November 4, 2025 | 09:59 am
TEMPO.CO, Jakarta - Every morning before work, Iqbal Aldrinsyah follows a small ritual: he opens his securities app on his phone. He does not always trade, sometimes he just checks to make sure his portfolio of state-owned bank shares has not sunk further. For the past year, the once-uplifting green graphs have turned red. “I’m holding on for now, rather than taking a cut loss,” said the 34-year-old construction company employee on Wednesday, October 29, 2025.
Iqbal has held shares in two state-owned banks for three years, 10 lots each. He once believed in the strength and reputation of the State-Owned Banks Association (Himbara). Back then, one of those bank shares climbed to around Rp5,000 (about US$0.3) per unit, nearly reaching Rp6,000 (US$0.36). Now it sits at just Rp4,000 (US$24). “I used to be optimistic,” he said. “Now I can only hope.”
He pinned his hopes on the so-called ‘Danantara effect.’ The the Daya Anagata Nusantara Investment Management Agency (Danantara), was reportedly buying up state-owned bank shares to prevent further decline. But so far, nothing much has changed. The only remaining comfort is the dividend payments, which is still coming in, though smaller now as Himbara’s profits shrink. “At least the dividends help ease the pain,” Iqbal said.
The Indonesia Stock Exchange recorded steep drops in the share prices of state-owned banks over the past year. Bank Mandiri (BMRI) fell the most—down 29.19 percent, or 1,970 points—to Rp4,780 (US$0.28) per share. Bank Negara Indonesia (BBNI) dropped 14.83 percent to Rp4,450 (US$0.26), Bank Rakyat Indonesia (BBRI) slid 16.35 percent to Rp3,940 (US$0.23), and Bank Tabungan Negara (BBTN) declined 11.39 percent to Rp1,245 (US$0.07).
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