Retail SBN Sales Drive Significant Banking Revenue in 2025

Strong Demand from Retail Investors

The sale of retail State Securities (SBN) through banking channels in 2025 demonstrated robust performance, contributing substantially to banks' fee-based income. This success is attributed to the strong appetite from retail investors for low-risk investment instruments. The Ministry of Finance reported that the total issuance of SBN reached over Rp 150 trillion, marking an increase from the Rp 148 trillion achieved in 2024.

Bank Mandiri's Performance

Bank Mandiri, one of the leading banks in Indonesia, played a significant role in this success. According to Sista Pravesthi, SVP of Wealth Management at Bank Mandiri, the bank achieved sales of over Rp 21 trillion in the primary SBN sale, securing nearly 15% of the national market share in retail SBN sales. This performance not only highlights Bank Mandiri's strong distribution capabilities but also its ability to attract retail investors towards SBN products.

Types of SBN Issued

The SBN issued in 2025 included various retail products such as Savings Bond Ritel (SBR), Sukuk Tabungan (ST), Obligasi Negara Ritel (ORI), Sukuk Ritel (SR), and Cash Wakaf Linked Sukuk (SWR). These instruments cater to different investor preferences while maintaining the low-risk profile that retail investors typically seek.

Impact on Banking Revenue

The significant sales figures from SBN retail products have contributed meaningfully to the fee-based income of banks. Sista Pravesthi noted that Bank Mandiri earned substantial revenue from these sales, underscoring the importance of SBN retail sales as a revenue stream for banking institutions.