Indonesia's Bank Mandiri Offers Upbeat Outlook for 2018

PT Bank Mandiri said Tuesday it expects its lending business to benefit next year from forecast growth in the Indonesian economy, continuing recent gains.

"This year likely will be the last one for business consolidation in the banking industry and next year we will be able to boost our loans," said Kartika Wirjoatmodjo, chief executive of the state-owned lender.

Bank Mandiri, Indonesia's largest bank by assets, reported that net income rose by 25.4% from a year ago to 15.1 trillion rupiah ($1.1 billion) during the first nine months of 2017.

The bank said lending grew 9.8% from a year ago in the January-September period.

Loans extended by the bank could increase by up to 13% next year, Mr. Wirjoatmodjo said. Lending for infrastructure projects, mining companies and consumer goods producers will likely show the most growth in 2018, he said.

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(END) Dow Jones Newswires

October 24, 2017 06:50 ET (10:50 GMT)