Bank Mandiri sees 27% loan growth by yearend

The lender sees growth to beat the initial 22% estimate.

Bank Mandiri, the country’s largest lender, projects lending will grow faster than expected this year thanks to the nation’s strong economic growth. 

Zulkifli Zaini, the bank’s president director, said on Friday that outstanding loans would grow by an estimated 27 percent by the end of this year to Rp 312.7 trillion ($35.3 million). 

That is higher than the bank’s initial forecast of 22 percent and 2010’s grow of 23 percent. In 2010, Mandiri’s outstanding loans were valued at Rp 246.2 trillion. 

“Naturally, the growth of credit should grow faster in the second half,” Zulkifli said, adding that solid nine-month loan growth had led to optimism about reaching the new target. 

View the full story in The Jakarta Globe.