The Bank Indonesia (BI) is the central bank of Indonesia. Established in July 1953, the BI oversees the operations of banks in Indonesia. The main functions of the country’s central bank include:
Formulating and implementing monetary policies
Regulating and ensuring a smooth payment system
Ensuring financial stability within the country
The 2021 outlook of Moody’s for Indonesia’s banking system is stable. The rating agency believes that banks in Indonesia will see improvement in profitability this year, because credit costs, or loan loss provisions as a share of gross loans, will decrease. Moody’s also expects that APAC banks will maintain strong and stable funding and liquidity in 2021, following last year’s improvements in funding conditions that benefited from more lenient monetary policy in the region.
For anyone considering a banking career in Indonesia, this list of top banks in Indonesia is a helpful guide on where to start. To learn more, see our list of financial institutions.
The Top Banks in Indonesia:
Established in 1998, Bank Mandiri is in the top three of the largest banks in Indonesia in terms of assets, loans, and deposits. The bank offers various financial products and services to individuals and corporate clients. It manages 2,714 branches, 13,217 ATMs, and 2,312 micro-networks.
Headquartered in Jakarta, the bank employs around 38,000 employees and oversees six major subsidiaries: Bank Syariah Mandiri, Mandiri Sekuritas, Mandiri Tunas Finance, AXA Mandiri Financial Services, Bank Sinar Harapan Bali, and Mandiri AXA General Insurance.
Net income: IDR 15.1 trillion (3/2021)
Total assets: IDR 1,584.1 trillion (3/2021)
Bank Rakyat (BRI)
Founded in 1895, Bank Rakyat specializes in small-scale and microfinance-style borrowings. Based in Jakarta, the bank employs around 67,000 staff and also serves the Asian and U.S. markets.
Bank Rakyat offers Shariah-compliant banking services through its subsidiary, PT Bank BRISyariah. The bank’s other subsidiaries include PT Bank Rakyat Indonesia Agroniaga Tbk and BRI Remittance Co Ltd, which provides money remittance services.
Net income: IDR 18.7 trillion (2020)
Total assets: IDR 1,511.8 trillion (2020)
Bank Central Asia
Bank of Central Asia offers banking products and services to retail and corporate clients, including SMEs. Established in 1955, the bank operates 139 main branches, 874 sub-branches, and 17,623 ATMs. Headquartered in Jakarta, it employs a staff of around 26,000.
Net income: IDR 27.6 trillion (3/2021)
Total assets: IDR 1,090.4 trillion (3/2021)
Founded in 1946, Bank Negara is one of the state-owned banks in Indonesia. It provides banking products and services not only in Indonesia but also in New York, Europe, and the rest of Asia. It manages 201 domestic branches, 1,093 sub-branches, and 925 other outlets, and five overseas branches in Singapore, Hong Kong, Tokyo, London, and Seoul. With around 26,000 employees, the bank is based in Jakarta.
Net income: IDR 1.42 trillion (3/2021)
Total assets: IDR 862.4 trillion (3/2021)
Bank CIMB Niaga
Established in 1955, Bank CIMB Niaga is one of the national private banks in Indonesia. The bank provides financial services to retail and corporate clients. It operates out of Jakarta and employs around 11,825 people, using a network of 451 branches and 4,316 ATMs.Net income: IDR 1.95 trillion (3/2021)
Total assets: IDR 272.5 trillion (3/2021)
Bank Danamon provides banking products and services to retail, commercial, and SME clients in Indonesia. Founded in 1956, the bank operates through its Retail, Mid-Size, and Wholesale segments. It oversees a network of 44 conventional main branches, 384 conventional sub-branches, and 11 Sharia branches and sub-branches. It employs around 22,000 staff.
Net income: IDR 284.0 billion (3/2021)
Total assets: IDR 194.0 trillion (3/2021)
Incorporated in 1954, Bank Permata is headquartered in Jakarta and employs around 7,100 individuals. It was formerly known as PT Bank Bali Tbk but later changed its name to PT Bank Permata Tbk in 2002.
The bank operates a network of 70 branches, 214 sub-branches, 281 Sharia office channels, 17 cash offices, 4 mobile cash offices, six payment points, and 925 ATMs.
Net income: IDR 721.6 billion (3/2021)
Total assets: IDR 203.5 trillion (3/2021)
Panin Bank (Pan Indonesia)
Headquartered in Jakarta, Panin Bank offers a wide range of banking products and services. Established in 1971, the bank employs around 11,100 staff and operates a network of 565 offices and 981 ATMs.
Net income: IDR 3.01 trillion (2020)
Total assets: IDR 206.6 trillion (3/2021)
Bank Tabungan Negara
Bank Tabungan Negara was founded in 1897, making it one of the oldest banks in Indonesia. The bank oversees a network of 103 branches, which includes 25 Sharia branches; 373 sub-branches – comprising 59 Sharia sub-branches and 254 cash offices, including seven Sharia cash offices and 3,014 system online payment point/online post offices. With around 10,900 employees, it is based in Jakarta.
Net income: IDR 1.60 trillion (2020)
Total assets: IDR 375.7 trillion (3/2021)
In 1988, Maybank obtained a license to operate as one of the foreign exchange banks in Indonesia. Established in 1959, it was formerly known as PT Bank Internasional Indonesia (BII).
Maybank oversees a network of 79 branches, 277 sub-branches, 14 Sharia branches, and 1,571 ATMs spread across all provinces in Indonesia. It also has two overseas branches in Mauritius and Mumbai. Headquartered in Jakarta, it employs around 9,500 individuals.
This has been CFI’s guide to the top banks in Indonesia. For anyone looking for a career in banking, this list is a great place to start your networking. You may also want to consider CFI’s Financial Modeling and Valuation Analyst (FMVA)® designation to boost your resume and career path!