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PT Bank Mandiri

PT Bank Mandiri (Persero) Tbk


(Persero) Tbk
Q2 2010
Results Presentation 

23 J l 2010
23 July 2010

0
Share Information
Per 30 June 2010
Description No. of 
% No. of shares  %
Investor
Investor 
DOMESTIC
1.  Government of RI 1  0.006% 14,000,000,000  66.73%
2.  Retail 6,077  38.85% 102,274,289  0.49%
3.  Employees 8,200  52.42% 122,437,619  0.58%
4.  Cooperatives 3  0.02% 30,000  0.00%
5.  Foundations 12  0.08% 8,783,000  0.04%
6.  Pension Funds 85  0.54% 160,701,500  0.77%
7.  Insurance 39  0.25% 241,264,000  1.15%
8.  Banks 1  0.01% 36,000  0.00%
9.  Corporations 82  0.52% 230,344,313  1.10%
10. Financial Institutions ‐ 0.00% ‐ 0.00%
11. Mutual Funds 116  0.74% 515,021,000  2.45%
Total 14,616 93.43% 15,380,891,721 73.31%
INTERNATIONAL
1.  Retail 52 0.33% 1,753,500 0.01%
2.  Institutional 975 6.23% 5,598,975,655 26.69%
Total 1 027
1,027 6 57%
6.57% 5 600 729 155
5,600,729,155 26 69%
26.69%
TOTAL 15,643 100.00% 20,981,620,876 100.00%

 from: IPO Jan 1, 2010


,
BMRI +605.88% +21.83%
JCI +444.65% +13.13%
84
Bank Mandiri Presentation Contents
Results Overview Page #
 2010 Financial Highlights 3
 SBU Performance 4‐5
 5‐Year Transformation Improvements 6
 Balance Sheet Overview 7
 Loan Growth & LDR 8‐9
 Net Interest Margins 10
 Strategy Overview 11‐12
 Deposit Franchise Development 13‐16
 Wholesale Lending and Fees
o esa e e d g a d ees 17‐18
8
 High‐Yield Lending Activities 19‐22
 NPL Movement, Asset Quality & Provisioning         23‐26
 Progress on Selected Debtors 27
 Enhancing Risk Management 28
 Overhead Expense Details 29
 Leveraging SBU Alliances & Subsidiaries 30‐32
 Operating Profit & Summary P&L
Operating Profit & Summary P&L 33
 CAR, ROE, PAT 34
 2010 Guidance 35
Operating Performance Highlights 37‐44
Supporting Materials 46‐83

1
Supported by a new Organization Structure

Board of Commissioners P id t Di t
President Director
ZULKIFLI ZAINI
Deputy President Director
RISWINANDI

Micro & Retail Technology &  Treasury, FI &  Compliance &  Finance & Risk 


Institutional  Corporate  Commercial Special Asset
Banking Banking*) & Business  Banking Operations HC Strategy Management
Mgmt
Banking Consumer  OGI  Change Mgmt.  Internal Audit
ABDUL  FRANSISCA N.  BUDI G. KRESNO  THOMAS  PAHALA N.  SENTOT A. SENTAUSA
RACHMAN MOK SUNARSO SADIKIN Finance SEDIARSI ARIFIN
PRASTOMIYONO Office
MANSURY
MANSYUR S.  HARYANTO BUDIMAN RIYANI T.
NASUTION BONDAN

Mandiri  Bank Syariah
Sekuritas Mandiri AXA Mandiri Mandiri
(Inv. Banking) Tunas Finance
Bank Sinar
BMEL Harapan Bali

Mandiri 
International 
Remittance

Risk and Capital Committee Information & Technology  Committee Human Capital Policy Committee Wholesale Executive Committee Retail & Support Executive Committee Credit Committee

Commissioner Directors Committees under EVP Coordinator


The Directors
Key Financial Highlights
Bank Mandiri’s H1 2010 Performance continued to demonstrate marked 
p y
improvements in several key indicators:
H1 ‘09 H1 ‘10 %

Loans Rp181.6 tn Rp218.0 tn 20.0%

Net NPL Ratio 1.00% 0.62% (38.0%)


Gross NPL Ratio 4.78% 2.54% (46.9%)

Low Cost Funds Ratio 56.7% 57.3% 1.0%


[Low Cost Funds (Rp)] Rp162.7 tn Rp187.1 tn 15.0%

NIM 5.35% 5.18% (3.2%)

Efficiency Ratio 38.9% 38.7% (0.7%)

Earnings After Tax
f 2,927 bn
b 4,034 bn
b 37.8%

3
Maintaining momentum for growth
Loans by SBU* Deposits by Product – Bank Only
Y‐o‐Y (Rp Tn) Y‐o‐Y
(Rp Tn)  
Total 147.5tn 186.2tn 21.7% Total 256.0tn 302.1tn 11.9%
190 320 FX Time Rp Time
Micro  Small  Cons  6.0 24.7%
180 300 FX Demand Rp Demand
Comm  Int'l Corp  FX Savings Rp Savings 14.9 11.2
170 5.4 5.6 19.3 11.2 ((38.2%))
24 7%
24.7% 280
160 5.1 17.1 17.7 16.5
260 21.4 18.1
150 4.8 16.3 26.7 16.2
4.4 4.6 29.7% 240
140 15.5
108.5 118.3
14.8 14.1 23.6 24.7 15.9 113.7
130 220 20.9%
21.7 101.5
120 20 6
20.6 95 7
95.7 97 9
97.9
19.3 19.7 200 91.9
110 15.7 12.6
2.7 53.1 180 73.4
26.7%
100 13.1 49.1 49.1 18.0
41.9
43.6 160 21.2
22.0
25.7%
90 14.2 41.6 40.6 15.1 17.5 20.3
140 80.5 9.8
80 1.9 0.4 93.2 19.5
1.7 8.9
1 89 (91 3%)
(91.3%) 51 8
51.8 45 0
45.0
4.5 0.2 120 45.8 (0.7)%
70 7.6 4.2
11.1 4.4 4.4 50.4 51.8 43.0 45.4 43.7
10.7 31.5 4.4
60 100 9.1 9.7
9.9
10.8
8.3 8.7 30.0%
50 24.4 11.4 4.7 7.4
2.8 80 33.6 8.2
25.9
40 80.7 30.1
0.9
8 68 69 8 74.5
8 69.8
68.8 22 6%
22.6% 60 4.1
30 1.0 62.0 64.1 65
65.8
3.5 96.8 89.5 94.7
40 81.5 82.2 77.2 82.8 87.3 14.4%
20 44.8
29.9 36.1 20 45.2
57.6
10
0 0
Q4 '05
Q4  05 Q4 
Q4 '06
06 Q4 
Q4 '07
07 Q4 
Q4 '08
08 Q1 
Q1 '09
09 Q2 
Q2 '09
09 Q3 
Q3 '09
09 Q4 
Q4 '09
09 Q1 
Q1 '10
10 Q2 
Q2 '10
10 Q4 '05
Q4  05 Q4 
Q4 '06
06 Q4 
Q4 '07
07 Q4 
Q4 '08
08 Q1 
Q1 '09
09 Q2 
Q2 '09
09 Q3 
Q3 '09
09 Q4 
Q4 '09
09 Q1 
Q1 '10
10 Q2 
Q2 '10
10

*Loans from Treasury & International have been reallocated to Corporate 
following the reorganization in early 2010
4
Balanced Earnings from all Business Units
Net Interest Income
NII (Rp bn) % of Total
Alliance Strategy Focus
1,346 21.5%
Corporate
1 777
1,777 17.8%
Leveraging Our Cash Generator
Building Future Growth Engine (Corporate & Treasury,  1,629 26.1%
(Consumer & Micro/Retail)  Commercial #
FI & SAM)  2,446 24.5%
CM = Rp2,275 billion CM = Rp 3,961 billion
334 Q2 '08 5.3%
Treasury FI & SAM
Treasury, FI  & SAM
645 Q2 '10 6.5%
2,436 39.0%
Micro & Retail *
3,949 39.5%
508 8.1%
Consumer Finance
1,172 11.7%

Fee Income
Fees (Rp bn) % of Total
298 17.0%
Corporate Q2 '08
342 9.6%
Q2 '10
220 12.5%
Commercial #
405 11.4%
Strengthen  Emerging Business  208 11.8%
(Commercial Banking) Treasury, FI & SAM
1,140 32.0%
CM = Rp2,115illion
929 52.8%
Micro & Retail *
1 388
1,388 39 0%
39.0%
103 5.9%
Consumer Finance
288 8.1%
# Including Small Business    *Excluding Small Business 5
Transformation has driven broad improvements
Consolidated Rp Billion
CAGR/ Growth
No Description 2005  2006 2007 2008 2009 H1 ’09 H1 ‘10
‘05‐’09 %

1. Total Assets 263,383 267,517 319,086 358,119 394,617 10.6% 358,897 402,084 12.0%

2. Total Credit 106,853 117,757 138,554 174,498 198,547 16.8% 181,611 217,996 20.0%

3. Customer Deposits 206,289 205,708 247,355 289,112 319,550 11.6% 287,055 326,578 13.8%

4. Gross NPLs 25.20% 16.34% 7.17% 4.73% 2.79% (22.4%) 4.78% 2.54% (2.2%)

5. Net NPLs 15.34% 5.92% 1.51% 1.09% 0.42% (14.9%) 1.00% 0.62% (0.4%)

6. LDR 51.72% 57.20% 54.29% 59.16% 61.36% 9.6% 62.20% 66.33% 4.1%

Cost Efficiency 
C Effi i
7. 55.57% 48.86% 46.72% 42.26% 40.18% (15.4%) 38.94% 38.66% (0.3%)
Ratio

8. Net Profit  603 2,421 4,346 5,313 7,155 85.6% 2,927 4,034 37.8%

6
Strong and liquid balance sheet, Q2 2010
(Rp Bn, Bank Only)
% of 
Assets Amount Liabilities Amount % of Liab.
Assets
Cash 5,974  1.60% Current Account 67,053  17.95%
SBI & Placement with BI 40,982  10.97% Savings 105,499  28.24%

Pl
Placement with other banks 
t ith th b k 23 741
23,741  6 35%
6.35% Time Deposits
Time Deposits  129 552
129,552  34 68%
34.68%

Government Bonds 82,472  22.08% Total Deposits 302,105  80.86%


Marketable Securities  5,324  1.43%
Loans (Gross) 195,285  52.27% Liabilities to BI 2,381  0.64%

Provisions of Loans (10,559) (2.83%) Deposits from other banks 7,236  1.94%


Loans (Net) 184,726  49.45% Fund Borrowings 4,516  1.21%
Reverse Repo 6,020  1.61% Loan Capital 3,852  1.03%
Investments 3,882  1.04% Other Liabilities 16,996  4.55%
Deferred Tax Assets 5,649  1.51%
Other Assets 14,824  3.97% Equity 36,508  9.77%
Total 373,593
373,593  100.00% Total 373,593
373,593  100.00%

7
LDR rising to 66.3% on loan growth of 7.9%…
Quarterly Loan Data – Consolidated  Quarterly Loan Segment Details – Bank Only
Corporate 88.7
Loans (Rp tn) 82.0 82.7 82.9
Commercial 78.8 79.7
76.4
LDR (%)
LDR (%) S ll
Small
65.0% 66.3% 68.7
62.2% Micro
57.2% 59.2% 63.2% 62.8% 64.1%
Consumer
53.7% 53.6 55.4 54.2
50.6 50.4

42.3
44.7 43 8 42.6
43.8 43 6 45.3
42 6 43.6
42.5% 40.2 41.2
38.2
35.7 35.5
35.4% 31.4 32.6
26.7
22.2 23.6 24.8
26.3% 18.7 19.3 19.7
20.6 21.7
15.8 19.7
15 1 14.4 15.8
15.1 16 6 17.4 18.0
15 8 16.6 80
10.7 11.1
106.9
117.7
138.5
135.5
149.6
162.8
174.5
175.2
181.6
188.3
198.5
201.9
218.0
8.5 13.1 13.8
10.2
43.0
48.3
65.4
75.9
94.4

3.7 7.6 5.4 5.6 6.0


1.5 2.7 4.0 4.4 4.6 4.8 5.1
1.7 2.9
Q4 '00
Q4 '01
Q4 '02
Q4 '03
Q4 '04
Q4 '05
Q4 '06
Q4 '07
Q1 '08
Q2 '08
Q3 '08
Q4 '08
Q1 '09
Q2 '09
Q3 '09
Q4 '09
Q1 '10
Q2 '10

Q4 ''02
Q4 ''03
Q4 ''04
Q4 ''05
Q4 ''06
Q4 ''07
Q1 ''08
Q2 ''08
Q3 ''08
Q4 ''08
Q1 ''09
Q2 ''09
Q3 ''09
Q4 ''09
Q1 ''10
Q2 ''10
By Segment  Loans Y‐O‐Y Growth  % of 
(Bank only) (Rp tn) (%) Portfolio
Corporate 88.67 11.32% 45.41%
20.0% Commercial 54.24 24.29% 27.78%
Small 19.68 24.25% 10.08%
7.9%
Micro 6.04 24.74% 3.09%
Consumer 26.66 29.64% 13.65%
QoQ Growth (%)
Total 195.29 18.69% 100.00%
YoY Growth (%)
As of June 2010; Non‐consolidated numbers 8
Rp24.7tn in loans disbursed in Q2 2010
Loan Movement (Rp tn) – Bank Only Loan Disbursement by Segment (Rp tn) – Bank Only

3 28
3.28
5.91 0.10 0.54
24.65 4.33
1.75
195.29
181.51 2.59

7.46
24.65

9.58

Q1 '10 Disburs. Install. Payment FX Impact Write‐Offs Q2 '10 Corporate Commercial Small Micro Cons Fin Total

9
Q2 NIM of 5.2% on higher Yield on Assets
Quarterly Net Interest Margins* Quarterly Yields & Costs by Currency* 
20% 18.9%
18.3%
Yield on Assets 17.6%
13.0% 13.0% C t fF d
Cost of Funds 17.6% IDR
15% 14.1%
14.0%
13.3% 13.2% 12.9% 12.8% 13.1%
12.5% 12.1% 12.2%
14.0% 11.7% 11.2%
13.1% 10.8% 10.6%
10.8%
10.8%
10.8% 10% 11.1% 11.7% 8.2% 11.9% 9.2%
10.7%
10.5%
11.0% 10 4% 7.9%
10.4% 7.2%
10.7% 10.1% 9.2% 9.1% 6.6% 6.2%
9.5% 8.0%
9.3% 9.9%
9.4% 7.4% 7.7%6.9%
8.9% 5% 9.1%
8.9% 5.9% 6.2%
9.4% 5.4% 5.1%
4.5% 4.6% 4.4%

7.3% 0%
6.3% 6.4% Avg Loan Yield Avg Bond Yield
Avg 1‐Mo. SBI Avg COF
5.3%5.5%
4.9%4.8% 15%
4.8% 4 8%
COF 4.5%4.3%
4.2% 4.3%
4.0%4.0%
3.8%
10%
9.5% FX
7.6% 7.3%
6.5% 6.6% 6.5% 6.4%
5.8% 5.8%
5 1%
5.1% 5 2%
5.2%
5% 6.7% 3.8% 4.0%
3.4%
5.3% 2.6% 2.7%
2.1%
2.4%
3.9%
2.8%
3.7%
4.3%
3.6%
4.9%
4.7%
5.1%
5.5%
6.0%
5.4%
5.5%
5.3%
4.9%
5.3%
5.1%
5.2%

1.5%
3.3% 0.7%
2.7%
0% 1.4% 1.8%
0 5%
0.5% 0.3%
0 3%0.2%
0 2% 0 3%
0.3%
Q4 '00
Q4 '01
Q4 '02
Q4 '03
Q4 '04
Q4 '05
Q4 '06
Q4 '07
Q1 '08
Q2 '08
Q3 '08
Q4 '08
Q1 '09
Q2 '09
Q3 '09
Q4 '09
Q1 '10
Q2 '10

Q4 '08
Q1 '09
Q2 '09
Q3 '09
Q4 '09
Q1 '10
Q2 '10
Q4 '00
Q4 '01
Q4 '02
Q4 '03
Q4 '04
Q4 '05
Q4 '06
Q4 '07
Q1 '08
Q2 '08
Q3 '08
*Excluding the impact of non‐recurring interest income 10
Committed to Improving Shareholder Value

Reduce Cost of Funds


Reduce Cost of Funds
Business Strategy Improve Assets Yield
Diversify into Fee Income

Competitive,
sustainable
sustainable  Reduce Provision/NPL
d ii /
returns, with Support Strategy Reduce Cost Efficiency
above‐average
rates of growth
t f th

Leverage on cash generator 
Leverage on cash generator
Strategic  (wholesale) to accelerate growth in 
Alliances higher yield business and retail 
deposit

11
Strategy focus on 3 areas of highest potential:
Wholesale Transactions, Retail Payments & High Yield Loans
, y g

TTo be Indonesia's most admired
b I d i ' t d i d
& progressive financial institution
#1 in Indonesia in market capitalization by 2014

Strengthen leadership in  Be the retail deposit bank  Build #1 or #2 positions 


wholesale transaction  of choice in key retail financing 
banking segments
 Comprehensive 
C h i  Win through   Win in 
Wi i
financing &  differentiated  mortgage, personal 
transaction solutions  customer experience  loan & cards
 Holistic relationship  and targeted   Become a major player 
approach for leading  propositions i
in micro‐banking
i b ki
Indonesian institutions  Deploy innovative   Champion Syariah in 
payment solutions Indonesia

Breaking down organization 'silos' to provide integrated solutions to customers and alliances programs

Upgrading ke infrastr ct re (branches, IT, operations, risk, PMS)  to enable differentiated customer experience


Upgrading key infrastructure (branches IT operations risk PMS) to enable differentiated c stomer e perience

Strengthen human capital in performance, team work and innovation
12
Q2 Deposits rise 11.9% Y‐o‐Y
Deposit Analysis – Bank Only Average Quarterly Deposit Costs (%)

Rp Savings Deposits FX Savings Deposits 13.9% Rp DD Rp Savings


15%
Rp Demand Deposits
Rp Demand Deposits FX Demand Deposits
FX Demand Deposits Rp TD 1 Mo. SBIs
Rp Time Deposits FX Time Deposits
Low‐Cost Deposits (%) 11.9%
62.1% 10.9%
57.8% 57.5% 57.1% 13.1% 10.4% 9.5%
11.4% 8.7%
44.5% 45.3% %
10% 9.2% 9 3%
9.3%
8.5% 8 1%
8.1%
32.9%31.4% 9.9%8.2%8.0%8.3% 7.2%
9.5%
7.4%
300 23.1% 8.4% 9.1% 6.5%
14.9 11.2 6.9%6.4% 6.5%
280 11.2 4.8%4.7% 7.4%
6.9%6.8% 7.4% 6.2%
16.5 5.3% 6.3% 6.6%
260 21.4 8
18.1 5% 3.6% 4
4.2%
2%
3 2% 3.0%2.9%
3.2% 3.8%
16.2 6.1% 3.4%3.5%3.3%
240

118.3
3.1%

108.5
113.7
15.9
220
101.5
3.7%3.7%3.5% 3.3%
95.7

97.9

2.8%2.5%2.7%2.6%
200
91.9

3.0% 2.1%
15.7 12.6 2.5% 2.5%2.2% 2.8%
73.4

180 23 4 20.6
23.4 13.4 0%
4

20 6 17.3 11.6 18.0


160
21.5 21.2 22.0
80.5

15.1 17.5 20.3 FX DD FX TD


93.2

140 16.5 9.8 19.5


51.8
85.7

45.0
66.5

45.8
80.5

6%
43.7
106.9

51.8
100.7

120
45.4
50.4

43.0

4.0%4.2%3.9%
87..8

100 9.7
9.1
87
8.7 9 9 10.8
9.9 3 7%3.9%
3.7%
97.1

11.9 11.4 7.7 4.7 7.4 8.2 8.3 4% 3.3%


33.6

80 3.0%
9.1 2.6% 2.6%2.9%2.8%
28.0

29.5

2.4%
30.1

60 2.1%2.2%2.0% 1.9%
28.8

4.1 1.7% 1.8%


3.5 3.9 2% 1.5%1.6%
24.8 29.6

1.1% 1.1%
31.222.1

40 0.8%0.5% 0.9%
31.118.0

2.4% 0.3%
14.1
14.13

40.6
52.0
45.2
46.6
57.6
81.5
82.2
77.2
82.8
87.3
96.8
89.5
94.7

20 0.9%
0%
0

8
5
7

0.2%
0
Q4 '02

Q4 '03

Q4 '04

Q4 '05

Q4 '06

Q4 '07

Q1 '08

Q2 '08

Q3 '08

Q4 '08

Q1 '09

Q2 '09

Q3 '09

Q4 '09

Q1 '10

Q2 '10
Q4 '99

Q4 '00

Q4 '01

Q4 '02

Q4 '03

Q4 '04

Q4 '05

Q3 '06

Q4 '06

Q4 '07

Q4 '08

Q1 '09

Q2 '09

Q3 '09

Q4 '09

Q1 '10

Q2 '10

13
Building a strong savings deposit franchise…
Savings Deposit Growth Transaction channel growth

Savings Deposits (Rp tn)
Other
Other 
A % fT lD
As % of Total Deposits
i
Payment 
National Share of Savings Deposits (%) 73.0 71.9 73.2
Transfer  67.2 131.4 129.9 136.5
Withdrawal/Inquiry  63.2 116.7
61.6 106.6
Avg ATM Daily Vol (000) 55.8 97.4
84.7
49.6
55.0
37.4
39.1
29.8
29.3
34.6% 34.9% 30.8
19.6
33.7%
32.8%33.4% 35.5%

1,0
1,1
1,1
1,2
1,3
1,2
1,3
34.5%

043.4
100.5
158.9
230.6
315.4
293.3
321.8
4
492.1
6
607.5
6
677.0
8
853.4
30.6% 34.1%
29.2%

22.8% 22.7%

18.5%18.0% Quarterly Call Center Trans. (000) 3,335


17.5% 17.2% 17.3% 17.9%17.6%17.3% 2,976
16.2%16.9% Quarterly SMS Trans. (000) 2,822
16.0% 17.8% 2,780
12.8% 3,165
11.6%
2,955
15 3%
15.3% 3 009
3,009
2,988
11.0%11.7%
106.45

105.50

11,575
16,974
22,328
25,819
33,502
39,569
42,546
44,512
47,705
17.96
22.12
29.59
40.50
52.00
45.20
57.60
81.54
89.61
85.39
91.11
95.95

99.38

1,722

6,988
1,086
1,016
27 679 3,072
1,069
Q4 '00
Q4 '01
Q4 '02
Q4 '03
Q4 '04
Q4 '05
Q4 '06
Q4 '07
Q4 '08
Q1 '09
Q2 '09
Q3 '09
Q4 '09
Q1 '10
Q2 '10
Q2'10
Q4 '00
Q4 '01
Q4 '02
Q4 '03
Q4 '04
Q4 '05
Q4 '06
Q4 '07
Q4 '08
Q1 '09
Q2 '09
Q3 '09
Q4 '09
Q1 '10

14
…through enhanced transaction capabilities
Quarterly Transaction Volume (Mn) Quarterly Transaction Value (Rp tn) Quarterly Users (000s)
150  100  95.5
97.1 11,000  Debit Cards
ATM SMS Bankingg
Branch Internet Banking
141.9 10,000  10,006
SMS Banking 92.7
Internet Banking 122.9 87.7
125  8,828 9,950
80  77.1 9,000 
115.0 8,059
70.1 7,834
8,000  7,629
99.8
100  110.1 7,565
88.8 7,000  6,642
60  6,219
57.7 64.7 7,202
6,040
,
77.9 6,000  5,752
49.1 5,480
75  67.8
70.0
5,024
40.7 5,000 
4,793
40 
35.5 4,355
4 355
47.7 31.9 4,000  3,652
50 
42.1 2,989
38.5 ATM
35.1 36.2 36.6 41.4 3,000 
41.7 SMS Banking 2,413
40.6 26.6 Internet Banking
33 5
33.5 20  1,897
,
25  2,000  1,523 1,239
25.8 8.7
22.3 7.8 1,165
11.612.2
17.0
19.8 1,000  988
8.3 1.3 1.8 2.4 1,253
12.0 2.2
6.1 0.6 0.9 1.6 1.8
1.0 3.8 4.0
5.9 849
3.4 5.5 0

0.3 0.4 0.5 0.7 3.6
469 564 705
0
0  13 1
1.3 1.7
7 2.4
2 4 26
2.6 0
0  358
0.8
Q1 '06
Q2 '06
Q3 '06
Q4 '06
Q1 '07
Q2 '07
Q3 '07
Q4 '07
Q1 '08
Q2 '08
Q3 '08
Q4 '08
Q1 '09
Q2 '09
Q3 '09
Q4 '09
Q1 '10
Q2 '10
Q1 '06
Q2 '06
Q3 '06
Q4 '06
Q1 '07
Q2 '07
Q3 '07
Q4 '07
Q1 '08
Q2 '08
Q3 '08
Q4 '08
Q1 '09
Q2 '09
Q3 '09
Q4 '09
Q1 '10
Q2 '10

Q1 '06
Q2 '06
Q3 '06
Q4 '06
Q1 '07
Q2 '07
Q3 '07
Q4 '07
Q1 '08
Q2 '08
Q3 '08
Q4 '08
Q1 '09
Q3 '09
Q4 '09
Q1 '10
Q2 '09*

Q2'10
* Inactive cards have been purged 15
…and innovative payment solutions
Pre‐Paid Card Volume (000s) Pre‐Paid Transaction Volume (000s) Cash Management Users
350  1,200 
Indomaret 1,078.0
325 
e‐Toll
1,030.0
293.0 Gaz
300 
1,000 
275  Indomaret 261.0 890.5
e‐Toll
250  Gaz
225.0 800 
225 

200
200 
606.0
588.1
175  600  6,153 6,300
148.8 150.0 520.5
494.3
150 
132.0
125  111.0 379.5
400  4,066
98.0
100  90.2
286.0

75  206.0
57 7 58.0
57.7 58 0 2 414
2,414
39.3 200  173.0
50  38.9
103.1 98.0
25  34.0 35.0 36.0 30.5 745
35.7 2.3 1.5 1.2 1.0 2.7 3.6
29.3
0
0  14 7 14.7
14.7 14 7 14.7
14 7 0

Apr‐09
May‐09
Jun‐09

Sep‐09
Oct‐09
Nov‐09
Dec‐09

Feb‐10
Mar‐10
Apr‐10
Mei‐10
Jun‐10
Jul‐09
Aug‐09

Jan‐10
Dec‐09
Apr‐09
May‐09
Jun‐09

Aug‐09
Sep‐09
Oct‐09
Nov‐09

Jan‐10
Feb‐10
Mar‐10
10‐Apr
Jul‐09

Mei 10
Jun 10

2006 2007 2008 2009 H1  '10*


• Decline through March 2010 due to Data 
Cleaning to identify only active customers
16
Diversifying our strength in Wholesale lending…
Breakdown of Net Expansion in Corporate SBU Lending Breakdown of Net Expansion in Commercial SBU Lending
Q2 ’09 – Q2 ’10 (Total Rp14.85 tn) % Q2 ’09 – Q2 ’10 (Total Rp11.23 tn)
%
Mi i Oil & G
Mining‐Oil & Gas 4 775
4,775  82.0% B S
Bus Serv 2 471
2,471  40 1%
40.1%
Plantations 3,489  40.3% Plantations 1,482  38.1%
Mfg‐F&B 2,643  18.0% Mfg‐Chem 1,294  37.4%
Other 1,783 
, 25 5%
25.5% Trad‐Distr 1,274 
, 33.8%
Trad‐Ret 1,185  482.1% Mfg‐F&B 1,269  52.2%
Agri‐oth 1,156  1343.9% Mass Trans 1,082  47.1%
Bus Serv 1,030  19.6% Mfg‐P&P 737  48.2%
Mfg‐Metal 951  157.3% Mfg‐oth 646  11.2%
Comm 813  11.2% Mfg‐RawM 570  143.0%
Mfg‐RawM 746  74.9% Oth 497  73.2%
Trad oth
Trad‐oth 36
36  70.0% Mining 451
451  43.5%
Trans‐oth (193) ‐22.5% Agri‐oth 364  53.4%
Trad‐Exp (232) ‐20.8% Trad‐oth 218  7.3%
Mfg‐Text (275) 47.4%
‐47 4% Utilities 214  66 4%
66.4%
Trad‐Distr (305) ‐17.0% Soc Serv 123  34.1%
Mfg‐Chem (426) ‐6.4% Trad‐Dom (128) ‐41.2%
Mining‐oth (460) ‐39.8% Trans‐oth (179)
Rp Billion Rp Billion
p ‐53.4%
Mfg‐oth (1,866) ‐61.9% Constr (1,152) ‐21.3%
(4,000)

(3,000)

(2,000)

(1,000)

1,000 

2,000 

3,000 

4,000 

(1,200)
(900)
(600)
(300)

300 
600 
900 
1,200 
1,500 
1,800 
17
…into Fee‐based Income
Breakdown of H1 2009 & 2010 Non‐Loan Related Fees & Commissions (Rp bn)

Non‐Loan Related Fees &  H1 % Q2 %


H1 ‘09 Q1 ‘10 Q2 ‘10 H1 ‘10
Commissions
Commissions  (Y o Y)
(Y‐o‐Y) (Q o Q)
(Q‐o‐Q)
Administration Fees 642  368  394  762  18.6% 7.2%
Opening L/Cs, Bank Guarantees & 
250
250  145
145  127
127  272
272  8 7%
8.7% (12 5%)
(12.5%)
Capital Markets
Subsidiaries 228  114  117  230  0.8% 2.7%
Transfers, Collections, Clearing & 
114
114  58
58  62
62  120
120  4 8%
4.8% 6 0%
6.0%
Bank Reference
Credit Cards 250  169  160  329  31.6% (5.6%)

Mutual Funds & ORI


Mutual Funds & ORI 19
19  12
12  17
17  28
28  45.5% 44.4%

Others* 384  224  233  457  18.9% 4.2%

Total 1,888  1,089  1,109  2,197  16.4% 1.8%

Total Operating Income# 11,266  6,133  6,900  13,032  15.7% 12.5%


Non‐Loan Related Fees to 
16.8% 17.8% 16.1% 16.9% 0.6% (9.5%)
Operating Income**

*   Others includes Syndication, Payment Points, ATMs, Debit Cards, etc.
** Non‐Loan related fees & commissions/(Total Operating Income ‐ Non‐recurring interest income)
# Excluding non‐recurring interest income
18
Building our high yield business in Micro & Small…
Micro Credits Small Business Credits Consumer Loans
Loan (Rp Bn) (Rp Bn) (Rp Bn)
23.7% 12.9% 13.74%
Yields
1,197 3,830 5 310
5,310

19,326

23,419
6,036

15,496

18,109
4,839

24.7% 24.7% 29.32%


9

9
Q2 2009 Growth Q2 2010 Q2 2009 Growth Q1 2010 Q2 2009 Growth Q2 2010
*Excluding Credit Cards
Disbursement Breakdown (H1 2010)
Disbursement Breakdown (H1 2010) Disbursement Breakdown (H1 2010)
Disbursement Breakdown (H1 2010) Disbursement Breakdown (H1 2010)
Disbursement Breakdown (H1 2010) 

1 394
1,394
520
261
85 1,182
1,013 676 5,717
3,855
3,067 2,989
1,972 2,465

82
Program
Non‐Prog

Coops 

Cash Coll

TOTAL

Rural Banks Micro Unsecured Micro TOTAL  Mortgage Home Equity  Payroll Loan Other Total


Loan

19
…as well as Consumer lending, which rose 29.7% 
g g ,
Y‐o‐Y on Mortgages, Credit Cards and Vehicles
Quarterly Consumer Loan Balances by Type Consumer Loan Growth by Type

Rp26.66 tn
27,500 Other
Credit Cards Growth (%)
Loan Type

2,918
25,000 Payroll Loans
Y‐o‐Y Q‐o‐Q

2,565 2,973
Home Equity Loans

2,2

3,239
22 500
22,500

295 2,989
Mortgages
Other* 95.39% 14.93%

1,758 2,754
20,000 1,493
1,353
1,279

4,985
1,145
2,452
17,500
2,25
Credit Cards 32.08% 8.92%
2,223

4,7
956
2,113

719
51

4
4,541
2,008

619
4,252
4,099

15,000
1,926 3,192

Payroll Loans
3,983

495 21.62% 5.63%


3,993

3,890
3,999
1,908 3,010

3,658

3,822
12,500
3,753

180 224
3,6
3,,704

Home Equity Loans


Home Equity Loans 5 03%
5.03% 1 79%
1.79%
699

3
3

3
3,697
1,2932,285
1

3,721
1,3671,930

3,761

10,000
3,702
3,612

72
3,437

Mortgages 31.91% 8.85%


1,2701,9

7,500
11,62
10,6
3,6

10
4,131

666

0,017
921 2,852 1,522 Q4 '04

9
9,193

26
681

5,000
8,814
8,376
8,052
7,717
7,199

21
6,393
5,382
8151,802

2,500
3,610
3,050

Total Consumer 29.65% 7.78%


0 328
283
* Auto & Motorcycle Loans channeled or executed through finance 
Q4 '03

Q4 '05

Q4 '06

Q4 '07

Q1 '08

Q2 '08

Q3 '08

Q4 '08

Q1 '09

Q2 '09

Q3 '09

Q4 '09

Q1 '10

Q2 '10

companies = Rp5.9 tn in our Commercial Loan Portfolio

20
MTF: Total Financing in 2010 increased  
Total Booking and the Break Down for  Program for 2010
Breakdown of Financing
Joint Financinng and Non JF
Non JF JF New Car Used Car Motorcycle
Rp bn 1. EMPIRE –
EMPIRE  Branch Referral 
29 Program
363
2. COP & Fleet with Targeted 
23 117 Corporate & Commercial 
23 27
113 17 21 customers
274 284 275
97
95 92 3. Continue to build new 
249 251 116 98
relationships with top 10 
84 Dealers & deepen existing 
144 218  relationship
121 117 160 164 
156  157 
117  132  4. Floor financing targeted at 
used car dealerships
sed car dealerships
250  5. Leverage on Bank Mandiri’s 
Jan 10 Feb 10 Mar 10 Apr 10 Mei 10 Jun 10
190  network & fixed assets
128 134
128  134  139
139 
113 

Jan  Feb  Mar  Apr  Mei  Jun 


10 10 10 10 10 10

21
1,770k Visa & Mastercards transacted Rp3.24 tn
in Q2 2010
Mandiri Visa & Mastercards and EOQ Receivables Total Card Quarterly Sales by Type of Transaction (Rp Bn)

3000 75
Receivables (Rp Bn) 1,770
Transfer Balance 55
Cards (000s) 1,678 2800 55
1,608 Cash Advance 58
2600 43
60
1,544 Retail 64
1 486
1,486 50
1,409 2400
1,331 2200 52
54
1,273
1,226
2000 59 19
1,159 63 63 39
59
1 089
1,089 1800
32
57
1600 9
872 61 10
62
1400
752
651 1200

1000
11
68
800
338 18 8
81 56
600 24 16 57
62 10
61
226
400
1,270.2
1,367.4
1,292.8
1,907.5
1,925.9
2,007.7
2,112.7
2,223.2
2,251.0
2,452.2
2,753.7
2,989.3
2,973.4
3,238.7
567.5
814.9

1,514
1,443
1,668
1,904
1,914
1,891
2,163
2,552
2,676
2,497
2,848
200
535
521
532
606
600
836
5
1
2
6
0
6
4
3
8
4
4
1
3
2
6
7
8
5
9
2
4
8
5
9
7
7
2
0
2
7
3
4
7

0
Q4 '04
Q1 '05
Q2 '05
Q3 '05
Q4 '05
Q4 '06
Q4 '07
Q1 '08
Q2 '08
Q3 '08
Q4 '08
Q1 '09
Q2 '09
Q3 '09
Q4 '09
Q1 '10
Q2 '10
Q4 '02
Q4 '03
Q4 '04
Q4 '05
Q4 '06
Q4 '07
Q1 '08
Q2 '08
Q3 '08
Q4 '08
Q1 '09
Q2 '09
Q3 '09
Q4 '09
Q1 '10
Q2 '10

22
Q2 NPLs raised to Rp4.7 tn on Rp0.9tn down 
ggrades
Non‐Performing Loan Movements (Rp tn) – Bank Only Movement by Customer Segment (Rp Bn)

1 000
1,000

Cons
0.10 Micro/Small
0.89 0.54 Comm 131.6

0.17 4.74 Corp


4.60 0.05 750

265 9
265.9

500 89.6

367.9 289.4
250

43.1
72.6 132.7
127.4
55.0 26.9
0 -
Q3 '09 UG to PL DG to NPL Payment Write‐Offs Other Q4 '09 UG to PL DG to NPL W/O

23
50%

40%

30%

20%

10%

0%

24
9.0%

17,479 Q2
2 '10
Gross NPLs declined to 2.54% with provisioning 

17,417 Q1
1 '10
9.7%

17,506 Q4
4 '09
18,148 Q3
3 '09
2 ‐ Special Mention Loans (Rp Bn)

15,895 Q2
2 '09
10.2%

16,332 Q1
1 '09
15,412 Q4
4 '08
9.2%

13,502 Q3
3 '08
Cat 2 %

10.0%

13,451 Q2
2 '08
11.5%

14,058 Q1
1 '08
Category 2 Loans – Bank Only

11.9%

15,148 Q4
4 '07
15 5%
15.5%

16,966 Q4
4 '06
12.9%

12,912 Q4
4 '05
9.4%

8,334 Q4
4 '04
15.0%

10,983 Q4
4 '03
24.8%

16,202 Q4
4 '02
2%
26.2%

12,655 Q4
4 '01
26
35.7%

15,350 Q4
4 '00
4,000 9.2%

4,033 Q4
4 '99
20,000

18,000

16,000

14,000

12,000

10,000

0
8,000

6,000

2,000
,

206.0%
219.1%

2.54% Q2
2 '10

0.55%

Prov/NPL
2.56% Q1
1 '10
2.79% Q4
4 '09
3.79% Q3
3 '09
136.1%
coverage at 206% 

4.78% Q2
2 '09
5.85% Q1
1 '09

Net NPL Ratio
4.73% Q4
4 '08

138.9%

0.56%
4.44% Q3
3 '08

116.0%
NPL Movement ‐ Consolidated

4.74% Q2
2 '08
5.14% Q1
1 '08
7.17
7% Q4
4 '07
16.34% Q4
4 '06

44.4%

Gross NPL Ratio 
25.28% 15.3% Q4
4 '05

129.5% 128.8%
g
7.10
0% Q4
4 '04

139.1%
8.60% Q4
4 '03

190.4%
7.30% Q4
4 '02
9.70% Q4
4 '01

146.7%
19
9.80% Q4
4 '00

70.0%
Q4
4 '99
Cash Provisioning of Total Loans 5.4%
Non‐Performing Loans by Segment Amount of Cash Provisioning
NPLs Q2 NPLs
(Rp tn) (Rp tn) (%) (Rp bn) Loans  # of  Provisioning 
Outstanding
d Customers ( bn)
(Rp b )
Corporate 1.42 0.08 1.60%
Commercial 1.71 0.15 3.15% Individual 15,214  546  7,840 

SSmall
a 0.54
0 5 (0.15)
(0 5) 2.75%
5%
C ll ti
Collective 180 071
180,071  871 308
871,308  2 717
2,717 
Micro 0.39 0.03 6.44%
Consumer 0.68 0.04 2.56% Total 195,285  871,854  10,557
Total 4 74
4.74 0 14
0.14 2 33%*
2.33%
• Bank Mandiri’s current cash provisioning to total 
* Excluding Restructuring Losses and loans to other banks.
loans (Bank only) stands at 5.41%
Methodology for Impairment:
Bank Mandiri has established criteria for decrease in value based on Loan Segmentation:
a a d as estab s ed c te a o dec ease a ue based o oa Seg e tat o
Individual Impairment
1. Corporate and Commercial customer segments with objective evidence of decrease in value.
2. Outstanding loan balances of more than Rp5 billion for other segments which have objective evidence of decrease in value
3. Restructured loans for Corporate and Commercial customer segments
4. Restructured loans with outstanding balances of more than Rp5 billion for other segments which have objective evidence of 
decrease in value. 
Collective Impairment
Collective Impairment
1. All segments excluded from individual impairment
2. All restructured loans excluded from individual impairment
25
Q2 2010 annualized net downgrades of 1.27% on 
g g
loans originating since 2005
Total Loans originated since 2005
Net Upgrades (%)/Downgrades (%) # Q2 2010 Details

Q1 ‘10  DG to  UG to
Loan  Q2  Q3  Q4 Q1  Q2  Q3  Q4  Q1  Q2 
Balance
Balance  NPL PL
Background 2008 2008 2008 2009 2009 2009 2009 2010 2010
(Rp bn) % %

Corporate 67,737.6 0.10 0.11 0.48 1.05 1.15 ‐ 0.03 0.28 0.17 0.17 ‐

Commercial 41,759.9 0.14 0.21 1.05 0.78 0.03 0.21 0.04 0.51 0.27 0.37 0.10

Small/Micro 19,778.7 0.58 0.59 1.20 1.06 1.00 1.19 0.84 1.36 0.86 1.14 0.27

Consumer 23,320.6 0.13 0.22 0.13 0.49 0.27 0.30 0.11 0.40 0.33 0.47 0.14

Total 152,596.7 0.18 0.21 0.65 0.91 0.38 0.25 0.12 0.50 0.32 0.40 0.08

# % downgrades and upgrades
# % downgrades and upgrades are quarterly % figures
are quarterly % figures

26
Progress on selected debtors as of 30 June 2010 
 Total outstanding as of 30 June 2010 was Rp 1.3 trillion.
 Industry : Airline.
Industry : Airline.
Garuda 
G d
Indonesia  IPO is scheduled in Q3– Q4 2010 Kick‐off process of IPO
 The debtor has signed cooperation (non‐credit) agreements including cash 
management, corporate card and EDC installment.
management, corporate card and EDC installment.

 Total outstanding to this debtor as of 30 June 2010 was Rp 1.3 trillion. (Col 2)
Argo 
Argo
 Industry : Property, Textile,  Steels 
Manunggal 
Group  The obligor settled loans of unsustainable loan of Argo Pantes and Grand 
Pintalan Textile total  Rp 312 bn in Q2/2010.

 Total outstanding to this debtor as of 30 June 2010 was Rp
T t l t t di t thi d bt f 30 J 2010 R 1.6 trillion.
1 6 t illi

Domba Mas   Industry : oleo chemical, lens optic and hotels
Group  The obligor has signed a Conditional Sales & Purchase Agreement (CSPA) with 
new investor. The operational preparation of Oleo Chemical fabric is on going.
i Th i l i f Ol Ch i l f b i i i

27
Strengthening Risk Management & Monitoring 
y
System
Corporate Customer by Rating Summary of Risk Management Initiatives

High Risk (Rating C‐ G) • Wholesale Transaction: Optimize credit decision process  
by focusing on quantitative factors of analysis, redefining 
Medium Risk (Rating BBB – B) clear role of risk team , and aligning RM Organization into 
Low Risk (Rating AAA – A) business expansion
Credit • High Yield Business: Assign dedicated team, set up loan 
100% factory, enhanced business process (incl. tools, 
15% 12% 11% 15% 15% monitoring & collection system,  policy )
Optimize capital by implementing ERM & VBA
• Optimize capital by implementing  ERM & VBA
80% • Consolidate risk management of  subsidiaries 
24% 21%
25% 24%
34% • Development of risk measurement system for 
%
60% derivative & structured product (Summit) 
• Implement Market Risk Internal Model
Market • Intraday Limit  Monitoring
• Enhance Policy & Procedure for Treasury & ALM 
40% • Enhance FTP (Fund Transfer Pricing) method
64% 68% • Develop liquidity stress test & safety level
Develop liquidity stress test & safety level
60% 61%
51% • Develop measurement of capital for IRBB 
20% • ORM implementation  in all unit, incl. overseas offices 
& subsidiary
Operational g p p g
• Bring Op. Risk top issues into Management
0% • Review Op. Risk on new procedures & new products
2006 2007 2008 2009 H1 '10
28
Q2 Cost to Income Ratio at 38.4%
Quarterly Consolidated Operating Expenses & CIR* Breakdown of Q2 2009 & 2010 Operating Expenses
83.3%
CIR* (%) Q2 2010 
Q2 ‘09 Q2 ‘10
70.5% Annual Avg CIR (%)
g ( )
QoQ
Q‐o‐Q YoY
Y‐o‐Y
Personnel Expenses
59.5%
Base Salary 425,916  407,961  (0.60%) (4.22%)
Other Allowances
Other Allowances 597 580
597,580  595 230
595,230  (3 72%)
(3.72%) (0 39%)
(0.39%)
47.2% 47.2%
41.8% 42.8% 43.2% Post Empl. Benefits* 186,116  94,200  8.45% (49.39%)
40.4% 40.4% 39.0%
38.4%
Training 32,266  81,798  228.39% 153.51%
40.07%
28 2%
28.2% Subsidiaries 148,455 
, 195,344 
, 18.22% 31.58%
Total Personnel 
1,328 
Expenses 1,390,333  1,374,533  5.28% (1.14%)

1,375 
1,197 

1,019 

1,306 G & A Expenses
1,158

1,39
1,30
723

86

1,165 
69 

IT & Telecoms
IT & Telecoms
90 
09 

171 774
171,774  198 555
198,555  16 87%
16.87% 15 59%
15.59%
1
1,241 


1,116 


1,005 
327 
649 

377 

Occupancy Related 260,771  320,868  13.49% 23.05%


Promo. & Sponsor. 168,747  229,767  77.83% 36.16%
95

Transport & Travel


Transport & Travel
57 

67 342
67,342  83 625
83,625  16 02%
16.02% 24 18%
24.18%
1,034 

1,016 

1,034 

1,148 

1,004 
1,110 
1,384 
1,051 
1,265 

Prof. Services 115,264  126,734  11.89% 9.95%


336 
753 
775 
749 

842 

993 
769 

916 

827 

Employee Related 100,139  130,928  (3.76%)  30.75%


Q
Q4 '00
Q
Q4 '01
Q
Q4 '02
Q
Q4 '03
Q
Q4 '04
Q
Q4 '05
Q
Q4 '06
Q
Q4 '07
Q
Q1 '08
Q
Q2 '08
Q
Q3 '08
Q
Q4 '08
Q
Q1 '09
Q
Q2 '09
Q
Q3 '09
Q
Q4 '09
Q
Q1 '10
Q
Q2 '10

Subsidiaries 120 247


120,247  174 834
174,834  18 36%
18.36% 45 40%
45.40%
Total G & A Expenses 1,004,284  1,265,311  20.40% 25.99%
G&A Expenses (Rp bn) Personnel Expenses (Rp bn)
*Excluding the impact of non‐recurring interest income & bond gains *VSS costs moved to Employee‐Related in G&A in 2009 29
Leveraging cash generator to accelerate high yield 
ggrowth and deposit franchise
p
Co‐Branding Prepaid Card Program Consumer Loans from Alliance Program
(10 top corporate clients) Rp Billion

2,558 
2,283 
2,085 
1,821 
1 609
1,609 
1,389 
1,259  1,275 
1,128
897 
791
319

Q4 '06 Q4'07 Q1 '08 Q2 '08 Q3'08 Q4'08 Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 10

Corporate Card Holder from Alliance Program Total Payroll 
(10 top corporate clients)
(10 top corporate clients) Rp Billion
23,660 

5,169 
4,756 
16,495 

4,394 

4,30
14,612 

02 
12,108 

3,500 
3,463 
7,272 

3,625 
1,616  1,620  1,796  1,869  2,007 
2 007

Q4'07 Q1 '08 Q2 '08 Q3'08 Q4'08 Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2 '10 Jan '10 Feb '10 Mar '10 Apr '10 May '10 Jun '10
30
Enhancing synergies & values from subsidiaries
Syariah Banking Investment Banking Insurance Niche Banking Multi‐Finance

Bank Sinar 
Harapan Bali

Total Assets Bond Trading Volume Total Assets Total Loans Total Financing


Rp26 39 tn
Rp26.39 tn Rp24 1 tn
Rp24.1 tn Rp6 90 tn
Rp6.90 tn Rp549 6 bn
Rp549.6 bn Rp1 698 bn
Rp1,698 bn

Total Financing Equity & FI Underwriting Annual FYP Net Interest Margin Net Interest Margin


Rp19.87 tn Rp4.3 tn Rp 1,001.87 bn 10.70% 5.77%
Total Deposits
Total Deposits Equity Trading Volume
Equity Trading Volume Fee Contribution
Fee Contribution ROA ROA (Before Tax)
(Before Tax)
Rp23.33 tn Rp31.5 tn Rp98.67 bn 3.31% 5.17%
ROE ROA ROE ROE ROE (After Tax)
24.42% 11.8% 81.% 14.59% 23.45%

• Remain the leader in  • Expansion of business to  • Provide end‐to‐end bank  • Enhance operating model •Use Bank Mandiri’s 


syariah financing fully utilize current capital  assurance business • Improve risk  network infrastructure  
• Capital injection program  b
base • Continue to build cross‐ management systems  th
throughout Indonesia to 
h tI d i t
over 3 years • Cross‐sell capital market  sell opportunities in  and IT develop multi‐finance 
• Cross‐sell syariah services to broad range of  various segments • Improve productivity segment, especially in 
products to Mandiri  Mandiri customers • Bank assurance products  vehicle‐ownership 
customers • Refocus business toward 
Refocus business toward complete our suite of
complete our suite of  financing.
higher fee income consumer offerings

31
H1 2010 operating profit increased by 14.6% from 
g
H1 2009 on higher NII & fee‐based
H1 2009 H1 2010

Rp billion Rp billion

3,552

2,481 5,773

4,906
Up
14 6%
14.6%

9 369
9,369
8,660
7,148
6,235

Net Interest Income


Net Interest Income Fee‐Based Income
Fee‐Based Income Overhead Expenses & 
Overhead Expenses & Pre‐provision
Pre‐provision  Net Interest Income
Net Interest Income Fee‐Based Income
Fee‐Based Income Overhead Expenses & 
Overhead Expenses & Pre‐provision
Pre‐provision 
Others Operating Profit Others Operating Profit
Notes :
1. Fee based income excluding gain on sale & increasing value GB & securities 
2. Overhead expenses + others excluding provisions 32
Strong Revenue Growth
H1 2009 H1 2010 Y‐o‐Y
Summary P&L
Rp (Billions) % of Av.Assets* Rp (Billions) % of Av.Assets  (%)

Interest Income 16,603  9.6% 16,218  8.3% (2.3%)


Interest Expense (7,943) (4.6%) (6,848) (3.5%) (13.8%)
Net Interest Income 8,660  5.0% 9,369  4.8% 8.2%
Other Operating Income 2,481  1.4% 3,554  1.8% 43.2%
Gain from Increase in Value  & Sale of Bonds 124  0.1% 111  0.1% (10.5%)
P ii
Provisions, Net
N (1,974) (1.1%) (1,856) (1.0%) (6.0%)
Personnel Expenses (2,506) (1.4%) (2,680) (1.4%) 6.9%
G & A Expenses (1,832) (1.1%) (2,316) (1.2%) 26.4%
Other Operating Expenses** (568) (0.3%) (777) (0.4%) 36.8%
Profit from Operations 4,385  2.5% 5,404  2.8% 23.2%
N O
Non Operating Income
ti I 115
115  0 1%
0.1% 79
79  0 0%
0.0% (31 3%)
(31.3%)
Net Income Before Tax 4,500  2.6% 5,483  2.8% 21.8%
Net Income After Tax 2,927  1.7% 4,034  2.1% 37.8%

*  % of Average Assets on an annualized basis
** primarily premiums paid under the blanket guarantee scheme
33
…supported by strong capital, ROE continues 
to expand
to expand
Capital & RWA Movement Profit After Tax & ROE
IDR bn

26.2%
26 2% RoE AT
RoE ‐
31.3% CAR* 23.6%
21.5% 22.8% 22.3%

214.7
18.1%
15.8% 22.1%

195
27.7% Q4 PAT
Q4 PAT

5.8

2
2,536 
26.4% Q3 PAT 10.0%

172.9
25.3% 25.3% Q2 PAT

1,390 
775 
23.4% 23.7% Q1 PAT 2.5%
21 1%
21.1% 819 
8 9

1
1,408 

1
1,693 
1
1,166 
134.0

1,345 
115.9

112.2

1,528 
799 
108.9

645  2,031 

1,04
15.7% 15 3%
15.3%

1,,329 
91.9

1
1,017 

40  1,113  1,027 

1,526 
1,221 
1,234 
72.5

967  690 
58.1

602 

2,0
1,300 

1
1,744 
4
42.613.3

1
1,549 
610  372 

003 
1,400 
1,390 
1,168 
32.9
30.5

97  305 
28.4

28.3
27.5

27.4

27.2
15.4

17.0

25.5

308  519  510 

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Q2'
Q2   (623)
10
RWA (Rp tn) Total Capital (Rp tn) 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
* Credit Risk Only;  CAR inclusive of Market & Operational Risk is 14.50% 34
On Track to Achieve Our 2010 Targets

Gross Loan Growth 15-18%


Savings Deposits > Rp110 tn
Net Interest Margins ~ 5.35%
Efficiency Ratio ~ 45%
Gross NPLs < 4 0%
4.0%
Provisioning Coverage > 150%
New Distribution Infrastructure Targets:
# of New ATMs 2,500
# off New
N EDCs
EDC 25 000
25,000
# of New Micro Outlets 500

35
Operating 
O i
Performance 
Performance
g g
Highlights

36
Corporate Banking:
Contribution Margin declines on rate increase
Performance to Date: H1 2010 Contribution Margin (after PPAP) Strategies for 2010
Rp bn Rp bn 1. Build up the industry‐based focus, 
g
including investment in human resources 
Q1 Q2 development, to support the 
3,910 organization in achieving higher than 
Q3 Q4 market growth
1,144
342 192 2. Develop an awareness of the importance 
28 2 906
2,906 of optimizing the potential growth in 
f ti i i th t ti l th i
1,927 1,899 wholesale business transactions, fund 
preservation and collection of fee‐based 
300 2,483
692 income with a strengthened product 
team function (from product sales 
1,138 specialist to product development) while 
1,477 659
1,899 increasing service standards and product 
competitiveness
1,077 7.5% 3. Foster alliances (collaboration) among 
537 business units in the effort to maximize
business units in the effort to maximize 
824 the borrower’s business potential, from 
downstream to upstream, with a variety 
1,106 of product and service offerings 
547 according to the current needs
592
4. Increase the role of Syndicated & 
Structured Finance Group and Mandiri 
1,075 
Securities in speeding up the 
741 
545  522  development of wholesale transaction 
banking by providing sophisticated and
banking by providing sophisticated and 
comprehensive products that meet 
2007 2008 2009 2010 customers’ needs 

37
Mandiri Sekuritas’ financial performance has been 
p y g y
impacted by the global economy crisis   
H1 ‘09 H1 ‘10 Y‐o‐Y 
(Rp Bn) (%)
Revenues 170 165 (3%)
• Investment Banking 69 34 (51%)
• Capital Market
Capital Market 81 82 1%
• Treasury 3 0 (100%)
• Investment Mgt 19 30 58%

Operating Expenses 72 105 46%


Earnings After Tax 17 43 153%

Equity Transactions 18,887 31,539 67%


SUN Transactions 8,416 24,114 187%
Bonds Underwritten
Bonds Underwritten 875 4 296
4,296 391%

ROA 2.1% 8.2% 290%


ROE 5 2%
5.2% 11 8%
11.8% 127%

38
Treasury, FI & SAM
Performance to Date: H1 2010 Contribution Margin (after PPAP) Strategies for 2010
Rp bn Rp bn 1. New strategy for remittance 
business in Middle East South
business in Middle East, South 
Korea and Taiwan.
2. Develop FX online dealing & 
web‐based FX quotation system 
2,062 in order to generate more FX
in order to generate more FX 
volume from corporate clients.
1,280
3. Expand clients’ coverage for 
156% foreign exchange, marketable 
1,382 securities and custody services
securities and custody services 
business including foreign 
investors.
4. Set program and strategy to 
803 become major player in
become major player in 
banknotes business.
5. Early restructuring and intense  
monitoring.
6. Legal action on non‐cooperative 
debtors. 
7. Enhance e‐procurement system.
8 Optimum
8. Optimum utilization on e‐
utilization on e
* 2010: Including Collection from SAM and excluding  auction.
International branches
39
Commercial Banking:
Strong revenues from both Liabilities & Assets
Performance to Date: H1 2010 Contribution Margin (after PPAP) Strategies for 2010
Rp bn
Rp bn Q1 Q2 Q3 Q4 1. Supporting Bank Mandiri Wholesale 
Banking vision as an Integrated
Banking vision as an Integrated 
4,449 Wholesale Bank through 
405 sophisticated, customized and 
330
completed services to can increase 
2 521
2,521
p y g p
revenue especially through potential 
482 407 business like Wholesale Banking 
Deposit and Fee Income. 
2,114 3,026 2. Increasing profit and market share 
1 964
1,964 through customer existing share of 
1,166 wallet, increasing revenue from new 
customer and NPL control. 
2,114 2,115 3. Provide  best total business solution 
(3.4)% for customer by developing product 
714
and services including quality 
bundling product, quick services and 
1,266 1,176 competitive price. 
564 795 4. Effective Alliance in units based on 
customer base in Commercial and 
946 Small segment, especially in 
developing value chain business. 
852  923  939 
487 

2007 2008* 2009* 2010**


* incl CM of Small Business & BSM**in June 2010 Decline due to PSAK50&55Implementation
40
Commercial Banking :
Stronger Platform & Improved Distribution Capability
Solid & Stable Source of 
Expanding Scope of Distribution, 2010 Low Cost Funds
R Tn
Rp T **
Sumatera Kalimantan Eastern Q2  Q2 
Loans = Rp7.2 tn Loans = Rp2.9 tn Loans = Rp1.4 tn Product Growth
Funds = Rp4.4 tn Funds = Rp2.2 tn
‘09 ‘10
Funds = Rp0.7 tn
Demand 
18 15
18.15 18 35
18.35 1 11%
1.11%
Deposit

Rupiah 12.69 12.44 ‐2.00%

FX 5.45 5.91 8.39%

Saving 
1.40 1.51 7.42%
Deposit*
Total Low 
19.55 19.86 1.57%
Cost Fund
Cost Fund
Java and Bali
Total 
Loans = Rp41.1 tn 33.00 30.20 ‐8.49%
Funds = Rp22.9 tn Funding

CBC = 20 Unit
Floor = 22 Unit
TSC = 11 Unit Low Cost Fund Ratio =  69.18%
TSD = 14 Unit Funding from Java & Bali =84.55% 
of total fundingg

* Business Savings Product
** excl. SBG
41
Strong growth from Bank Syariah Mandiri
Financial Performance (Rp bn) Net Interest Margin & Cost of Funds

FY ’06 FY ‘07 FY ’08 FY ’09 H1 ’10 13.6% 13.5%


Financing YoA 13 0%
13.0%
7,415 10,305 13,278 16,063 19,871 12.7%
12.4%
12.3% 12.4% 12.3%
Deposits
12.1%
8,219 11,106 14,899 19,338 23,333
Assets 9,555 12,888 17,066 22,037 26,385 12.0%

EAT 65.48 114.64 196.42 290.94 197,598


Ratios:

ROA 1.10% 1.54% 1.83% 2.23% 2.22%


ROE 10 23%
10.23% 15 94%
15.94% 21 34%
21.34% 21 40%
21.40% 24 42%
24.42%
Net NPF 4.64% 3.43% 2.37% 1.34% 0.88%

Syariah Financing (Rp tn) 5.9%
6. %
6.2%
CoF 5.7% 5.7% 5.8%5.6% 4.9%
Financing 5.4%5.4%5.4%5.3%5.3%
99.1%
90.2%91.1%91.1% 89.2% 89.1% 86.9% 87.9% 83.1% 83.9% 85.2% 4.7%
87.0% 19.87

6.8

6.7%

6..6%
6
6.4%
6
6.3%

6
6.3%

6
6.3%

6
6.2%
6
6.2%
FDR

6
6.1%
8%
17.65

5.6%

5.6%
5.6%
16.06
14.94
13.77 13.25 13.43 14.23 NIM
12.73
10.31 11.15
7.41

Q4 '06 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q2 '09 Q3 '09 Q4 '09 Q1 '10 Q2'10 2005Q4 '06Q4 '07Q1 '08Q2 '08Q3 '08Q4 '08Q1 '09Q2 '09Q3 '09Q4 '09Q1 '10Q2'10
42
Micro & Retail Banking:
Rapidly growing our high margin business
Performance to Date: H1 2010 Contribution Margin (after PPAP) Strategies for 2010
Rp bn Rp bn
1. Leverage our strength in 
g g
Corporate and large 
1,390 Q4
3,995 Commercial customers to 
Q3 quickly build high margin 
Q2 business
1,069 2. Continue to improve our 
Q1
3,152 payment infrastructure
2,426 3. Expand our distribution with 
722 a focus on high margin 
2 073
2,073
business
2,204 1,319 449
4. Improve our sales culture 
318 and productivity of existing 
network
(32 2%)
(32.2%)
1,527 183 572 855  5. Cross sell to grow our fee 
1,344 based income business
1,344
880 
583 
740 

1,126 
488 727  761 
574 

2007 2008* 2009 * 2010*

* Includes Deposit Insurance *Excluding Small Business
43
Consumer Finance:
Significant growth in spread and fee income
Performance to Date, H1 2010 Contribution Margin (after PPAP)

Rp bn
Rp bn
Rp bn

288 1,509
Q1 Q2
283
Q3 Q4

489
1,176 1,181
251

931
930
831
413
53% 455
639 324
158
412 133 355
79 161
100 200
170 476 
90
252 
143  150  174 

NII Fees Overhead Operating  Provisions Profit After  2006 2007 2008 2009 2010
Profit PPAP
Axis Title
44
S
Supporting Materials
i M i l

45
Key Quarterly Balance Sheet Items & Financial 
Ratios
IDR billion / % H1 ‘09 FY ‘09 H1 ‘10 Y‐o‐Y  (%)
Gross Loans 181,611 198,547 217,996 20.03%
Government Bonds
Government Bonds 88 243
88,243 89 133
89,133 83 536
83,536 (5 33%)
(5.33%)
Total Assets 358,897 394,617 402,084 12.03%
Customer Deposits 287,055 319,550 326,578 13.77%
T lE i
Total Equity 31,439 35,109 36,508 16.12%
RoA ‐ before tax (p.a.) 2.54% 2.96% 2.75%
RoE – after tax (p.a.) 18.70% 22.07% 22.33%
Cost to Income(1) 38.94% 40.18% 38.66%
NIM (p.a.) 5.35% 5.22% 5.18%
LDR 62.20% 61.36% 66.33%
Gross NPL / Total Loans 4.78% 2.79% 2.54%
Provisions / NPLs 136.13% 200.45% 205.97%
Tier 1 CAR(2) 12.62% 12.50% 11.85%
Total CAR(2) 14.10% 15.55% 14.58%
Total CAR incl. Market Risk 14.02% 15.43% 14.50%
EPS (Rp)
S ( p) 139.92 341.72 192.34 37.56%
Book Value/Share (Rp) 1,503 1,677  1,741  15.83%
(1) (G&A and employee expenses) / (Net Interest Income + Other Operating Income), excluding bond 
gains
(2) Bank only – Not including Market Risk 46
47
76.0%

17.7%

21
18.0 93.5 Q2
2 '10
68.0%68.3%67.3%

19.6%20.5%

110
0.6 201.9 86.8 Q1
1 '10
Total Assets grew 12.0% Y‐o‐Y to Rp402.1 tn

106
6.9 198.5 89.1 Q4
4 '09
22.4%

89.8 188.3 88.4 Q3


3 '09
63.6%

25.4%

89.0 181.6 88.2 Q2


2 '09
58.8%59.1%57.2%

31.0%32.3%32.4%29.3%29.3%

84.1 175.2 88.4 Q1


1 '09
95.7 174.5 88.3 Q4
4 '08
67.4 162.8
8 88.5 Q3
3 '08 Other Assets
56.8%

6
66.7 149
9.6 88.4 Q2
2 '08
Int. from Loans

52.2%

7
75.5 1
135.5 88.6 Q1
1 '08
91.1 13
38.5 89.5 Q4
4 '07

Loans
61.2 121.7 90.8 Q3
3 '07
34 8%
34.8%
50.1%

59.2 116.3 89.5 Q2


2 '07
56.1 114.3 90.6 Q1
1 '07

Government Bonds
Int. from Bonds

46.9%
41.0%
59.2 117.7 90.6 Q4
4 '06
54.0 108.8 91.0 Q3
3 '06
47.1%
40.6%
55.1 107.8 92.3 Q2
2 '06
57.6 105.1 92.2 Q1
1 '06

50.0%

40.9%
64.5 106.9 92.1 Q4
4 '05
60.7 94.4 93.1 Q4
4 '04

60.6%

34.1%
50.6 9
75.9 122.9 Q4
4 '03
36.1 65.4 148.8 Q4
4 '02

74 1%
4%74.1%

19.0%19.0%
5 48.3
60.5 153.5 Q4
4 '01

75.4%
33.4 43.0
4 176.9 Q4
4 '00

75

Consolidated
27.0 44.0
4 177.4 Q4
4 '99

80

40

0
400

360

320

280

240

200

160

120
Total Assets (Rp tn)
Additional Factors
 Aggregate of Rp33.377 tn (US$ 3.668 bn) in written‐off loans as of end‐
March 2010, with significant recoveries on‐going:
 2001:      Rp2.0 tn
 2002:      Rp1.1 tn
 2003:     Rp1.2 tn
 2004:     Rp1.08 tn
 2005:      Rp0.818 tn (US$ 83.2 mn)
Written‐off
Written off   2006:      Rp3.408 tn (US$ 378.5 mn)*
Loans  2007:      Rp1.531 tn (US$ 249.3 mn)
 2008:   Rp2.309 tn (US$ 211.8 mn)
 9Mo ’09:   Rp1.489 tn (US$ 146.4 mn)
 Q4 ‘09: Rp0.775 tn (US$ 82.5 mn)
 Q1 ‘10: Rp0.287 tn (US$ 31.6 mn)
 Q2 ‘10: Rp0.662 tn (US$ 73.0 mn) **)
* including the write‐back of RGM loans totaling Rp2.336 tn
** Including the write back of Kharisma Arya Paksi loans totaling  Rp 0.124 tn

48
Summary Quarterly Balance Sheet: Q2 ‘09 –‘10
Q2 '09 Q3 '09 Q4 '09 Q1 '10  Q2 ‘10 Y‐o‐Y
Rp (tn) Rp (tn) Rp (tn) Rp (tn) Rp (tn) US$ (bn)# % 

Total Assets
Total Assets 358.90 
358 90 366.49 
366 49 394.62 
394 62 399.24 
399 24 402.08 
402 08 44.36 
44 36 12.03%
12 03%
Cash  5.91  9.39  8.87  6.63  6.45  0.71  9.14%
Placement with BI 28.32  30.36  48.81  17.92  25.71  2.84  (9.22%)
Placement with other banks
Placement with other banks 29.00
29.00  25.59
25.59  26.57
26.57  27.20
27.20  25.33
25.33  2.79
2.79  (12.66%)
Securities  3.22  9.75  3.73  35.48  25.75  2.84  699.69%
Government Bonds 88.39  88.36  89.13  86.82  83.54  9.22  (5.48%)
Trading 0.16  0.25  0.43  0.27  0.15  0.02  (6.25%)
AFS 26.22  26.12  25.92  63.13  59.96  6.61  128.71%
HTM 62.01  62.00  62.79  23.42  23.43  2.58  (62.22%)
Loans 181.61  188.28  198.55  201.94  217.99  24.05  20.03%
Performing Loans 172 23
172.23  180 37
180.37  192 34
192.34  196 57
196.57  213 12
213.12  23 51
23.51  23 75%
23.75%
Non‐Performing Loans 9.39  7.92  6.21  5.36  4.88  0.54  (48.01%)
Allowances (12.78) (12.29) (12.45) (11.50) (11.55) (1.27) (9.60%)
Loans Net
Loans – 168 83
168.83  176 00
176.00  186 10
186.10  190 43
190.43  206 45
206.45  22 77
22.77  22 28%
22.28%
Total Deposits – Non‐Bank 287.06  295.55  319.55  312.91  326.58  36.03  13.77%
Demand Deposits 65.61  66.79  72.70  69.80  73.34  8.09  11.78%
g p
Savings Deposits 97.13  102.39  113.80  106.98  113.75  12.55  17.11%
Certificate & Time Deposits 124.32  126.37  133.06  136.13  139.49  15.39  12.21%
Shareholders’ Equity 31.44  33.10  35.11  36.78  36.51  4.03  16.13%
# USD1 = Rp9,065 49
Summary Quarterly P&L
Q2 2009 Q1 2010 Q2 2010 Q‐o‐Q Y‐o‐Y
Summary P&L % of  % of  % of 
Rp (Billions) Rp (Billions) Rp (Billions)  (%)  (%)
Av.Assets* Av.Assets* Av.Assets

Interest Income 8,035  9.10% 8,030  8.09% 8,188  8.17% 1.97% 1.90%


Interest Expense (3,769) (4.27%) (3,396) (3.42%) (3,452) (3.45%) 1.65% (8.41%)
Net Interest Income
Net Interest Income 4,266  4.83% 4,634  4.67% 4,735  4.73% 2.18% 10.99%
Other Operating Income 1,332  1.51% 1,327  1.34% 2,225  2.22% 67.67% 67.04%
Gain from Increase in Value  & 
66
66  0.07% 90
90  0.09% 21
21  0.02% (76.67%) (68.18%)
Sale of Bonds
l f d
Provisions, Net (599) (0.68%) (692) (0.70%) (1,162) (1.16%) 67.92% 93.99%
Personnel Expenses ((1,390)
, ) ((1.57%)) ((1,306)
, ) ((1.32%)) ((1,374)
, ) ((1.37%)) 5.21% ((1.15%))
G & A Expenses (1,005) (1.14%) (1,051) (1.06%) (1,265) (1.26%) 20.36% 25.87%
Other Operating Expenses** (300) (0.34%) (383) (0.39%) (394) (0.39%) 2.87% 31.33%
Profit from Operations
Profit from Operations 2 370
2,370  2 68%
2.68% 2 619
2,619  2 64%
2.64% 2 786
2,786  2 78%
2.78% 6 38%
6.38% 17 55%
17.55%
Non Operating Income 57  0.06% 114  0.11% (35) (0.03%) (130.70%) (161.40%)
Net Income Before Tax 2,427  2.75% 2,733  2.75% 3,750  3.74% 37.21% 54.51%
Net Income After Tax 1,527  1.73% 2,003  2.02% 2,031  2.03% 1.40% 33.01%
*  % of Average Assets on an annualized basis
** primarily premiums paid under the blanket guarantee scheme 50
Limited Impact on Government Recap Bonds
Recap Bond Portfolio by Type and Maturity (Rp83,537 bn) Bonds by Rate Type & Portfolio as of June 2010
(Rp bn)
Trading Portfolio Available for Sale 70 
Maturity/
y/ Held to  0.02
60 
Rp bn Nominal MTM Nominal MTM Maturity Fixed Rate
50  Variable Rate
Fixed Rate Bonds
40 
< 1 year
< 1 year ‐ ‐ ‐ ‐ 3
3  30
30  60
1.68
1 ‐ 5 year 141  146 18 18 732 20 
5 ‐ 10 year ‐ ‐ ‐ ‐ 829 10  21.745
0.15
> 10 year
> 10 year ‐ ‐ ‐ ‐ 120
120  0

Trading* AFS# HTM^
Sub Total 141 146 18 18 1,684 *  Mark to Market impacts Profit
#  Mark to Market impacts Equity
Variable Rate Bonds ^   Nominal value

< 1 year ‐ ‐ ‐ ‐ ‐ Q2 ‘10 Recap Bond Gains/(Losses) (Rp bn)


1 ‐ 5 year ‐ ‐ 8,640  8,482  1,505 
FY ‘09 Q1 ‘10 Q2 ‘10
5 ‐ 10 year ‐ ‐ 34,477  34,062  20,239 
/
Realized Gains/Losses
> 10 year ‐ ‐ 17,614  17,401  ‐ 19 01
19.01 61 81
61.81 0 93
0.93
on Bonds
Sub Total ‐ ‐ 60,731  59,945  21,745  Unrealized Gains/Losses
2.04  (3.00 ) 3.98
on Bonds
T o t a l 141 146 60,749 59,963 23,429 Total 21.05 58.81 4.91

51
Ex‐Recap Bond Portfolio, 30 Jun ‘10 – Bank Only
Nominal Fair Value
Maturity  Interest  Marked To 
No. Series
Date Rate (%) Trading
Rate (%) ad g AFS 
S HTM Market Trading
ad g AFS
S HTM

Fixed Rate
1 FR0014 15‐Nov‐10 15.58%                      ‐                   2,947 100.000         ‐                      ‐                   2,947
2 FR0020 15‐Dec‐13 14.28%                      291 100.000         ‐                      ‐                      291

Sub Total         ‐                      ‐                   3,238         ‐                      ‐                   3,238


Variable Rate
1 VR0017 25‐Jun‐11 6.58%         ‐              290,270                       ‐ 97.989         ‐              284,433                       ‐
2 VR0019 25‐Dec‐14
25 Dec 14 6 58%
6.58%        ‐          5,050,000
5 050 000           1,114,300
1 114 300 98 230
98.230        ‐          4,960,615
4 960 615           1,114,300
1 114 300
3 VR0020 25‐Apr‐15 6.81%         ‐           3,300,000               391,029 98.260         ‐           3,242,580               391,029
4 VR0021 25‐Nov‐15 6.65%         ‐              100,000                      690 97.275         ‐                97,275                      690
5 VR0022 25‐Mar‐16 6.58%         ‐              692,844            6,796,813 98.947         ‐              685,548            6,796,813
6 VR0023 25‐Oct‐16 6.81%         ‐              659,738            4,086,068 98.939         ‐              652,738            4,086,068
7 VR0024 25‐Feb‐17 6.65%        ‐                     ‐           8,210,550 98.926        ‐                     ‐           8,210,550
8 VR0025 25‐Sep‐17 6.58%         ‐           4,065,402            1,145,148 98.943         ‐           4,022,431            1,145,148
9 VR0026 25‐Jan‐18 6.81%         ‐           3,475,267                       ‐ 98.935         ‐           3,438,255                       ‐
10 VR0027 25‐Jul‐18 6.81%         ‐           3,475,267                       ‐ 98.934         ‐           3,438,221                       ‐
11 VR0028 25 Aug 18
25‐Aug‐18 6 65%
6.65%        ‐          5,171,695
5 171 695                      ‐ 98 922
98.922        ‐          5,115,944
5 115 944                      ‐
12 VR0029 25‐Aug‐19 6.65%         ‐           8,819,688                       ‐ 98.920         ‐           8,724,435                       ‐
13 VR0030 25‐Dec‐19 6.58%         ‐           8,016,765                       ‐ 98.937         ‐           7,931,547                       ‐
14 VR0031 25‐Jul‐20 6.81%         ‐         17,614,108                       ‐ 98.929         ‐         17,425,461                       ‐
Sub Total        ‐        60,731,044         21,744,598        ‐        60,019,483         21,744,598
Grand Total         ‐         60,731,044          21,747,836         ‐         60,019,483          21,747,836
0.00% 73.63% 26.37% 0.00% 73.40% 26.60%
(Stated in Rp Millions) Total Nominal Value          82,478,880 Total Fair Value          81,767,319
52
Bank Mandiri Credit Ratings
S&P Moody’s Fitch Pefindo
Bank Mandiri Ratings
Bank Mandiri Ratings
Long Term Foreign Currency Outlook Stable Stable Stable
Foreign Long Term Bank Deposits Ba3
LLong Term Foreign Currency Debt
T F i C D bt BB WR BB
BB+
Short Term Outlook Stable
Short Term Foreign Currency Debt B NP B
Subordinated Debt Ba3 BB idAA+
Individual Rating C/D idAAA
Support Rating 3
Bank Financial Strength D

Long Term Local Currency Outlook Positive Stable


Long Term  Local Currency Debt
l b BB‐ BB+ idAA
d
Local Long Term Bank Deposits Baa3
Short Term  Local Currency Debt B P‐3
National Rating B idnAA+  

53
Corporate Actions
Net Profit for the financial year of 2009 of Rp7,155,463,216,743.00
was distributed as follows:
• 35%, or Rp2,504,412,132,860.05, for the annual dividend
35% R 2 504 412 132 860 05 f th l di id d
• Total Dividend Payment of Rp119.43 per share 
• Interim dividend of Rp19.26 paid on 22 December 2009
Schedule :
a. Cum Date: 
Regular and Negotiated Market:  June 9, 2010
Cash Market:  June 14, 2010
Dividend b E D t
b. Ex Date: 
Payment Regular and Negotiated Market:  June 10, 2010
Cash Market: June 15, 2010
c. Payment Date:
y June 28 2010

Net Profit for the financial year of 2008 of Rp5,312,821,488,698.00
was distributed as follows:
• 35%, or Rp1,859,487,521,044.30, for the annual dividend
35% or Rp1 859 487 521 044 30 for the annual dividend
• Total Dividend Payment of Rp88.55 per share

54
Q2 2010 Movement in Category 1 and 2 Loans
Category 1 Loan Movements (Rp bn) – Bank Only Category 2 Loan Movements (Rp bn) – Bank Only

89

14,803 3,219 2,053


3 890 145 336 23
3,219 2,053 26

173,066
159,495 17,417 17,479

Beg. Bal. D/G to 2
/ U/G from 
/ D/G to 
/ U/G from 
/ Net  FX Impact End Bal. Beg Bal Cat. 1 D/G
Beg. Bal. Cat 1 D/G U/G to 1
U/G to 1 D/G to 
D/G to NPL U/G
NPL U/G Net
Net  FX Impact End Bal.
FX Impact End Bal
2 NPL NPL Disburs. NPL Disburs.

55
Q2 2010 Loan Detail: Collectibility by Segment
Loan Profile: Q2 Collectibility (%)  by Segment Loan Profile: Q2 Collectibility (Rp bn)  by Segment
Bank Only Bank Only
1.4%
0.1% 1.8% 1.9% 1.6% 90,000 
0 2%
0.2% 0 4%
0.4% 3.8% 0 4%
0.4%
10.2% 5.3% 9.4% 1.0%
10.5%
80,000 
15.2%

70 000
70,000 

60,000 
5
4
50,000 
3
91.6% 2 40,000 
88.2% 87.9% 87.0%
78.3% 1
30,000 

20,000
20,000 

10,000 

Corp Comm Small Micro Cons Corp Comm Small Micro Cons
56
NPL Loan Detail*: Quarterly by Days Past Due
Quarterly D/G to NPL & Interest DPD ‐ Bank Only Quarterly NPL Stock & Interest DPD ‐ Bank Only
Rp tn
70% 70%
Current (%) Current (%)
60% 60%
<30 Days OD (%) <30 Days OD (%)
50% 50%

40% 40%

30% 30%

20% 20%

10% 10%

0% 0%
12,000 30,000
Rp Value Rp Value
10 000
10,000 25 000
25,000

8,000 20,000

6,000 15,000

4,000 10,000
11,161

17,456
24,962
24,193
26,248
26,424
25,665
25,414
17,960
17,180
16,500
13,603
10,654
6,901
1,177
4,106
1,558
1,304
1,031
1,644

1,858
1,975

6,558
6,510
6,586
7,833
9,678
7,700
6,099
4,505
3,589
3,668
2,000 5,000
235
783
561
134
503
596
325

297
480
283
851
617
1
7
6
8
4
1
4

1
4

7
0

1
7

6
2

8
4

4
0
0
0

4
8
0
6

8
0
9

9
8
0 0
Q1 '05

Q4 '05

Q3 '06

Q2 '07

Q1 '08

Q4 '08

Q3 '09

Q2 '10

Q1 '05

Q4 '05

Q3 '06

Q2 '07

Q1 '08

Q4 '08

Q3 '09

Q2 '10
* Excluding Micro & Consumer Loans Only 57
Rp245 bn in loans were restructured or repaid in 
Q2 ‘10
Q2  10
Restructured Loan Movement 2002 ‐ 2010 Loans by Restructuring Type in Q2 2010
IDR bn Others#
Write‐Offs
Write Offs
Repayments
Restructuring
Balance Maturity 
extension; 
42 9%
42.9%
Maturity 
extension 
w/reduced 
rates; 2.0%
;
Additional 
loans; 1.8% LT loans 
w/convert; 
1.4%
29,,542

23,,987

21,,045

19,,427

20,,914

20,,645

16,,560

17,,104

16,,046

15,,271
Maturity 
extension 
w/other 
2002
Add
Deducct
2003
Add
Deducct
2004
Add
Deducct
2005
Add
Deducct
2006
Add
Deducct
2007
Add
Deducct
2008
Add
Deducct
2009
Add
Deducct
Q1 '10
Add
Deducct
Q2 '10

restr'g*; 
52 1%
52.1%
0

(Rp billions) ‘05 ‘06 ‘07 ‘08 ‘09 Q1  Q2 


’10 ’10
*Other Restructuring includes reduction of interest rates, rescheduling of 
Loans 
Loans 718 5 573
5,573 2 445
2,445 677 5 660
5,660 33 149 p p y p p
unpaid interest & extension of repayment period for unpaid interest
Restructured
#Others includes partial payments, FX impacts, and fluctuation in 
NPL 1,118 2,398 2,567 1,147 2,058 141 96 Working Capital facilities
Collections 58
Loan Portfolio Sector Analysis, Q2 2010

Mfg‐Oth
13.3%
Mfg‐F&B
Agri 13.1%
Mfg Oth
Mfg‐Oth
Mfg‐F&B Agri
Bus Serv 14.0%
Bus Serv
10 6%
10.6%
Oth 4%
Oth<4%
Trans
Mfg‐Chem
Trad‐Distr
Mining‐Oil & Gas
i i il & 5.6% Oth<4%
9.7%
Trad‐Ret
Oil & Gas
Constr 4.4%
Trad‐Distr Trans
Trad‐Ret 7.9%
6.0%
Mining‐Oil & Gas Mfg‐Chem
7.0% 7.1%

(1) Non‐consolidated numbers
*      Each sector < 4%

* Excluding Micro & Consumer Loans Only
59
Q2 2010 Loan Detail*: Downgrades to NPL
Loan Profile: Q2 NPL Downgrades Only (Rp618 bn) Bank Only
Corporate, Commercial & Small Business 
100% 5 Invest
Constr Other loans downgraded to NPL in Q2 totaled 
Trad‐Distr R 618 billi (0 32% f t t l l
Rp618 billion (0.32% of total loans).  Of these 
) Of th
90% Small
Other <5%
loans:
USD
Mfg‐Wood
80%  20.7% were current on interest payments 
 57.5% were Commercial borrowers and 
70% 4 22.0% came from our Small Business 
91+ portfolio
60% Mfg‐Oth
Mfg Oth  32.8% were loans previously restructured
p y
 Largest downgrades by sector:
50% Comm
WC  Retail Trading

40%  Textile Manufacturing
Textile Manufacturing

IDR  Wood Manufacturing
30% Mfg‐Text  68.6% were IDR loans
994.13% were Working Capital loans
. 3% e e o g Cap ta oa s
3
20%  62.4% were more than 90 days overdue in 
interest payments
10% Current Trad‐Ret Corp

0%
Collect. Int. Aging Sector Currency Purpose Segment * Excluding Micro & Consumer Loans Only
60
Q2 2010 Loan Detail*: Non‐Performing Loans
Loan Profile: Q4 Non‐Performing Loans Only (Rp4,505 bn) Bank Only
Corporate, Commercial & Small Business NPLs 
100% Other
Bus Serv Other Synd
totaled Rp3,668 billion in Q2, or 1.9% of total 
Trans
S ll
Small loans Of these NPLs in Q2
loans. Of these NPLs in Q2:
90%
Invest  27.6% remain current on interest 
Trad‐oth
80% payments and an additional 8.6% are less 
Mfg Text
Mfg‐Text USD than 90 days overdue
than 90 days overdue
70%  38.6% are to Corporate customers
5 91+ Trad‐Ret
Comm  74.2% are Working Capital loans and 
60% 18 8% are Investment loans
18.8% are Investment loans
Constr  Primary sectors are:
50%
 Manufacturing
Trad‐Dom  Trading
40%  Construction
WC
Oth
 37.7% are USD loans
30%
IDR
 24.5% were previously restructured
20% 4 Mfg‐Metal Corp  7.9% are Cat. 3 & 22.2% are Cat. 4
Current

 0.6% were upgraded in Q2, while 51.6% 
10% saw no change in collectibility
Mfg‐oth
3
0%
Collect. Int. Aging Sector Currency Purpose Segment * Excluding Micro & Consumer Loans Only
61
Q2 2010 Loan Detail*: Downgrades to Cat. 2
Loan Profile: Q2 Downgrades to Cat 2 Only (Rp1,908bn) Bank Only
Rp1,908 billion (0.98% of total loans) in 
100% Program
61+ Mfg‐F&B USD Consumer
Corporate, Commercial & Small Business 
l
loans were downgraded to Category 2 in Q2. 
d d dt C t 2 i Q2
90%
Mfg‐oth Of the Special Mention Loans downgraded:
31‐60 Invest
80% Trans
 43.3% are for Commercial & 47.0% are to 
Small
Small Business customers
70% Mfg‐Chem

>2004
 36.3% are current & 1.9% are 1 day 
Plantations overdue in interest payments
60%
<30
 Primary sectors downgraded are:
50% Trad‐Distr
 Retail Trading
IDR
 Business Service
40%
1 Day Roads & Bridge  Construction
WC
Comm  Distribution
30%
Bus Serv  91.8% are Rupiah loans
Current

20%  70.7% are Working Capital loans
2000‐2004

 18.4% are Restructured loans 
10% Trad‐Ret
Corp
0% <2000
Segment Days Aging Sector Currency Purpose Origin Year * Excluding Micro & Consumer Loans Only
62
Q2 2010 Loan Detail*: Category 2 Loans
Loan Profile: Q2 Category 2 Loans Only (Rp13,772 bn) Bank Only
Rp13,772 billion (7.1% of total loans) in 
100% Program
Consumer
Corporate, Commercial & Small Business 
Small 61+ Oth<5% Synd l
loans were in Category 2 in Q2. Of these 
i C t 2 i Q2 Of th
90%
Special Mention loans:
Plantations
31‐60
80% >2004
Comm
Constr USD
Invest
 65.8% are to Corporate customers
<30
70% 1 Day
Mfg‐NonM  69.8% are current or 1 day overdue, with 
Mfg‐Chem an additional 9.1% less than 30 days 
60% overdue
Trading  Primary sectors in Category 2 are:
50%
 Textile Manufacturing
Mfg‐oth
Mfg oth  Pulp & Paper Manufacturing
p p g
40%
 Trading
Current

2000‐2004
Corp  Chemical Manufacturing
30% WC
IDR  Non Metal Manufacturing
Mfg‐P&P

20%  56.8% are IDR loans
 58.9% are Working Capital loans
10% Mfg‐Text
 70.8% are Restructured loans
70.8% are Restructured loans
0% <2000  84.1% were Category 2 in Q1 ‘10
Segment Days Aging Sector Currency Purpose Origin Year * Excluding Micro & Consumer Loans Only
63
Q2 2010 Loan Detail*: Upgrades to PL
Loan Profile: Q2 Upgrades to PL (Rp113 bn) Bank Only
Corporate, Commercial & Small Business 
100%
Mfg‐oth loans upgraded to PL in Q2 totaled Rp113 
Soc Serv USD
billi (0 06% f t t l l
billion (0.06% of total loans).  Of these loans:
) Of th l
90%
oth<5%
 51.4% were to Small Business borrowers
80% Mfg‐Text
Invest  80.1 originated in 2005 or later
Small
 16.1% were previously restructured loans
70% Trad‐oth
 Largest upgrades by sector:
60% >2004  Construction
2
Trad‐Ret  Trading
50%
 Textile Manufacturing
IDR
 90.7% were IDR loans
40%
 57.1% were Working Capital loans
 86.5% of upgrades to PL were NPLs 
30%
WC moving to Category 2
Comm C
Constr
2000‐2004

20%

10%
1
<2000
0%
Collect. Segment Sector Currency Purpose Origin Year * Excluding Micro & Consumer Loans Only
64
Q2 2010 Loan Detail*: Performing Loans
Loan Profile: Q2 Performing Loans Only (Rp158,924bn) Bank Only
Rp158,924 billion (81.4% of total loans) in 
100% Other
Synd Corporate, Commercial & Small Business 
2
Small Oth<5% Consumer
l
loans were performing in Q2. Of these 
f i i Q2 Of th
90% USD
performing loans:
Comm
80%
Constr
 54.9% are to Corporate customers & 
Invest 33 1% are to Commercial customers
33.1% are to Commercial customers
Trad‐Distr
70% Comm  82.6% originated since 2005
Trad‐Ret  91% have no restructuring history 
Mining‐Oil & 
60%
Gas >2004  9% are Restructured loans
 0.1% were purchased from IBRA
Mfg‐Chem
50%  Primary sectors are:
1 Bus Serv  Food & Beverage Manufacturing
40% IDR  Plantation
Plantations
 Business Services
30%  Chemical Manufacturing
Corp WC
 79.6% are Rupiah loans
79 6% are Rupiah loans
20% Mfg‐oth  52.1% are Working Capital loans
2000‐20

 87.5% saw no change in collectibility
10%
Mfg‐F&B
 0.1% were upgraded from NPL
004

0% <2000
Collect. Segment Sector Currency Purpose Origin Year * Excluding Micro & Consumer Loans Only
65
Q2 2010 Loan Detail*: Restructured Loans
Loan Profile: Q2 Restructured Loans Only (Rp15,271 bn) Bank Only
100% Of the remaining Rp15,271 billion in 
5 Small
3 Synd restructured Corporate, Commercial & Small 
90% Oth<5% Business loans in Q2, or 7.8% of total loans:
Comm  94.1% are performing
80% USD Invest  75.4% of loans in Category 2 are current in 
Agri
g
interest payments
interest payments
70% Mfg‐NonM  Of the 5.9% which are in NPL, 1.7% are 
current in interest payments
Trad‐H&R
60%
2  Primary sectors are:
31‐60  Manufacturing
Mfg‐oth
50% •Textiles
•Pulp & Paper
40% Mfg Chem
Mfg‐Chem Chemicals
•Chemicals
Corp  Trading
30% WC  Non Metal Mfg
IDR
Mfg‐P&P  59.8% are Rupiah loans
20%
 61.6% are Working Capital loans
 72.2% are to Corporate customers
1
10%
 4.8% deteriorated in collectibility
Mfg‐Text
 0.8% showed improved collectibility
0 8% showed improved collectibility
Current

31‐60 Days
0%
Collect. NPL Aging Sector Currency Purpose Segment * Excluding Micro & Consumer Loans Only
66
Q2 2010 Loan Detail: Corporate Loans
Loan Profile: Q2 Corporate Loans Only (Rp88,672 bn) Bank Only
100% Consumer Rp88,672 billion in loans were in the 
5
Synd Corporate portfolio in Q2, or 45.4% of total 
2 61+ Oth<5%
90% loans. Of the Corporate Loans in Q2:
31‐60 Trading USD  98.4% are performing loans, with 10.2% in 
<30
80% 1 Day Mfg‐Chem Category 2
Invest  79.1% of Category 2 loans are current in 
70% Bus Serv
interest payments
Comm  66.6% of NPLs are current in interest 
60% >2004
2004
payments

50% Mfg‐oth  Primary sectors in Corporate are:


 Food & Beverage Mfg
1  Plantation
Current

40% Mining‐Oil & 
Mining‐Oil &
Gas  Oil‐Gas
IDR  Transportation
30%
Plantations  68.4% are Rupiah loans
WC
20%  49.1% are Working Capital loans
2000‐200

 12.4% are Restructured loans 
10% Mfg‐F&B
 0.0% were purchased from IBRA
04

0% <2000
Collect. Cat. 2 Aging Sector Currency Purpose Origin Year
67
Q2 2010 Loan Detail: Commercial Loans
Loan Profile: Q2 Commercial Loans Only (Rp54,242bn) Bank Only
100% Rp54,242 billion in loans were in the 
5
3 oth<5% Commercial portfolio in Q2, or 27.8% of total 
2 61+ USD Consumer
Co su e
90% loans. Of the Commercial Loans in Q2:
Mass Trans
 96.8% are performing loans, with 5.3% in 
80% 31‐60 Trad‐oth
Category 2
Mfg F&B
Mfg‐F&B
 59.0% of Category 2 loans are current in 
70% Invest interest payments
Constr
<30
 1.4% of NPLs are current in interest 
60% 1 Day
1 Day Mfg Chem
Mfg‐Chem >2004
2004 payments

50%  Primary sectors in Commercial are:
Trad‐Distr
1  Business Services
IDR
 Plantations
40% Plantations  Distribution
 Chemical Manufacturing
Current

30%
Bus Serv
WC  89.2% are Rupiah loans

20%  50.9% are Working Capital loans
 7.1% are Restructured loans 
10% Mfg‐oth 2000‐2004  0.2% were purchased from IBRA

0% <2000
Collect. Cat. 2 Aging Sector Currency Purpose Origin Year
68
Q2 2010 Loan Detail: Small Business Loans
Loan Profile: Q2 Small Business Loans Only (Rp19,677bn) Bank Only
100% USD Program Rp19,677 billion in loans were in the Small 
5
3 Business portfolio in Q2, or 10.1% of total 
Consumer
2
90% 61+ loans. Of the Small Business Loans in Q2:
Oth<5%
Invest  97.3% are performing loans, with 9.4% in 
80% Category 2
31‐60
31 60
Mfg  31.3% of Category 2 loans are current in 
70% interest payments
Bus Serv
 8.2% of NPLs are current in interest 
60% >2004
payments
Plantations
50% <30
IDR  Primary sectors in Small Business are:
 Retail Trading
1 Trad‐Distr  Distribution
40%
 Plantations
WC
 Business Services
1 Day
30%
 99.7% are Rupiah loans

20%  72.6% are Working Capital loans
Current

Trad‐Ret
2000‐200

 2.0% are Restructured loans 
10%
 0.0% were purchased from IBRA
04

0% <2000
Collect. Cat. 2 Aging Sector Currency Purpose Origin Year * Excluding Micro & Consumer Loans Only
69
Q2 2010 Loan Detail*: Rupiah Loans
Loan Profile: Q2 Rupiah Loans Only (Rp128,637 bn) Bank Only
100% 53
Rp128,637 billion in loans were Rupiah 
Other
2 Consumer denominated in Q2, or 65.9% of total loans. 
Oth<5% S ll
Small
90% 61+ Of the Rupiah Loans in Q2:

Constr  98.4% are performing loans, with 6.1% in 
80% Category 2
31 60
31‐60 Comm I
Invest
t
 57.4% of Category 2 loans are current in 
70% Trad‐Distr
interest payments
<30 Comm
Trad‐Ret  5.0% of NPLs are current in interest 
60%
1D
1 Day >2004 payments
Mfg‐Chem
50%  Primary sectors in Rupiah loans are:
1 Mfg‐oth  Plantations
 Food & Beverage Mfg
g g
40%
 Business Serices
Bus Serv  Chemicals Manufacturing
Current

30%
WC  47.1% are Corporate loans
Corp
20% Mfg‐F&B  53.7% are Working Capital loans
 7.1% are Restructured loans 
2000‐20

10%
Plantations  0.0% were purchased from IBRA
004

0% <2000
Collect. Cat. 2 Aging Sector Segment Purpose Origin Year * Excluding Micro & Consumer Loans Only
70
Q2 2010 Loan Detail*: FX Loans
Loan Profile: Q2FX Loans Only (Rp33,955bn) Bank Only
100% Small Other Rp33,955 billion in loans were FX 
5 61+
3 Synd denominated in Q2, or 17.4% of total loans. 
31‐60 Comm Of the FX Loans in Q2:
90%
2 <30 oth<5%
1 Day  95.3% are performing loans, with 17.5% in 
80% Category 2
Mfg‐oth  83.2% of Category 2 loans are current in 
Invest
70% interest payments
Chem

P&P  56.7% of NPLs are current in interest 
60% >2004
payments
Text
50%  Primary sectors in FX loans are:
Trading  Oil & Gas
Currrent

Corp  Food & Beverage Mfg
g g
40% 1  Trading
F&B
 Textile Manufacturing
30%  Pulp & Paper Mfg
WC  82.6% are Corporate loans
82 6% are Corporate loans
20%
 48.5% are Working Capital loans
2000‐200

Oil & Gas
10%  18.1% are Restructured loans 
04

 0.3% were purchased from IBRA
0% <2000
Collect. Cat. 2 Aging Sector Segment Purpose Origin Year * Excluding Micro & Consumer Loans Only
71
Credit Card portfolio showed modest 
deterioration in Q2 ‘10
Mandiri Credit Card Delinquency Rates (%) Quarterly Charge‐offs, NPLs & Recoveries (Rp Bn)

30 DPD ‐ Rp
90 DPD ‐ Rp NPLs (90+DPD)
16.8% 30 DPD ‐ Cards Write‐Offs
90 DPD ‐ Cards Recoveries
123.1
123 1
109.1

11.2% 83 8
83.8 90.7
10.7% 82.9
82 9
10.2% 79.4 78.7
9.7% 75.6 76.4
9.5% 72.2
8.1% 8.3%8.2% 63.6
7.7%
7.1% 7.2%
6.3% 6.4%
45.744.5
5.6% 40.8
5.3%
5.0% 4.7% 4.8%5.0% 35.9 37.5 37.1 43.5
5.8% 4.5% 4.2% 4.2% 32.6
4.1% 29.7
3.8% 28.6 28.2
3.4% 3.3% 23.6
2.7%
33.1 17.6 16.9 24.4
1.9% 2.0% 13.9 14.5
2.4% 1.8% 1.8% 6.9 8.8
2.1% 2.2% 1.8% 4.7
1.7% 0.9% 1.0%
0.9% 2.0
1.5%
1.1% 1.0%
Q1 '04
Q2 '04
Q3 '04
Q4 '04
Q4 '05
Q4 '06
Q1 '07
Q2 '07
Q3 '07
Q4 '07
Q1 '08
Q2 '08
Q3 '08
Q4 '08
Q1 '09
Q2 '09
Q3 '09
Q4 '09
Q1 '10
Q2 '10
Q1 '04
Q2 '04
Q3 '04
Q4 '04
Q4 '05
Q4 '06
Q1 '07
Q2 '07
Q3 '07
Q4 '07
Q1 '08
Q2 '08
Q3 '08
Q4 '08
Q1 '09
Q2 '09
Q3 '09
Q4 '09
Q1 '10
Q2 '10

72
Regs. on Asset Classification: PBI No 7/2/PBI/2005
Classification by Payment History Previously Current No change to BI Prov. Req.
Category 1 ‐ Current Current Current 1%
Classification
Category 2 – Special Mention 1 – 90 days 1 – 90 days 5%
by Aging of
by Aging of 
Category 3 – Sub‐Standard 91 – 180 days 91 – 120 days 15%
Interest Payments#
Category 4 ‐ Doubtful 181 – 270 days 121 – 180 days 50%
Category 5 ‐ Loss 271+ days 181+ days 100%

Business Outlook
Business Outlook Financial Condition
Fi i l C diti Payment Ability
Payment Ability
 Business growth potential  Profitability  On time payment
Detailed  Market condition & debtor   Capital structure  Availability of debtor’s financial information

Classification  position in the market  Cash flow   Completeness of credit documentation


 Management quality  Sensitivity to market risk  Compliance toward credit agreement
Guidance#
 Group support  Nature of payment source
 Environmental factors  Appropriateness of funds usage

BI Collectibility
BI Collectibility In instances where there is disagreement in the determination of earning asset collectibility between the bank, its 
g g y ,
takes precedence#  external auditors and BI, the bank must adopt BI’s determination

 The Bank must classify all of its earning assets to a single debtor at the level of the lowest quality asset
One Debtor One
One Debtor, One   For debtors with exposures to more than one bank all banks must adopt the lowest classification applied by any
For debtors with exposures to more than one bank, all banks must adopt the lowest classification applied by any 
Project Concept* one bank to the debtor.
 All earning assets related to a particular project must be classified at the same level 

 Banks must require debtors to submit current financial statements
Banks must require debtors to submit current financial statements
Completeness of   Failure to submit financial statements must result in an automatic downgrade of collectibility by one level, or to a 
Financial Report* maximum classification of sub‐standard

# Implemented in Q1 2005 * Implemented in Q2 2005 73
Q2 2010 Summary of Principal Subsidiaries
Bank Syariah Mandiri Mandiri Sekuritas AXA Mandiri

• Equity Investment of Rp1,719.09 bn • Equity Investment of Rp696.78 bn • Equity Investment of Rp168.13 bn

•Total Assets of Rp26,385 bn, with total  • Total Assets of Rp1,716.6 bn, total  • Total Assets of Rp6,899.53 bn,  Annual First 


financing extended amounting to  liabilities of Rp988.3bn and Equity of  Year Premium (AFYP) of  Rp598.54 bn and 
Rp19,871bn and total funding of  Rp728.2bn total profit of Rp89.65 bn
Rp23,334 bn • Total Gross Written Premium (GWP) 
• Operating Income of Rp51.1bn, and PAT of  Rp772.97 bn, consisting of unit‐linked 
•Operating Income (6‐Mo) amounting to  Rp43.1 bn premiums of Rp671.65 bn (86.89%) and 
Rp1,226.8bn and Profit After Tax of  traditional product premiums of Rp101.32 
p
Rp197.6bn • Corporate bond  and equity underwriting 
bn (15.09%).  Individual  business accounted 
(15 09%) Individual business accounted
amounting to Rp4.29 tn.
for Rp672.66bn (87.02%) while Rp100.3bn 
•Market share of Syariah Banking as of Feb 
• Equity transactions in BEI of Rp31.54 tn (12.98%) came from business group.
2010) :
• 34.62% in assets • Embedded value of Rp2.58 tn (before 
• Bond transactions (SUN) through BEI of 
• 3 34.93% in financing extended
93% a c g e e ded expense overruns) and appraisal value of
expense overruns) and appraisal value of 
• 39.51% in deposits Rp24.11 tn
Rp14.22 tn.

•CAR = 12.43% • Total Assets Under Management  • Operating since December 2003, AXA 


amounting to Rp15.85 tn Mandiri has a presence in 920 Bank Mandiri
•ROA = 2.22% branches with a team consisting of 1,342 
Financial Advisors (FAs) 
•ROE = 24.42%

•408 outlets, consisting of 357 branches & 
cash offices and 51 KLS, as well as 221 
branded ATMs

74
Bank Syariah Mandiri
Branch Network & Customer Growth Summary Balance Sheet (Rp Billions)

Rp
p Bn 2006 2007 2008 2009 Q2 ‘10
Q
1,880 Total Assets 9,612  12,888 17,064  22,037  26,385 
Branches
Customers (000s) Cash & placement w/ 
1,678 1,377  1,583 2,436  3,788  3,885
BI
Current Accounts & 
Placements w/Other  326  299 332  486  747 
Banks
1,256 Securities ‐ Net 497  8
778 1,261 
, 6 964 
96 959 
959
Total Financing 7,401  10,305 13,278  16,063  19,871 
1,018
Allowances (262) (331) (573) (807) (958)
Total Financing ‐ Net
Total Financing  7,138
7,138  9,974 12,705
12,705  15,257
15,257  18,913
18,913 
759
390 408 Third Party Funds 8,219  11,106 14,899  19,338  23,334 
Demand Deposits 2,059  1,858 1,851  2,686  6,201 
533 313
Savings Deposits
Sa gs epos s 2,662 
,66 3,860 5,246
5,246  7,068
7,068  7,990
357 222 Time Deposits 3,498  5,388 7,802  9,584  9,142 
164 178
206 134
115 88 Shareholders Equity 694  810 1,208  1,600  1,799
70
32 48

2001 2002 2003 2004 2005 2006 2007 2008 2009 Q2 '10
75
Bank Syariah Mandiri
Summary P&L (Rp billions)

2005 2006 2007 2008 2009 6‐Mo ‘10


Total Operating Income 865.5 935.2 1,197.9 1,736.4 2,071.0 1,226.8
3rd Party Share on Returns 386.4 455.5 511.9 793.0 927.1 535.5
Bank s Share in Operating 
Bank's Share in Operating
479.1 479.7 686.0 943.3 1,144.0 691.3
Income
Other Operating income 93.6 142.4 109.2 301.0 347.0 236.2
Operating Expenses
Operating Expenses 435 6
435.6 383 0
383.0 475 9
475.9 630 0
630.0 818 2
818.2 463 5
463.5
Income from Operations 137.2 102.1 268.1 279.9 395.2 262.2
Net Income before tax 136.7 95.5 169.7 284.1 362.0 268.8
Net Income after tax 83.8 62.6 114.6 194.7 410.4 197.6
Selected Financial Ratios

LDR 75.6% 90.21% 92.79% 89.12% 83.07% 85.16%


CAR 11.9% 12.56% 12.44% 12.66% 12.39% 12.43%
ROA 1 8%
1.8% 1 10%
1.10% 1 54%
1.54% 1 83%
1.83% 2 23%
2.23% 2 22%
2.22%
ROE 14.6% 10.23% 15.94% 21.34% 21.40% 24.42%
76
Mandiri Sekuritas
Summary Balance Sheet Summary P&L

Rp Bn 2006 2007 2008 2009 Q2 ‘10 6‐Mo 


Rp Bn 2006 2007 2008 2009
‘10
Total Assets 2,367.4  2,757.2 2,391.7  1,485.0 1,716.6
Operating Revenue 221.6  423.7 426.7  409.2  209.4 
Cash & 
80.1  57.4 248.7  316.0 575.1 Brokerage Commissions 20.2  80.8 64.0  79.8  56.2 
Equivalent
Time deposit
Time deposit ‐ ‐ ‐ ‐ ‐ Investment Mgmt Fees 16.0  28.9 70.1  102.9  68.0 

Marketable  Advisory fees 3.4  21.0 9.3 27.4  5.7 


480.1 396.9 632.9  345.0  190.8 
Securities Underwriting & Selling 
5.8  19.0 44.2  32.4  21.6 
Fees
Receivables 1,267.0 1,036.0 710.1  467.3  601.3
Gain on Trading of 
Property &  51.8  69.8 (960) 50.8  15.2 
10.9  12.9 10.4  7.7  11.7  Marketable Securities
Equipment‐net
Interest & Dividends 124.2  202.8 238.5  115.6  42.8 
Total Liabilities 1,619.7 1,936.3 1,728.3  763.5  988.3 
Operating Expenses 122.4  198.1 255.5  273.8  158.3 
Payable to 
P bl t
Clearing &  546.2  240.6 59.7  86.7  131.2 G & A expenses 18.3  29.3 33.3  34.0  17.9
Guarantee body Salaries and allowances 62.2  104.1 104.2  116.8  69.9 
Payable to  Commissions 15.8  28.6 68.8  68.9  51.2
664.7  557.8 483.9  430.1 598.4
customers
Profit from operations 99.2  224.6 171.2  135.4  51.1 
Repo 269.4  407.5 226.3  ‐ ‐
Other income (charges) ‐
Bank Loans 75.0 620.0 810.0  145.0  100.0  (29.4) (63.8) (154.7) (72.6) 9.1
net
Shareholders 
Shareholders Income before tax
Income before tax 69 8
69.8  160 8
160.8 16 5
16.5  62 8
62.8  60 2
60.2 
747.6  820.8 663.3 721.4  728.2 
Equity
Net Income after tax 42.6  108.4 1.0 46.2  43.1 

77
Bank Sinar Harapan Bali
Total Lending (Rp bn)
600 Our Strategy and Intent Business Plan, 2008‐2010
500
400 BSHB has been showing positive 
BSHB has been showing positive
Our main focus will be to strengthen 
Our main focus will be to strengthen

550.0
300 momentum despite recent 

470.5
Bank Sinar’s capability and 
200 macroeconomic trends. 
257.0
infrastructure by assisting the 
176.0
133.6
125.9
107.3

100 By the end of Q2’10, BSHB grew total 
implementation of appropriate Risk 
0 loans to Rp549.6 bn, with plans to 
Management Tools, an IT Platform, as
Management Tools, an IT Platform, as 
2004 2005 2006 2007 2008 2009 Q2'10
well as Human Capital Development achieve Rp1,0 tn bn by the end of 
2010. 
Total NPL (%) We intend to maintain Bank Sinar’s
2.0% From the risk perspective, BSHB has 
positioning as the premiere Micro & 
been able to preserve its low level of 
1 5%
1.5% SME lending institution in 
lending institution in NPLs at 0.83% Q2’10. Going 

Bali, through the introduction of new  forward, BSHB is confident to be able 
1.0%
products aimed specifically toward  to maintain gross NPLs below 1.0% 
1.25%

1.25%

0.83%
0.82%

0.75%

this particular segment through 2010. 
0.68%
0.63%

0.5%
%
%

At the end of Q2
At the end of Q2’10
10, BSHB profit 
BSHB profit
%

Bank Mandiri will also utilize Bank 
B k M di i ill l tili B k
%

0.0%
Sinar as a vehicle to further develop  before tax reached Rp8.9 bn. For the 
2004 2005 2006 2007 2008 2009 Q2 '10
and penetrate the Micro & SME year ended 2010, BSHB is targeting 
Net Interest Margins Rp14.8 bn in profit before tax, in line 
segment in Indonesia, which is an 
17.5% with projected asset growth. As a 
integral part of Bank Mandiri’ss
integral part of Bank Mandiri
15.0% result of these positive trends, by 
12.5%
strategy to develop high‐margin  2010, BSHB should achieve Rp1,24 tn
10.0% segment in total asset. 
16.0%

14.1%

13.5%

13.0%

12.4%

7.5%
10.9%

10.7%

5.0%
%

%
%

2.5%
0.0%
2004 2005 2006 2007 2008 2009 Q2 '10
78
79

5,224 Q2 '10 14,35


59 Q2 '10
4,997 Q1 '10 14,16
65 Q1 '10
4,996 2009 12,66
66 2009
4,120 2008 7,85
51 2008
Staffing and Distribution Network Growth

3,186 2007 7,04


41 2007
2,800 2006 6,26
65 2006
2,560 2005 6,02
25 2005
2,470 2004 5,53
37 2004
ATM‐Link Network

2,022 2003 4,71


16 2003
1,559 4,00
00
ATM Network

2002 2002
1,184 2001 3,16
60 2001
533 2000 2000
513 1999 1999
24,282 Q2 '10 1,18
80 Q2 '10
23,445 Q1 '10 1,10
08 Q1 '10
22,909 2009 1,09
95 2009
22,408 2008 1,02
27 2008
21,631 2007 95
56 2007
21,062 2006 92
24 2006
21,192 2005 90
09 2005

Domestic Branch Network
19,693 2004 78
89 2004
18,397 2003 73
30 2003
17,735 2002 68
87 2002
Employees 17,204 2001 63
35 2001
18,016 2000 54
46 2000
19,606 1999 65
58 1999
80

49
9.6% BCA 50% BTN
61
1.9% Mandiri 56% CIMB Niaaga
Ratio of Provisions to NPL
Loan growth, quality & provisioning relative to peers

67
7.2% BNI 85% BII
Loan to Deposit Ratio

75
5.7% Panin 90% Danamo
on
80
0.6% BII 92% Permataa
(%)
(%)

85
5.9% Permata 117% BNI
86
6.5% BRI 125% Panin
88
8.0% CIMB Niaga 147% BRI
93
3.8% Danamon
n 230% Mandiri
114
4.0% BTN 366% BCA
‐1.4% Danamon
n 3.3% BTN
0.7% BNI 2.2% CIMB Niaga
8.8% BII 2.0% BII

Average
Loan Growth (YTD)

NPL Ratio (Net)

11.5% Permata 1.9% on


Danamo
12.4% BCA 1.2% BRI
(%)
(%)

12.4% CIMB Niaga 1.2% Permataa


13.4% Mandiri 1.1% BNI
Bank Only, As of March 2010

22.2% BTN 0.6% Panin


23.7% Panin 0.5% Mandiri
26.5% BRI 0.3% BCA
37,628 BII 4.6% BNI
39,281 Permata 4.2% Permataa
40,987 BTN 4.2% Danamo
on

NPL Ratio (Gross)
45,137 Panin 4.1% BRI
Total Loans
(Rp bn)

(%)
60,733 n
Danamon 4.0% BTN
82,002 CIMB Niaga 3.1% CIMB Niaga
115,468 BNI 2.9% Panin
120,644 BCA 2.8% BII
181,513 Mandiri 2.4% Mandiri
208,962 BRI 0.8% BCA
81

7
7.2% BCA 8.5% Panin
8
8.7% Mandiri 6.6% BTN
9
9.3% BNI 5.8% Danamon
Yield on Assets (p.a.)

Cost of Funds (p.a.)

10
0.3% BII 5.0% Permata
10
0.5% Permata 4.7% BII
(%)
(%)

10
0.6% CIMB Niagga 4.5% CIMB Niaaga
11
1.1% BTN 4.1% BRI
12
2.5% Panin 4.0% BNI
12
2.7% BRI 3.9% Mandiri
14
4.9% n
Danamon 2.9% BCA
Asset and liability mix relative to peers

45
5.2% BCA 3
32.3% BTN
53
3.2% Mandiri 3
34.8% Danamon
Loans to Total Earning Assets

Low Cost Deposit Ratio

Average
57
7.2% BNI 4
42.1% BII
60
0.5% Panin 4
42.2% Permata
68
8.5% BII 4
43.8% Panin
(%)

(%)

69
9.5% Permata 4
48.1% CIMB Niaaga
70
0.3% BRI 5
53.8% BNI
Bank Only, As of March 2010

72
2.7% Danamon 5
55.4% BRI
75
5.2% BTN 5
57.1% Mandiri
75
5.4% CIMB … 7
72.7% BCA
56,,162 BTN 36
6,411 BTN
59,,661 BII 46
6,332 Permata
62,,031 Permata 46
6,314 BII

Total Deposits
Total Assets

79,,612 Panin 57
7,143 Panin
(Rp bn)

(Rp tn)
95,,197 Danamon
n 64
4,485 Danamon
114,,245 CIMB Niagga 92
2,128 CIMB Niaaga
218,,276 BNI 170
0,906 BNI
282,,839 BCA 241
1,855 BCA
303,,843 BRI 241
1,497 BRI
366,,542 Mandiri 291
1,276 Mandiri
82

6.8% Danamo
on 79.2% BII
6.2% BII 74.1% mon
Danam
5.8% BRI 73.3% BTN
5.4% BNI 69.9% Permaata
Cost/ Income
Cost/Assets

*Annualized

5.2% BTN 67.1% BNI


(%)*

(%)

4.8% Permataa 65.4% CIMB …


4.7% BCA 62.8% Panin
4.5% Panin 59.2% BRI
4.5% CIMB … 58.5% BCA
3.3% Mandirii 53.0% Mandiri
49 on
Danamo 21 BTN
Efficiency measures relative to peers

161 BII 36 Danam


mon
Pre Tax Income/Employee

169 CIMB … 56 BII

Average
Revenue/ Employee

208 Permataa 90 CIMB N


Niaga
(Rp Mn)

(Rp Mn)

214 BRI 95 BRI


233 BNI 102 Permaata
239 BTN 109 BNI
Bank Only, As of March 2010

242 Mandirii 160 Panin


256 Panin 171 Mandiiri
283 BCA 181 BCA
1,356 on
Danamo 1,440 mon
Danam
5,213 BII 6,416 BII
5,998 BCA 6,941 BRI

Deposits/ Employee
Loans/ Employee

6,006 BRI 7,917 CIMB …


(Rp Mn)

(Rp Mn)
6,158 BNI 8,679 BTN
7,047 CIMB Niaga 9,017 Permaata
7,645 Permataa 9,115 BNI
7,742 Mandirii 10,217 Panin
8,070 Panin 12,024 BCA
9,771 BTN 12,424 Mandiri
83

5
528 BTN 3.5%
Danamon
5
538 Panin 13
3.9% BTN
Return on Equity (After Tax)

5
571 Permata 15
5.7% BII
7
791 BII 17
7.8% Panin
8
814 Danamon 20
0.5% CIMB Niagga
ATMs

(%)
Measures of scale and returns relative to peers

1,2
271 CIMB Niagaa 25
5.4% BNI
4,0
033 BNI 26
6.3% Permata
4,6
640 BRI 30
0.1% Mandiri
4,9
997 Mandiri 30
0.9% BCA
6,7
710 BCA 33
3.6% BRI
2
260 BII 1.9% BII
2
274 Permata 1.9% BTN
Return on Assets (Before Tax)

3
355 BTN 2.5% BNI

Average
3
398 Panin 2.6% Permata
Branches

6
624 CIMB Niagaa 2.6% CIMB Niaaga
(%)

8
887 BCA 2.8% Panin
1,0
076 BNI 2.9% Danamon
Bank Only, As of March 2010

1,1
108 Mandiri 2.9% Mandiri
1,2
290 Danamon 3.4% BCA
1,5
565 BRI 3.7% BRI
4,1
195 BTN 5.1% Mandiri
5,1
138 Permata 5.5% BCA

Net Interest Margins
5,5
593 Panin 5.6% BTN
7,2
218 BII 5.6% Panin
Employees

11,6
637 CIMB Niagaa 5.6% Permata

(%)
18,7
750 BNI 5.8% BNI
20,1
115 BCA 6.0% BII
23,4
445 Mandiri 6.8% CIMB Niaaga
34,7
792 BRI 9.4% BRI
44,7
787 Danamon 1
10.0% Danamon
Equity Research Contact Details
BROKERAGE ANALYST TELEPHONE E‐MAIL
ABN AMRO Asia Securities Indonesia Trevor Kalcic 65‐6518‐7997 trevor.kalcic@sg.abnamro.com
BAHANA SECURITIES Teguh Hartanto 6221‐250‐5081 Teguh.Hartanto@bahana.co.id
BANK OF AMERICA MERRILL LYNCH Kar Weng Loo 65‐6591‐0419 karweng.loo@baml.com
BNP PARIBAS PEREGRINE Tjandra Lienandjaja 6221‐5798‐4661 tjandra.lienandjaja@asia.bnpparibas.com
CAZENOVE Tan See Ping 65‐6395‐7692 SeePing.Tan@cazenove.com
CIMB‐GK SECURITIES Indonesia Mulya
y Chandra 6221‐515‐1330 mulya.chandra@cimb.com
y @
CITI INVESTMENT RESEARCH Salman Ali 6221‐5290‐8546 salman1.ali@citi.com
CLSA LIMITED Bret Ginesky 6221‐2554‐8827 bret.ginesky@clsa.com
CREDIT SUISSE Teddy Oetomo 6221‐2553‐7911 Teddy.oetomo@credit‐suisse.com
DANAREKSA SEKURITAS Bonny Budi Setiawan 6221‐350‐9777 bonny@danareksa.com
DBS VICKERS SECURITIES Agus Pramono 6221‐3983‐2668 agus.pramono@id.dbsvickers.com
DEUTSCHE VERDHANA SECURITIES Raymond Kosasih 6221‐318‐9525 raymond.kosasih@db.com
eTRADING SECURITIES A.G. Pahlevi 6221‐574‐1442 agpahlevi@etrading.co.id
gp g
GOLDMAN SACHS (Asia) Vincent Chang 852‐2978‐6681 vincent.chang@gs.com
J.P. MORGAN ASIA Aditya Srinath 6221‐5291‐8573 aditya.s.srinath@jpmorgan.com
KIM ENG SECURITIES Rahmi Marina 6221‐2557‐1128 marina@kimeng.co.id
MACQUARIE CAPITAL SECURITIES I d
MACQUARIE CAPITAL SECURITIES Indonesia
i F
Ferry Wong
W 6221 515 7335
6221‐515‐7335 f
ferry.wong@macquarie.com
@ i
MANDIRI SEKURITAS Ari Pitoyo 6221‐5296‐9542 ari.pitoyo@mandirisek.co.id
MORGAN STANLEY Edward Goh 65‐6834‐8975 edward.goh@morganstanley.com
NOMURA  Anand Pathmakanthan 65‐6433‐6986 anand.pathmakanthan@nomura.com
UBS Joshua Tanja 6221‐570‐2378 Joshua.tanja@ubs.com

The analysts listed above actively follow Bank Mandiri, but not all have issued research reports or formally initiated coverage. 85

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