIABILITIES
Utang pajak 5.967 Taxes payable
Liabilitas imbalan kerja 49.474 Employee benefit liabilities
Liabilitas lain-lain 72.031 Other liabilities
TOTAL LIABILITAS 127.472 TOTAL LIABILITIES
67. STANDAR AKUNTANSI YANG TELAH DISAHKAN 67. ISSUED ACCOUNTING STANDARDS THAT ARE
NAMUN BELUM BERLAKU EFEKTIF NOT YET EFFECTIVE.
Amendemen dan penyesuaian Pernyataan Standar Amendments and improvements to the Statements of
Akuntansi Keuangan (PSAK) dan Interpretasi Standar Financial Accounting Standards (SFAS) and
Akuntansi Keuangan (ISAK) yang telah disahkan oleh Interpretations of Financial Accounting Standards (IFAS)
Dewan Standar Akuntansi Keuangan (DSAK) - Ikatan that have been issued by the Financial Accounting
Akuntan Indonesia (IAl), tetapi belum berlaku efektif Standards Board (FASB) of the Indonesian Institute of
untuk laporan keuangan tahun berjalan diungkapkan di Accountants (IAI), but are not yet effective for the current
bawah ini. Grup bermaksud untuk menerapkan financial year, are disclosed below. The Group intends to
amendemen dan penyesuaian PSAK dan ISAK adopt such amendments and improvements to SFAS and
tersebut, jika dipandang relevan, saat telah menjadi IFAS, where relevant, when they become effective.
efektif.
PSAK berlaku untuk tahun buku yang mulai sejak SFAS that will become effective for annual period
1 Januari 2026 dan penerapan dini diperbolehkan: beginning 1 January 2026 and early adoption is
permitted:
a. Amandemen PSAK 109 “Instrumen Keuangan”. a. Amendment to SFAS 109 “Financial Instruments”.
Amendemen ini menambahkan dan This amendment adds to and clarify the
mengklarifikasi ketentuan dalam PSAK 109 terkait requirements in SFAS 109 relating to the
penghentian pengakuan liabilitas keuangan, serta derecognition of financial liabilities and clarify the
mengklarifikasi penilaian karakteristik arus kas assessment of cash flow characteristics for financial
untuk aset keuangan dengan fitur ESG-linked, assets with ESG-linked features, financial assets
aset keuangan dengan fitur non-recourse, dan with non-recourse features, and contractually linked
instrumen yang terikat secara kontraktual seperti instruments such as tranches.
tranche.
498
1446 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1449
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
67. STANDAR AKUNTANSI YANG TELAH DISAHKAN 67. ISSUED ACCOUNTING STANDARDS THAT ARE
NAMUN BELUM BERLAKU EFEKTIF (lanjutan) NOT YET EFFECTIVE (continued)
PSAK berlaku untuk tahun buku yang mulai sejak SFAS that will become effective for annual period
1 Januari 2026 dan penerapan dini diperbolehkan: beginning 1 January 2026 and early adoption is
(lanjutan) permitted: (continued)
b. Amandemen PSAK 107 “Instrumen Keuangan: b. Amendment to SFAS 107 “Financial Instruments:
Pengungkapan tentang Klasifikasi dan Disclosures on Classification and Measurement of
Pengukuran Instrumen Keuangan”. Financial Instruments”.
Amendemen ini mengubah ketentuan terkait The amendment revises the disclosure requirements
persyaratan pengungkapan investasi pada for investments in equity instruments measured at
instrumen ekuitas yang diukur pada nilai wajar fair value through other comprehensive income and
melalui penghasilan komprehensif lain dan introduce additional requirements for financial
menambah ketentuan terkait instrumen keuangan instruments with contractual terms that modify the
dengan persyaratan kontraktual yang mengubah timing or amount of contractual cash flows.
waktu atau jumlah arus kas kontraktual.
PSAK berlaku untuk tahun buku yang mulai sejak SFAS that will become effective for annual period
1 Januari 2027 dan penerapan dini diperbolehkan: beginning 1 January 2027 and early adoption is
permitted:
PSAK 118 “Penyajian dan Pengungkapan dalam SFAS 118 “Presentation and Disclosure in Financial
dalam Laporan Keuangan”. Statements”.
PSAK ini akan menggantikan PSAK 201 “Penyajian This SFAS will replace SFAS 201 “Presentation in
Laporan Keuangan” yang menyebabkan perubahan Financial Statements” resulting in changes to the
pada struktur penyajian laporan laba rugi dimana presentation structure of the income statement, requiring
mensyaratkan penyajian subtotal laba/(rugi) operasi, the presentation of subtotal profit/(loss) from operations,
laba/(rugi) sebelum pendanaan dan pajak penghasilan, profit/(loss) before financing and income tax, as well as
serta laba/(rugi). Selanjutnya, penghasilan dan beban profit/(loss). Moreover, income and expenses to be
untuk diklasifikasikan ke dalam kategori operasi, classified into operating, investing and financing
investasi, dan pendanaan, serta pajak penghasilan dan categories, as well as income tax and discontinued
operasi yang dihentikan. Selain itu, PSAK ini juga operations. In addition, this SFAS also regulates the
mengatur mengenai pengungkapan ukuran kinerja disclosure of management-defined performance
tetapan manajemen (UKTM) dengan tujuan measures (MPMs) with the aim of communicating
mengomunikasikan pandangan manajemen atas management's views on the overall financial
aspek kinerja keuangan perusahaan secara performance of the company.
keseluruhan.
Grup sedang mengevaluasi dampak dari Pernyataan The Group is currently evaluating the impact of the
Standar Akuntansi Keuangan dan Interpretasi Standar Statements of Financial Accounting Standards and the
Akuntansi Keuangan tersebut dan belum menentukan Interpretations of Financial Accounting Standards and
dampaknya terhadap laporan keuangan konsolidasian has not yet determined their impact on the Group’s
Grup. consolidated financial statements.
499
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1447
Page 1450
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
68. PERISTIWA SETELAH TANGGAL LAPORAN 68. SUBSEQUENT EVENT
a) Pengalihan saham Bank Mandiri milik a) The transfer of Bank Mandiri’s shares held by PT
PT Danantara Asset Management (Persero) Danantara Asset Management (Persero) to the
kepada Badan Pengaturan Badan Usaha Milik State-Owned Enterprises Regulatory Authority
Negara
Berdasarkan Surat Keterangan Kepemilikan Based on the Share Ownership Certificate
Saham No. DE/I/26-0251 tanggal 7 Januari 2026 No. DE/I/26-0251 dated 7 January 2026 issued by
dari PT Datindo Entrycom selaku Biro PT Datindo Entrycom in its capacity as Bank
Administrasi Efek Bank Mandiri, pada tanggal Mandiri’s Share Registrar, as of 7 January 2026
7 Januari 2026 telah tercatat pengalihan there has been a recorded transfer of ownership of
kepemilikan 485.333.332 Saham Seri B 485,333,332 Series B Shares of the Company,
Perseroan atau 0,52 % (nol koma lima puluh dua representing 0.52% (zero point fifty-two percent) of
persen) dari seluruh saham yang telah the total issued and fully paid shares of the
dikeluarkan dan disetor penuh Perseroan milik Company, from PT Danantara Asset Management
PT Danantara Assets Management (Persero) (Persero) (‘DAM’) to the State-Owned Enterprises
(‘DAM’) kepada Badan Pengatur Badan Usaha Regulatory Authority (‘BP BUMN’).
Milik Negara (‘BP BUMN’).
Pelaksanaan transaksi pengalihan saham The implementation of the share transfer
dilakukan dengan penandatanganan Perjanjian transaction was carried out through the execution of
Pengalihan Saham Milik Negara Republik the Agreement on the Transfer of Shares Owned by
Indonesia Berupa Saham Seri B Pada BUMN the Government of the Republic of Indonesia in the
Kepada Badan Pengaturan Badan Usaha Milik Form of Series B Shares in State-Owned
Negara No. PERJ-1/BPU/01/2026 dan Enterprises to the State-Owned Enterprises
No. LGL1.001/PERJ/DI-DAM.DO/2026 tanggal Regulatory Authority No. PERJ-1/BPU/01/2026 and
5 Januari 2026 antara Kepala BP BUMN dan No. LGL1.001/PERJ/DI-DAM.DO/2026, dated
DAM. 5 January 2026, entered into between the Head of
BP BUMN and DAM.
Dengan terdapatnya pengalihan tersebut, BP As a result of such transfer, the BP BUMN holds 1%
BUMN memiliki saham Bank Mandri sebesar 1% (one percent) of the State’s total shareholding in
(satu persen) dari jumlah kepemilikan Negara Bank Mandiri, through the BP BUMN and DAM. The
melalui BP BUMN dan DAM dalam Perseroan. transfer of shares owned by the Government of the
Pengalihan saham milik Negara RI tersebut Republic of Indonesia constitutes the
merupakan pelaksanaan peraturan perundang- implementation of prevailing laws and regulations,
undangan, yaitu UU No. 16 Tahun 2025 tentang namely Law No. 16 of 2025 concerning the Fourth
Perubahan Keempat atas UU No. 16 Tahun 2025 Amendment to Law No. 19 of 2003 on State-Owned
tentang Perubahan Keempat atas UU No. 19 Enterprises, dated 6 October 2025.
Tahun 2003 tentang Badan Usaha Milik Negara
tanggal 6 Oktober 2025.
b) Penghentian pengendalian Bank Mandiri atas b) Termination of Bank Mandiri’s control on Bank
Bank Syariah Indonesia Sharia Indonesia
Pada tanggal 22 Desember 2025, BSI, entitas On 22 December 2025, BSI, a subsidiary,
anak, telah menyelenggarakan Rapat Umum conducted an Extraordinary General Meeting of
Pemegang Saham Luar Biasa (“RUPSLB”), Shareholders (“EGMS”), one of the principal agenda
dengan salah satu agenda RUPSLB tersebut items of EGMS was the approval of amendments to
berupa persetujuan Anggaran Dasar (“AD”) BSI BSI’s the Articles of Association (“AoA”) to align with
dalam rangka penyesuaian terhadap UU BUMN. the State-Owned Enterprises Law.
500
1448 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1451
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
68. PERISTIWA SETELAH TANGGAL LAPORAN 68. SUBSEQUENT EVENTS (continued)
(lanjutan)
b) Penghentian pengendalian Bank Mandiri atas b) Termination of Bank Mandiri’s control on Bank
Bank Syariah Indonesia (lanjutan) Sharia Indonesia (continued)
Dalam rangka penyesuaian tata kelola atas In order to align the governance framework of the
pengelolaan BSI, perubahan AD BSI tersebut supervision of BSI, the amendment to AoA was
ditindaklanjuti dengan Surat No. S-55/BP/01/2026 subsequently followed up by a letter No. S-
tanggal 27 Januari 2026 dari Badan Pengaturan 55/BP/01/2026 dated 27 January 2026 from the
BUMN (dahulu Kementerian BUMN) selaku Wakil State Owned Enterprises Governance (formerly
Pemerintah Negara Republik Indonesia (‘BP Ministry of State-Owned Enterprises), acting as the
BUMN’) sebagai Pemegang Saham Seri A Representative of the Government of the Republic
Dwiwarna pada BSI dengan detail sebagai of Indonesia (‘BP BUMN’), as a holder of Series A
berikut: Dwiwarna Shares in BSI, with the following details:
i) Pencabutan Surat Kuasa Khusus (‘SKK’) No. i) Revocation of the Special Power of Attorney
SKK-43/MBU/06/2022 tanggal 24 Juni 2022 No. SKK-43/MBU/06/2022 dated 24 June 2022
dari BP BUMN kepada Bank untuk melakukan granted by BP BUMN to the Bank, authorizing
sejumlah tindakan yang menjadi kewenangan the Bank to carry out actions constituting the
dan/atau hak Pemegang Saham Seri A authority and/or right of the holder of Series A
Dwiwarna pada BSI; dan Dwiwarna Shares in BSI; and
ii) Pemberian Surat Kuasa Khusus kepada ii) Granting of a Special Power of Attorney to
PT Danantara Asset Management (Persero) PT Danantara Asset Management (Persero)
(‘DAM’) selaku Holding Operasional BUMN (‘DAM’), as the Operational Holding of Sate-
berdasarkan UU BUMN, terkait pengalihan Owned Enterprises pursuant to the State-
sejumlah tindakan yang menjadi kewenangan Owned Enterprises Law, in relation to the
dan atau hak Pemegang Saham Seri A transfer of certain actions constituting the
Dwiwarna termasuk perubahan tata kelola authority and/or rights of Series A Dwiwarna
atas BSI sehubungan dengan SKK yang Shares including the changes of governance of
diberikan kepada DAM dari BP BUMN BSI in relation to the Special Power of Attorney
sebagai pemegang saham Seri A Dwiwarna given to DAM from the BP BUMN as a
BSI. shareholder of Series A Dwiwarna of BSI.
Pencabutan atas SKK yang diterima oleh Bank di The revocation of Special Power of Attorney
tanggal 27 Januari 2026 mengakibatkan received by the Bank on 27 January 2026 resulted
hilangnya pengendalian Bank atas BSI sesuai the Bank lost control over BSI in accordance with the
dengan kriteria dari standar akuntansi keuangan criteria of prevailing Indonesian financial accounting
yang berlaku di Indonesia. standards.
Bank tetap mempertahankan kepemilikan saham The Bank continues to hold 51.47% share
di BSI sebesar 51,47% dan memiliki pengaruh ownership in BSI and exercise a significant influence
signifikan atas BSI. over BSI.
c) Perubahan Susunan Keanggotaan Komite di c) Changes in the Composition of Committees
Bawah Dewan Komisaris Under the Board of Commissioners
Pada tanggal 27 Januari 2026 telah ditetapkan On 27 January 2026, there were changes to the
perubahan susunan keanggotaan Komite Audit, composition of the Audit Committee, Risk Oversight
Komite Pemantau Risiko, Komite Remunerasi Committee, Remuneration and Nomination
dan Nominasi dan Komite Tata Kelola Committee, and Integrated Governance Committee.
Terintegrasi, perubahan tersebut ditetapkan These changes were made based on the following
berdasarkan Keputusan Direksi sebagai berikut: Board of Directors’ Resolutions:
- KEP.DIR/006/2026 tentang Penetapan - KEP.DIR/006/2026 regarding the Appointment of
Keanggotaan Komite Audit. the Audit Committee Members.
- KEP.DIR/007/2026 tentang Penetapan - KEP.DIR/007/2026 regarding the Appointment of
Keanggotaan Komite Pemantau Risiko. the Risk Oversight Committee Members.
- KEP.DIR/008/2026 tentang Penetapan - KEP.DIR/008/2026 regarding the Appointment of
Keanggotaan Komite Tata Kelola the Integrated Governance Committee Members.
Terintegrasi.
- KEP.DIR/009/2026 tentang Penetapan - KEP.DIR/009/2026 regarding the Appointment of
Keanggotaan Komite Remunerasi dan the Remuneration and Nomination Committee
Nominasi. Members.
501
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1449
Page 1452
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
68. PERISTIWA SETELAH TANGGAL LAPORAN 68. SUBSEQUENT EVENTS (continued)
(lanjutan)
c) Perubahan Susunan Keanggotaan Komite di c) Changes in the Composition of Committees
Bawah Dewan Komisaris (lanjutan) Under the Board of Commissioners (continued)
Dengan adanya perubahan dimaksud, maka With the aforementioned changes, the composition
susunan keanggotaan Komite di bawah Dewan of the Committees under the Board of
Komisaris menjadi sebagai berikut: Commissioners is as follows:
1. Komite Audit 1. Audit Committee
- Zulkifli Zaini sebagai Ketua merangkap - Zulkifli Zaini as Chairman concurrently serving
Anggota*); as Member*);
- Mia Amiati sebagai Anggota; - Mia Amiati as Member;
- Bintoro K. Pardewo sebagai Anggota*); - Bintoro K. Pardewo as Member*);
- Rasyid Darajat sebagai Anggota (Pihak - Rasyid Darajat as Member (Independent Non-
Independen Non Komisaris); dan Commissioner); and
- Rubi Pertama sebagai Anggota (Pihak - Rubi Pertama as Member (Independent Non-
Independen Non Komisaris). Commissioner).
2. Komite Pemantau Risiko 2. Risk Oversight Committee
- Mia Amiati sebagai Ketua merangkap - Mia Amiati as Chairperson concurrently
Anggota; serving as Member;
- Zulkifli Zaini sebagai Anggota*); - Zulkifli Zaini as Member*);
- Rudy Salahuddin Ramto sebagai - Rudy Salahuddin Ramto as Member*);
Anggota*);
- Muhammad Yusuf Ateh sebagai Anggota; - Muhammad Yusuf Ateh as Member;
- Yuliot sebagai Anggota; - Yuliot as Member;
- Luky Alfirman sebagai Anggota*); - Luky Alfirman as Member*);
- Bintoro K. Pardewo sebagai Anggota*); - Bintoro K. Pardewo as Member*);
- Taufik Hidayat sebagai Anggota (Pihak - Taufik Hidayat as Member (Independent Non-
Independen Non Komisaris); dan Commissioner); and
- Caroline Halim sebagai Anggota (Pihak - Caroline Halim as Member (Independent Non-
Independen Non Komisaris). Commissioner).
*) Efektif setelah mendapat persetujuan dari Otoritas Jasa *) Effective upon obtaining approval from the Financial Services Authority
Keuangan atas Penilaian Kemampuan dan Kepatutan serta for the Fit and Proper Test and in compliance with the applicable laws
memenuhi peraturan perundang-undangan yang berlaku. and regulations.
502
1450 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1453
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
68. PERISTIWA SETELAH TANGGAL LAPORAN 68. SUBSEQUENT EVENTS (continued)
(lanjutan)
c) Perubahan Susunan Keanggotaan Komite di c) Changes in the Composition of Committees
Bawah Dewan Komisaris (lanjutan) Under the Board of Commissioners (continued)
3. Komite Tata Kelola Terintegrasi 3. Integrated Governance Committee
- Mia Amiati sebagai Ketua merangkap - Mia Amiati as Chairperson concurrently
Anggota; serving as Member;
- Zulkifli Zaini sebagai Anggota*); - Zulkifli Zaini as Member*);
- Bintoro K. Pardewo sebagai Anggota*); - Bintoro K. Pardewo as Member*);
- Taufik Hidayat sebagai Anggota (Pihak - Taufik Hidayat as Member (Independent
Independen Non Komisaris); Non-Commissioner);
- Rasyid Darajat sebagai Anggota (Pihak - Rasyid Darajat as Member (Independent
Independen Non Komisaris); Non-Commissioner);
- Perwakilan Komisaris Independen PT Bank - Representative of the Independent
Mandiri Taspen**); Commissioner of PT Bank Mandiri Taspen**);
- Perwakilan Komisaris Independen - Representative of the Independent
PT Mandiri Sekuritas**); Commissioner of PT Mandiri Sekuritas**).
- Perwakilan Komisaris Independen PT AXA - Representative of the Independent
Mandiri Financial Services**); Commissioner of PT AXA Mandiri Financial
Services**);
- Perwakilan Komisaris Independen - Representative of the Independent
PT Mandiri Tunas Finance**); Commissioner of PT Mandiri Tunas
Finance**);
- Perwakilan Komisaris Independen - Representative of the Independent
PT Mandiri Utama Finance**); Commissioner of PT Mandiri Utama
Finance**);
- Perwakilan Komisaris Independen - Representative of the Independent
PT Mandiri Capital Indonesia**); Commissioner of PT Mandiri Capital
Indonesia**);
- Perwakilan Komisaris Independen PT Bank - Representative of the Independent
Syariah Indonesia (Persero) Tbk**); dan Commissioner of PT Bank Syariah Indonesia
(Persero) Tbk**); and
- Dewan Pengawas Syariah dari - Sharia Supervisory Board of Subsidiaries.
Perusahaan Anak.
4. Komite Remunerasi dan Nominasi 4. Remuneration and Nomination Committee
- Zulkifli Zaini sebagai Ketua merangkap - Zulkifli Zaini as Chairperson concurrently
Anggota*); serving as Member*);
- Rudy Salahuddin Ramto sebagai - Rudy Salahuddin Ramto as Member*);
Anggota*);
- Muhammad Yusuf Ateh sebagai Anggota; - Muhammad Yusuf Ateh as Member;
- Mia Amiati sebagai Anggota; - Mia Amiati as Member;
- Yuliot sebagai Anggota; - Yuliot as Member;
- Luky Alfirman sebagai Anggota*; - Luky Alfirman as Member*);
- Bintoro K. Pardewo sebagai anggota*; dan - Bintoro K. Pardewo as Member*); and
- SEVP/Group Head Human Capital sebagai - SEVP/Group Head of Human Capital as
Sekretaris merangkap anggota. Secretary concurrently serving as Member.
*) Efektif setelah mendapat persetujuan dari Otoritas Jasa *) Effective upon obtaining approval from the Financial Services Authority
Keuangan atas Penilaian Kemampuan dan Kepatutan serta for the Fit and Proper Test and in compliance with the applicable laws
memenuhi peraturan perundang-undangan yang berlaku. and regulations.
**) Menyesuaikan dengan Pejabat dari Perusahaan Anak terkait. **) Adjusted in accordance with the relevant officers of the Subsidiaries.
503
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1451
Page 1454
The original consolidated financial statements
included herein are in the Indonesian language.
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
69. INFORMASI KEUANGAN TERSENDIRI ENTITAS 69. PARENT ENTITY‘S SEPARATE FINANCIAL
INDUK INFORMATION
Informasi keuangan tersendiri Entitas Induk hanya The Parent Entity’s separate financial information only
menyajikan informasi laporan posisi keuangan tanggal presents information on the statements of financial
31 Desember 2025 dan 2024 dan laporan laba rugi dan position as of 31 December 2025 and 2024 and the
penghasilan komprehensif lain, laporan perubahan statements of profit or loss and other comprehensive
ekuitas dan laporan arus kas untuk tahun yang income, the statements of changes in equity and the
berakhir pada tanggal 31 Desember 2025 dan 2024, statements of cash flow for the year then ended
dan catatan atas investasi pada entitas anak disajikan 31 December 2025 and 2024, and notes on investments
dengan metode biaya. in subsidiaries presented using the cost method.
Laporan keuangan tersendiri Entitas Induk disajikan The Parent Entity’s separate financial statements are
pada halaman 505 - 516. presented on pages 505 - 516.
504
1452 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1455
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
FINANCIAL STATEMENTS 2025
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (lanjutan) FINANCIAL STATEMENTS (continued)
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and
Tahun yang Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
LAPORAN POSISI KEUANGAN - ENTITAS INDUK STATEMENT OF FINANCIAL POSITION - PARENT
ENTITY
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
ASET ASSETS
Kas 24.868.663 23.325.843 Cash
Current accounts with
Giro pada Bank Indonesia 207.566.182 88.185.407 Bank Indonesia
Current accounts with
Giro pada bank lain other banks
Pihak berelasi 65.242 63.407 Related parties
Pihak ketiga 58.107.023 45.244.288 Third parties
58.172.265 45.307.695
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (9.833) (15.946) impairment losses
Neto 58.162.432 45.291.749 Net
Penempatan pada Placements with Bank
Bank Indonesia Indonesia and
dan bank lain other banks
Pihak berelasi 667.000 2.253.300 Related parties
Pihak ketiga 19.024.290 20.415.810 Third parties
19.691.290 22.669.110
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (1.499) (1.592) impairment losses
Neto 19.689.791 22.667.518 Net
Efek-efek Marketable securities
Pihak berelasi 10.299.554 12.943.046 Related parties
Pihak ketiga 70.882.293 31.556.942 Third parties
81.181.847 44.499.988
Ditambah: Add:
premi yang belum unamortised
diamortisasi, keuntungan - premiums, unrealised
bersih yang belum gains - net from increase
direalisasi dari kenaikan in fair value and
nilai wajar dan cadangan allowance for
kerugian penurunan nilai 535.460 203.526 impairment losses
Neto 81.717.307 44.703.514 Net
Obligasi pemerintah Government bonds
Pihak berelasi 219.792.906 221.138.442 Related parties
Tagihan lainnya - transaksi Other receivables - trade
perdagangan transactions
Pihak berelasi 6.598.004 6.905.328 Related parties
Pihak ketiga 23.631.110 22.705.939 Third parties
30.229.114 29.611.267
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (1.371.533) (1.376.265) impairment losses
Neto 28.857.581 28.235.002 Net
Tagihan atas efek-efek yang dibeli Securities purchased under
dengan janji dijual kembali agreements to resell
Pihak berelasi 52.242 4.613 Related parties
Pihak ketiga 2.719.288 7.161.653 Third parties
Total 2.771.530 7.166.266 Total
505
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1453
Page 1456
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
FINANCIAL STATEMENTS 2025
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (lanjutan) FINANCIAL STATEMENTS (continued)
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and
Tahun yang Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
LAPORAN POSISI KEUANGAN - ENTITAS INDUK STATEMENT OF FINANCIAL POSITION - PARENT
(lanjutan) ENTITY (continued)
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
ASET (lanjutan) ASSETS (continued)
Tagihan derivatif Derivative receivables
Pihak berelasi 3.029.980 2.948.995 Related parties
Pihak ketiga 4.213.869 4.767.505 Third parties
Total 7.243.849 7.716.500 Total
Kredit yang diberikan Loans
Pihak berelasi 387.762.912 272.166.019 Related parties
Pihak ketiga 1.109.345.752 1.038.613.383 Third parties
1.497.108.664 1.310.779.402
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (36.284.414) (38.257.611) impairment losses
Neto 1.460.824.250 1.272.521.791 Net
Tagihan akseptasi Acceptance receivables
Pihak berelasi 1.088.384 1.570.763 Related parties
Pihak ketiga 6.344.900 7.590.959 Third parties
7.433.284 9.161.722
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (19.083) (29.488) impairment losses
Neto 7.414.201 9.132.234 Net
Penyertaan saham Investments in shares
Pihak berelasi 14.991.540 14.991.540 Related parties
Pihak ketiga 24.955 24.955 Third parties
15.016.495 15.016.495
Dikurangi: cadangan kerugian Less: allowance for
penurunan nilai (12.930) (12.627) impairment losses
Neto 15.003.565 15.003.868 Net
Biaya dibayar dimuka 3.113.095 2.817.153 Prepaid expenses
Pajak dibayar dimuka 215.658 239.701 Prepaid taxes
Aset tetap 81.611.017 73.956.584 Fixed assets
Dikurangi: akumulasi Less: accumulated
penyusutan (22.779.419) (20.415.920) depreciation
Neto 58.831.598 53.540.664 Net
Aset takberwujud 12.505.318 11.425.335 Intangible assets
Dikurangi: akumulasi Less: accumulated
amortisasi (8.295.968) (7.217.467) amortisation
Neto 4.209.350 4.207.868 Net
Aset lain-lain 27.455.802 26.237.140 Other assets
Dikurangi: penyisihan Less: allowance for other
lainnya (2.020.607) (649.811) impairment losses
Neto 25.435.195 25.587.329 Net
Aset pajak tangguhan - neto 2.379.429 5.840.877 Deferred tax assets - net
TOTAL ASET 2.228.096.582 1.877.321.726 TOTAL ASSETS
506
1454 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1457
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
FINANCIAL STATEMENTS 2025
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (lanjutan) FINANCIAL STATEMENTS (continued)
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and
Tahun yang Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
LAPORAN POSISI KEUANGAN - ENTITAS INDUK STATEMENT OF FINANCIAL POSITION - PARENT
(lanjutan) ENTITY (continued)
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY
LIABILITAS LIABILITIES
Obligations due
Liabilitas segera 4.533.807 5.701.371 immediately
Simpanan dari nasabah Deposits from customers
Giro Demand deposits
Pihak berelasi 194.433.610 151.347.001 Related parties
Pihak ketiga 445.418.706 399.686.678 Third parties
Total 639.852.316 551.033.679 Total
Tabungan Saving deposits
Pihak berelasi 5.064.520 6.306.784 Related parties
Pihak ketiga 541.146.580 508.232.609 Third parties
Total 546.211.100 514.539.393 Total
Deposito berjangka Time deposits
Pihak berelasi 201.784.760 49.272.237 Related parties
Pihak ketiga 286.830.968 212.042.545 Third parties
Total 488.615.728 261.314.782 Total
Total simpanan dari Total deposits from
nasabah 1.674.679.144 1.326.887.854 customers
Simpanan dari bank lain Deposits from other banks
Giro dan Demand deposits
tabungan and saving deposits
Pihak berelasi 100.746 4.297.930 Related parties
Pihak ketiga 5.935.423 4.686.177 Third parties
Total 6.036.169 8.984.107 Total
Interbank call money Interbank call money
Pihak berelasi 750.375 1.931.400 Related parties
Pihak ketiga 7.263.507 7.330.154 Third parties
Total 8.013.882 9.261.554 Total
Deposito berjangka Time deposits
Pihak ketiga 4.333.527 6.962.430 Third parties
Total simpanan Total deposits from
dari bank lain 18.383.578 25.208.091 other banks
Liabilitas atas efek-efek yang Securities sold under
dijual dengan janji agreements
dibeli kembali to repurchase liabilities
Pihak berelasi 20.212 - Related parties
Pihak ketiga 39.718.767 90.156.012 Third parties
Total 39.738.979 90.156.012 Total
507
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1455
Page 1458
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
FINANCIAL STATEMENTS 2025
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (lanjutan) FINANCIAL STATEMENTS (continued)
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and
Tahun yang Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
LAPORAN POSISI KEUANGAN - ENTITAS INDUK STATEMENT OF FINANCIAL POSITION - PARENT
(lanjutan) ENTITY (continued)
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
LIABILITAS DAN EKUITAS (lanjutan) LIABILITIES AND EQUITY (continued)
LIABILITAS (lanjutan) LIABILITIES (continued)
Liabilitas derivatif Derivative payables
Pihak berelasi 2.467.837 2.133.504 Related parties
Pihak ketiga 4.373.784 5.190.840 Third parties
Total 6.841.621 7.324.344 Total
Liabilitas akseptasi Acceptance payables
Pihak berelasi 1.608.077 2.529.584 Related parties
Pihak ketiga 5.825.207 6.632.138 Third parties
Total 7.433.284 9.161.722 Total
Efek-efek yang diterbitkan Debt securities issued
Pihak berelasi 4.537.820 2.704.950 Related parties
Pihak ketiga 37.848.779 24.430.859 Third parties
42.386.599 27.135.809
Dikurangi: biaya penerbitan Less: unamortised
yang belum diamortisasi (91.470) (65.122) debt issuance cost
Neto 42.295.129 27.070.687 Net
Estimasi kerugian atas Estimated losses on
komitmen dan commitments and
kontinjensi 869.601 1.089.963 contingencies
Beban yang masih harus dibayar 3.850.787 2.932.234 Accrued expenses
Utang pajak 2.197.750 1.680.876 Taxes payable
Employee benefit
Liabilitas imbalan kerja 5.097.259 4.154.831 liabilities
Provisi 109.665 264.275 Provision
Liabilitas lain-lain 28.379.040 20.871.764 Other liabilities
Pinjaman yang diterima Fund borrowings
Pihak berelasi 956.763 684.425 Related parties
Pihak ketiga 130.578.093 96.803.772 Third parties
Total 131.534.856 97.488.197 Total
Pinjaman dan efek-efek Subordinated loans and
subordinasi marketable securities
Pihak ketiga 190.112 204.015 Third parties
190.112 204.015
Dikurangi: biaya penerbitan Less: unamortised
yang belum diamortisasi (334) (453) issuance cost
Neto 189.778 203.562 Net
TOTAL LIABILITAS 1.966.134.278 1.620.195.783 TOTAL LIABILITIES
508
1456 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1459
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
FINANCIAL STATEMENTS 2025
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (lanjutan) FINANCIAL STATEMENTS (continued)
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and
Tahun yang Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
LAPORAN POSISI KEUANGAN - ENTITAS INDUK STATEMENT OF FINANCIAL POSITION - PARENT
(lanjutan) ENTITY (continued)
31 Desember 2025/ 31 Desember 2024/
31 December 2025 31 December 2024
LIABILITAS DAN EKUITAS (lanjutan) LIABILITIES AND EQUITY (continued)
EKUITAS EQUITY
Ekuitas yang dapat diatribusikan Attributable equity to
kepada pemilik Entitas Induk the Parent Entity
Modal saham - nilai nominal Share capital -
Rp125 (nilai penuh) Rp125 (full amount)
per lembar saham masing-masing par value per share
pada tanggal 31 Desember 2025 as of 31 December 2025
dan 2024 and 2024
Modal dasar - 1 lembar saham Authorised capital - 1 Dwiwarna
Seri A Dwiwarna dan Series A share and
127.999.999.999 lembar 127,999,999,999 Series B
saham biasa Seri B pada tanggal common share as of 31 December
31 Desember 2025 dan 2024 2025 and 2024
Modal ditempatkan dan disetor - Issued and fully paid-in capital -
1 lembar saham 1 Dwiwarna Series A
Seri A Dwiwarna dan share and 93,333,333,331
93.333.333.331 lembar Series B common shares
saham biasa Seri B pada tanggal as of 31 December 2025
31 Desember 2025 dan 2024 11.666.667 11.666.667 and 2024
Tambahan modal disetor/ Additional paid-in capital/
agio saham 19.661.550 19.661.550 agio
Saham treasuri (403.625) - Treasury shares
Selisih kurs karena Differences arising from
penjabaran laporan translation of
keuangan dalam financial statements in
mata uang asing (240.333) (330.666) foreign currencies
Keuntungan/(kerugian) neto yang belum
direalisasi dari kenaikan/(penurunan) Net unrealised gain/(loss) from
nilai wajar aset keuangan increase/(decrease) in fair value
dalam kelompok nilai wajar of financial assets classified
melalui penghasilan as fair value through other
komprehensif lain setelah comprehensive income
dikurangi pajak tangguhan 866.895 (2.134.527) - net of deferred tax
Selisih bersih revaluasi Net differences in fixed
aset tetap 38.160.893 34.487.954 assets revaluation
Keuntungan neto aktuarial Net actuarial gain from
program imbalan pasti defined benefits
setelah dikurangi program - net of
pajak tangguhan 1.284.061 1.513.798 deferred tax
Penghasilan komprehensif Other comprehensive
lainnya 85.052 85.052 income
Saldo laba (saldo rugi sebesar Retained earnings (accumulated
Rp162.874.901 telah losses of Rp162,874,901
dieliminasi dengan tambahan were eliminated against
modal disetor/agio saham additional paid-in capital/
pada saat kuasi - agio as a result of quasi-
reorganisasi pada reorganisation
tanggal 30 April 2003) on 30 April 2003)
Sudah ditentukan penggunaannya 5.380.268 5.380.268 Appropriated
Belum ditentukan penggunaannya 185.500.876 186.795.847 Unappropriated
Total saldo laba 190.881.144 192.176.115 Total retained earnings
TOTAL EKUITAS 261.962.304 257.125.943 TOTAL EQUITY
TOTAL LIABILITAS DAN TOTAL LIABILITIES AND
EKUITAS 2.228.096.582 1.877.321.726 EQUITY
509
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1457
Page 1460
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
FINANCIAL STATEMENTS 2025
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (lanjutan) FINANCIAL STATEMENTS (continued)
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and
Tahun yang Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
LAPORAN LABA RUGI DAN PENGHASILAN STATEMENT OF PROFIT OR LOSS AND OTHER
KOMPREHENSIF LAIN - ENTITAS INDUK COMPREHENSIVE INCOME - PARENT ENTITY
Tahun yang berakhir
pada tanggal 31 Desember/
Years ended 31 December
2025 2024
PENDAPATAN DAN BEBAN INCOME AND EXPENSE
OPERASIONAL FROM OPERATIONS
Pendapatan bunga 122.269.711 112.305.488 Interest income
Beban bunga (43.968.958) (36.475.504) Interest expense
PENDAPATAN BUNGA - NET INTEREST
NETO 78.300.753 75.829.984 INCOME
Pendapatan operasional lainnya Other operating income
Provisi dan komisi 20.753.457 17.586.474 Fees and commissions
Pendapatan dari kelompok Income from fair value
nilai wajar melalui through profit or loss
laba rugi - neto 5.533.687 3.732.208 classification - net
Lain-lain 10.192.241 10.242.743 Others
Total pendapatan Total other operating
operasional lainnya 36.479.385 31.561.425 income
Pembentukan cadangan kerugian Allowance for impairment
penurunan nilai (4.684.835) (7.159.896) losses
Pembalikan penyisihan Reversal of allowance for
estimasi kerugian estimated losses on
atas komitmen dan commitments and
kontinjensi 261.452 25.381 contingencies
Allowance for other
Pembentukan penyisihan impairment losses
lainnya dan kerugian and operational
risiko operasional - neto (1.279.178) (136.855) risk losses - net
Keuntungan dari penjualan Gain on sale of
efek-efek dari obligasi marketable securities and
pemerintah 210.974 1.041 government bonds
Beban operasional lainnya Other operating expenses
Salaries and employee
Beban gaji dan tunjangan (17.503.548) (14.684.386) benefits expenses
Beban umum dan General and
administrasi (19.723.043) (16.868.310) administrative expenses
Lain-lain (8.721.538) (5.884.851) Others
Total beban operasional Total other operating
lainnya (45.948.129) (37.437.547) expenses
INCOME FROM
LABA OPERASIONAL 63.340.422 62.683.533 OPERATION
Pendapatan bukan Non operating
operasional - neto 124.559 342.689 income - net
LABA SEBELUM BEBAN INCOME BEFORE
PAJAK 63.464.981 63.026.222 TAX EXPENSE
Beban pajak Tax expense
Kini (9.045.956) (9.742.944) Current
Tangguhan (2.879.299) (2.147.315) Deferred
Total beban pajak - neto (11.925.255) (11.890.259) Total tax expense - net
LABA TAHUN NET INCOME
BERJALAN 51.539.726 51.135.963 FOR THE YEAR
510
1458 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1461
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
FINANCIAL STATEMENTS 2025
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (lanjutan) FINANCIAL STATEMENTS (continued)
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and
Tahun yang Berakhir pada Tanggal Tersebut for the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
LAPORAN LABA RUGI DAN PENGHASILAN STATEMENT OF PROFIT OR LOSS AND OTHER
KOMPREHENSIF LAIN - ENTITAS INDUK (lanjutan) COMPREHENSIVE INCOME - PARENT ENTITY
(continued)
Tahun yang berakhir
pada tanggal 31 Desember/
Years ended 31 December
2025 2024
PENGHASILAN KOMPREHENSIF OTHER COMPREHENSIVE
LAIN INCOME
Pos-pos yang tidak akan Items that will not be
direklasifikasi reclassified to
ke laba rugi profit or loss
Keuntungan revaluasi Gain on fixed assets
aset tetap 3.672.939 - revaluation
Keuntungan aktuarial Actuarial gain from
program imbalan pasti (283.626) 2.134 defined benefits program
Pajak penghasilan Income tax related to
terkait pos-pos yang tidak items that will not be
akan direklasifikasi reclassified to
ke laba rugi 53.889 (406) profit or loss
3.443.202 1.728
Pos-pos yang akan Items that will be
direklasifikasi reclassified to
ke laba rugi profit or loss
Penyesuaian akibat Difference arising from
penjabaran laporan translation of financial
keuangan dalam statements in foreign
mata uang asing 90.333 103.771 currencies
Perubahan nilai wajar aset Changes in fair value of
keuangan dalam financial assets
kelompok nilai wajar classified as fair value
melalui penghasilan through other
komprehensif lain 3.637.460 (321.597) comprehensive income
Pajak penghasilan terkait Income tax related to
pos-pos yang akan items that will be
direklasifikasi reclassified to
ke laba rugi (636.038) 113.898 profit or loss
3.091.755 (103.928)
Penghasilan komprehensif lain Other comprehensive
tahun berjalan - income for the year
setelah pajak penghasilan 6.534.957 (102.200) - net of income tax
TOTAL PENGHASILAN TOTAL COMPREHENSIVE
KOMPREHENSIF INCOME
TAHUN BERJALAN 58.074.683 51.033.763 FOR THE YEAR
LABA PER SAHAM EARNINGS PER SHARE
Dasar dan dilusian (dalam Basic and diluted (full
Rupiah penuh) 552,29 547,89 amount of Rupiah)
511
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1459
Page 1462
FINANCIAL STATEMENTS 2025
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
1460
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (lanjutan) FINANCIAL STATEMENTS (continued)
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun yang Berakhir pada Tanggal Tersebut the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
LAPORAN PERUBAHAN EKUITAS - ENTITAS INDUK STATEMENT OF CHANGES IN EQUITY - PARENT ENTITY
31 Desember 2025/31 December 2025
Keuntungan/
(kerugian)
neto
yang belum
direalisasi
dari kenaikan/
(penurunan)
nilai wajar
aset keuangan
dalam kelompok
nilai wajar
melalui
penghasilan Keuntungan
komprehensif neto
Selisih kurs lain setelah aktuarial
karena dikurangi program
Modal saham penjabaran pajak imbalan
yang diperoleh laporan tangguhan/ pasti Saldo laba/Retained earnings
dan dimiliki keuangan Net unrealised setelah
kembali (saham dalam mata gain/(loss) from Selisih dikurangi
Modal Tambahan treasuri)/ Share uang asing/ increase/ (decrease) in bersih pajak Penghasilan
ditempatkan modal disetor/ capital acquired Difference arising fair value of financial revaluasi tangguhan/ komprehensif
dan disetor/ agio saham/ and from translation of assets through other aset tetap/ Net actuarial gain lainnya/ Sudah Belum
Issued and Additional repossessed financial comprehensive Net difference in from defined Other ditentukan ditentukan Total
fully paid-in paid-in (treasury statements in income - net of fixed assets benefits program - comprehensive penggunaannya/ penggunaannya/ ekuitas/
capital capital/agio shares) foreign currencies deferred tax revaluation net of deferred tax income Appropriated Unappropriated Total Total equity
Saldo pada tanggal Balance as of
1 Januari 2025 11.666.667 19.661.550 - (330.666) (2.134.527) 34.487.954 1.513.798 85.052 5.380.268 186.795.847 192.176.115 257.125.943 1 January 2025
Pembagian laba: Distribution of income:
Dividen atas laba bersih Dividend on net income
tahun 2024 - - - - - - - - - (43.510.539) (43.510.539) (43.510.539) for the year 2024
Dividen interim atas laba Interim dividend on net
bersih tahun 2025 - - - - - - - - - (9.324.158) (9.324.158) (9.324.158) income for the year 2025
Pembelian saham treasuri - - (403.625) - - - - - - - - (403.625) Treasury shares
Laba periode berjalan - - - - - - - - - 51.539.726 51.539.726 51.539.726 Net income for the period
ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Penghasilan komprehensif lain Other comprehensive income
tahun berjalan - - - 90.333 3.001.422 3.672.939 (229.737) - - - - 6.534.957 for the year
Saldo pada tanggal Balance as of
31 Desember 2025 11.666.667 19.661.550 (403.625) (240.333) 866.895 38.160.893 1.284.061 85.052 5.380.268 185.500.876 190.881.144 261.962.304 31 December 2025
512
Page 1463
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (lanjutan) FINANCIAL STATEMENTS (continued)
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun yang Berakhir pada Tanggal Tersebut the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
LAPORAN PERUBAHAN EKUITAS - ENTITAS INDUK (lanjutan) STATEMENT OF CHANGES IN EQUITY - PARENT ENTITY (continued)
31 Desember 2024/31 December 2024
Keuntungan/
(kerugian)
neto
yang belum
direalisasi
dari kenaikan/
(penurunan)
nilai wajar
aset keuangan
dalam kelompok
nilai wajar
melalui
penghasilan
komprehensif
lain setelah Keuntungan
dikurangi neto
Selisih kurs pajak aktuarial
karena tangguhan/ program
penjabaran Net unrealised imbalan
laporan gain/(loss) from pasti Saldo laba/Retained earnings
keuangan increase/ setelah
dalam mata (decrease) in fair Selisih dikurangi
Modal Tambahan uang asing/ value of financial bersih pajak Penghasilan
ditempatkan modal disetor/ Difference arising assets through revaluasi tangguhan/ komprehensif
dan disetor/ agio saham/ from translation other aset tetap/ Net actuarial gain lainnya/ Sudah Belum
Issued and Additional of financial comprehensive Net difference in from defined Other ditentukan ditentukan Total
fully paid-in paid-in statements in income - net of fixed assets benefits program - comprehensive penggunaannya/ penggunaannya/ ekuitas/
capital capital/agio foreign currencies deferred tax revaluation net of deferred tax income Appropriated Unappropriated Total Total equity
Saldo pada tanggal Balance as of
1 Januari 2024 11.666.667 18.941.550 (434.437) (1.926.827) 34.487.954 1.512.069 85.052 5.380.268 168.695.914 174.076.182 238.408.210 1 January 2024
Pembayaran dividen dari laba Dividend payment from
bersih tahun 2023 - - - - - - - - (33.036.034) (33.036.034) (33.036.034) 2023 net income
Laba tahun berjalan - - - - - - - - 51.135.963 51.135.963 51.135.963 Net income for the year
Dampak pengalihan pengendalian Impact of control transfer
atas Entitas Anak kepada of a Subsidiary to a
entitas sepengendali - 720.000 - - - - - - - - 720.000 entity under common control
Transfer pendapatan komprehensif lain Transfer of other comprehensive
ke saldo laba karena penghentian income to retained earnings due to
aset keuangan yang diukur derecognition of financial assets
pada nilai wajar melalui penghasilan measured at fair value through
komprehensif lain - - - - - - - - 4 4 4 other comprehensive income
Penghasilan komprehensif lain Other comprehensive income
tahun berjalan - - 103.771 (207.700) - 1.729 - - - - (102.200) for the year
Saldo pada tanggal Balance as of
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH
31 Desember 2024 11.666.667 19.661.550 (330.666) (2.134.527) 34.487.954 1.513.798 85.052 5.380.268 186.795.847 192.176.115 257.125.943 31 December 2024
1461
513
FINANCIAL STATEMENTS 2025
Page 1464
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
FINANCIAL STATEMENTS 2025
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (lanjutan) FINANCIAL STATEMENTS (continued)
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun yang Berakhir pada Tanggal Tersebut the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
LAPORAN ARUS KAS - ENTITAS INDUK STATEMENT OF CASH FLOWS - PARENT ENTITY
Tahun yang berakhir
pada tanggal 31 Desember/
Years ended 31 December
2025 2024
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS OPERATING
OPERASIONAL ACTIVITIES
Penerimaan pendapatan Receipts from interest
bunga 118.395.528 108.978.724 income
Penerimaan pendapatan Receipts from provision
provisi dan komisi 20.753.457 17.586.474 and commission
Pembayaran beban Payments of interest
bunga (41.633.487) (36.026.129) expense
Penerimaan dari
penjualan obligasi Receipts from the sale
pemerintah - diukur of government bonds -
pada nilai wajar measured at fair value
melalui laba rugi 459.317.906 489.210.971 through profit or loss
Pembelian obligasi Acquisition of
pemerintah - diukur government bonds -
pada nilai wajar measured at fair value
melalui laba rugi (469.251.598) (492.395.378) through profit or loss
Pendapatan/(beban) dari Income/(expense) from
kelompok nilai wajar fair value through profit
melalui laba rugi - neto 7.762.266 3.988.278 or loss classification - net
Pendapatan operasional Other operating
lainnya - lain-lain 2.907.318 3.457.309 income - others
Beban operasional Other operating
lainnya - lain-lain (8.414.695) (7.363.540) expenses - others
Salaries and employee
Beban gaji dan tunjangan (16.844.746) (18.944.829) benefits expenses
Beban umum dan General and administrative
administrasi (16.001.034) (12.474.720) expenses
Pendapatan bukan Non-operating
operasional - neto 124.131 341.471 income - net
Pembayaran pajak Payment of corporate
penghasilan badan (8.464.145) (9.769.799) income tax
Arus kas dari aktivitas Cash flows from operating
operasional sebelum activities before
perubahan aset dan changes in operating
liabilitas operasional 48.650.901 46.588.832 assets and liabilities
(Kenaikan)/penurunan atas (Increase)/decrease in
aset operasional: operating assets:
Penempatan pada Placements with
Bank Indonesia Bank Indonesia
dan bank lain (1.103.769) (942.774) and other banks
Efek-efek - diukur pada Marketable securities
nilai wajar melalui - measured at fair
laba rugi (23.382.968) (2.590.292) value through profit or loss
Tagihan lainnya - transaksi Other receivables
perdagangan (617.847) (3.839.639) - trade transactions
Kredit yang diberikan (192.732.039) (236.089.058) Loans
Tagihan atas efek-efek Securities purchased
yang dibeli dengan under agreements
janji dijual kembali 4.394.736 9.039.314 to resell
514
1462 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1465
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
FINANCIAL STATEMENTS 2025
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN (lanjutan) FINANCIAL STATEMENTS (continued)
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun yang Berakhir pada Tanggal Tersebut the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
LAPORAN ARUS KAS - ENTITAS INDUK (lanjutan) STATEMENT OF CASH FLOWS - PARENT ENTITY
(continued)
Tahun yang berakhir
pada tanggal 31 Desember/
Years ended 31 December
2025 2024
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS OPERATING
OPERASIONAL (lanjutan) ACTIVITIES (continued)
(Kenaikan)/penurunan atas Increase (decrease) in
aset operasional: (lanjutan) operating assets: (continued)
Pajak dibayar dimuka 24.043 56 Prepaid taxes
Biaya dibayar dimuka (295.942) (1.393.054) Prepaid expenses
Aset lain-lain (246.417) 2.846.237 Other assets
Penerimaan atas aset
keuangan yang telah Recovery of written-off
dihapusbukukan 7.284.923 6.785.434 financial assets
Kenaikan/(penurunan) Increase/(decrease) in
atas liabilitas operasional: operating liabilities:
Bank konvensional Conventional banking
Giro 85.817.050 20.798.149 Demand deposits
Tabungan 31.725.356 60.896.869 Saving deposits
Deposito berjangka 224.672.043 9.637.281 Time deposits
Interbank call money (1.247.672) 2.294.658 Interbank call money
Liabilitas segera (1.167.564) 1.218.426 Obligations due immediately
Utang pajak lainnya (64.937) 65.552 Other taxes payable
Liabilitas lain-lain 483.562 627.331 Other liabilities
Kas neto yang (digunakan untuk)/ Net cash (used in)/provided
diperoleh dari aktivitas operasional 182.193.459 (84.056.678) by operating activities
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS INVESTASI INVESTING ACTIVITIES
Penurunan Decrease
efek-efek - in marketable
selain diukur securities - other
pada nilai wajar than measured at fair value
melalui laba rugi (13.641.222) 798.445 through profit or loss
Penurunan Decrease in
obligasi pemerintah - selain government bonds -
diukur pada nilai wajar other than measured at
melalui laba rugi 15.163.773 20.919.392 fair value through profit or loss
Penerimaan dari penjualan Proceeds from sale of
aset tetap 8.875 1.220 fixed assets
Pembelian aset tetap (3.217.347) (3.085.623) Acquisition of fixed assets
Pembelian aset Acquisition of
tidak berwujud (1.090.276) (1.111.005) intangible assets
Penerimaan dari divestasi penyertaan Proceeds from control transfer
pada Entitas Asosiasi - (20.000) of a Subsidiary
Penerimaan dari pengalihan pengendalian Proceeds from control transfer
atas Entitas Anak - 1.710.000 of a Subsidiary
Kas neto yang diperoleh dari/ Net cash provided by/
(digunakan untuk) aktivitas investasi (2.776.197) 19.212.429 (used in) investing activities
515
ANNUAL REPORT 2025 | ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH 1463
Page 1466
PT BANK MANDIRI (PERSERO) Tbk PT BANK MANDIRI (PERSERO) Tbk
FINANCIAL STATEMENTS 2025
DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN(lanjutan) FINANCIAL STATEMENTS (continued)
Tanggal 31 Desember 2025 dan untuk As of 31 December 2025 and for
Tahun yang Berakhir pada Tanggal Tersebut the Year Then Ended
(Disajikan dalam jutaan Rupiah, (Expressed in millions of Rupiah,
kecuali dinyatakan lain) unless otherwise stated)
LAPORAN ARUS KAS - ENTITAS INDUK (lanjutan) STATEMENT OF CASH FLOWS - PARENT ENTITY
(continued)
Tahun yang berakhir
pada tanggal 31 Desember/
Years ended 31 December
2025 2024
ARUS KAS DARI CASH FLOWS FROM
AKTIVITAS FINANCING
PENDANAAN ACTIVITIES
Penerimaan dari efek-efek Receipts from debt
yang diterbitkan 23.166.392 - securities issued
Pembayaran atas efek-efek Payments of debt
yang diterbitkan (8.649.473) (15.194.442) securities issued
Penerimaan dari pinjaman Receipts from fund
yang diterima 120.610.330 50.274.160 borrowings
Pembayaran atas pinjaman Payments of fund
yang diterima (90.099.461) (12.149.069) borrowings
Pembayaran atas Payments of
pinjaman dan subordinated loans
efek-efek subordinasi (17.338) (16.887) securitie and marketable
(Penurunan)/kenaikan liabilitas (Decrease)/increase in
atas efek-efek yang dijual securities sold repurchase
dengan janji dibeli kembali (52.470.369) 53.507.692 liabilities under agreements to
Pembayaran liabilitas sewa (1.233.430) (1.361.324) Payments for lease liabilities
Pembayaran dividen (43.510.539) (33.036.034) Payments of dividends
Pembelian saham treasuri (403.625) - Purchase of treasury shares
Penambahan kepemilikan pada Acquisition of interest
Entitas Anak dari kepentingan in Subsidiary from
nonpengendali - (1.019.000) non-controlling interest
Kas neto yang (digunakan untuk)/ Net cash (used in)/ provided by
diperoleh dari aktivitas pendanaan (52.607.513) 41.005.096 for financing activities
KENAIKAN/(PENURUNAN) NETO NET INCREASE/(DECREASE)
KAS DAN IN CASH AND
SETARA KAS 126.809.749 (23.839.153) CASH EQUIVALENTS
DAMPAK PERUBAHAN EFFECTS OF EXCHANGE
SELISIH KURS RATE CHANGES ON
TERHADAP CASH AND
KAS DAN SETARA KAS 2.896.827 3.604.659 CASH EQUIVALENTS
CASH AND CASH
KAS DAN SETARA KAS PADA EQUIVALENTS AT THE
AWAL TAHUN 176.599.107 196.833.601 BEGINNING OF YEAR
CASH AND CASH
KAS DAN SETARA KAS PADA EQUIVALENTS AT THE
AKHIR TAHUN 306.305.683 176.599.107 END OF YEAR
Kas dan setara kas Cash and cash equivalents
pada akhir tahun at the end of year
terdiri dari: consists of:
Kas 24.868.663 23.325.843 Cash
Giro pada Current accounts with
Bank Indonesia 207.566.182 88.185.407 Bank Indonesia
Giro pada Current accounts with
bank lain 58.172.265 45.307.695 other banks
Investasi jangka pendek Liquid short-term
likuid dengan investments with
jangka waktu jatuh a period of time
tempo tiga bulan maturity of three
atau kurang sejak months or less from
tanggal perolehan 15.698.573 19.780.162 the date of acquisition
Total kas dan Total cash and
setara kas 306.305.683 176.599.107 cash equivalents
516
1464 ORCHESTRATING ECOSYSTEMS TO DELIVER STRONG GROWTH | ANNUAL REPORT 2025
Page 1467
PT Bank Mandiri (Persero) Tbk Jalan Jend. Sudirman Kav. 54-55 Jakarta 12190 Indonesia Telp : 14000, +62-21-52997777 Fax : +62-21-52997735 www.bankmandiri.co.id
Names mentioned 216 people and organisations named in the text · linked when the evidence is strong
unresolved
org
DISCUSSION AND Bank Mandiri (Persero) Tbk
p.6
unresolved
org
Bank Mandiri Position
p.6
unresolved
org
Bank Soundness Level
p.7 ×3
unresolved
org
Bank Mandiri Human Capital
p.7
unresolved
org
Bank Mandiri’s Total Tax Contribution
p.9
unresolved
org
Bank Mandiri’s Assistance Packages Mandiri
p.9
unresolved
org
Koperasi Desa Merah Putih
p.10 ×2
unresolved
org
Koperasi Desa Merah Putih ANNUAL
p.11
unresolved
org
Bank Supporting Monetary Policy
p.14
unresolved
org
Bank Indonesia
p.14 ×12
unresolved
org
Bank Peringkat ESG
p.15
unresolved
org
Bank Mandiri Europe Ltd.
p.30 ×2
unresolved
org
Bank Mandiri Shares Price
p.43 ×2
unresolved
org
Bank Mandiri Sustainability Bond
p.47
unresolved
person
Jose Dima Satria
p.47
unresolved
org
Financial Services Authority
p.47 ×5
unresolved
org
Bank Mandiri Shelf Registration Sustainability Bonds I Phase
p.47
unresolved
org
Bank Mandiri Phase I Year
p.47 ×2
unresolved
org
Bank Mandiri Shelf Registration
p.47
unresolved
org
Bank Mandiri Phase II Year
p.47 ×2
unresolved
org
Bank Mandiri Sustainability
p.48
unresolved
org
Ministry of Finance
p.52
unresolved
org
Ministry of Housing
p.56
unresolved
org
Bank Mandiri’s Business Plan
p.63
unresolved
org
Bank Plan. Stress
p.65
unresolved
org
Bank Mandiri’s Nevertheless
p.65
unresolved
org
Bank Mandiri’s Financial Conglomeration
p.67
unresolved
person
Arif Budimanta
· Commissioner
p.67
unresolved
—
Appointed Mr. Kuswiyoto
· President Commissioner
p.67
unresolved
—
Bintoro K. Pardewo*
· Independent Commissioner
p.67
unresolved
person
Timothy
· Operations Director
p.78
unresolved
—
become “Indonesia’s Sustainability Champion for a
· Through this integrated approach, Bank Mandiri remains
p.79
unresolved
—
Better Future.” The implementation of ESG initiatives
· committed to strengthening sustainability performance
p.79
unresolved
—
throughout 2025 demonstrated measurable progress
· while generating long-term positive impact for society,
p.79
unresolved
org
received recognition from leading global rating
· the environment, and the national economy.
p.79
unresolved
org
Bank Mandiri’s MSCI ESG
p.79
unresolved
org
Bank Mandiri’s Social
p.79
unresolved
org
management, and ESG integration across business
· Environmental, Economic, Legal and Governance,
p.79
unresolved
—
processes and operations. Moreover, Sustainalytics
· and Social, in alignment with the Minister of SOE
p.79
unresolved
org
Minister of SOE ESG Risk Rating
p.79
unresolved
org
ESG Risk Rating classified Bank Mandiri within
· Regulation No. PER-05/MBU/04/2021 on SOE Social
p.79
unresolved
org
robust ESG risk management, where lower scores
· framework ensures that TJSL programs are focused,
p.79
unresolved
—
represent stronger sustainability performance.
· measurable, and aligned with national development
p.79
unresolved
—
sustainability pillars: Sustainable Banking, Sustainable
· In 2025, Bank Mandiri realized total TJSL disbursement
p.79
unresolved
—
Operation, and Sustainability Beyond Banking.
· of Rp251.1 billion, relatively in line with the previous year.
p.79
unresolved
org
Bank expanded sustainable retail financing products,
· the Social Pillar, 258 under the Economic Pillar, 346
p.79
unresolved
—
including Green Mortgage and electric vehicle financing.
· under the Environmental Pillar, and 17 under the Legal
p.79
unresolved
org
On Sustainable Operation, the Bank successfully
· Bank’s continued commitment to delivering tangible
p.79
unresolved
—
reduced operational emissions by 32% compared to
· and sustainable impact for communities and the
p.79
unresolved
—
2019 baseline through green building initiative, electric
· environment.
p.79
unresolved
—
other carbon-neutral initiatives. Sustainability
· HUMAN CAPITAL MANAGEMENT AND
p.79
unresolved
—
female. Governance enhancement continues through
· Bank Mandiri positions Human Capital as a primary
p.79
unresolved
—
strengthened data protection and cybersecurity
· enabler in achieving its 2025 Strategic Focus,
p.79
unresolved
—
frameworks to safeguard customers and operational
· Integrated Strategic Growth and Transformational
p.79
unresolved
org
Through Sustainability Beyond Banking, Bank Mandiri
· strengthening leadership capabilities, accelerating
p.79
unresolved
org
advanced financial inclusion, particularly for MSMEs.
· business transformation, and ensuring alignment
p.79
unresolved
org
Bank Mandiri’s Employee Value Proposition
p.80 ×2
unresolved
person
Vice
· President Director
p.84 ×2
unresolved
org
Bank Mandiri Issued
p.87
unresolved
person
Sutjipto
· Notaris
p.87 ×5
unresolved
org
Minister of Justice
p.87 ×3
unresolved
org
Indonesia Stock Exchange
p.87
unresolved
org
PT Bank Mandiri Taspen
p.88
unresolved
org
Bank Mantap
p.88
unresolved
org
PT Mandiri Utama Finance
p.88
unresolved
org
PT AXA Mandiri Financial Services
p.88
unresolved
org
PT Mandiri Capital Indonesia
p.88
unresolved
org
Mandiri International Remittance Sdn. Bhd.
p.88
unresolved
org
PT Mandiri Manajemen Investasi
p.88
unresolved
org
Mandiri Securities Pte Ltd
p.88
unresolved
org
Pte. Ltd.
p.88
unresolved
org
Asia Pasifik
· Member
p.89
unresolved
org
Internasional
· Member
p.89
unresolved
org
Bank Agen Penjual Efek Reksa Dana Indonesia
p.89
unresolved
org
Bank Kustodi Indonesia
p.89
unresolved
org
Government of the Republic of Indonesia
p.91
unresolved
org
Ministry of State-Owned Enterprises
p.91 ×2
unresolved
person
Abdurachman
p.91
unresolved
org
Minister of Bank Mandiri
p.91
unresolved
org
PT Bank Bumi Daya (Persero)
p.91 ×5
unresolved
org
PT Bank Dagang
p.91 ×2
unresolved
org
PT Bank Mandiri Under
p.92
unresolved
org
Bank Mandiri. The Deed
p.92
unresolved
org
Bank Indonesia Governor
p.92
unresolved
org
Bank Mandiri Medium Term Notes I
p.94
unresolved
org
Syariah Indonesia Tbk
p.94
unresolved
org
Bank Mandiri. Kopra
p.95
unresolved
org
Bank Mandiri’s Unique Characteristics
p.101
unresolved
person
Minister of SOEs No. SE
p.101
unresolved
org
Bank Indonesia Certificates
p.102
unresolved
org
Bank Mandiri. Tabungan Simpanan Pelajar
p.105
unresolved
org
Bank Mandiri Branches
p.105
unresolved
org
Bank Mandiri Priority Banking
p.107
unresolved
org
Bank Mandiri Private Banking
p.107
unresolved
org
Mutual Funds Limited
p.110
unresolved
org
PT Bank Certifications
p.152
unresolved
org
Mandiri (Persero) Tbk
p.152 ×5
unresolved
org
Bank Internal Audit Certification
p.152
unresolved
org
PT Semen Certifications
p.160
unresolved
—
Reappointed
· President Director
p.160 ×2
unresolved
org
PT Bank Syariah Mandiri
p.162 ×3
unresolved
org
PT Bank Mandiri Professional Certification Institute
p.162 ×2
unresolved
org
PT Bank Mandiri Institute
p.162
unresolved
org
PT Bank Mutiara
p.164
unresolved
org
PT Daria Dharma
p.164
unresolved
org
PT Bank Perkreditan Rakyat Tridharma
p.164
unresolved
org
PT Deo Gratia Communication
p.164
unresolved
org
PT Marga Permata Bumi Property
p.164
unresolved
org
PT Bank Subentra
p.164 ×3
unresolved
org
PT Bank Subentra Term
p.164
unresolved
org
PT Bank Susila Bakti
p.164 ×2
unresolved
org
PT Bank Susila Forum
p.164
unresolved
org
PT Bank Mandiri Gadjah Mada University
p.165
unresolved
org
PT Bank DKI
p.165 ×3
unresolved
org
PT Inter Motor Sport
p.165
unresolved
org
Negara Indonesia (Persero) Tbk.
p.165
unresolved
org
Indonesia (Persero) Tbk.
p.165 ×2
unresolved
org
PT Bank Mandiri Bachelor
p.166
unresolved
org
Ministry of BUMN.
p.166
unresolved
org
Bank Exim
p.166
unresolved
org
PT Bank Export Import
p.166 ×2
unresolved
org
Bank Samarinda Branch
p.166
unresolved
org
Bank Mandiri. In
p.375
unresolved
—
NED
· Director
p.762 ×2
unresolved
person
Dian Triansyah Djani
· Chairman
p.762
unresolved
person
Rifki Ega Syahputra
· Director
p.762
unresolved
person
Mohamad Oki Ramadhana
· President Director
p.762 ×2
unresolved
person
Muhammad Amir Uskara
· Commissioner
p.762
unresolved
person
Theodora Vinca Natalie Manik
· Director
p.762
unresolved
person
Alex Widi Kristiono
· Director
p.762
unresolved
person
Juwita Lestari
· Director
p.762
unresolved
person
Faisal Rino Bernando
· Director
p.762
unresolved
person
Laurensius Teiseran
· President Commissioner
p.762 ×2
unresolved
person
Ronald Samuel Simorangkir
· President Director
p.762 ×2
unresolved
person
Alamanda Shantika Santoso
· Commissioner
p.762 ×2
unresolved
person
Wisnu Setiadi
· Director
p.762
unresolved
person
Pinohadi G. Sumardi
· President Director
p.762 ×2
unresolved
person
Abdul Gofarrozin
· Chairman
p.762
unresolved
person
M. Ziyad Ulhaq
· Member
p.762
unresolved
person
Dapot Parasian Sukoco
· Director
p.762
unresolved
person
Fitri Wahyu Adihartati
· President Director
p.762 ×2
unresolved
person
Azman Mohd Hashim
· Director
p.762
unresolved
person
Rolland Setiawan
· Director
p.762
unresolved
person
Boniangga Anugrah
· Director
p.762
unresolved
org
Purwanto Susanti
p.933
unresolved
org
Young Global Limited
p.933
unresolved
person
Deputy
· Komisaris
p.1001
unresolved
org
Bank Mandiri’s Board
p.1001 ×4
unresolved
org
Bank Mandiri’s Audit Committee
p.1002
unresolved
org
Bank Mandiri’s Remuneration
p.1002
unresolved
org
Bank Mandiri's Internal Audit
p.1004
unresolved
org
Menteri Hukum dan Hak Asasi
p.1305
unresolved
org
Ministry of Manusia Republik Indonesia
p.1305
Extraction attempts how the parser did, and what it refused
Nothing structured was extracted from this document — the attempts below say why.
No extraction attempted yet.