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3 clusters · 17 sources · 9 days · First seen · Last updated

Bank Mandiri credit and margin risks

Overview

Bank Mandiri is experiencing financial pressures involving declining margins and credit risks associated with stock collateral. The bank’s net interest margin (NIM) is expected to decrease to 4.1% in Q3 2026 from 4.37% in the first half of the year due to higher funding costs.

Concerns have emerged regarding credit extended to the Jhonlin Group, which is secured by pledged shares in PT Pradiksi Gunatama Tbk (PGUN) and PT Jhonlin Agro Raya Tbk (JARR). These collateral holdings include approximately 92.38% of PGUN shares and 86.64% of JARR shares. As of October 8, 2026, the estimated value of these pledged shares is approximately Rp 73 trillion. Observers have raised issues regarding transaction transparency and the potential liquidity risks if these shares prove difficult to liquidate during a default.

On October 19, 2026, it was reported that Bank Mandiri has provided a credit facility to Jhonlin Baratama, utilizing shares of JARR and PGUN as additional collateral. While advisors suggest this arrangement provides corporate funding flexibility to support real sector financing, analysts continue to raise concerns regarding the transparency of collateral value and liquidity risks during periods of market stress.

Entities

Bank Mandiri · Bank Syariah Indonesia · PT Telkom Indonesia (Persero) Tbk · Indonesia Stock Exchange · Prajogo Pangestu

Timeline

  1. [BUSINESS] 11 sources
    Indonesian corporations initiate major share buybacks

    Major Indonesian firms, including Barito Group, Telkom, and BNI, are launching significant share buyback programs to stabilize market positions and enhance shareholder value.

  2. [BUSINESS] 2 sources
    Bank Mandiri faces margin decline and stock collateral risks

    Bank Mandiri faces declining net interest margins and balance sheet risks due to Rp 73 trillion in pledged stock collateral from Jhonlin Agro Raya and Pradiksi Gunatama.

  3. [BUSINESS] 4 sources
    Indonesian banks face credit risks and MSME financing updates

    Bank Mandiri faces liquidity risks from Jhonlin Group credit secured by PGUN and JARR shares, while Bank Syariah Indonesia offers KUR financing up to Rp500 million for MSMEs.

Sources

asianbankingandfinance.net · bisnis.liputan6.com · cnbcindonesia.com · disway.id · industry.co.id · insight.kontan.co.id · jpnn.com · katadata.co.id · keuangan.kontan.co.id · medcom.id · mediaasuransinews.co.id · niaga.asia · radarbandung.id · republika.co.id · ruangenergi.com · tradingview.com · world-today-journal.com

This summary has been updated 2 times: see revision history