BMRI Stock: Bank Mandiri Profile, Business, Performance and Risks

BMRI is the stock ticker for PT Bank Mandiri (Persero) Tbk on the Indonesia Stock Exchange, a state-owned bank focused on corporate banking with the largest branch and digital banking network in Indonesia. The bank was formed from the merger of four state banks in 1999 and has been listed on the IDX since 2003. The state now holds its majority stake through Danantara Asset Management.

BMRI stock summary

As of October 14, 2026.

Bank Mandiri's business

Bank Mandiri is Indonesia's largest state-owned bank by network, with a historical focus on corporate banking since its founding. As of the end of 2025, it operated 139 branch offices, 2,014 sub-branches, and 12,972 ATM and CRM units across Indonesia, according to Wikipedia.

Its international footprint includes offices in Shanghai, the Cayman Islands, Dili, Hong Kong (including a remittance office), and Singapore, plus subsidiary branches in Kuala Lumpur through Mandiri International Remittance and in London. On the digital side, the bank runs Livin' by Mandiri for retail customers and Kopra by Mandiri for corporate and institutional clients, backed by a lineup of Mastercard, Visa, and JCB credit cards along with e-money services.

As a state-controlled bank, Bank Mandiri also holds several subsidiaries: Mandiri Sekuritas in securities, Mandiri Tunas Finance in financing, Mandiri Capital in venture capital, and formerly life insurance through AXA Mandiri and Mandiri Inhealth before the latter's majority stake was sold to IFG Life in 2024.

Brief history and IPO

Bank Mandiri was established by the government on October 2, 1998, as part of a banking restructuring program following the 1997 Asian financial crisis. In July 1999, four state banks, Bank Bumi Daya, Bank Dagang Negara, Bank Ekspor Impor Indonesia, and Bank Pembangunan Indonesia, were formally merged into it, and the bank began full operations on August 1, 1999.

The early consolidation was heavy. A total of 194 branches were closed and staff was cut from 26,600 to 17,620 employees, while nine inherited banking systems from its four predecessor banks were gradually replaced with a single new system over three years. One reason behind this was to address credit concentration risk, since corporate loans made up 87% of total lending at the end of 1999.

Bank Mandiri listed on the IDX in 2003. It later made several acquisitions, including an 80% stake in Bank Sinar Harapan Bali in May 2008, a majority stake in Tunas Financindo Sarana which became Mandiri Tunas Finance in 2009, and a 60% stake in Asuransi Jiwa Inhealth Indonesia in 2014. In 2021, Bank Syariah Mandiri was merged into Bank BRI Syariah to form Bank Syariah Indonesia, part of the government's consolidation of state-owned Islamic banks.

Ownership structure has shifted significantly over the past two years. In June 2024, Bank Mandiri sold a 60% stake in Mandiri Inhealth to IFG Life for Rp1.71 trillion. In March 2025, the government transferred majority ownership of the company to what became Danantara Investment Management, and on June 30, 2025, the bank's headquarters moved from Plaza Mandiri to Menara Mandiri on Jalan Jenderal Sudirman after Plaza Mandiri became Danantara's headquarters. On January 6, 2026, 485.33 million Series B shares, or 0.52%, were transferred from Danantara Asset Management to the Badan Pengaturan BUMN (BP BUMN) and converted into a Series A Dwiwarna share, in line with the implementation of Law No. 16/2025 on state-owned enterprises. This transfer reduced Danantara Asset Management's stake to 51.48%, without changing the state's overall ownership share.

Shareholders and management

According to a shareholder registration report for September 2026 cited by stockwatch.id, BMRI's free float stood at 37.31%, equal to 34.47 billion shares out of a total 92.40 billion shares outstanding. This is well above the minimum required under IDX Rule I-A for the Main Board, which sets a floor of 50 million shares and 15% of total listed shares.

Shareholders with stakes above 5% include PT Danantara Asset Management with 48.05 billion shares (51.48%), followed by the Indonesia Investment Authority (INA) with 7.47 billion shares (8.00%). The Badan Pengaturan BUMN is recorded as the controlling shareholder through 485.33 million Series A Dwiwarna shares, equal to 0.52%.

The number of investors holding a Single Investor Identification (SID) in this stock grew by 9,886 in one month, bringing the total to 395,669 parties according to the report, far above the IDX's minimum requirement of 300. Bank Mandiri's Corporate Secretary, Adhika Vista, stated in the disclosure that "all information in the LBRE has been presented completely and accurately, without containing any false material information or omitting material facts."

Among management, President Director Riduan is listed as the ultimate beneficial owner with 14.59 million shares held directly. President Commissioner and Independent Commissioner Zulkifli Zaini holds 22.85 million shares, the largest individual stake among the board of commissioners. Combined, the board of directors and commissioners hold 56.12 million shares, or 0.0601% of issued and paid-up capital.

Recent financial performance

The sources we reviewed do not contain specific revenue or net profit figures for Bank Mandiri's latest reporting period. What is available are market valuation ratios: according to Stockbit data cited by investor.id, BMRI's price-to-book value (PBV) stood at 1.31 times, below the -1 standard deviation level of its three-year average PBV of 1.47 times. Its price-earnings ratio (PER) was 5.98 times, also below the -1 standard deviation level of its three-year average PER of 7.31 times.

PBV and PER sitting below their historical averages typically suggest the market is pricing the stock cheaper than its average valuation over the past three years. For a fuller and verified picture of revenue, net profit, and loan growth, readers should check Bank Mandiri's official financial statements on idx.co.id or the company's investor relations site.

Dividends

The sources we checked do not include specific dividend per share figures or recent payout ratios for Bank Mandiri. One qualitative data point comes from Andry Hakim, a young investor and founder and CIO of Hakimson.id. According to investor.id, his decision to put a large sum into BMRI was driven by dividend potential alongside a funding strategy involving repurchase agreement (repo) transactions. For official dividend schedules and amounts, readers should check Bank Mandiri's corporate announcements or official financial reports on idx.co.id.

BMRI stock price movement

As of October 14, 2026, BMRI traded at Rp3,980 per share. A day earlier, on October 13, 2026, the stock closed at Rp3,990, down 0.50%, with 110.24 million shares traded, 33,788 transactions, and a transaction value of Rp437.64 billion, according to data cited by investor.id.

The current price sits relatively close to the bottom of its 52-week range of Rp3,650 to Rp5,375. Across all three tracked periods, the stock still shows negative returns: down 8.3% over one month, 5.2% over three months, and 2.7% over one year. The average daily trading volume over the past three months was 127.76 million shares, suggesting this remains one of the more actively traded names on the IDX.

Interestingly, fund flow data shows a tug of war. Foreign investors posted a net sell of Rp120.07 billion over the past month, while domestic investors booked a net buy of Rp2.95 trillion in the same period, the highest among all stocks according to Stockbit Sekuritas data cited by investor.id. Over roughly the same one-month window, investor.id's own calculation put the price decline at 8.49%, slightly different from the Yahoo Finance figure of -8.3% due to differing reference dates.

Recent news and catalysts

A few recent developments relevant to BMRI shareholders:

• Credit risk in focus - katadata.co.id published a report on October 14, 2026, titled "Credit Risk Looms Over Bank Mandiri (BMRI), Financing for Haji Isam Scrutinized," flagging the bank's financing to businessman Haji Isam as a current credit risk issue.
• Highest domestic net buy - investor.id reported on October 14, 2026, that BMRI recorded a domestic net buy of Rp2.95 trillion over one month, the highest among all stocks, amid foreign selling pressure and an 8.49% price correction over the same period.
• Ownership structure and free float - stockwatch.id detailed a September 2026 shareholder registration report on October 11, 2026, showing a 37.31% free float and a growing SID investor base of 395,669 parties.
• Third-party technical view - ntvnews.id cited MNC Sekuritas research on October 14, 2026, noting BMRI was correcting 0.50% to Rp3,990 on shrinking volume, with the brokerage's Elliott Wave analysis suggesting the stock was in a corrective phase. It's worth noting this is a third-party brokerage view reported by the media, not a recommendation from Queenby News.

Competitors on the IDX

Among state-owned and major banks on the IDX, BMRI has a few main peers:

• BBRI (Bank Rakyat Indonesia) - a state-owned bank with a much larger micro and SME lending base than Bank Mandiri's corporate-heavy focus.
• BBCA (Bank Central Asia) - Indonesia's largest privately-owned bank, known for strength in transaction banking and upper-middle retail customers.
• BBNI (Bank Negara Indonesia) - another state-owned bank with significant corporate and international exposure, often compared directly with Bank Mandiri.

Risks

A few risks relevant to BMRI shareholders to keep in view:

• Credit and borrower concentration risk - a katadata.co.id report flagged the bank's financing to Haji Isam as a current credit risk issue, relevant for a bank with a large corporate client base like Bank Mandiri.
• Banking sector risk - bank performance in general is sensitive to benchmark interest rates, asset quality, and macroeconomic conditions, though the sources we checked do not include updated non-performing loan (NPL) ratios.
• State ownership and regulatory risk - as a state-owned bank, Bank Mandiri's strategy and ownership structure are subject to government policy, such as the transfer of shares to BP BUMN in January 2026, which can affect its direction going forward.
• Ownership concentration - although the 37.31% free float is above the exchange's minimum requirement, most shares remain controlled by the state through Danantara Asset Management (51.48%), INA (8.00%), and BP BUMN (0.52%), leaving a relatively limited portion freely traded by the public compared to total shares outstanding.
• Price and sentiment risk - the stock currently sits near the bottom of its 52-week range and still shows negative returns across all tracked periods, while foreign investors continue net selling even as domestic buying has been strong.
• Valuation risk - PBV and PER below their three-year historical averages can be read as relatively cheap valuation, but could also reflect still-depressed market sentiment toward the bank's outlook.

What it means for investors

A few concrete data points from the sources we gathered are worth tracking, not as buy or sell signals:

• The 52-week range floor of Rp3,650 and ceiling of Rp5,375 give a reference point for where the current price sits relative to the past year.
• Foreign versus domestic fund flows deserve continued attention. The gap between a foreign net sell of Rp120.07 billion and a domestic net buy of Rp2.95 trillion over the past month shows diverging sentiment that may not move in the same direction going forward.
• The 1.31x PBV and 5.98x PER, both below their three-year averages, can be cross-checked again once the next official financial statements are released, to see whether the discounted valuation lines up with fundamentals or just reflects short-term sentiment.
• Further developments on the Haji Isam financing issue flagged by katadata.co.id are worth following, since they touch on the bank's corporate credit quality.
• Bank Mandiri's quarterly earnings release schedule on idx.co.id is worth tracking for updated revenue and net profit figures, since none of the sources we checked this time included those numbers.

How to buy BMRI stock

One lot of BMRI stock equals 100 shares. At Rp3,980 per share as of October 14, 2026, one lot costs roughly Rp398,000, before brokerage fees.

To buy, investors need to open a brokerage account with a securities firm licensed by Indonesia's Financial Services Authority (OJK) and registered as an IDX exchange member. Once the account is active and funded, buy orders for BMRI can be placed through the broker's trading app by entering the BMRI ticker, number of lots, and desired price.

FAQ

Does BMRI regularly pay dividends?

The sources we reviewed do not give specific dividend figures or payout ratios. One investor quoted by investor.id cited dividend potential as a reason for buying the stock, but for official details check Bank Mandiri's financial reports and dividend announcements on idx.co.id.

How much is one lot of BMRI stock?

As of October 14, 2026, BMRI traded at Rp3,980 per share, so one lot (100 shares) costs Rp398,000.

Is BMRI part of the LQ45 index?

Not mentioned in the sources we checked. Check the IDX website directly for the latest index membership.

Who are BMRI's biggest shareholders?

PT Danantara Asset Management is the largest shareholder with 48.05 billion shares or 51.48%, followed by Indonesia Investment Authority (INA) with 8.00%, according to a September 2026 shareholder registration report cited by stockwatch.id.

What's the difference between BMRI and BBRI?

BMRI has historically been strong in corporate banking and large corporate clients, while BBRI (Bank Rakyat Indonesia) has a much bigger micro and SME lending base.

Why has BMRI stock been falling lately?

Investor.id reported foreign investors posted a net sell of Rp120.07 billion over the past month through October 13, 2026, with the stock down 8.49% in that period, even as domestic investors logged the highest net buy among all stocks in the market.

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