Comparative Analysis of Financial Performance Between Banking and Non-Banking Financial Institutions: Evidence from PT Bank Mandiri (Persero) Tbk and PT Adira Dinamika Multi Finance Tbk
DOI:
https://doi.org/10.59971/jumawa.v3i2.456Keywords:
Bank Mandiri, Adira Finance, Financial Ratio Analysis, Non-Bank Financial Institution, Comparative Performance, Consumer Financing, IndonesiaAbstract
This study aims to comparatively analyse the financial performance of two Indonesian financial institutions representing distinct segments of the financial system: PT Bank Mandiri (Persero) Tbk (BMRI), one of the largest state-owned commercial banks in Southeast Asia, and PT Adira Dinamika Multi Finance Tbk (MFIN), a leading consumer financing company. Employing a descriptive-comparative approach, the study utilises secondary data drawn from audited annual financial statements for the fiscal years 2023 and 2024, supplemented by interim financial reports up to the second quarter of 2024. Financial ratio analysis encompasses profitability (ROA, ROE), operational efficiency (BOPO), asset quality (NPL gross; loss ratio), capital adequacy (CAR; DER), and liquidity (LDR; current ratio). Findings reveal that BMRI exhibits stable, defensively structured performance characterised by a meaningful improvement in asset quality, as evidenced by a decline in gross NPL from 1.72% to 1.02%, alongside improved cost efficiency with the BOPO ratio declining from 69.5% to 67.8%. Modest profitability compression — ROA falling from 2.14% to 2.08% — is attributable to accelerated asset and equity growth rather than deteriorating fundamentals. MFIN, conversely, demonstrates stronger profitability momentum, with ROA rising from 3.4% to 3.7% and ROE from 16.9% to 17.4%, though accompanied by rising leverage (DER: 2.6x to 2.7x) and a marginally elevated loss ratio. The divergence in risk-return profiles reflects the structural differences between deposit-funded intermediaries subject to prudential regulation and debt-funded consumer financing entities exposed to consumption cycle risk. These findings have implications for investors, regulators, and strategists navigating Indonesia’s evolving financial landscape.
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