KONTAN.CO.ID - JAKARTA. PT Bank Mandiri Taspen (Bank Mantap) recorded a profit of IDR 1.41 trillion throughout the period of 2023. This profit increased by 16.9% annually (YoY).

The increase in profit is in line with the growth of credit obtained by the subsidiary of Bank Mandiri, which reached IDR 41.3 trillion. In the previous year, Bank Mantap's credit was worth IDR 36.9 trillion.

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Like a retirees' bank, pension credit is the main contributor to the credit disbursed by Bank Mantap. The pension credit disbursed reached IDR 40.9 trillion or increased by 12.5% YoY.

On the other hand, Bank Mantap's other retail credit portfolio actually experienced a correction of about 17.7% YoY. Its value from originally around IDR 540 billion is now about IDR 440 billion.

The achievement of total credit also helped boost net interest income, which also increased to IDR 3.3 trillion. For comparison, in the same period the previous year, Bank Mantap's net interest income was IDR 3.2 trillion.

Unfortunately, the non-interest income recorded by Bank Mantap was corrected, thus inhibiting the increase in profit. The non-interest income of Bank Mantap was recorded at IDR 372 billion or down 28% YoY.

From the liquidity side, Bank Mantap also seems to be tightening. This is reflected in the increase in the Loan to Funding Ratio (LFR) from 2022 at the level of 87.7% to 89.1% in 2023.

However, Third Party Funds (DPK) of Bank Mantap are still recorded as increasing by 10.6% YoY to IDR 44.98 trillion. Where, the ratio of its cheap funds reached about 21.1% of the total DPK.