BRI, BNI, Mandiri and BTN Actively Distributing Dividends: Who is the Most Generous?

Jakarta—The shares of state-owned enterprise (SOE) banks comprising the Himbara consortium remain a primary anchor for market participants, particularly heading into dividend distribution season.

Examining historical data from 2022 through 2026 projections, these four state banks demonstrate a measured upward trend in yield returns to shareholders. A positive catalyst currently commanding market attention is the emergence of Danantara, the state asset manager actively driving higher dividend payout ratios (DPR) from SOE companies, including banks, to enhance Danantara’s capacity as a liquidity provider in the exchange.

This effort to optimise state revenue directly benefits retail investors, with Himbara banks distributing larger portions of net profit compared to historical averages in preceding years.

Bank Mandiri (BMRI)

Solid net profit growth positions Bank Mandiri as one of the most consistent dividend-paying issuers. In 2022, BMRI delivered a yield of 4.55%, with this figure strengthening steadily to peak at 9.05% for 2025 distributions. For 2026 projections, BMRI is estimated to distribute dividends with a yield around 7.32% in March/April, reflecting the bank’s ability to balance shareholder returns with capital retention for credit expansion.

Bank Negara Indonesia (BBNI)

Bank Negara Indonesia recorded the most significant dividend profile escalation over the past five years. In 2022, it distributed dividends yielding 1.81%, but with improved asset quality and profitability gains, BBNI’s yield surged to 8.22% in 2025. Entering the March/April 2026 distribution period, BBNI’s estimated yield is projected at 7.88%, signalling strong management commitment to align with Danantara’s dividend ratio optimisation directive.

Bank Rakyat Indonesia (BBRI)

Bank Rakyat Indonesia distinguishes itself through more frequent dividend distributions annually, utilising both interim and final dividend mechanisms. From a 2022 yield of 3.81%, BBRI’s total yield has grown exponentially. In 2024 and 2025, yields ranged between 8% and 9% annually. For March/April 2026 projections, estimated yield stands at 4.74%, maintaining adequate cash flow liquidity for long-term investors.

Bank Tabungan Negara (BBTN)

As a bank focused on housing finance, Bank Tabungan Negara has not lagged in this dividend growth trend. In 2022, BBTN delivered a modest yield of 1.35%, yet management raised this payout ratio to 5.89% by 2025. Projections for April/May 2026 show BBTN’s yield at 5.39%, indicating the bank’s ability to maintain operational profitability despite challenges in the property sector.

All four Himbara banks have demonstrated sound dividend track records in recent years through 2026 projections, with increasingly attractive returns as time progresses. Danantara’s policy intervention targeting higher dividend payout ratios provides compelling visibility for investment prospects. Given that credit growth at these banks remains exponential, the increased dividend allocation is not expected to constrain future expansion capacity.