PT Pegadaian Records Historic 84.4% Profit Surge as President Prabowo Commends SOE Reform Success

JAKARTA – PT Pegadaian has emerged as a cornerstone of Indonesia’s state-owned enterprise (SOE) transformation, recording a stellar financial performance for the first half of 2026. The state-backed lender’s achievements have drawn significant praise from President Prabowo Subianto, who highlighted the company as a prime example of how professional management and integrity can accelerate national economic growth.

As of June 30, 2026, PT Pegadaian reported a net profit of Rp 6.59 trillion, marking a massive 84.4% increase compared to the Rp 3.58 trillion recorded during the same period in 2025. This growth trajectory is part of a broader trend of soaring profitability across several major SOEs under the current administration’s rigorous reform agenda.

Main Facts: A New Benchmark for SOE Performance

The financial report for the first semester of 2026 reveals that PT Pegadaian has not only met but exceeded market expectations. The 84.4% jump in net profit is supported by a significant expansion of the company’s asset base and loan portfolio. Total assets reached Rp 186.33 trillion, a 53.9% surge from the previous year’s Rp 121.1 trillion.

This expansion is largely attributed to the Outstanding Loan (OSL) gross, which skyrocketed to Rp 155.1 trillion, representing a 52.7% increase from Rp 101.5 trillion in H1 2025. Despite the aggressive lending, the company managed to improve its credit quality. The Non-Performing Loan (NPL) ratio—a key indicator of financial health—dropped from 0.81% in June 2025 to a remarkably lean 0.71% in June 2026.

President Prabowo Subianto, in a recent state address, utilized these figures to underscore the success of his administration’s "common-sense" approach to BUMN (Badan Usaha Milik Negara) management. He noted that Pegadaian’s success was mirrored by other giants: PT Semen Indonesia saw net profits rise by 408.9%, PT Pupuk Indonesia by 252.8%, and PT Pertamina by 86%.

"This proves that with common-sense management and an intention not to deceive, success can come very quickly," President Prabowo stated, emphasizing that the era of inefficient state-owned monopolies is being replaced by agile, profit-oriented, and socially responsible entities.

Chronology: From Traditional Pawnshop to Digital Powerhouse

The road to these 2026 milestones began with a strategic pivot toward digital transformation and the consolidation of gold-based financial services. A critical turning point occurred on October 8, 2025, when Pegadaian officially rebranded its digital ecosystem.

The "Pegadaian Digital" app was transformed into Tring!, a modern, all-in-one financial platform. Launched in Jakarta, Tring! was designed to bridge the gap between traditional pawn services and modern fintech expectations. The rebranding was more than cosmetic; it introduced a revamped user interface, enhanced security protocols, and a suite of features that allowed users to manage gold investments, loans, and payments from a single interface.

Following the launch of Tring!, Pegadaian integrated its operations more deeply with Danantara, the newly formed national investment agency. This alignment allowed Pegadaian to spearhead the "Bullion Services" (Bank Emas) initiative. By early 2026, the company had successfully transitioned from a lender of last resort to a sophisticated financial institution offering gold deposits, corporate gold storage, and gold trading.

The synergy between the physical infrastructure (thousands of branches across the archipelago) and the Tring! digital platform allowed Pegadaian to capture a younger demographic while retaining its traditional customer base. By the end of the first quarter of 2026, the adoption of gold-backed financing had reached record levels, setting the stage for the historic H1 results.

Supporting Data: The Mechanics of Growth

The 84.4% profit increase is not an isolated metric but the result of diversified revenue streams and operational efficiency.

1. The Gold Ecosystem (Bullion Services)
Pegadaian’s Bullion Services have become the company’s primary growth engine. As the institution with the most robust gold storage infrastructure in Indonesia—featuring international-standard vaults—Pegadaian has successfully monetized the public’s trust in gold.

• Gold Savings (Tabungan Emas): Users can now use their gold balance as collateral for instant loans through the Tring! app.
• Gold Deposits: Similar to a bank deposit, but denominated in gold, providing a hedge against currency volatility.

2. Diversification of Financing
While traditional pawn services remain a staple, the "Multiguna" (multipurpose) and specialized financing sectors have seen double-digit growth.

• Hajj Portions (Porsi Haji): Financing for religious pilgrimages has seen a steady rise as the middle class expands.
• Vehicle and Business Financing: Pegadaian’s expansion into productive credit for MSMEs (Micro, Small, and Medium Enterprises) contributed significantly to the OSL growth of 52.7%.

3. Risk Management and Efficiency
The reduction of the NPL ratio to 0.71% is particularly noteworthy given the global economic headwinds and geopolitical tensions mentioned by the management. By utilizing AI-driven credit scoring within the Tring! app and maintaining high-quality physical collateral (90% of which is gold), Pegadaian has mitigated the risks typically associated with rapid loan growth.

Official Responses: Leadership and Vision

Damar Latri Setiawan, President Director of PT Pegadaian, expressed his gratitude for the public’s trust and credited the company’s "Insan Pegadaian" (employees) for the achievement.

"Alhamdulillah, Pegadaian continues to record performance growth amidst current economic and geopolitical challenges. We thank our customers and all the people of Indonesia for their trust. With the spirit of ‘Serving with All Our Heart,’ Pegadaian continues to increase its role in economic development to ‘MengEMASkan Indonesia’ (Goldenize Indonesia)," Setiawan said.

He further elaborated on the strategic importance of the new digital tools. "The launch of Tring! and our Bullion Services are designed to make investment and financing seamless. We are not just a pawnshop anymore; we are a gold-based financial hub. Our readiness in infrastructure, especially our international-standard vaults, makes us the most capable player to operate the Gold Bank system in Indonesia."

Setiawan also highlighted the collaboration with Danantara, noting that the long-term mission is to integrate gold into the national financial fabric as a "safe haven" asset that provides stability for both individual households and the national economy.

Implications: "MengEMASkan Indonesia" and the Future Economy

The implications of Pegadaian’s success extend far beyond its balance sheet. The company’s performance is a bellwether for the Indonesian economy’s resilience and the success of the Prabowo administration’s SOE overhaul.

1. Strengthening the National Safety Net
By promoting gold as a primary investment vehicle, Pegadaian is helping to create a more resilient population. Gold’s status as a "safe haven" means that as more Indonesians move their savings into gold-backed accounts via Tring!, the domestic economy becomes less vulnerable to external shocks and inflation.

2. The Digital Transformation Blueprint
The successful rebranding and technological upgrade of Pegadaian serve as a blueprint for other legacy SOEs. It demonstrates that traditional institutions can compete with fintech startups if they leverage their physical assets (trust and branches) with modern digital delivery.

3. Economic Contribution and Sovereignty
Under the Danantara umbrella, Pegadaian is moving toward a more centralized and strategic role in national wealth management. The "Bank Emas" concept could eventually lead to Indonesia having one of the most sophisticated gold-based financial systems in Southeast Asia, enhancing financial sovereignty.

4. Social Impact and Financial Inclusion
With an NPL of 0.71%, Pegadaian is proving that financial inclusion—providing loans to those who might not have access to traditional banking—does not have to come at the cost of high risk. The ease of access provided by the Tring! app ensures that even those in remote areas can participate in the formal economy.

As PT Pegadaian moves into the second half of 2026, the focus remains on sustaining this momentum. With the backing of the President and a clear digital-first strategy, the company is well-positioned to remain a dominant force in Indonesia’s financial landscape, fulfilling its promise to "Goldenize" the nation’s future.

Financial Summary at a Glance (H1 2026):

• Net Profit: Rp 6.59 Trillion (+84.4% YoY)
• Total Assets: Rp 186.33 Trillion (+53.9% YoY)
• Outstanding Loan (Gross): Rp 155.1 Trillion (+52.7% YoY)
• NPL Ratio: 0.71% (Improved from 0.81%)
• Key Innovation: Tring! App and Bullion Services (Bank Emas)