JAKARTA, Feb 14 (Reuters) - Indonesia’s biggest bank by assets, PT Bank Mandiri Tbk, posted a sharp drop in net profit for 2016 due to an increase in provisions for bad loans, its chief executive said on Tuesday.
State-controlled Mandiri delivered a net profit of 13.8 trillion rupiah ($1.04 billion) for 2016, Mandiri CEO Kartika Wirjoatmodjo told reporters ahead of an earnings briefing.
That was lower than a net profit of 20.3 trillion rupiah a year ago. It was also below an average estimate of 15.7 trillion rupiah by 20 analysts, according to Thomson Reuters data. ($1 = 13,325.00 rupiah) (Reporting by Cindy Silviana, writing by Eveline Danubrata; Editing by Himani Sarkar)