Jakarta. State lender Bank Rakyat Indonesia (BRI) appointed Hery Gunardi as its new president director, replacing Sunarso.

The decision was made during its annual general meeting of shareholders on Monday, with State-Owned Enterprises Minister Erick Thohir endorsing Hery’s transition from his role as head of Bank Syariah Indonesia (BSI).

The leadership change remains subject to approval from the Financial Services Authority (OJK) through a fit and proper test.

Hery Gunardi, a seasoned banker, was born in Bengkulu on June 26, 1962. He earned his bachelor’s degree in Business Administration from Universitas 17 Agustus 1945 in 1987, followed by a master’s degree in Finance and Accounting from the University of Oregon, USA, in 1991. He later obtained a doctoral degree in business management from Universitas Padjajaran in 2021.

He started his career at Bank Pembangunan Indonesia (Bapindo) in 1991, later taking on key roles at Bank Mandiri, where he was involved in its formation through the merger of Bapindo, Bank Bumi Daya, Bank Dagang Negara, and Bank Exim during the 1998 financial crisis.

Hery held several strategic positions at Bank Mandiri, including:

• EVP Coordinator Consumer Finance & Senior EVP (2013)

• Director of Micro & Retail Banking (2013-2015)

• President Commissioner of AXA Mandiri Financial Services (2013-2015)

• Director of Consumer & Retail Transaction (2019-2020)

• Deputy CEO of Bank Mandiri (2020)

In 2020, he was appointed as CEO of Bank Syariah Mandiri and led the merger of BSI, BRI Syariah, and BNI Syariah, creating Indonesia’s largest Islamic bank.

Dividend Payout and Outlook

Shareholders also approved a Rp 51.74 trillion ($3.13 billion) dividend payout from BRI’s 2024 net profit of Rp 60.15 trillion, amounting to Rp 343.4 per share. This includes an interim dividend of Rp 135 per share, with the remaining Rp 31.4 trillion to be distributed at Rp 208.4 per share. The decision reflects the bank’s capital adequacy for future expansion.

Despite posting Rp 1,218.4 trillion in credit disbursement as of February 2025—a 5.17 percent year-on-year increase—BRI's loan growth remains below its initial 7-9 percent target for the year. The bank had previously set a 10-12 percent growth target in 2024 but only achieved 7 percent, prompting a more cautious outlook for 2025.

BRI has also managed to cut interest expenses by 5.92 percent year-on-year to Rp 7.95 trillion, though its net interest income (NII) declined 2.46 percent to Rp 18.26 trillion as of February.

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