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TABLE OF CONTENTS
6[aR_[NY.bQVa ##
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ANNU
AL REP
PT Bank Mandiri (P
B
UILDING Y
A RICH HERITAGE
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“With a long history
within the Indonesia
banking sector, Bank
Mandiri has been
supporting the growth
and development of
our national economy
and the public and
private sectors in
Indonesia.”
An
nual R
eport 2
010 PT Bank Mandiri (P
er
ser
o) Tbk.
|
Building Y
our
Dr
A RICH HERIT
A
GE
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Annual R eport 2010 PT Bank Mandiri (PMessage from The President Commissioner
EDWIN GERUNGAN
President Commissioner and Independent Commissioner
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An
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Dr
The successful completion of our transformation process does not depend solely on
correct and focused business strategies, but also on consistency and discipline in
developing good corporate governance (GCG) at a time of accelerating growth and
increasing business complexity. In 2010, the Board of Commissioners endeavored
to be more anticipatory in developing GCG and in exercising supervision of the
internal control system in a manner commensurate with the development of our
businesses in this era of transformation.
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BOARD OF COMMISSIONERS
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EDWIN GERUNGAN
President Commissioner and Independent Commissioner
MUCHAYAT
Deputy President Commissioner
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An
nual R
eport 2
010 PT Bank Mandiri (P
er
ser
o) Tbk.
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Building Y
our
Dr
;.:2.;1=<@6A6<; /6<4?.=5F
MAHMUDDIN YASIN
Commissioner
CAHYANA AHMADJAYADI
Commissioner
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BO
ARD OF C
OMMIS
SIONER
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An
nual R
eport 2
010 PT Bank Mandiri (P
er
ser
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Building Y
our
Dr
GUNARNI SOEWORO
Independent Commissioner
PRADJOTO
Independent Commissioner
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BOARD OF COMMISSIONERS
;.:2.;1=<@6A6<; /6<4?.=5F
An
nual R
eport 2
010 PT Bank Mandiri (P
er
ser
o) Tbk.
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Building Y
our
Dr
KRISNA WIJAYA
Independent Commissioner
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BO
ARD OF C
OMMIS
SIONER
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;.:2.;1=<@6A6<; /6<4?.=5F
An
nual R
eport 2
010 PT Bank Mandiri (P
er
ser
o) Tbk.
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Building Y
our
Dr
sage fr
om The Pr
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ZULKIFLI ZAINI
Pr
esident Dir
Bank Mandiri’s business goal for the next five years is to accelerate market
penetration so as to become the leading player in the wholesale transaction banking,
retail deposit and payment, and retail financing segments. We are convinced that
with determination and consistency, our focus on these three areas will generate
growth and improve profitability so as to support our vision of making Bank Mandiri
one of the top 5 banks in Asean by the end of 2014, and one of the top 3 by the end
of 2020, in terms of market capitalization. Our determination to achieve this vision
is a concrete manifestation of our commitment to providing maximum return to
our customers, shareholders and stakeholders in a comprehensive, consistent and
sustainable manner over the long term.
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An
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010 PT Bank Mandiri (P
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ser
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Building Y
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lending of Rp41.9 trillion, or 24.7% year on year, higher than the 22.8% growth recorded by the banking sector in general. As a result, Bank Mandiri’s total lending expanded from Rp198.5 trillion in 2009 to Rp246.2 trillion last year. This relatively high level of growth was backed by good risk management and asset quality, as reflected by a decline in our gross NPL from 2.79% to 2.42%. Regarding third party funds, besides being the bank with the highest level at Rp362.2 trillion, Bank Mandiri also managed to attract increased low-cost funding -- up from Rp186.5 trillion in 2009 to Rp202.0 trillion last year. This once again highlights the fact that Bank Mandiri is ahead of the competition in the operating and payroll accounts areas, whether regarding quality of our service, scope of our branch network, capacity of our electronic channels, or the development of our business chain. In addition, Bank Mandiri’s fee-based income in 2010 increased by Rp5.7 trillion over the previous year to Rp8.7 trillion. This was the result of our efforts to grow fee-based income through such things as payment, import and forex services.
The contribution of our six subsidiaries to fee-based income showed a phenomenal improvement, with their total net profit soaring to Rp1.1 trillion, or 11.8% of the Bank’s total net profit, representing an increase of 66% compared with the previous year. Bank Mandiri also achieved majority ownership of AXA Mandiri in 2010 after increasing its stake from 49% to 51%. It is expected that this will help accelerate the development of the
insurance business at Mandiri Group, backed by the Group’s extensive service network and customer base. The prospects for the bancassurance business currently look good, and AXA Mandiri has to date successfully managed to grow its business by a spectacular 115.3% (growth in annual first year premium volume) and its profit by 127% from Rp211.4 billion to Rp479.9 billion. In the shariah banking segment, Bank Syariah Mandiri saw its profit soar to Rp418.5 billion in 2010, representing an increase of 43.8% over the previous year, and has been able to consolidate its position as leader in the shariah market with a market share of 33.2% by assets. The highly satisfactory outcomes achieved by these subsidiaries are the result of our focus on the development of Bank Mandiri’s non-organic businesses, a focus that will be consistently maintained in the years to come by availing of promising opportunities as they arise. This focus represents a response to the challenge of realizing Bank Mandiri’s vision of becoming “The Most Admired and Progressive financial Institution,” and has successfully positioned the Company as market leader in various segments of the financial services industry, including insurance, securities, consumer finance and shariah banking.
Our outstanding achievements in 2010 provide an opportunity for us to reflect on the progress of the transformation process at Bank Mandiri, which will continue until 2014. To achieve our vision of achieving a market capitalization of more than Rp225 trillion and taking a place among the top 5
banks in Asean by the end of 2014, and the top 3 by the end of 2020, discipline and consistency in all areas will need to constantly be at the forefront of our minds. The improvements we intend to cover a wide range of aspects that will have a profound impact on whether our not the transformation at Bank Mandiri proves to be successful over the long term. These aspects include human resources and corporate culture, improved risk management, the application of good corporate governance, modernization of our IT infrastructure, the expansion of both our conventional branch network and our electronic network, and greater operational efficiency and automation. These improvements are not only necessary for the purpose of strengthening the organization’s fundamentals as part of the transformation process, but also for improving the quality of the services we provide to our customers. The fact that Bank Mandiri has been ranked first for the quality of its service for three years in a row is ample testimony to our continuing determination to improve.
The challenges facing us are more onerous than ever, including increasingly tight competition resulting from aggressive expansion by our competitors, increasing complexity of banking products, which are becoming more closely integrated with the products of other industries, rapid advances in banking technology, tighter regulation of the banking sector, domestic and international financial and macroeconomic dynamics,
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An nual R eport 2010 PT Bank Mandiri (P
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010 PT Bank Mandiri (P
We will be focusing on the following aspects in particular during 2011:
1. Strengthening our corporate culture through the second stage of our cultural transformation, namely, by stressing that corporate culture represents the realization of corporate cultural values as translated into behaviors, symbols and systems, with the objective of inculcating specific behaviors among Bank Mandiri staff that are in line with our vision of becoming a regional player. We believe that corporate culture constitutes one of the principal foundations that will allow Bank Mandiri to grow aggressively while at the same time continuing to offer top-quality services. We will inculcate the conviction in every employee that corporate culture is something that is planted and grows in our words, thoughts and actions on a daily basis, predicated upon Trust, Integrity, Professionalism, Customer Focus and Excellence so as to allow us to produce the best possible outcomes.
2. Strengthening business development with the focus being on strategic alliances in the wholesale banking, retail payments & deposits, and retail financing sectors, particularly in industries that are characterized by extensive value chains.
Building on our successes in 2010, in 2011 we will maintain consistency in growing our business so as to improve our integrated wholesale transaction
banking services and expand
