ID : Bank Mandiri - 1Q22 a beat on opex and recoveries

1Q22 PATMI surged 70% yoy and 14% qoq to Rp10tr, forming 30% of our and Bloomberg consensus full-year estimates. Management revised its FY22 credit cost guidance from <2% to 1.4-1.7% and NIM guidance from >5% to 5.1-5.5%. Reiterate Add. Mandiri’s quarterly RoE improved to 18% in 1Q22, its highest since 1Q16.