State lender Bank Mandiri posted a net profit of Rp20.3 trillion last year, up 2.3 percent from Rp19.8 trillion a year earlier. The profit grew by one-digit percentage as the bank allocated most of its funds for reserves, Bank Mandiri President Director Budi Gunadi Sadikin said in a public statement here on Tuesday. The bank saw its reserve fund rising significantly at the end of 2015 to Rp12.04 trillion from Rp5.5 trillion in the same period of 2014. "Admittedly, part (of our income) was put in reserves to protect the bank from risks of non-performing loans (NPL)," he said. With the improving economic condition, he believed the banks profit will increase in 2016, but refused to divulge the target set for profit growth. The bank saw its fee-based income hitting a record high of 23.7 percent or Rp18.6 trillion, and operating income growing 18 percent to Rp67.1 trillion.