State Banks Drive Retail Government Bond Sales in 2025

Strong Performance Across Major Banks

Indonesian state-owned banks demonstrated robust performance in retail government bond (SBN) sales during 2025. The strong demand reflects investor appetite for secure investment instruments amid changing interest rate dynamics.

Bank Mandiri Leads with Significant Market Share

Bank Mandiri achieved remarkable success in SBN sales, recording over Rp 21 trillion in retail government bond sales during 2025 ¹

. This performance accounted for nearly 15% of the national market share, highlighting the bank's strong distribution capabilities. According to Sista Pravesthi, SVP Wealth Management at Bank Mandiri, the high sales figure reflects growing public interest in SBN as a preferred investment instrument, particularly as the government continues to tap domestic markets for financing.

BTN Maintains Attractiveness Amid Rate Cuts

Despite Bank Indonesia's interest rate reductions in 2025, BTN managed to keep SBN sales attractive, particularly in the secondary market ²

. Frengky Rosadrian, Retail Funding Division Head at BTN, noted that lower interest rates actually encouraged investors to seek safer investment options with more attractive yields. This trend benefited SBN sales, maintaining their appeal even in a declining rate environment.

BNI Records Substantial Contribution

BNI also made significant contributions to SBN sales, recording over Rp 10 trillion in retail government bond sales across seven different series in 2025 ³

. These included various bond types such as Obligasi Negara Ritel (ORI), Savings Bond Ritel (SBR), Sukuk Ritel (SR), and Sukuk Tabungan (ST). Notably, BNI saw a 25% year-on-year increase in the number of Single Investor Identification (SID) accounts for retail SBN investors, indicating broadening investor participation.

Market Implications

The strong SBN sales performance by these state banks demonstrates the continued attractiveness of government bonds in Indonesia's investment landscape. As state banks play a crucial role in distributing these securities, their success reflects both their distribution capabilities and the government's financing strategy through domestic markets. The growth in investor numbers, particularly noted at BNI, suggests increasing retail participation in government bond markets.