INA Retains BRI and Mandiri Shares Despite Decline in Value

The Indonesia Investment Authority (INA) continues to hold shares in PT Bank Rakyat Indonesia (Persero) Tbk (Bank BRI) and PT Bank Mandiri (Persero) Tbk since its inception. INA Chief Financial Officer Eddy Porwanto stated that the two state-owned banks still provide substantial dividends.

“Since we were given these shares until today and going forward, we believe that the return from Bank Mandiri and BRI dividends is very, very good,” he said during a media event in Jakarta on Wednesday, July 1, 2026.

According to the 2025 Annual Report, INA recorded that the shares of Bank Mandiri and Bank BRI at the end of 2025 had fallen by an average of 10.4 percent compared to the end of 2024. This decline caused the value of investments in equity instruments (other financial assets) to drop to Rp 58.2 trillion from Rp 65 trillion in the previous year.

The performance of Bank BRI’s shares fell by 30.54 percent from 1 July 2021 to 1 July 2026. The share price at the close of trading was Rp 2,670 per share, compared to Rp 3,844 per share five years ago. Year-to-date, the share price has declined by 27.05 percent.

Meanwhile, Bank Mandiri’s shares rose by 29.15 percent over the same period. The share price at the close of trading was Rp 3,810 per share, compared to Rp 2,950 per share five years ago. However, year-to-date, the share price has fallen by 25.29 percent.

“We see the current volatility as temporary,” he said.

INA received a state capital injection in the form of inbreng shares of Bank BRI and Bank Mandiri worth Rp 45 trillion in 2021. INA is recorded as holding a 3.63 percent stake in Bank BRI and an 8 percent stake in Bank Mandiri.