[REVISION HISTORY]

Bank Mandiri credit and margin risks

Updated 2 times since CLSTR started tracking revisions of this situation.

What changed

2026-10-20 03:43 UTC → 2026-10-20 15:06 UTC · added ~~removed~~

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,~~ 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.

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