JAKARTA – State-owned banks, such as PT Bank Rakyat Indonesia (Persero) Tbk (BBRI) and PT Bank Negara Indonesia (Persero) Tbk (BBNI), plan to execute share buybacks amidst a significant drop in their share prices over the past few days.

So far, other state-owned banks like PT Bank Mandiri (Persero) Tbk (BMRI) and PT Bank Tabungan Negara (Persero) Tbk (BBTN) have not announced similar plans, despite their shares also experiencing notable corrections over the last five trading sessions.

BMRI's management mentioned that they are currently reviewing the option of a share buyback. "We will review it first," said Sigit Prastowo, BMRI's Finance Director, as quoted by Kontan on Tuesday (11/12).

Meanwhile, BBTN's President Director, Nixon LP Napitupulu, stated that there is no decision yet regarding a share buyback. He noted that other corporate actions, such as the acquisition of Bank Victoria Syariah, are currently prioritized.

"We'll wait and see for now," Nixon said after the launch of Superapps Bale on Sunday (9/2).

According to IDN Financials, BMRI and BBTN shares have fallen by 13.22% and 8.2%, respectively, over the last five trading days. Today, BMRI's share price closed at IDR 4,880, while BBTN's stood at IDR 920.

As for the buyback plans, BBNI has allocated IDR 905 billion for the initiative, while BBRI is prepared to repurchase its shares with a budget of IDR 3 trillion. (KR/ZH)