Brand Finance’s new data shows Indonesia’s 17 banking brands lose 7% in combined brand value to USD20 billion as a weaker rupiah weighs on US dollar-denominated values
JAKARTA, 30 October 2026 – Indonesia’s leading brands record mixed performances in the ASEAN 500 2026 report by Brand Finance, the world's leading brand valuation consultancy, with banking brands facing pressure on their US dollar-denominated values despite the continued strength of the country’s largest players.
The combined brand value across Indonesia’s 17 ranked banking brands is down by 7% to USD20 billion, with 15 brands recording declines. Only Bank Syariah Indonesia (brand value up 4% to USD642 million), and digital lender Bank Jago (brand valueup 38% to USD55 million), record growth.
The decline comes amid significant rupiah depreciation against the US dollar, which has weighed on the dollar-denominated value of Indonesian brands. The rupiah weakened from around IDR15,000 per USD in September 2024 to beyond IDR17,000 in April and past IDR18,000 in June this year. Currency pressure provides important context for this year’s results, although exchange rates are not the only factor influencing brand value.
According to the ASEAN+3 Macroeconomic Research Office (AMRO), Bank Indonesia raised its policy rate by a cumulative 100 basis points in May and June 2026 to support the IDR. Underlying banking fundamentals, however, remain sound, with AMRO highlighting strong capital and liquidity buffers, sound asset quality and continued profitability. Tight liquidity and weak consumer spending have contributed to divergent lending trends, with private lenders prioritising balance sheet protection.
This divide is reflected in the Brand Strength Index (BSI) score of the nation’s brands, although all 17 Indonesian banking brands record lower BSI scores this year. BCA (brand value down 5% to USD4.2 billion) leads with a BSI score of 95.9/100 and an AAA+ brand strength rating, followed by BRI (brand value down 5% to USD6.9 billion) at 84.5/100 and Bank Mandiri (brand value down 6% to USD5.2 billion) at 83.6/100, both rated AAA-. BNI (brand value down 12% to USD1.7 billion) records 72.8/100 and an AA rating. Several other banks fall within the B to CCC brand strength range, with Bank BTN, Permata, SMBC Indonesia, Panin and Adira among those experiencing rating downgrades.
Brand Finance’s market research shows that BCA illustrates how brand strength can extend beyond financial scale. Although it ranks approximately third among Indonesian banks by total assets, it leads the market for customer trust. Bank Mandiri, the country’s largest bank by assets, ranks second for trust, while Bank Syariah Indonesia places third despite its smaller asset base. These findings highlight how customer confidence can differentiate banks beyond their size, with service reliability and customer relationships contributing to brand strength.
BRI remains as the leading Indonesian brand by value in the ASEAN 500 2026 ranking at USD6.9 billion despite a 5% year-on-year decline. Its extensive customer reach and digital services, including the BRImo app, support its position in Indonesia’s banking market.
Alex Haigh, Managing Director, Brand Finance Asia Pacific, commented:
“A weaker rupiah explains much of the fall in Indonesian banks’ US dollar brand values, but it does not explain why all 17 banking brands also recorded lower brand strength scores. That is the more important signal, because brand strength is within banks’ control in a way that exchange rates are not. BCA shows what is possible: it ranks around third among Indonesian banks by assets, yet leads the market for customer trust and is ASEAN’s second-strongest brand.”
Outside banking, Garuda Indonesia records one of the strongest performances among Indonesian brands in the regional ranking, with its brand value rising 54% to USD433 million. Its BSI score is up to 91.1/100, earning an AAA+ brand strength rating, up from AAA- in the previous year. The improvement in both brand value and strength sets Garuda apart from the broader trend among Indonesian banking brands.
Pertamina also records growth, with its brand value up 3% to USD3.9 billion. Its performance reinforces the contribution of Indonesia’s energy sector to the country’s brand portfolio, even as banking brands contend with currency pressures and softer brand strength.
Brand Finance is the world’s leading brand valuation consultancy. Bridging the gap between marketing and finance, Brand Finance evaluates the strength of brands and quantifies their financial value to help organisations make strategic decisions.
Headquartered in London, Brand Finance operates in over 25 countries. Every year, Brand Finance conducts more than 6,000 brand valuations, supported by original market research, and publishes over 100 reports which rank brands across all sectors and countries.
Brand Finance also operates the Global Brand Equity Monitor, conducting original market research annually on 6,000 brands, surveying more than 175,000 respondents across 41 countries and 31 industry sectors. By combining perceptual data from the Global Brand Equity Monitor with data from its valuation database — the largest brand value database in the world — Brand Finance equips ambitious brand leaders with the data, analytics, and the strategic guidance they need to enhance brand and business value.
In addition to calculating brand value, Brand Finance also determines the relative strength of brands through a balanced scorecard of metrics, compliant with ISO 20671.
Brand Finance is a regulated accountancy firm and a committed leader in the standardisation of the brand valuation industry. Brand Finance was the first to be certified by independent auditors as compliant with both ISO 10668 and ISO 20671 and has received the official endorsement of the Marketing Accountability Standards Board (MASB) in the United States.
Brand is defined as a marketing-related intangible asset including, but not limited to, names, terms, signs, symbols, logos, and designs, intended to identify goods, services, or entities, creating distinctive images and associations in the minds of stakeholders, thereby generating economic benefits.
Brand strength is the efficacy of a brand’s performance on intangible measures relative to its competitors. Brand Finance evaluates brand strength in a process compliant with ISO 20671, looking at Marketing Investment, Stakeholder Equity, and the impact of those on Business Performance. The data used is derived from Brand Finance’s proprietary market research programme and from publicly available sources.
Each brand is assigned a Brand Strength Index (BSI) score out of 100, which feeds into the brand value calculation. Based on the score, each brand is assigned a corresponding Brand Rating up to AAA+ in a format similar to a credit rating.
Brand Finance calculates the values of brands in its rankings using the Royalty Relief approach – a brand valuation method compliant with the industry standards set in ISO 10668. It involves estimating the likely future revenues that are attributable to a brand by calculating a royalty rate that would be charged for its use, to arrive at a ‘brand value’ understood as a net economic benefit that a brand owner would achieve by licensing the brand in the open market.
The steps in this process are as follows:
1 Calculate brand strength using a balanced scorecard of metrics assessing Marketing Investment, Stakeholder Equity, and Business Performance. Brand strength is expressed as a Brand Strength Index (BSI) score on a scale of 0 to 100.
2 Determine royalty range for each industry, reflecting the importance of brand to purchasing decisions. In luxury, the maximum percentage is high, while in extractive industry, where goods are often commoditised, it is lower. This is done by reviewing comparable licensing agreements sourced from Brand Finance’s extensive database.
3 Calculate royalty rate. The BSI score is applied to the royalty range to arrive at a royalty rate. For example, if the royalty range in a sector is 0-5% and a brand has a BSI score of 80 out of 100, then an appropriate royalty rate for the use of this brand in the given sector will be 4%.
4 Determine brand-specific revenues by estimating a proportion of parent company revenues attributable to a brand.
5 Determine forecast revenues using a function of historic revenues, equity analyst forecasts, and economic growth rates.
6 Apply the royalty rate to the forecast revenues to derive brand revenues.
7 Discount post-tax brand revenues to a net present value which equals the brand value.
Brand Finance has produced this study with an independent and unbiased analysis. The values derived and opinions presented in this study are based on publicly available information and certain assumptions that Brand Finance used where such data was deficient or unclear. Brand Finance accepts no responsibility and will not be liable in the event that the publicly available information relied upon is subsequently found to be inaccurate. The opinions and financial analysis expressed in the study are not to be construed as providing investment or business advice. Brand Finance does not intend the study to be relied upon for any reason and excludes all liability to any body, government, or organisation.
The data presented in this study form part of Brand Finance's proprietary database, are provided for the benefit of the media, and are not to be used in part or in full for any commercial or technical purpose without written permission from Brand Finance.
