Bank Mandiri (BMRI IJ): In-line 1H26, but challenges ahead

Bank Mandiri (BMRI IJ)
BUY / TP: IDR:6,800 (+64.6%)
Analyst: Yap Swie Cu

In-line 1H26, but challenges ahead
• Expansion and efficiency drove 1H26 PPOP growth
• Margin compression persisted on lower loan yields and funding cost pressure
• Lower provisioning further supported profit growth
• Maintain earnings estimation and re-iterate BUY call