BRI Performance Surges, Pegadaian Contributes Over 20% of Net Profit

PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) has reported a net profit of Rp31.2 trillion for the first half of 2026, representing a 17.5% year-on-year increase from Rp26.53 trillion in the first half of 2025. This achievement has exceeded market consensus expectations.

This performance is closely linked to new growth engines that are showing significant contributions to the group’s performance. BRI’s subsidiary, PT Pegadaian, recorded a surge in profit during the first half of 2026 and now contributes more than one-fifth of the BRI Group’s net profit.

In its latest research, BNI Sekuritas stated that Pegadaian’s net profit jumped 84% year-on-year to Rp6.6 trillion in the first half of 2026. This growth was supported by credit expansion of 53% year-on-year and a net interest margin (NIM) that remained high at 18.2%.

Pegadaian’s business growth was primarily driven by an increase in pawn loan disbursements, which grew 62% year-on-year. Additionally, gold-related products also recorded strong expansion.

This performance has increased Pegadaian’s contribution to the BRI Group’s profit. Currently, Pegadaian contributes more than 20% of the BRI Group’s profit, affirming its increasingly vital role in supporting the company’s performance growth.

However, BNI Sekuritas also highlighted a weakening in other operating income during the second quarter of 2026. Total other operating income, including contributions from gold sales, fell 6.1% quarterly and 0.5% annually to Rp13 trillion.

Excluding gold sales, core operating income remained relatively stable quarterly but still declined 1.7% year-on-year to Rp12.4 trillion. This decline primarily stemmed from treasury-related income. Treasury income plummeted 82% quarterly and 81% annually to Rp248 billion, while profits from foreign exchange transactions turned negative by Rp183 billion.

Amidst these pressures, fee and commission income still recorded positive growth of 6.1% year-on-year. However, the recovery of previously written-off assets fell by 2% year-on-year.

Overall, BRI’s non-interest income is still considered relatively weak. Gold sales provided support to the overall income figures, but have not yet fully offset the decline in several other revenue sources.

Nevertheless, the surge in Pegadaian’s performance provides a distinct advantage for the BRI Group. Aggressive credit growth, high margins, and the expansion of pawn and gold-based businesses make Pegadaian increasingly strategic for diversifying the group’s revenue sources.

Previously, during a virtual performance presentation last Monday, BRI Deputy President Director Viviana Dyah Ayu Retno Kumalasari stated that the increasingly complete ecosystem of subsidiaries is also a source of business strengthening for BRI.

One of the most notable growth areas is seen in Pegadaian. Compared to 2021, Pegadaian’s total assets have more than doubled to Rp185.8 trillion as of June 2026. Meanwhile, Pegadaian’s financing has grown nearly threefold to Rp155.1 trillion. The number of customers or debtors served also increased from 6.6 million to 9 million during the same period.

According to Vivi, this growth demonstrates Pegadaian’s expanding role within the BRI Group’s financial ecosystem. The BRI Group also continues to strengthen the gold ecosystem through Pegadaian. Currently, Pegadaian offers integrated gold services, ranging from gold deposits, gold trading, safekeeping services, gold savings, gold instalments, to gold pawning.

Vivi explained that as of June 2026, Pegadaian’s gold deposits reached 2,229 kilograms (kg), while gold working capital financing reached 220 kg. Gold trading activities reached 9.5 tons, while gold safekeeping services managed approximately 3.7 tons of gold.

The Pegadaian gold ecosystem is also supported by gold savings balances reaching 20.2 tons with a valuation of over Rp48 trillion. Meanwhile, gold instalment turnover reached 5.3 tons with a valuation of nearly Rp13 trillion, while outstanding gold pawn financing reached approximately 114 tons.

“This gold business is not just product diversification, but part of a strategy to expand the ecosystem of financial and investment services for the Indonesian people, while simultaneously optimising Pegadaian’s strength as part of the Ultra Micro Holding,” she said.