BBNI Stock: Bank Negara Indonesia Profile, Business, Performance and Risks

BBNI is the stock ticker for PT Bank Negara Indonesia (Persero) Tbk, a state-owned bank operating in consumer, corporate, and commercial banking. It's one of Indonesia's large state-owned banks and has traded on the Indonesia Stock Exchange since 1996. The government remains the majority shareholder, now through Danantara Asset Management.

BBNI stock summary

As of October 15, 2026.

BNI's business

BNI runs consumer, corporate, commercial, and treasury banking operations. According to Wikipedia, as of 2025 the bank operated 197 branch offices, 1,579 sub-branches, and 13,382 ATM and CRM machines across Indonesia, plus nine ATMs abroad.

Its international network includes six branches in New York, London, Seoul, Tokyo, Hong Kong, and Singapore, a sub-branch in Osaka, and two representative offices in Amsterdam and Sydney. This network sets BNI apart from other state banks, reflecting its historical strength in trade finance and corporate banking across borders.

Beyond core banking, BNI holds several subsidiaries. Hibank, the result of acquiring and rebranding Bank Mayora in 2022-2023, is being positioned as a digital bank for small and medium enterprises. BNI Ventures handles venture capital business. BNI Life, a life insurance unit, has had Sumitomo Life Insurance as a shareholder since 2013. BNI Sekuritas also set up a subsidiary in Singapore to expand its cross-border securities business.

In August 2026, BNI launched Wondrz, a savings product aimed at children and teenagers, part of its push to capture younger customers earlier.

Brief history and IPO

BNI was founded by the Indonesian government on July 5, 1946 as Bank Negara Indonesia, initially functioning as both a central bank and commercial bank. After the 1949 Round Table Conference, its central bank role was transferred to De Javasche Bank, leaving BNI purely a commercial bank. A year later, it was designated a foreign exchange bank and opened its first overseas branch in Singapore.

The bank's structure shifted several times over the decades. In 1965, it was merged into Bank Indonesia under the "struggle bank" concept, then separated again in 1968 as a standalone entity named Bank Negara Indonesia 1946. In 1992, its status changed to a state-owned limited company under the name PT Bank Negara Indonesia (Persero), the name it still carries today.

BNI listed on the Jakarta Stock Exchange and Surabaya Stock Exchange in 1996, making it one of the first state banks to go public in Indonesia's capital market. In 2009, its Islamic banking unit was spun off as BNI Syariah, which merged into BRI Syariah in 2021 as part of the government's consolidation of state-owned sharia banks into Bank Syariah Indonesia.

The most recent ownership restructuring took place in March 2025, when the government transferred majority ownership of BNI to Biro Klasifikasi Indonesia as part of forming Danantara's operating holding structure. Then on January 6, 2026, under the implementation of Law Number 16 of 2025 on State-Owned Enterprises, BNI transferred 223.78 million Series B shares, or 0.6%, previously held by Danantara Asset Management, to the State-Owned Enterprises Regulatory Agency (BP BUMN), converting them into a special Series A Dwiwarna share held by the government.

Shareholders and management

Following the January 2026 transfer, Danantara Asset Management's stake in BBNI was reduced to 59.4%, though the government's overall ownership composition was unaffected since the transferred shares became a special golden share held by BP BUMN rather than being sold to outside parties. The exact public float percentage was not available in the sources reviewed.

The current board of commissioners includes Omar Sjawaldy Anwar as President/Independent Commissioner, Tedi Bharata as Vice President Commissioner, Suminto and Donny Hutabarat as Commissioners, and Vera Febyanthy and Didik J. Rachbini as Independent Commissioners.

On the board of directors, Putrama Wahju Setyawan serves as President Director, with Alexandra Askandar as Vice President Director. Other directors include Agung Prabowo (Corporate Banking), Abu Santosa Sudrajat (Treasury & International Banking), Eko Setyo Nugroho (Institutional Banking), M. Iqbal (Commercial Banking), Ronny Venir (Operations), Munadi Herlambang (Human Capital and Compliance), H. Paolo Kartadjoemena (Finance & Strategy), Corina (Consumer Banking), David Pirzada (Risk Management), Toto Prasetio (IT), and Risan Kaslan (Network & Retail Funding).

Recent financial performance

According to Maybank Sekuritas Indonesia's research dated September 21, 2026, as reported by Kontan, BNI's bank-only net profit through August 2026 reached Rp14.3 trillion, up 6.9% year-over-year. Growth was supported by a 14.3% YoY rise in net interest income and an 11.1% YoY increase in non-interest income.

However, provisioning expenses jumped 26.9% YoY, moderating overall net profit growth relative to revenue growth. On a monthly basis, performance actually improved: August 2026 net profit rose 11.1% month-over-month and 17.4% year-over-year, mainly thanks to lower provisioning expenses.

Net interest margin (NIM), a core measure of a bank's profitability from the spread between lending and deposit rates, stood at 3.1% in August 2026, down 5 basis points month-over-month and 17 basis points year-over-year. This remains one of the key challenges flagged by analysts.

On lending, BNI posted aggressive growth: bank-only credit reached Rp977 trillion in August 2026, surging 27.1% YoY and rising 0.7% from July 2026. This was among the strongest growth rates in the banking sector, driven by strong momentum in wholesale banking, though Maybank Sekuritas noted part of this growth was supported by large loan disbursements related to Agrinas.

On the funding side, bank-only third-party deposits reached Rp1,125 trillion in August 2026, up 29.4% YoY, outpacing credit growth. This improved the loan-to-deposit ratio, which measures how much of deposited funds are channeled into loans, to 86.9% from 88.4% a year earlier.

These figures come from bank-only managerial data cited by analysts as of August 2026, not official consolidated quarterly financial statements. For audited profit, asset, and ratio figures, readers should check idx.co.id directly.

Dividends

BBNI's dividend policy and payout history were not available in the sources reviewed for this profile. Readers looking for per-share dividend amounts, payout ratios, or the latest cum-date schedule should check corporate disclosures and shareholder meeting results at idx.co.id or BNI's official website.

BBNI stock price movement

As of October 15, 2026, BBNI traded at Rp3,410 per share. This sits in the lower-middle portion of its 52-week range, which spans from Rp2,990 to Rp4,730, well below its yearly high.

Over the past month, the stock fell 9.1%. Over three months, the decline was more moderate at 1.4%, suggesting most of the drop happened more recently. Over a full year, BBNI is down 10.3%.

Average daily trading volume over the past three months stood at 37.24 million shares, indicating the stock remains fairly actively traded on the IDX main board.

Recent news and catalysts

Maybank Sekuritas Indonesia, through analyst Jeffrosenberg Chenlim's research dated September 21, 2026 as cited by Kontan, maintained a buy rating on BBNI with a target price of Rp4,800 per share, based on a valuation of 1.0 times projected 2026 price-to-book value (P/BV).

Jeffrosenberg noted BBNI trades at 0.8 times P/BV, cheaper than the roughly 1.4 times average for other state-owned banks. "We continue to view BBNI's earnings prospects positively, supported by healthy credit growth, managed asset quality, and valuation that isn't expensive," he wrote in the research note. Maybank Sekuritas raised its 2026 credit growth projection for BBNI to 9% from 8% previously, which also lifted its net profit estimate by about 1%. The two key risks flagged were margin pressure and potential deterioration in asset quality.

Fortune Indonesia, in an article dated September 24, 2026, included BBNI in a list of five LQ45 stocks deemed undervalued based on screening for PER below market or sector average and PBV below 1 times. Other stocks on that list included AADI, ADRO, ASII, and BBTN.

Outlet bisnisia.id published an article on October 8, 2026 titled "Big Bank Stocks Under Pressure, BBNI and BBCA Valuations Getting Cheaper," indicating price pressure on large bank stocks was making BBNI's valuation even cheaper during that period.

Meanwhile, Liputan6 reported on October 1, 2026 that Indonesia's benchmark index (IHSG) could extend its decline after falling 0.83% alongside a net foreign sell-off of Rp1.56 trillion on September 30, 2026, with large bank stocks among the most heavily sold by foreign investors. Fanny Suherman, Head of Retail Research at BNI Sekuritas, said the index could test resistance at 6,100 if it rebounds, with support seen around 6,000-6,050. BBNI was among the stocks discussed by analysts on that trading day.

Competitors on the IDX

BBNI competes directly with fellow state banks and large private banks on the IDX:

• BBRI (Bank Rakyat Indonesia): a state bank with a strong focus on micro, small, and SME lending, with the widest branch network reaching remote areas.
• BMRI (Bank Mandiri): the largest state bank by assets, strong in corporate segments, wholesale banking, and large institutions.
• BBCA (Bank Central Asia): Indonesia's largest private bank, not state-owned, known for strength in transaction banking, savings, and middle-to-upper retail customers.

Risks

• Sector and interest rate risk: BBNI's NIM fell to 3.1% in August 2026, down 17 basis points year-over-year, reflecting margin pressure from rising funding costs faced across the banking sector.
• Asset quality risk: provisioning expenses surged 26.9% YoY through August 2026, signaling the bank is setting aside more for potential problem loans.
• Credit concentration risk: part of the 27.1% YoY credit growth was supported by large disbursements tied to Agrinas, per Maybank Sekuritas, raising the risk that growth could slow once comparison bases get higher.
• Regulatory and SOE restructuring risk: BBNI underwent an ownership structure change through Law Number 16 of 2025 on State-Owned Enterprises and the formation of Danantara and BP BUMN, which could bring further governance changes ahead.
• Valuation and market sentiment risk: even though 0.8 times P/BV is flagged by analysts as cheap relative to other state banks, the stock still fell 10.3% over a year, showing broader market sentiment toward the banking sector remains under pressure, partly due to foreign net selling in large bank stocks.
• Stock liquidity risk: average volume of 37.24 million shares per day is fairly active, but price movement can still be volatile following broader index sentiment.

What it means for investors

A few concrete things worth tracking on BBNI, not as a buy or sell signal:

• Price position within the 52-week range: Rp3,410 currently sits relatively close to the lower end of the Rp2,990-Rp4,730 range. Watching whether the price approaches Rp2,990 or moves back toward the middle of that range offers a reference point for gauging market sentiment toward the stock.
• Monthly credit and NIM data: operational data such as the Rp977 trillion credit book and 3.1% NIM reported for August 2026 are indicators to watch for whether the 27.1% YoY credit growth starts slowing as Maybank Sekuritas expects, or stays strong.
• Official financial reports on idx.co.id: third-quarter 2026 results and the audited annual report will confirm the managerial figures currently cited from brokerage research, including provisioning details and the LDR ratio.
• State bank sector sentiment: BBNI's price tends to move alongside sentiment toward other large bank stocks such as BBRI, BMRI, and BBCA, including patterns of foreign net buying or selling on the IHSG like those seen in late September 2026.
• Third-party research targets and valuation: Maybank Sekuritas set a Rp4,800 target price as of September 21, 2026, based on a 1.0 times P/BV assumption, while the market price at the time reflected roughly 0.8 times. This is brokerage research, not a guaranteed outcome, but it can serve as one reference point for understanding how analysts view the bank's valuation.
• RUPS schedule and dividend announcements: since dividend data wasn't available in the sources reviewed, investors interested in potential dividends should monitor official announcements directly at idx.co.id.

How to buy BBNI stock

One lot of BBNI stock consists of 100 shares, worth roughly Rp341,000 based on the Rp3,410 per-share price as of October 15, 2026, excluding brokerage fees. To buy this stock, investors need to open a securities account with a brokerage licensed and supervised by Indonesia's Financial Services Authority (OJK) and registered as an exchange member of the IDX. Once the account is active and funded, buy orders for BBNI can be placed through the brokerage's trading app at the prevailing market price.

This article is for informational purposes only and is not a recommendation to buy or sell BBNI stock.