Analyst says BNI and Mandiri benefit from BI incentive policy

Research Analyst at PT Mirae Asset Sekuritas Indonesia, Muhammad Nurkholis Syafruddin, said BNI and Mandiri will benefit from the implementation of the Macroprudential Liquidity Incentive (KLM) policy on 1 September 2026.

“Under the new reserve requirement (Giro Wajib Minimum/GWM) rules, BNI and Mandiri are potentially advantaged,” Nurkholis said during his presentation in Jakarta on Tuesday.

Bank Indonesia (BI) is providing incentives for banks that maintain a ratio of non-repo holdings of Government Securities (SBN) and Bank Indonesia Rupiah Securities (SRBI) to total funding below 19 percent, in order to address liquidity segmentation in the money market.

This incentive is part of the refinement of the Macroprudential Liquidity Incentive (KLM) policy, granted through a reduction in banks’ reserve balances at BI.

If a bank maintains its ratio of non-repo SBN and SRBI holdings to total funding below 19 percent, the bank will receive a maximum incentive of 2 percent, or 200 basis points (bps), of third-party funds (DPK).

Conversely, if the ratio of non-repo SBN and SRBI holdings to total funding reaches or exceeds 19 percent, the bank cannot receive the incentive.

“Looking at the portion of 19 percent and below, that will be found at BNI and Mandiri. Meanwhile, BCA potentially does not meet the requirement because its portion of government bonds and SRBI to deposits is above 19 percent,” Nurkholis said.

Accordingly, Nurkholis said, the change in reserve requirement provisions that will take effect from September 2026 has the potential to produce different impacts for each bank.

Given the differing liquidity conditions and capital characteristics, he continued, banks need to be viewed more selectively to identify which banks have better room for growth amid the changing industry conditions.