BNI Distributes Substantial Dividend; Will BRI and Mandiri Be More Generous?

Jakarta — State-owned bank PT Bank Negara Indonesia Tbk (BBNI) has prepared to distribute a substantial dividend yielding approximately 8%. The question now is whether PT Bank Rakyat Indonesia Tbk (BBRI) and PT Bank Mandiri Tbk (BMRI) will follow suit with equally generous distributions.

BBNI is the only large-cap state-owned bank that does not distribute interim dividends, distributing dividends only once annually as a final payment.

BBNI has informed shareholders that it will distribute a full dividend of 65% from 2025 financial year earnings, equivalent to Rp13.03 trillion. This equates to Rp349 per share, which at current share prices of Rp4,260 per share yields a potential return of approximately 8.19%.

“The dividend for the 2025 financial year will be paid proportionally to each shareholder whose name is recorded in the shareholder register on the recording date,” said BNI Finance & Strategy Director Hussein Paolo Kartadjoemena during the annual shareholder meeting on Monday, 9 March 2026.

BBNI reported net profit of Rp20.04 trillion throughout 2025. This represents a 6.63% decline compared with 2024, when BBNI’s net profit was Rp21.46 trillion.

On the revenue side, BBNI’s net interest income remained relatively stable at Rp40.33 trillion throughout 2025, compared with Rp40.48 trillion in the previous year.

BNI’s interest income last year increased 4.22% to Rp69.39 trillion, whilst interest expenses surged 11.33% to Rp29.06 trillion. The high interest expenses occurred partly due to rising cost of funds amid a high interest rate macroeconomic environment.

Will BBRI and BMRI Follow?

The answer is typically yes. We need only wait for the timing, usually announced at the annual shareholder meeting, particularly as the two other large-cap state-owned banks have also released their previous year performance.

BMRI appears likely to remain generous with dividend distributions, maintaining a payout ratio not far from the 78% of net profit distributed from 2024 financial year earnings.

Notably, BMRI experienced a slowdown in profitability performance, with profit growing only 0.93% year-on-year to Rp56.3 trillion, a weaker performance compared with 2024 profit growth of 1.31% year-on-year.

For BBRI, we also predict that the dividend distribution from 2025 financial year net profit will not differ significantly from the previous realisation of 85%.

Compared with others, BBRI is among the most generous dividend payers, distributing above 80% of portion of its profit.

However, it should be noted that the two banks, BMRI and BBRI, have already distributed interim dividends. Therefore, regarding the percentage yield, expectations should be managed, unless for those who held shares since last year and have already realised partial returns from dividends.

Using a conservative approach, if the dividend payout ratio resembles previous years, BMRI would distribute Rp300 per share whilst BBRI would distribute Rp200 per share. Yield calculations are based on share prices as of 10 March 2026.