Jakarta - PT Bank Mandiri Tbk recorded a net profit surge of 70% YoY to Rp10 trillion in the first quarter of this year compared to the same period in the previous year.

"This good business performance was mainly driven by credit growth, which on a consolidated basis of 8.93% YoY reached Rp1.072 trillion. This credit growth is higher than the industry's 6.65% YoY, "said Bank Mandiri President Director Darmawan in a press release on Thursday (28/4).

Loan expansion was also in line with the collection of third-party funds, which reached Rp1.269 trillion and increased by 7.42% YoY. Net interest income also increased by around 17.1% YoY to Rp20.48 trillion.

Based on its financial ratios, the cost to income ratio decreased by 565 bps YoY to 6.43%. The cost of credit ratio was also reduced by 85 bps YoY to 1.45%, the ZERO coverage ratio increased by 3,084 bps YoY to 266.4%, and the loan to risk ratio was successfully suppressed by around 457 bps