A number of subsidiaries of state-owned banks (BUMN) have shown positive contributions to the performance of their parent companies throughout the first quarter of 2025.

As is known, three state-owned banks—PT Bank Rakyat Indonesia (Persero) Tbk. (BBRI), PT Bank Mandiri (Persero) Tbk. (BMRI), and PT Bank Negara Indonesia (Persero) Tbk. (BBNI)—have subsidiaries operating in various financial services sectors. Meanwhile, PT Bank Tabungan Negara (Persero) Tbk. (BBTN) does not yet have any subsidiaries.

Based on the financial performance presentation of Himbara banks, it is revealed that during Q1/2025, PT Pegadaian was the largest profit contributor to BRI. On the other hand, PT Bank Syariah Indonesia Tbk. (BSI) made the highest contribution to Bank Mandiri, while BNI Life was the largest profit contributor to BNI.

In Q1/2025, BRI's subsidiaries contributed a total profit of IDR 2.7 trillion, growing 21.4% year-on-year (YoY) from the same period last year. Pegadaian’s net profit attributable to the parent entity reached IDR 1.73 trillion, increasing 25.6% from IDR 1.38 trillion in the same period last year. This figure accounted for 65.1% of BRI subsidiaries’ total profit, making Pegadaian the top contributor.

This profit growth aligns with Pegadaian's surge in operating income, which reached IDR 16.9 trillion, up 134.78% from IDR 7.21 trillion in Q1/2024.

The increase was mainly driven by gold sales revenue, which soared 341.7% to IDR 10.98 trillion from IDR 2.48 trillion. Meanwhile, revenue from leasing and administrative fees was recorded at IDR 5.82 trillion, and other business income amounted to IDR 133.5 billion.

Other contributions from BRI’s subsidiaries included Permodalan Nasional Madani (PNM) at 18.7%, BRILife at 8.2%, BRI Insurance at 6.8%, and other subsidiaries at 1.2%.

As is known, BRI recorded a consolidated net profit attributable to owners of the parent of IDR 13.67 trillion in Q1/2025. This figure fell 13.92% YoY compared to IDR 15.88 trillion in the same period in 2024.

According to the financial report published by Bisnis Indonesia on Wednesday (April 30, 2025), BRI's interest income also declined by 1.51% to IDR 49.83 trillion in Q1/2025, from IDR 50.6 trillion in Q1/2024.

Meanwhile, Bank Mandiri recorded a total profit contribution from its subsidiaries amounting to IDR 2.88 trillion, a decline of 3.78% YoY. The largest contribution came from BSI, which delivered a net profit of IDR 1.87 trillion in Q1/2025.

This figure increased by 10.05% compared to IDR 1.7 trillion in the same period last year. For your information, Bank Mandiri owns a 51.5% stake in BSI.

Other subsidiaries of Bank Mandiri also contributed various amounts: Mandiri Taspen with IDR 436 billion in profit, Mandiri Tunas Finance IDR 145 billion, Mandiri Utama Finance IDR 82 billion, Mandiri Sekuritas IDR 37 billion, and Axa Mandiri IDR 279 billion.

Bank Mandiri President Director Darmawan Junaidi emphasized that synergy with various partners and participation in government programs are strategic steps to expand financial services access to all segments of society.

Darmawan also noted that strengthening financing in prospective sectors aligned with local wisdom, along with the digitalization of financial services, is key to achieving inclusive and sustainable economic growth. As part of BUMN, he said, Bank Mandiri plays a strategic role in accelerating national economic growth.

“We are committed to maintaining healthy performance, expanding collaboration with various parties, and optimizing business expansion across regions,” said Darmawan during the Q1/2025 Performance Presentation in Jakarta on Tuesday (April 29, 2025).

Meanwhile, contributions from several BNI subsidiaries totaled IDR 56.7 billion in profit. This value fell 27.8% YoY from IDR 78.6 billion.

BNI Life Insurance recorded the largest net profit contribution at IDR 48.7 billion, followed by digital banking product Hibank at IDR 28.3 billion, and BNI Sekuritas at IDR 11.1 billion.

BNI Ventures’ profit remained unchanged in Q1/2025 compared to Q1/2024, standing at IDR 0.2 billion. On the other hand, BNI's multifinance subsidiary, BNI Finance, posted a loss of IDR 31.6 billion, down from a profit of IDR 12.8 billion.

BNI management stated that the contribution of these subsidiaries strengthens BNI’s position in developing non-banking and digital banking businesses.

Overall, the contribution of BUMN bank subsidiaries plays a crucial role in supporting the financial performance of their parent companies, especially amid ongoing economic challenges and dynamic market conditions.

For reference, BNI’s net profit attributable to owners of the parent entity amounted to IDR 5.38 trillion in Q1/2025. This profit rose 1.1% compared to IDR 5.32 trillion in the same period last year.

BNI’s Finance & Strategy Director Hussein Paolo Kartadjoemena said the company’s ability to grow its business occurred amid global uncertainty and challenges.

“BNI’s financial performance achievement in Q1/2025 reflects healthy credit growth and the success of digital transformation, which also supports the increase in savings,” said Paolo in a written statement on Monday (April 28, 2025).