Shares of PT Bank Mandiri Tbk (BMRI) have become a primary target for international investors, as foreign buying sprees continued through the first session of Tuesday’s trade (Feb 24, 2026).
This trend follows significant net foreign buys on February 20 and 23, valued at Rp 173.5 billion and Rp 328 billion, respectively. By the end of Tuesday’s midday session, BMRI shares rose by 0.95% to Rp 5,325. Market data showed that 80.78 million shares changed hands across 14,685 transactions, totaling Rp 427.87 billion.
Within the last week, Bank Mandiri’s stock has surged by 4.93%. Foreign investors recorded a total net buy of Rp 943.69 billion between February 17 and February 23.
Record-Breaking Financial Results
The heightened investor interest stems from Bank Mandiri’s stellar 2025 performance, which exceeded market expectations. The state-owned lender posted a record-breaking quarterly net profit of Rp 18.6 trillion in Q4-2025 alone.
This brought the bank’s total net profit for the full year of 2025 to Rp 56.3 trillion, representing a 1% year-on-year (yoy) growth. “This achievement is higher than both our estimates and the market consensus,” noted BRI Danareksa Sekuritas analysts, Victor Stefano and Naura Reyhan Muchlis, in a recent research report.
Key financial highlights from 2025 include:
- Credit Growth: Increased by 13% yoy, driven by the corporate and commercial segments.
- Third-Party Funds (DPK): Rose sharply by 24% yoy, primarily supported by time deposits.
- Asset Quality: The Non-Performing Loan (NPL) ratio remained stable at 1.1%.
2026 Outlook: Digital Monetization and Efficiency
Looking ahead, analysts from Indo Premier Sekuritas, Jovent Muliadi and Axel Azriel, project that Bank Mandiri’s 2026 earnings will be driven by non-interest income. This growth is expected to come from increased digital platform fees as the bank aggressively monetizes its Livin’ app.
Furthermore, operating expenses (opex) are predicted to stabilize or decline following one-off adjustments in 2025. “We project BMRI’s profit to grow by approximately 6% in 2026 to Rp 58.7 trillion,” Jovent wrote, adding that the Cost to Income Ratio (CIR) could drop to 44%.
Top Pick Recommendation
Indo Premier Sekuritas has named BMRI as a top pick in the banking sector, maintaining a “BUY” recommendation with a target price of Rp 6,400. This suggests a potential upside of approximately 20% from Tuesday’s midday closing price.
Valuations remain attractive, with a P/B ratio of 1.4x and a P/E ratio of 8.1x, both of which are currently trading below their 10-year historical averages.***